'Summer, best time for renters to bargain'

01.06.2015
This year, there's the added pressure of Ramadan, and all this could help renters grab a ‘bargain,' say property analysts.

Summer is the best time for renters to lease apartments in Dubai, according to real estate agents.

“It is a good time as you can find good bargains. Most of people travel out of the country and are very less likely to look for a place until they are back from holidays,” Parvees Gafur, CEO, PropSquare Real Estate, told ‘Emirates24|7’.

“So for owners, the chances of getting a tenant are less likely and so some do bring their rates down to attract new tenants.”

Mario Volpi, managing director, Ocean View Real Estate, says that traditionally, the market does slow down over the summer.

“This year we have the added pressure of Ramadan, which is likely to commence in 18 days’ time. All this could help renters grab a ‘bargain’. Of course, a good deal could take on many forms not just the actual rent. Landlords may be more flexible on the number of cheques or take a deposit but allow the rental contract to start later etc.”

In fact, a new report by Reidin.com has revealed that rentals for apartments had slipped at a faster pace than villas in April compared to March. Apartment rents fell 0.69% compared with a 0.20% fall in March, while villa rentals declined 0.25% compared with a 0.25% drop in March.

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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