Why it could be the best time to buy a new home in Dubai
With landlords across Dubai being more flexible than ever before when it comes to prices, rent-free periods, and payment terms, this is arguably one of the best times to be a tenant.
According to the ‘Property Finder Trends’ report, Dubai apartments’ advertised rental asking prices have dropped almost 30 per cent in the last two years, with more than half of that in the last 12 months alone. In the second half of 2018, the biggest falls in advertised apartment rents were seen in the Green Community at 9.3 per cent, followed by JLT at 8.7 per cent, and DIFC at 7.5 per cent. Villa rents in Dubai dropped 11.3 per cent over the past 12 months and 22.2 per cent over the past two years.
“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, CCO at Property Finder.