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Dubai Rents Decline
As reports of further rent declines emerge, Kipp takes a look at recent developments in the real estate arena
November 4, 2010 12:26 by Eva Fernandes
Dubai Marina: number one choice for new tenants
The availability of flats at a significantly lower rate means that studio flats are no longer the primary choice for apartment seekers. According to a report by Propertyfinder.ae, quoted in Emirates 24-7, “Almost one in five people now inquire about property for lease under Dh50,000 with studios barely looked at. People are viewing more desirable locations as they become more affordable and price wars keep very small and very large units at bay.” The report found that the most popular area searched for was Dubai Marina, with Jumeirah Lake Towers and the Palm closely following.
Change in real estate marketing focus
As real estate prices drop, some companies are focusing more on rebranding in order to better target their customers. For instance, the rebranding of Aldar last month symbolizes shift in the focus from business to the more ‘human aspects’ of Aldar’s real estate.
And the need to alter the focus of real estate marketing is born of necessity, especially since the attitude of Dubai’s residents towards rents has changed, especially as they have gone through the highs and lows of the UAE economy. A recent survey released by Ipos found that during the recession period, under a third of UAE consumers reduced the amount they spent on rent – partly out of need and also because of the low prices available on the market. The report found that as the general economy has improved significantly from last year, residents aren’t spending less in most categories (including dining out, holidays, smoking), but have more have cut back on rent (last year 77 percent said they’d not cut back on rent; this year 71 percent said they’d not cut back).
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