During first six months of 2021, Dubai has been on the top the list of global prominent cities to record a positive capital value growth for its luxury properties. It’s been noted the fastest growth rate since 2016 as the world’s residential property markets remains unchanged.

Analysts explain the increase of capital values are resulting from work-from-home boom and the consequent effect on need of live-and-work spaces. Other cities that are experiencing similar situations are namely Moscow, Cape Town and Lisbon. Regardless of the change in the businesses, during lockdown, the number of transactions were still higher than the same period of the last year, 2020.

Dubai’s proactive policy measures and effective handling in pandemic to reboot the economy played a crucial role in driving plea of high end residentials, says World Cities Index report. In the index, over the past six months capital values in prime housings surged by 3.9 per cent across 30 cities around the globe.

Due to changes in taxes and policies and tremendous uncertainty in the global economy, the average growth of capital values across the nations were barely reached 0.7 per cent from mid 2018 to end of 2020.  

The report further emphasized “The pandemic, which exacerbated the severity of the slow growth, caused many properties to completely shut down during lockdown in many cities.”

Over seventy per cent of the worldwide had positive capital value growth for the first half of the year. Not all cities performed equally over the past six months.

The global cities which posted negative capital value growth are cohesive in their historical reliance on international buyers in their prime markets, a segment that has been severely limited by travel restrictions.

Chinese mega cities Shanghai and Guangzhou have reportedly had capital value growth of 13.7 per cent and 7.9 per cent respectively within past six-months growth figures. Price rises in China have accelerated in 2021 despite tightening of financing and local policy changes in an attempt to cool the markets. “Lending-fuelled purchases have been driving Chinese property price growth in recent years, with buyers believing property is likely to remain the safest investment in China,” said the report.

While nearly 70 per cent of the locations affected by Covid-19 experienced positive capital value growth in the past six months, cities with a long history of relying on international buyers in their prime markets saw negative capital value growth as a result of travel restrictions, said Savills report.

Swapnil Pillai, Associate director of research at Savills Middle East, said the return of international travel is likely to provide an increased supply of buyers for prime properties. “Furthermore, the economic recovery and growth led by increasing vaccination rate in the UAE is expected to further support buyer confidence and boost demand. Though a degree of pandemic-related uncertainty remains, the prime residential sector is likely to remain strong through the rest of the year.”

The report noted that the availability of good quality stock, low lending rates and relatively affordable real estate prices led to strong transaction activity which drove capital values higher across prime properties Return of international travel to world cities will likely provide an increase in the supply of buyers for prime properties

In the US, Los Angeles and Miami lead with growth above 9.0 per cent in the first half of 2021.

The most expensive location in the index, Hong Kong, had seen declines in prices from 2019 through the first half of 2020 as a result of uncertainty in the region. However, capital values increased 1.9 per cent in the year to June 2021.

In London, following six years of falls, values remained flat in 2020 then recorded an increase of 1.1 per cent in the first six months of 2021 as the city looks good value.

Some cities have seen price changes go from negative to positive territory in the first half of 2021. Singapore, Bangkok, and Kuala Lumpur benefitted from increased demand for decreased supply.

According to data from Dubai Land Department (DLD), mortgage transactions recorded a growth of 44 percent in the first half of 2021 as compared with the same period last year. The total number of transactions in H1 2019 was 12,520 units, while in H1 2021 it was 19,920 — recording an increase of 91 percent. This ratio was only 21 percent in H1 2019.

The same report revealed that the value of Dubai mortgages rose by 38 percent from 76 billion dirhams in H1 2019 to 106 billion dirhams in H1 2021 — an increase of 29.2 billion dirhams. (8 billion USD).

According to Vaughan, the current slowdown in the UAE economy has yet to affect home prices or growth. “Over the past few years, we have seen a trend of high levels of confidence from borrowers with strong household finances and employment to support their mortgage repayments. The Dubai housing market is growing due to factors such as increased demand for units.

Vaughan attributed the increase in activity in the market, in part, to the major reform in lending policy introduced by the Central bank of the UAE in early 2020, which allowed banks to lend 5.0 percent more, reducing the down payment requirement for first-time buyers from 25 percent to 20 percent. “This change has made getting a mortgage more accessible for some people.” He added.

(1) “The ratio of Dubai’s housing mortgage commitments to its overall credit exceeded 85 percent this year, up from 74.5 percent in 2010 and 69.9 percent in 2011, based on data compiled by Bloomberg. The city accounted for about 9 percent of the emirate.

(2) “This will allow more freedom to buy the most suitable property at a price that fits their budget,” said Daniel Stanzler, senior sales executive at Arabian Homes.

