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Dubai rentals up 45% in 2 years - CBRE ME

Dubai rentals up 45% in 2 years - CBRE ME
Aleading property consultant has warned that the rising cost of living in Dubai is “starting to become a very real concern for many residents” as new figures show residential rents have surged by an average 22 percent in the past year, according to Arabian Business.

Mat Green, Head of Research & Consultancy UAE for CBRE Middle East, said rentals had increased by an average 45 percent in the past two years in the emirate, in what he expected would lead to an increase in occupiers starting to consider Sharjah and the Northern Emirates as a cheaper alternative.

It follows similar comments last week from John Stevens, of real estate services company Asteco, who said the continued rise in rents could herald the start of a flight to affordability for budget-sensitive Dubai residents, who consider relocating to Sharjah, Ajman or further afield in the Northern Emirates.

CBRE’s Dubai Market View Q1 report said apartment rentals had increased by 29 percent year-on-year while villa rentals had grown by 15 percent.