Peninsula Real Estate Releases Results of UAE and MENA Home Sentiment Survey – Q2 2020
In conjunction with our partners, CBRE, Cityscape, Eltizam and Berkshire Hathaway Home Services, we are delighted to release today, both in short form and as a more detailed report, the results of our second Middle East and North Africa Home Sentiment Survey.
The Survey was conducted in the first two weeks of July. The findings therefore provide an important snapshot of sentiment towards real estate as many of the Covid-19 mitigation measures are being relaxed. The survey’s findings represent a compiliation of around 2,500 data points fromhomeowners, renters and investors in the region.
As of the end of Q2 2020:
In the UAE, 59% of respondents expect the value of their home to fall in the second half of 2020; 84% of respondents who are renters expect to see their rent decline.
On average, respondents in the UAE expect rents and prices to fall by 8% in the remainder of 2020.
75% of respondents who are renters in the UAE and had renegotiated their lease in the last 6 months say their rent fell. A third of these respondents reported that their rent had fallen by 10% or more.
In Saudi Arabia, 40% of respondents expect rents and prices to fall in the second half of 2020. Only 8% of respondents expect the same outcome in Egypt.
70% of respondents in the UAE who were renters think the rent they pay is fair or good value for the property they lease.