After completiton of a mini communities, Dubai land owners are set to woo tenants with favorable rental terms, some landlords there are even throwing in a few incentives such as fit outs and rent-free periods.
A handful of mini residential communities within the Dubailand master-development are benefiting from whatever migration that is happening from Sharjah to Dubai.
But the biggest beneficiary from the switch is Dubai Sports City, where just about 9,000 homes have been delivered to date and another 4,515 units are being readied between now and 2020. That’s quite a substantial amount being delivered into a single location within a fairly short span of time.
That’s why the current rents on offer are starting from the mid Dh30,000 for a studio and Dh70,000 for a one-bed, according to property listings sites. If the tenant prefers a golf course view and willing to pay a little extra, a two-bed can be had for slightly over the Dh80,000 mark.
In terms of its location, DSC serves up quite a few benefits. It “offers attractive rents for a particular section of people migrating from Sharjah and who work in office locations in the southern part of Dubai such as Jumeirah Lake Towers, Tecom and Dubai Marina,” said Sathya Srinivisan, Head of Strategic Consulting and Research at Cavendish Maxwell.
“The declining rents in Dubai have also ensured that increasingly more options are available within Dubai for those wanting to migrate from Sharjah. Discovery Gardens is another perennial favourite.”
There is far too much supply coming through, expected at about 55,000-65,000 units by 2020. The new residential options cut a wide swathe — from the Dh300,000 studio in Dubai South to a Dh30 million mansion in one of the MBR (Mohammad Bin Rashid) City’s 11 districts.
“Communities in Dubailaind are among the beneficiaries of the migration,” said Srinivasan. “Other areas that benefit include Al Warqa, Al Khail Heights, Remraam and IMPZ.
“However, a lack of metro connectivity means some of these locations are not as attractive for a significant section of the migrating population. For people reliant on public transport, places like Al Nahda (in Dubai), Al Ghusais and Discovery Gardens are more attractive.”
Will Sharjah’s landlords step in put an end to such thoughts on the part of their residents? There have been rent falls in Sharjah but mostly confined to older properties. It will be when the rents on new — or relatively new — buildings ask for lower rents that residents will have the options to choose from.
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