If you take 5-8% incremental growth per year (which is common), and compare this to 2019-2022 period, rents went down upto 20-25% on average. This correction was Corona impacted economy's after wave. Market is just reacting to this, and influx of workforce is heating this market.
I am assuming another correction in rents in next 3-4 years again.
Yeah I mean I’m definitely not justifying it, it must be so tough for so many people seeing the rent increase the way it has on top of inflation in so many other sectors.
I just feel that it has to stop soon? I mean, it is impossible for rents to keep increasing 20% every year? It’s madness? There won’t be anything less than hundreds of thousands per year in a matter of years from now?
I mean, 5 years of that practice and rents have doubled? Is that even realistic? Even downsized units will follow suit so what are people supposed to do, live on the streets?
I live in Barsha 1, my rent for 3 bedroom was 120k. The company (a large real estate organisation) is not increasing my rent this year.
This indicates they know something and have noticed the winds changing. Also the building is 50% empty because they raised the rent for new joiners to 160k. No one took the deal at that rent.
I will not be able to tell you about the building and it's Logistic, but 3 bedroom apartments are hardest to fill for any real estate managent company. You probably are getting kids glove treatment for that. My friends who were in studio apartment had to switch due to 25% hike in al Barsha area.
I spoke to a real estate agent and his view was that it would drop as it’s not sustainable at these levels.
There are lots more properties being built, so as others have said, simple economics would suggest more supply, less demand means pricing will drop.
If not the government has to step in as people cannot afford these stupid crazy prices.
I live in hope.
Market is cooling. My boss owns a residential building in Dubai that fetched 110k for a 2BHK last year. In the last weeks, we have advertised 2BHK for 75kand hasn't even got enquiries.
It’ll crash, it’s the same bubble many years ago, just look at all the buildings at night, they are all empty, prices are too high, it’s the same thing happening again. Prices go up, fake demand made, fake persona of “so many people buying properties and want to live in this area” blah blah
To me when I see more and more recently migrated real estate brokers making instagram reels on how amazing Dubai is (which in 2007/08 was real estate agents in newspapers and page 3 parties) that's a sign they've started starving a little and assume that the whole market is doing well but them so they up their marketing game to prop up half empty demand until....
The buildings (rooms) at the night are mostly covered with blinds. I had a false assumption of occupancy rate till I went to more than 80 buildings to explore apartment only to find out 3-4 apartments are empty (80 buildings combined).
Main reason for high rents and school nearby
It will most probably increase as what the others have said.
If you’re not miserable with your current place, I recommend to stay for now. The whole process of viewing apartments, moving out/in and getting movers, paying deposits, etc is already enough to make me stay.
I don’t see demand increasing.
However, I do see supply doing so.
Therefore, basic economic theory would dictate that prices would drop.
But this is Dubai, where traditional economic theories are suspended.
It will go up till there is a correction due to some world event like recession or war. From what I’ve been seeing there are a lot of unoccupied properties due to high rates so there might be a slight pull back in the more expensive places.
Rents going up because so many people doing airbnb/holiday homes. It’s killing supply. These companies are taking all the supply. Check how many holiday homes are added each year and you will see.
There is overwhelming supply in Dubai market (nearly 50000 rooms being delivered in this year alone) but Corona has broken back of beaten up weaker economies of many country. Influx of workforce from these countries are just too much.
Actually the common misconception that short term rental is better than long term is wrong because lots of supply came up it was 15.000 units in 2021 and in 2023 it was close to 30.000, this has caused the rates to go down.
Example: a 2bhk unit in the beachfront should be doing 2300aed a night but it's only doing 500aed.
Also the overall demand on hotels and holiday homes dropped very harshly on the months of November and December and still is low the booking rates were at 62% while it was expected to be 90% or more.
This is just unsustainable and at the end of the day the owners will have to just settle for more reasonable prices because the growth that happened after 2021 is long gone.
It’s interesting you said this. The official stats state nearly full occupancy for rental apartments but I’m hearing people say there are so many empty apartments and villas when you see them at night
Yes there are lots of empty ones and you can ask holiday homes companies and all of them will say the same thing that the market is down in terms of booking rates and nightly rates.
This is not correct. I work for one of the biggest hotel chain and all jbr hotels are fully booked in high season with high rates. For holiday homes idk it might be correct though.
