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Developers under control: Damac Chief

08.01.2015
Developers under control: Damac Chief
All of the leading developers will have mature responses to handle any shifts in market forces and the market itself has matured, says Damac's Chairman Hussain Sajwani.
Dubai's developers are in full control of supply and pricing and as a result, the chances of a sudden correction breaking out in the property marketplace is remote, says Damac Group's chief. “Three of the government owned or supported master-developers — Nakheel, Dubai Properties and Emaar — and us as a privately-held entity currently represent anywhere up to 90 per cent of the off-plan supply that will be built in the medium term,” said Hussain Sajwani, chairman of Damac. “With that kind of control in place and which also extends to setting the pricing levels, the chances of crazy things being set off and upsetting the market dynamics are remote. “All of the leading developers will have mature responses to handle any shifts in market forces. The market itself has matured.” “Now, only those projects which are suitably financed have a chance of making it to the sales stage,” said Sajwani. “Here too, the off-plan launches have been dominated by the big names and all of whom have got the track record of project completions in the last four years.
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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
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Ad placement

1 day

Ad placement:
  • 20 real estate portals;
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Up to 2 days

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Expenses of the seller:

None

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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:
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  • 4% - registration of the transaction at registration
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Property management

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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

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None

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From 3 days

Selection of optimal investment options
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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
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