You'd think finding a new home during a global pandemic would be a nerve-wracking hassle. But here's a twist for you: if you live in Dubai and have been considering making a move, there couldn't be a better time!
Hear us out – you might be surprised.
Rent prices have dropped. Significantly.
A lot of the listing prices you see today are definitely not the ones being transacted. Landlords are currently much more open to accepting lower prices – the gap between listing and transacted price is getting bigger. For example, the average asking price for a one-bedroom apartment in Dubai Marina in April 2020 was 75K AED. But the average transaction price was 57K AED (source Data Finder). Why? Because landlords want to secure rent for the entire year, particularly in the time of COVID-19. They want peace of mind, you want to pay less – it’s a win-win.
A tip to remember: landlords are also becoming more flexible when it comes to monthly rent payments. Fight for it, it makes a difference.
You have way more choices
Fancy a villa in Arabian Ranches? How about a penthouse in Business Bay? Or a humble studio with a view? Take your pick, because in the past two years, Dubai has witnessed a tremendous increase in new developments. According to REIDIN, the supply in residential units grew from 29,770 (2018) to 62,123 (2020). That's a whole lot of supply going around. More communities, more areas, more choices. Go wild!
You get more for your money
You might be paying a whole lot more than you’re getting. Perhaps it’s time you leave that poorly-managed tower and actually enjoy a better quality of life? These are strange (borderline apocalyptic) times, the least you could do is feel like you’re getting your money’s worth when you're streaming your favorite shows.
Living next to the office isn’t a must anymore
Let’s face it, companies worldwide are discovering the wonders of working from home. Why pay premium in top neighborhoods to live next to your office when you can meet your deadlines just as well in your PJs? If the current situation hasn’t impacted your productivity and your position allows it, it’s time to consider moving to that neighborhood you always wanted, without stressing about the commute (and your savings).
Enjoy a few perks
Setting up DEWA currently costs 50% less, while a ton of moving companies are offering reduced packages to make your move less anxiety-inducing. These perks might not last for long, and they make a real difference. After all, moving doesn’t always have to be a headache.