A tenant in Dubai is struggling to get her deposit back from the landlord. Philip Cheung / The National
A tenant in Dubai is struggling to get her deposit back from the landlord. Philip Cheung / The National
A tenant in Dubai is struggling to get her deposit back from the landlord. Philip Cheung / The National
A tenant in Dubai is struggling to get her deposit back from the landlord. Philip Cheung / The National

Homefront: ‘How do I get my security deposit back from the landlord?’


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I’ve been living in a rented apartment under my husband’s name but he had to leave the country in October 2019. We decided that I would continue to lease the apartment until the contract expires. We contacted the broker and prepared a document for me to get the security deposit back.

When the contract ended, I asked if I could move to a cheaper apartment in the same building but the property agency refused, saying that the prices quoted are for new tenants only. They said it is not normal for an existing tenant to move from an annual rent of Dh52,000 to Dh40,000 in the same building.

I left the building and am currently trying to get the security deposit as agreed with the agency before my husband left. Initially, the agency said they had lost the document, then they asked for a new one and my documents, and now they claim it is not possible for me to get the deposit back.

The agency insists my husband has to come to Dubai to get the refundable deposit. He sent them several emails and documents but the agency has stopped responding. AR, Dubai

The subject of a tenant’s security deposit is possibly the most common form of query I receive and one that sooner or later has to be resolved because there are always too many disputes or anomalies involved between landlords and tenants.

In terms of advice, unfortunately there are only two things you can do now:

The first is to insist on a meeting at the agency. It is clear to me that their refusal to cooperate is down to either a lack of understanding or a training issue. You will have to be persistent in your approach because if your husband wishes to get the deposit back, they must abide by this. However, this means that a personal visit might be the only way to follow this through.

I say this because if they are ignoring your calls and emails, and they have left you without any alternatives. During this difficult period, some offices are working at a lower capacity, so it may take a while before you get an appointment. When you do, perhaps you can also call your husband at the same time and let him speak directly to the agency manager about how to return the deposit.

I know all of this comes across as being a lot of hassle but you have the right to get your deposit back so you need to carry on.

There are always too many disputes or anomalies involved between landlords and tenants around security deposits

As I said, until arrangements for deposits are organised, such as an escrow account where all deposits are placed in safekeeping, tenants will have to continue to fight for their rights.

If all of the above either comes to nothing or you still don’t get satisfaction, your final option would be to file a case at the Rental Dispute Settlement Committee at the Dubai Land Department in Deira. They may also be working at reduced capacity so please be mindful of this.

Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for more than 35 years in London and Dubai.

The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario.volpi@engelvoelkers.com

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media