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Mario Volpi

Mario Volpi is senior vice president of investment advisory at Allegiance Real Estate. He has worked in the property sector for more than 40 years in London and Dubai

Articles

In the past, some UAE developers allowed property purchases to go ahead with cryptocurrency. However, it is now becoming harder to do so. AFP
Homefront: ‘Can I use cryptocurrency to buy property in the UAE?’

It is difficult to use this mode of payment because digital coins are not recognised as legal tender in the UAE

MoneyJune 03, 2021
Apartments in Dubai offer approximately 6 to 8 per cent gross return on investment, while villas and townhouses achieve slightly less gross RoI of about 4 to 6 per cent. Photo: Antonie Robertson / The National
Homefront: ‘Will buying properties in new projects offer better rental yields?’

Spending on upgrades and maintenance in old buildings will hit your potential return on investment

MoneyMay 26, 2021
If a new developer has taken over a stalled project, the specific details or terms and conditions of the sales and purchase agreement may have changed. Photo: Antonie Robertson/The National
Homefront: ‘What happens to the money placed in escrow of stalled property projects?’

Any funds paid into an escrow account remain ring-fenced and protected by law

MoneyMay 19, 2021
In most cases, a rental contract will state that the property has to be returned at the end of the tenancy in the same condition as at the start. This might include painting, decorating and cleaning. Photo: Getty Images
Homefront: ‘My landlord is refusing to return my Dh1,500 security deposit. Is this legal?’

It is important for tenants to remember that properties must be handed over in the original condition

MoneyMay 12, 2021
In most rental contracts, the penalty for leaving before a tenancy expires is one to two months’ rent. Photo: Getty Images
Homefront: ‘Can our landlord impose a four-month penalty if we didn't give 90 days' notice?’

The couple are struggling financially and had to leave the property when the landlord denied their rent reduction request

MoneyMay 05, 2021
Gazumping is the terminology used when a seller withdraws from a property sales contract after receiving a higher offer on the same property from a different buyer. Getty Images
Homefront: ‘Can a seller withdraw from a property sale after a buyer signs the contract?’

The practice of ‘gazumping’ is becoming more common in Dubai

MoneyApril 28, 2021
A dispute between the landlord and his bank will not alter the tenant's rental agreement, unless otherwise agreed. Photo: Getty Images
Homefront: ‘Should I pay rent if there is no tenancy contract in place?’

The bank repossessed the property and is now threatening to evict the tenant if he does not settle his rental dues

MoneyApril 21, 2021
If a real estate executive insists on getting your reason for cancelling a property booking in writing, you can report him to the Real Estate Regulatory Agency in Dubai. Getty Images
Homefront: ‘Can I report a real estate manager for harassing me for deciding not to buy a property?’

The Dubai resident signed the booking form and handed over post-dated cheques but did not go ahead with the deal

MoneyApril 14, 2021
If there is a leak originating from the apartment above yours, try to understand if the owner has any kind of insurance to cover such an incident. Photo: Getty Images
Homefront: ‘Who should pay to fix a leak that comes from the apartment upstairs?’

The responsibility lies with the owner of the unit where the problem originated

MoneyApril 07, 2021
Rental increases in Dubai are covered by Decree Number 43 of 2013. This decree outlines by how much a landlord can increase a property’s rent at contract renewal, after serving the 90-day notice in writing. Getty Images
Homefront: ‘Can my landlord increase the rent without serving the 90-day notice?’

The Dubai resident claims the rent increase also exceeds the Rera calculator’s estimate

MoneyMarch 31, 2021
Dubai-based Boksha has raised $1m in funding from family offices and the Sandooq al Watan initiative to fund expansion. Bloomberg
Homefront: ‘Can I cancel my property sales contract and get a refund if there is a construction delay?’

All developers have a legal cushion of 12 months’ delay for completion

MoneyMarch 24, 2021
If a tenant continues to occupy the unit after a 30-day notice has elapsed, the property owner can file a complaint at the Rental Dispute Settlement Committee to evict them. Getty Images
Homefront: ‘My ex-wife refuses to move out of the property I rent. What are my rights?’

Send a notification via registered mail informing her that she has 30 days to vacate as the owner wishes to re-let the unit

MoneyMarch 17, 2021
A rental contract will determine whether a tenant is able to end the lease early and if any penalties will apply. Getty Images
Homefront: ‘I lost my job and can't pay the rent. Can I end my lease early?’

The tenant will have to pay the landlord a penalty, but they could ask for a waiver or payment holiday

MoneyMarch 10, 2021
DUBAI, UNITED ARAB EMIRATES. 18 JANUARY 2021. Dubai skyline seen from St Regis hotel on the Palm Jumeirah. (Photo: Reem Mohammed/The National) Reporter: Section:
Homefront: ‘Does buying a property in the UAE entitle me to a residence visa?’

There are property-linked visas available with a duration of three, five and 10 years

MoneyMarch 03, 2021
The industry norm for property management fees is 4 per cent to 6 per cent and the content of what is on offer will vary from company to company. Getty Images
Homefront: ‘Should I hire a company to manage my UAE property or do it myself remotely?’

Although self-managing a property is a cheap option for landlords, they will spend money and time to sort out maintenance problems in the long run

MoneyFebruary 24, 2021
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