Dubai Rents Continue To Ease

Residential lease rates in Dubai during the second quarter of the year showed minimal movement over the previous quarter but eased by as much as 33 per cent over the same period in 2009, property consultants CB Richard Ellis said. Areas such as Barsha, Bur Dubai, Shaikh Zayed Road, Marina, Greens and Jumeirah Lakes Towers saw rents ease as new supply came into the market. The highest drop in the freehold category has been in JLT and the Greens which saw lease rates easing by 40 and 36 per cent, respectively. Among non-freehold locations, Barsha witnessed the biggest drop in lease rates with a decline for 44 per cent from the market peak.