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R>Residential rents have increased in Dubai by an average of 17% in the last 12 months, bringing much needed stability to the market.
In some of the most popular locations such as Dubai Marin and Palm Jumeirah rents have gone up by almost a quarter, according to the latest market report from consultants CBRE.
Dubai was one of the hardest hit real estate markets during the downturn, with CBRE reporting that average one, two and three bedroom apartments seeing rental rates slumping by 54% between the end of 2008 and the end of 2011.
But in 2012 confidence has started to return to the market. Locations seeing a 24 % rise in rents include Downtown Dubai, Dubai Marina, the Greens, Jumeirah Beach Residence and Palm Jumeirah.
This article is copyrighted by Property Wire - Premier global property news service
