Rental Relocations On The Rise Despite COVID 19 - Sultan Bin Ali Al Owais Reports
The Company reported a 40% increase with a specific demand for Villas and Large Balconies
Sultan bin Ali Al Owais Real Estate (SAO) reported a rise in demand for its rental properties across Dubai and Sharjah. The traffic is mainly fueled by tenants looking to reduce their rental obligations by relocating to less expensive localities or looking for larger units with balconies and outdoor spaces.
The Company is a holistic Real Estate conglomerate that specifically develops properties to rent, and owns and manages a portfolio of over 2500 properties across the UAE. Sultan bin Ali Al Owais is known for its emphasis on its long-term rental ethos and retention of residential tenants exceeding 20 years and was one of the first companies to announce a 45 day rent waiver for all tenants owing to the Coronavirus Pandemic.
Traditionally studios and smaller units are the highest in demand and the quickest to rent out. But as reported by the SAO, majority of inquires between March and April 2020 have been for bigger units and specifically those with balconies.
"The shift in tenant and rental - seeker behavior is quite remarkable and obvious at the same time. There is a disparity of approximately 35% between annual rentals in Dubai and Sharjah for similar kind or sometimes larger units and in relatively mirroring localities. So it is common for tenants to look for better value for their expense. But lately we have had a very specific surge in families looking for villas with large outside areas and specifically spacious apartments with balconies, to aid the social distancing shift in everyone's lifestyle and increase in Stay at Home activities," said Haleema Al Owais, CEO, Sultan Bin Ali al Owais Real Estate
"Needless to say, we reached 100% occupancy across all our villas and our larger units with balconies are the first in being rented out since March 2020." She added.
Sultan Bin Ali Al Owais Real Estate was established in 1972 and has grown to become a prominent real estate company since. The company operates as a holistic conglomerate with all functions of rental real estate like Facilities Management and Security under its own umbrella through its offices in Dubai and Sharjah.
