Category: Property Rental

After a few tough years that followed the financial crisis, Dubai’s property market is back in full swing. But today, developers are being more cautious, putting greater emphasis on finalizing projects to avoid repeating past mistakes.

According to the Dubai Statistics Centre, the construction of 736 buildings has been finished during the first quarter of the year, representing a 6.6 percent increase over the year-ago period. The value of the completed units is estimated at 3.73 billion dirhams, versus 3.5 billion dirhams in the previous quarter. Most of the delivered properties were multi-story buildings, representing 39 percent and a value of 1.44 billion dirhams.



Sales volumes have been increasing over the past year and a half in the emirate, with an uptake in demand. This has been accompanied with a flurry of new project announcements and the restarting of stalled developments, leading to a massive increase in construction activity.

The emirate is expected to attract greater numbers of buyers this year, as regulations for real estate transactions have improved and investors feel safer putting their cash into the market. However, buyers will be monitoring completion dates of projects currently under development. The next few years will test Dubai’s ability to deliver on its promises by completing newly announced projects on time.

Recently, Damac Properties announced several projects, not just in Dubai but also the region. These include a number of high-end serviced hotel apartments in Downtown Burj Khalifa area as well as in Saudi Arabia. At the end of last year, the company unveiled The Distinction, a 195-metre high tower. The project is already at an advanced stage with more than three floors completed. The building is planned to be finished by the first quarter of 2015. The developer is also working on a project called Upper Crest, which has a view to the world’s tallest tower, Burj Khalifa. The building, which will feature furnished serviced apartments, is also at an advanced stage with handovers planned for the end of 2014.



Dubai’s home prices increased over nine percent during the first quarter of the year, according to real estate consultancy Knight Frank. The emirate rated second-best performer among 55 cities covered, lagging China by 0.2 percent.

Meanwhile, house prices globally witnessed an increase of two percent during the quarter. In Europe, as the economy continues to suffer, the measure fell 0.3 percent.

Benefiting from the Arab Spring, Dubai’s stability continues to attract investors from the Middle East and abroad. The emirate is also bidding to host the World Expo 2020, which is expected to lead to further project announcements and construction activity if won. The winner of the bid will be announced in November.

Dubai is currently expanding Dubai Mall, one of the largest shopping malls in the world and is planning a massive mixed-use developed that will be home to more than 100 hotels and gardens larger than Hyde park in London.

Buying a property in Dubai is like a dream come true. It is also true that Dubai property is open for purchase and lease to locals as well as foreigners ever since the Emirates amended the property laws a few years ago.

The Real Estate Law Number Seven of year 2006 decrees that foreigners can buy property and enjoy its ownership in Dubai. After the Law came in foreigners or non residents are getting property ownership of freehold properties and option for a lease of 10 to 99 years subject to the approval by Dubai administration.

Nevertheless, there are a couple of things to consider before clinching a property deal especially in apartment deals, whether it is for the purpose of living or resale at a future date.

Due diligence

While buying freehold apartment in Dubai the due diligence has to be perfect. If the apartment purchase is going to be financed by a leading bank the deal will be safer since the bank will verify the title and other antecedents of the concerned property.

Perhaps the biggest step is finding a registered property broker or real estate agent in Dubai to find suitable and then anointing a buying agent.

Real Estate Agencies

As a matter of caution, it is good for a buyer to locate properties through real estate agencies in Dubai. They help in setting  up contacts with a builder or sales management company to the advantage of the prospective purchaser.

Real Estate Agencies with their access to a large number of developers can spot affordable apartments for sale in Dubai. A professional property agent can work closely with a buyer and give guidance on all steps.

Dubai Apartments

Dubai apartments provide everything for a healthy living and come in various types and sizes to buy. Some major types of apartments available in Dubai include,

• Studio Apartments
• Furnished Apartments
• Holiday Apartments
• Beach Apartments
• Serviced Apartments

Apartments can be purchased from any project or neighbourhood. There are nice apartments in Palm Islands, Business Bay, Dubailand and Dubai Marina.

