Reports claim that there is a tremendous increase in the demand for villas in Dubai. The major reason behind this is the steep decline in the rents, which was a result of excessive supply of the property into the real estate market. The real estate firm expects that Dubai will be the abode to 3,500 to 4,000 more villas by end of 2010.
"Villa rentals are looking very attractive at the moment. With a further supply of villas to enter Dubai, rentals are expected to decline although at a slow pace. This could trigger a 10 per cent further decline in villa rents. However, villas are strong assets for Dubai and demand for villas is always likely to be higher than apartments. If there is any correction in rental rates for villas it is only because it is a natural market situation," said Mohanad Alwadiya, Managing Director, Harbor Real Estate.
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