Dubai rental picture looking brighter, report suggests

30/06/2011 - Dubai Property News Posted by Neil King
Dubai rental picture looking brighter, report suggests

The decline of rent in Dubai is slowing, according to a new report that could be of interest to people looking at Dubai property investment.Global Investment House (GIH) revealed that while apartment rents declined by three per cent in the final quarter of last year, it slowed to a two per cent fall in the first three months of this year, reports Emirates 24-7.Villa rents remained unchanged in the first quarter of this year, compared to a fall of one per cent in the final three months of 2010 - suggesting that the situation is improving.The news provider quotes the GIH report as saying that the first three months of the year were positive for the emirate.It said: "The first quarter of 2011 witnessed high activity due to increasing tourism to the city driven by the political tensions in neighbouring countries along with the Dubai Shopping Festival … Emaar properties reported that the footfall on Dubai Mall has recorded its highest level ever since inception."Meanwhile, Rotana has announced that it would be creating 25 new hotels in the UAE over the coming years.