United Arab Emirates
New research from Allsopp & Allsopp, Dubai's leading residential real-estate firm, has revealed landlords are now much more confident accepting four or more rent cheques a year rather than one.
As of May 2017, some 33 per cent of tenants who found their ideal properties through Allsopp & Allsopp are covering their rental leases in four cheques.
While almost a third (32 per cent) are still paying in one cheque, the statistic reveals greater market flexibility and a paradigm shift in property owner's approach to payment.
In May 2016, Allsopp & Allsopp's figures revealed nearly half of tenants – 42 per cent – were paying their rental fees in just one cheque.
Lewis Allsopp, CEO of Allsopp & Allsopp, says: “It is good to see a shift in owner's mentality. A sign of a mature property market is to offer more flexible payment terms. We have established nearly a decade of strong sales and rental agreements in the UAE, so sellers, renters and property owners know they can truly trust Allsopp & Allsopp. This is part of the reason why many property owners are confidently accepting a spread in annual payments.”
Meanwhile, an enormous 72 per cent of sales agreed in April-May 2017 were for vacant properties. 55 per cent of buyers are using finance (mortgages).
Allsopp says: “Savvy sellers ensure their properties are vacant and ready for eager buyers to take ownership immediately. It's to a seller's advantage to have their property vacant for transfer.”
At present, the market is dominated by end users,” says Allsopp. “If you would like to discuss the value of your property, call us.”
British-owned Allsopp & Allsopp also reports that nearly a third of those signing leases under the company in May 2017 were British, with Allsopp commenting that: “We are delighted to do business with our clients from all over the world. But for many people, dealing with their fellow nationals when it comes to something as important as finding the right place to live is important, and creates a strong bond of trust.”