Changing market dynamics create money saving schemes for clients, says Landmark Properties

Charles Neil, CEO, Landmark Advisory, explained:

"What we are seeing now in Dubai is a shift benefitting and protecting the rights of the tenant community. Tenant's are having an easier time finding larger units for the same rate they currently pay, or choosing to move to more affluent areas. We're also seeing many pay their same rent, but with an increased number of cheques."

"LandmarkProperties' Consultants are now advising tenants on how to maximise their rental budgets through a variety of ways -from advising on areas where rent is softening to helping reduce tenants commutes by finding properties closer to work. The Consultants are suggesting many ways to get more value for their clients' given budget," he added.

Rental property continues to come down in price, as landlords look to find stable, securely-employed tenants for their properties. According to Landmark Advisory, the research and analysis division of Landmark Properties, forecasts for leasing rates are expected to fall 25% on average for both villas and apartments from a peak in 2008.

Landmark Advisory published leasing price maps in March to guide tenant's on approximately what they should be paying for rent in certain areas. These maps are accessible both on the Landmark Advisory website, as well as Landmark Properties website.

A studio in JLT that was going for Dhs90,000 in the market last year, is now approximately Dhs50-55,000 in today's market. Looking at a Grade A one-bedroom apartment in Dubai Marina last year was about Dhs150, 000, while today that same unit is going for around Dhs100, 000.

"We urge our clients to reference these maps as we have rates for both apartments and villas on our site," added Neil. "Tenants have greater freedom of choice and negotiating power than previously experienced in this market over the last 3-4 years. There are clear money-saving opportunities in the market and clients should leverage this chance to take advantage of the time."

Building owners can also benefit from this rental flexibility, says Landmark Properties. Landlords can secure long-term rentals with guaranteed income if both parties are mutually satisfied. Landmark Properties also just recently announced their Property Management division, offering landlords direct services to maximise freehold returns.