(3) More than Dh 28 billion was pledged to Dubai developers this year through the first quarter of 2021, according to data from Real

According to the Dubai Land Department (DLD), the value of mortgages recorded in the emirate reached 20.9 billion in January 2021, the highest since October 2016. Total sales for the month also hit Dh29.4 billion, the highest since January 2018..

(4) A Dh7bn residential project in Dubailand will be launched next week, a developer has announced. The French Village, a 635-unit community offering serviced and bonded units as well as apartments, is being developed by Dubai-based GIC Real Estate. It is expected to include a variety of shops and restaurants.

The data highlighted that the property market in Dubai remains resilient and continues to generate investor interest despite the coronavirus pandemic.

The last few months of 2020, however, had seen more buyers taking advantage of the low prices, prompting analysts to predict that the market is stabilizing.

Half-half split mortgage transactions have been reported in Mortgage Finder for apartments and townhouses/villas, with townhouse/villa slice delivering slightly more at 55 percent. Also, Data Finder reveals that this year’s first half was reported 27.5 percent, and apartments were accounted 72.5 percent.

The research from Data Finder, coupled with our knowledge on the 50/50 split in completed mortgages for the same segments, suggests that more apartments are being purchased with cash than villa/townhouses. This makes sense given that villa/townhouses tend to be more expensive and the prices of those in prime areas of Dubai have seen notable increases of late. Furthermore, cash buyers often tend to be investors and apartments are generally more favorable for investment purposes,” Vaughan said.

Banks have continued to offer competitive mortgage products and terms, with interest rates remaining at record lows. It is possible to find mortgage rates available now from just 1.99 percent, compared to 2.49 percent in the middle of 2020.

“Banks in the UAE are open for business. Many are currently offering great headline mortgage rates to entice borrowers, with some going further and being more flexible in their lending criteria depending on the borrower profile. This is great news for potential buyers, but it also means they need to ensure they do their research and understand the full terms of the mortgage before signing on the dotted line. In essence, it’s more important now for borrowers to shop around and see past just the headline rate to look at the mortgage product as a whole and make sure they are getting the right deal,” said Vaughan.

Notable apartment completions were Bellevue Towers (360 units), Amna Tower Al Habtoor City (450 units), Bloom Towers JVC (946 units), and UNA Apartments (956 units). For villas, Janusia, Albizia, Sycamore, and Aster in Akoya Oxygen (1,644 units), Jumeirah Luxury in Jumeirah Golf Estates (290 units), and Villanova Amaranta 2 (352 units).

Approximately 26,318 apartments are under construction with the majority located in Downtown Dubai (15 percent), Dubailand (12 percent), and Mohammed Bin Rashid (MBR) City (16 percent). Over 80 per cent of the 7,800 newly built villas are going to be in MBR City and Dubai Land.

Key off-plan projects announced during Q2 included Sobha Waves at The Waterfront District (592 units), Palace Beach Residence Emaar Beachfront (541 units), Murooj Al Furjan (418 units), and Bliss Townhouses (335 units) at Arabian Ranches 3.

On a quarterly basis, residential asking rents were up 6.5 percent, the first substantial gain since 2014.

Compared to the same period last year, listed rents were down 7.8 percent for apartments but jumped 15.2 percent for villas, the highest record increase since our base year.

Average annual rents for 2-bed villas stood at AED105k, 3 bedroom units at AED151k, and 4-bedroom villas coming at AED 215k. Average rents per year for studio apartments were AED34k, 1-bed at AED51k, 2-beds at AED74k, and 3-bedroom apartments were AED113k. Residential occupancy in Dubai was estimated at 83 percent this quarter.

The S&P Global Ratings organization have recently posted positive remarks on Dubai’s real estate, furthermore, forecasting over 30 per cent growth in revenue towards to the end of this fiscal year.

According to the latest data from Property Finder, the year-to-date total sales value reached AED 61.97 billion while June was the highest real estate sales transactions occurred since December 2013 with 6,388 deals worth of AED 14.79 Billion.

The June made the 8 years monthly sales volume data soared by 44 per cent and by 33 per cent in terms of value.

This stupendous rebound was perceived to be driven by strong demand from investors, and end-users on the back of economic come back spurred stimulus package by the government along with the speedy vaccination and attractive visa reformations.

Recent analysis of ValuStrat shows monthly performance on ready-to-move-in homes sales rose by 75 per cent and Oqood (contract) registrations increased by 59 per cent. Compared to previous quarter performance which is Jan to Mar; April to June quarter shifted by 7,500 transactions.   