Top Factors Governing Purchase

According to experts, some important factors have to be considered  before buying an apartment in Dubai. They include,

• Location and Neighbourhood
• Returns from Investment
• Amenities
• Property size
• Delivery Time from Master developer
• Track record of Maintenance
• Seller’s mortgage prepayment requirements
• Option for Buyer’s mortgage availability
• Monthly costs such as electricity and service charges
• Other risks

More to Do

After taking the decision to buy an apartment, a few more things have to be done

• Contract: Careful study of the Contract before signing.
• Mortgage: Arrange a mortgage from banks like Barclay’s who have custom made mortgages suited to all kinds of buyers.
• Bank account: A Dubai bank account is a must during and after the transaction process. This is for paying professional fees as well as other taxes during the purchase and paying the utility bills thereafter.
• Deposit: While buying an apartment a payment of around $2 000 as a deposit has to be made. It will be refundable if the vendor back tracks. In off-plan buying, the deposit will be 10 per cent of the buying price at the contract stage, and thereafter as installments.
• Land Registry: The last step in the deal will be receiving the full title deed after a few months. When these documents are duly processed and sent to you by the local registry you become a proud property owner in Dubai.

Dubai is a property hotspot with thousands of ambitious projects rising up overnight. Here the demand for property exceeds supply. Residential properties-both apartments as well as villas covering serviced villas, furnished villas, and holiday villas are going strong in terms of sales and rentals depending on the location value of the properties.

Freehold Advantage

While thinking of a property for sale in Dubai, the milestone legislation, Dubai Freehold Law introduced in 2006 cannot be forgotten. It gave foreigners the option of 99 year leasehold or freehold ownership of land in designated areas.

New Boom

This year, 2013, has started on a positive note and Dubai property market is brimming with a new confidence. Real estate consulting, Cluttons, views this as the power of fresh projects. The prices for high end villas have jumped 9 percent in the past 6 months.

Apartment rental values have also shot up especially at the lower and middle range segments by 12 and 8 percent respectively. The rising rents have started driving tenants towards lower budget options in secondary and tertiary locations where new demand is quite evident.  It may be worth looking at the property options around Dubai Internet City.

Prime Locations Near Internet City

For those looking for property in and around Dubai Internet City the following locations would give many options depending on their budgets and lifestyles.

Dubai Marina

Dubai Marina in the vicinity of Dubai Internet City is a beautiful canal city created along a two mile stretch of the Persian Gulf shore. It houses more than 100,000 residents in villas and towers. This high-end residential area in Dubai desired by many people looking for long term rental accommodation. This fashionable address has some of the prominent names in the real estate industry such as Marina Park and Marina Promenade.

Al Barsha

It is a quiet area with large villas dotted by Sheikh Zayed road and the Mall of the Emirates  in the near vicinity. Al Barsha has a number of apartments and great a place for Dubai Media and Internet City. The presence of the Emirates Mall nearby and Marina, Madinat Jumeirah and Umm Suqeim, The Greens and Emaar have made it a prime address. The traveling time to Airport : Media City and Trade Center are only less than half an hour.

Al Qusais

It is the paradise of the middle class with its wider options for rentals. The apartments vary from studios to four-bedroom facilities similar to Karama of Oud Metha. Here most expats prefer a night out at nearby Deira. You can reach the Airport, Media City and Trade Center in 35 minutes.

Good News

The supply side is set for boost as many shelved projects are back in action including the Mohammed Bin Rashi City. That is good news. The demand for short-term rentals giving yields of 10 percent is high. That Dubai does not levy tax on income from rentals or capital gains tax are very big attractions for an investor in putting money into property that go into the rental market.

Prospects of putting property for rent in Dubai are always bright as there is no dearth for buyers and the residential real estate will stay booming with steady demand for purchase and rentals.

Dubai is known as the city that never sleeps and one that offers a large number of options for luxurious living. Here is a compilation of the top most opulent residential places in the emirate.

