Demand for executive-quality rentals is extremely high. Dublin continues to see an influx of assignee arrivals, especially from the technology and financial services industries. Many of these assignees are single people renting one- or two-bedroom apartments, so demand is especially high for these types of properties. Supply is low and not increasing fast enough. Some construction is underway, particularly of smaller apartments, but the anticipated number of new properties will not be sufficient to alleviate the pressure on the market.
Demand has been considerably higher than supply and rents have risen over the past year. Lisbon’s climate and low costs make it a popular destination for both retirees and vacationers, putting extra pressure on the rental market. Retirees from the European Union are exempt from taxes in Portugal, so many French, German, Belgian, and other European citizens have relocated to Lisbon. In addition, in popular suburbs such as Cascais, Estoril, and Sintra, many landlords are converting long-term rental properties into short-term Airbnb rentals, a much more profitable option. As a result, good quality long-term lease properties are often rented out before the current tenants have left. Properties that do get listed are frequently rented out the same day.
Rents for expatriate-quality properties rose over the past several months in certain neighborhoods. The market is finally recovering from Spain’s financial crisis and is attracting more investors and expatriates. Some sources mentioned that companies affected by Brexit may consider relocation to Madrid. Expatriate demand should continue to rise, and some assignees with lower budgets may find themselves competing with locals for rental units.
The Mumbai rental market remained stable in prime areas of the city and has decreased in less popular expatriate neighborhoods. Demand is down and there is good supply for all but luxury properties. As a result, some rents may be negotiable, or incentives such as gym membership may be included in the rent. Sources also mentioned that some new construction projects that were being financed using liquid cash on the black market have slowed or even ended since the demonetization that took place on November 8, 2016.
Two years ago the economy in Yangon was booming. Recently, however, apartment rents have decreased, since supply is ample and construction of new executive-quality units is ongoing. Rents for houses have remained stable for the most part, with landlords preferring to leave properties vacant in areas such as Golden Valley rather than decrease the rent. Sources said fewer assignees are coming to Yangon as some companies are waiting to see how the political situation evolves before sending new expatriates.