Dubai tenants take up rental bargain bonanza

Dubai residents are moving house to take advantage of rental bargains in the city, estate agents said yesterday.

Tenants who were previously reluctant to change homes due to a shortage of accommodation, and a lack of rent caps in new contracts, are now seeking better deals as their leases near expiry.

A comparison of prices between Dubai’s rental index, which is based on figures for last year, and those advertised now reveals a difference of up to 30 per cent in areas such as Arabian Ranches, Dubai Marina and Discovery Gardens.

Liz O’Connor, the director of residential sales and leasing at Better Homes, said the lower end of Dubai’s rental market has shown the most activity this year. Non-freehold areas such as Qusais, Bur Dubai and Satwa have held their rental values, she said.

“Many tenants are downsizing as a result of pay cuts or accommodation allowances being reduced or cancelled,” she said. “There also seem to be fewer families coming into Dubai. We are seeing a higher demand for studio, one and two bedrooms as opposed to three, four and five bedrooms.”

Dubai tenants take up rental bargain bonanza - The National Newspaper