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Rents fall in Greens, Marina, Arabian Ranches

29.10.2014
Rents fall in Greens, Marina, Arabian Ranches
Dubai has become a buyer's market and with many residents refusing to pay the high rents landlords were demanding, rents have begun to fall in prime locations such as the Marina, Greens, Springs, Meadows and Arabian Ranches. Rents are falling in Dubai's prime areas as tenant demand diverts to other not-so-posh locations of the emirate, Emirates 24/7 reported.
Downtown Dubai, Jumeirah Beach Residence (JBR), Greens Community, Meadows, Springs and Arabian Ranches witnessed a decline in rental prices.
However, Dubai International Financial Centre (DIFC), Jumeirah Islands and Mirdif witnessed a rise in rental prices in the last quarter.
Rents in the Greens community registered the maximum decline in the third quarter, falling 15% compared to the second quarter 2014, a new report reveals.
Meanwhile,in the villa segment, rentals in the Springs, Meadows and Arabian Ranches – each of the communities saw a decline of four per cent, data released by MPM Properties, the real estate subsidiary of Abu Dhabi Islamic Bank (ADIB), shows.
“Villa rents have followed the same trend as apartments with some popular communities with high occupancy levels showing a continuation of rental growth witnessed over previous quarters, whereas others have seen landlords having to drop asking rents following long periods of vacancy,” the report stated.
Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

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
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

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
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

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