Better Homes News
Better Homes Sees Best Leasing Month Ever!
Contrary to the worries of a massive exodus this summer, Better Homes celebrated its best month ever in August, with more lease transactions than any prior month in company history.
While sales volumes in Dubai have been moderately picking up over the past several months, leasing has been very busy. In fact, August enjoyed more than twice as many transactions as many months during early-mid 2008, when market-prices were still climbing. August doesn’t seem to be an anomaly, either, because May, June, and July all had relatively strong figures.
Some individuals and families have left for the summer, and it remains to see whether they will come back or if they are gone for good. However, there has been a significant inflow of new residents to the Dubai rental market. Internal records indicate that a third of these have been new entries from the UK, Europe and the US, who are mostly mid-level managers, a third from outlying emirates, and a third are current residents who are shifting internally as district prices drop.
In most communities, rental prices have stopped falling and are remaining flat. The most popular communities in Dubai for rent remain Dubai Marina (including JBR), Bur Dubai, The Springs, and Trade Centre. Top communities for sales are Green Community, Dubai Marina, The Springs, and Jumeirah Village (which has been gaining strong momentum in recent months).
To see current properties available for rent, click here.
Multiple Cheques Gaining Popularity
One of the most difficult obstacles when leasing property in Dubai is the customary “one cheque” policy. It’s true that rent is expensive in the Emirate, but perhaps more problematic is the burden of scrounging up an entire year’s worth of rent all before the lease is signed. For many people, this forces them to seek less expensive accommodation than they otherwise would, purely because they aren’t sitting on a pile of cash from which to pay.
Thankfully, market forces tend to satisfy consumer demand, and this has become apparent in recent months as landlords are increasingly accepting 2, 4, or even 12 postdated cheques from their tenants. While this usually means slightly higher total rental costs, it significantly alleviates the cash flow for many individuals. Furthermore, tenants can certainly invest the saved money, gaining interest during the year before their subsequent cheques are due.
While this trend is not yet universal, landlords are increasingly realizing the value for both themselves and their tenants. Allowing multiple cheques helps landlords find tenants more quickly, as there is a greater pool of able payers. Also, landlords realize tenants are less likely to leave for cheaper accommodation after the year is up because of the decreased out-of-pocket burden.
While this trend has its critics, it is a sign of a maturing and more stable market. If you’re considering a new lease in Dubai, this is a great time to take advantage of the multi-cheque phenomenon.
Click here to view available properties for lease.
Furnished Apartment Suites near Healthcare City
Emerald Hotel Apartments, a 58 unit development across from Wafi is now offering fully-furnished suites for lease from 6-months to 1 year. Located within close proximity of Dubai Healthcare City and all of the major business districts, the apartments offer great value for money. You can stay in comfort with the swimming pool, the state of the art gym and sauna, the 24-hr security, and classy in-suite furnishings with a full kitchen.
Although targeted at the business community as a turn-key accommodation solution, the apartments will also appeal to families looking for housing options in the city.
Click here to view for more information on Emerald Apartments
