Monday, November 16, 2009

Changing times

Not so long ago, seeing one of these around Dubai Marina was unthinkable. Now there are more than a few:



Not good for investors but good for tenants and for business in general. The ridiculous and unsustainable rents were killing the goose that laid the golden egg.

4 comments:

Reluctant and Recluse said...

Not really that good for the building though. I happen to live in a new (one year old) building where the rents have dropped quite a bit; and with it brought a lot of people who just didn't make the mental jump from living in say Karama to more upmarket.

Their disregard for the building and for some sense of community is staggering. From simple things such as choosing to park on the footpath closest to the building even though there are three floors of empty basement parking to not picking up after thier dogs...

Mounting satellite dishes into the facade of a brand new building and ruining the look for the community, but also damaging the owners apartment - God only knows how they live inside their apartments. We have had people swimming fully clothed in a rooftop pool and showing up in flip flops to use to the treadmill...

I guess you can take the fool out of Karama, but you can't take Karama out of the fool! :)

Speaking on behalf a minority of owners living in a building populated by renters - i can tell you it is an uphill battle to try to get most of these people to respect a few basic rules or not damage the building altogether.

Low rents may mean a good thing for renters, but in a transient population it may not be the best thing for the owners who choose to live in thier apartments - but there are so many owners who had no intention of ever living in thier 'investment' nor even setting foot in it, it really will be a wait and see approach on how good these low rents are, and especially what happens when they need to renew thier contracts next time around...

Anonymous said...

Snob

Jassim said...

This will stya there for a perioed and belive me the main intention is to have this controled by landlords as always: existance to the fittest.
the comment from Reluctant is true but it's a broad comparison and it's not always about Karama or back home to compare with, it's an attitude and lifestyle question, yes I feel he has a message that is valid but it's half the picture disclosed.

Seabee said...

R&R, we're also owner occupiers in a building mainly populated by tenants, but the management company keep them in order.

Example, one was misusing a treadmill and broke it. He was warned, ignored the warning and broke it again so he's barred from the gym.

It's a fact all over the world that tenants never respect a property in the same way the owner will. Our home back in Oz has excellent tenants who keep the place as well as could be expected - but it's very different from how we keep it.