Property market

Dubai: Dubai rents continue to fall in July

The property market in Dubai remained favourable to tenants and buyers in July, with rents continuing to fall and prices in some locations still showing a down-trend.

The cost of renting flats across various communities registered an overall decline of 2 per cent last month compared to the same period in 2015, according to a real estate portal with thousands of property listings.

The average annual rent for studio apartments in Dubai stood at Dh57,000, down by 6 per cent from a year ago, but stable when compared to the average rent in the first six months of 2016.