'Property market matures'

05.08.2014
Concerns may be rising over Dubai's rapid growth, but steps taken by the UAE government this time around proves that the market has developed, says one industry professional. The property market in Dubai is stable and moving towards becoming a more matured market due to “significant steps” adopted by the real estate regulator and the Central Bank of the UAE, according to an industry official.
Parvez Khan, chairman of Pacific Ventures, paid rich tribute to the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and in an interview with Khaleej Times, underlined the need to open up the banking sector for real estate to bring more stability in the market.
“The real estate market in Dubai is bit slow, but still lucrative and stable,” Khan told Khaleej Times ahead of his AED2.4 billion mega development launch in Dubai this week. With the launch of its new flagship development — The Royal Estates by Shah Rukh Khan — the company holds AED4 billion projects comprising of approximately 2,500 units that will be delivered by 2018.
“To achieve more stability in the market like in the developed cities — London, Singapore, Hong Kong, etc — banks too should have open up and introduce friendly policies like the ones in those cities. The banks here have to open up and encourage the right understanding of the concept of mortgage. At present many banks suggest credit card loans and auto finance loans, which is not sufficient to encourage people to invest/buy property in the city.”

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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