Recession causing Dubai rental market shift, landlords accepting 12 cheques
The recession and credit crunch is effecting Dubai rental property market, tilting it in favour of the tenants.
As Arabian Business reports, Landlords in various location of Dubai are accepting rents in up to 12 cheques, a move in strak contrast of previous practice of accepting rents in 1-3 cheques.
With more properties coming onto the market as job losses mount and tenants downsize amid the global crisis, landlords are increasingly showing more flexibility, keen to secure rental income, it has emerged.
Dubai broker Smith & Ken Real Estate is currently advertising a monthly payment deal for properties on its books in Old Town.
Categories: Living in Dubai Tags: Asteco, Better Homes, Burj Dubai, Discovery Gardens
At Least 3,200 Job Cuts in Dubai
Finally the mainstream media is coming out with numbers of job cuts in Dubai.
- WS Atkins, a leading British engineering consultancy firm working on Burj Al Arab, have laid off 170 professionals.
- Dubai Labour Supply Company (Dulsco) has laid off 800 workers in two batches.
- Mizin, a real estate development company under Tatweer have also allegedly made 50 people redundant.
- Universal Studios in Dubailand have also let go of as many as 50
- In November master-developer, Nakheel, was the first to shed its human resources, getting rid of 500 people.
- Developer Damac then announced it had let 200 people go, Omniyat 69 Tameer 180 and Better Homes made 50 people redundant.
- Around 35 people had also been sacked from WSP and 15 from the Burj Dubai project at Hyder Consulting. Al Shafar General Contracting also shed nearly 1,000 staff members.
Categories: Business in Dubai, Living in Dubai Tags: Better Homes, Burj Al Arab, Burj Dubai, Damac, Dubailand, Dulsco, Nakheel, Omniyat, Tameer, Universal Studios, WS Atkins