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Sun 14 Jun 2009 02:52 PM

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Property firm sees 24% rise in UAE rental deals

Better Homes says transactions well up in May, compared to same month in 2008.

UAE real estate agency Better Homes on Sunday revealed that its number of rental transactions during May were 24 percent higher than in the same month in 2008.

The company said the increase in business was part of "some positive results" over the past two weeks, where both general enquiries and transactions were on the rise, following a sharp dip in recent months amid the impact of the global financial crisis on the UAE.

Following an Open Day event last weekend at its Jumeriah Beach Residence branch, Better Homes said it recorded an "overwhelming response" to its summer offers of inventory for sale and for rent.

Billy Rautenbach, director of operations, Better Homes, said: "The positive result indicates that despite the recent market downturn, if the right product is offered to the client at the right price, at the right time, there is a good opportunity to transact units within both sales and leasing."

Her comments came amid gloomy predictions from UBS and Deutsche Bank last week which predicted that house prices in the UAE still had some way to fall before hitting the bottom.

UBS analysts predicted a further 40 percent drop while Deutsche Bank feared prices would fall by up to another 20 percent.

But Rautenbach remain upbeat, adding: "Our number of leasing transactions is looking very positive. In May this year, we executed 24 percent more leasing transactions than in May 2008."

With talk in the market of mortgages becoming available soon, Better Homes said it expects to see continued success in leasing and see an increase in property purchases sooner than expected.

"As soon as lending becomes available at a wider scale, we expect to see a rise in sales transactions," added Rautenbach.

Geriant 10 years ago

This perfumed estate agent is waffling about a subject that is far too serious for this kind of piffle. She gives not one example of an actual deal, and who knows if Better Homes did any deals a year ago. It is tragic that a market in tatters has to grasp at this totally meaningless spin. Yes, people are still renting, although it is clear nobody is buying, so where Billy gets her numbers is of interest. Or does she just make them up, like all her colleagues in the industry.

Spurzgirl 10 years ago

Quite agree Geraint - 24 per cent up on what!!! And also her comment that if deals are offered at the right price to right client they will be successful- tell me is this news to an estate agent?? It's not exactly rocket science is it.....

sanchez 10 years ago

What a load of piffle!!! Billy the sales bunny (who may have been a hoasty 2 months ago for all we know) say blah, blah, blah....and it becomes fact....oh because she works for better homes Drill down lazy jornos....how many deals did they do last month, at what rate, and this month, at what rate??? We all know that every agency in town has repositioned their business from sales/flippers to rentals because it has been the only way to keep the money coming in. Those that have survived anyway. Notice all the "freelancers" getting squeezed out of the market as the big agencies fight for market share and survival.

ali 10 years ago

24% increase...sweet...now silly billy...whats the source to support your wishfull thinking....BH are not doing good at all...shhhhhh dont tell this to any one ;-) lol

Jason 10 years ago

Yet another person in the real estate industry decides to put forth words with no official figures to back it up. If there is a rise, i'm sure it's just because people are leaving their current, overpriced housing and moving into newer places where the rent is far more agreeable. I'm sure we all know it's not because there's an influx of new blood.

Westie 10 years ago

The casual reader (face it that's most pop.) sees "24% rise in rental demand". We all know reality is far far from this. Something like "Property firm announces rental growth contrasting UBS and Deutsche Bank projections" or something like that.

r 10 years ago

It would appear that only disgruntled tenants post comments on any property article that appears on AB. Comments that perhaps says more about the contributors than the story itself.

John Thomas 10 years ago

Dear "R" - we are not disgruntled tennants, we are honest, hard working people that have been ripped off in a disgusting manner by the landlords over the past few Years!! - in addition we are also realists, most of the people posting comments are highly educated individuals that have lived in numerous "completed and established metropolis" around the world, with high living standards and realistic rents!!so most of us do know what we are talking about!! - You sound like a "disgruntled landlord" to me - what happened? Payback stinks, doesn't it?? - It's called life, face reality and live with it!!

Simon 10 years ago

Some interesting comments...and some very sensible ones too. Lets go back in time...May 08, last year...Dubai was at its height of sales frenzy. Leasing was not BH's mainline of business, SALES where. Lets assume their leasing figures where 100 units for the month of May 08...and May 09, they were up 24%...an increase of 24 more units??? that is hardly a real rise when SALES have dissappeared. Lets be generous and say BH's did 200 leases in May 08...50 new leases in May 09 than in May 08...again hardly a great increase in what is now the mainstream market for agents/brokers and BH's. Factor in the indisputable fact that there are 50% less brokers in the market than there were in May 08 and you can hardly say a 24% rise in BH's is an achievement! I've done 500% more leases this year to date than I did in the whole of 2008...why? because I only did '1' lease last year as oppossed to 5 this year to date! My God the market is BACK!!! sense the sarcasm...my figures are true but its no reason to celebrate. The article is a false flag for optomism...

Michael 10 years ago

I already sent an email to the editor of this article. The information are published half. BH got such a response only because they offered AED 58,000 for one bed room apartments in 12 cheques for one day in selected properties. I met an agent of BH yesterday and he told me about that. So for sure it is not a real demand - people just try to save money in moving to cheaper flats with more cheques. This news is another bad try to manapulate the truth about the real situation.