Category: Community Guide

“We streamline the legal process of transferring property ownership, offering a seamless and personalized conveyancing service. Our team will handle all the legal requirements to ensure your property is ready for transfer”  — Vision Conveyancing 

What is Conveyancing? 

Conveyancing is the branch of law that covers the entire legal and administrative work required to ensure a Real Property purchase is valid under law, it also entails the communication with all concerned parties and stakeholders in order to transfer the legal title of Real Property.

What is Sales Progression?

Sales progression involves overseeing the property transaction from the moment a seller accepts an offer until the completion and transfer of the property to the buyer.

The ever-changing rules, regulations and fees involved in selling or buying a property in Dubai can sometimes make it difficult to stay updated with. The is why our Partners at Vision Conveyancing make sure they provide our clients with most streamlined and stress-free process, starting from signing the sale contract until the final property transfer.

Vision Conveyancing specializes in consolidating sale contracts in the most comprehensive way that protects the rights of both the Buyers and Sellers, as well as protecting them from any possible fraud or dispute that could put their assets in jeopardy. In addition, their main focus is representing the Buyer and Seller in all communications and documentations with external parties (Banks, Developers, Trustee Offices, Dubai Land Department, Utility Providers and Notary Public, Dubai Authorities such as Municipality and Development Authority and many more), they have the most extensive knowledge of the procedure for any transaction nature whether its mortgage or cash sale, you can be assured that your transfer is being handled by professionals.

Any typical transfer usually involves figures, pro-rata calculations and sometimes hidden fees to be prepared for Dubai Land Department, developers, and utility providers, as well as many other minor charges and in turn further processes to be executed in certain sequences which requires continuous follow up.

These tasks were previously taken care of by Brokers, however as a result of their busy schedule conducting viewings, valuations and negotiating other properties is what makes having a dedicated Conveyancer beneficial to ensure your inquiries and concerns are timely attended. Having one right point of contact that advise you about requirements, timelines next steps and fees will not only make you feel assured about their knowledge but also give a peace of mind throughout the process.

Benefits of Having a Sales Progression Officer

Having a sales progression officer offers several advantages:

1. Expert Handling: Sales progression officers are skilled in managing property transactions and can efficiently address any issues that might cause delays or complications.
2. Streamlined Process: They handle the paperwork, communications, and problem-solving, freeing you to focus on other aspects of your sale.
3. Efficiency: They Spot any potential obstacles and deliver solutions to accelerate the process of the sale. Their experience helps expedite the sales process, ensuring timely completion and compliance with legal requirements.
4. Communication: Keeping you updated on the transaction by continuously following up on the progress
5. Statement of Account: Prior to the confirmed date of final transfer, we will be ending a detailed financial statement to both Buyer and Seller outlining the charges payable to DLD, property value, trustee office, developer and agency, as well as any pro-rated amounts of service charges or rent to be refunded. The statement will include the amount, mode of payment and beneficiary.

How Does a Sales Progression Officer Facilitate a Property Sale in Dubai?

If both parties agree, a sales progression officer will guide you through a smooth property transfer in Dubai. Here’s a step-by-step overview of the process:

Sign the Sales Agreement:
Once the buyer and seller agree on the sale terms, the sales progression officer drafts the necessary documents, including the Unified Form F and an Agreement of Sale. These binding agreements outline the terms, purchase price, payment schedule, and other key details. It’s advisable to involve a lawyer to review these agreements for legality and fairness.

Conduct Due Diligence:
For buyers, thorough due diligence is crucial. The sales progression officer will assist in verifying the property’s legal status, ownership, and any outstanding liabilities. This involves obtaining essential documents such as title deeds, survey reports, and Developers No Objection Certificates (NOCs), DDA and Dubai Municipality Approvals and many more.

Mortgage Application for Buyers 
In case you’re a mortgage Buyer , the sales progresionist will  work along with the bank to conduct the property evaluation, exchange documents to get the Final Offer Letter and finally coordinate to get the managers’ cheques and the trustee appointment.

