Tuesday, October 17, 2006

Rent increase in Greens pull back tenents

The Greens is one of Dubai’s main freehold communities as is evident from its resident population and the number of people who want to be part of this mid-rise apartment community. Most of the residents here appear to be a contented lot, especially if they own their apartments. The lucky ones have seen the value of their homes appreciate a whopping 115 per cent over the last three years.

A different story

But those who have been renting their homes for the same period tell a different story. Their rents have gone up rather steeply. These people now find themselves on the other side of the road. Dutch citizen Mary, who is married to Hamad, a UAE national, speaks about her experience: "When we found ourselves facing our third rent increase in three years, we knew it was time to move out of our lovely apartment. We had come to know and love the area well, and besides, it was very convenient for both of us to reach our workplace without any traffic nightmares.

"We decided that the best thing to do was explore the same neighbourhood, so that we would not have to alter our lifestyle too much. What we found out was totally astonishing.
“Of the eight buildings that we visited just across the road from The Greens, five had no electricity. There was no water connection either. But the landlords or their representatives were ready to rent us apartments in these buildings. “They were offering us discounted prices, saying the DEWA connection was not quite ready yet, but would be soon.”

Mary and Hamad have since moved to a villa in neighbouring Al Barsha. A quick drive through the main road leading through The Greens shows that the brand new and rather imposing buildings in this community have much to offer.

More facilities

Apparently the rents are much lower than those the apartments in The Greens and, in most cases, offer more space and facilities. At present, there seems to be enough parking space for everyone. The well-established Greens Centre, with its array of retailers and food outlets, is just around the corner. Two of the largest malls in the city are within reach and Shaikh Zayed Road is close by. Above all, the landlords of these new buildings are truly eager to please. It looks like a straight road to success.

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