Recent industry reports maintain that despite soaring rents throughout the UAE and in Dubai especially, rents should be expected to begin falling in the near future as at least 56,000 new properties are forecast to become available in Dubai by the end of the year and only 45,000 people expected to move to the emirate.
"More than 280,000 residential units are expected to come up by 2009. This will definitely meet increasing demand and help stabilize rental prices in the UAE," pointed out John Allen, the director of consultation, research and valuations for Dubai-based property services company, Asteco.
Meanwhile, rents are soaring throughout the emirates, according to Gulf News. In September 2005, the rent in Ajman for a one-bed apartment ranged between Dh15000-Dh17,000, while it is currently around Dh30,000, said Khaleej Times.
Rents for a two-bedroom apartment units have increased from approximately Dh20,000 to Dh45,000, while Ras Al Khaimah rents for a two bedroom apartment have jumped from Dh22,000 to Dh50,000 or more according to many locals.
Additionally, the Greens has also recorded the highest increase in rents for two and three-bedroom apartments with rents at around Dh125,000 and Dh145,000, reflecting a 74 per cent and 53 per cent increase over last year's prices respectively.