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Subtle shifts in rental trends

25.09.2014
Subtle shifts in rental trends
Experts note that while they have noticed the residential market starting to stabilise, the commercial sector continues to see an ever-increasing demand for new options. After ten quarters of constant positive growth, residential rents suffered a marginal dip during the third quarter this year, falling by around 1%. The dip has been attributed to an increase in new residential stock combined with weaker demand during the traditionally slow festive and holiday period, Gulf News reported.
Mat Green, head of research and consultancy, CBRE Middle East says: "The slowdown reflects a general movement towards stabilisation in the market, along with the slowing of growth in sales values and lower transaction volumes. We expect this trend to continue into the final quarter. However, as was the case with Q3, the market will remain fragmented with pockets of both growth and decline evident within certain sub-markets and developments. Given the continued flight to affordability, we may expect to see some secondary locations outperform prime areas in the short term."
According to him, while stability can be seen in the residential market, the office market continues to experience rising demand with new requirements reflecting the improving state of the sector and the positive economic outlook.
"Whilst a number of major office developments, such as DTCD Phase 1, are under construction, the supply of good quality, single-owned properties is likely to remain constrained in the short-term, much to the frustration of a number of major corporate occupiers. This is not the case for strata accommodations, with a large influx of new buildings expected in the coming years, particularly in areas such as Business Bay."
Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

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Ad placement

1 day

Ad placement:
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Up to 2 days

Signing of the lease agreement
Expenses of the seller:

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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

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Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
Additional services:

Property management

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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

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Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
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From 3 days

Selection of optimal investment options
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1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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