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What Happens in Dacha Cottage Rental Market?

What Happens in Dacha Cottage Rental Market?
Markets Review 

2017 May 10 ( Wednesday )  10:27:06
Print version
Русский Azərbaycan

In the suburban real estate rental segment, there is a surge in activity. Experienced tenants are beginning to search for the best option for rent in early March, since with the beginning of the summer season the rates of landlords are repeatedly raised. And here, tenants need to beware of unscrupulous brokers, whose services are popular with the population...

As it turned out from the conversation of Turan IA with an expert in the real estate market, summer in a cottage by the sea will cost our citizens more than traveling abroad. Many Azerbaijanis cannot afford this venture, because the costs associated with it do not fit into the average monthly income of the population.

The minimum price starts from 1,000 AZN and can grow indefinitely, and 1,000 AZN is only the initial cost of rent: “So much is the rent of a "normal "seaside villa with minimal conveniences, and cheaper options can turn into a waste of money, spoiled rest and doubtful pleasures,” the Executive Director of the Association of Realtors of Azerbaijan Elnur Azadov said.

For example, in the elite seaside cottage settlement of Bilgah, seasonal rental rates for a one-story house of 200 m2, located on 16-20 acres of land, range from 2,500 to 3,000 AZN. Such proposals are designed for wealthy customers who rent accommodation with all amenities. Tenants pay for good repairs, beautiful surroundings and maximum quality of recreation.

As a rule, the rates are dictated primarily by the location of the villa property, the internal entourage of the premises and the conditions - the number and quality of the bathrooms, the level of utilities, etc. Depending on these criteria, real estate prices in the same area can differ strongly.

“The extreme shortage of professional real estate companies in this segment of rent increases the risks of property owners and tenants,” warns Elnur Azadov. According to the expert, profile real estate companies are concentrated in the center of the capital, and therefore they do not have an information base about the dacha real estate outside the city. Dacha real estate is rented out by dealers who do not have the right to provide this kind of services.

“With the beginning of the summer season, individuals begin to collect data on rented property in popular recreation areas. Customers turn to them. In fact, they pay to such "brokers" only for information, since they do not bother with proper execution of the contract, compilation of accompanying documentation and legal part of the transaction. Employed in this segment, dealers require exactly half the cost of rent for information about the real estate and the customers.”

Professional real estate services are more expensive, but in this case, all conditions of the transaction are strictly observed. The profile company takes into account legal aspects and possible consequences. “In theory, the contract should include circumstances even insignificant at first glance. So, the amount of the transaction and terms of arrival and departure from the dacha are stipulated. Who will get the harvest from the garden? Who will pay utility bills? These and many other issues should be reflected in the contract. No less important is the act of acceptance and delivery of the object with a list of valuable property.”

According to expert estimates, the services of professional realtors when renting suburban real estate are used by owners of expensive facilities - they bear the lion's share of the costs, turning to profile companies. Owners of low-cost dachas and medium-priced real estate prefer to work with individuals. Thus, experts observe a high level of risk when renting inexpensive real estate, urging the parties of such transactions to be extremely cautious.--0--