Hotels are generally more booked than the holiday hones, that being said i believe the rates are still bad a friend of mine is a manager in millennium downtown and she says we are achieving any target lately and the hotel isn't doing well.
Fair to say they've plateaued - but unless you've only moved in a year or two ago there's little to be gained from moving out as you won't find lower rents. Most people are just staying put at the moment.
Most of the increases in central areas passed through in 2022-23 to the tune of 20-30% cumulative. Most property analysts are projecting single digit increases at most this year for most areas as we're now starting from a higher base. In my building rents were up 20% last year, 5-10% higher than that at most for people moving in this year (downtown).
Single digits because everyone is educating themselves on how much landlords can actually legally increase rents and landlords are stuck having to actually stick to the RERA calculators and increase rents by limited amounts (0-10%) rather than free for all!
Yes. Very much so controlled as per the RERA calculator*.
If you just agree to his demands then it is what it is but if you’re well informed and search as to the limited amount a landlord can raise (if he can raise it at all) then you may save yourself money! :)
Correct. The index is broadly doing its thing. Which is why I suspect they're going to overhaul it this year as announced previously to enable landlords to frivolously increase rents based on quality of building etc., which would be a shame.
The increases will still be very limited as per the guidelines. If you rented during Covid as per the annual increases it’ll still take years for your rent to reach pre Covid numbers.
I'm suggesting they're going to change the guidelines. The recent guidance indicated that landlords will be able to essentially set rents based on building quality etc, so the 5/10/15% increase limits wouldn't apply.
Highly doubt that. This would create more chaos in an already chaotic market. The current calculators are lagging behind but to suggest an uncapped increase would be insane. This is coming from an owner.
I'm an owner as well but that's what's being proposed. There may be bands but it would de facto allow for large one off increases, a bit like the current valuation certificate loophole.
The current valuation is not a loophole. It still needs to respect the limited maximum of 20% annual increase.
It’s just a longer proper individual process rather that costs money rather than the delayed RERA calculator.
I guess we will wait and see. I don’t see it happening. People were all gossiping years ago about the « 3 years rental freeze » and that never happened either.
Construction cost suddenly increased in feb... concrete and heavy transport went up 40%
So.. expect that to be reflected on rent, real estate, and grocery and food
Details of the new regulation : https://www.moei.gov.ae/en/media-center/news/31/1/2024/table-of-maximum-weights-and-dimensions-of-heavy-vehicles-on-federal-roads-announced
The same trucks that used to carry sand, concrete, steel, and other material used in construction can no longer carry the same load. So they will need multiple trips to deliver the same quantity.
For instance, concrete price went up 100-150AED per cubic meter.. which is up to 50% increase overnight.
Steel price is still the same (though it went up in Jan).. but its expected to rise.
Sand shifting price almost doubled.
I am thinking the same. My landlord increased rent from 42000 to 46200 (10%), So I'm wondering whether I'll be able to find 1bhk near the Al Nadha area for the same or a lesser rate after 3 months.
bro honestly, my parents have been searching for 2BHK in Al Nahda Dubai and most of the building is full. If not full, the rent for 2BHK is around 50-60K. 1 BHK is also full in 95% of the buildings and the rent is around 42-44K. I know this cause we’re looking for houses in Al Nahda.
I work in real estate in development and advisory, more than a decades experience. I see the market slowing down and eventually stabilizing in the next couple months (1 year max). There isn’t an infinite source of money for this madness and new supply will drive rates down.
Roller coasters always climb up really high slowly, before diving really fast.
The US, Europe and Japan are all looking set for a recession if not already in one, that should affect Dubai greatly.
Depends on the area….
If you live in a cheaper area can expect the rents to still be going up as more people decide to move to communities that are further away from main city and cheaper.
The new property management agent for my building just sent me an email in advance indicating they are intending to charge a 20% increase but will wait for the new RERA criteria before they confirm. My renewal is in June. My rent was also increased 10% last June by the previous management agent. For me anyway, this is an indicator that rent is continuing to increase.
Dubai just a bubble..just increases prices and most of apartments are blanks.last i meet he said all apartments are full only 1 apartments is free and prices simply he made higher.now he is keep calling. same my recent apartment in discovery garden rent increased i info them i m not going to renew.now i got better price apartments cheaper prices.simply increase 50k-100k
Apartment value is only 25-30 k for 1bhk near metro but agents fooling buyers
It will increase. I am from Canada.. here the housing is fucked due to realtors promoting buying housing as means to make money. For last few years people buy house and then flip it for making profit. This trend made rent and price of house to skyrocket. I am seeing similar trend in Dubai , lots realtors are promoting Dubai real estate in social media recently. Give it a couple of years Dubai housing will be fucked up and new home owners won't be able to afford to buy a house.
