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Growth slows for luxury property

05.11.2014
Growth slows for luxury property
Prices of premium properties in the emirate actually dropped by a marginal 0.2 per cent in the three months between June to September, according to Knight Frank, With demand for luxury property falling, Dubai no longer features in the top 10 rankings of cities worldwide, Gulf News reported.
Prices of premium properties in the emirate actually dropped by a marginal 0.2 per cent in the three months between June to September, according to Knight Frank, the consultancy.Dubai was placed 21st among cities worldwide on this count.
Over a six-month period, the increase comes to 0.9 per cent, and that over a 12-month term it comes to 2.6%, well below the growth put in by premium properties in Jakarta and Los Angeles, which were placed first and second in the rankings with growth of 27.3% and 16.3% in the 12 months to September 2014, the Knight Frank report finds.
Dubai had figured consistently at the top of the rankings in the last two years, after investors went into a frenzy of buying activity for premium properties, especially completed ones or those close to completion during that period. That surge also helped some of the off-plan launches held last year to see substantial investor interest.
But in the three months between July to September, luxury real estate in most of the key global cities failed to attract sufficient investor interest.
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1 hour

Contract of the lessee and agency.

Required documents:

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Ad placement

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Ad placement:
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Expenses of the seller:

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1 hour

Contract of the lessee and agency.
Real estate search.

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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

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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
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1 day

Reporting
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5% of the annual rental price

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1 hour

Contract of the tenant and agency.
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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:
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  • 0% when investing in a new building
  • 4% - registration
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Property management