Mario Volpi, the sales and leasing manager at Engel & Volkers in Dubai, provides readers of The National with a weekly column containing the latest advice on how do deal with property issues within the UAE.
He has worked in the property sector for more than 35 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any further questions to mario.volpi@engelvoelkers.com
Here's an accessible breakdown of the questions posed by readers during the past 12 months:
Tenants moving out early, breaking leases and bounced cheques
'Can I break the lease on my town house if it is infested with rats?'
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'My Dh15,000 rental cheque will bounce as my work has dried up amid Covid-19'
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'I've lost my job and need to move out. Do I have to pay a rental penalty?'
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'Our landlord has found a buyer for our Dubai villa. Do we have to move out?'
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'Should my landlord agree to a rolling monthly rental contract?'
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'I've lost my job, so can my landlord charge a penalty for moving out early?'
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'I'm on unpaid leave and my landlord is chasing me for rent. How do I pay?'
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'I've lost my job and cannot move out. How do I negotiate with my landlord?'
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‘Do I have to pay a two-month penalty for vacating early?’
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'Can we stay to the end of our contract even if we terminated early?'
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'I've changed my mind about moving out. Can I withdraw my notice to vacate?'
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'I bounced nine rental cheques despite asking the landlord for a short delay'
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'Can I break a tenancy contract I am unhappy with?'
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'Will I be penalised for bouncing a cheque to avoid a fraudulent agent?'
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'Should Dubai tenants give 90 days' notice before moving out?'
Help for landlords
'My tenant has not paid the rent since October and uses Covid-19 as the excuse'
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'I've cut my tenant's rent amid Covid-19. Do I have to stick with this rate?'
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'I've bought a Dubai property. What notice period do I give the tenant?'
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'I won a case to evict my tenant. How is the ruling enforced?'
Help for home owners
'The developer is denying access to a storeroom that is legally ours'
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'Should Dubai owners still pay service charges directly to developers?'
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'Can I sell my Dubai apartment without using a real estate agent?'
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'Can a new developer dictate terms on a delayed project?'
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'Does a 100-year lease renew when you sell a Sharjah property?'
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'Can I get a copy of my title deed if I haven't paid my service charge?'
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'Can I sell my delayed off-plan unit from the UK?'
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'Can I get my money back on a delayed off-plan property?'
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'My property handover is three years late. Can I cancel the contract?'
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'Can I get my money back on a delayed Dubai project?'
Maintenance issues
'Who is liable for water damage from the apartment above?'
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'Why am I liable for mouldy walls my landlord never fixed?'
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'Can our landlord charge us for work he didn't do when we lived in the villa?'
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'My newly purchased apartment is full of flaws. How do I resolve this?'
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'Can I challenge a Dh7,000 damage claim by my former landlord?'
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'Can my landlord charge for items that were broken when I moved in?'
Security deposits and fees and renewals
'Can my landlord keep my security deposit when I move out?'
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'Are we entitled to a booking fee refund if the unit was already let out?'
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'How do I negotiate a lower rent with my landlord in the UAE?'
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'Is it safe to pay my rent to the landlord's power of attorney?'
To buy or rent, and where?
'Is now a good time to invest in Dubai's real estate market?'
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'Where are the best family-friendly areas for a three-bedroom home in Abu Dhabi?'
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'I want to upsize to a villa in Dubai. What are the best areas?'
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'Can we live the Dubai dream on Dh160,000?'
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'What are the best locations to buy in Abu Dhabi or Dubai?'
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'What are the best places to live in Dubai for a new arrival?'
Mortgages
'Can I delay switching to a more expensive mortgage amid the pandemic?'
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'My off-plan property's valuation is 20% less than the purchase price'
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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