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'Oil descent to take toll on UAE's economy'

20.12.2014
According to financial expert Peter Cooper, this does not look like a rerun of events in 2009-10 with Abu Dhabi putting a brake on the housing boom late last year. With oil prices cut in half, the UAE is bound to go into recession next year, according to Peter Cooper, editor, ArabianMoney.net.
In a report in The National, he said: "This does not [however] look like a rerun of events in 2009-10. Abu Dhabi prevented that happening by putting a brake on the housing boom late last year. True, Dubai is still busy putting a canal under Sheikh Zayed Road. But this is not like 2009, when hundreds of billions’ worth of projects went ahead simultaneously then stopped suddenly, leaving a pile of debts."
He added that Dubai will be able to carry on building even if some projects will go slow and some actually stop for a period.
"The projects started recently will be built out and dumped on to a market in recession. Increased supply in a depressed market is not good for prices. Still, the UAE will remain in demand as a safe haven and the rental market may remain surprisingly solid, as it was in 1999-2000," added Cooper.

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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