First Dubai’s real estate project of 2016: Mada Residences in Downtown Dubai

05.01.2016
New developers come to Dubai’s real estate market: Saudi company to launch a new residential development in Downtown Dubai.

Dubai’s real estate market attracts not only investors, but also new developers longing to benefit from the advantages of the local housing industry. ARTAR, a real estate development company from Saudi Arabia presented its first residential project Mada Residences in the central area of Dubai.

The developer said in a statement, that Mada Residences will include 193 apartments of various sizes with panoramic windows and views of central Dubai. Among the facilities usual for such A-class residential developments there will be a rooftop swimming pool available to residents and also a children's pool, a terrace lounge, relaxation areas, a sauna and a gym.

Sulaiman Abdulrahman Al Rashid, CEO of ARTAR Real Estate Development, said: "Mada Residences has been launched to bring a new standard of living to one of the most sought after addresses in the UAE, Downtown Dubai.

"Each apartment, whether one, two, three or the exclusive four-bedroom, is highly appointed and characterised by generous living areas and modern finishes."

Like many other Dubai property developers, ARTAR aims at the end property buyers and provides a special payment plan, according to which 30% of the property cost must be paid within one year after registration of the contract, and the remaining 70% payment can be made upon the completion. Thus, the risks for this off-plan property buyers are minimal. At this stage, ARTAR is in talks with local banks to get all the necessary financing to begin the construction.

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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