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Christie's opens real estate division

20.10.2014
Christie's opens real estate division
The unit will handle property transactions in the $3 million to $5 million and above bracket and is set to stay in Dubai for the long term. Christie’s International Real Estate today officially launched in Dubai, coinciding with the auction house’s October art and watch offerings, Gulf Business reported.
The unit will handle property transactions in the $3 million to $5 million and above bracket. Brian Etemad, a former MD at Hamptons International Real Estate and legal council at Emaar Properties has been selected to lead the Dubai operation, which is a newly established affiliate.
According to Joachim Wrang-Widén, SVP and regional director for Europe, Middle East, Russia, India and Africa Christie’s International Real Estate, the new wing of Christie's is looking to facilitate the sale of luxury properties, with the sale of a 75 million euro Arabic palace in the works.
Wrang-Widén said the new affiliate was in Dubai for the long term and expressed confidence in the emirate’s real estate market, which has previously gone through boom and bust cycles. “I would not want to have an affiliation in the market if I had any concerns about the market’s long term sustainability and solidity,” he said.

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125,000 / year
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1,655 ft2
76 AED/ft2
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Ref.No: OF662
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1,300 ft2
45 AED/ft2
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6,800,000
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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