The UAE has some great options when it comes to renting properties, suiting different tastes and budgets. There are studios, spacious apartments, townhouses, villas, lofts, penthouses – from affordable to super luxury – in locations that range from the heart of the city to the waterfront, homes with desert views, island mansions, golf homes and even units in the historical older parts of Dubai.
Aditi Gouri, Associate Partner, Strategic Consulting and Research, Cavendish Maxwell says in the current market there has been a decline of 3-6 per cent on average rents across all the emirates. She says landlords are offering tenants the option of an increased number of cheques and rental holidays between one and three months. “The pandemic has led to job insecurities, reduced salaries and also job loss. Many families are struggling to pay rent. Some landlords have offered a good discount on the annual lease. In Dubai, where there is oversupply in residential units, landlords are giving discounts of up to 5-10 per cent of the annual rent. Some are adding rent-free months, to avoid losing a tenant that might be difficult to replace,” Gouri explains.
Second quarter in Dubai, Abu Dhabi
In the second quarter, Abu Dhabi apartment asking rents fell 5.4 per cent annually, while villa asking rents were down 10.9 per cent for the same period, says Haider Tuaima, head of real estate research at ValuStrat.
“Currently, in Abu Dhabi, two and three-bed townhouses in Hydra Village, Al Ghadeer and Manazel Al Reef are found for a budget of below Dh70,000 per annum. Also, three-bedroom apartments in areas like Al Khalidiya, Khalifa City, Airport Road and Hamdan Street. For the rental budget up to Dh120,000, you get four-bedroom villas in Mohamed Bin Zayed City and Khalifa City, and large four-bedroom apartments in Al Salam Street, Corniche Road and Al Mushrif.”
In Dubai, apartment asking rents have falled by 13.5 per cent annually and villa asking rents have declined 4.9 per cent, Tuaima adds. “For a rental home within Dh70,000, you get up to three-bedroom villas and townhouses in Akoya, The Springs, Mirdif, Dubai South, Jumeirah Village Circle and Casa Dora at Serina. In this budget you can also get up to two or three-bedroom apartments in Dubai Marina, Motor City, Jumeirah Lake Towers and Dubai Silicon Oasis. For a budget of Dh120,000 per annum, you have up to four-bedroom villas/townhouses in Dubai Hills Estate, Mirdif, Al Reem, and Jumeirah Village Circle,” he says.