A survey commissioned by propertyfinder.ae – the UAE’s number one dedicated property portal – has confirmed that the previously strict one cheque requirement for renting in the emirate has diminished, with most landlords now offering two, four or even six cheque deals.
The survey, which analysed responses from a sample of the 3000 brokers registered with propertyfinder.ae, revealed that more than half of them believed four cheques to now be the benchmark for renters. Only 6% of brokers said they still believed one cheque to be the norm.
Two cheque deals were second in popularity, according to the surveyed brokers, followed interestingly, by three cheque agreements.
“The findings of the propertyfinder.ae survey show that there has been a shift in attitude in the rental market with landlords now willing to be more flexible with prospective renters as supply outstrips demand. We feel this data will be of great interest to property hunters and real estate companies across the UAE,” commented Renan Bourdeau, managing director, propertyfinder.ae.
However, some agents say that although the market may be more flexible in general, one cheque deals are here to stay.
“Dubai is a free market and tenants benefit from negotiating lower annual rents by agreeing to pay in one cheque. We deal mainly with large multi-national companies and they still pay one cheque and are happy to do so,” said David McCormack, group operations director at Olive Property Group.
Michael Burke, managing partner at Arabia Escapes agrees with the survey findings that the norm now is to pay with four cheques. “I would say 90 per cent of all deals are completed this way,” he says.
“Landlords, like tenants, over the past couple of years have matured and are better educated in the market. Their priorities have also changed somewhat – now it is not just a case of how many cheques a person can offer, but what type of person they are. Landlords want to be sure that the potential tenant will look after and care for it and will not be calling every time a light bulb needs replacing. They also want someone who is amicable to deal with.”