'One cheque' demands ease as credit crunch tightens

Landlords are starting to relax their payment criteria for tenants struggling to secure a year’s rent in advance as UAE banks tighten credit controls, Arabian Business has learnt.

Tenants have been left unable to afford exorbitant rental rates, after many banks in the region reviewed their lending criteria during the past month.

“Landlords have become sympathetic to accepting more than the one cheque up front,” said John Davis, CEO of Colliers International, Middle East.

“Obviously they [landlords] want to get their money as soon as possible but if asked, nine times out of ten they have agreed [for more cheques].  

Most landlords in the UAE demand a year’s rent in advance but agents have warned them they may have to relax this as many are struggling to secure tenants. 

'One cheque' demands ease as credit crunch tightens - Real Estate - ArabianBusiness.com

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