Rents for apartments in Dubai Marina have declined between 3 and 10% in 3Q 2016, according Land Sterling, a property consultancy.
With average lease rates for one-bedroom apartments dropping by 10%, down to AED 90,000 per year, rents have fallen below AED 100,000 for the first time since 2014.
Meanwhile studios fell by 3% and two-bedroom apartments by 7%. With Dubai Marina witnessing the strongest decline of all freehold communities tracked by the consultancy.
Most other communities saw declining rents as well, with Palm Jumeirah being the only exception, recording a 4% increase. Overall rents declined by 1.4% quarter on quarter and 7.7% year on year.