Bullet-Point Property: Dubai No. 97
The big news from the UAE this week is all about a new law that will come into effect in 2019 whereby retired expatriates aged 55 and over can apply for a 5-year residency visa with the possibility of renewal for those who wish to stay longer providing they meet any one of the following requirements;
1. An investment in a property worth at least AED 2 m
2. Have savings of no less than AED 1 m
3. Have an income of not less than AED 20,000 per month
Read more here
This latest news is in line with the announcement made earlier this year for a 10-year residency visa for certain professionals and investors, as well as the announcement to allow 100 per cent ownership of foreign companies, these initiatives are expected to give an additional boost to the markets. Read more here
This week’s property discussions have included: -
The Marina Vista apartments are attracting lots of interest from investors and also from overseas buyers looking for a premium beachfront holiday home - these Miami styled contemporary one to four-bedroom apartments are designed with the right blend of space, efficiency, light and elegance. One beds start from AED 1.3m, two beds from AED 2.4m and the three beds from under AED 4m all payable via 8 x 5% every three months then 60% on completion in December 2021 - check the brochure here
One of the very first developments to be completed in the Dubai South community will be MAG5 Boulevard, handing over shortly, they have some low priced two beds of 1,000 sq. ft. starting at AED 847,000 - these will be sought after by companies in the area looking to house their staff at an affordable annual rent. Expect annual yields of about 8% - check here for more information
Another interesting offer - Spanish styled five bedroom detached villas in an established and very popular ex-pat community - 4,000 sq. ft. of living area on an 80% five-year post-handover payment plan, no service fees for five years, no stamp duty and zero agency fees or commission – Pay 10% now, 10% in November 2018 on handover of keys followed by 10 x 8% every six months – prices from AED 4.7m – see the brochure here
Town Square is under 25 minutes drive away from the centre of Dubai, and they have created an entire city within a city made up of quality properties at some of the lowest prices on offer in all of Dubai – gated clusters of townhouses beside mid-rise apartment buildings alongside wide tree-lined boulevards, 260,000 sq. m of green areas, 10km of nature trails, 500 shops, restaurants and cafes and 10km of jogging and 13km cycling tracks. These quality properties are in an extremely well-designed community, and you will struggle to find better value for money in Dubai - Studios from AED 432k, one beds from AED 536k and two beds from AED 930k, three bed townhouses from AED 1.25m and the four beds from AED 1.53m all available on some very flexible payment plans. See the project overview here