Summer is the best time for renters to lease apartments in Dubai, according to real estate agents.
“It is a good time as you can find good bargains. Most of people travel out of the country and are very less likely to look for a place until they are back from holidays,” Parvees Gafur, CEO, PropSquare Real Estate, told ‘Emirates24|7’.
“So for owners, the chances of getting a tenant are less likely and so some do bring their rates down to attract new tenants.”
Mario Volpi, managing director, Ocean View Real Estate, says that traditionally, the market does slow down over the summer.
“This year we have the added pressure of Ramadan, which is likely to commence in 18 days’ time. All this could help renters grab a ‘bargain’. Of course, a good deal could take on many forms not just the actual rent. Landlords may be more flexible on the number of cheques or take a deposit but allow the rental contract to start later etc.”
In fact, a new report by Reidin.com has revealed that rentals for apartments had slipped at a faster pace than villas in April compared to March. Apartment rents fell 0.69% compared with a 0.20% fall in March, while villa rentals declined 0.25% compared with a 0.25% drop in March.