Landlords are offering various incentives to its renters either traditional or unique ones. The real estate rental business in Dubai is currently experiencing a decrease in demand. These special offers are injected as a marketing system to spur the target market.
Realty Biz News reports that real estate agents in the locality are saying that the rental business is at a very sluggish pace. In order to encourage incoming renters to rent or old tenants to stay longer, landlords in Dubai are offering rent incentives. The incentives that are being offered comprises of free rent, electricity and water for one month on the first month of their stay. Another is access without charge to facilities and amenities like the swimming pool, gym and other available features of the place.
Other unorthodox rental incentives offered in Dubai that landlords have thought of is the freezing of the rental rate for the first three years. This incentive is new to the market and is in line with the rules and regulations set by the Dubai Land and Property Department.
The 3 year freeze rent increase incentive has also been confirmed as legal by the manager of the Dubai-based Harbor Real Estate, Muhannad Al Wadeya. Other offered rent incentives by the landlords in Dubai is the increase in number of installment payments from six or eight payments for the rent from the usual four according to Emirates247. With technology being part of almost everyone's daily lives it is something that a lot of renters can't live without. Thus, other landlords have included free access to the internet.
The cause for the decrease in the demand is actually because of the sudden increase in supply according to Muhannad Al Wadeya. The problem has been actually dubbed as the "correction period" by local real estate agents. On the lighter side the general manager of Balhasa Real Estate, Majid Al Agha looks at it as a successful marketing technique. He focuses more on the landlord and tenant relationship which is continuous and will become more established in the long run.
The increase in supply has indeed affected the rate of demand for real estate rent in Dubai. A lot of landlords and people from the local real estate sector are positive that the rental incentives being offered will surely benefit the rental business department soon enough.