Mortgage Discharge for Sellers
If the property is under mortgage, a liability letter should be obtained from the lending bank outlining the outstanding loan, the same shall either be cleared by the Buyer or the Buyer’s bank through a blocking procedure that the Sales progressionist will arrange at the registration trustee. Afterwards, a mortgage clearance letter will be obtained and given to the trustee office in order to release the cheque of the property value and issue the final title deed.

Manage the Escrow Account:
In Dubai, property transactions often involve an escrow account. The buyer deposits the agreed amount into this neutral account, managed by the sales progression officer, who ensures secure and transparent handling of the funds according to the contract terms.

Handle Property Transfer Application:
The sales progression officer prepares and submits the required documents to the Dubai Land Department (DLD) for the property transfer. This includes completing forms, paying transfer fees, and providing necessary documentation such as:
Manager’s cheque for the property price
Original identification documents of the buyer and seller (Emirates ID, passport)
Original NOC issued by the developer
Signed Unifed Contract F

Developers NOC
After the clearance of all utility charges, the Sales Progressionist will work on the documentation and apply for the resale NOC, depending on the developer and the work process, they will represent the Seller in all stages starting from the inspection until the collection of NOC.

Final Payment and Title Deed Transfer:
Upon completing all procedures and approvals, the buyer makes the final payment to the seller. Once payment is confirmed, the sales progression officer facilitates the transfer of ownership and title deed to the buyer. Additionally, they assist in obtaining a moving-in permit from the developer and DEWA/Utilities closure for the Sellers and connection for the Sellers.

 

 

info@visionconveyancing.com

           971 54 998 4902

www.visionconveyancing.me

 

A sales progression officer is an invaluable asset in the property transaction process in Dubai. By taking care of the details and navigating potential pitfalls, they help both buyers and sellers focus on their primary goals and move forward with confidence.

Whether you’re buying or selling, partnering with a skilled sales progression officer can make a significant difference in achieving a successful property transaction.

In the ever-evolving real estate market of Dubai, fractional ownership has emerged as an innovative solution for those seeking to invest in luxury properties without bearing the full financial burden. Prominent developments like SLS, Belleview Towers and Ciel Tower have embraced this model, offering a unique opportunity for investors.

What is Fractional Ownership?

Fractional ownership is a revolutionary concept transforming the real estate sector, leveraging the impact of blockchain technology. This model allows multiple investors to co-own a share of high-value residential or commercial properties, rather than purchasing the entire asset. By buying a fraction of the property, investors collectively share the costs, benefits, and responsibilities associated with it.

Fractional ownership makes high-end property investments more accessible by lowering the financial barriers and distributing individual risk. Investors can benefit from potential property appreciation and rental income without shouldering the full costs and management responsibilities. This innovative approach democratizes property ownership, providing an opportunity for more people to invest in premium real estate.

What are the Types of Fractional Ownership?

In Dubai, fractional ownership, also known as jointly owned property, can be structured in two primary ways: through an entity such as a Limited Liability Company (LLC) or via Tenancy in Common (TIC). Each approach offers distinct advantages and caters to different investor preferences.

1. Fractional Ownership through an Entity
   • Entity Structure: Ownership is organized through entities like Limited Liability Companies (LLCs) or Limited Liability Partnerships (LLPs).
   • Limited Liability: Investors benefit from limited liability protection, with the entity managing the property and handling operational responsibilities.
2. Tenancy in Common (TIC)
   • Individual Deeds: Each investor holds a separate deed representing their share of the property.
   • Flexible Ownership: Investors can own varying percentages and distribute responsibilities among themselves, offering a customizable ownership experience.

