How much UAE residents are willing to pay for a rent?

23.09.2015
Propertyfinder has revealed, where Dubai residents prefer to rent apartments and how much they are willing to pay for them.

A new report by a popular UAE real estate portal Propertyfinder has defined a range of lease properties most preferred by Dubai and Abu Dhabi tenants, both in price and in location categories.

25% of Dubai residents and more than 29% of Abu Dhabi residents are searching for rental options between USD 13,500 to USD 27,000 pa. However, more expensive units are at almost the same demand: 24% of Dubai residents and nearly 27% of Abu Dhabi residents are looking for apartment or a villa between USD 27,000 to USD 40,000 pa. Thus, the most preferred properties for rent in Dubai and Abu Dhabi fall into the bracket of USD 13,500 to USD 40,000 pa.

As for the locations, little has changed in Dubai rental market in the last three months covered by the report. Most of the requests as always are for Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, Downtown Dubai and Business Bay. The least demanded Dubai locations, according to Propertyfinder, are Dubai Discovery Gardens, Tecom and Al Barsha. In Dubai property sales sector there is little difference in buyers’ preferences, except for the last three positions from the list, occupied by Dubai Media Production Zone, Discovery Gardens and Dubai Festival City.

In Abu Dhabi Al Reem island is in greatest demand among tenants, according to the search statistics by Propertyfinder. It is followed by Al Ghadeer, Al Khalidiya and Al Raha Beach. The least demanded UAE capital locations are Al Najda Streer, Al Nahyan Camp, and still, but not for long, as experts say, Saadiyat Island. Hamdan Street boasts the highest median sales price of USD 20.4 million, the report said.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management