UAE's property market could do with a reset on customer practices
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Emirate's property sector proves resilience during coronavirus period.
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Portofino Hotel to open in the fourth quarter of 2020
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Dubai’s developers and buyers need to ensure this doesn’t get excessive
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One of the driving forces of Dubai’s development strategy for the property sector has been the addition of new geographies
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Emaar will open a city-harbour getaway, the Creek Marina at Dubai Creek Harbour. It will be the premier residential and leisure district of the six square kilometre mega-development.
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Land department will seize the properties and plots registered in its name and its funds deposited in the escrow account.
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It is possible to obtain a Mortgage as a non- GCC National, either resident or non-resident of the UAE, up to 50% Loan to Value (LTV) on a property that is under construction, however, this is limited to projects that have completed 50% of their construction and only then with a handful of developers.
The majority of off-plan developments have payment plans that reflect this, andyou will find 30/70, 40/60 and 50/50 plans on offer from developers, i.e. 50% between booking and completion in construction linked instalments of between 5% and 20% with the final 50% due on Completion.
Once a building has a Completion Certificate issued then the overseas buyer canbook a Mortgage to make the final instalment to the developer.
A 50% LTV Mortgage is a straightforward application and approval process while 51% to 75% LTV is much more stringent and complicated.
If you have been reading the Dubai property news, then you will know that rents and prices are under pressure, meaning that they are coming down off recent highs.
These reports do not tell the entire story, and it’s important to understand the real facts behind the headlines
The buildings that are poorly maintained, badly designed, have low-qualityrecreational facilities combined with a lack of decent parking are experiencing a definite drop in rents however yields and occupancy levels remain respectable which is not mentioned in many of the reports.
A property that sells for under AED 500k (£100K) and you can expect very small units or inferior quality therefore tough to find a tenant or future buyer but receives a high rental yield.
Property over AED 1.5m (£300k) and you have more luxury in a central location which receives a good demand from buyers and tenants but a lower rental yield.
The sweet spot and focus for investors looking for above-average rental yield combined with quality in Dubai needs to be properties priced between AED 500k and AED 1.5m (GB£ 100k to £300k).
Dubai's real estate will feel little impact from the UAE's recent introduction of VAT, with nearly 85 per cent of the industry’s components tax free, officials said on Tuesday.
The UAE has exempted residential properties and bare land from the 5 per cent tax, introduced in January, while newly-built residential properties that are supplied for the first time within three years of their construction are zero-rated. Unlike exempt goods and services, when businesses have zero-rated services and goods, they can reclaim VAT they have paid on costs from the government.
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Dubai’s world-class infrastructure, geographical location, the frequency of air connectivity and the Emirates’ liberal socio-economic policies and political stability make Dubai a natural choice for Indians to invest in their second, third or fourth home.
Indian nationals, who form the largest foreign investor group in Dubai’s real estate, have bought properties worth AED 83.65 billion in the last five years – from 2013 to 2017 – in Dubai’s property sector, according to statistics compiled by Dubai Land Department. Read more here