PROs and CONs

Benefits of Fractional Ownership

1. Affordability: Fractional ownership makes luxury properties more accessible by dividing the cost among multiple owners. This allows investors to own a share of high-end real estate without the full financial burden.
2. Investment Diversification: By investing in fractional ownership, individuals can diversify their real estate portfolio, spreading their investment across different properties and markets.
3. High-Quality Living: Fractional ownership provides access to premium properties with top-notch amenities and services, enhancing the living experience for owners.
4. Shared Costs: Maintenance, management, taxes and operational costs are shared among all owners, reducing the financial responsibility for each individual.
5. Flexibility and Use: Owners typically have the flexibility to use their share of the property during designated periods, offering the opportunity to enjoy luxury living or generate rental income. Fractional ownership offers easier entry and exit compared to full property ownership. Investors can sell their shares in the secondary market, improving liquidity.
6. Potential for Appreciation: As with full ownership, fractional ownership properties can appreciate in value over time, providing potential financial returns on the investment. Earnings can come from rental income or property value appreciation and profits from rent or sale are distributed among investors according to their shares.
7. Simplified Management: Professional companies sich as The First Group (TFG),  typically manage properties, reducing the administrative burden on individual investors. These management companies handle maintenance, rent collection and dispute resolution.
8. Regulatory Compliance: The Dubai Land Department (DLD) offers a robust legal framework that enhances confidence in fractional ownership investments. These regulations safeguard investor rights and ensure transparency throughout the process. Additionally, they provide clear guidelines for registering jointly owned properties, ensuring that all legal requirements are met.

Disadvantages of Fractional Ownership

1. Limited Control: Ownership is shared among multiple investors, which can limit individual decision-making power regarding the property. Decisions about management, maintenance, and use are typically made collectively, which might lead to disagreements.
2. Potential for Disputes: With several owners involved, the likelihood of conflicts or disputes over property usage, maintenance responsibilities, or financial contributions can increase. Clear agreements and communication are essential to mitigate these risks.
3. Market Liquidity Issues: Selling a fraction of ownership can be more complex than selling an entire property. The market for fractional shares may be less liquid, potentially making it harder to exit the investment quickly if needed.
4. Shared Costs and Responsibilities: While costs are shared, disputes over the division of expenses or the quality of property management can arise. All co-owners need to agree on financial matters, which can sometimes lead to complications.
5. Lower Rental Yields: Depending on the property and how it is managed, fractional ownership might result in lower rental yields compared to full ownership. This is due to the shared nature of the investment and potential limitations on property usage.
6. Complex Legal Arrangements: The legal framework for fractional ownership involves complex agreements and regulations. Ensuring all legal requirements are met and understanding the specifics of the shared ownership structure can be challenging.
7. Property Management Challenges: Managing a property with multiple owners can be more complicated than managing a property on your own. Ensuring that the property is well-maintained and that all co-owners adhere to agreed-upon standards can require significant coordination.

 

The Process of Fractional Ownership

• STEP 1 –  Selecting a Property: The first step in fractional ownership is choosing a property that offers this investment model. Both SLS Dubai and Ciel Tower provide opportunities for fractional ownership, allowing investors to select from various unit types and sizes.
• STEP 2 – Understanding Ownership Shares: Fractional ownership involves purchasing a share or fraction of the property. Each share represents a specific amount of time or use of the property, typically measured in weeks or months. It’s essential to understand the share structure and how it aligns with your investment goals.
• STEP 3 – Legal and Financial Considerations: Engage with legal and financial advisors to review the fractional ownership agreement, including terms, conditions, and financial obligations. Ensure that all legal documentation is in order and that you are aware of any fees or costs associated with ownership.
• STEP 4 – Investment and Purchase: Once you’ve decided on the property and share structure, proceed with the investment. This involves completing the purchase agreement and making the necessary payments. Fractional ownership often requires a down payment followed by periodic maintenance fees or management costs.
• STEP 5 – Utilizing the Property: As a fractional owner, you will have access to the property for a specific period each year. You can use the property personally, rent it out, or participate in a rental pool if the property management offers one.
• STEP 6 – Management and Maintenance: Properties with fractional ownership are typically managed by a professional management company that handles maintenance, bookings, and other operational aspects. This ensures that the property remains in excellent condition and provides a seamless experience for owners.

