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Affordability the main factor in the Dubai real estate market development

09.09.2015
Affordability the main factor in the Dubai real estate market development
New Asteco report outlined the priorities for the UAE real estate market further development in Q3.

New mid-year Asteco report on the UAE real estate market published just before the biggest industry event, Cityscape Global exhibition, has defined the main prospects for the property market.

The report noted market’s relative stability during summer months. A dramatic prices decline was observed mainly in the luxury segment, where prices fell by 10%, whereas affordable housing, by contrast, has shown steady growth.

In those Dubai areas with a continued developers’ focus towards the affordable segment, prices have increased over the summer months. IMPZ, Discovery Gardens and Dubai Silicon Oasis recorded 3%, 6% and 2% prices increase over the last three months respectively, while Dubai areas with elite expensive housing, such as Dubai Marina, Jumeirah Beach Residences and Palm Jumeirah saw prices decline by 10-13% over the same period.

"Newly launched properties with reasonable price and/or payment plans, and healthy prospective ROI, have been attracting solid investment interest, which will define market movement in the months to come as affordability remains a major driver for sales," said John Stevens, managing director, Asteco.

"The second half of the year will see around 7,000 units come online, and while average rental rates have been relatively stable over the last few months, albeit with significant differences between areas, we expect the new stock to exert further downwards pressure in the next few months; and through to 2016 with 13,000 more apartments due for completion," he added.

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2,350,000
Ref.No: AP670
1BR Apt
1,308 ft2
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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