(MENAFN) CB Richard Ellis (CBRE), the property consultants, stated that in 2012, the average rental rates for residential real estate in the emirate of Dubai jumped by 17 percent, reported Arabian Business.
CBRE said that villa rentals went up 14 percent in the period, adding that the increase in realty prices has driven several developers to launch off-plan properties.
Recently, the emirate's government in addition to a number of state-backed entities have announced new projects, such as the Mohammed Bin Rashid City that will comprise the world's biggest shopping mall, and a USD3 billion theme park project in Jebel Ali.
In 2012, average office rents in Dubai fell by 4 percent, following an increase in the number of tenants moving from older properties to newer buildings.
Meanwhile, even though some offices in key locations raised their headline rents, buildings in Business Bay and Dubai Silicon Oasis continue to undergo high vacancy rates.
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