Fractional vs. Full Real Estate Ownership

When considering real estate investment, it’s important to weigh the differences between fractional and full ownership. Here’s a breakdown of how these two approaches compare:

1. Ownership Structure
   • Fractional Ownership: Involves multiple investors sharing ownership of a property, dividing both the investment and the associated costs.
   • Full Ownership: Grants sole ownership of the entire property to one individual, who is responsible for all expenses and responsibilities.
2. Investment Costs
   • Fractional Ownership: Offers a lower initial investment since costs, including purchase and maintenance, are shared among co-owners.
   • Full Ownership: Requires a higher investment, as the single owner covers all costs and maintenance expenses.
3. Usage Rights
   • Fractional Ownership: Usage rights are based on the percentage of ownership and are scheduled among co-owners.
   • Full Ownership: The owner has unrestricted and unlimited usage rights, without the need for scheduling.
4. Property Management
   • Fractional Ownership: Property management is handled either collectively by the co-owners or by a management company.
   • Full Ownership: The owner can choose to manage the property personally or hire a management company, providing greater control.
5. Rental Opportunities
   • Fractional Ownership: Renting out the property or shares typically requires the agreement of all co-owners.
   • Full Ownership: The owner has the freedom to rent out the property as desired, without needing additional approvals.
6. Profits and Risks
   • Fractional Ownership: Profits and risks are distributed among all co-owners, reducing individual financial exposure.
   • Full Ownership: The sole owner enjoys all the profits and bears all the risks, providing complete control but with higher personal risk.

Fractional ownership is suitable for those looking to reduce costs and share risks, offering a lower financial commitment and collaborative management. Full ownership, on the other hand, is ideal for those seeking complete control and the full benefits of owning a property, albeit at a higher cost and with greater financial responsibility.

Return on Investment (ROI) for Fractional Ownership in Dubai

The ROI for fractional ownership in Dubai varies based on several factors, including property location, type, and market conditions. Here are some general insights:

Average Rental Yields: In Dubai, rental yields typically range from 5% to 10% annually. Properties in prime locations, such as Downtown Dubai, Dubai Marina, and Palm Jumeirah, often experience higher yields due to increased demand. For fractional ownership, this means you share in these rental returns based on your ownership fraction.

Property Appreciation: Dubai’s real estate market has seen significant appreciation over the years, particularly in high-demand areas. While annual appreciation rates can vary, some areas have experienced upto 20% growth over the past 12 months. Fractional owners benefit from this appreciation based on their ownership share.

Management Fees and Costs: Fractional ownership involves shared costs, including property management fees, maintenance, and taxes. These shared expenses can reduce the overall cost burden, potentially increasing net returns.

Investment Size and Returns: The size of your fractional investment impacts potential returns. Smaller fractions might offer lower absolute returns but still provide a percentage share of the rental income and property appreciation.

To get a precise estimate of ROI for fractional ownership, it’s best to consult with local real estate experts or fractional ownership platforms. They can provide tailored information based on current market conditions, specific property details, and investment size.

 

Our Take Away?

Fractional ownership has long been a concept in the U.S., but it never gained significant traction until recent technological advances sparked a renewed interest. Today, the rise of “proptech” platforms has brought fractional ownership to Dubai, where investors can now participate with investments starting from just a few hundred dirhams. This modern approach is being reintroduced with new technologies that simplify and democratize property investment.

Dubai’s thriving tourism and business sectors are driving a growing appetite for flexible investment models like fractional ownership. This demand is expected to positively influence property values, particularly in high-demand areas such as Downtown and the Marina. Recent policy changes, including visa facilitation for investors and adjustments in property ownership laws, are likely to make Dubai an even more attractive destination for international investors, further boosting the fractional ownership market.

Emerging technologies such as blockchain are enhancing the transparency and efficiency of real estate transactions, making fractional ownership more accessible and appealing. Innovations like smart contracts can streamline processes, while virtual reality (VR) and augmented reality (AR) offer virtual property tours, enhancing the appeal of fractional investments to global buyers. As Dubai’s population diversifies and more expatriates seek flexible housing solutions, fractional ownership is set to become a prominent and profitable investment opportunity in the city’s expanding market.

Today’s rapidly changing work landscape has made remote work more than just a trend; it has turned it into a way of life. As we adapt to new realities, Dubai has taken centre stage as a prime destination for those who seek the flexibility and convenience of working from home.

Endless Possibilities in the Heart of Dubai

Dubai, a city known for its breathtaking skyline and vibrant culture, offers endless possibilities for remote workers. Its strategic location at the crossroads of Europe, Asia, and Africa, combined with its world-class infrastructure, makes it an ideal hub for remote work. Whether you’re a digital nomad or a professional looking to telecommute, Dubai’s diverse range of opportunities caters to all.