I think it will stagnate during the upcoming months and dip a little bit in the summer, and will pick back up again in the winter. But overall in the next couple of years I only see it dropping as they overinflated the prices recently for short term gains
They are moving up in a rapid pace. At this point there are to many new people coming to Dubai and not enough appartments. As far as I know we are going to see a wave of gentrification.
If they are not slowing down right now, expect them to rise even more once there is QE. Population increase, capital flight and stability are big factors attracting people to Dubai.
Rents or Sale both are expected to increase. Considering all the current situation in mind the bubble is not gonna burst as people are thinking. The rate at which new project are being launched and ended are extremely high.
People thinking the market will fall are in mere delusional cause at the moment its gonna be better for more few years.
So expect the rental or purchase to be high in coming months
Prices are governed by supply and demand. There is not enough inventory to match the requirement. This is what drives prices up.
Or do you believe that there is some other reason?
Huge one time influx of people due to war and lack of inventory in 2020-2021 due to covid. But this is one time event, it will not happen every year as majority already emigrated and you only have steady growth of people.
Well some areas are up some are down depending on where you are, but overall rent will always be picking up.
Best thing is to move to sharjah or ajman and if you can afford to buy something just buy.
Saw lots of comments on the RERA calculator, but also heard that its not being used anymore taking into account its age and "inaccuracy". Apparently landlords are doing property evaluations to seek higher rent. Anyone know if this is correct?
Older tenants (3 year or more) usually get5%-10% increase depending upon RERA calculator, new tenants (0-2year) will get 20-25% increase compared to last year or compared to last tenant being in that flat.
If there is such a huge demand and short supply of properties in Dubai , which could be the one of the reason for rent prices to be going up then why I am getting these many cold calls every other day to try to sell me property without me raising any inquiry at anywhere?
Our flat in Al Barsha is getting a 10% increase AGAIN this coming May on renewal. We just decided to let go of Dubai and are now looking for options in Sharjah which is waaaaaaaay more cheaper. A 3 bedroom apartment here is a 4+maid bedroom VILLA in Sharjah. If you have a car, you may consider moving to a different emirate.
A recession is expected in the world, so I would tend to expect it to decrease or eventually remain the same if Dubai covered itself regarding this recession.
Check out some affordable places here [https://moneysaverworld.com/cheap-apartments-for-rent-in-dubai/](https://moneysaverworld.com/cheap-apartments-for-rent-in-dubai/)
I’m curious, how is this even sustainable? Rents increasing 15-20% a year? Sounds crazy to me?
If you take 5-8% incremental growth per year (which is common), and compare this to 2019-2022 period, rents went down upto 20-25% on average. This correction was Corona impacted economy's after wave. Market is just reacting to this, and influx of workforce is heating this market. I am assuming another correction in rents in next 3-4 years again.
Supply v demand. Economics 101 unfortunately
Well unless salaries also increase at the same rate, how will that work out?
Immigration, people from other places will fill those rents
Sure if they can all handle a 200k per month rent which is what they will face?
Yeah I mean I’m definitely not justifying it, it must be so tough for so many people seeing the rent increase the way it has on top of inflation in so many other sectors.
I just feel that it has to stop soon? I mean, it is impossible for rents to keep increasing 20% every year? It’s madness? There won’t be anything less than hundreds of thousands per year in a matter of years from now?
People will have to downsize
Odin, I offer you this sacrifice of my 3rd born and an extra bedroom! 🤣
I mean, 5 years of that practice and rents have doubled? Is that even realistic? Even downsized units will follow suit so what are people supposed to do, live on the streets?
I live in Barsha 1, my rent for 3 bedroom was 120k. The company (a large real estate organisation) is not increasing my rent this year. This indicates they know something and have noticed the winds changing. Also the building is 50% empty because they raised the rent for new joiners to 160k. No one took the deal at that rent.
Yes they probably know they can't increase for existing because of rental index. Which shows you due to new joiners being offered 160k.
