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Real Estate

Developers offering lucrative deals for purchase of properties

02 February 2016

Now, when purchasing a property in Dubai, you don’t have to pay the four percent registration fee and the two percent agent commission, which helps you save total of six percent in the deal. This offer is applicable on purchase of ‘Casa Villas’ in Arabian Ranches by Emaar.

The buyer will be given one year time period to make the complete payment, and the agency commission of two percent, transfer charges of 4 percent and Oqood land registration charge of 4 percent would be paid by Emaar.

The villas for sale are V188, which consist of four bedrooms and a study. The study also has an attached bathroom that allows one to convert it into a five-bed. The price ranges are in the range Dh.3.7mn to Dh.4.4mn.

Land Sterling, a property consultancy, in its 2015 report mentioned that the average price was Dh.177 per square foot, in comparison to Dh.1,378 in 2014. The average rents are in the range Dh.165,000 and Dh.323,000 per annum in comparison to Dh.176,000 to Dh.338,000 in 2014.

developer offers

Meanwhile, to make it easier for salaried people to own property, Aqua Property, a real estate company has announced a seven-year monthly payment plan for units in Skycourt Towers, Dubailand.

The company purchased 178 units worth Dh.91mn in the project and is reselling the same offering a scheme for studios with prices starting from Dh.4000 per month. Single bedrooms are priced at Dh.9000 a month, while double bedrooms are priced at Dh.13,000 per month.

Investors can expect a return of more than 10 percent. The company has already sold 51 such units. There will be no down-payment for apartments. But, a one-off premium booking fee and a 2 percent agency fee is charged. A 4 percent transfer fee would be charged at the end of seventh year, along with Dh.1000 admin fee, the statement said.

Title deeds would be issued by end of seventh year, or on full payment. The project has more than 2800 apartments in its six towers.

According to leading global real estate consultancy, Jones Lang LaSalle (JLL), UAE continues to be an attraction property market with some buyers, particularly owner-occupiers considering long-term perspective.

JLL also ruled our oversupply in Dubai and Abu Dhabi residential and commercial markets in 2016, with total unit completion ranging between 12,000 and 18,000, although developers plan to deliver 36,000 units this year.

Robin Vinod

Writer/blogger who writes on topics such as travel, real estate, employment and everyday life on GCC countries

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