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'20% of prime property stands empty'

08.04.2015
'20% of prime property stands empty'
Property experts in Dubai believe that around 15 to 20% of the emirate’s units are not occupied as they have been purchased by foreign owners either for investment or as a holiday home.

There's a new trend in town: affluent out-of-towners are buying up prime properties in urban centres.

According to a recent article in Newsweek, an American weekly news magazine, one in four apartments stand empty in the world’s top cities. Property experts in Dubai believe that around 15 to 20% of the emirate’s units are not occupied as they have been purchased by foreign owners either for investment or as a holiday home, Khaleej Times reported.

“Dubai does host a vast number of absentee owners, just like many other similar cites in the world that attract high net worth individuals,” says Andrew Cleator, luxury sales director, LuxHabitat, adding: “There are no recorded statistics for absentee owners, but in my opinion, I would safely say currently in the region of 20 per cent of properties, of which buyers mainly come from Europe, Russia, the GCC and to a lessor degree the Indian sub continent.”

A majority of these international home owners typically go for either luxury or beachfront properties in Dubai. Areas such as Downtown, Palm Jumeirah, Emirates Hills, JBR and Dubai Marina are popular choices. “It’s a mix really. Some buyers will buy to rent (Downtown or Dubai Marina), some buy as holiday homes (Palm Jumeirah) and some buy for the future (Emirates Living),” according to Gregory Lewis, senior negotiator, Knight Frank, a global estate agent and consulting firm.

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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