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N. Emirates opens up freehold market

28.02.2015
N. Emirates opens up freehold market
Prices for one-beds to four-bed penthouses will range between AED750,000 to AED4.5 million at the Al Rayyan development in Sharjah

Non- Gulf Cooperation Council (GCC) expatriates with a valid UAE resident visa can now buy apartments in Sharjah’s Al Rayyan development on leasehold basis, Emirates 24/7 reported.

“This is the first time that non-GCC expatriates, but with a residence visa, can own a property in our tower, which is located in Al Nadha district, on a leasehold basis,” Randa Kamal, CEO, JMS Property Development & Management, told Emirates24|7.

The AED700-million Al Rayyan development comprises two residential towers with 504 dwellings, a commercial tower that will also include served apartment options, and a retail complex housing 80 to 90 shops and a hypermarket. Prices for one-beds to four-bed penthouses will range between AED750,000 to AED4.5 million.

In September 2014, another Sharjah-based developer had told this website that Arab nationalities could buy a maximum of five apartments, but there was no restrictions for GCC nationals.

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Call management
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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