Unmatched Connectivity and Infrastructure

One of the key advantages of working from home in Dubai lies in its world-class infrastructure. Dubai offers readily available high-speed internet, reliable telecommunication services, and cutting-edge technology. This infrastructure empowers you to maintain connections with your colleagues and clients worldwide. In Dubai, you can have confidence that your virtual meetings and tasks will operate smoothly without interruptions.

A Lifestyle Like No Other

An enviable lifestyle for remote workers is on offer. You can choose to work from the comfort of your own apartment, enjoy the city’s many co-working spaces, or even set up your laptop on one of Dubai’s beautiful beaches. The city’s year-round sunshine, pristine beaches, and diverse culinary scene create a perfect work-life balance that many can only dream of.

Safety and Security

Well-known for its commitment to safety and security, the city prioritises the health and well-being of its residents and visitors, which is even more critical in these times. Stringent health and safety measures have been implemented to ensure that you can work and live with peace of mind.

Cultural Diversity and Networking Opportunities

Another compelling reason to work from home in this global metropolis is its unique cultural diversity. With people from all over the world calling Dubai home, you’ll have the opportunity to network with professionals from various industries, potentially opening doors to new collaborations and career prospects.

Embracing a new way of life in Dubai through working from home goes beyond mere convenience. It involves integrating work, leisure, and personal growth in a dynamic and vibrant environment. Dubai’s unmatched infrastructure, safety measures, and cultural diversity position it as an ideal destination for remote work. If you’re considering venturing into the world of remote work, Dubai beckons, promising a unique and enriching experience in one of the world’s most exciting cities.

Have you ever dreamt of traveling the world in a single day? At the Global Village in Dubai, that dream becomes a reality. This enchanting destination is a melting pot of cultures, a shopper’s paradise, and a global festival all rolled into one.

As the cool embrace of winter draws near, there’s one event that Dubai eagerly anticipates—the return of the Global Village. This award-winning family attraction is a testament to the city’s dedication to entertainment and cultural diversity. With the upcoming 28th season set to commence on Wednesday October 18, 2023, residents and visitors alike can prepare for an enchanting journey that extends well into spring, with a closing date that has often been extended in previous years.

 

The open-air complex attracted nine (9) million visitors during last year, which ran from October 25 to April 30. Here’s a sneak peek into what you can expect from the upcoming season:

1. A Global Mosaic: The Pavilions

At the heart of the Global Village are the pavilions, each representing a different country or region. From Egypt to India, Russia to Africa, these pavilions transport you to far-off lands. Each one is a treasure trove of authentic products, handicrafts, and culinary delights. Explore the unique flavors, crafts, and traditions of more than 78 countries under one roof.

2. Cultural Extravaganza: Entertainment Galore

Prepare to be enthralled by a dazzling array of live performances. From traditional folk dances and music to contemporary shows, the Global Village stage comes alive with talent from around the world. The cultural performances are a captivating journey through diverse traditions.

3. Shopping Paradise: Souk and Retail Zones

Shopaholics, rejoice! The Global Village features a bustling souk and retail zones that offer everything from traditional clothing and jewelry to modern gadgets and fashion. Discover exquisite handmade crafts, fashionable apparel, and unique souvenirs to commemorate your visit.

4. Culinary Odyssey: A World of Flavors

Foodies will be in gastronomic heaven. The Global Village hosts a diverse range of culinary delights from across the globe. Savor mouthwatering dishes like shawarma, sushi, kebabs, and waffles. Don’t forget to leave room for international desserts and treats!

5. Thrilling Rides: Amusement Park Fun

If you’re an adventure-seeker, the Global Village’s amusement park is the place to be. Thrilling rides, carnival games, and family-friendly attractions ensure a day of laughter and excitement for visitors of all ages.

6. Seasonal Festivals: Special Events

The Global Village hosts seasonal festivals that add an extra layer of excitement to your visit. From Chinese New Year celebrations to Christmas markets, these festivals infuse the village with a holiday spirit.

