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Dubai residents can negotiate better deals if renewing existing contracts and tenants are being advised to notify their landlords about their financial predicament.
Dubai: As the pandemic coronavirus hit the economic balance of the people, most tenants in Dubai are negotiating better rental deals with landlords to stay in their existing apartments. Uncertainties on the job, tenants are reqesting partial rent waivers, a higher number of cheque payments, extended rent-free periods and contribution to utilities, etc.
While experts say it’s still too early to assess the exact percentage drop due to the impact of the current situation, “rent reductions or rent holidays are definitely the way forward”.
In the COVID-19 situation, salaries are cut and many are on lay-offs. It is better to notify their landlords with documentation on the loss of salary, jobs, unpaid leaves etc. and negotiate for rental waiver or discounts.
“Rents in Dubai will witness a gradual correction. But some landlords are deferring rent for two months and loading the total over the remaining term of the lease,” said Simon Boden, Residential Leasing Manager, Savills.
News Source: Khaleej Times