Making a good bargain is not e reflection only of the monetary terms of the deal. The more flexible and diverse your options are the better. There is no better time to negotiate and take advantage of the numerous new and beneficial opportunities that are on offer than during a market slow down and volatility. However, it is worth asking whether the Dubai property rental market is flexible enough to divert from its customary robustness after the major blow it has suffered recently.
The prices are down – that is definitely a fact that ought to be taken into consideration by both landlords and tenants. Despite the efforts by some to artificially inflate them, it is certain that even in the future when a stable equilibrium is settled, the Dubai property market rental prices will be relatively low compared to their height during the economic boom preceding the present business cycle. Furthermore, the inventory that is being listed on the market or is to come by the end of 2009 and in 2010 is relatively large, which will again make supply greater than demand. The latter, despite its increase with the end of the summer season is not going to reach a much larger scale primarily due to the restricted job opportunities in the emirate and in the whole of UAE.
It can be safely said that the landlords are in a trap here and they need to take adequate measures in making their Dubai property as attractive to potential customers as possible. The lower costs the tenants will incur are certain to be advantageous, but more flexibility in the contract terms is also desirable and highly possible. Current reports inform that there are more and more landlords who are more flexible about the payment options. Instead of demanding a check covering the year round rent, they are also willing to accept quarterly and even monthly installments. You can also expect more relaxed payment deadlines with some divert options as well.
In order to take the most out of the situation, however, you need to masterfully negotiate the terms well in advance before signing the contract. Sometimes the landlords might have a beneficial offer that is straight forward, but in other cases you might need to use a tactic in order to make the best bargain for the Dubai property you have chosen. Usually, you can expect more flexibility and bonuses when making a long term commitments. Also, despite the advantages that the market conditions allow for at the moment, do not miss to pay special attention to the other standard terms of the lease contract. You would want to ensure proper maintenance of the property you are renting and more beneficial cost sharing in cases of damage and if any disputes about them have arisen.
However, when looking for Dubai property rent and planning to settle for some time in the emirate, bear in mind that the regulations for tenants are strict and you are expected to abide them accordingly.
