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Wed 28 Jul 2010 06:56 AM

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Credit card rent payments 'on case by case basis'

Landmark Properties CEO expects further growth in new trend for rents in Dubai market.

Credit card rent payments 'on case by case basis'
IN CREDIT: Rents in one building in Discovery Gardens are being accepted by credit card in a bid to encourage tenants to sign up. (Getty Images)

Dubai real estate agency Landmark Properties is offering tenants the option of paying their monthly rent by credit card, the agency’s CEO told Arabian Business.

"Currently one of the property owners with whom Landmark Properties works with is accepting monthly rent payments by credit card, with the deposit of a security cheque, for two buildings in Discovery Gardens,” Charles Neil, CEO of Landmark Properties, said.

He added that “it is anticipated that there may be further growth in this trend as landlords seek to attract tenants, but it will likely be on a case-by-case basis determined by each property owner.”

Alternatively, Landmark Properties also has an arrangement with some banks which will lend clients up to a years' rent, Neil said.

Earlier this month, a Reuters poll forecast that residential rents in Dubai are set to fall ten percent during the rest of 2010 and are not predicted to rise again until 2012.

Dubai's residential market, already oversupplied by about twenty percent, will see the addition of another 41,000 homes between now and the end of the year, real estate consultants Colliers International said in May.

As supply increases and the competition to attract tenants in Dubai intensifies, landlords are increasingly offering incentives, including increased cheque options and rent-free periods, said Jesse Downs, head of research at Landmark Advisory.

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debbie 10 years ago

its just natural that the property rental market starts becoming flexible. in qatar rents are monthly. no where in the world are rents paid upfront a year in advance. the market needs to be more customer oriented and only landlords that are customer oriented will survive in this market.,