|
|
 |
|
|
Rental Process In Dubai
|
|
 |
|
|
|
|
| Annual rents vary tremendously depending on the location, services, facilities and amenities, standard of finishing, age of the building, parking, owner�s policy and the property market. As a quick indication, a 2 bedroom apartment with central air-conditioning can cost from AED: 70,000 to AED: 120,000 and a 3- bedroom villa with central air-conditioning from AED: 100,000 to over AED: 160,000. Commercial property on average costs AED: 60 to AED: 140 per square foot per annum.
|
|
|
Procedure:
The payment can be made in one cheque or with an initial payment plus post-dated cheques covering the remainder of the lease. The number of post-dated cheques depends on the requirement of the landlord, but usually not more than a total of one plus two post dated cheques are accepted per annual lease. In addition to the rent you should allow for the following costs to be paid in cash: Municipality tax: 5% of the annual rent payable each year on renewal Electricity & water refundable deposit: AED: 1,000 to AED: 2,000 Security deposit: AED: 5,000 to AED: 10,000 Agent's fee: usually 5% of the first annual rent
|
|
|
Registration:
In order to rent any property, a tenancy contract signed by both parties is required and should be registered at Dubai Land Department (Real Estate Regulatory Agency) in Deira.
The tenant must provide the following documentation.
1) Leases in personal name:
a) Valid passport copy with a valid residence visa page, your current residency can be confirmed by an original employment letter (current dated, signed and stamped) or by verifying original passport, work permit or identification card.
b) Emirates Identity Card ( Compulsory)
c) Contact / booking details forms to be filled and submitted
d) Legal tenant should be present for leasing formalities.
2) Lease in company name:
a) Confirmation letter from the company with the authorized person’s signature & company
stamp
b) Valid trade license copy along with the owner passport copy.
c) Proof of authorized signatory/ies (vide attaching a copy of Memorandum of Association /
Letter that is submitted to bank), including their passport copy with valid visa page.
e) Occupant’s passport copies.
f) Contact / booking details forms to be filled
g) Lease documentation etc. should be collected by an authorized person, along with an authorization letter to do so on company letterhead.
3) Rental Cheques: all cheques must be issued by the legal tenant, tenancy contract holder only.
4) First Installment: the first rent, security deposit and leasing fee must be in either Cash or Manager’s cheque.
5) The Cheques must be payable according to the Landlord / Unit Owners
6) DEWA Deposit: AED 1110 to be paid prior to key collection & Handover of unit.
7) EJARI FEE : AED 200 to be paid in cash for Tenancy contract registration.
7) DISCOUNT WILL BE APPLICABLE ON THE NUMBER OF CHEQUE PAYMENTS.
Important Note:
• All of the above requirements are mandatory, without which leasing formalities will be incomplete.
• Please be informed sharing, sub-leasing, and exceeding the pre-defined number of occupants of each apartment type, all these practices are illegal and not allowed.
|
|
|
|
|
|
|
|
|
|
|
|