‘Cash for flat’ offer to tenants

RAS AL KHAIMAH — In a bid to get their flats vacated, landlords in the emirate are offering ‘cash sops’ to their tenants in Ras Al Khaimah (RAK). The rents are soaring and the landlords want to cash in on the upsurge, real estate agents say.

By Sebugwaawo Ismail

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Published: Mon 3 Sep 2007, 9:03 AM

Last updated: Sun 5 Apr 2015, 5:00 AM

A real estate official said some tenants were being paid between Dh10,000 and Dh20,000 to evacuate the properties.

Tenants looking for cheaper apartments are now moving to remoter areas like Ghaleelah, Al Rams, Shaam, Al Filayah and Al Jeer, according to real estate officials.

Hamid Hassan, who runs a RAK-based real estate firm, said landlords were hiking the rents despite the annual15 per cent rent cap introduced by the Rental Dispute Judicial Committee, a recently formed body in the emirate.

The rents have been moving northward in RAK. “A two-bedroom flat that earlier came at Dh12,000-Dh15,000 per annum, now comes between Dh25,000 and Dh40,000,” said a real estate official.

The trend of landlords offering “cash sops” to tenants has reportedly emerged after the Rental Dispute Judicial Committee started taking action against the former for evicting the latter on “the pretext of demolishing their property.”

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