I have rented a two bedroom apartment in Dubai in a new building at Al Barsha since August 2016 for Dh83,000. Recently four new construction sites have sprung up around the building, making a load of noise. I renewed my contract on August 2017 and asked for a discount as the prices had dropped but they only gave me a Dh1,000 reduction. When the construction started on the sites, many tenants left the building, so 20 of the 55 apartments are now empty, and the price now for similar apartments to mine is Dh75,000 to Dh78,000 per year. I sent the agency handling the building a request for an additional reduction but they said it was not possible. Can I ask for one month's free rent at the end of my contract? So if my contract finishes on August 2018, can I request to leave on September 2018? AT, Dubai
Legally, any changes to a contract can only be made giving 90 days' notice from the renewal date. With reference to your negotiations, you can of course request the owner gives you this extra month for free as long as he agrees. My suggestion would be to notify him 90 days prior to the renewal date to explain what you wish for, be it the extra month for free or any other changes. These changes have to be in writing. It might be helpful to invite the owner to the apartment for this meeting so he can hear for himself what you are going through. If, however, you do not get to any mutual agreements, inform the landlord that you will not renew and then look for another suitable property. With the way the rental prices are currently heading, it would not surprise me if you would achieve a better rent with another property.
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Read more from Mario Volpi:
Homefront: 'My Dubai tenant wants to add his wife's name to the contract. Will this cause me problems?'
Homefront: Should International City investor sell his two units at a loss or wait it out?
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Is now the right time to buy in Central London or should I wait? AS, Dubai
Predicting when the time is right to enter any property market, let alone London, is not for the faint hearted. Getting it right means you will have hit the nail on the head about many factors, such as the British economy, the buyer's sentiment, knowledge about future infrastructure spending such as on roads and transport, new amenities/facilities etc.
That said, there are a few factors that are known about the UK market that will allow us to give a best guestimate of future performance.
On the negative side, there is still the uncertainty of Brexit and while the negotiations are still ongoing, buyers will be cautious about spending money on large ticket items such as property. I suspect this alone will cool the market leading to low transactions and growth.
Last week, the Bank of England raised interest rates by 0.25 per cent. While this is not a huge amount, it will still have a negative effect on mortgage costs, again making buyers think twice.
The changes to stamp duty since 2014 have also had a negative effect on London house prices, which in turn has led to price reductions on asking prices after a period of marketing.
On the positive side, not enough properties are being built to keep up with demographic demand. London can only build on brownfield sites and this limits the number of property inventory entering the market.
In the past, Central London has witnessed an average of 5.7 per cent house price growth per annum but with tax changes such as stamp duty and the uncertain buyer sentiment due to Brexit, this growth is likely to evaporate away.
Taking all of the above into consideration, I believe you should wait before purchasing in central London, at least until 2019 as the next two years will likely see subdued growth if at all.
Property prices will most likely return to growth in 2020, by then, central London house prices will be perceived to be good value.
Another element to consider is the strength of the dollar against sterling. The pound devalued by 20 per cent last year in the wake of the Brexit announcement, since then it has regained most of its losses so I guess the time to have jumped into the London property market with the dollar in your pocket would have been last year. For now, just keep an eye on sterling; unless there is a momentous event, it is unlikely to lose ground to the extent it did last year but should it fall again to a greater extent, that too would be the trigger point to enter the London market.
Mario Volpi is the chief sales officer for Kensington Exclusive Properties and has worked in the property industry for over 30 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario.volpi@kensington.ae
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
The biogs
Name: Zinah Madi
Occupation: Co-founder of Dots and links
Nationality: Syrian
Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2
Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”
Name: Razan Nabulsi
Occupation: Co-founder of Dots and Links
Nationality: Jordanian
Family: Married, Mother of Yahya, 3.5
Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices