Arabian Ranches recorded a rise of rents by 6% while the even more upscale Emirates Hills community witnessed a decline by 12.5%, reported Arabian Business, quoting a recent report by propertyfinder.ae.

Arabian Ranches and Emirates Hills both belong to the emirate’s most popular locations but while lease prices for villas at Arabian Ranches went up to AED 265,000 in July from AED 250,000 in January, Emirates Hills saw a decline from AED 1.2 mn to AED 1.05 mn in the same period of time.

Propertyfinder’s Chief Commercial Officer, Lukman Hajje, stated that some losses could be attributable to the ongoing effects of the decline in oil prices and other economic factors but also said that a decline of more than 12% was „an attention grabber.“

Hajje suggested that this shift might hint towards a slightly more careful approach in spending by wealthy renters.