DUBAI LANDLORDS OFFER 'FREE' RENT, MULTI CHEQUES.
Landlords in Dubai aren't just open to accepting multiple cheques and reducing lease rates, they are also offering rent-free periods just to attract tenants. Despite claims that the property sector is bottoming out or showing signs of recovery, overall rents across the emirate are still on decline. A slowdown in hiring and a sustained rise in the number of new apartments and villas continue to impact demand, prompting landlords to sweeten the deal. With fewer jobs, there are fewer people with money to pay for rent. Compounding the decline in demand is the increase in supply of new properties. Just this year alone, some 30,000 units are expected to be turned over to investors. So far, about a tenth of the number has already been delivered. As a result, according to Propertyfinder Group's UAE Real Estate Trends 2017 report, Dubai residents have gained more negotiating power when it comes to dealing with landlords.
"New tenants and their brokers have been able to negotiate concessions that were previously dismissed or largely unheard of in the Dubai market, such as rent-free periods."
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|Publication:||Pakistan & Gulf Economist|
|Date:||Jul 16, 2017|
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