Most of the property renters in Dubai are now willing to pay in one cheque
13/11/2012
Since last year, the property market in Dubai has started experiencing growth in property values, in which a number of positive signs have come up that rebounded the confidence of property investors after being affected financially by the so-called 'Global Economic Crisis'. Actually, such improvement has become consistent until now; for the latter's market has been gradually recovering so far.
In particular, one of the impressive signs shown in Dubai's realty market is with regards to tenants' payment option for either purchasing or renting properties in the Emirate; for most of them are now opting to pay their annual rental payment only by issuing one cheque, compared to the previous years that tenants preferred to pay their payments at least by four or six cheques because of the huge impacts of the above-mentioned crisis. Based on the report, property buyers or renters in the Emirate are currently willing to pay their annual rent just in one cheque so as to get discounts of less than 10 per cent at the same time. Then, indeed, before they will sign a contract, they are initially asking the landlords for some legitimate documents such as the original Title of Deed & Service Charge Payment Receipts as well as rechecking them with concerned departments or companies.
As Head of Property Management at Better Homes, one of the largest realtors in Dubai that also offers a number of selection for both residential and commercial properties for sale or lease, Zubin Firozi has just pointed out that by paying one cheque for annual rent will not bring the tenants into risk unless they do their own initiative to know some details about the property they are going to rent and the actual owner or a legally-authorized representative for renting out the said property. As a matter of fact, according to him, he added that all renters of particular property-managed units are absolutely provided with essential documents including the proof of ownership, copy of the power of attorney from the actual owner that proves Better Homes Company as an appointed-managing property agent.
Moreover, even Parvees Gafur, Chief Executive Officer ( CEO ) of PropSquare Real Estate, said that the company is quite doing its responsibilities such as to have all the important or necessary documents before the landlords and tenants at the time of signing up the lease contract. In the first place, the management is technically checking the credibility of the listing before offering its clients. For this reason, as a result, the company has never encountered yet any issues with the landlords in particular.
So, as a subsidiary entity of Dubai Land Department (DLD), Real Estate Regulatory Agency (RERA) has issued a checklist designed exclusively for property investors looking for rental residential apartments or commercial units in the Emirate in order for them not to be victims of property frauds in the Emirate. They are as follows: check the Trade License of the Real Estate company; check its approved activities according to its license from Department of Economic Development ( DED ); and check its registration number and license issued by RERA.
In particular, one of the impressive signs shown in Dubai's realty market is with regards to tenants' payment option for either purchasing or renting properties in the Emirate; for most of them are now opting to pay their annual rental payment only by issuing one cheque, compared to the previous years that tenants preferred to pay their payments at least by four or six cheques because of the huge impacts of the above-mentioned crisis. Based on the report, property buyers or renters in the Emirate are currently willing to pay their annual rent just in one cheque so as to get discounts of less than 10 per cent at the same time. Then, indeed, before they will sign a contract, they are initially asking the landlords for some legitimate documents such as the original Title of Deed & Service Charge Payment Receipts as well as rechecking them with concerned departments or companies.
As Head of Property Management at Better Homes, one of the largest realtors in Dubai that also offers a number of selection for both residential and commercial properties for sale or lease, Zubin Firozi has just pointed out that by paying one cheque for annual rent will not bring the tenants into risk unless they do their own initiative to know some details about the property they are going to rent and the actual owner or a legally-authorized representative for renting out the said property. As a matter of fact, according to him, he added that all renters of particular property-managed units are absolutely provided with essential documents including the proof of ownership, copy of the power of attorney from the actual owner that proves Better Homes Company as an appointed-managing property agent.
Moreover, even Parvees Gafur, Chief Executive Officer ( CEO ) of PropSquare Real Estate, said that the company is quite doing its responsibilities such as to have all the important or necessary documents before the landlords and tenants at the time of signing up the lease contract. In the first place, the management is technically checking the credibility of the listing before offering its clients. For this reason, as a result, the company has never encountered yet any issues with the landlords in particular.
So, as a subsidiary entity of Dubai Land Department (DLD), Real Estate Regulatory Agency (RERA) has issued a checklist designed exclusively for property investors looking for rental residential apartments or commercial units in the Emirate in order for them not to be victims of property frauds in the Emirate. They are as follows: check the Trade License of the Real Estate company; check its approved activities according to its license from Department of Economic Development ( DED ); and check its registration number and license issued by RERA.
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