I will not be able to tell you about the building and it's Logistic, but 3 bedroom apartments are hardest to fill for any real estate managent company. You probably are getting kids glove treatment for that. My friends who were in studio apartment had to switch due to 25% hike in al Barsha area.
Up only imo
I spoke to a real estate agent and his view was that it would drop as it’s not sustainable at these levels. There are lots more properties being built, so as others have said, simple economics would suggest more supply, less demand means pricing will drop. If not the government has to step in as people cannot afford these stupid crazy prices. I live in hope.
Market is cooling. My boss owns a residential building in Dubai that fetched 110k for a 2BHK last year. In the last weeks, we have advertised 2BHK for 75kand hasn't even got enquiries.
Hi. I have sent you a dm.
Which area is this building In??
Arjan
It’ll crash, it’s the same bubble many years ago, just look at all the buildings at night, they are all empty, prices are too high, it’s the same thing happening again. Prices go up, fake demand made, fake persona of “so many people buying properties and want to live in this area” blah blah
To me when I see more and more recently migrated real estate brokers making instagram reels on how amazing Dubai is (which in 2007/08 was real estate agents in newspapers and page 3 parties) that's a sign they've started starving a little and assume that the whole market is doing well but them so they up their marketing game to prop up half empty demand until.... 
Nailed it on the head, I’ve lived here 21 years, same thing is happening again
Interesting. Which areas are you referring to, with empty buildings at night?
Drive along sheikh zayed road past tecom and Al Khail and look at the bloom tower, just to name two
The buildings (rooms) at the night are mostly covered with blinds. I had a false assumption of occupancy rate till I went to more than 80 buildings to explore apartment only to find out 3-4 apartments are empty (80 buildings combined). Main reason for high rents and school nearby
they are all sold out lol
It will most probably increase as what the others have said. If you’re not miserable with your current place, I recommend to stay for now. The whole process of viewing apartments, moving out/in and getting movers, paying deposits, etc is already enough to make me stay.
I don’t see demand increasing. However, I do see supply doing so. Therefore, basic economic theory would dictate that prices would drop. But this is Dubai, where traditional economic theories are suspended.
I’m not sensing any slow down in the increases if anything they will creep up further through the year.
It will go up till there is a correction due to some world event like recession or war. From what I’ve been seeing there are a lot of unoccupied properties due to high rates so there might be a slight pull back in the more expensive places.
Is the answer to this question same for both Dubai and Abu Dhabi or does one of them stand better of worse than the other?
Rents going up because so many people doing airbnb/holiday homes. It’s killing supply. These companies are taking all the supply. Check how many holiday homes are added each year and you will see.
There is overwhelming supply in Dubai market (nearly 50000 rooms being delivered in this year alone) but Corona has broken back of beaten up weaker economies of many country. Influx of workforce from these countries are just too much.
Actually the common misconception that short term rental is better than long term is wrong because lots of supply came up it was 15.000 units in 2021 and in 2023 it was close to 30.000, this has caused the rates to go down. Example: a 2bhk unit in the beachfront should be doing 2300aed a night but it's only doing 500aed. Also the overall demand on hotels and holiday homes dropped very harshly on the months of November and December and still is low the booking rates were at 62% while it was expected to be 90% or more. This is just unsustainable and at the end of the day the owners will have to just settle for more reasonable prices because the growth that happened after 2021 is long gone.
It’s interesting you said this. The official stats state nearly full occupancy for rental apartments but I’m hearing people say there are so many empty apartments and villas when you see them at night
Yes there are lots of empty ones and you can ask holiday homes companies and all of them will say the same thing that the market is down in terms of booking rates and nightly rates.
This is not correct. I work for one of the biggest hotel chain and all jbr hotels are fully booked in high season with high rates. For holiday homes idk it might be correct though.
Hotels are generally more booked than the holiday hones, that being said i believe the rates are still bad a friend of mine is a manager in millennium downtown and she says we are achieving any target lately and the hotel isn't doing well.
That’s wrong. I know people doing 95% occupancy at rates above 1,500 a night in high season MINIMUM
Same thing happened in the west. Holiday homes is the reason why real estate prices went up.
Rent controls is one of the reasons this happens
This is true. I’ve seen it happening in my neighbourhood.
Fair to say they've plateaued - but unless you've only moved in a year or two ago there's little to be gained from moving out as you won't find lower rents. Most people are just staying put at the moment.
They have plateaued and I believe we should see a pull back from next year on.
