Tenant Migration
The below figures are taken from the data provided by propertymonitor.ae of move in and move out requests of utilities across Dubai. I am aware that there are many other factors to take into account to be able to give a more in-depth analysis of the tenant’s market but this is the first guideline available for us to be able to look into tenant migration in the rental market.
Q3 2019
Al Furjan, Discovery Gardens – 4367 move-in requests, 5,652 move out requests, -1,285 tenants leaving the area – average lease 556 days
Dubai Marina, JBR, Bluewater Island – 4,104 move in requests, 3,113 move out requests, 991 new tenants to the area – average lease 506 days
International City 2,840 move-in requests, 5,170 move out requests, -2,267 tenants leaving the area – average lease 538 days
Dubai Silicon Oasis – 2,636 move in requests, 2.075 move out requests, 561 new tenants to the area – average lease 446 days
Jumeirah Village Circle – 2,562 move in requests, 1,385 move out requests, 1,177 new tenants to the area – average lease 447 days
Downtown – 2,416 move in requests, 1,590 move out requests, 826 new tenants to the area – average lease 473 days
Jumeirah Islands, Jumeirah Heights, JLT, Jumeirah Park – 1,941 move in requests, 1,704 move out requests, 237 new tenants to the area – average lease 524 days
Mirdiff – 1,722 move in requests, 1,586 move out requests, 136 new tenants to the area – average lease 520 days
Dubai Sports City – 1,272 move in requests, 1,238 move out requests, 34 new tenants to the area – average lease 525 days
The Greens, The Lakes, The Views – 1,186 move in requests, 931 move out requests, 255 new tenants to the area, average lease 533 days
Palm Jumeirah – 1,143 move in requests, 871 move out requests, 272 new tenants to the area – average lease 522 days
Dubai Investment Park – 428 move in requests, 755 move out requests, 327 leaving the area – average lease 642 days
Arabian Ranches – 513 move in requests, 437 move out requests, 76 new tenants to the area – average lease 548 days
As you can see from the above data from Quarter 3 of 2019, most of the prime communities attracted new tenants to the area (more than moved out of the area), which is a reflection mainly to the rent adjustments over the past 6 months.
The more affordable areas such as International City, DIP, and Discovery Gardens saw more tenants leaving the area to take advantage of rent reductions in the more accessible locations such as the Marina, JVC and Barsha.
data from propertymonitor.ae compiled by Laura Adams
Sales Market
September 1st – October 12th, 2018 compared to the same period 2019
How have the sales transactions behaved in response to price reductions and affordable off-plan payment plans across Dubai?
September 1st – October 12th, 2018
Off Plan Sales – 1,777
Secondary Market – 1,878
Total: 3,655 sales
September 1st – October 12th, 2019
Off Plan Sales – 3,504
Secondary Market – 1,789
Total: 5,293
A staggering increase of 44.8% of total sales
A reminder that the UBS Global Wealth report stated that Dubai was one of only a few ‘fairly priced’ property markets currently in the World, as reported in my October 2019 blog. https://theagentdubai.com/2019/10/02/market-update-october-2019/
Properties Wanted
Urgent
Palm Jumeriah – For Lease
Unfurnished Type F – 2 bedroom – Shoreline – Bldgs 6/7/8/9
Unfurnished Type D – 2 bedroom – Shoreline- Bldgs 4/5/6/7/8/9
Furnished Type D – 2 bedroom – Shoreline – Bldgs 8/9
Furnished Type B – 1 bedroom – Shoreline – Bldgs 8/9
Unfurnished 2/3 bedrooms – Oceana /Tiara Residence
Furnished and Unfinished – 1/2 bedrooms – Golden mile
Upgraded Garden Homes and Signature Villas
Custom-built Garden Homes and Signature Villas
For Sale
Lakeside Tower C IMPZ
Studio Apartment, Vacant, 369 sq ft with Balcony
AED295,000
Torch Tower, Dubai Marina
Partial Marina View 1258 sqft
2 bedroom, vacant
AED900,000
Ritaj, Dubai Investment Park
2 bedroom + maid, 1,700 sqft pool view
AED700,000
Discovery Gardens
Studio, 500 sq ft vacant
AED325,000
JVC, District 16
Fully Upgraded 3 bedroom + maid Villa
8,000 sqft Plot
AED2,400,000
Springs Villa
3 bedroom, type M
AED2,000,000
The Villa Project
5 bedroom + maids room, private pool
AED3,000,0000
Mira Oasis
3 Bedroom Type 3E Villa
AED1,700,000