In the latest in a long-running series of disputes involving tenants, landlords and property developers in Dubai, residents at Jumeirah Lakes Towers have been told that their previously free parking spaces will now cost them Dh8,000 a year for rental or Dh50,000 to purchase.
As reported in The National yesterday, tenants have cried foul, saying the charges breach their leases, or at least their understanding that parking would be provided at no extra charge. In response, the Dubai Multi Commodities Centre, JLT's master developer, said discussions about payment for parking spaces, involving tower developers and owners' associations, had begun in June last year. However, it conceded the process had "not always been properly explained to the final end user".
And so the hefty fees, and the reality of being barred from parking in their usual spots, came as a shock to residents when security personnel began enforcement a few weeks ago. Further installation of barriers has been delayed until after Ramadan, but the issue won't go away.
Some tenants see the situation - which also affects business owners and their employees - as a matter of the goalposts being shifted in the middle of the game.
Obviously, the rule of caveat emptor ("let the buyer beware") could be cited - although leases that lock in contracts for a year greatly restrict renters' ability to vote with their feet. Given the acknowledgement that so many tenants were left in the dark, it is reasonable for them to ask that parking remains free for the duration of these leases and then negotiated as part of the renewal process.
Simply setting a date by which all residents will have to pay does nobody any good. Tenants may pay, but only under duress, and the developer's reputation suffers. At the same time, if developers or owners are bearing costs they intended to pass on, they have a right to recoup them.
Adding to the confusion, though, is that some condo owners who live on-site don't even know if they own a parking space.
Given the potential for similar problems to occur elsewhere, the entire issue of residential fees requires legal clarification. One appropriate solution would be the adoption of standardised sales contracts and residential leases where all charges are clearly set out, along with who is responsible for their payment.
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The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Abu Dhabi Sustainability Week
UAE currency: the story behind the money in your pockets
The specs
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Transmission: 9-speed auto
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The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
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STAY%2C%20DAUGHTER
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UAE%20ILT20
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COMPANY%20PROFILE
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