The Address Residences

This is one of Dubai’s best places to live. Located in Downtown Burj Khalifa, home to the world’s tallest tower, The Address Residences is part of The Address chain of luxury hotels. The spaces are characterized with their sleek modern designs that feel homely at the same time. Their prime locations are usually a big attraction.

Nuran Marina Apartments

Offering views on the Dubai Marina, these apartments have beautiful finishing and provide ample space for a comfortable living. The building is equipped with various facilities including a swimming pool, health club, gym and Jacuzzi. It is also in close proximity to the Dubai Marina Yacht Club for those who enjoy sailing, and is a five-minute walk from 5-star The Address Dubai Marina hotel and the Dubai Marina Mall.

The Residences

The Residences comprises of nine high-rise buildings in the heart of Downtown Burj Khalifa. Renting options range from one to three bedroom suites, penthouses and villas. The towers overlook an artificial lake and are close to some of Dubai’s biggest attractions such as the Dubai Mall and the Burj Khalifa. Facilities, aside from the usual, also include squash courts, a small theater, kids playgrounds, and a library.

Grosvenor House Dubai

This upscale hotel also has fantastic one, two and three bedroom suites that can be rented for varying periods of time. The serviced apartments feature a modern and affluent design similar to the hotel. Residents can enjoy the services of an around-the-clock concierge, views to the Marina and various dining options at the hotel tower.

Hilton Dubai Jumeirah Residences

This option is right in the centre of Jumeirah Beach Residence’s The Walk, a stretch of towers that house bustling cafes, stores, and leisure destinations overlooking the beach. The Hilton Dubai Jumeirah Residences has options for renting a studio, a duplex loft, and two to four bedroom apartments. It’s prime location and luxurious facilities shared with the hotel make it an attractive option.

One & Only Royal Mirage Dubai, Garden Villa

This beautiful villa is part of the large luxury hotel built in the style of a Moroccan palace. The villa is known for its tranquility and privacy, its private beach and swimming pool, beautiful landscaping, not to mention the lavish bedrooms fit for kings.

Dubai Creek Club residences

The development is one of Dubai’s oldest institutions. Whether you’re heading there to enjoy a game of golf or to dine in one of its excellent restaurants you are unlikely to be disappointed. The residence units comprise 92 luxury villas that are worth every penny and come with a membership to the high-end gym nearby.

Fraser Suites Dubai

Located at the Sidra Tower on Sheikh Zayed Road, the 158 serviced apartments feature mesmerizing views of the surrounding areas. Their warm and inviting interiors and large windows create a feeling of space and relaxation.

Marina View Hotel Apartments

In close proximity to the Dubai Marina metro station and Grosvenor House Hotel, Marina View Hotel Apartments is a good choice for short and long stays. The apartments are furnished luxuriously and are supplied with convenient and top-notch amenities, allowing for a pleasant stay.

Kempinski Hotel & Residences, The Palm

This new hotel and residence property is relatively new and is located on The Palm Jumeirah, the man made island in the shape of a palm tree. Here you can experience the epitome of luxurious living in an extremely lavish penthouse with its own pool or Jacuzzi.

Located in the heart of Dubai Sports City is a luxurious villa community with a difference. Pitched as a ‘private golf course community’, Victory Heights offers residential villas bundled with the excitement of sports and soothing calmness of nature all around.Spread over a whopping 25 million square feet, Victory Heights Dubai is a development that consists of over 900 villa accommodations. The villas are segregated into 7 different villages (namely Estella, Novelia, Olivia, Calida, Carmen, Esmeralda and Morella) which give the community an old school charm and the air of a beautiful suburb. Each village has its own specialties and unique points. However, the unifying factor for all the villages in Victory heights is the fact that they seamlessly integrate the energy of sports along with the beauty of nature. This gives credence to the Victory Heights tagline – Where life finds balance.

Properties with swimming pool and a lot of space for your children. More affordable than Arabian Ranches. With medium and large villas ideal for English speaking expat families.

