Dubai’s Prime Real Estate Investments 2023-2024 Posted on October 27, 2023October 27, 2023 by badmin Dubai, known for its gleaming skyscrapers, luxurious lifestyle, and thriving economy, has consistently been a hotspot for real estate investment. The year 2023-2024 is no exception, as the city continues to grow and evolve. Whether you’re a seasoned investor or looking to make your first foray into the Dubai real estate market, it’s essential to be well-informed about the best neighbourhoods for investment. In this blog, we will explore the most promising areas to consider for your next real estate venture in the vibrant city of Dubai. Dubai Marina Investors highly favour the iconic Dubai Marina, which offers a wide array of high-end apartments and luxurious penthouses in this waterfront community. It attracts both expatriates and locals due to its stunning marina views, numerous dining and entertainment options, and its proximity to the beach. The ongoing development and the upcoming Dubai Harbour project further enhance its appeal. Downtown Dubai Downtown Dubai, home to the world’s tallest building, the Burj Khalifa, thrives as a bustling hub at the city’s core. It provides a unique and dynamic living experience with a mix of residential, commercial, and retail spaces. The area constantly evolves, and new projects assure outstanding rental yields and capital appreciation. Its appeal is further bolstered by attractions like the Dubai Opera, world-class restaurants, and luxury shopping options. Palm Jumeirah Palm Jumeirah, an artificial archipelago shaped like a palm tree, symbolises Dubai’s opulence. Investors looking for high-end properties favour this exclusive island, which offers a variety of upscale villas, townhouses, and apartments. The area’s pristine beaches, luxury resorts, and breathtaking views further enhance its appeal. The completion of The Palm Tower and Nakheel Mall has introduced new dimensions to the area. Jumeirah Village Circle (JVC) Jumeirah Village Circle (JVC) is gaining prominence as a rising star in the realm of more affordable real estate options. It presents a well-rounded selection of villas, townhouses, and apartments at competitive prices, appealing to both investors and residents. JVC offers excellent community facilities, parks, and retail outlets, solidifying its status as a prime location for budget-conscious investors seeking high rental returns, driven by its steady growth in recent years. Dubai South Dubai South, housing the Expo 2020 site and Al Maktoum International Airport, rapidly develops as a district poised for substantial growth and transformation. This makes it an exciting prospect for long-term investment. Dubai South offers a bright future for real estate investors with its array of affordable housing options and ongoing infrastructure developments. Jumeirah Beach Residence (JBR) JBR is a highly sought-after waterfront community renowned for its stunning beach, trendy promenade, and a diverse array of dining and entertainment options. The area entices a broad spectrum of residents and visitors with its mix of residential units, ranging from compact apartments to spacious penthouses. JBR continues to be a promising neighbourhood for real estate investment, thanks to its high demand and potential for capital appreciation. Arabian Ranches For those seeking a family-friendly environment, Arabian Ranches stands out as an excellent choice. This established community showcases lush green landscapes, beautiful villas, and world-class amenities. It holds a reputation for delivering a high quality of life, making it an attractive prospect for investors in search of long-term growth and stability. Dubai’s real estate market is on the cusp of experiencing another year of growth and diversification. Whether you’re in search of luxury, affordability, or long-term prospects, Dubai boasts neighbourhoods that cater to your investment preferences. However, it’s crucial to perform comprehensive research, seek advice from real estate experts, and stay vigilant regarding market trends to ensure well-informed decisions. With its dynamic landscape and continuously evolving opportunities, Dubai remains a top destination for real estate investors in 2023–2024.
