| Kippreport.com

Keep the money coming in

September 8, 2008 1:20 by kippreport

With talk circling of the property bubble bursting, owners and property managers in the region are clearly trying to bring in as much as as they can, as soon as they can, any way they can. Just a few days back, we received a notice in our building from the manager of our property, Deyaar, saying that tenants using the car park – which is inside the building on the ground floor and was previously free – will have to start paying Dh3,500 per year starting in October.

From zero to Dh3,500 is quite a leap. The announcement came out of the blue, and residents are obviously frustrated, but can anything be done?

Though the government has issued rent caps, there are no rules governing fees for the parking spaces. There have been no apparent renovations or improvements to the parking lot to justify the charges. The only conclusion is that the developer saw an opportunity to milk tenants whose rents are otherwise capped.

Have you also had similar experiences?

Tags: building, developers, Dubai, increase, Money, parking, property, rent