Average Rental Prices in Victory Heights

• 3 bedroom villa rental in Victory Heights 190.000 AED
• 4 bedroom villa rental in Victory Heights 210.000 AED
• 5 bedroom villa rental in Victory Heights 350.000 AED
• 6 bedroom villa rental in Victory Heights 550.000 AED

There are a lot of play parks, gardens and communal areas in Victory Heights and has a real good community feeling. Always quiet and peaceful, safe for the children who can even play out on the street every night.

In order to ensure that the residents have the necessary amenities needed for a healthy lifestyle, the community has a wide array of walkways, jogging trails golf courses, swimming pools etc. For the avid sports lovers, Victory Heights is located a stone’s throw away from ICC Global Cricket Academy, World Hockey Academy as well as DSC’s own soccer, rugby and swimming academies. The main attraction of Victory Heights, the Els Golf Club (brainchild of South African golf legend Ernie Els) also provides a lush turf for golfing along with lessons from experts.

In addition to the sports facilities, Victory Heights is also surrounded by other elements needed for a good residential community – schools, nurseries, colleges, shopping complexes, malls, restaurants and medical facilities.

Restaurants licensed to serve alcohol near Victory Heights

• The Els Club in Sports City
• Epona Lounge in Arabian Ranches
• Ranches Restaurant and Bar
• Tecom and Dubai Marina

The majestic views of lush gardens and calm lakes greet you whenever you enter the community and prove to be a treat for sore eyes. Victory Heights is a picturesque collection of beautiful villages that house stylish homes. With all this and much more, Victory Heights proved to be a perfect haven to live in and get away from the hustle bustle of city life.

So, you’ve decided it’s time for you to purchase a property in Dubai? But, how can you make a successful and business orientated decision without letting your heart rule? Follow this short and useful checklist to make sure everything is in order for you to buy your new home in the emirate.

Once you have your finances in order and have found a suitable and reliable mortgage provider, you need to start thinking about what it is you want to buy. There are many different types of accommodation on offer in the Dubai property market, and unless you know what you are looking for, you will be using up a lot of your free time searching around.



1). Neighbourhood: What neighbourhood are you looking to live in? Research everything about the area before you set your heart on it, such as local supermarkets, schools, banks etc. Remember that they say it is better to have the worst house on a good street, rather than the best house on a bad street. This is the same in Dubai and is something you should strongly consider when buying. This will also influence how easily you can sell your property on, as a good community and development really helps to sell a property.

2). Next, sort out your needs from your desires. You may need a four-bedroom property to accommodate your family, but a large playroom or guest room may be something you just want. You may need a large garage but want one with extra storage. Differentiate between your wants and your needs and you will see your dream-home checklist in a different light, knowing that it will be highly unlikely that you will get everything you want and need for your budget. Sometimes, compromises will need to be made so be mentally prepared for this.



3). After you have seen a property, go through it with your spouse or family members and make a list of all the things you liked and did not like. This will help you to remember concisely which property is which; something that will come in handy if you are looking at a multitude of properties in Dubai!

4). When you find a property you want to purchase and have decided 100% that it is the best fit for you, make sure the finances are handled properly and you are not overpaying for the house or apartment.

Although this checklist is just a starting point, it will help you to bear certain factors in mind when purchasing your dream home in Dubai. Work hand in hand with your realtor to make sure you are both on the same page and know exactly what to look for, and before you know it you will be handed over the keys to your new home in the desert!

There are many things you should have on your checklist when you are looking to rent an apartment in Dubai, but sometimes people’s judgments are clouded by what their ‘perfect property’ wish list includes, rather than taking a more sensible stance when searching for a property.

Of course the place you will be calling home has to have the key features you are looking for, but remember to be a little bit serious with your decision. For example, just because you love the size of the wardrobe or the view from the balcony, don’t overlook other crucial factors such as the location, building and any excess fees, such as chiller.



The saying goes ‘location, location, location’ and this should be extremely important on your checklist when searching for a Dubai home to rent. The location of the building, how accessible it is, how easy it is to get a taxi from/to, and how close you are to road works or busy traffic will factor greatly in your day to day life, so these things really need to be answered before you sign a tenancy agreement. There are plenty of beautiful apartments and houses to rent in the Emirate so you really can afford to be a bit picky with the requirements you have.

