Downtown Dubai in focus of property buyers' attention

06.08.2017

Experts define two strategies for buying property in the central Downtown Dubai district, differing in price and type of sales offers, while overall demand for freehold properties in the area increased by 9.8% in 15 months. Read more for the most preferred Downtown Dubai buildings and hottest sales prices in the area.

Statistics revealed by the ValuStrat analytical company shows that property buyers’ interest in the Dubai’s central area of ​​Downtown Dubai increased by almost 10% over the last 15 months. And this applies both to the most popular off-plan real estate sector accounting for 62% of all housing deals registered during this period, and to the secondary real estate market segment as well, with more affordable offers of apartments for sale.

Experts emphasize that off-plan property in Downtown Dubai today is mostly targeted towards the ultra-luxury segment, with large apartments in the perfectly located high-end residential buildings with breathtaking views. At the same time, secondary market offers more affordable smaller-sized apartments with, perhaps, not the most desirable views, but at a much more democratic prices.

Most off-plan apartments sold during the mentioned period are located in such buildings as Downtown Views, Bahwan Towers and The Address Residences Dubai Opera and had a price tag of AED2.45 million, while one the exclusive residences in the IL Primo Apartments was sold at a whopping AED18 million.

In the secondary market, the biggest demand was detected for studios, one- and two-beds in the 8 Boulevard Walk, The Lofts, South Ridge, Burj Views and 29 Burj Boulevard. The average price tag for an apartment in this category was AED1.6 million.

Over the last 10 years, 25 real estate projects were delivered in Downtown Dubai area, which allowed to handover 10,600 residential units, and over the next 4 years it is planned to double the existing stock in the area due to 28 new projects under construction with more 10,800 housing units to enter the market.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

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

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

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

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

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