UAE rents dropping: Should I move or renew my rental contract?

UAE rents dropping: Should I move or renew my rental contract?

"So, how much have your rents dropped?" Over the last 14 months, and even before the pandemic showed up, this has been the trending topic for UAE residents residential rental declines swept across the city. No single location was immune, because there would always be one or more landlord willing to drop his asking rate. It has now reached a point where in the same building located in a freehold community, different landlords could be offering different rental terms. And it's starting to happen more frequently as winning a new tenant or retaining an existing one has become one difficult task. For tenants, it's about finding they are holding all the aces in this particular game - and bragging about the "unbelievable" rent drop in the latest contract renewal has become another talking point for many residents. Yes, they are. In the year to date, there have been further rental declines at Discovery Gardens (by around 5 per cent), Jumeirah Village Circle (around 4 per cent) and in JLT by 3 per cent), according to the consultancy Core. Much the same is happening with other prominent locations in Dubai, while in Sharjah, tenants are basking in the near 10 per