Another extremely important factor when looking to rent a Dubai apartment is the building your flat is on or the community your house is in. They say it is better to have the worst house on a good road, rather than the best house on the worst road, and this is also true in Dubai. If the apartment is great but the building and facilities are not up to par, don’t take it! Look for the overall package, otherwise you will be selling yourself short. The inside of an apartment can always be spruced up with some paint and decorating tips, but the building and its facilities will never change, so always bear that in mind!



Finally, make sure you ask about any community fees or chiller fees you will have to cover when to sign the tenancy agreement. Some areas in Dubai charge chiller fees to the tenant and some are covered by the landlord, but the last thing you want is to be handed over an enormous bill without expecting it! A chiller fee is also something that you can discuss with your realtor and try and get a good deal on.

So, remember, no matter how many apartments or houses you look at in Dubai, make sure the final one you decide to rent really ticks off all the boxes for you! Think with your head and your heart and you will have no problem finding a property you not only love, but one that also makes sense.

If you’re considering moving to Dubai and are hoping to rent somewhere to live in the United Arab Emirates (UAE), this guide will provide you with everything you need to know about renting property in Dubai.

Fixed-term contracts

Property in Dubai is rented in fixed-term contracts, meaning tenants cannot break a contract or have a rolling lease, during which they are able to leave at any time they want. With fixed-term contracts, they are obligated to stay in the accommodation for the term of the lease. This is typically one year from the start date, but you will need to read the document carefully in case the landlord has stipulated something different.

When you want to leave the property, you are legally obliged to give notice to your landlord. Otherwise, if you move to another property, you might find yourself legally bound by two separate property owners. Check what the period of notice is and make sure you stick to it when moving out.

Legal requirements

For you to be able to rent an apartment in Dubai, you need to have a valid residence visa. Therefore, if you are still awaiting your visa to come through, you’ll need to look up alternative accommodation options till it has been processed.

Similarly, it is important that you check your agent and landlord are official too. All agents need to be approved through the Real Estate Regulatory Agency (RERA) and you can tell this by asking to see their RERA card. It is illegal to be a freelance agent in Dubai, so make sure they are certified with this body and that they are registered on the land department website.

When you see the contract, it is also important to make sure it is registered with Eljari.ae; otherwise, it is not official. Before signing anything, look at the title deed from the landlord, so you can be sure they actually own the property they are letting out. Reading thoroughly over the contract, ensure it includes a clause about what happens if the lease is broken, who is liable for what, the maintenance responsibility of both the landlord and tenant, and details about insurance and parking.

Payments

Paying for rental accommodation in Dubai may be very different to what you’re used to. For a start you have to pay a deposit to secure the property; this is typically 5% of the annual rent, and tenants are advised not to pay more than this as this is how much agents are charged in commission.

Instead of paying monthly for the rent, payments are typically given in three or four cheques spread throughout the year. These are often provided to the landlord at the beginning of the contract, with one of the cheques being current and three being postdated. The reason landlords take cheques instead of direct debits is that they act as security if the tenant breaks the contract.

In order to protect the tenant, residents should also ask for a copy of the cheques, so the landlord can’t dispute whether payment for the apartment has been given.

Bills

Before working out how much you will have to spend renting an apartment in Dubai, it is important to take into consideration what the bills will amount to. Some apartments charge a chiller fee, which is if there is an air-conditioning service in the building, with the cost being divided between each flat. You might find some landlords cover this fee, while others make their tenants pay.

For electricity and water, you will have to pay the Dubai Electric and Water Authority (DEWA). All apartments need to be connected with the DEWA, with the organization charging tenants with a tax, as well as for the amount of water and electricity they use. Residents pay 5% of their total rent for the year, with this being divided in monthly payments that can be paid at a number of places, including online.

In addition to this, it is important to find out what companies service the TV, internet, phone line and gas for the apartment building, so you can determine what you can expect to pay in charges.

