When buying off-plan, one can reasonably expect to save on the current market price for an equivalent completed property in exchange for having to wait for the duration of construction and subsequent handover.
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I arrived to live and work in Dubai in 2003 when the population had just reached one million, today we have three million, and by 2027, Dubai expects to have more than five million residents.
This is a city whose population has grown 1,000 per cent in the last 40 years making it one of the fastest growing cities on the planet. Read more here
Dubai is one of the seven Emirates that make up the United Arab Emirates which now has a total population of 9.3 million, and many of those people have contributed to the AED 6 billion invested by residents in Dubai real estate from January to June this year. Read more here
This week’s property discussions have included:
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The summer has definitely arrived in Dubai with daily temperatures ranging from 42 to 44 degrees during the day down to a cooler 33 degrees at night.
All the schools have broken up, and the worlds busiest airport for international travellers will have welcomed over 1.1m people during the past week.
Up until a few years ago, the city would have been deserted through to mid-September, however, the current trend is to take just a few weeks off over the summer and then get back to work – its business as usual.
It's always a busy time for me as many overseas clients take advantage of the summer deals on Dubai hotels and flights to visit for their holidays. So if you are planning a trip to Dubai in the next few months, please get in touch as soon as possible, and we can make a plan to meet to discuss the many offers as well as view the new developments and properties.
This week’s property discussions have included the following:-
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Developers in Dubai mostly work on a fixed price policy with a few exceptions where we may be able to negotiate 1% or 2% off the asking price, so therefore not a compelling reason to go with one investment over another, it’s simply a "deal sweetener".
In my experience, if you are offered a higher discount, then it's almost always because the property is overpriced in the first place.
One way you can often save a good amount of money on your property purchase is via the transfer of currency by using a specialist instead of your high-street bank.
The rates offered by transfer providers can vary significantly and using your high-street bank often ends up costing more money and time. A foreign-exchange specialist typically provides a better and faster service, will negotiate on their rates and they normally do not charge any fees, unlike your bank.
× No set-up fees
× 0% commission
× Low minimum amount
× Plan against unpredictable currency markets
× Full transparency with rates and fees
× Personal service
× Quick, simple and secure transfers
There are two companies that I use and who I have been recommending to clients for many years, they both have offices in the UK and Dubai and are authorised by the FCA (Financial Conduct Authority) – email me here for an introduction
This week’s property discussions have included the following:-
Chinese developer says it has signed multiple deals worth $103m with Emaar Properties for The Grand in Dubai Creek Harbour.
Fidu Properties, a Chinese real estate group, has announced that it plans to invest $544 million into Dubai’s real estate sector by the end of 2018, as part of its regional expansion strategy.
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It’s been a month since the government announced some significant changes to residency visas and company ownership rules. Read more here
Since then, there have been more announcements from the UAE government who continue with their stated mission to increase competitiveness, openness and to create an economy which is non-reliant on fossil fuels.
- Read about the 6-month job seeker visas and amnesty for overstayers
- Read about the new Freelancer Permits for those in Education and Media
- Read about the Dh 14 billion that will be returned to private sector companies
Everyone is speculating on the details and on how quickly these law changes will take affect on the economy once they come into force in a few months time.
Suffice to say that it's all very positive for business and for residents plus those planning to relocate or to invest in the country.
This week’s property discussions have included the following:-
Eid Mubarak
Throughout the last decade, Dubai was all about the greatest, tallest and the largest but now the city is focused on quality of life and reasons for choosing to live here.
From my experience and also according to numerous international surveys, Dubai is one of the safest cities in the world, and we recently learned that it is the 6th most visited city in the world
Now Dubai has been ranked number 18 in the Deutsche Bank’s 2018 quality of life index, which graded 50 global cities on eight measurements including quality of health care, cost of consumer goods and housing affordability, which was measured by the ratio of property price to income. Read more here
This weeks property discussions have included the following:-
Did you know that you can fly from Dubai to one-third of the world's countries within four hours, and to two thirds within eight hours?
In short, Dubai has enviable commercial geography, and the government has leveraged this in three ways: trade, transport and tourism. These three Ts underscore a strategic diversification that has created an oil-independent economy in the thriving emirate.
What's more, Dubai seems eager to add a fourth "T" to the mix: technology. The emirate has made a name for itself as a tech start-up hub and appointed a Minister for the Future to drive tech initiatives.
Read CNN’s article on how Dubai is a model for economic diversification
Thank you to the many people who responded to last week’s Bullet Point property email, if you missed it then it can be read here
This week’s property conversations have included the following: -
No new launches have happened over the past week and the market has been fairly slow due to the Holy Month of Ramadan.
On the other hand, I have been kept busy researching investment options for a number of overseas clients who want entry level off-plan "Buy to Lets" expected to yield between 7% to 10% net.
Here is a very brief summary
Under AED 1m - £80k to £200k
This time last week, the UAE Government announced some timely and major changes to the way ex-pats are employed in the country, their residency status and the ability for foreign-owned companies to operate without the obligatory local partner. Read more here
Visas of up to 10-years for specialists working in medicine, science, research and technical fields - plus their families.
Foreign investors opening a business or investing money in the country could get a visa of up to 10 years.
Foreign companies could own 100 percent of their business in contrast to the present system of offering a local partner a substantial stake unless based in a free zone.
Students would be able to secure five-year visas, and exceptional graduates could stay here for ten years.
These changes will be implemented by the end of the year so expect more information over the next few months. The devil is in the detail, but these are very positive moves for all sectors of the economy, and is another example of how the country is moving away from its reliance on oil and gas towards a knowledge-based economy – Read more here
We are already over a third of the way through Ramadan, and the offers keep coming
Ramadan Kareem
Dubai's transformation from a fishing village to a global real estate hub has been nothing short of remarkable. From having the world's tallest building to man-madeislands in the shape of a world map, the U.A.E.'s most populous city has never shied away from ambitious construction projects.
Today's motion graphic video, thanks to Knight Frank, is a unique overview of Dubai's half-century-long growth spurt. See the video here
This week’s property discussions have included the following
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This week, an investor told me that the single most important resource when buying a property in Dubai is a knowledgeable Real Estate Agent who you can trust.
Naturally, I agree……….well I would, wouldn’t I?
You may wish that it wasn’t so, but an agent is totally necessary when buying or selling in the secondary market, and in my opinion, they are also super important if not essential when buying off-plan.
If you know the market inside out and have a strong relationship with your developer, you could manage without an agent to counsel, recommend and support you until the day that you receive your keys, it's only then that you will need an agent to find a tenant or buyer.
Each time that I hear tales of mis-selling, I become more convinced that an experienced agent’s expertise and market knowledge is vital to cut through a developer's sales and marketing spiel.
It's obvious I know, but we need to remind ourselves that all developers are 100% programmed to sell only their own properties.
Your trustworthy and loyal, independent Real Estate Agent will listen to your plans, expectations and desires and then show you all the options available in the market, explain each developer’s process and reputation, answer all your questions honestly and help you to select the best available property that works for you.
We go into battle for you and support you before the deal is signed and then all the way through construction to completion, handover, snagging, managing, renting and resale.
Enough of this showboating.
I should get on with this week's Bullet Point Property (BPP) email.