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50% Emiratis pay cash for new homes: Survey

19.04.2015
The type of buyers in the market are changing, the research found. Now, genuine end users are coming to the market.

More than half of Emiratis pay for new homes in cash, a new survey from the polling company YouGov has found.

Fifty-four per cent of Emiratis pay the full value of property purchases with equity, compared with fewer than three in 10 western expatriates, The National reported.

Emiratis pay with cash “because they have the ability to”, said Warren Philliskirk, a director at Mortgage International, a Dubai-based advisory company.

“But we are seeing more Emiratis using finance. It’s still much cheaper than small business lending or getting an overdraft.”

The type of customer buying a house in Dubai is also changing, he said.

“We’re seeing the genuine end users coming to the market – people who’ve already been here three to five years already, people who don’t want to rent anymore or people who are upgrading from what they’ve already bought.

“It’s not really an investor market anymore. Where there are investors they’re looking for long-term yields as opposed to buying and selling quickly to make a profit. The market is maturing.”

“Authorities are really on the case to make sure things aren’t overheating,” he said.

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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:

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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
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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
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5% of the annual rental price

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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:
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  • 0% when investing in a new building
  • 4% - registration
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Property management