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September 22, 2020

UAE landlords beware: Nearly 50pc of tenants likely to move out in next 12 months

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September 22, 2020

DUBAI: Landlords in the UAE and elsewhere in the Gulf have their work cut out – nearly half of respondents in a new survey say they are likely to shift to a new property in the next 12 months. Obviously, lower rents will have a lot to do with their decision, foreign media reported.

"The cost has taken precedence in the last few months with widespread salary cuts and a generally subdued economic outlook," according to the consultancy Savills. (The survey was carried over the summer and took in sentiments of individuals towards residential units pre- and post-lockdown.)

"Even though activity levels have bounced back, albeit still lower than pre-COVID-19 levels, a general inhibition towards spending a lot of time away from the home has led people to relook at their current residential space," said Richard Paul, Head of Professional Service and Consultancy at Savills Middle East.