First serviced apartments released for sale in Aikon City

11.03.2016
Damac offers new opportunities for investment in Dubai’s hospitality real estate.

Anyone who is interested in fast and high return on their investments in Dubai’s property will pay special attention to the opportunities offered by serviced apartment type of hospitality real estate. Recently, a new batch of hospitality units was launched for sale by one of the leading Dubai's developers Damac.

Investors were presented apartments in a 63-storey Tower B in the Aykon City complex. Among this project advantages there are gorgeous views of the Dubai Canal and location in the heart of a thriving neighborhood on Sheikh Zayed Road close to the green Safa Park. Hotel apartments will be managed by Damac Maison hotel brand.

280 hotel rooms will take ten top floors of the tower, while serviced apartments and residential units will take the remaining lower floors. Hotel apartments available for sale starting from 12 March will be offered at a price of AED 1 million (US $ 272,000).

“Owning a luxury freehold hotel room in a central location that benefits from the vast infrastructure that surrounds it, including accessibility by car, metro or water taxi, is undoubtedly a lucrative and prudent investment decision,” said Niall McLoughlin, Senior Vice President of Damac.

Aykon City complex will consist of five towers constructed on both banks of the Dubai Canal. In addition to the hotel complex there also will be a 65-storey office tower and a 30-storey building with ultra-luxury residential apartments.

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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