The Art of Property Gifting in Dubai Posted on October 27, 2023 by badmin In the Emirate of Dubai, first-degree relatives, such as parents, children, and husbands and wives, can transfer property among themselves, constituting a gift transfer. Recent rule changes at the Land Department, however, have prohibited property transfers between siblings. In cases where a property transfer qualifies as a gift transfer, the standard 4% transfer fee, typically paid to the Land Department during the property transfer, is not applicable. Instead, a nominal transfer fee of 0.125% is due at the time of the transfer. This reduced fee significantly simplifies the cost-effective transfer of property between first-degree relatives, eliminating the need to consider substantial cost implications. The process of gifting a property in the Emirate of Dubai is as follows: The owner must pay AED 4,020 to obtain an evaluation report on the property’s price from the land department. The owner and the donee must obtain a No Objection Certificate (NOC) from the property’s developer. Both parties must prove their first-degree relationship by providing an official document issued in their respective home countries. For example, if the owner is the father or mother of the donee, they must provide a birth certificate as evidence of their relationship. This document must be legalised and notarized in their home country and then submitted to the Ministry of Foreign Affairs in the UAE. In addition, the document should be translated into Arabic and receive a stamp of approval from the Ministry of Justice. Once the original documents are in hand, you can complete the property transfer by visiting the Trustee offices. The cost of a gift transfer of property in the Emirate of Dubai includes the following: The minimum gift transfer fee payable to the land department is AED 2000. However, if the property’s value exceeds AED 500,000, the transfer fee payable to the land department is 0.125% of the property’s overall value, based on the evaluation certificate issued by the land department. A fee of AED 580 for the name title deed. A fee of either AED 2,000 or AED 4,000, depending on the property’s evaluation, payable to the trustee offices. Once you have submitted the required documents and paid the associated costs at the trustee office, the trustee office will facilitate the property transfer, resulting in the issuance of a new title deed in the name of the donee. Once the Land Department issues the new title deed, the donee will officially assume ownership of the property. Do I need a Power of Attorney for a gift transfer? A Power of Attorney is not necessary for a gift transfer in the Emirate of Dubai if both the owner and the donee are present during the transfer. However, our partner, Vision Conveyancing, is pleased to offer its services as your Power of Attorney through a special POA to facilitate the entire gift transfer process in the name of the donee. They provide a comprehensive end-to-end service for gift transfers, ensuring a swift and efficient process. VC is committed to delivering a streamlined and stress-free transaction experience for their clients, starting from the initial contract signing and concluding with the property ownership transfer. If you have inquiries, you can reach out to them at info@visionconveyancing.com. Property gifting in Dubai serves as a legal and efficient means of transferring ownership while upholding the city’s tradition of generosity and openness. Dubai, as a thriving global metropolis, continuously draws investors and residents worldwide, making property gifting an exceptional way to embrace the Dubai lifestyle and partake in its prosperity. When contemplating property gifting, it’s crucial to seek guidance from legal experts and real estate professionals. In Dubai, the process of property gifting embodies the principle of “giving is receiving,” enriching both the giver and the recipient.
Winter in Dubai: A Season of Splendor Posted on October 26, 2023October 26, 2023 by badmin When one envisions Dubai, they often conjure images of shimmering skyscrapers, extravagant shopping malls, and scorching desert heat. However, Dubai undergoes a transformation during the winter months, turning into a different kind of wonderland. This season is when the city’s real estate market truly shines, offering a unique opportunity for investors and those seeking a slice of the luxury lifestyle. In this blog, we will explore the captivating charm of winter in Dubai and its undeniable connection to the real estate market. Dubai’s winter, which typically spans from November to March, offers a welcomed reprieve from the scorching summer heat. The weather becomes milder, with pleasant daytime temperatures hovering around 20–25°C (68–77°F), while evenings can get slightly cooler. This ideal climate makes it the perfect time for exploring the city’s numerous attractions and engaging in outdoor activities, such as desert safaris, beach outings, and al fresco dining. One of the highlights of Dubai’s winter is the annual Dubai Shopping Festival (DSF), which typically kicks off in late December and extends into January. This month-long extravaganza features incredible discounts, entertainment events, and spectacular fireworks, effectively transforming the city into a shopper’s paradise. Winter Real Estate Trends in Dubai High Demand for Short-Term Rentals As Dubai experiences an influx of tourists during the winter season, the demand for short-term rentals, including vacation homes and serviced apartments, skyrockets. This offers an excellent opportunity for property owners to capitalise on the winter tourism boom. Whether you’re looking to invest in a luxurious apartment with a view of the city’s iconic landmarks or a cosy villa on the Palm Jumeirah, there’s no shortage of options to cater to this growing market. Ideal Time for Property Showcasing Real estate agents and developers often choose the winter season to showcase their properties. The pleasant weather facilitates hosting open houses and property viewings. Additionally, the festive atmosphere during events like DSF can draw in potential buyers who are in the city to enjoy the festivities and may be enticed to invest in Dubai’s thriving real estate market. Luxury real estate flourishes Dubai is renowned for its luxury real estate offerings, and the winter season only enhances its appeal. International investors often seek premium properties during this time, whether for personal use or as an investment opportunity. The city’s luxury apartments, penthouses, and villas located in upscale neighbourhoods like the Palm Jumeirah, Downtown Dubai, and Emirates Hills continue to attract high-net-worth individuals looking for opulent residences. Off-Plan Investment Opportunities For those with a keen eye for off-plan properties, winter in Dubai can be a great time to explore new developments. Many developers launch attractive payment plans and incentives during the winter season, making it an opportune time to invest in a property that may offer long-term appreciation. Dubai’s winter season undergoes a magical transformation. The pleasant weather and festive atmosphere create an environment in which the real estate market thrives. From the bustling demand for short-term rentals to the allure of luxury properties and enticing off-plan investment opportunities, Dubai’s real estate sector shares a unique connection with the city’s winter charm. If you are considering investing in Dubai’s real estate market, the winter season provides an ideal backdrop to explore the city’s diverse property portfolio. Whether you are seeking a home or an investment opportunity, the convergence of luxury, culture, and opportunities during Dubai’s winter months makes it an exciting and promising destination for real estate enthusiasts.
