The old adage about the three most
important factors when choosing a property being ‘location, location and
location’ might just not be true anymore. According to a recent nationwide
survey by propertyfinder.ae, the country’s leading real estate portal, rental
price emerged as the most important criterion amongst prospective tenants.
Asking respondents to select the three most important criteria for choosing a
new home, the survey pinpointed price, location and facilities as key factors in
home choice.
The survey underlines growing concerns regarding spiralling
rents. Given that leasing prices have shot up across the UAE even in cities
such as Sharjah, Ras Al Khaimah, Ajman and Fujairah, earlier known for their
relatively lower rentals, it is not surprising that renters are becoming
budget-conscious. “However, this is not to say that other factors are
irrelevant,” said Michael Lahyani, CEO and Founder of propertyfinder.ae. “There
were other features which also rated highly in our survey, such as, location
and amenities. Access to on-site community facilities is likely to become
increasingly important to renters as they look for ways to enjoy downtime
without breaking the bank,” added Lahyani.
Given that preferences change over time, surveys such as
these help landlords stay on top of what renters are looking for in order to be
able to market and manage their properties most effectively. “Price seems to
have the biggest impact on a renter’s decision to choose one apartment/villa
over another. Investors and buy-to-let landlords can draw upon this information
if they’re looking to increase their portfolio or rent from existing
properties. Given that close to 28,000 units are expected to enter the market
this year, with Dubailand accounting for most of the future supply, this also
means that as an owner, pricing your property appropriately will give you a
competitive edge rather than upgrading your apartment with the latest bath or
flooring,” said Lahyani.
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