Since every business is shutting down and all cities are going on a quarantined lockdown, it is a huge concern for all. The inevitable situation faced by all tenants and landowners has caused great confusion and stress. The real estate market all around is facing troubling scenarios. Renters are experiencing income slashes while landlords complain they have their own bills to pay as well. All the heads turn to the governments because the people haven’t really prepared for such a situation. Everyone is looking forward to listening to the newest policies regarding the future situation. Here are a few critical things every renter and landowner should know amidst the coronavirus.
It is advised to switch to digital systems for all purposes if possible. This is especially recommended in the UAE, with the recent and grand implementation of the Smart Initiative. You can even try using the new app Ajar. For all landlords, this is an amazing app that allows you to keep track of your properties and the rental incomes you get. This app, although launched in the UAE region, is not entirely limited to the Middle East region. You can collect rents and keep track of your properties far and wide. Even if they are located on the other side of the world.
UAE based residents are all aware of the billions of dollars in stimulus packages offered by various developers. Meraas and Dubai Holdings, UAE Central Bank are offering hundreds of billions in dirhams to sustain the economic crackdown. Similarly, a lot of rebates and waivers are being offered along with tax exemptions to the middle to small enterprises. This, according to experts, will help sustain things for a little while.
A lot of residential projects are underway in Dubai, Abu Dhabi, and surrounding regions as well. There were plans for 2020 that are still showing no signs of being slowed down, let alone canceled.
Landlords and renters all around the world are coming online and explaining their side of the situation. Few individual landowners who have given apartments for rent in Dubai, USA and UK have displayed some interesting examples. Renters sat down with their landowners and talked about the situation at length. Resultantly, they reached an agreement that rents should be cut down as renters are helpless.
We need to understand that until a vaccine is developed, it is imperative that panic is avoided and internal conflicts are circumvented. The government has a lot on its plate as of now. They are expected to come up with possible policy changes that will help everyone. It is possible that current and new property laws that were introduced will have to be changed.
We have more pressing matters to attend to. So, if you’re a landlord, please try your best to understand. Similarly, renters are required to calmly approach the subject rather than engaging in confrontations.
As of March, eviction cases are being ruled out of courts. In the UK and in the future, the USA as well, landlords are barred from evicting tenants for not meeting rents. This is one of the steps taken by the governments to reduce the effects of the virus on the masses. It is a sound argument that it’s impossible to make ends meet. Millions of cases are coming in with the same concern raised by both the parties because all businesses are closing. There are no policies in most countries as of yet as the government can’t take on the responsibility. This is where we all need to understand the global situation and try to remain calm as we figure out a way through this.