Dubai tenants have more negotiating power as rent prices decline
Dubai tenants are in a good negotiating position as landlords increasingly become flexible given the downward trend of rents. Experts say real estate prices are expected to decline further this year as the market absorbs the amount of supply that came in last year, and what will be completed in 2019.
“More and more families are taking advantage of the current market situation to relocate from an apartment and upgrade to a villa with more space and a garden. It’s no longer a case of where one can find a suitable property, but deciding which to choose,” said Lukman Hajje, chief commercial officer of UAE real estate portal Property Finder.
Advertised rental asking prices for Dubai apartments have dropped almost 30 per cent in the past two years, more than half of that in 2018, according to Property Finder’s latest trends report. Villa rents have dropped around 22 per cent over the same period, with an 11 per cent drop in 2018.