Dubai Landlords: What You Need to Know Posted on October 22, 2023 by badmin Landlords in Dubai have various rights, including the right to receive rent on time, the ability to evict tenants for non-payment of rent, the option to terminate the contract under specific circumstances, and the authority to access the property for inspections and repairs. Furthermore, tenants must compensate landlords for any damage caused to the property. Dubai has established itself as a global hub for real estate investment and development over the last few decades. The city has witnessed a significant increase in the number of properties, both residential and commercial, resulting in a higher number of landlords. As a landlord in Dubai, it’s crucial to be well-informed about your rights and responsibilities to ensure the proper maintenance of your property and the satisfaction of your tenants. The Dubai Rental Law No. 33 of 2020, which replaced the previous rental law (Dubai Rental Law No. 26 of 2007), came into effect on March 9, 2020. The new tenancy law in Dubai aims to improve the rental market through several changes. These changes require all rental contracts to be registered with the Rental Good Conduct Certificate (RGCC) system, establish rent increase caps for existing tenants, introduce measures to protect tenants’ rights, and create a Rental Dispute Settlement Circuit (RDSC) within the Dubai Courts. The new landlord-tenant law in Dubai has the goal of providing greater transparency, accountability, and protection for both landlords and tenants. What Is a Tenant and Landlord Relationship? In the tenant-landlord relationship, the landlord holds the ownership rights to the property, and the tenant obtains the right to use the property by paying the rental fee for the unit. On top of that, the tenant has the responsibility of maintaining the property, while the landlord is obligated to carry out maintenance as outlined in the agreement. Maintaining a positive relationship is essential for both parties, as it fosters mutual trust, which becomes particularly important in case any issues arise. What is the maintenance law in Dubai? In accordance with Article 16 of Law 26 of 2007, unless otherwise agreed, the landlord is responsible for doing all maintenance on the property. However, the majority of lease agreements in Dubai often state that the tenant is responsible for minor upkeep while the landlord is responsible for any substantial repair. Can Landlord Increase Rent in Dubai After 1 Year? Yes, they can as long as it’s the time for renewal; otherwise according to the tenant rights in Dubai, they can’t increase the rent during the lease period. What Is the Rent Increase Notice Period in Dubai? The landlord must notify the tenant within 90 days before the expiration of the contract. This is the minimum notice period, according to the Dubai Tenancy Law, unless the two parties agree on other terms. Things to check in a rent increase: Whether your proposed rent increase is within the bounds of RERA’s rental increase calculator If your community is not listed in the rental increase calculator, then the regular rules of rental increases in Dubai do not apply. In this instance, you and your tenant will have to agree on what you feel is a fair price. If your community is listed in the rental increase calculator, but you believe one or both of the above-mentioned requirements have not been met, your tenant can contest your notice. When Is the Rental Increase by the Landlord Permitted? Under the Dubai Rental Price Index, landlords may adhere to the following framework for rental increases: No increase is permitted when the rent increase calculator shows the current rent paid is within the stipulated range A 5% rent increase is permitted when the rent falls between 11–20% less than the average for the location A 10% rent increase is permitted when the rent falls between 21–30% less than the average for the location A 15% rent increase is permitted when the rent falls between 31–40% less than the average for the location; A 20% rent increase is permitted when the rent is less than 40% of the average for the location. Is the Landlord Allowed to Enter the Property in the Tenant’s Absence? No, the landlord is not allowed to enter the unit during the renter’s absence or without their permission unless they agree on this and it’s included in the contract. This is according to tenant rights in Dubai. Moreover, if the landlord wants to sell the property, they should ask for the tenant’s consent to be able to show the property to potential buyers. When the tenant permits viewings, the landlord must provide at least 24 hours’ notice and must be present at the time of viewing. Can the landlord evict a tenant prior to the end of a tenancy agreement? Article 25 of Law No. 26 of 2007 states that there are only a few very specific reasons why a landlord can evict a tenant prior to the end of a tenancy agreement. These include: The tenant fails to pay rent within 3 days of being served a written notice from the landlord The tenant subleases the property without the landlord’s approval The tenant uses the property for any other purpose than what it was leased for The property is used for immoral or illegal activities The tenant causes damage or makes unsafe changes to the property The tenant fails to comply with the terms of the tenancy or the law If demolition of the property is required by the government for urban development Unless one of the above conditions is met, you cannot be evicted during the tenancy. The landlord can seek to evict the tenant for one of the following reasons: The landlord wishes to reconstruct or demolish the property