The scheme applies to both new and extended contracts. At the same time, the total annual rental price remains unchanged regardless of the selected payment schedule.
What is the essence of the changes?Previously, tenants in Dubai were required to pay the annual rental price with one, two, or four bank checks, which meant they had to pay between 25% and 100% of the annual amount at a time. The innovation radically changes the approach.
DLD will monitor the effectiveness of the program based on key indicators: the number of facilities involved, the number of contracts concluded under the new model, the occupancy rate, and payment discipline.According to the department, almost 1.2 million rental contracts were registered in the emirate last year.
According to Khalid Al-Shaibani, director of the DLD Rental Department, another initiative aimed at market stability will be launched in the next two months.
What does a tenant need to know in Dubai?
Source: The National News
