{"id":14210,"date":"2016-05-24T22:42:37","date_gmt":"2016-05-24T15:42:37","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=14210"},"modified":"2016-05-24T21:00:32","modified_gmt":"2016-05-24T14:00:32","slug":"dubai-landlords-fight-to-keep-hold-of-tenants-but-savvy-buyers-snap-up-bargains","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-landlords-fight-to-keep-hold-of-tenants-but-savvy-buyers-snap-up-bargains\/","title":{"rendered":"Dubai landlords fight to keep hold of tenants but savvy buyers snap up bargains"},"content":{"rendered":"


\nLeasing activity in Dubai’s residential market tailed off towards the end of the first quarter as landlords proved more willing to negotiate on rents to keep existing tenants in place, according to a report from Asteco Property Consultants. Although apartment rent declines were “limited” over the quarter, with affordable areas remaining flat and mid-market communities reporting declines of just 2 per cent, certain submarkets performed considerably worse than others. At Jumeirah Lakes Towers, for instance, rents declined by 6 per cent quarter-on-quarter and 12 per cent year-on-year by the end of March. Typical rents in the area now stand at between Dh65,000 and Dh90,000 for a one-bed apartment and Dh75,000 to Dh125,000 for a two-bed. “While the community is attractive overall, the quality of most residential towers are below the tenant’s expectations considering the high rental levels,” the report said.Asteco said that luxury apartments have proven hardest to let and remain vacant for longest, despite significant year-on-year rental declines. Rents for Palm Jumeirah and Dubai Marina apartments are both 8 per cent lower. Villa rents, meanwhile, have stabilised as the pipeline of recent completions has slowed. “People are being more budget-conscious,” said Julia Knibbs, the UAE associate director of research and consultancy at Asteco. “They may be more worried about their jobs, so are looking to be more cautious in terms of their rents. Either they renew at a lower rate, look for something smaller or in a slightly less fancy area. “Landlords are realising how important it is to retain tenants rather than risk having a vacant unit and then later having to reduce the rent anyway.”Meanwhile, sale prices for apartments remain 5 per cent lower year-on-year, with luxury units experiencing the steepest declines – Jumeirah Beach Residences properties are 18 per cent cheaper than in the first quarter of last year, while Palm Jumeirah homes have fallen in value by 11 per cent and Dubai Marina by 10 per cent. However, the pace of price declines has slowed and in many areas was flat during the quarter. Ms Knibbs said that sale prices seem to have bottomed out.”There might still be some small declines going forward, but we have noticed that lots of bulk investors and cash buyers are in the market looking for opportunities at the moment. “They could find them, because sellers are willing to negotiate. “We’ve had a couple of big transactions concluding at really good rates for buyers. It’s an indication that people that know about the market and are not risk-averse are seeing an opportunity. Low prices have unlocked demand.”Earlier this month, the Dubai-based portal propertyfinder.ae stated that buyer interest via its site was at a two-year high, having increased by 28 per cent since January.The ratio of users searching its site for properties to buy, as opposed to rent, increased to 32 per cent earlier this month – up from 25 per cent in January.The research firm Valustrat has also said there has been no significant change in property values in 26 areas monitored by the firm for the past seven months, and JLL’s head of research, Craig Plumb, has indicated that he expects sale prices to return to growth by the end of this year.Ms Knibb said: “I don’t think that rates are going to increase, but there might be a pickup in transaction volumes over the year, which will eventually lead to growth.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai landlords fight to keep hold of tenants but savvy buyers snap up bargains<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Leasing activity in Dubai’s residential market tailed off towards the end of the first quarter...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-14210","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3Hc","jetpack-related-posts":[{"id":44830,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cheaper-housing-in-dubai-suppresses-sharjah-and-ajman-rents\/","url_meta":{"origin":14210,"position":0},"title":"Cheaper housing in Dubai suppresses Sharjah and Ajman rents","date":"February 20, 2017","format":false,"excerpt":"\r The growth in the number of developers looking to provide more affordable housing schemes to buyers in Dubai is having a knock-on effect in the Northern Emirates, with rents falling across the board and some landlords even offering monthly payments and rent-free periods to attract tenants, according to Asteco.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18762,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rents-at-abu-dhabis-reem-island-may-drop-once-dust-settles-after-summer\/","url_meta":{"origin":14210,"position":1},"title":"Rents at Abu Dhabi's Reem Island may drop once 'dust settles' after summer","date":"July 5, 2016","format":false,"excerpt":"\r Housing rents for existing tenants on Abu Dhabi's Reem Island could fall by as much as 10 per cent by the end of the year, estate agents say.The effect of job cuts across the oil and gas and construction industries and the fall in global oil prices could finally\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14038,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chelsea-loses-glamour-for-wealthy-tenants-as-fitzrovia-and-mayfair-soar\/","url_meta":{"origin":14210,"position":2},"title":"Chelsea loses glamour for wealthy tenants as Fitzrovia and Mayfair soar","date":"May 23, 2016","format":false,"excerpt":"\r There are winners and losers in London's prime central location (PCL) rental market, according to a new report today from LCP, a UK prime residential investment adviser, with once-uber trendy Chelsea losing its allure while ultra-high end Mayfair has soared.But landlords may have to work harder to retain the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-dragged-down-by-amid-glut-of-new-supply\/","url_meta":{"origin":14210,"position":3},"title":"Dubai office rents dragged down by amid glut of new supply","date":"July 14, 2016","format":false,"excerpt":"\r Office rents in some of Dubai's most established business locations fell in the three months to the end of June as a glut of new office stock drove markets south.Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-dragged-down-amid-glut-of-new-supply\/","url_meta":{"origin":14210,"position":4},"title":"Dubai office rents dragged down amid glut of new supply","date":"July 14, 2016","format":false,"excerpt":"\r Office rents in some of Dubai's most established business locations fell in the three months to the end of June as a glut of new office stock drove markets south.Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51392,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/soft-economic-sentiment-a-drag-on-abu-dhabi-property-sales\/","url_meta":{"origin":14210,"position":5},"title":"Soft economic sentiment a drag on Abu Dhabi property sales","date":"April 9, 2017","format":false,"excerpt":"\r Continued weakness in the Abu Dhabi economy is forcing more property investors to become \"accidental landlords\", as they are unable to sell units that are nearing completion at a profit, according to a new report by Cluttons. These investors' willingness to offer more flexible terms to potential tenants to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/14210"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=14210"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/14210\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=14210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=14210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=14210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}