In conjunction with partners, CBRE, Cityscape, Eltizam, and Berkshire Hathaway Home Services, Peninsula Real Estate has released the results of the UAE and MENA Home Sentiment Survey – Q2 2020 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 compilation of around 2,500 data points from homeowners, 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.
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