Bullet Point Property No 36
Did you know that tenants in Dubai pay their rent a year in advance?
Landlords will accept between one and 12 cheques for the annual rent though four cheques is the normal practice whilst all tenants are fully aware that it is a bad idea to bounce a cheque in Dubai; the authorities take it very seriously indeed.
It is possible to lease your property on a short-term basis for holiday and company lets and I would be happy to talk you through the pros and cons of going down this route.
The fact is that over 70% of the people living and working in Dubai pay rent and that makes for some very good returns for owners of quality buildings throughout the city.
As we fast approach the Holy Month of Ramadan, the developers are pulling out all the stops to launch some excellent and affordable projects which provide great value, these are my top five recommendations:
Eaton Place
Eaton Place in JVC will be launched within a week and I expect sales to be very rapid indeed, I have seen the plans and the renderings for the project. One beds start at 780 sq.ft and two beds at 1,100 sq.ft which makes me think you will find one beds from AED 800k and two beds at circa AED 1.1m combined with this developer's normal 50% in construction linked payments and 50% on handover next year makes this the current "must have" for an investor looking for quality, affordability and yield.
Please be quick as this project will sell out fast.
Belgravia 1 & 2
The developer of Eaton Place is also responsible for Belgravia 1 and 2 in JVC which have become synonymous with bespoke and beautiful high-quality homes and in my opinion are the benchmark for affordable properties in Dubai. We are currently renting out the apartments in Belgravia 1 and our investors are receiving average net rental yields of 8%. Belgravia 2 was launched in December 2016 and is already over 20% completed with handover due at the end of 2018, still a few apartments for sale.
Park Heights 2
Emaar have just released Park Heights 2 in Dubai Hills this week, one beds selling for under AED 1m, two beds starting at AED 1.2m and 3 beds at AED 1.9m with a limited time payment plan offer of 40% during construction, 10% on handover and then 40% over 2 years' post-handover. Located on the Boulevard and within a few minutes' walk of the Mall and the Central Park
Rawda Town Square
Town Square is always close to the top of my recommendations to investors and end users who do not want to compromise on quality and value for money and so far, they are ahead of schedule with the first homes handing over in a few months' time. They are about to launch their latest building, named Rawda, located directly on the main square. We don't have prices but the payment plan follows 5% now followed by 45% during construction and 50% on completion in Q4 2019, contact me for prices.
Alandalus Jumeirah Golf Estates
Jumeirah Golf Estates is not only home to the Race to Dubai golf championship but also to many of the most exclusive family villas in all of Dubai. Close to the north entrance of this gated estate is a cluster of buildings called Alandalus consisting of eight buildings along with a boutique hotel and small shopping mall. The developer will be launching their 3rd building next week and although we don't have the availability yet, expect two beds averaging at AED 1.3m and onebeds at circa AED 800k.
Thank you for reading this far and have a great weekend
Please message me whenever you have any questions on any of the above or if you are planning a trip to Dubai so we can arrange to meet.