Property prices in the UAE may be falling, but residents are still mostly paying the same price or even more for rent, according to a new survey.
The yallacompare Consumer Confidence Tracker for the second quarter of 2019 shows more than 70 per cent of UAE residents still pay the same or more for rent compared to the previous year.
The findings come despite the survey revealing a 5 per cent drop in Dubai apartment rates in the first half of 2019.
Of the respondents to the yallacompare survey, 33.1 per cent said they were paying more for rent than they did in 2018. More than 8 per cent of respondents said they were paying in excess of 20 per cent more for rent than the previous year.
However, despite the lack of decreases in rent, a majority of respondents (67.3 per cent) said they did not plan to move in the next year.
“The headline finding here, that 70 per cent of us pay the same or more than a year ago does seem surprising,” said Jonathan Rawling, CFO of yallacompare. “But as we’ve said before: if you don’t ask, you don’t get.”
Rawling added: “Residents must negotiate better terms with their landlords at least three months before a lease expires. Otherwise, the contract automatically renews on existing terms. So, start negotiating and be prepared to move house if your landlord won’t budge.”
More than 1,000 UAE residents took part in the latest yallacompare survey. The quarterly survey asks a range of questions on the state of UAE residents’ finances and their attitudes towards work.