7. Shopping Tips: Haggling and Bargaining

When shopping in the pavilions, haggling and bargaining are part of the experience. Vendors expect a friendly negotiation, so don’t be shy about negotiating a fair price for your chosen treasures.

8. Timely Visits: The Perfect Season

The Global Village is open seasonally, typically from October to April. Visiting during this time ensures you can experience all the cultural, shopping, and entertainment offerings.

9. Perfect for Families: Kid-Friendly Attractions

Families with children will find plenty of kid-friendly attractions, from rides to interactive experiences. The Global Village is designed to be an enjoyable outing for the entire family.

10. Accessibility: Getting There

The Global Village is easily accessible by car or public transportation. Free parking is available for visitors, and bus services run directly to the village.

The Global Village in Dubai is a testament to the city’s multicultural spirit, celebrating diversity and bringing the world closer together. It’s a destination where you can explore the globe, experience different cultures, shop for unique souvenirs, enjoy international cuisines, and create unforgettable memories—all in one place. So, if you’re planning a trip to Dubai, make sure the Global Village is on your must-visit list for an extraordinary global experience.

The United Arab Emirates, a captivating land of modernity and tradition, is also a culinary paradise that reflects its rich cultural tapestry. With expatriates from all corners of the globe calling the UAE home, the food scene is a delightful fusion of flavors, aromas, and traditions. In this food lover’s guide, we’ll embark on a gastronomic journey through the UAE’s multicultural cuisine.

1. Emirati Delights: A Taste of Tradition

Start your culinary adventure with a taste of authentic Emirati cuisine. Indulge in dishes like Al Harees (a slow-cooked porridge of wheat and meat), Machboos (spiced rice with meat or fish), and Luqaimat (sweet, deep-fried dumplings). These Emirati delights are a window into the country’s history and culture.

2. Levantine Flavors: Shawarma and Falafel

Levantine cuisine is a UAE staple, with shawarma and falafel stands adorning every corner. Savor tender strips of marinated meat wrapped in warm pita bread and topped with tahini sauce, or enjoy crispy falafel balls served with fresh salads.

3. Indian Feasts: From Biryani to Dosas

The UAE has a significant Indian population, and you can explore an array of Indian flavors. Try aromatic biryani, spicy curries, and South Indian dosas. Don’t forget to savor a cup of masala chai, a beloved Indian tea.

4. Arabic Sweets: A Sweet Symphony

The UAE is known for its Arabic sweets, and a visit to a traditional sweet shop is a must. Delight in baklava, kunafa, and qatayef, sweet treats that embody Middle Eastern culinary artistry.

5. Mediterranean Marvels: Hummus and Kebabs

Mediterranean cuisine holds a special place in the UAE. Savor the creamy goodness of hummus, indulge in juicy kebabs, and explore the exquisite flavors of dishes like tabbouleh and baba ghanoush.

6. International Fusion: Global Gastronomy

The UAE’s multicultural society means you can experience global cuisine with ease. Taste sushi in Japanese restaurants, relish Italian pasta, and enjoy Mexican tacos – the culinary world is your oyster.

7. Seafood by the Coast: Fresh Catches

With a long coastline, the UAE offers an abundance of fresh seafood. From succulent prawns to grilled fish, you’ll find a wealth of seafood delights.

8. Food Festivals: Celebrating Culinary Diversity

Throughout the year, the UAE hosts food festivals that showcase the best of local and international cuisine. Don’t miss the Dubai Food Festival, Taste of Abu Dhabi, and the Abu Dhabi Food Festival.

9. Street Food Adventures: From Shawarma to Karak Chai

Street food vendors are an integral part of the UAE’s food scene. Try karak chai (strong, spiced tea), chaat (savory snacks), and hot-from-the-grill kebabs from roadside stalls.

10. Sweet Endings: Arabic Coffee and Dates

A meal in the UAE is traditionally concluded with Arabic coffee and dates. Sip on the aromatic coffee and savor the sweetness of local dates.

In the UAE, embracing multicultural cuisine is not just about savoring diverse dishes; it’s a culinary journey through history, culture, and tradition. So, embark on this food lover’s adventure, exploring the rich flavors of the UAE’s multicultural tapestry, one delicious bite at a time.