Unlike the local 'freehold' market for purchasers the rental market is much more established, with residents only having been given the choice to buy in Dubai in 2002. That said the way in which the market operates may be a little different to what you or your company are used to.

Tenancy contracts

Residential tenancy contracts are usually signed for a term of at least one year but sometimes longer. On occasion shorter-term rental periods are available. Clauses differ from lease to lease but we have taken our experience from the UK market to build a comprehensive agreement between lessor and lessee. These cover your obligations and those of the landlord and set the ground rules for your occupancy of that particular contract.

Rental prices

Rental prices for both residential and commercial property have increased significantly over the recent past. Prices vary dependent on the usual factors and our advisers can help you to understand what will meet your budget. Remember that placing your property on the market at the high end of the price range may mean that it remains empty for a time, while lowering the price slightly could secure you an immediate tenant. Rent is usually paid in advance in one cheque amounting to the total due for the whole year. On occasion landlords do agree to take 2 or 4 post-dated cheques. These are given up front and tenants are obliged to honor the payment of these cheques as it is illegal to bounce a cheque on Dubai.

Costs

Homeland Properties operates in line with standard property market practice in Dubai. The rental amount that you agree is the actual amount that will be paid to you as the landlord. The tenant will be required to pay a fee to Homeland Properties for our services equivalent to 5% of the total rental price signed for on the tenancy agreement.

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