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Sun 4 Oct 2009 09:10 AM

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Job fears forcing more tenants to seek short-term rentals

Estate agents have seen a spike in the number of people looking for short-term contracts.

Dubai estate agents have seen an increasing number of tenants looking for short-term rentals as fears over job security continue, it has been reported.

One agency, Better Homes, told the Khaleej Times it had seen the occupancy of it’s properties rise from 65 percent to 93 percent just by catering to the demand for shorter contracts.

“A lot of our clients want to rent on a month-to-month basis because they have either lost their jobs or their current jobs are unstable,” Martha Fitzharris, assistant operations manager, told the paper.

Vincent Easton, director of sales for Engel and Volkers, said: “People are nervous about putting cheques down that they may not be able to honour if they lose their jobs.

“Instead they would rather take up two- or three-month contracts, even if it is at a premium,” he said.

Under UAE law a bounced cheque is a criminal offence punishable by prison.

Countless firms in Dubai have been forced to make redundancies since the global financial crisis hit at the end of last year.

An Arabian Business poll last month found that people were still concerned about redundancies.

Some 29.6 percent of respondents said they feared the worst after seeing their colleagues lose their jobs. While 25.4 percent said they were thinking of quitting their job because of the pressures at work.