Rents were down by as much as 16 per cent in some areas…

Word on the street is that rents have been dropping in Dubai, and a new report has revealed just how much prices went down in 2017 (and helpfully, where).

Real estate portal Bayut.com looked at 94,000 listings from November 2016 to November 2017 and found the average annual rent in Dubai dipped across most property types in popular areas of the city.

Dubai International City saw the largest drop in rents, with values down by 16 per cent. The average annual rent for a one-bedroom in that part of the city was Dhs42,000.

Rents were also down slightly in Dubai Marina, the city’s most popular area for renting (based on search volume). According to the report, the rental price for a one-bedroom apartment in the Marina fell 5 per cent to an average Dhs95,000 a year.

ALSO READ: Dubai tenants ‘not aware’ they can negotiate on rent…

Declines were also reported in Downtown Dubai, with rents roughly 5 per cent lower in 2017. The average annual rent for a one-bedroom was Dhs110,000.

JLT rentals fell by around 7 per cent, with a one-bedroom going for Dhs82,000.

Studio units in Mirdif were the only apartment type to not see a rental decline.

In the villa rental market, Mirdif was the most affordable area, with three-bedroom villas experiencing a 13 per cent drop. The average annual rent for a three-bedroom in this area was Dhs130,000.

The most expensive area for villa rentals was the Palm Jumeirah, with a three-bedroom villa costing Dhs315,000 a year, but even this was down 10 per cent on the previous year.

Apartment hunting for 2018? Be sure to check out the Rera Rental Index Calculator, an online ‘guiding tool’ on how much rent you should be paying. For more info on 2018 apartment prices per suburb, you can check out our guide here.

– For more about Dubai straight to your newsfeed, follow us on Facebook.