UAE rental relocations on the rise despite Covid-19, says expert
DUBAI, May 21, 2020
There has been a spurt in the rental relocations in Dubai and Sharjah despite Covid-19 mainly fueled by tenants looking to reduce their rental obligations by moving into less expensive localities or those looking for larger units with balconies and outdoor spaces amid lockdown, said UAE-based Sultan bin Ali Al Owais Real Estate (SAO).
A holistic real estate conglomerate, SAO specifically develops properties to rent, and owns and manages a portfolio of over 2500 properties across the UAE.
Established in 1972, it has now grown to become a prominent real estate company that offers several key services such as facilities management and security under its own umbrella through offices in Dubai and Sharjah.
The Emirati group is known for its emphasis on long-term rental ethos and retention of residential tenants exceeding 20 years and in fact it was one of the first companies to announce a 45-day rent waiver for all tenants owing to the coronavirus pandemic.
SAO pointed out that traditionally studios and smaller units are the highest in demand and the quickest to rent out. However, majority of inquires between March and April had been for bigger units and specifically those with balconies.
"The shift in tenant and rental - seeker behavior is quite remarkable and obvious at the same time. There is a disparity of approximately 35% between annual rentals in Dubai and Sharjah for similar kind or sometimes larger units and in relatively mirroring localities," remarked its CEO Haleema Al Owais.
"So it is common for tenants to look for better value for their expense. But lately we have had a very specific surge in families looking for villas with large outside areas and specifically spacious apartments with balconies, to aid the social distancing shift in everyone’s lifestyle and increase in stay-at-home activities," explained Al Owais.
“Needless to say, we reached 100% occupancy across all our villas and our larger units with balconies are the first in being rented out since March 2020,” she added.-TradeArabia News Service
