kittycat1

Ok what to do.

My tenancy is coming up for renewal- landlord offering the same rent as last year. 65k for a one bed in tecom. Now I know some will say its expensive but its a nice block and I like my flat. I hate moving and it feels like home- finally, so unless I am being completely ripped off Ill probably stay.

Have the rates come down much- doesn't look it to me looking at Dubizzle. My landlord owns the whole building so I know Im paying the same as other tenants and he doesnt seem to budge on the price for anyone. So if I dont like it its a case of move. Any feedback- any deals that cannot be missed or shall I just stay put?

ta

Kittycat
xxx

lehoff

Difficult to say for your specific circumstances as i dont know the area, but I do know my 1 E in Alma Arabian Ranches has come down by 10k as from next month to 155k. This was some what of a surprise to me as when i was looking at househunters and better homes the prices appeared to be the same as last year. Maybe I was lucky or maybe the estates guy at work did a great job of negotiating. I get the feeling from others that in general the prices are coming down still slightly but it all depends on how stubborn your landlord is.......

Bahtatboy

10k out of 165k? I suppose it always comes down to location, location, location, but in AD most reductions are between 20 and 50%. Having said that, prime locations aren't dropping at all.

lehoff

Isnt AD lagging behind Dxb though in terms of housing drops? This is only my second year here so ive not got the history of some although my neighbours were reporting big drops last year down to the 165k I agreed to.

Blue Cat

I would have a look on Dubs and see what else is available, that API Tower is really nice though I am not sure of rental prices

Bahtatboy

Maybe so--perhaps Dubai's hit bottom?

lehoff

Maybe, im not sure where you would go to get any kind of firm data on that to be honest. For sure there are weaker areas in Dubai without facilities that are much cheaper for 'more' in terms of villa size, but as you pointed out before im sure the more desirable places probably stabilise as they become more affordable to more people. Whatever the reality Im pretty happy with a 10k drop as it goes straight in my pocket and is further added to by the fact that I dont have to pay 5% commision to anyone, nor do i have to have curtains amended, the villa redecorated and probably have to pay for another garden to be done etc..... bring on a second year of stable outgoings i say after the first year which was just a never ending escalator of costs.

Meow

I was talking to someone I vaguely know last night and she is about to move into a one-bed in Barsha 1 (not far from Ramada Chelsea Hotel) and is paying AED 45k pa, payable quarterly. Apparently nicely fitted out and includes cooker, fridge & washing machine.

Sounded like a bargain to me.

kittycat1

Ok Im having a look. My landlord has only given me a week to confirm the renewal notice- is that normal? If i dont reply they will assume I am staying.

Meow

Entirely depends on the terms of your contract. What notice are you supposed to give to vacate? Deduct that from tenancy end date and you'll see when you have to confirm by.

Ethos83

I have friends who recently signed leases for 1-bedrooms in Downtown for 60-65K, and these are high end Emaar buildings with all the finishes, nice pools, great locations, so your place is overpriced in comparison.

I think you can now swing a low rise apartment in one of the older Greens building for about 50K these days, perhaps less if you bargain hard.

Unless your flat is enormous, TECOM isn't the end all be all and frankly, it's shocking to even consider paying as much money as you do for a TECOM flat. Before I left Dubai 800 sqft 1-bed in the smaller TECOM buildings were going for as low as 40K and that's the benchmark you should be using as a comparison, not similarly sized places in the Greens or Marina or Downtown. Landlords probably capitalise on the hassles of moving to get tenants to agree to remain at high rents. Their gain, your loss.

Blue Cat

http://dubai.dubizzle.com/property-f...athrooms__gte=

this looks nice

Hello.Kitty

prices always seem to drop a bit during Ramadan too, so with a bit of luck you may be able to secure a renewal during that period.

Saying that, you've done a fair bit to your flat and to change will also cost a few k in agent's fees and whatnot, so it may not be worthwhile just for the sake of saving 5-10k. You'd probably have to assume that you're not getting any deposit back (they find excuses like " oh, but I now need to repaint the whole flat"... or just say "no").

If you like the building and like your pad, and think the rent he's asking is still fair, then stay.

csdf

Seriously? Our renewal came up a month ago and they proposed a 5% increase. We told them to forget it, then they offered to match last year's rent but in only one cheque, which we umm'd and ah'd about for a while until finally they relented and offered to keep the rent flat and charge with two cheques. I can only dream of a 20% reduction, let alone 50%!