4-cheque rent payment most popular in Dubai: Survey
Only 6% said one cheque was the norm
Those paying rents in single cheque do get rebates from landlords, but the norm, as per a survey by propertyfinder.ae, a Dubai-based property portal, is fast shifting towards four cheques payment.
The survey, which analysed responses from a sample of the 3,000 brokers registered with the property portal, revealed that over 50 per cent said four cheques were now a benchmark while mere six per cent said one cheque was the norm.
Rent payment in two cheques are second popular, followed by three cheque agreements.
Last year, 'Emirates24|7' reported that landlords were offering renters paying yearly rent in one cheque discounts in the range of five to eight per cent.
Renan Bourdeau, Managing Director, propertyfinder.ae, said: “The findings of our survey shows that there has been a shift in attitude in the rental market with landlords now willing to be more flexible with prospective renters as supply outstrips demand.”
Faisal Baig, Director, PropSquare Real Estate, however, says landlords for villa, which are in high demand, still tend to ask for single cheques, while corporate prefer to pay yearly rents upfront.
“Owners of properties in Springs, Meadows, Jumeirah Islands do ask for single cheque payments. We know of corporates that pay rents in yearly cheques as they are against issuing of PDCs,” he states.
Michael Burke, Managing Partner, Arabia Escapes has a different view. He believes the survey findings of four cheques becoming a norm.
“Landlords, like tenants, over the past couple of years have matured and are better educated in the market. Their priorities have also changed somewhat – now it is not just a case of how many cheques a person can offer, but what type of person they are,” he adds.