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Maritime City, Dubai's newest high-rise destination

10.12.2014
Maritime City, Dubai's newest high-rise destination
While the Maritime City project has been around for the better part of the last decade, it was in 2012 that the developer decided to go in for a completely new masterplan. Dubai will have a new destination for high-rise projects by the sea with the revised masterplan for Dubai Maritime City (DMC) in the final stages of the approval process, Gulf News reported.
The first of the towers — the 48-storey ‘Anwa’ from Omniyat Properties — goes on sale Wednesday with prices starting from AED1,800  a square foot.
While the Maritime City project has been around for the better part of the last decade, it was in 2012 that the developer decided to go in for a completely new masterplan. The project is now split into three phases, with the first two making headway on getting the basic infrastructure and access roads in place. The timing for the launch of the third phase will be confirmed later, according to a top official.
The masterplan would have scope for more than 50 mixed-use projects, an extensive retail component, hotels and green zones.
“With phases A and B ongoing, [private] developers can get on with their individual projects on site, which is what Omniyat has done,” said Khamis Juma Buamim, Chairman at DMC. “Phase B itself has seen confirmations for 19 tower projects, of which 11 should be ready to get going shortly.
“Each of these projects could cost between AED400 million to AED700 million and gives a scale of what Maritime City can become.
Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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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