Dubai rents failed to fall as far as expected as thousands of predicted new homes were not handed over.
The average rental price of a flats in the emirate fell by just 2 percent while average villa rents fell just 1 percent, according to property agent Asteco.
Rather than the 20,000 new homes that were predicted for 2016, just 3,000 apartments have been handed over to buyers, says Asteco.
Larger units fell by 3 percent as tenants attempted to reduce costs of living by moving to smaller units and even sending family members back to their home countries, reported The National.
"Various measures to improve government revenues are being considered by the Ministry of Finance such as the implementation of value added tax (VAT) from 2018 onwards, as well as additional taxes on other products," said John Stevens, Asteco’s managing director.
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