By Sam Bridge
Brokerage Appello Real Estate sees 34% increase in rental clients upgrading to bigger properties this year
Tenants in Dubai are making the most of continuing low prices which allow them to attain bigger properties, according to brokerage Appello Real Estate.
The property agent said that this year, up to mid-October it has seen a 34 percent of its existing rental clients upgrading to a bigger property.
“Every market environment sees definite winners and right now it’s the tenants who are sitting pretty," said Naval Vohra, CEO of Appello Real Estate.
“Renting a spacious, modern apartment used to be merely an ambition for a large section of consumers in the UAE. But as the rental market changes, so too are the lifestyles and expectations of tenants.
"As leasing rates for flats and villas across the city have dropped year by year, residents are in an ever-stronger position to negotiate on a great deal.”
Vohra added that it isn’t just a case of making rental budgets go further in terms of property size, bedrooms or better location, it is also about getting to enjoy added benefits such as having a private garden, a swimming pool or high tech gym next door.
The broker said that this trend is ongoing as Dubai rents and prices are set to continue falling both this year and into 2020 as more supply enters the market.
A recent report said that nearly 29,500 units will be delivered in the emirate this year, with around 16,500 units already delivered so far and an additional 13,000 units expected over the remainder of 2019.
Appello Real Estate also said that 37 percent of its clients in the same time period shifted into newer Dubai communities.