Renting property in Dubai 'getting cheaper'

People renting commercial property in Dubai are currently benefitting from a decrease in prices, according to a new report.

Statistics released by research and consultancy firm CB Richard Ellis Middle East reveal that office rates fell by 18 per cent during January to March this year compared to the same period in 2008.

The reduction in prices is the first to occur in the emirate for several years, claims Matt Green, associate director at the firm.

According to the report, the interest from "real investors" in property in Dubai is on the rise.

"In some of the ready to occupy developments prices have already bottomed out providing excellent investment opportunities for investors," it states.

The report says that they are generally choosing to play wait and watch strategies until prices bottom out, before entering the market.

Global real estate consultancy Colliers International recently revealed the overall price of property in Dubai fell by 41 per cent in the first three months of the year.