Rents Fall in Fujairah

Business Intelligence Middle East (BI-ME) carried this news on 20 October 2009:

“Apartment rental rates in the Northern Emirates continued to fall in the third quarter of 2009 but at a slower rate than previously, according to a report by Asteco, the largest property services company in the United Arab Emirates.”

“The average decline in apartment rental rates has slowed considerably to 4% compared with 12% in the second quarter and 21% in quarter one of 2009,” says the Asteco Northern Emirates third quarter 2009 report.

“However, there has been limited activity in the market due to the summer holidays coinciding with Ramadan, both traditionally quiet periods.”

The report by Asteco, which carries out comprehensive property market analysis across the UAE, also found:

Fujairah recording the smallest decline of 2% to an average of AED29,625 per annum, making it the second most affordable place for apartments in the Northern Emirates.

Link to Read Entire Article:
Rents Still Falling in UAE’s Northern Emirates, BI-ME, 20 October 2009.

Dr Geoff Pound

Geoff can be contacted by email at geoffpound(at)gmail.com on Facebook and Twitter.

Image: “Fujairah… making it the second most affordable place for apartments in the Northern Emirates.”