Quote:
Originally Posted by Friend1422
Hi folks,
I purchased a 1 bed apartment in International City - Greece, via MINC / ROMOTEC / DUBAI GUERNSEY, about 3 years ago (nearly completing end Jan / Feb). This company has tied us into an 8 percent rental agreement on the original purchase price + Management fees for 2 years. Which is about 30,000 AED obviously the rent today is around 50,000 AED. The service charge on completion was 8,500 AED. So leaves about 21,500 (3,000 GBP per year at today’s rate !!!!!!!!).
Any one know what the service charge will be for future years, will this stay the same, go up or go down?
Any one dealt with this company on this forum? There contract also says they will make me pay for maintenance and utility charges that will eat - even more into the rent I get from them.
Looks like there 2 years 8 percent rental agreement is a total sham. I have tried to get out of their contract but they keep telling me because I signed up to them 3 years ago they are now going to hold me to it. I looks like I might have to pay them even more than what I receive in rent each year from the maintenance and utility charges.
Any one know what to do ?????
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Hi mate,
looks like you are in a pickle, will try to help. First of all look at the contract you signed does it say a MINIMUM 8% if so then you may have a case speak to you helpful agents and say that the market has changed and you expect no less than the property to be rented out for less than CURRENT MARKET rates (point out RERA is compiling these rates for apartments in dubai). If they disagree mention bout the minimum and if you are still not satisfied with your answer hint about going to RERA and complaining or the dubai muncipality. Also ask if they are registered proeprty agents in dubai if so ask for their number.
let us know if this is of any use