With a huge influx of habitants, Dubai has become a landlord’s money station and the prices of property today are at an all-time record high.
More than half of the residents in Dubai are renters, and if you are also attempting to find an apartment in Dubai you must be extremely careful. You must be intelligent, smart and quick on your feet to avoid any hassles. Here are 3 tips for renting an apartment in Dubai.
1. Rental Rates
Keep in mind that Dubai is a landlord’s market. Some landlords demand a one-year advance rental payment or a minimum of 2 cheques. Some landlords are flexible to 4 or 6 and it isn’t impossible to ask and be approved for even monthly payments. The landlords are mainly apprehensive of bouncing cheques, so as long as you can prove your cheques are good; you might be able to obtain friendlier terms.
Dubai has a rental cap on all properties for rent which is reviewed every 3 months. Before signing any rental agreements, make sure to check the maximum allowable rental rate for the apartment you want to rent. This rental calculator also reveals the maximum increase allowed by the landlord for renewal of the rental agreement. Moreover, no rental rates can be increased until a 90-day prior notice is sent to the tenants before the end of the lease contract.
2. Dubious Fees
Be aware of a dubious fee which is a demand from real estate agents to charge for viewing an apartment. It is not legal and never fall prey to this. The best you can do is to walk away because considering the fact that you will be paying them a commission when you would decide to rent an apartment, this fees seems to be unreasonable.
3. Handling Disputes
There is an arbitration center for any rental disputes between landlord and tenant. Known as the Rental Dispute Settlement Centre, found at the Land Department is a tedious process. It requires you to pay a percentage of your annual rent as the service fee. The center mostly tends to be sympathetic to the tenant as long as there is no breach of contract and everything is fully documented.
Looking to rent a property in Dubai and not sure where to start? Visit Emaar Beachfront to select an apartment, villa or townhouse of your choice. If you wish to buy an apartment, have a look at La Mer Dubai Apartments for sale.