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AED7m onwards for plot on new island

23.05.2015
AED7m onwards for plot on new island
The off-market sale of plots on Nareel Island, off Abu Dhabi’s Al Bateen coast, has generated AED500 million in committed sales from just 27 plots for Aldar Properties, the largest developer in Abu Dhabi. I

Plots on UAE's newest island are on sale for AED7 million onwards, according to Emirates 24/7.

The off-market sale of plots on Nareel Island, off Abu Dhabi’s Al Bateen coast, has generated AED500 million in committed sales from just 27 plots for Aldar Properties, the largest developer in Abu Dhabi. It is now selling 32 more plots of the total 148 on the island, with a starting price of AED7 million.

“During the off-market sale of the first phase, Nareel Island saw strong demand from Emiratis across the UAE, and we have committed sales reservations for 27 plots, with a value of almost Dh500 million,” the company said in an emailed statement sent to Emirates 24|7.

The developer has not released information related to number of plots sold since its May 10 launch.

The new plots range from 1,000 to 5,000 square metres, with prices depending on their location, view and size. A simple calculation shows the biggest (5000 square metres) plot could sell for an estimated Dh35 million.

As the island is not in an investment zone and the plots are therefore only open to UAE nationals, the company said. This means nationals will not be able to resell these plots to foreign expatriates.

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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