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Rents big concern for expats: Survey

23.10.2014
HSBC’s Expat Explorer survey for 2014 found that as many as 44% of expatriates living and working in the Middle East said that fluctuations in rental prices pose a risk to their financial well-being. Nearly two-thirds of UAE-based expats see rent fluctuations as fundamentally affecting their financial well-being far more than their peers in the region and around the world, according to the findings of a global expat survey from HSBC.
According to The National, these concerns may be eased with news of rents falling in Dubai.
HSBC’s Expat Explorer survey for 2014, published on Wednesday, found that as many as 44% of expatriates living and working in the Middle East said that fluctuations in rental prices pose a risk to their financial well-being, compared with a global average of just 19%.
This trend is most pronounced in the UAE, with 58% of survey respondents saying that rental price fluctuations are a threat to their financial wealth.
“The United Arab Emirates emerges as one of the costlier expat destinations, with more than half saying that they would choose to leave because it is too expensive (60%) or for retirement (23%),” according to HSBC.
“With that in mind, it’s unsurprising that changes in rental price is perceived by expats to pose the biggest risk … to financial well-being and confidence over the next 12 months.”

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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