Commercial Property - Perspectives
The high rent prices are driving expatriates to live further from their place of work, causing traffic congestion. The trend has been noticed not only in Dubai, where a higher percentage of the expatriates tend to shift to Sharjah or even Ajman but in other Emirates, like Abu Dhabi as well.
In Dubai, the hike in rent prices has generated three major tendencies: Shifting location to other neighboring Emirates where the rents are lower; Sharing accommodation, in an attempt to decrease the rent expenses; Sending families home, to their country of origin as a last attempt to decrease costs;As a result of the first trend, accommodation tends to become more expensive in Sharjah and Ajman as well. In our previous articles we were presenting average prices for medium to top locations in Dubai. Other areas such as Bur Dubai, Deira, Al Ghusais have also followed the general upward trend in terms of rents. In Bur Dubai (Burjuman vicinity) the annual rent for a 2 bedroom apartment has increased to around AED 95,000 100,000 from a previous of around AED 70,000. A one bedroom apartment Bur Dubai is around AED 70,000 while a year before the same apartment would have been available for around AED 60,000. In Deira rents have increased as well, with a one bedroom apartment being priced at around AED 55,000. In 2004, one could have rented a similar apartment for AED 42,000. A two bedroom apartment can be rented out for AED 68,000 compared to only AED 60,000 or less in 2004.
While shifting to a less expensive location might be an option for families, for a single expatriate this might prove to be a lot easier said than done. In certain areas in Dubai, and even more in Sharjah, bachelors might have difficulties in renting an apartment. Some real estate companies are very circumspect about working with bachelors.Suppose you have found in the Classifieds an apartment and would like to go see it, even think of renting it. Do not be surprised if the agent will start asking you from the first telephone call annoying questions such as age, nationality, person on which the contract will be made. Upon giving the required information, they might inform you they will let you know on the apartment and never call back. Other real estate companies might simply tell you that the apartment available is for families only or that they need to re-check with the landlord if bachelors are accepted.
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