Dubai landlords attract customers with innovation
Dubai’s residential property sector is witnessing a new kind of competition as landlords compete with each other to create more luxurious and innovative designs in order to attract ‘premium’ tenants.
Property management and leasing companies have been quite quick to respond to the new trend by offering their clients three special tariffs with different interior design options: ‘minimal’, ‘business’ and ‘premium’, as stated by industry insiders.
The ‘business’ and ‘premium’ tariffs are distinguished by the presence of more expensive, high-quality and even exclusive furniture and appliances, creative decorative elements and design solutions in the interior.
Industry experts said the fashion for expensive interior innovations and preparing homes for rental is rapidly gaining momentum as more and more investors are buying homes in Dubai to rent out for passive income.
‘More than 90 per cent of people who buy flats through Colife Invest are buying them as an investment in order to rent them out and generate passive income,’ said the head of sales at Colife, a leading international property management and rental company headquartered in Dubai.
The demand for flat renovations in Dubai is not only growing, but is also taking unusual and expensive forms. Some landlords are renovating flats after construction is complete, while many others are buying flats on the secondary market and renovating an already outdated design.
Industry insiders say that the growing vogue for competitive innovations in interior design is leading landlords to think less about the value of their homes and more about trendier, more attractive designs and the quality of their interior finishes.
The cost of rent varies depending on the number of rooms and the quality of furniture and appliances.
For example, a rather fashionable renovation of a studio flat is estimated in the range from 26 thousand to 33 thousand UAE dirhams, and two-room flats – from 33 thousand to 46 thousand UAE dirhams.
Source: Arabian Business
