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Dubai fighting CORONA back: rent waivers, flexibility and financial relief for real estate

19.04.2020
500 families of landlords, residents and commercial tenants received a 3-months’ rent exemption relief. Disinfection, assistance and waivers: how Dubai deals with COVID-19.

Over 500 families throughout Dubai and Sharjah were exempted from rent payments over the next three months to help them cope with any financial losses caused by the coronavirus pandemic.

Al Husn Properties developer took this step, while also granting three months’ rent relief for all commercial premises, offices, shops, warehouses, parking lots and labor camps in its portfolio.

The company owns 600 properties in Dubai and the neighboring emirate of Sharjah, including apartments in Dubai Marina, Sharjah’s King Faisal Road, Al Wahda Road, Al Qulayaa and Al Nasiriya.

“This is our civic duty as part of the UAE government’s efforts to support society and reduce the financial burden on people of the UAE in this situation,” said Mustafa Al Husseini, CEO of the company.

“At the heart of this initiative was the idea of ​​encouraging other property market participans to take a humanitarian approach to tenants in this time of crisis,” he added.

And others did really join the initiative. For example, the DIFC free zone recently decided to cut the rents for three months for all of its partners in the retail sector. This step is aimed at providing businesses with additional opportunities and financial assistance in this difficult period.

From April to June 2020, tenants of commercial premises of all types located in the DIFC-owned complexes, Gate Avenue, Gate Village and Gate District, won’t have to pay the base rent. The relief package also includes a waiver of annual license fees for new businesses registration during the next three months and a 10 per cent discount for renewing existing licenses at DIFC, which are due to expire during this period.

In addition, DIFC also provides a deferral for any payments in respect of all real estate properties owned by DIFC Investments for up to six months. The management of the free zone also plans to reduce sales registration fee for their stock from 5% to 4% for any property (or any part of it) during the mentioned three-month period, and also in case when the transaction is registered by the DIFC registrar no later than 30 days after the expiration of the specified three-month period.

In turn, the Dubai-based developer Wasl Properties held a humanitarian aid campaign distributing boxes with food supplies and sterilizers to the residents of their complexes in Dubai's Naif and Al Ras districts. Wasl Properties operates twenty buildings in these areas with more than 200 families residing there.

For its part, the Dubai Land Department (DLD), operating through the Real Estate Regulatory Agency (RERA), has launched a new assistance initiative called ‘Together’. The initiative is being implemented in collaboration with several other companies, JOPs and management companies in Dubai. It aims to support tenants and landlords. Everything on the lists of life supplies will be provided free of charge to all those in need throughout the emirate.

Parties supporting this initiative also announced other steps and procedures to be implemented, including the abolition of fines for 2019 and 2020, flexible installment plans for real estate services charges, reduction of maintenance costs and the provision of flexible payment options for air conditioning services.

In addition, the new ViroSheild disinfection “tunnels” developed by Imdaad firm will soon be available to fight the coronavirus in Dubai. The widespread use of such “tunnels” will help secure residential communities and enterprises in the context of the COVID-19 pandemic. ViroSheild automatic tunnels are equipped with motion sensors, and a suspension is sprayed inside them, disinfecting clothes as people pass through the tunnel. These tunnels, among other, will be used in shopping centers, hospitals, construction sites, living communities and residential areas.

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IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

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