Successful Expo 2020 bid drives up demand

Successful Expo 2020 bid drives up demand

Government and industry stakeholders working on realizing goals to meet new challenges.

With the successful Expo2020 bid of Dubai, the emirate is targeting the arrival of 25 million tourists by the end of 2020. The question here is: with the rise in the number of tourists and the increasing number of investors, will Dubai be able to provide the facilities required to host visitors, and if yes, what is it doing to meet the rise in demand and accomplish future tasks?

THE UAE in general and Dubai in particular have come up with plans showing a long-term vision. With great back-to-back industry events viz. The Cityscape Global, the largest real estate exhibition; the Dubai Air show, prime global aviation event; and now the hosting of Expo 2020, Dubai has always been in the limelight.

This proves that the city not only has the ability to host international events but also strives to consistently scale higher altitudes of success each time. With such developments in Dubai, investors across the world are showing great interest in the city and its real estate. There has been a massive increase in the number of foreign investors and the government has been on its toes to successful implement various plans to meet the demands of investors.

Examples include advances right from the aviation sector with the new Al Maktoum International Airport at the heart of DWC; the construction sector with new off-plan projects being announced, and new developments in different residential areas, etc.

There are about 40,00 residential units to be completed by 2015 in different areas viz. Dubai Marina, Dubai Sports City, Jumeirah Village, etc. The hedged projects are back on track with the developers taking gains from the market growth.

To host the Expo2020, the foundation has to be place. To create that infrastructure, you need manpower and thus, even this bit has caught the eye of jobseekers worldwide who will provide needed manpower and create more demand for accommodation. This rising demand is definitely challenging with the limited time available, but the government is all set to make its Expo2020 vision a reality and get the property market on a sustainable path of growth.

·        Dubai has successfully hosted Cityscape Global and Dubai Airshow

·        Its winning the Expo2020 bid has attracted even more investor interest

·        More residential,Commercial projects set to address fitire market needs

Understanding your tenancy contract in Dubai

If you are living in the UAE, then chances are that your tenancy contract is a very valuable document in your life. The contract, which is renewable annually, is one of your evidences of residence.

All tenancy contracts in Dubai need to be registered via Ejari, which is an online registration system instituted by the Real Estate Regulatory Agency (RERA). In Abu Dhabi, tenancy contracts have to be registered via the Tawtheeq system. These systems help consolidate the process in a legal bracket and reduce any disagreements that may take place between the landlord and the tenant.

The Ejari system is now linked to the immigration server for additional and secure verification about the occupant. Documents needed to register a tenancy contract on Ejari are copies of the tenant’s passport, UAE visa, Emirates ID, original tenancy contract, recent DEWA bill and a copy of the title deed.

In Dubai, a landlord is required by law to give a 90-day notice to his tenant if he is planning to increase the rent, which has to be as per RERA’s rental index. In Abu Dhabi, there used to be a rent cap of 5% which was removed in 2013, leaving many tenants at the mercy of their landlords.

The tenancy contract basically states the terms and conditions under which your home has been leased to you. It especially contains important information regarding the rent amount. It also has the official name and address of your home.

In the UAE, the laws entail that at the end of the tenancy contract, the home needs to be handed over in the same condition as it was in the beginning. The security deposit, an amount that is equivalent to 5% of the annual rent, is charged as a guarantee towards the condition of the accommodation at the end of the tenancy contract. The deposit is only refundable if the landlord accepts in the beginning that it is. Ideally, the landlord has two months to return the deposit from the time the tenant has vacated the property.

Therefore, before you sign on the dotted line, be sure to understand each and every aspect of the contract clearly and do not hesitate to ask questions.


Summary

* All tenancy contracts in Dubai must be registered via RERA’s Ejari system
* In Abu Dhabi, tenancy contracts are registered through the Tawtheeq system
* The two systems help reduce disagreements between landlords and tenants.