Real estate expert Walid Al-Zarouni has identified six positive benefits for the real estate sector in the United Arab Emirates from implementing the initiative (# owners_good) to support and exempt tenants from paying the rent and help them overcome these emergency situations resulting from the emerging crisis of the Corona Virus (Covid-19).
The #ownership of good initiative, which was proposed by Al-Zarouni last week and found a wide echo among the real estate circles in the country, aims to support tenants directly by exempting them from rents for a period of no less than 3 months renewable, with the aim of mitigating the effects of the current conditions on Different segments of society, and the initiative encourages real estate owners to take a humane approach to tenants in this time of crisis.
Al-Zarouni, who heads W Capital Real Estate Brokerage, one of the leading real estate brokerage companies in the Emirates, said that the first benefit comes from adopting such national initiatives that contribute to reducing economic and social repercussions on individuals and investors alike, which contributes to Supporting and moving the national economy in light of the current challenges.
He added that the second benefit is that it provides real estate owners with a good opportunity to preserve their properties from sudden tremors, as well as their occupancy rates, which contributes to achieving stability in this important sector in general, pointing out that the lessor’s exit from the real estate unit, especially commercial, will cost the owner Double the cost of the proposed exemption for the initiative, which is three months, explaining that in the event of evacuation of some real estate units, whether residential or commercial, due to the landlord's adherence to the rent, this will lead to pressures on him from the rest of the tenants, as they are expected to resort to the threat of eviction and search for other housing .
Al-Zarouni stressed that the real estate sector in the UAE is strong and able to overcome this crisis, supported by the precautionary measures and measures taken by the state, in addition to its association with a system of laws and legislation as well as regulations with international standards for this sector that have proven a positive impact on its performance, noting that the sector During the past years, he was able to overcome many global and regional crises, and he was emerging from it more strongly than it was.
Al-Zarouni pointed out that the third benefit is to enhance confidence between investors, beneficiaries and owners, and increase tenants ’satisfaction and loyalty in a manner that supports achieving the common interest and shoulder all the burdens created by the exceptional circumstances in a parallel way, stressing that adopting the procedures of supporting tenants by real estate owners will enhance the long-term strategic partnership that has developed With them over the past years.
Al-Zarouni pointed out that the fourth benefit is that the initiative reflects the extent of societal and charitable responsibility in a way that enhances the competitiveness of society and the entire country in support of the national economy and investors and contribute to mitigating the effects of emergency conditions on different segments of society, and embodies on the ground the spirit and meanings of human and economic solidarity and compassion Social among the various components of Emirati society, where everyone is accelerating towards seeking to alleviate the crises of those who are unable, especially as the initiative coincides with the blessed month of Ramadan.
On the fifth benefit of the # owners # goodness initiative, Walid Al-Zarouni said that the contributions of owners, real estate owners and real estate development companies operating in the United Arab Emirates to support the efforts of the state during these difficult times is a message of thanks and loyalty and a "nice response" to the country that has provided so much For Emirati businessmen and companies throughout the past decades, through many concessions and facilities, which contributed to achieving high gains and creating economic entities with an excellent financial position, in light of the continuous government support.
He said that the sixth benefit of the initiative, as it comes in response to the directions of the rational leadership to enhance social cohesion, and strengthen ties and human relations between all members of society, and all efforts in the UAE and within national initiatives under the current conditions resulting from the emerging corona virus.
Al-Zarouni appreciated the special initiatives taken by some self-motivated real estate owners related to providing facilities and exempting the tenants from paying the rent premiums for several months, expressing his hope that these initiatives would expand to include a larger number of owners, each according to his material ability and available tools.