Saturday 11 July 2020

UAE developers urged to grant rent exemption to tenants

DUBAI, May 10, 2020

While some real estate managers persist on collecting the rents, or the payments and installments due under the current circumstances, a real estate expert Walid Al Zarouni has urged owners and developers in the UAE to launch an initiative (# LANDLORDS OF BENOVELENCE) to support tenants and help them overcome these  emergency situations resulting from the crisis of the outbreak of Covid-19.
His initiative aims to directly support tenants by exempting them from rents for a period of no less than three months, taking into account their current conditions resulting from the consequences of the Covid-19 outbreak. 
The initiative also encourages owners to take a humane approach to tenants at the crisis time, stated Al Zarouni, who heads the W Capital Real Estate Brokerage Company.
"The landlords' initiative to exempt tenants from paying rents for commercial areas and units for a period of three to six months, reflects their commitment to social responsibility through supporting investors and the national economy," he noted.
"These hard times require each of us to bear his part of the burden of a social responsibility for his own benefit and for the community’s interest as a whole," he added. 
Al Zarouni stressed the importance of the mitigation decisions specially the exemption, not  only  postponing  rents payment for a period of at least three months, which could be extended depending on further developments  provided they are proven to be affected.
This will apply not only to commercial real estate but also residential units, he added.-TradeArabia News Service


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