Dubai Rental Prices Continue to Decline
According to various sources, the Dubai property rental market continues to decline. Although this sounds like bad news for investors and landlords, it’s the perfect opportunity for those taking their first steps on the property ladder to snap up a bargain. Continuing a three-year-long dip, slow demand is pushing apartment rental prices down by 7.43%. So, if you’ve been waiting to rent a plush Dubai apartment for a while, now’s your chance.
Dubai Landlords Tempting Buyers with Gift Vouchers
Faced with less demand for homes, landlords are trying out all sorts of incentives to attract people to their properties. One way they’re attempting to win over house hunters is with shopping vouchers, and even if they’re not making it public knowledge it’s worth people asking as part of the bargaining process. Landlords are also apparently much more open to price negotiations than in previous years, with many reluctantly recognizing the fact that lower yields are better than none at all.
Sales Might Be Slower, But There’s No Need to Panic
The decline in Dubai property sales and rentals might be causing investors and landlords some sleepless nights, but it’s not necessarily time to panic. Talal Al Gaddah, CEO of MAG Lifestyle Development, suggests that anyone fretting should see the dip as part of a natural process and just use it as an opportunity to take a breather.
Developers Confident Of a Rebound in The Near Future
Despite drops in sales, Dubai developers still enjoy profit margins that are rarely seen in other parts of the world. And with rebounds predicted (and failing to happen) over the past two years, some are confident that a real one is just around the corner. The owner of leading developer Damac Properties is predicting sales to grow by around 7% this year, and some real estate brokers are reporting that sellers are holding out for the perfect deal.