The rise in tenant interest in Emirates living appears to show a reverse in recent trends in the city. There has been a lot of rental attraction in newer developments such as Mira, Damac Hills and Mudon because of their attractive price points and clean, fresh, ‘brand new’ appearance.  Consequently, rental prices of properties in Emirates Living have dropped, sparking more tenant interest.

Lewis Allsopp, CEO of Allsopp & Allsopp says “Our data shows that on average, rental prices in the Emirates Living area have decreased by 9% over the last 12 months. The Springs, Meadows and Lakes were always Dubai’s staple go-to villa communities. The demand for villas in the area has always been high, however, recently handed over developments have enticed the interest of a lot of tenants.”

In recently recorded data from Allsopp & Allsopp, a rise in interest in Emirates Living is proven - properties across the area in the month of September were ‘live’ (advertised online) for an average of 16 days with an average of 9 viewings on each property before it was rented. This compares to last year’s data where a property was live for 23 days with an average of 14 viewings on each. Two villas out of the last eight rented haven’t made it live on property portals as there was already tenants waiting for them, further highlighting the demand in the area.

The Springs, Meadows, Lakes and Emirates Hills have always been popular areas for families residing in Dubai. The Emaar developments were built with attractive landscapes and boast home to some of the city’s most prestigious schools. The neighbourly atmosphere adds a comforting feel with retail centers being well established and easily accessible providing an extra bonus.

Allsopp continues; “The majority of Emirates Living villas are of excellent quality. It’s no secret that a few have seen some neglect over the years, but most Landlords are now conscious that villas need to be in top condition in order to be attractive to tenants. With competition rising from up and coming areas, landlords are very aware of the importance of keeping their properties in outstanding condition and many are investing in their properties to bring them up to standard.”

With the drop in rental amounts, a large proportion of tenants are navigating back towards communities that are already completed to avoid construction noise, dust and disruption. Emirates Living provides a well-established place to reside in an excellent location within Dubai. Despite the competition from newer developments, Emirates Living is returning to popularity among Dubai tenants.

 

Source: Allsopp & Allsopp