Rental property in Dubai is likely to become more tenancy-driven despite supply crunch continuing.
January 14, 2011, Dubai is a hot destination for both business as well as leisure travelers. Many tourists and business corporate visits Dubai for different purposes. However, talking about the real estate sector there’s something of a stalemate situation going on in Dubai at the moment. On the one hand rental property in Dubai is still in extremely high demand with more expatriates arriving every month and seeking accommodation. And on the other hand, more rents will be declined this year.
According to real estate analysts, rentals in Dubai will soften further this year even though demand exceeds supply. Even this year it will be a golden period for tenants to rent properties in Dubai at absolutely attractive prices. Earlier it was landlords who dictated terms and tenancies; in 2010 it was the tenant’s turn to offer what he thought was reasonable. As more supply hits the markets across Dubai, rents will continue to slide in 2011 as well, reckon most analysts. According to the new research, with 48,000 new homes due to come on to the market in the next two years, rental prices in Dubai may fall as much as another 20 per cent by the end of 2012. It is also expected to see a further decline in residential rentals in Dubai with many occupiers looking at options further away from the city centre to satisfy their budget. Whether it’s 48,000 new units or 35,000, surplus units in the market will mean just one off the two things for you: renegotiate lower rents with your existing landlord, or move to a better/more reasonable housing unit.
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