Strong demand is outpacing supply at a faster rate this year than estimated, especially after the UAE’s removal from FATF Grey List
uae3 hours ago
Major-General Khamis Mattar Al Mazeina, Deputy Commander-in-Chief of the Dubai Police, said that they are still receiving complaints against Al Koulaty. The police have referred documents to the Dubai Public Prosecution for investigation and to issue an Interpol arrest warrant against the suspect, who is said to have fled to Lebanon on August 30. He said that the Dubai Police have received around 78 complaints from tenants who have paid Dh5,867,000 to the suspect.
However the victims, both landlords and tenants, are still stuck in a quandary. Since news of the scam broke out, tenants have been running from the doors of one public organisation to another looking for advice on how to preserve their rights. Many still haven’t figured out as to how they can cough up rent money for this year. Several tenants who read about his ‘alleged’ arrest are now raising questions on Facebook if they would get their money back.
Landlords are claiming to be stuck in similar financial strains. One such landlord, who wrote to Khaleej Times on the condition of anonymity, said: “The landlords entered the contract with Shamyana for renting the apartment for its employees only, and not for sub-leasing to third parties (with few exceptions where sub-leasing was allowed).
They obtained the proper documents such as passport copy and trade licence and did everything as required by the law. Most owners have taken loans to finance these properties and are paying installments to banks from these rents. How will the owners pay these instalments? For some landlords, these rents are the only source of income. It appears that everyone expects owners to bear the losses caused by tenants and real estate brokers’ negligence.”
amira@khaleejtimes.com
dhanusha@khaleejtimes.com
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