Major maintenance or renovation is required, which cannot be done whilst the tenant is living there The landlord wants to sell the property The landlord wants to either live in the property or have one of their first-degree relatives live there But, in all of the above examples, 12 months of written notice must be provided. Here are some top tips for landlords in Dubai: 1. Hiring a competent property manager is considered essential by experienced landlords to maximise the value of their rental properties. This approach not only helps in avoiding all the headaches associated with vetting tenants, collecting rent, handling complaints, and addressing maintenance and repair requests, 2. Maintain a Respectful Relationship with Tenants. If you opt to lease your property without a property manager, make an effort to maintain a positive relationship with your tenant. When mutual respect exists, your tenant is more likely to take better care of your property, which ultimately benefits your long-term investment. 3. Familiarise yourself with the Law. Before considering rent increases or wanting to evict a problematic tenant, take a moment. Landlords have both rights and responsibilities to adhere to under Dubai law. As a landlord, comprehending your obligations will assist in safeguarding yourself and your rental property. 4. Ensure clarity in the contract. Make sure the tenancy contract is clear. For instance, it should outline the maintenance and repair requests for which you are accountable. If you believe the tenant is requesting maintenance beyond your obligations, direct them back to the contract. 5. Initiate a Rental Dispute Case if necessary. If you have explored all available options, including discussions with your tenant to resolve any arising issues, contemplate initiating a case. The Rental Dispute Centre serves both landlords and tenants with the ultimate aim of reaching a resolution for both parties. Various laws and regulations in Dubai, including Dubai tenancy law, protect the rights of landlords. As a landlord, it is essential to comprehend your rights and obligations to establish a smooth and lawful tenancy agreement with your tenants. Among the significant rights of landlords in the UAE are the right to evict tenants for breaching the contract, the right to receive rent promptly, and the right to terminate a tenancy agreement for valid reasons.
Dubai Real Estate: Your Key to Property Ownership Posted on October 21, 2023October 21, 2023 by badmin Dubai’s property market is dynamic and alluring, offering unique opportunities. Whether you’re an investor, a future homeowner, or here for market insights, we’re here to guide you on your journey to property ownership in this vibrant city. Are there any restrictions for foreigners when buying property in Dubai, and if not, what are the required documents for a property purchase? Anyone, regardless of nationality, can purchase property in Dubai within designated freehold and leasehold developments. Properties can be acquired through primary sales from developers or in the secondary resale market. To buy a property in the UAE, you’ll need to secure the following documents: A copy of the sale and purchase contract A copy of a valid Emirates ID A copy of a valid passport for non-residents What is freehold and leasehold? Freehold ownership in Dubai grants buyers absolute control over both the property and the land it stands on, without time restrictions. As per Dubai’s property ownership laws, the Dubai Land Department registers the buyer’s name as the ‘landowner’ in the official registry and issues a title deed. Freehold property owners have the freedom to remodel or renovate their units, provided they adhere to developer guidelines. Freehold properties are the top choice for foreign buyers and investors in Dubai, with options in prominent neighborhoods like Dubai Marina, Downtown Dubai, JBR, The Meadows, and The Springs. Recently, even traditionally non-freehold areas, like Jumeirah, have seen the growth of freehold projects such as City Walk and La Mer, broadening choices for foreign nationals. Leasehold property in Dubai means buying the right to occupy a unit for a fixed period, often 99 years or less, without ownership of the land. Repairs, especially for the property’s structure, are usually the responsibility of the freehold owner, leaving the leaseholder with limited liability. Is the reservation fee refundable? The reservation fee is non-refundable. What occurs when the property I’ve purchased already has a tenant in place? When you purchase a property with an existing tenant, you inherit both the tenant and the terms of the tenancy agreement. A prorated rent-back amount can be determined as part of the sales contract, and all future rental checks should be made in your name as the new owner. Furthermore, as the new property owner, you must ensure the transfer of the security deposit previously paid by the tenant to the former landlord (seller), making it your responsibility to refund the deposit to the tenant upon their departure. Subsequently, it becomes your responsibility to refund the deposit to the tenant upon their departure. Are properties in Dubai subject to VAT? No, VAT is not applicable to residential properties in the UAE. Do I need to fly to Dubai to finish the purchase? If you cannot be physically present in Dubai, you have the option to use a Power of Attorney (POA) to purchase property on your behalf. This can be arranged either in person at Dubai Courts, internationally, or remotely online, all from the convenience of your home. What are the anticipated costs associated with buying a property in Dubai? In addition to the purchase