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'Developers call the shots in off-plan market'

08.01.2015
Developers in the UAE also have the upper hand when it comes to the secondary property market, experts say. The control that the leading developers exert on Dubai’s off-plan supply also extends to secondary market transactions, Gulf News reported. “The way they do it is by facilitating no-objection certificates (NOC) on all secondary market transactions,” said Sameer Lakhani, managing director at Global Capital Partners. “For instance, the average time in granting an NOC has increased from three days to 11 days in 2014, based on our records. This could happen as a master-developer could block or delay handing over the NOC in case there are outstandings owed by the seller." “In other markets, it’s the homeowners associations who have the rights to handle the purchase and sale of units within completed projects. The current scenario in Dubai has lent a hand in a substantive decline in secondary market deals — down 36 per cent year-on-year — compared with primary sales, which registered a near threefold increase over the same period." “On the plus side, this has resulted in dampening secondary market price volatility and facilitated in promoting investor confidence. But brokers have suffered from the decline in transactional activity, and that’s a negative.”

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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