Dubai: Finding a place to live in Dubai is almost like a full-time job juggling between landlords, viewing homes or well-positioned studios while brandishing a calculator to add up mounting expenses and daily rent hikes.
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High rents are taking their toll once more on residents with the end of the annual 15 per cent property cap looming. Long-term tenants are looking homewards for better housing options while newly-immigrated families and singles debate whether a landscaped garden is worth more money than a central location.
Finishing touches
According to Sharon Gurman, a leasing consultant from Cluttons, a British firm of chartered surveyors and property consultants with offices in Dubai, rental prices in some areas will level out once the big property developers put the finishing touches to their multi-million dirham projects, providing more supply for the increasing demand on housing.
"I think by next spring, early summer, apartment prices will ease. When the supply increases with places like the Jumeirah Beach Residence and Jumeirah Lake Towers, prices will level out or perhaps slightly decrease," she said, however villas may not come down for the foreseeable future.
A fluid market
"It is a very fluid market. For the time being the new expat areas will increase because there are not enough houses there," she added.
According to Gurman, the 15 per cent cap helped only a minimal amount of people as it gave some landlords the licence to increase rents by a full 15 per cent which they might not have done previously.
"If rents were held for a period of time I believe this would help the market find its own level. Additionally, some new property laws would be welcome," said Gurman.
She said the real estate business is viewed differently by landlords with some willing to take on responsibilities of maintenance and upkeep while others just want the cheques and no hassles.
Gurman emphasised that for some people a landscaped and finished property is top priority while for others location is a must.
