Real estate companies waiving commission, offering grace periods to attract tenants

A two-bedroom apartment in a building located close to Lulu Village in Al Muhaisna – Fourth, Dubai, is being offered for rent at Dh50,000 per annum (pa), or Dh4,167 per month, according to Wasl Properties.

One-bedroom units can be rented out for as low as Dh45,000 pa, while a small sized studio in the Al Muhaisna area is available for Dh31,000 a year, the company website states, adding that the buildings are located close to schools, restaurants, hotels and supermarkets.

Dubai’s official rent index puts the rates for studio units in Al Muhaisna – Fourth in the range of Dh30,000 to Dh40,000 pa, while lease rates for two-bed units are between Dh55,000 and Dh70,000 pa.

Wasl is also running a special summer offer for apartments in Wasl Hub, its new residential project in Karama where annual rents for one, two and three-bed units are Dh81,888, Dh105,888 and Dh136,888, respectively.

To sweeten the deal, commission is being waived, security deposit has been reduced and the tenant is being offered two weeks grace period during the promotion period, which ends on August 31, 2016.

Similarly, a number of real estate companies are offering deals with commission waiver, free chiller and six cheque payment options.

The official rent index puts Karama rates for studio units at Dh40,000 to Dh45,000 pa, one-beds at Dh55,000 to Dh75,000 pa and two-beds at Dh75,000 to Dh90,000 pa.

In comparison, Land Sterling’s second quarter 2016 report says the cheapest freehold option for a studio-, one- and two-bedroom unit is International City with average rents at Dh37,000 pa, Dh50,000 pa and Dh70,000 pa, respectively.

The second lowest area to rent a studio and one-bed unit is International Media Production Zone with average annual rent at Dh42,000 and Dh62,000 pa.

As for a two-bed unit, the second cheapest options are Dubailand and Dubai Silicon Oasis, with average rents being Dh80,000 pa.

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