5 in 10 Middle East tenants moving out; buying homes not a priority

5 in 10 Middle East tenants moving out; buying homes not a priority

The coronavirus pandemic has caused a marked shift in the financial and living priorities of tenants across the UAE and the Middle East region, with nearly five in ten of them now looking to move out of their homes, according to a new market research.Many of these occupiers are planning to shift houses to reduce expenses amid widespread income cuts and a subdued economic outlook, Savills said, but there is also a smaller number who are vacating their rented property to upgrade their lifestyle.Rents and sales prices across the UAE have been on a decline due to a slump in demand. There's been some home purchases being made in recent months, following the lifting of lockdowns, but the overall landscape remains subdued compared to last year."After a prolonged period of