price, there are several fees that clients are obligated to pay. These costs are not hidden, as they are typically discussed during the property purchase process. In total, these fees can amount to approximately seven percent of the property’s total value. Therefore, they should not be disregarded but rather factored into the overall property acquisition expenses. Some of these are, but are not limited to: • Transfer fees, four percent of the purchase price • DLD appointment fee of Dh4,200 and Dh580 admin fee • Professional/ Agency fee of two percent plus VAT and Conveyancing Fees. • Other additional fees, depending on if you are purchasing with finance, will be stipulated in the contract. Can I get a residency visa if I purchase a property in Dubai? Purchasing real estate in Dubai can potentially qualify the buyer for a residence permit. Under the UAE investor visa program, the property must be fully constructed at the time of purchase and have a minimum value of AED 1 million. The visa duration can range from three to five years and remains valid as long as the investor holds property in the country. A three-year visa is granted to those who purchase property valued at AED 1 million or more, while a five-year visa is available for property owners with holdings worth at least AED 5 million. The property owner has the option to sponsor additional family members, including domestic staff such as maids and drivers. However, it’s important to note that this visa does not grant permission to work in Dubai. We hope this information has provided valuable insights and guidance for your property-buying journey in Dubai. The Dubai real estate market is filled with opportunities, and with the right knowledge and support, you can make the best investment decisions. Should you have any further questions or need assistance, don’t hesitate to reach out. Best of luck on your path to property ownership in this vibrant city!
Frequently Asked Questions About Selling Your Property in Dubai Posted on October 21, 2023 by badmin Selling a property can be a source of considerable stress, but our aim is to ensure that your selling experience is as smooth and hassle-free as possible. It’s important to note that not all costs and processes will necessarily apply to you, particularly if you are selling a property without any outstanding financial obligations. Documents Needed When Selling a Property: To sell your property, you will require a title deed for the property obtained through registration at the Dubai Land Department. You will also need a No Objection Certificate (NOC) from the developer to confirm that the property is free from any liabilities, such as outstanding mortgages, unpaid installments, or service fees. Your original passport and any other documents and receipts related to the original sale and the current state of the property will be required. If your property is rented, you will need a copy of your tenancy agreement, and if you have sold it through a registered Real Estate Agency, a signed seller agreement known as Form A will be needed. Is it necessary to hire a lawyer when selling my property? In many places around the world, it’s common to involve a lawyer when selling property. However, in Dubai, the sale process often doesn’t require legal representation. Dubai uses a standard electronic contract, known as Form F or MOU, provided by the government. The transaction agency typically oversees the management of these documents. You do have the choice to hire a lawyer or conveyancing company if you prefer Can I sell my property if it is currently tenanted? If so, what is the notice period required if I want the tenants to vacate the premises? Having an active tenancy contract on your property does not prevent you from selling it. When selling, you will typically include a provision in the agreement with the buyer to transfer the existing tenancy to them. The buyer will inherit the terms of the tenancy and take over as the new landlord. You may need to consider refunding any future rent for the remaining lease period and transferring the tenant’s security deposit to the buyer. As per Law 33 of 2008, Article 25, a landlord can request eviction upon the expiration of the tenancy contract if the property owner intends to sell the leased unit. However, the landlord is required to provide the tenant with a 12-month notice before the designated eviction date, and this notice must be delivered through a notary public or registered mail. What is the cost of registering my title deed? In the case of off-plan sales, the developer manages the land registration process in tandem with the initial property purchase. The registration fees amount to 4% of the purchase price, and this cost is VAT-exempt. In the case of secondary sales, the 4% fee, referred to as the transfer fee, is payable during the transfer of ownership and can be divided between two parties: the seller and the buyer. Whether you’re a seasoned property seller or a first-time seller in Dubai, manoeuvring the real estate market can be a complex yet rewarding journey. We believe that the insights and information shared in this blog have proven valuable in your mission to sell your property. Should you have any additional questions or require assistance, our team is readily available to support you at every stage. Your property sale in Dubai is more than just a transaction; it represents a significant milestone in your life’s journey, and we are here to ensure it proceeds smoothly and successfully. We appreciate your consideration in choosing us as your trusted partner and extend our heartfelt wishes for your success in your property-selling endeavours.
