Impact on Dubai’s Rental Real Estate post COVID
The recent Pandemic has caused a lot of uncertainty for our well being but also for the economy. People have had to take pay cuts and focus in on their spending habits. They need to look at where they are spending money, cut down on unnecessary costs and all in all- try to get the best value for their money. This can and has started at home.
Because of the pandemic there has been a wide array of properties being listed on the market, making it great for tenants. People are being able to maximise their value for money as they can take advantage of the current market conditions, they are able to upgrade their living accommodations for little or no change in monthly rental prices.
We have recently seen a rise in the number of enquiries for townhouses for rent. This could be for various reasons. There has been a drop in the rental prices in certain areas of Dubai. According to a recent report by property monitor, we can see that in communities such as Reem, Al Furjan and Victory Heights, rental prices have dropped almost 4%. 4 bedroom townhouses are now on offer for almost 85,000AED/year. This shows it is a perfect time to upgrade and get the best value for your money.
Another reason why there has been a shift towards townhouses/villas is the need for space. The lockdown has made people restless and craving their own gardens and pools to give them an escape. Apartments with balconies and terraces can also be included in this category as should the something similar to this happen again it will give tenants more space making the isolation more bearable.
Working from home has become a big part of the lockdown and I believe will be a trend that will continue in the future too. This being coupled with the lack of mobility will lead to a drop-in short-term rentals, as tenants will be looking for longer term stable agreements. Property owners have also taken this into consideration, especially hotels. An increasing number of hotels are now offering fully furnished apartments for longer lease periods at very affordable prices to remain competitive in the market.
Overall, this is a great time to upgrade as there are plenty of options currently available in the rental market for great prices. Contact us to find the best rental deal for you today.
Sources:
Nice article thank you for sharing. Get wide range of property and apartments for sale in Dubai UAE, or list your property here for free on bazinga.ae
ReplyDelete