Among the expat friendly states, Dubai is on the top of list as more than 85% of the state’s population comprises of the immigrants. These expats have played their pivotal part in making Dubai as we know it today; from the land of nomadic tribes, Dubai has metamorphosed into the world’s epicenter for fashion, business, and real estate industry.

Although Dubai is home to some of the world’s most expensive amenities including hotels, malls, apartments and villas yet the state offers an affordable lifestyle to the millions of people from poor countries such as India, Bangladesh, Somalia, Afghanistan and Algeria. At the same time, the richer folks find nowhere else better than Dubai to experience a truly luxurious and royal time of their life.



It is interesting to note that with more facilities and added infrastructure making Dubai more modern and accommodating to the world’s elite and leisure travelers, the cost of living is dropping here. According to Economist Intelligence Unit’s (EUI) survey of Cost of Living (2013), which is also quoted by accredited news sources of the UAE such as Emirates 24/7, out of 131 global cities, Dubai is ranked as the world’s 96^th most expensive metropolis to live in (Dubai becomes more affordable).

Since accommodation accounts as one of the main expenditures of living cost, the status of Dubai property sector seems to have a direct connection with expats’ lifestyle. As per the stats of Bayut.com, rents in Dubai have increased almost 30% since Jan 2012, strengthening the market to attract more and more international investors. With more investors drawn to Dubai, the state is only destined to improve further and offer better facilities to the dwellers.



With rising rents, it is only logical to perceive that cost of living is also increasing in Dubai. The truth however is opposite. As compared to the previous years’ EUI living cost survey rankings, a drop of 2 positions in 2013 and a rise of 30% in the apartments’ rents confuse many people about how Dubai is increasingly becoming an affordable and desirable place among expats to live in. The answer to this lies in the fact that with increasing currency value and stable economy, people living and working in Dubai have a better buying power than billions of people living in many parts of the metropolises that are ranked higher on this survey’s results.

A decade ago, when Dubai was half as developed and attractive as it is today, it was the 56^th most expensive metropolis of the world. Five years later, when the state was experiencing the best of its real estate days, its ranking dropped by 24 positions to claim the 80^th spot in EUI’s list of the most expensive cities. Ever since then, Dubai is on the voyage to become more affordable and hence accommodate a larger number of expats and tourists.

As the rents in Dubai have been increasing over the last year, more people are opting to live in serviced residences instead of regular apartments or villas.

Offering spacious living space, as well as a fully equipped kitchen, serviced apartments boast all the comforts of your own home, with the hotel’s added benefits such as laundry, maid-service and room service!

Although many people would automatically assume that serviced apartments cost a fortune, when you compare the pricing a serviced residence actually works out as a similar amount to a high-standard apartment. All your bills are included, such as Wi-Fi, electricity and water, so the amount you pay to the hotel per month is the final amount, with no hidden charges!



Deciding to move into a serviced apartment in Dubai is also a great choice for those who frequently travel for their work. Businessmen or women can travel for extensive periods of time and know that their home is save and being looked after. If your travel will be longer than one or two months at a time, you can even contract your serviced apartment on a short-term basis. Although this means you would have to move your belongings somewhere else while you are away, it does give you the flexibility to only pay for the months you are staying in Dubai.

With a serviced residence you also do not have the hidden up-front payments that you get when you rent a private apartment or villa in Dubai. For the most part you do not have to give a deposit, there is no issues with the cheques and you do not have to pay to have the DEWA or Du set up! Although these expenses are not so huge when considered separately, they do add up and mean that you have to have a large amount of cash available up front when you are moving into a new property in Dubai.



Another benefit of renting a serviced apartment in Dubai is the amount of choice you have. You can opt for a cheaper option in a lesser-known chain of hotels in a cheaper option such as Bur Dubai or Tecom, or you can choose a luxurious apartment in an international hotel in Downtown Dubai or Dubai Marina. Just like when you choose a regular apartment, the same variety of options and rental prices are available with serviced apartments; you just need to spend time looking around for your perfect one. So if living in a serviced residence sounds like something that would suit your lifestyle and property needs, get in touch with a property agent today and discuss your options!