Dubai villa owners seek higher rents on recovery talk
Villa owners in popular communities like Springs, Meadows and Arabian Ranches are asking for more rent as compared to six months back but experts believe there is no real upward movement in rents in these areas.
“Better Homes has not experienced any significant movement in the rental fees for villas in areas such as Springs and Meadows. However, there has been an opinion from owners that the market is in recovery. This is not the case as prices are still very tight in negotiation between buyer and seller, landlord and tenant,” Paul Musson, Manager, Residential Sales & Leasing, Head Office, Better Homes told Emirates 24|7.
On the contrary, rents have actually dipped over the past months. According to Saeed Hashmi, Head of Valuation & Advisory at Landmark Advisory, “Springs rents have actually fallen slightly over the past six months. Two beds have remained static whilst three beds have dropped around 10 per cent.”
However, popular classified websites show that rents of villas in both Springs and Meadows have appreciated.
As per listings on popular website dubizzle.com, a two-bedroom villa in Springs with a standard view is now available for nothing less than Dh75000 per annum.
Two months back, such villas were going for as low as Dh67000. Similarly, a smaller three-bedroom middle unit is available for Dh120,000. A couple of months back, landlords were asking for Dh95,000 for such units.
“I’ve seen a bigger three-bedroom villa that opens onto the park in Springs 11.
The landlord is asking for Dh150,000. I know of two families who moved on the same lane and one is paying Dh130,000 for exactly the same house and the other family is shelling out Dh140,000 with all furnishings and furniture and even electronics.
We are trying to negotiate but as of now the owner seems adamant,” said a British couple.
“The higher asking price could possibly be the result of a feel good factor that things are stabilising,” said a real estate agent.
Villa rents have also remained stable in the popular community of Arabian Ranches, say experts. “[We] has not experienced any significant movement in the rental fees for villas in Arabian Ranches but due to the demand being high in this area we are finding that the landlord will not negotiate on their price,” Christopher Gardner, Manager, Residential Sales & Leasing, Better Homes, Green Community & Arabian Ranches told this website.
“Arabian Ranches rents have remained stable over this period,” added Hashmi. Classifieds show a three-bedroom villa in the community is available for Dh140,000 for a smaller unit and bigger ones being tagged at Dh180,000 and the ones being with a pool and park being listed for Dh200,000 plus.
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