Rent most likely to eat up income in 2013: UAE residents


Emirates 24l7, 26-01-2013 18:00:20


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print



An Emirates 24l7 online poll on what will the biggest items of expenditure in the new year placed rent and property investment at the top

uae

 

UAE residents have voted on what’s most likely to eat up their incomes and cash reserves in 2013.

In an Emirates 24l7 online poll, they have chosen what will top their list of expenditures.

Forty-one per cent of those who voted (167 readers) picked rent as the one that is likely to cause them the maximum damage.

With rents in most areas on the rise, it is evident why it tops the list.

A recent report from CB Richard Ellis (CBRE), as reported in Emirates 24l7, has recorded 17 per cent increase in apartment rents in 2012, with experts predicting 2013 will only see an upward swing.

“We had to negotiate with our landlord and agree to a rent increase of Dh8,000,” said a resident at Executive Towers, on condition of anonymity. “Either that, or we would have had to move out.”

Another resident, who refused to pay up, was asked to vacate his apartment in the same building.

“Rents are rising everywhere. Nobody wants to vacate because they know that they will have to pay more no matter where they go,” said Ritika, a resident of Buhairah Corinche, where the rents were raised.

The next major item of expenditure will be property and/or other investments, according to those polled.

Twenty-four per cent (97 readers) voted investment in property as their major item of expenditure.

Though it wasn’t clear whether the investments were in Dubai or overseas, some residents admitted that property values in Dubai have gone up and that it’s no longer a buyer’s market.

Despite that, many residents are still looking at investing in property here.

“I know that prices have increased but I still believe that investing here will bring us much greater returns than buying property back home in India,” said Thommen, a marketing executive in Dubai.

With most reputed schools in Dubai hiking their tuition fees in the new year, it’s only natural that education expenses should worry 11 per cent (44) of Emirates 24l7 readers.

“Nobody wants to sacrifice their child’s education. No one budgets it,” said an Indian parent, who will be paying six percent more on tuition fees this academic year.

In other items of expenditure, annual holidays recorded six percent, while ‘others’ was at sevem per cent, and medical expenses at two per cent.

Since most companies provide medical insurance for their employees, it’s obvious why only two per cent of those polled were worried about hospital bills.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Welcome to Thonse Naturecure Hospital
View More

Rozaricho Gaanch - December 2020Rozaricho Gaanch - December 2020
Congratulations to Prathiksha Shetty, KemmannuCongratulations to Prathiksha Shetty, Kemmannu
Congratulations to the winners of Panchayat Elections from Kemmannu Parish.Congratulations to the winners of Panchayat Elections from Kemmannu Parish.
Milarchi Lara December 2020Milarchi Lara December 2020
Flat for Rent at Gopalpura, Santhekatte, Udupi.Flat for Rent at Gopalpura, Santhekatte, Udupi.
Autobiography of Richard Carvalho, Barkur/Mumbai.Autobiography of Richard Carvalho, Barkur/Mumbai.
Contact on Going Residential ProjectAl Nayaab Residency, UdupiContact on Going Residential ProjectAl Nayaab Residency, Udupi
Choice Furniture vast household showroom opens at Santhekatte, KallianpurChoice Furniture vast household showroom opens at Santhekatte, Kallianpur
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi
Canara Beach Restaurant, Hoode/Bengre, Udupi.Canara Beach Restaurant, Hoode/Bengre, Udupi.
Delite Catering, SanthekatteDelite Catering, Santhekatte