The luxury market brings more global attention

“The rebounding of Dubai’s luxurious market brings more global look, perhaps signaling the beginning of a ‘Roaring Twenties Era’ for world property market,” said Faisal Durrani, the head of Knight Frank’s MENA Research Department. Dubai’s prime real estate market sales have surpassed 2020’s total economic activity, particularly tourism, has rebounded in the past six months on the back of one of the world’s fastest vaccination campaigns.

According to data from Anarock, Indians bought 16 per cent of the housing in Dubai by sales volume – boosting it over AED 8 billion in 2019. Their interest in Dubai real estate has only increased since the pandemic– 2020’s first quarter which saw a growth of 15 per cent in the number of transactions of property in comparison to first quarter of 2019.

“With average home prices floating at AED 900 per sq ft and banks proposing lowest interest rates and up to 85 per cent high LTV, it has become more affordable for average households to buy their permanent homes,” says Haider Tuaima, head of real estate research at ValuStrat.

Positive Outlook

“We are seeing the market already bouncing back. The market, across the board, has seen an uptrend. For instance, in March this year the prices have increased by 1.3 per cent in the citywide. This is, in fact, the first year-on-year increases in prices we have had since late  2015. Ever since the real estate market hit the bottom in during 2020 pandemic, the prices have recuperated up to eight per cent now,” states Ayman Youssef, VP at Coldwell Banker UAE.

Sentiment in Dubai is better now as the whole world realized how efficient it handled the pandemic situation. Consequently it led many affluent buyers to consider Dubai as their second home or to put their speculations in.

“We have seen a lot of international and local buyers moving to Dubai especially into the luxury segment because of the striking prices and eases of pandemic lockdowns. We are witnessing a significant history for the Dubai luxury property sector. Properties cost above AED 10 mil. have seen highest market share which is 2.5 per cent,” Youssef said.

Occupancy in smaller flats or B grade flats are low

Mr Youssef mentions Dubai’s occupancy in grade B homes is low now; “This is because many prefer bigger or more bedroom villas to current apartments due to the new working-from-home trends and the need for bigger spaces and amenities surrounded by greener areas. We also see a rise of demand in waterfront units”.

Stable Growth

Prathyusha Gurrapu, head of research and advisory at Core, said due to various demand drivers, transaction activity has seen steady increase, particularly in the secondary market with a 64 per cent increase in transaction activity over the first quarter this year compared to the same quarter of 2020.

“On the other hand, off-plan market activity continues to face headwinds, contracting by 29 per cent over the same period. That said, we foresee steady absorption for near completion off-plan projects from select major developers over the remainder of 2021 as demand and sentiment improves with developers focusing on existing under-construction projects and deliveries,” Gurrapu told Khaleej Times.

Leverage of Rises

Highlighting the top five growth drivers for property in 2021, she said UAE’s high vaccination rates, safety and business continuity for businesses and residents; relatively easy access to finance — lower LTV values and lower interest rates making it easier to climb the property ladder; visa and social reforms; a raft of fiscal incentives and government measures to support the economy; and Expo 2020-led positive economic sentiment will further strengthen market sentiments.

“Despite high rates of vaccinations, due to the very nature of the pandemic and its ever-changing impact on global tourism and mobilization, we are yet to say with certainty that we are in a sustained recovery phase. That said, with strong fundamentals, business resilience and investment interest, most market stakeholders hold a positive market sentiment and remain cautiously optimistic for a steady 2021 on the back of efficient government measures,” she added.

Dubai’s booming economy is attracting start-up companies from across the globe. With its reputation for safety, quality education, and transportation options (not to mention fantastic healthcare), Dubai has quickly become a hub of innovation in an increasingly globalized world.

Although foreign direct investments are declining globally at 42%, this trend does not seem to be affecting Dubai. In fact, we have seen an increase in FDI from $1.5 trillion last year (2019) up until 2020’s current volume of 859 billion dollars–a testament that our economic stability continues to grow despite these difficult times.

Dubai has risen to become a leading-edge technology place within a short period of time. Home of some of the most profitable companies in many sectors, including AI and biotech industries that are bustling with innovation; Dubai is also a safe haven where supporting Fintech, blockchain businesses, and even sustainable food products and solid food waste using lean technologies.

Despite the challenges posed by a global decline in FDI, Dubai has been able to keep its economy stable and is now attracting high volumes of international investment.

Silicon Valley On Steroids

Dubai has been called a “Silicon Valley on steroids” by Forbes. There are many cutting-edge companies in the Middle East, but Dubai’s tech community is especially impressive because of its diversity and size.  There are 38 free zones in the UAE that offer tax exemptions on withholdings, export, corporate and personal income as well as corporate tax exemption for 50 years from the date of the company’s formation.

