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Offplan property prices remain steep

17.12.2014
Offplan property prices remain steep
The increasing size of deposits has forced end-users to consider options at the lower-end of the spectrum. For prospective end-users looking to acquire off-plan property in Dubai, the going remains tough, Gulf News reported. Buyers are only eligible for 50% of loan-to-value, meaning that most have to use their own resources.
“The rise in the size of deposits this year has meant that many households determined to purchase have been forced to consider options at the lower end of the property spectrum, with off-plan properties in particular, being viewed as good value,” states a new report issued by Cluttons.
Now, off-plan is attracting investors with a longer holding perspective in mind. “Almost a year after the introduction of the Federal Mortgage Cap, the residential market appears to have finally succumbed to the stringent deposit requirements imposed on buyers,” the report added. “Last year’s extraordinary growth was clearly unsustainable and we are now entering an anticipated period of more measured and sustainable expansion.”
“While the market continues to adjust to the changes in the financing landscape, we expect the gradual softening in values to persist over the next three to six months while the market adjusts to the evolving conditions.”
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125,000 / year
Ref.No: OF1209
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1,655 ft2
76 AED/ft2
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58,500 / year
Ref.No: OF662
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1,300 ft2
45 AED/ft2
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6,800,000
Ref.No: AP1113
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2,264 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