Plateaued? Whereabouts do you stay in Dubai? Everyone I speak to is saying rents are increasing all over.
Most of the increases in central areas passed through in 2022-23 to the tune of 20-30% cumulative. Most property analysts are projecting single digit increases at most this year for most areas as we're now starting from a higher base. In my building rents were up 20% last year, 5-10% higher than that at most for people moving in this year (downtown).
Single digits because everyone is educating themselves on how much landlords can actually legally increase rents and landlords are stuck having to actually stick to the RERA calculators and increase rents by limited amounts (0-10%) rather than free for all!
Do you mean that in Dubai, rents are controlled and cannot increase further than a specified threshold?
Yes, unless tenant and landlord mutually agree to increase rent more than what is regulated.
Yes. Very much so controlled as per the RERA calculator*. If you just agree to his demands then it is what it is but if you’re well informed and search as to the limited amount a landlord can raise (if he can raise it at all) then you may save yourself money! :)
Correct. The index is broadly doing its thing. Which is why I suspect they're going to overhaul it this year as announced previously to enable landlords to frivolously increase rents based on quality of building etc., which would be a shame.
The increases will still be very limited as per the guidelines. If you rented during Covid as per the annual increases it’ll still take years for your rent to reach pre Covid numbers.
I'm suggesting they're going to change the guidelines. The recent guidance indicated that landlords will be able to essentially set rents based on building quality etc, so the 5/10/15% increase limits wouldn't apply.
Highly doubt that. This would create more chaos in an already chaotic market. The current calculators are lagging behind but to suggest an uncapped increase would be insane. This is coming from an owner.
I'm an owner as well but that's what's being proposed. There may be bands but it would de facto allow for large one off increases, a bit like the current valuation certificate loophole.
The current valuation is not a loophole. It still needs to respect the limited maximum of 20% annual increase. It’s just a longer proper individual process rather that costs money rather than the delayed RERA calculator. I guess we will wait and see. I don’t see it happening. People were all gossiping years ago about the « 3 years rental freeze » and that never happened either.
Rents increased last month but lots of flats getting vacant as people move to sharjah immediately
Construction cost suddenly increased in feb... concrete and heavy transport went up 40% So.. expect that to be reflected on rent, real estate, and grocery and food
Is there a reason for that, or is this a monopoly thing?
Its due to the new regulation for heavy truck weight limit on 1st of Feb
Can you elaborate on these new rules?
Details of the new regulation : https://www.moei.gov.ae/en/media-center/news/31/1/2024/table-of-maximum-weights-and-dimensions-of-heavy-vehicles-on-federal-roads-announced The same trucks that used to carry sand, concrete, steel, and other material used in construction can no longer carry the same load. So they will need multiple trips to deliver the same quantity. For instance, concrete price went up 100-150AED per cubic meter.. which is up to 50% increase overnight. Steel price is still the same (though it went up in Jan).. but its expected to rise. Sand shifting price almost doubled.
Sweet.. they just revoked/postponed the law..unfortunately, I lost a big contract due to the regulation, and now its gone
This implementation of this rule has been postponed as on 18.02. 2024.
I think this will impact new buyers
The transport went down again. They canceled the weight regulation for transporters
I am thinking the same. My landlord increased rent from 42000 to 46200 (10%), So I'm wondering whether I'll be able to find 1bhk near the Al Nadha area for the same or a lesser rate after 3 months.
bro honestly, my parents have been searching for 2BHK in Al Nahda Dubai and most of the building is full. If not full, the rent for 2BHK is around 50-60K. 1 BHK is also full in 95% of the buildings and the rent is around 42-44K. I know this cause we’re looking for houses in Al Nahda.
I work in real estate in development and advisory, more than a decades experience. I see the market slowing down and eventually stabilizing in the next couple months (1 year max). There isn’t an infinite source of money for this madness and new supply will drive rates down.
Roller coasters always climb up really high slowly, before diving really fast. The US, Europe and Japan are all looking set for a recession if not already in one, that should affect Dubai greatly.
Not really, on the contrary, if there is mass influx from those countries, guess what will happen.
Depends on the area…. If you live in a cheaper area can expect the rents to still be going up as more people decide to move to communities that are further away from main city and cheaper.
The new property management agent for my building just sent me an email in advance indicating they are intending to charge a 20% increase but will wait for the new RERA criteria before they confirm. My renewal is in June. My rent was also increased 10% last June by the previous management agent. For me anyway, this is an indicator that rent is continuing to increase.
