NEW OFFICE OFFERS DUBAI’S LANDLORDS STRATEGIES TO RIDE OUT THE ECONOMIC STORM

Our new Dubai office opened in 2008, and despite, or possibly because of the downturn in the global economy, the company’s expertise is proving to be worth its weight in gold to landlords looking for ways to ride out the current economic storm.

This is not least thanks to being part of Benham and Reeves Lettings’ established network which operates throughout London, Hong Kong and Singapore. With a proven track record in attracting the best tenants from corporate clients worldwide, and unrivalled knowledge of international property trends, it’s not hard to see why landlords are ‘playing safe’ by using a lettings agent with such a wealth of experience.

“The role of the lettings agent in Dubai, as in London, has stepped up a gear and landlords want the reassurance that their property is in safe hands,” reports Anita Mehra. “New and overseas investors, in particular, want to feel confident that their property is being managed by specialists with the experience to help them maximise their rental returns in difficult economic conditions.”

“We’re still showing plenty of properties but tenants are demanding greater flexibility and are usually only willing to pay realistic rents – rents have dropped by around 25% in the last six weeks and whereas a few months ago, landlords could expect to enjoy a year’s rent in advance, now tenants are only willing to commit to 12 post-dated cheques or four cheques in advance.”

“We’re advising landlords to rethink their strategy in this fast-changing market,” continues Anita. “Landlords should consider accepting rental payments in quarterly or even monthly installments. They could even think about offering short term (two or three month) leases to accommodate people taking on project work – it may take a little more effort but it will help to reduce those costly ‘void’ periods. Many landlords are also now considering offering furnished apartments as they command a higher rent and are a more attractive option for tenants.”

“The frenzied Dubai property market is stabilising as too is the rentals market which is starting to come into line with rental trends in other major Western cities and this can be viewed as a positive move as it creates an equilibrium that is sustainable in the long term. And despite a slowdown, there is still a healthy demand for good properties that are well priced,” continues Anita. “Property ‘hotspots’ like the Dubai Marina and Burg Dubai are still being targeted by buy-to-let investors with yields of over 7% which is still higher than in many major cities around the world.”

The Dubai office is a true ‘one-stop property shop’ so clients can rest assured that all their property requirements can be found under one roof, whether they’re considering buying, selling or letting or need a full property management service. And to make life even easier they even offer a complete interior design and furnishing package.

If you are interested in renting out your property in the UAE, please contact Claire Collier at on (971) 43 404148