Rental Rates in The Greens still increasing regardless of the previous scammed issue
22/11/2012
Some of the property investors in one of Emaar Properties'Community Development Projects in Dubai were affected by the so-called 'Property Scam'; it is in The Greens that comprises of 36 buildings and Mid-Rise Residential Complex that has a total of 3, 500 apartments and four commercial buildings as well.
Actually, the 'Modus Operandi' of the involved company which is the Shamyana Entertainment in particular was just discovered in September 2012 that let all the victims complain and file a case against the aforementioned firm. Fortunately, the latter has been already persecuted so far. For this reason, the Dubai Land Department (DLD) has issued some important tips to all property investors or renters in order for them to be prevented from other scammed property activities in the future, including a responsibility to check all the documents provided by the First Party or Real Estate Agent before signing a contract.
However, regardless of such issue, the above-mentioned project has still experienced growth in rental for both one-bedroom and studio apartments if compared to January 2011. As a matter of fact, the rents for studios are now being sold for AED55, 000 per annum compared to AED45, 000 in last year; while the prices for one-bedroom apartments are currently rented out around AED65, 000 compared to AED57, 000 per annum in the previous year. In addition, even the two-bedroom apartments are currently being sold for AED110, 000 compared to AED95, 000 pa in the same period last year.
As Chief Executive Officer ( CEO ) of the PropSquare Real Estate, one of the leading property portal companies in the Middle East and Northern Africa, Parvees Gafur said that he witnessed a noticeable change shown in those existing and new property investors. They are now asking the seller or the First Party for all the legal documents before they are going to sign an agreement as well as they will only issue their payment cheques in the name of the landlord himself.
Indeed, such carefully-checking of documents is really happening in Dubai due to the above-mentioned illegal transactions done by the convicted company. In addition, according to Zubin Firozi, Head of Property Management at Better Homes, he said that the tenants are now becoming vigilant; for they are strictly asking for proper documentation such as property ownership, passport copies of the owner/s and/or a power of attorney if the true owner of the property is just represented by the third party.
Actually, the 'Modus Operandi' of the involved company which is the Shamyana Entertainment in particular was just discovered in September 2012 that let all the victims complain and file a case against the aforementioned firm. Fortunately, the latter has been already persecuted so far. For this reason, the Dubai Land Department (DLD) has issued some important tips to all property investors or renters in order for them to be prevented from other scammed property activities in the future, including a responsibility to check all the documents provided by the First Party or Real Estate Agent before signing a contract.
However, regardless of such issue, the above-mentioned project has still experienced growth in rental for both one-bedroom and studio apartments if compared to January 2011. As a matter of fact, the rents for studios are now being sold for AED55, 000 per annum compared to AED45, 000 in last year; while the prices for one-bedroom apartments are currently rented out around AED65, 000 compared to AED57, 000 per annum in the previous year. In addition, even the two-bedroom apartments are currently being sold for AED110, 000 compared to AED95, 000 pa in the same period last year.
As Chief Executive Officer ( CEO ) of the PropSquare Real Estate, one of the leading property portal companies in the Middle East and Northern Africa, Parvees Gafur said that he witnessed a noticeable change shown in those existing and new property investors. They are now asking the seller or the First Party for all the legal documents before they are going to sign an agreement as well as they will only issue their payment cheques in the name of the landlord himself.
Indeed, such carefully-checking of documents is really happening in Dubai due to the above-mentioned illegal transactions done by the convicted company. In addition, according to Zubin Firozi, Head of Property Management at Better Homes, he said that the tenants are now becoming vigilant; for they are strictly asking for proper documentation such as property ownership, passport copies of the owner/s and/or a power of attorney if the true owner of the property is just represented by the third party.
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