Streamlining Residency Visa and Emirates ID Renewal in Dubai: A Virtual Solution, embracing convenience. Posted on October 20, 2023October 20, 2023 by badmin Navigating the process of renewing a residency visa or Emirates ID can be a daunting task, particularly when dealing with incomplete or unclear documentation. However, a revolutionary solution is changing the game in Dubai, allowing you to overcome these challenges without the need for a physical visit to an Amer centre. Enter the Virtual Amer Service, a game-changer in simplifying these essential procedures through the convenience of video conferencing. We’ve all been there – the frustration of dealing with incomplete or unclear documents when trying to renew a residency visa or Emirates ID. It can lead to unnecessary delays, countless trips to government offices, and a significant amount of stress. Fortunately, Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) has recognised this challenge and has taken a giant leap forward in modernising and simplifying the process. Unveiled during GITEX Global 2023, the Virtual Amer Service offers a solution that puts the power back in your hands. This innovative service enables you to address the issues with your documentation and complete the necessary procedures from the comfort of your own location. No more queues, no more time wasted commuting, and no more frustration. The Virtual Amer Service is a streamlined and efficient alternative. One of the key highlights of the Virtual Amer Service is its user-friendliness. You don’t need to be a tech expert to use it. The GDRFA in Dubai has ensured that this technology is accessible and straightforward for everyone. With the convenience of video conferencing, you can connect with experts and officials who can guide you through the process step by step. Perhaps one of the most significant advantages of the Virtual Amer Service is the freedom to choose your location. Whether you’re at home, at your workplace, or even abroad, you can access this service. This flexibility is invaluable, especially for those who may be travelling or living in remote areas. How It Works: Using the Virtual Amer Service is a straightforward process: Contact the GDRFA: Reach out to the General Directorate of Residency and Foreigners Affairs in- Dubai to schedule a video conference appointment. Prepare Your Documents: Ensure you have all the necessary documentation ready for review during the video conference. Connect Virtually: On the scheduled date and time, connect with the GDRFA officials via video conferencing. Guidance and Assistance: During the conference, experts will guide you through the process, review your documents, and provide any necessary assistance. Completion: Once the process is complete, you’ll receive confirmation and, if applicable, your renewed residency visa or Emirates ID. The Virtual Amer Service is a testament to Dubai’s commitment to embracing technological advancements to enhance the lives of its residents and expatriates. It simplifies essential processes and eliminates the hassles associated with incomplete or unclear documentation. If you’ve been grappling with the challenges of visa and Emirates ID renewal in Dubai, consider embracing the freedom and convenience offered by the Virtual Amer Service. Say goodbye to physical visits, long queues, and delays, and say hello to a streamlined, user-friendly, and efficient solution that puts you in control. Dubai continues to evolve and adapt to the needs of its diverse population, making life easier and more convenient for all. The future of essential document processing is here, and it’s called the Virtual Amer Service. The Virtual Amer Service is currently available on weekdays, from Monday to Friday, ensuring that you have the flexibility to address your documentation needs during the workweek. The service operates from 7 a.m. until 7 p.m., offering a substantial window for your convenience. The Amer call centre is a valuable lifeline for those who prefer to speak directly with a customer service representative or have immediate questions that require answers. Its availability around the clock ensures that you’re never left without support, regardless of the time of day. This resource is available 24/7, providing assistance and guidance whenever you need it. If you have inquiries or require assistance, you can reach out to the Amer call centre at the toll-free number 8005111.
