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Proposal to ensure affordable housing under review

12.01.2015
Proposal to ensure affordable housing under review
If implemented, the law would ensure that there are enough affordable housing options for residents with lower income but would also help reduce traffic in the city, resulting from long commutes. Dubai has turned its attention to ensure there is enough affordable housing for its residents and according to a senior official, a proposal to look into this is currently under review. If made law, the proposal will not only provide more economic stability, but also reduce traffic jams, said Abdullah Rafia, acting director-general for engineering and planning, Dubai Municipality. The proposal to develop a law that will balance out luxury and affordable housing — while reducing traffic congestion — is part of the overall strategy of “building a sustainable city”, Rafia told Gulf News. “Laws take some time to mature. There is a lot of discussion about the law itself. It’s more about building a sustainable city, signalling affordable housing, but not necessarily to limit luxury housing." Placing enough mixed-income units on the market is “one of the suggestions for the major developers, to provide for at least some of the people who’ll be operating the business or the [property] development itself.” Rafia stressed the mechanism to implement the law would be “more complicated and comprehensive” than simply restricting the amount of luxury projects or forcing a minimum number of mid-market projects onto the market.
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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