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UAE bank loan clampdown hits rental sector
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 4 February 2009
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Results 1 to 10 of 10
Posted on Saturday, 11 April 2009
Commission Fee
Posted by KiKi at 23:03 UAE time
Can anyone confirm for me that a commission fee of 5% is for real estate agents/companies only.
I am being told by my landlord that i must pay him 5% com fee as its the norm and a law. Yet there is no agent involved. I know he is wrong but I would like proof to show him that it isnt a law at all.
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Posted on Friday, 6 February 2009
Ethical Real Estate companies...... I think not!
Posted by David at 08:07 UAE time
In a Rental Market unlike anywhere else I have ever been, tenants pay commission of 5% to the Real Estate Agent for the privelige of paying over the odds for renting poorly constructed property. The Rental Market, in general, have been driven upwards by unethical Real Estate comanies, sheer greed on the part of local and international investors, and a clear desire on the part of the government not to create solid regulatory decree's until the prices were so high that they needed underpinning by a new Regulatory Body to make sure they didn't dip significantly, even in a Global Downturn. However, it is now refreshing that Betterhomes now provide a new Revenue Generator, (oops I meant a 'new service') that assists in locating a lender for tenants to be able to provide annual or semi-annual rent up front. Fantastic! All they charge is 2% of the loan amount, plus (obviously) the default 5% of the total cost of the annual rental in commission. Effectively, a new total of 7% commission in a slightly reduced Rental Market. Caring, sharing? I think not. Come on Betterhomes, who do you think you are kidding? Does greed see no end? I wish the best of luck to tenants in this altered market. Negotiate with the landlords, yes? But hammer the Real Estate companies as well. Isn't it time for a little payback?
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Landlords
Posted by dxbfornow at 07:15 UAE time
To Robert the landlord - yes Robert, I for one would want maximum returns on my property invement but I would not cheat or lie to get this as happens so much here. I have never seen so much greed as in the property market here and wonder how some people can sleep at nights. The misery caused to families by lying and cheating landlords (not all but a great many unfortunately) is deplorable. I am also a landlord but not motivated by greed and can sleep soundly at nights
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Posted on Thursday, 5 February 2009
this is new
Posted by Sami at 14:36 UAE time
if People are borrowing money to pay rent, then what are they doing here in Dubai, far away from their home countries, why no one has the guts to say that rents have fallen, since many people are leaving the country.
Better homes are fooling only themselves by the nonsense they're stating
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Landlords
Posted by robert at 14:24 UAE time
Hello to all,
I have been on both sides of the fence ie. a tennant for many years and 3 years ago became a Landlord! In defense of Landlords all I can say is that each of them wants the maximum return on investment possible and so would eah and every one of you hear! If you had a place to rent you to would want maximum return just as you do with all of your investments. Things will only change when the government step in so until then Landlords will push it to the max!
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As if monthly rent payment is a disease?
Posted by Bassem at 13:31 UAE time
Where in the developed world would you pay 6 or 12 months in advance for rent. Why should your company foot the bill? Or why should you take a loan for that? There's no reason why landlords and leasing agencies shouldn't agree to a 2 months security down payment and having the rent paid monthly.
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Time has changed
Posted by Jon at 13:06 UAE time
Greedy lanlords and middlemen have long exploited the helpless tenants - now the time has changed. The sky rocketting rent of Dubai has no justification and it was waiting to happen the market correction. To avoid such rise of speculators and landlords, there should be a minimum lock in period before a landlord can sell his/her property. The lock in period will force them to rent out the units instead of keeping those vacant for the sake of reselling only.
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"landlords still prefer"
Posted by Suhail at 12:47 UAE time
In a free society every product/service should be subject to the laws of demand/supply without any exception. Creating artificial rules will not help anyone for long. If the rents are high people will suffer and if they are low than the land lords. Satisfaction to both the parties is essential to have a healthy scenario in the long run. Only the market laws of Demand and Supply will detrmine what is the best rent in any given circumstances. No one should have any hard feelings about it.
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CHANGE WE NEEDED
Posted by Usman at 09:22 UAE time
What was happening till now that the moment a new resident had landed on Dubai Air port, he had to face severe problem of paying his whole year highly inflated rent in advance through one or two cheques, so he had no option but to contact a bank and get personal loan to pay for his accommodation. So the beauty of the game was that you immediately became a borrower the moment you landed. I think it was a vicious circle engulfing every expatriate. Now tenants have cards in their hands to play, not landlords and rules of the game shall change in tenants benefit with every coming month ahead. Feel sad for landlords.
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Posted on Wednesday, 4 February 2009
"landlords still prefer"
Posted by Sangita at 16:44 UAE time
And what exactly is it that "landlords still prefer" that should protect them from the increasingly grim realities of property ownership and speculation in Dubai? They had their day, now they should wake up and smell the gloom like the rest of us hard-working stiffs in this town. Landlords have called the shots for so long, they have probably forgotten that supply and demand is a two-way street, not some cul-de-sac for the owners.
Suffer little children, for you have only just begun to feel the pain. Another six months of lay-offs, retrenchments and fly by nighters will have you grovelling for our tenant dirhams.
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