Related: Six affordable areas close to Dubai Metro stations
The cost of renting a home in Dubai has fallen this year, meaning greater choice and more space for tenants.
A new report by property company Core said activity surged between July and September as rents fell.
Rents in Dubai's desert communities – including Jumeriah Village Circle, Dubai Sports City and Dubailand – were down by as much as 20 per cent from the previous year in some cases, it said.
While landlords may not agree with increasing tenant demands, most are now willing to negotiate lower rents and flexible terms upon renewal
That allowed some tenants to negotiate with landlords while others chose to move to bigger properties at little or no extra cost.
A glut of new properties has created a renter's market in Dubai. The coronavirus pandemic and the upheavals that followed put more pressure on prices, and families found they needed larger living areas and outdoor spaces for home working and school studies.
“Most of these upgraders are actually paying lower rents than before, with very few going above their previous rental,” the report said.
“While landlords may not completely agree with increasing tenant demands, most are now willing to negotiate lower rents and flexible lease terms upon renewal to retain tenants.”
Here are seven areas in Dubai where rents have become more competitive in 2020.
Sports City
Prices here fell by a fifth between July and September this year compared to the same period last year.
With a mix of studios, one, two and three-bedroom apartment flats on offer, there are plenty of options.
The nicest areas in Sport City offer leafy streets, and properties are typically in the brand new to 10-years-old bracket.
The latest data from www.propertyfinder.ae shows the average price for a one-bedroom flat in the area is about Dh35,000. A two-bedroom property would cost about Dh50,000 a year.
Located on Mohamed bin Zayed Road, the area has easy access to Hessa Street, which is connected to Sheikh Zayed Road and the heart of the city.
Dubailand
According to Core’s report, rents in this affordable district fell about 18 per cent in the past three months.
Greater Dubailand area includes residential communities such as Remraam, Mudon, Motor City and Al Barari, which offer a range of flats, semi-detached and terraced townhouses and detached villas.
Depending on the location, tenants can expect to pay an average of Dh29,000 a year for a one-bedroom property. That rises to Dh50,000 for a two-bedroom flat.
There are highly rated schools nearby, including Jebel Ali School, Dubai British School – Jumeirah Park and South View School.
The Greens and Views
This area is well-established and borders Barsha Heights, which boasts a number of hotels, restaurants and shops.
A mixture of low-rise residential buildings offer studio flats up to four-bed duplexes. The area is popular with pet owners, who appreciate its space and lush greenery.
In the third quarter of the year, rents in The Greens and The Views fell by about 15 per cent compared to the same period last year.
Today, a one-bedroom flat in The Greens and The Views respectively will cost on average Dh48,000 and Dh64,000.
For those in need of more space, rent for a large two-bed flat is about Dh80,000 and Dh96,000 a year respectively.
Jumeirah Lakes Towers
Jumeirah Lakes Towers is located across from Dubai Marina and is a good place for people who crave the hustle and bustle of city life.
Rental prices in this popular neighbourhood are down this year. Core reported a 14 per cent decrease in rents in JLT across studio, one, two and three-bedroom flats between July and September compared to the year before.
Tenants can rent a spacious one-bedroom home for Dh50,000. For those with more to spend, a two-bedroom flat costs close to Dh70,000 to rent.
For families with children, there are a number of schools close by including Dubai British School – Jumeirah Park, Dubai International Academy and Regent International School.
Business Bay
This is a good alternative to Downtown Dubai, which is in reach.
Prices in Business Bay fell by about 14 per cent, meaning a one-bedroom flat will cost Dh60,000 to rent for a year.
If more space is required and the budget allows, renters can expect to pay about Dh85,000 a year for a two-bedroom home.
With sweeping views of Downtown Dubai, including the Burj Khalifa, this area is now an affordable spot for young professionals.
Minutes from Sheikh Zayed Road, it boasts the Dubai Water Canal Walk, hotels, and a choice of Metro stations.
Discovery Gardens
Located in the north-west of the city, Discovery Gardens has long been regarded as one of Dubai's most affordable areas.
Rents there were down by an average of 13 per cent between 2019 and 2020, according to Core.
Tenants will pay Dh36,000 a year for a spacious one-bedroom flat, and many studio flats cost less.
A two-bedroom property can be rented for Dh58,000 a year.
One of the biggest selling points is the soon-to-be-opened Expo 2020 Dubai metro line. The arrival of seven more stations means residents will be less reliant on taxis and buses and better connected to the rest of the city.
Dubai Marina
A favourite for young expats because of its bars and restaurants, Dubai Marina is often considered an expensive place to rent.
Now, with rents down by 12 per cent in the third quarter of 2020 compared to the autumn of last year, Dubai Marina has become a more affordable option.
A one-bedroom flat will, on average, cost Dh61,000 to rent for a year.
For those in need of more space, Dh90,000 a year will pay for a two-bedroom home.
The area is served by several Metro stations, shopping and entertainment at Marina Mall, access to nearby beaches, and is close to Media City, where thousands of professionals work.
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
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UAE currency: the story behind the money in your pockets
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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