Neither rents nor customer inquiries for apartments in The Greens have been dented though the subletting scams predominantly affected landlords/tenants in the community, according to real estate agents.
Data collated and analyzed by Emirates 24|7 shows rents have risen by almost 22 per cent for studio apartments, nearly 14 per cent for one-bed apartments, and 16 per cent for two-bed apartments since the beginning of the year.
Average rents for studios currently stand at Dh55,000 per year compared to Dh45,000 per year in January 2012. One beds are now available for Dh65,000 pa compared to Dh57,000 pa, whilst two-beds are going for Dh110,000 pa as against Dh95,000 pa at the beginning of the year.
Real estate agents confirm that tenants have become more vigilant and are scanning and rechecking the documents.
“We have rented a few apartments in The Greens recently.The noticeable change is that people check all the documents carefully before signing any agreement. We also ensure that the tenant issues cheques only in the name of the landlord,” Parvees Gafur, Chief Executive Officer, PropSquare Real Estate.
Zubin Firozi, Head of Property Management, Head Office, Better Homes, earlier told this website: “Tenants have now become increasingly vigilant and are indeed requesting for proper documentation including proof of property ownership, passport copies of the owner/s and/or a power of attorney if the owner is represented by a third party.”
The sub-letting scam, however, hasn’t affected the demand for apartments the community due to its location.
Zaheer A, who rented a on-bed last month in the Greens, says: “The Greens is one of the best locations and I chose to rent here because it is close to my workplace.”
He adds” “… we did our homework of checking all the documents give to us by the agent to even checking with the Dubai Land Department on who was the owner of our apartment. The deal was of paying rent in four cheques, which were issued only in the name of the landlord.”
According to Emaar website, a mid-rise residential complex, The Greens blends affordability with a new lifestyle choice. Launched in June 2002, The Greens comprises 36 buildings set over 65 acres. The complex has 3,500 residential units and four office buildings.