The current property situation in Dubai right now drives property owners to be more flexible when it comes to price, grace periods and payment terms making it the best time to buy property in Dubai as well as rent property in Dubai.
According to the ‘Property Finder Trends’ report, the asking prices have gone down to almost 30 percent in the last two years with more than half of that in the last 12 months alone for apartments for rent in Dubai. The biggest falls on rents in the second half of 2018 were seen in The Green Community at 9.3 percent, followed by JLT at 8.7 percent, and DIFC at 7.5 percent. Over the past two years, rents for villas have dropped to 22.2 percent and 11.3 percent over the past 12 months.
Most families take advantage of this opportunity to upgrade from an apartment to Villa with more space and garden. The selection of properties in the market provides options that suit the personal and own design of families, small couples or individuals.
In order to be on top of the game, landlords are taking the initiatives to upgrade and furnish their properties to make it unique and distinctive from other properties. To attract more tenants, landlords also offer properties with prices including utility bills, flexible lease terms, and flexible payment terms up to 12 cheques that established a high occupancy rate on the property and a great return on rent.
Aside from landlords, property management companies benefits on the current market situation with property owners signing up to property management contracts luring tenants. The availability of a maintenance team 24/7 to attend any issues that may arise on the property provides satisfaction as well as a peace of mind to residents. Properties under the management are more likely to be in good condition and well maintained which is always favorable to tenants.
The current trend right now will not last forever as the time will come that the demand will grow alongside with supply due to the upcoming EXPO on year 2020 and property owners will start to witness greater returns on their investments.
The preference to buy property in Dubai instead of renting is also increasing with payment plans available after receiving handover and moving in. Developers are also offering DLD fee waivers and service charges waiver to Home Buyers for both apartments and villas. With properties available on rent to own, tenants consider on purchasing their own property instead of renting.
Landlord should take opportunity of the Dubai wide rental prices under pressure and evaluate the different income structures available across Dubai. Residential units in prominent developments can be registered as a short-stay holiday homes provided it is registered and managed by an operator authorized by the Department of Tourism and Commerce Marketing. Under this arrangement, the property has the potential to generate greater returns.
Home Buyers and Investors who wants to buy property in Dubai can easily find the best property they want with a wide selection of apartments and villas from known Developers in Dubai.