Dubai tenants drive down rents | Financial Times:
Dubai’s expat community has been bargaining hard for rent discounts. According to research by JLL, in the last quarter of 2018, average rental prices for apartments were 11 per cent lower while rents for detached homes were down 8 per cent from the same period in 2017.
“Typically, colleagues and friends are getting close to 15 per cent off when they renew their rental contracts,” says Jason (not his real name), 61, a corporate writer for one of the Big Four accounting firms who arrived with his wife from Paris a year and a half ago.
The fall in demand owes much to Dubai’s faltering economy, thanks to regional tensions and the slide in oil prices since 2015, leading to job lay-offs in many sectors. In its March Dubai Economy Tracker, Emirates NBD, a local bank, reported that employment was falling faster than at any time since the survey began in 2010. Jason noticed the lay-offs soon after he arrived, he says, with cuts focused in property sectors and among large international companies that use Dubai as a regional base.
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