Properties available now cater to all consumer wants and needs, with developers focusing on targeting value for money in their projects.
Chloe McDonough, Residential Leasing Director at Allsopp & Allsopp says many Dubai residents can now scale-up due to a raft of new properties being handed over and more flexible terms.
Over the past year we have seen the mid to upper segments of the Dubai rental market progressively become more affordable to a lot of tenants. People who were living in
two and three-bedroom apartments can now afford townhouses or villas for the same, or similar, rental value as what they were paying the previous year in a flat.
In residential apartment communities, we have found that many tenants who were once living in the well-established areas are now moving to emerging communities considered a little further from the centre. It could be argued that the location is being compromised for newer apartments, cheaper rents, larger living space and an increased number of cheques.
The affordability is because of the large number of developments that were handed over in 2016 and 2017; it has been speculated that this is a contributing factor to a decrease in price. However, in my view this has enabled the UAE to align and become comparable with other markets, such as Europe, and enables stability and longevity within the Dubai real estate sector. Consequently, all this has resulted in a confidence for first time buyers and previous purchasers to enter or re-enter the market.
With Dubai’s population increasing by approximately 11.35 per cent in 2017 alone, there is no surprise that there has been a demand for more affordable high-end living in Dubai – and the good news is this in definitely on offer. There is a plethora of choice these days, which gives further encouragement to expats to not leave Dubai. Properties available now cater to all consumer wants and needs, with developers focusing on targeting value for money in their projects.
Over the years Dubai has developed into less of a ‘stop gap’ for expats and more of a long-term plan given the lifestyle and feeling of safety and security the emirate guarantees. Tenants are now wanting to rent somewhere over a longer period, therefore wanting a bigger family home – and as a result they are merging into the mid to high-end rental market, in some cases increasing budgets to ensure as many dream home requirement boxes are ticked.
Over the past year we have seen the mid to upper segments of the Dubai rental market progressively become more affordable to a lot of tenants. People who were living in two and three-bedroom apartments can now afford townhouses or villas for the same, or similar, rental value as what they were paying the previous year in a flat.
The fact that mid to high end proper- ties have become more accessible has also posed the question to the consumer of whether an investment into the Dubai property market is better use of their money – which could explain the surge in off- plan sales over the past couple of years.
With developers offering attractive and affordable payment plans some residents have chosen to downsize and save on rent by relocating to the emerging communities on a short-term basis, whilst waiting for their chosen development to handed over.
Whether it be a rental option offering a property a family has always dreamed of on a golf course, with a beautifully landscaped garden – or an apartment with a sea view – or a purchase of an investment in Dubai, how this market has evolved in such a short space of time is nothing short of incredible.
Dubai has shown it has the resilience to evolve and grow in scenarios which others may perceive as an impossible task to get through. This city will always continue to push boundaries and create opportunities, and if you have witnessed the growth so far there should be no doubt that this next stage in the market will turn out as great as everything else it has presented to us.
Search over 45,000 properties for rent in the UAE on propertyfinder.ae
