Experts from the real estate agency Georgy Patanin analyzed the dynamics of Russian rental demand for real estate in Dubai and told the Realty Times that interest increased by 527.07% in two years.
At the end of December 2022, Russian demand for rental property in Dubai decreased by 22.1% compared to November last year. At the same time, December became the second month in a row when the number of rental requests from Russians decreased. Thus, in November the number of requests was 23.74% lower than in October.
Despite this decline, in December 2022, Russian demand for property rentals in Dubai was more than 2.5 times higher (+168.51%) than in December 2021 and 527.07% higher than in December 2020 of the year.
In general, according to the results of 2022, the demand for rental housing in Dubai from the Russians increased by 257.45% compared to the result for 2021.
The absolute peak of Russian demand in 2022 for rental housing in Dubai came in October. In the tenth month of last year, the number of applications exceeded the average monthly result by almost 2 times, or by 97.74%.
– The main rental demand in Dubai from the Russians is in the locations of Dubai Marina, Downtown Dubai or other places that can be called relatively touristic. More remote locations are taken by those who plan to live for a long time in this Emirate. Now renting a good apartment for a month in Dubai is much more expensive than living in a service apartment or a hotel on the Palm Jumeirah, – said Georgy Patanin, an expert on the real estate market.
According to the broker, local realtors who rent out housing are actively trying to “hang” the largest possible fine on the tenant.
– The key nuance of renting a house in Dubai is that a deposit of 2,000 dirhams is taken upon arrival for possible damage to property. At the same time, realtors receive a small commission for rent, and because of this, they do everything possible so that when transferring the apartment back, the client pays the largest possible fine. To avoid this, when you move in, you need to photograph and film every detail of the apartment directly, which will help prove that there were some defects in the apartment before your arrival, – Patanin concluded.
Recall, as we reported earlier, apartments in Dubai have risen in price by 8.5%.
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