Know Your Customer (KYC) – a vital role in Real Estate transactions in the UAE. Posted on October 20, 2023October 20, 2023 by badmin The United Arab Emirates (UAE) is known for its booming real estate sector, with properties in Dubai, Abu Dhabi, and other emirates attracting investors and expatriates from around the world. While the real estate market in the UAE presents numerous opportunities, it also faces a unique set of challenges related to financial security. With large sums of money involved in real estate transactions and relatively limited regulatory scrutiny, it’s essential to address vulnerabilities related to transparency and financial integrity, as it’s crucial to ensure that these transactions are conducted with the utmost transparency, legality, and security. The Importance of KYC in Real Estate: Fraud Prevention: Real estate transactions typically involve significant sums of money, making them a prime target for fraud. KYC helps in verifying the identities of both buyers and sellers, reducing the risk of fraudulent activities such as identity theft, forgery, and property-related scams. Money Laundering Prevention: The real estate sector has, at times, been used for money laundering purposes. Criminals often attempt to invest illegal funds into the real estate market to legitimise their gains. KYC helps in identifying suspicious financial activities and ensuring that funds used in transactions are legitimate. Regulatory Compliance: Governments and regulatory bodies have introduced stringent regulations to monitor and control real estate transactions. KYC is a vital part of compliance with these regulations. Non-compliance can lead to severe legal consequences for both individuals and real estate businesses. Enhanced Security: Real estate transactions involve personal information and financial details that should be handled with the utmost care. KYC procedures ensure that sensitive data is protected and secure, reducing the risk of data breaches and identity theft. Reputation Management: Real estate professionals and companies that prioritise KYC practices build a reputation for transparency and trustworthiness. This can attract more clients and investors who value the security and legitimacy of their transactions. Efficient Due Diligence: KYC procedures streamline the due diligence process by providing a clear understanding of the parties involved in a transaction. This leads to quicker and more efficient real estate deals. The implementation of KYC in the Real Estate industry involves several key steps: Document Verification: Collect and verify official identification documents, such as passports, driver’s licences, and utility bills, to confirm the identities of both buyers and sellers. Background Checks: Conduct background checks on the individuals involved in the transaction to ensure they do not have a history of financial crimes. Risk Assessment: Assess the risk associated with the transaction and the parties involved, identifying any potential red flags. Ongoing Monitoring: Implement continuous monitoring to detect any suspicious activities or changes in financial status. Relevant Laws and Regulations for DNFBPs, or Designated Non-Financial Businesses and Professions – Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, – Implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, – Cabinet Decision No. (20) of 2019 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions On the Suppression and Combating of Terrorism, Terrorists Financing & Proliferation of Weapons of Mass Destruction, and Related Resolutions, – AML/CFT Guidelines for Financial Institutions and Designated Non-Financial Businesses and Professions issued by supervisory authority (such as FSRA or DFSA), – UAE Ministry of Economy’s Guidelines for Designated Non-Financial Businesses and Professions, – UAE Ministry of Economy’s Supplemental Guidance for specific sector (such as Real Estate Sector, Dealers in Precious Metals and Stones, etc.) In an era where financial crimes and illicit activities are on the rise, KYC has become a non-negotiable component of the real estate industry. Its importance cannot be overemphasised enough, as it is instrumental in upholding the integrity and security of property transactions. With governments and regulatory bodies tightening their oversight of real estate regulations, KYC is set to become even more critical. By adhering to KYC practices, the real estate industry can foster trust, safeguard transactions, and ensure that the buying and selling of properties remain transparent and above board.
Mandatory Life Insurance for Your UAE Mortgage Posted on October 18, 2023 by badmin When you acquire a mortgage in the UAE, it’s essential to be aware that life insurance is mandatory; hence optional when buying with cash. Whether you’re fully informed about it or not, life insurance is an integral part of your home loan. Mortgage life insurance is specifically designed to safeguard your mortgage debt in the event of your passing. This ensures that your family can continue to enjoy the property without the burden of mortgage payments. Most banks typically charge this insurance on a monthly basis, independent of your loan or through an increase in the interest rate to cover the monthly insurance cost. However, certain banks may request upfront payment, while others might incorporate the insurance premium into your interest rate. Alternatively, you have the option to explore more cost-effective options, such as procuring life insurance from an independent insurance company. Some banks may accept life insurance policies from external providers, but each bank retains the pre-rogative to mandate insurance under their specific program. In the case of married couples where the property and mortgage are solely in the name of the working partner, it’s not obligatory for the non-working spouse to have life insurance. However, most advisors recommend at least partial coverage. If both spouses are on the property title, some banks insist that all loan applicants are covered, regardless of their income source. It’s imperative to factor life insurance premium payments into your ongoing expenses when managing a mortgaged property. For non-smokers under the age of forty, life insurance costs are relatively affordable for an average loan. Nevertheless, expenses can escalate significantly as you age, experience health issues, or require higher insurance coverage. Full disclosure of any pre-existing medical conditions is a legal obligation. Failing to disclose such conditions could lead to the denial of your claim, potentially depriving your family of the insurance benefit when they need it the most. Critical Illness Cover (CIC) Additionally, life