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Two units in Burj Khalifa to go on auction

02.11.2014
Two units in Burj Khalifa to go on auction
The reserve price for the one-bed unit (1,378 square feet) starts at AED4.85 million, while the minimum price for the two-bed (1887.99 square feet) is put at AED6.3 million Two apartments in Burj Khalifa will be auctioned online next week, according to listings by Emirates Auction.
The reserve price for the one-bed unit (1,378 square feet) starts at AED4.85 million, while the minimum price for the two-bed (1887.99 square feet) is put at AED6.3 million, Emirates 24/7 reported.
The minimum bid increment is AED5,000, Emirates Auction states.
The auction closes at 6 pm UAE time on November 5. At the time of filing this report (11.25 am) on Thursday, there were no bids on both the units.
Emirates 24|7 had reported earlier that an apartment sold in Burj Khalifa topped the list of the 10 biggest apartment deals completed in the first quarter 2014 with a 11,355 square feet unit selling for AED60 million (AED5,284 per square feet).

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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:

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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
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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
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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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