The rental market in Dubai has been lining itself up for what is traditionally the busiest month of the year – August.
This is when most leases are agreed in the market and it falls in line with people securing their homes in time for the school year.
What this means is that as a landlord, if your property is going to become vacant in the next few weeks, you should be talking to a broker now about listing the property and starting to generate interest.
If you do this, then you will be fully prepared for the busier market, if not you could fall behind comparable listings that will be in the market.
If you’re a tenant then start to look around now and get a good feel for what you want.
Whilst August has traditionally been the busiest month, we have seen in recent years that July is getting increasingly busier as tenants look to secure options ahead of time to secure the property that they want.
So it’s likely that a lot of the ‘good’ listings are snapped up early, sometimes without them even managing to get to the market.
This isn’t a contradiction to the above point about listing now, it’s to say that what you may find when speaking to a broker is that they may already have a suitable tenant.
There is more supply in the market currently than there was in previous years, so as both a landlord and a tenant it is important to be aware of this.
From the tenant side, make sure you are considering all options and from the landlord side, make sure you know what the competition is, as this will help you in your decision-making process (when offers start to come in).
While you obviously want the maximum rent you can get for your property, it’s important not to price yourself out of the market.
All in all, it’s a busy time ahead!
- The author is CEO of Allsop and Allsop Real Estate