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If you live in Dubai, you will know that the recent years has seen a lot of lowering down prices of rents as well as new properties. This is because landlords have realized that it is better to low down the asking price than keep the properties empty. Moreover multiple payment options are also becoming available. If you are interested in renting, then 3 month rent free periods are also offered by many landlords. Moreover there has also been a rise in the incentives together with the rent free periods. Major differences are also seen in the absorption of agent fees, maintenance charges and security deposits.
This was not the case if we look into property values in Dubai just ten years back. Affording just a one bedroom flat seemed a luxury. But as economy is changing, so is the lifestyle of people and also the real estate industry. Leasing rates of villas and flats across Dubai have dropped by the year. People prefer to leave their cramped flats and shift into villas in Dubai. Spacious living spaces are coming up, which are not only affordable but comes with facilities like swimming pool, private garden or a gym.
Decline in Rents
Over the years it has been noticed that rents of luxurious properties in Dubai have seen a downfall of 40%. This is a good news for all those renting into neighborhoods like Jumeirah Park, Al Barsha and others. Lowering of rent however has not under toned the facilities of the places. Many good deals are offered throughout Dubai. This is especially true if you are looking for luxurious villas in Dubai. There are also no chances of increasing rents in the future. This is because the Dubai land department is considering to impose a three year freeze time on every rental increases. So you are safe for at least 3 years! The decline in rents over a 12 month period and the new land laws have seen tenants upsizing their properties to luxury accommodations.
Good Deals on Properties
Cheaper rents are not the only thing that has happened. Along with cheap deals you get facilities that were previously offered at a much higher price. For example, in Dubai Silicon Oasis you will get a two bedroom apartment for about Dh 53,000 a year. You will get facilities like swimming pool, children play area and gym. You can also try your luck in getting a private garden. But few years back, a one bedroom flat in such neighborhoods came with a whooping cost of Dh 70,000 year, let alone the facilities. Imagine what villas in Dubai would have cost! It is just on this, you also need to consider the furnishing cost of a property after buying them. With the fall in price tenants can focus on furnishings and decorative furnitures and modern equipments to fill their homes. Your whole year’s savings will have a major impact if you can cut down on rents. This has been a boon for many tenants.