insurance advisors often suggest considering Critical Illness Cover (CIC). CIC can provide coverage for your mortgage payments in the event of a serious illness that renders you unable to work. While CIC is not mandatory in the UAE, it is advisable, especially if you are beyond your twenties. Having adequate CIC insurance can cover your loan payments for a few years, giving you the time needed to recover or sell the property if necessary. Cost of Life Insurance Life insurance premiums are an ongoing cost of owning a mortgaged home, and they should be factored into your budget. For non-smokers under the age of 40, life insurance costs are relatively low. However, costs increase significantly with age, health condition, and the insured amount. It is crucial to disclose any pre-existing medical conditions to your life insurance advisor to avoid potential claim rejection. For instance, on a AED 1,000,000.00 mortgage, life insurance can cost as little as AED108 per month. Factors Affecting Costs Various factors can affect the cost of your life insurance, including your age, occupation, medical history, and even your country of origin. People from Western countries typically enjoy lower premiums. Smoker status can also substantially impact premiums; if you’ve consumed nicotine in any form in the last year, you may be considered a smoker. Bank In-House vs. External Policies Banks often offer in-house life insurance policies underwritten by major international insurers. However, in some cases, obtaining an external policy can be more cost-effective, especially for young and healthy individuals. Some banks allow you to use an external insurance policy, while others do not. External policies also have the advantage of portability, meaning you can transfer them to another property or bank in the future. Pre-Paid Life Insurance Policies Certain UAE banks may require pre-payment of a 25-year life insurance policy, adding the cost to your loan. While this eliminates monthly premiums, it significantly increases the total mortgage amount, resulting in higher interest costs over the life of the loan. It’s important to note that if the loan is terminated prematurely (e.g., selling or refinancing), you may receive only a partial refund of the pre-paid policy. Decreasing Term vs. Level Term Policies Some life insurance policies have decreasing sums insured over time as your mortgage balance decreases, known as “Decreasing Term” policies. These are typically designed for mortgage protection and are more cost-effective. In contrast, “Level Term” policies maintain a constant sum insured throughout the policy term and are suitable for broader family protection. Property Insurance Vs. Content Insurance Furthermore, when acquiring a property through bank financing, the bank typically requires the protection of the investment through property insurance. This insurance is essential to cover potential losses related to building costs and significant maintenance. It is a mandatory requirement when obtaining mortgage finance, ensuring the property’s safeguard. However, when purchasing a property with cash, property insurance becomes advisable rather than obligatory. The decision to secure this insurance rests with the buyer. In contrast, contents insurance remains entirely at the discretion of the occupier. If an occupier chooses not to procure any insurance and an unfortunate event occurs, such as damage or loss to personal belongings, the responsibility for repair or replacement falls squarely on their shoulders.
Essential Apps for Simplifying Your Experience in the UAE Posted on October 16, 2023 by badmin The United Arab Emirates (UAE) is a bustling and dynamic country known for its rapid technological advancements and modern lifestyle. With its cosmopolitan cities, diverse culture, and thriving economy, it's no surprise that the UAE has a growing app ecosystem to meet the needs of its residents and visitors. From staying connected to transportation and managing finances, there's an app for almost everything in the UAE. In this blog, we'll explore some of the most useful apps that can help you navigate life in the UAE seamlessly. Careem and Uber Dubai and Abu Dhabi offer both Careem and Uber services. However, when you opt for Uber, you're presented with a range of choices. You can select UberX for a more economical ride, UberONE for a "premium" experience with electric cars, or even Uber Chopper if you're willing to splurge. With Careem, you can choose to book a Hala taxi for cost-effective rides, or you can opt for a more luxurious car or even a bicycle. Furthermore, the app allows you to arrange for a driver to pick up items on your behalf and have them delivered to your desired location. Dubai Metro and RTA Bus For those who prefer public transportation, the Dubai Metro and UAE Bus apps are indispensable. These apps provide real-time information on metro and bus schedules, routes, and fares. They make it easy to plan your journey, helping you save both time and money. Deliveroo, Careem, Cari and Talabat When it comes to dining in the UAE, Deliveroo, Cari, and Talabat are your ultimate companions. These apps offer a comprehensive dining experience, allowing you to explore an extensive array of restaurants, peruse menus, access reviews, discover exciting promotions, and effortlessly place food orders for either delivery or pickup. Whether your taste buds yearn for traditional Emirati flavors or you're craving international cuisine, these apps are your go-to destination for satisfying your culinary desires. Bayut and Property Finder If you're in the market for a new home in the UAE, Bayut and Property Finder are essential apps. They offer a vast database of real estate listings, complete with photos, price details, and location information. You can filter your search based on your preferences, making it easier to find the perfect property. Amazon AE, Noon and Desert Cart Are the leading e-commerce platforms in the UAE. You can shop for a wide range of products, from electronics and fashion to groceries and beauty items. The app offers exclusive deals and a convenient shopping experience. In the UAE, where life is fast-paced and convenience is paramount, these apps have become essential tools for residents and visitors alike. Whether you're navigating the bustling streets of Dubai, enjoying the cultural heritage of Abu Dhabi, or exploring the natural wonders of the UAE, these apps can simplify your daily tasks and enhance your overall experience. Embrace technology, stay connected, and make the most of your time in this remarkable country with these top useful apps.Download these apps and embark on an unforgettable journey through the Emirates!
