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Historic Rainfall in Dubai: Potential Adjustment to Property Service Fees
五月 8, 2024
Historic Rainfall in Dubai: Potential Adjustment to Property Service Fees 迪拜
By   Internet
  • 都市报
  • Dubai Property Service fee
  • Community management
  • Real Estate market
  • rent increase
Abstract: Despite challenges posed by weather conditions, Dubai's real estate market has shown resilience. The free services provided by developers and managers not only assisted affected residents but also reflected the market's rapid response capability to sudden natural events. Efforts by both government and private sectors ensured the city's quick recovery and the stability of the housing market.

Recently, Dubai experienced historic rainfall, which impacted daily life and could lead to an increase in property service fees. Following this extreme weather event, many developers and community managers began offering free maintenance and cleaning services to help residents in affected areas return to normal life swiftly.


According to current policies, all developers and community managers are required to provide free cleaning and maintenance services to residences, primarily to alleviate the inconvenience for residents, especially those in severely affected communities. "This government initiative is expected to lead to an increase in service and insurance costs in the short term," said Prathyusha Gurrapu, Director of the Property Research and Consulting Department at High Latitude.


Earlier, the Khaleej Times reported that top developers in Dubai, including Emaar Properties, MAG, Damac Properties, Nakheel, Dubai Holding, Union Properties, and Dubai Investment Park, started providing free services in April to tenants affected by the heavy rains. These services covered major freehold areas in Dubai, including Business Bay, Downtown, Jumeirah Beach Residence (JBR), Jumeirah Lakes Towers (JLT), International City, Palm Jumeirah, Damac Hills, Dubai Marina, Mudon, Discovery Gardens, Remraam, and Arabian Ranches, among many others.


Gurrapu added that the challenges faced by community management after the heavy rainfall could change factors considered by people when buying or renting properties. Besides location and price, the quality of community management and the ability to respond to emergencies have become important considerations.


Historic Rainfall in Dubai: Potential Adjustment to Property Service Fees

khaleejtimes.com


According to data from real estate service firm Cushman & Wakefield Core, Dubai delivered 8,351 new residential units in the first quarter of 2024, with an additional 29,690 units expected to be delivered from the second to the fourth quarter, bringing the total projected deliveries for the year to nearly 38,000 units. Data from the Dubai Statistics Center showed a population increase of 25,776 people in the first quarter of 2024, indicating that the new housing supply is being absorbed by the growing population.


"We are not currently worried about an oversupply in the Dubai residential market. Although the launch of a large number of new projects in the coming years might impact supply-demand balance, as long as these projects are delivered as planned, the risk of oversupply in the short term is minimal," explained Gurrapu.


Furthermore, according to data from Cushman & Wakefield Core, rents across Dubai have risen for the 13th consecutive quarter, with a year-over-year increase of 20% and a 72% rise compared to the first quarter of 2020. "Although the growth rate of household income has not kept pace with the rise in rents, thereby further squeezing household disposable income, we expect the continued rise in rents and rental yields to drive more end-users into the housing market," she said.


The rise in rents and the resulting high rental yields are expected to stimulate market demand, especially in the ready property market, as mortgage costs are expected to ease in the coming quarters, while rents are likely to continue rising.


Gurrapu also noted that the Real Estate Regulatory Agency (Rera) adjusted its rent calculator on March 1, 2024, to better align with market pricing. This adjustment is expected to narrow the price gap between renewals and new leases, significantly reducing rental disputes caused by rising rents.

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Historic Rainfall in Dubai: Potential Adjustment to Property Service Fees
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