The Fairmont Residences, Palm Jumeirah - Rents Agreed - Market Trends
Rents Agreed in Fairmont Residences and Market Trends
Author: Gareth Davies - Award Winning Property Consultant
During the past year, most of the communities within Palm Jumeirah have experienced a slow-down in rental growth. Fairmont average rents have actually decreased by 3.45% (AED/sq.ft) during the past 6 months.
Change in Rents (AED/sq.ft) in the past 12 months:
Fairmont Residences: -2.23%
Palm Jumeirah: +3.41%
Change in Rents (AED/sq.ft) in the past 6 months:
Fairmont Residences: -5.90%
Palm Jumeirah: 3.79%
Graph: Monthly Rental Change - Fairmont Residences
Graph: Monthly Rental Change - Palm Jumeirah
Since 2022, rents have increased more rapidly than wages. The affordability of rent payments creates a โceiling rentโ in any location and is linked to disposable income and wage increases, if any. However, many landlords are appreciating the difficulty of tenants in affording the higher rents, so in order to assist cash-flow an increase in the number of 4-cheques and even 6-cheques rental payment plans are being agreed.
Beach access and views of the sea still important requirements. Apartments should be bright and light and any furniture should be in good condition to meet the expectations of the many European and North American tenants.
Rents Agreed at Fairmont Residences (Renewals with Black Circle)
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