Ramadan deals in Dubai: Rent-free period, save 5% commission
Agents say during summer months renters can negotiate to lower asking rents
By Parag Deulgaonkar
Published Monday, May 30, 2016
Property leasing companies in Dubai are coming out with marketing campaign looking to lure prospective tenants.
Al Wasl has launched a special summer promotion offer for villa and apartments.
“Attractive price, commission waived, security deposit reduced and one-month grace period during the promotion for 4BR villas in Dar Wasl, the company said in its Facebook post.
The offer is valid until end of Eid Al Fitr. Prices of these villa, located on Al Wasl Road next to Safa Park in Jumeirah, start at Dh235,555.
In another campaign, the company said it was offering special summer promotion offer for one-, two- and three-bed apartments in Wasl hub, Karama.
“Commission waived, security deposit reduced by half and two-weeks grace period during the promotion. The offer is valid until end of Eid Al Fitr,” it added.
Rentals for one-bed units start at Dh81,888 per year, two beds at Dh105,888 per year and three-bed plus for Dh135,888 per year.
Summer is, in fact, the best time for renters to lease apartments in Dubai.
“It is a good time as you can get good bargains as majority of the people travel out of the country and less likely plan their migration before holidays,” Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, told Emirates24|7.
“Since the chances of getting a tenant is less during this period, some landlords are open and do bring their terms more appealing to attract new tenants,” he added.
A number of property agents admit that during summer months renters can bargain hard to reduce the asking rents and their chances winning are substantially higher.
“The market slows down during summer and it gives renters the opportunity to look out for best rental deals. Even though some brokers may not advertise their discounted schemes, they are ready to bring down rents as landlords don’t want to keep their houses vacant,” said an official with a real estate company.
Moreover, this time a number of property consultants have predicted further softening in the rental market, with JLL, a global real estate consultancy, expecting rents to bottom out by as early as fourth quarter 2016.
Craig Plumb, Head of Research at JLL Mena, told this website, in March 2016 that they believed the residential market bottoming out sometime towards the end of this year or early 2017.
Average residential rents across Dubai fell by 5 per cent in 2015, JLL said. This year, it expects between 10,000 and 12,000 units out of the expected 26,000 units to be completed and delivered.