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Mon 12 Jun 2017 02:45 PM

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Fewer Dubai landlords insisting on single rent cheque

Report claims more than a third of tenants are paying rent in four cheques

Fewer Dubai landlords insisting on single rent cheque
(Image: Allsopp & Allsopp)

Landlords in Dubai are becoming increasingly accepting of rent paid in multiple cheques, new research suggests.

More than a third (33 percent) of tenants who found properties through Dubai-based broker Allsopp & Allsopp in May are covering rental leases in four cheques, the agency has claimed.

While almost a third (32 percent) of Allsop & Allsop’s tenants as of May were still paying in one cheque, this represents a noticeable drop since May 2016, when almost half (42 percent) of tenants were paying rental fees in a single cheque – the traditional requirement for Dubai’s rental market.

The analysis reveals greater market flexibility at a time when residential rents are continuing to fall in many locations across Dubai, the agency said.

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…and accept a spread in annual payments.”

The firm also said that a huge proportion – 72 percent, or almost three-quarters – of residential sales agreed between April and May 2017 were for vacant properties, and that 55 percent of buyers used mortgage finance.

Allsopp said: “At present, the market is dominated by end users. 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.”

Almost a third of those signing rental leases in May 2017 were UK nationals, the firm added.

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Doug 3 years ago

Still no sign of the monthly standing order as used by every other developed country in the world though....