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Demand for unit types
The number of leasing transactions for villas saw an increase of 25% over Q2, with three and four bed properties proving the most popular, possibly in response to the continuing market trend for tenants to 'upgrade' their homes as prices fall.
Two and five bedroom units saw the largest rental asking price declines, of 28% and 27% respectively. Prices for three and four bed homes fell by 18% and 11% in Q2.
Emirates Living, Mirdif and Jumeirah and Umm Suqueim remained the most popular villa locations in Dubai.
Demand for apartments grew by 20% in Q2, with one and two bed units proving the most popular, although the average rent for two bed properties fell by 44% as tenants moved to more affordable areas.
The most popular areas for apartments were Dubai Marina, which accounted for 26% of new leases, down from 37% in Q1, Jumeirah Lake Towers, at 19% up from 14%, and International City, which grew from 2% in Q1 to 19% in Q2.