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Growth continues, but in stable market

25.01.2015
Developers appear fully confident that there will be continued demand for property in Dubai as populations increase ahead of the Expo 2020. For some, growth in the real estate sector has to be measured in increasing rents, greater sales and a frenzy for new developments. While there's no doubt that Dubai's property sector has slowed down, there are other factors to consider when measuring growth. That Dubai is seeing a stabilsation in house prices is no news. Property agent JLL reports that Dubai apartment prices showed no growth between October and December 2014 and villa prices actually dipped by 1% in the final three months of 2014. The emirate's real estate crash was a result of a property bubble, with unrealistic increases being made to home prices and most purchases being made only to turn over a profit. Dubai has come a long way from that. In fact, the market has taken a very clear turn towards focusing on the needs of end-users as homeowners. Mohamed Alabbar, chairman, Emaar Properties, noted: "Dubai’s real estate market will be driven by homeowners, and not by speculators as in the past, and this is a great sign of a maturing market.” At the same time, developers are fully confident that there will be continued demand for property in Dubai as populations increase ahead of the Expo 2020. The emirate is set to welcome 25,000 new units in 2015. Developers are also pushing ahead with their off-plan launches as scheduled, rather than waiting around to see prices increase. Reef Real Estate, on Tuesday, launched the 38-storey Reef Residence, which it says is the first tower project at Jumeirah Village Circle. In the first phase, units will sell for AED770 a square foot, and thereafter the “average blended price” would be AED885 a square foot. However, developers are pushing ahead with new projects, confident that the demand will be there for these new developments as the country enters a phase of growth. It's evident that Dubai's real estate market has learnt that growth is possible, even in a market that maintains a sense of stability.
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management