Rental rates fell 18 per cent in the northern emirates in the first half of the year as more projects were completed, increasing the options for tenants.
The biggest drops were in Ajman, where rents fell 28 per cent from a year earlier, CB Richard Ellis reported. In Umm Al Qaiwain rents fell 22 per cent, while rates slipped by 21 per cent in Sharjah and 15 per cent in Ras al Khaimah.
Declining rates in Dubai is creating a "sustained migration of residents" to the larger emirate, CBRE reported.
Older projects in the northern emirates were particularly hard hit, CBRE reported. Newer masterplanned and gated community developments are "outperforming the wider market with significant premiums being achieved", the firm said.
"As more residential units enter the market, the importance of providing adequate facilities and amenities has become increasingly clear," the report said.
With more projects scheduled for completion, "a further increase in vacancy levels should be expected over the next six months," driving down rates even further, the firm predicted.
A%20QUIET%20PLACE
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Company%20Profile
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
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