Studios on sale for less than AED300,000

19.04.2015
The new launch of studio apartments in Dubai Investment Park marks the start of an affordable housing war that's set to hit the market soon.

Studio apartments in the Royal Estates in Dubai Investment Park (DIP) will soon start selling for AED284,888, while one-bed units will be offered for AED575,888.

“The official launch of the apartments will happen in the coming two to three weeks," Shahid Rasheed, General Manager, Texture Properties, told Emirates 24|7. “These units are very much in the affordable price range and something that the market has been seeking."

The project is being endorsed by Bollywood superstar Shah Rukh Khan. The first phase of the launch will include three towers, consisting of 1,200 apartments, which are set for completion by end-2017.

“Our price per square foot stands at AED580. The response has been great,” said Rasheed, revealing, investors will have to pay a 10% down payment on booking, with the balance payment being paid over 4.5 years in EMIs of nearly Dh3,600 per month.

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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