As per a latest market report from Core Real Estate, there is now room for Commercial and residential tenants in Dubai for negotiations and incentives such as extended rent-free periods, rent waivers, contribution to utilities, and increased cheque payments so as to help tenants maintain occupancy of their unit.
According to the report, there is a continual series of online searches and esquires where tenants are either looking for relocation or reduction in their rental flow or trying to find the current rental value of their property which would help them negotiate with their landlords.
Given the movement restrictions in UAE due to coronavirus, this information might bring some relief for the Dubai tenants. Further, there is an increased adaptability seen in landlords in times of crisis like this, with their willingness to accept negotiations and preserve long-term revenue, says Robert Thomas, the head of agency at Core. Downward pressure is expected to linger in Dubai’s real estate market.
As per Property Finder, Dubai has seen over 10,243 real estate transactions in the Q1 in 2020, which is 9.7% increase as compared to Q1 of 2019.