In
May 2002 the Dubai Crown Prince, General Sheikh
Mohammed bin Rashid Al Maktoum, issued a decree
allowing Non-resident and resident expatriates from
all countries to buy property in Dubai within designated
freehold developments.
Majority
of the properties in Dubai are sold on absolute Freehold
basis. The developer confirms your Freehold Ownership
in its Sales & Purchase Agreement.
Under
the sponsorship of the primary property developer Dubai
Government issues a 3 years renewable residency visa to a Freehold property buyer. The buyer is able to sponsor
his/her immediate family (wife, son up to the age of
18 and daughter until marriage). Marvel Homes
undertakes the complete processing of residency visas
for its customers.
Sponsorship
charges of approximately Dhs. 5000 for the property
owner. Immigration charges of approximately Dhs.1000
per person for the immediate family.
Approximately
10 – 12 working days for the visa to be issued.
Visa Stamping: Approximately 5 – 7 working days
for the passport to be stamped after the required documents
are submitted once the Medical process is complete.
Buying
directly from the developer involves making a first
hand purchase and paying the price quoted by the developer.
Should a property be sold out by a developer then the
property can be purchased from the property resale market.
Buying
in the resale market requires a premium to be paid to
the seller in addition to the original price plus a
transfer fee has to be paid to the developer.
Generally
properties in Dubai can be resold at any stage by assigning
the Sales & Purchase Agreement to a new buyer however
a limited number of developers restrict property resale
until 30% of the total price has been paid. Marvel Homes
advises its clients on resale issues.
A
transfer fee is payable to the developer for transferring
the name of a property from the current owner to the
new buyer. Typically a transfer fee of 1-3% of the original
developer’s price is payable.
Typically
Down payment of 10-20% of the property value has to
be paid upon booking a property. The balance payment
is paid in installments at fixed intervals during the
completion period of the property.
100%
payment is required for properties ready to move in.
Flexible
Mortgage/Financing plans of up to 25 years are available
through our strategic partners Tamweel
Finance, leading provider of home loans
in Dubai. Marvel Homes assists its customers
in obtaining finance at the best rates. For complete
details visit our Mortgage/Financing section.
The
annual maintenance fee for properties in Dubai ranges
between Dhs.5 per sq.ft. to Dhs.12 per sq.ft. For example
if the maintenance fee of a 3 bedroom apartment is Dhs.5
per sq.ft. and total area of the apartment is 2000 sq.ft
then the annual maintenance fee will be Dhs.10,000.
The fee remains fixed for the first three years after
which the Homeowners association is formed. The fee
includes maintenance and cleaning of common areas such
as swimming pool, landscaping, corridors, parking, garbage
collection and security services.
Generally
residential buildings in Dubai have Swimming Pool –
Gymnasium – Children’s play area - Car parking
– 24 hours security - Internet Access- High speed
elevators. Within residential communities clubhouse
facilities also include tennis courts, squash courts
and golf course.
After
the property is handed over you’re free to rent
it out. Marvel Homes offers complimentary letting service to its customers and secures the best
rents helping you to maximize your investment returns.
We also draft the tenancy contract and administer timely
payment of rent.
Dubai
is a growing economy with an influx of people. The number
of people in Dubai are growing at a faster rate than
the no. of residential units therefore there is a shortage
of accommodation which has resulted in high rental returns
of 8-10% of the property value. By 2008 the supply of
accommodation will level with the demand, this will
result in rental returns of 6%-8%.
In
your absence Marvel Homes can undertake complete management
of your property from letting it to a tenant, collecting
rental payments to ensuring the cleanliness and maintenance
of the property.
Property
buyers in Dubai have experienced sharp rise in the value
of their properties over the last two years. Generally
prices have appreciated by 15-35% and for certain exclusive
properties by 50-80%. The prices are expected to continue
rising owing to positive economic indicators, infrastructure
development and growth in tourism. Marvel Homes can recommend
you properties that have the potential for high capital
returns.
On
per square feet dollar basis Dubai property prices are
still lower than property prices in other modern urban
cities of the world.
No
Property, inheritance or capital Gains Tax is payable
in Dubai.
There
are standard codes applied by the Dubai Municipality regarding building permits and contractual clauses.
Property developers have to maintain standards regarding
building construction and this may provide a covenant
which involves a guarantee of workmanship for 10 years.
• You have to sign a contract which is generally for one year.
• You will need to be a resident or have a work permit.
• There is an agent’s fee of 5% payable to the real estate agent.
• A security deposit has to be paid to the Landlord.
• You have to sign a contract which is generally for one year.
• You will need to be a resident or have a work permit.
• There is an agent’s fee of 5% payable to the real estate agent.
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