Thursday, May 02, 2013

UAE rental prices on the up, plus home hunters targeting higher levels of property, according to Q1


 Rental prices in the UAE are on the increase in 2013 according to the results of a Quarter 1 report by propertyfinder.ae – the UAE’s leading real estate portal. The report also suggested that property seekers are now looking at higher price brackets when it comes to renting in the country.

The just published in-depth report, which analysed visitor data from the site, showed that the lowest price band of 0-20,000 AED a year for accommodation has dropped considerably in popularity from eleventh position to fifteenth position, compared to the same time last year. And compared to just last quarter (Q4, 2012), it dropped one full position from fourteenth place.

The portal’s data showed that as well as a significant drop in traffic for low priced property, higher price bands were seeing an increase in views – the two facts combined suggesting rents are pushing up.

“The propertyfinder.ae statistics from the first quarter of 2013 have been particularly illuminating and seem to support the idea that rental prices are going up in the country, which is a clear signifier of market recovery,” said Renan Bourdeau, managing director, propertyfinder.ae.

“It also seems residents feel they have more money to spend when it comes to choosing a home, which is good news for the industry and the economy as a whole.”
 
Commenting on the propertyfinder.ae Q1 results and the state of the market so far in 2013, real estate expert Nikki Summers-Dashwood of Dubai’s Brix Property Partners said: “We have seen both sales and rental values increase substantially. However, we have also seen some owners become too aggressive with their expectations – buyers and tenants are much more knowledgeable now than they were in the boom times leading up to mid 2008. They know what properties are worth and they are willing to pay the fair, current market value.

“There are many, many properties coming in to the market between now and the end of the year.  The regulations that have been enforced seem to be working and with the mortgage laws finalised, I predict a healthy and prosperous market for 2013 so long as agents and owners alike do not drive the prices too high.’’

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