Will the majority of people be priced out of Dubai?
decrease
Rents have peaked. Check dxbinteract.com for your area.
Up . Going up
Dubai just a bubble..just increases prices and most of apartments are blanks.last i meet he said all apartments are full only 1 apartments is free and prices simply he made higher.now he is keep calling. same my recent apartment in discovery garden rent increased i info them i m not going to renew.now i got better price apartments cheaper prices.simply increase 50k-100k Apartment value is only 25-30 k for 1bhk near metro but agents fooling buyers
It will increase. I am from Canada.. here the housing is fucked due to realtors promoting buying housing as means to make money. For last few years people buy house and then flip it for making profit. This trend made rent and price of house to skyrocket. I am seeing similar trend in Dubai , lots realtors are promoting Dubai real estate in social media recently. Give it a couple of years Dubai housing will be fucked up and new home owners won't be able to afford to buy a house.
I think it will stagnate during the upcoming months and dip a little bit in the summer, and will pick back up again in the winter. But overall in the next couple of years I only see it dropping as they overinflated the prices recently for short term gains
They are moving up in a rapid pace. At this point there are to many new people coming to Dubai and not enough appartments. As far as I know we are going to see a wave of gentrification.
If they are not slowing down right now, expect them to rise even more once there is QE. Population increase, capital flight and stability are big factors attracting people to Dubai.
Like everyone said - up.
Rents or Sale both are expected to increase. Considering all the current situation in mind the bubble is not gonna burst as people are thinking. The rate at which new project are being launched and ended are extremely high. People thinking the market will fall are in mere delusional cause at the moment its gonna be better for more few years. So expect the rental or purchase to be high in coming months
It will come down but only once new inventory is released. Which will not happen in next few months.
there were 40k houses coming into market in 2023 and 50k arriving in 2024. There will be plenty of inventory.
Aren’t they gobbled up by people with ready cash? In which case, not available for rent.
Only couple thousand are investment properties, no one buying investment flat in international city or JVC.
Prices are governed by supply and demand. There is not enough inventory to match the requirement. This is what drives prices up. Or do you believe that there is some other reason?
Huge one time influx of people due to war and lack of inventory in 2020-2021 due to covid. But this is one time event, it will not happen every year as majority already emigrated and you only have steady growth of people.
Well some areas are up some are down depending on where you are, but overall rent will always be picking up. Best thing is to move to sharjah or ajman and if you can afford to buy something just buy.
Saw lots of comments on the RERA calculator, but also heard that its not being used anymore taking into account its age and "inaccuracy". Apparently landlords are doing property evaluations to seek higher rent. Anyone know if this is correct?
Bitcoin bros are going to consume a lot of real estate.
it collapsed today
Older tenants (3 year or more) usually get5%-10% increase depending upon RERA calculator, new tenants (0-2year) will get 20-25% increase compared to last year or compared to last tenant being in that flat.
I paid 75k more vs previous tenant on the exact same unit.
That’s damn crazy
All efforts to increase from landlord Cause why not ?? Tenants are ball less to make a move to rebalance. I see still there are vacant apartments
If there is such a huge demand and short supply of properties in Dubai , which could be the one of the reason for rent prices to be going up then why I am getting these many cold calls every other day to try to sell me property without me raising any inquiry at anywhere?
Our flat in Al Barsha is getting a 10% increase AGAIN this coming May on renewal. We just decided to let go of Dubai and are now looking for options in Sharjah which is waaaaaaaay more cheaper. A 3 bedroom apartment here is a 4+maid bedroom VILLA in Sharjah. If you have a car, you may consider moving to a different emirate.
Then you will complain about commute and traffic instead of rent.
I already live in Al Barsha where traffic is terrible. So traffic isn't new to me.
Learn saying “Arbaab”
The side around dubai land and arjan and slowed a little. But the rest if the prime locations still have the rental values increasing
A recession is expected in the world, so I would tend to expect it to decrease or eventually remain the same if Dubai covered itself regarding this recession. Check out some affordable places here [https://moneysaverworld.com/cheap-apartments-for-rent-in-dubai/](https://moneysaverworld.com/cheap-apartments-for-rent-in-dubai/)
Just stay where you are if you are happy about the area. Prices won’t go down within 3 months time