UAE tenants looking to move elsewhere, survey reveals

  DUBAI – Tenants in the UAE are likely to move to a different property in the next 12 months, a new survey has revealed. What is causing this shift? Cost is a primary factor, according to consultancy firm, Savills Middle East. "The cost has taken precedence in the last few months with widespread salary cuts and a generally subdued economic outlook," according to Savills Middle East. The survey was carried out in the last few months to gauge demand and sentiments on residential units before and during the Covid-19 pandemic. Nearly 68 percent of respondents currently rent unfurnished accommodations in the UAE and the region. The good news is rental activity levels have bounced back, although lower than pre-Covid-19 levels, said Richard Paul, Head of Professional Service and Consultancy at Savills Middle East. Paul said people are now relooking their current residential space to match their current budget. "In most cases, this means either relooking their current residential set-up and making necessary upgrades, or considering relocating to suit their newfound lifestyle. This has led to a marked shift in how residential spaces are perceived,” he said. ICA/Expat Media
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