Dubai rents are falling, time to relocate

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Dubai

Residential, office and retail sectors across the UAE’s property market will continue to be tenant-friendly on the back of a wider range of incentives being offered by landlords as the addition of new units is expected to further depress prices and rental rates in the short-term, various market reports suggest.
Developers are expected to continue offering a range of incentives such as fee waivers, discounts, rent-to-own, as well as partnerships with banks to attract new investors and end-users looking to take advantage of the lower prices, according to JLL’s latest UAE Real Estate Market Performance.
“Looking ahead, the residential market is expected to remain under pressure in the short term in light of various macro uncertainties, namely high unemployment rates and a slowdown in population growth.
This is in addition to subdued investor sentiment on a global level,” said the report.
“With the ease of lock down measures and increased mobility during the quarter, there has been a considerable increase in the level of new leasing inquiries in the office sector.—AP

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