Residential rents in the UAE’s Northern Emirates declined by 20% in the first half of the year and look set to keep falling in the second half, CB Richard Ellis has said.

Residential lease rates in Ajman, Ras Al Khaimah, Sharjah and Umm Al Quwain fell by an average of 20% in the first half, with some properties seeing drops of more than 35%, the commercial real estate consultancy said.

''With supply already well outstripping demand, tenants are likely to benefit from an increase in options while also being offered more favourable terms from landlords,'' CBRE said in the report.