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Rental Process In Dubai
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| Annual rents vary tremendously depending on the location, services, facilities and amenities, standard of finishing, age of the building, parking, owner’s policy and the property market. As a quick indication, a 2 bedroom apartment with central air-conditioning can cost from AED: 70,000 to AED: 120,000 and a 3- bedroom villa with central air-conditioning from AED: 100,000 to over AED: 160,000. Commercial property on average costs AED: 60 to AED: 140 per square foot per annum.
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Procedure:
The payment can be made in one cheque or with an initial payment plus post-dated cheques covering the remainder of the lease. The number of post-dated cheques depends on the requirement of the landlord, but usually not more than a total of one plus two post dated cheques are accepted per annual lease. In addition to the rent you should allow for the following costs to be paid in cash: Municipality tax: 5% of the annual rent payable each year on renewal Electricity & water refundable deposit: AED: 1,000 to AED: 2,000 Security deposit: AED: 5,000 to AED: 10,000 Agent's fee: usually 5% of the first annual rent
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Registration:
In order to rent any property, a tenancy contract signed by both parties is required and should be registered at Dubai municipality on beniyas road, deira.
The tenant must provide the following documentation.
if the lease Is taken out by the company,
• A copy of the company trade license
• A passport copy of the rent cheques signatory if the lease is in our name
• A copy of passport with visa or photocopy of visa application form
• A no objection letter (NOC) from your company
• A copy of your salary certificate For a new commercial letting,
the company not the agent is usually responsible for the contract registration.
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