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Hit by sharp and substantial hikes on their rentals, budget-minded tenants in Dubai need to make up their minds quickly on what their options are. They could decide to buy an ?affordable? property of their own or head for locations where rents still have not yet shot up to levels they are facing now. But those options are narrowing by the week.
?The race for affordable locations have seen values and rentals in International City and Sharjah high-rises being forced up quite significantly,? said John Stevens, managing director at Asteco Property Management. ?The pace of re-locations is driving the rental market, and from a tenant?s affordability perspective the ceiling could be hit soon.?
It sure does, when the landlord of a one-bedroom can demand Dh55,000 for a one-bedroom in Discovery Gardens, for instance, and get it. It used to be Dh30,000 in the not too distant past.
For someone who wants to buy an affordable place rather than rent, it is getting ever more difficult to balance expectations with the investments this would entail. ?Potential buyers became increasingly reluctant to purchase properties at peak prices and turned their interest to secondary areas that had a lower asking rate, or to off-plan properties with attractive payment plans,? says Asteco in its first quarter overview of the Dubai realty trends.