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It's all about supply and demand

23.11.2014
The market may have gone through periods of ups and downs over the years, but it is clearly on a different trajectory now - one where the market is controlled by the free market forces of supply and demand. The Dubai market is undergoing transformation, that much is evident. While the market went through periods of ups and downs over the years, it is clearly on a different trajectory now - one where the market is controlled by the natural free market forces of supply and demand.
“Rent control, along with laws protecting tenants against eviction, involves partial expropriation of property rights. It limits the owner’s rights to use and to profit from the use of his property.” Those were the words of economists Milton Friedman and George Stigler, written nearly 70 years ago. However, the words hold true even today in a free market. Arabian Business reported that Dubai should consider following Abu Dhabi in abolishing the rent cap in the city rather than keeping prices artificially low.
Clearly, developers are paying attention to market forces as there has been increased focus on the middle-class segment when it comes to housing. Dubai's known for its luxury properties and while these developments certainly earn developers far more money, tenants living in the UAE have begun to make their voice heard - they aren't looking for more luxury properties. Instead, many tenants have been looking towards the other, more affordable emirates in the north.
At the same time, developers now also have the opportunity to restart projects that were halted during the recession because there is an increased demand from investors. Recently, the Dubai Land Department announced that it would be reviving 43 stalled projects worth over AED10 billion as part of its Tanmia initiative.
With this shifting trend in Dubai's real estate market, it's hard to predict how the sector will adapt. One thing's for sure, developers are now taking a keen interest in setting up more affordable housing to prevent tenants from leaving the emirate. At the same time, there's a possibility that the emirate will look at dropping the rental cap, following suite of Abu Dhabi.
Latest Availability
1,135,000
Ref.No: imex-5095297
Квартира-студия
0 фт2
0 AED/фт2
ПРОДАЖА
2,180,000
Ref.No: imex-4434300
Квартира (2 сп)
923 фт2
2,361 AED/фт2
Этаж: 3
ПРОДАЖА
1,400,000
Ref.No: imex-4434389
Квартира (1 сп)
607 фт2
2,306 AED/фт2
Этаж: 2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

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
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

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
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

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