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Sun 5 Apr 2020 03:00 PM

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Coronavirus: UAE-based property group calls for rent deferrals

The Representative Committee of the Real Estate Sector Business Group of the Sharjah Chamber of Commerce & Industry said move would ensure business continuity

Coronavirus: UAE-based property group calls for rent deferrals

Sharjah Government has previously announced that it is delaying rent payments.

A UAE-based property group has called on property owners to delay rent payments for residential and commercial tenants impacted by the coronavirus outbreak.

The Representative Committee of the Real Estate Sector Business Group of the Sharjah Chamber of Commerce & Industry (SCCI) said the move would ensure business continuity.

Sharjah Government has previously announced that it is delaying rent payments.

While last month Sharjah Asset Management announced a three-month exemption of rents for tenants in Souq Al Haraj and Souq Al Jubail amid the ongoing coronavirus pandemic.

At a virtual meeting, headed by Saeed Ghanem Al Suwaidi, chairman of the group, the possibility of rescheduling rental payments, implementing exemptions in specific cases, and the chance to introduce online technologies in collecting the payments, was also discussed.

Al Suwaidi said: “The property owners should take part in the government initiatives aimed at reviving the economy since cooperation and solidarity between all community members are the only way to maintain businesses and to get through this critical stage.”

Banks were urged to postpone installments of tenants and find financing solutions for them.

The meeting also highlighted the importance of coming up with innovative solutions to solve issues of those having troubles in rental payments, as well as to examine the role of the real estate sector in securing support for the government and private agencies.

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