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Developer rules out big market correction

24.03.2015
Developer rules out big market correction
Prices and rents may be falling in Dubai but the vice-chairman of leading developer Sobha Group says the market is not going to undergo a major price correction.

A 'significant' price correction in Dubai’s real estate market has been dismissed this year by a senior executive of Sobha Group.

"Dubai is not going to see any significant price correction though the real estate market has been moving sideways in the past few months," company Vice-Chairman Ajay Rajendran told Emirates 24|7 in an exclusive interview.

“People are continuously being attracted to the emirate. Though people may come with a six-month to one-year time horizon, they tend to extend their stay when they see what the city offers - the conveniences, comfort, security and opportunities."

“So why should someone say there is a ‘big’ correction around the corner if your apartments and villas are being occupied by users."

“The economy is encouraging growth with population growing consistently by 5.0 to 5.5% every year. We believe that is enough to manage the supply expected in the market.”

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125,000 / year
Ref.No: OF1209
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1,655 ft2
76 AED/ft2
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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