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Outlook for property market positive: Bank

14.08.2014
According to the CEO of Standard Chartered Bank, the realty market is more robust this time around with measures taken by the Central Bank paying off. The general outlook for the UAE's banking sector and property market is positive, says Standard Chartered Bank CEO for the UAE Mohsin Nathani.
Khaleej Times reported that he welcomed the new regulations issued by the Central Bank of the UAE for the betterment of the industry, especially for the property market. “Our view is generally positive on the outlook over there,” he said for the sector. Citing an example of the property market at its peak time in 2007, he said: “We are seeing a more robust market this time.”
The increase in the transfer fee by the Dubai Land Department is an important step, he added. Regarding debt restructuring, he said that overall credit portfolios of banks are good and they are comfortable. “It’s not a worrying sign for the banking industry anyway,” he emphasised.
Nathani discussed the bank’s financial performance for the first half of 2014 and expectation about the second half of the year in the UAE, in addition to sharing his views and thoughts on the banking industry. It was his first interaction with select UAE media after taking over charge as the new CEO in February. He said that the UAE market is very important for the bank as it is among top five markets globally in terms of revenues.

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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