exempt tenants from rents
exempt tenants from rents

In light of the persistence of some real estate managers to collect the rents, or the payments and installments due on the tenants under the current circumstances, the real estate expert Walid Al Zarouni proposes to the owners, real estate owners and real estate development companies operating in the United Arab Emirates to launch the initiative (# owners_good) to support the tenants And help them overcome these emergency situations resulting from the crisis of the emerging virus Corona (Covid-19).

This initiative (#ownership of goodness) aims to directly support tenants by exempting them from rents for a period of no less than 3 months renewable, taking into account their current conditions resulting from the consequences of the spread of the Corona virus, and the initiative also encourages real estate owners to take a humane approach to tenants at this time From the crisis.

Walid Al-Zarouni, who heads the "W Capital" Real Estate Brokerage Company, said that the landlords' initiative to exempt from the payment of rent for commercial areas and units for a period of three or six months reflects the extent of their societal responsibility in supporting the national economy and investors, especially since this period requires each of us to bear some It is a societal responsibility for his own benefit and the community’s interest, stressing the importance of the mitigation decision being an exemption, not a delay in collecting rents for a period of at least three months, renewable according to developments in the conditions provided they are proven to be affected, and this is not only for commercial real estate but also residential.

He added that the initiative provides actual solutions that will pay off and will not harm the landlord or the tenant, but rather benefit the two parties, as the tenant exemption from 3 months helps in the first place the landlord, because leaving the tenant from the real estate unit, especially in commercial real estate, will cost the landlord twice the cost of the proposed exemption, which is three For months, the landlord will not be able to find a replacement for it at the same rental price, and the unit will remain vacant for a long time under these conditions.