At this time last year we were looking for a villa to rent near the new school in Jumeirah. For weeks I drove miles and miles, up and down all the streets in the area trying to find a 'To Let' sign. The few that did have a sign wanted more money than most people earn in a year.
Now, one year on, the change could not be more marked. On a short 5 minute walk to the supermarket last night I spotted 7 'To Let' signs and it is noticeable driving around the area that more and more properties are coming on the market.
Prices have fallen too - in some places they have almost halved in a year. No doubt this is a combination of the slowdown, people leaving and the large number of apartments and villas being finally completed. I'll be going to see my landlord and ask for a rent cut - if he won't agree then we'll probably have to move.
PS give that number above a ring - it's a nice villa opposite the Chinese Consulate and I'm curious how much rent they want.
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