Dubai Rental Market is setting a new trend for apartment renovations with the renovations work taking unusual and expensive proportions. The real estate sector of Dubai’s residential market is undergoing a new kind of competition where house owners are competing with each other to carry out the most expensive and innovative renovations in their apartments to lure ‘premium’ tenants.
As per the industry insiders’ statement to Arabian Business– In reply to the new trend by the owner’s property management and rental services companies are coming up with three special packages that comes with repair options – minimum, business and premium. Business and premium packages are different in terms of their expensiveness, high-quality, with additional solutions of exclusive furniture and appliances, creative decorative elements, and design solutions.
“As high as over 90 percent of people who buy apartments through Colife Invest purchase it as an investment in order to rent it out and earn passive income,” Vyacheslav Kuznetsov, Head of Sales at Colife, leading Dubai-headquartered global property management and rental services company, told Arabian Business.
“Owners say that doing the usual repairs and home staging the apartment is no longer enough. In order to attract tenants, your apartment needs to stand out in the market,” Kuznetsov further added.
Dubai bats for eye-catching apartment upgrades
Senior executives at another property management firm said apartments owners are no longer satisfied with standard repairs in Dubai, but are pushing themselves to a new height with more eye-catching and expensive renovations.
Executives revealed that the demand for renovations in Dubai is not only rising, but taking unusual and expensive proportions. Colife’s Kuznetsov said though there are many offers for renting apartments in Dubai, landlords want to stand out from other offerings to attract ‘premium’ tenants.
“We caught this trend and developed three special packages with repair options: minimum, business and premium,” he said.
The cost for tenants, now will vary depending on the number of rooms and the quality of furniture and appliances offered by the owners.
For instance, reasonably trendy renovations for a studio apartment are estimated to be in the range of AED 26,000 to AED 33,000, while those for two-bedroom apartments are between AED 33,000 and AED 46,000.
The Colife senior executive, however, said the reality of rental housing proves that it is a really justifiable expense.
“This is not an overpayment, but a reasonable decision of the landlords,” he said.
Kuznetsov said tenants pay attention to apartments that differ from the tons of options in the market.
“When choosing an apartment, tenants prioritize not only cost, but also comfort and style.
“It’s obvious that people choose those apartments where it’s pleasant to live and where they feel at home,” he said.
Source: Arabianbusiness
