Realtors: Provide incentives to attract dealers as an alternative to price cuts
Real estate companies in Sharjah expand rental facilities to attract tenants
The offers include rental facilities, most notably giving tenants 3 months free.
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Sufian Salamat: "Offers will continue in the markets for additional periods after the month of Ramadan, while the state of calm in demand continues."
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Tenants of residential units in Sharjah reported that real estate companies are expanding their rental facilities recently, after they witnessed a significant decline before the month of Ramadan.
They pointed out to "Emirates Today" that the recent period witnessed offers from real estate companies, including various rental facilities, most notably granting tenants three months, monthly payment facilities, granting free parking, and exempting or reducing commission.
In turn, officials in real estate companies confirmed that the Ramadan season increased reliance on offers to stimulate demand during that period, and it is expected that these offers will continue for additional periods to come, with the success of these offers in providing incentives to attract tenants as an alternative to price reductions.
rental facilities
In detail, the tenant, Ahmed Abdel-Ghani, said that "when looking for apartments to move to, he noticed extensive offers in the market for rental facilities, the most prominent of which are granting three free months, in addition to granting free parking, with an exemption from commission in some companies."
The tenant, Muhammad Ibrahim, added that "the offers of facilities in the rental sector, after some of them disappeared and some retreated during the periods leading up to the month of Ramadan, have returned again, with the companies' desire to stimulate demand and attract tenants, whether in old or new buildings."
The tenant, Naji Abdul Rahman, explained that “one of the most prominent areas that witnessed the launch of expanded offers during the recent period for rental facilities, were the areas of Al-Khan, Al-Majaz, Al-Qasimiyah and Al-Nahda,” noting that “the most prominent offers included facilities for the monthly payment of rents, granting one month and three free months, in addition to Granting car parks, with exemption or reduced commissions for new rentals.
Ramadan season
In turn, the director of "Manarat Al Shati Real Estate" company, Fouad Jassim, said that "the Ramadan season has restored the momentum of rental facilities offers in the Emirate of Sharjah, after it witnessed a decline or disappeared before the beginning of the month of Ramadan," pointing out that "the reasons for the return of the expanded offers during the month of Ramadan, This is due to the fact that the rental markets are witnessing a lull in rental operations during that month, which made many companies resort to these facilities.”
He added, "According to market indicators, rental facilities offers are expected to continue for additional periods after the end of the month of Ramadan, after many companies resorted to relying on them to compete in attracting tenants, instead of resorting to price reductions."
Offers and facilities
For his part, the CEO of Al Som Real Estate Company, Sufian Al Salamat, explained that "the rental markets in Sharjah are currently dominated by manifestations of stability in annual rental prices, and therefore rental facilities offers were the appropriate means that companies relied on to finally attract tenants."
He pointed out that “the reasons for the return of these offers during the Ramadan season are due to the fact that that period witnessed a state of boom in demand, and then the markets witnessed a state of calm demand again during the month of Ramadan, and thus companies turned to those offers to compete through them.”
He added that "these offers will continue in the markets for additional periods after the month of Ramadan, with the continuation of the calm state in demand, which is considered a positive matter, with the flexibility of companies in dealing with the variables of supply and demand in the markets."
In the same context, the real estate broker, Magdy Abdel Aziz, said that "the continuation of rental facilities in the markets supports the continuation of stability in the annual rental prices of housing units, and therefore it is an appropriate way for companies to maintain competitiveness."
He added that «the most prominent offers of rental facilities that have recently re-emerged in the market remarkably are the granting of free months at different periods, and payment facilities according to the preferences of the tenants, from six payments to the monthly payment, in addition to free parking and exemption from commission».
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