Dubai now welcomes an estimated 3 million tourists annually as well as international business travelers looking to buy a commercial property and set up shop there due to their low tax rates and innovative infrastructure projects like The Palm Islands which will house 1/3rd of all world’s future population when finished according to 2018 estimates from Bloomberg News!

Jacques Voorhees, a world-renowned diamond expert and founder of the company Icecap Diamonds, speaks about how he was so impressed with how it transformed into this global capital while he was visiting Dubai for Ritossa Business Summit 2020. “I had no plans to relocate Icecap, my company for manufacturing diamonds to the UAE, yet I was beginning to notice things. The Abraham Accords were allowing close interaction between Dubai and Tel Aviv; another center of the diamond trade. It seemed that De Beers (the largest mining company in the world), after recently moving its every-five-week “Sights” from Africa to Dubai, planned on staying here with all it’s primary competitors already present—cutting 90% of Earth’s precious gems right next door!

Dubai will be the leading financial hub in the region with a positive attitude towards blockchain technology.

Blockchain

Jimmy Nguyen, Founding President of Bitcoin Association stated that the BSV blockchain is meant for large-scale applications and can be used in smart cities or to deliver e-government services. He also claimed that Dubai’s government ministries are serious about implementing these types of technology at a larger scale which would make it easier to create more effective systems than those currently being utilized by other governments around the world.

As an investor, you look for the value-added of any proposition and with Dubai it’s that audacity which energizes. It is safe to invest in Dubai whose first-mover response to this global pandemic has been some of the best out there. Today, people see more than just buying a place for occasional use or as modest protector; now they can find what’s most needed: access to liquidity—and all while incubating ideas in one spot globally!

Opportunities

The UAE is a land of opportunities, and investors can take advantage of the incentives available to them. For example, in addition to benefitting from an array of economic bonuses such as full foreign ownership laws, bankruptcy provisions for commercial companies and long-term residency/citizenship options are made possible here too should one wish it. You also have superior connectivity due to state-of-the art infrastructure which includes just about everything you need – incubators where entrepreneurs can network with other likeminded people who share their vision; accelerators that give these budding business owners access not only funding but mentorships on how they might grow even faster than before! The ecosystem surrounding this country has grown immensely over time so there’s never been better timing than now.

Quick Money

For those looking to make a quick buck, Dubai is also the place. It is one of few countries on the globe where taxes are non-existent which means you can keep everything you earn in your pocket without any left over for Uncle Sam (or Jacquees). In fact, many entrepreneurs have relocated from places like the US or UK because they want tax breaks on their earnings. In addition to being able to save money by not paying taxes as well as saving time since there are no audits either – it’s an all around great opportunity for anyone who needs some cash fast with little investment required!

As a gateway for innovation, Dubai has partnerships with multinational design centers and high-tech startup hubs. They also have strategic priorities that are constantly being enhanced in order to make the journey as effortless as possible.

Leadership

The Emirate is a global hub of business due to its strong leadership, while today international businesses are interested in Dubai because the government supports small and medium enterprises. With Emirati leaders’ support for SMEs (small and medium enterprises), there has been an increase in interest from around the world with many countries expressing their desire to participate at Expo 2020 Dubai as well as other events happening across all sectors including healthcare.

Golden Visa

The UAE’s Golden Visas make it much easier for small businesses to relocate there. This is because they don’t require the applicant, or their employees, to have a sponsor anymore and offers 100% ownership of one’s business that differs from historically required local partners with at least 51%. The intent behind these visas is to provide an opportunity for entrepreneurs who want the freedom and mobility of running their own company but not wanting all risk involved in starting up.

Airport

The Dubai International Airport is the world’s largest and fastest growing airport that supports 100+ airlines, 260 destinations worldwide. The passengers who arrive are entertained by a grand sculpture of the iconic Burj Khalifa with its signature twisting spire which sits on one side of what will become an even more impressive Plaza—the first-of-its kind in North Africa to be situated at such close proximity to both Terminal 1 and 2.

Transportation

Dubai boasts some pretty amazing public transportation systems including excellent Metro options as well as Bus routes; not only does this make it easy for people living there but also makes tourists feel like they can explore without getting lost or exhausted! Some other interesting things about DXB include being home to dozens upon dozens of restaurants

Education

Needless to say that Dubai is a city that highly values education. With over 300,000 students in the private school system and 90% of them being mixed-gender classrooms, Dubai has given its citizens an excellent opportunity to explore their love for learning more than they may have been able too before. The university degree schooling is offered free for the citizens while many more other schools are available for vocational courses as well!

Healthcare

United Arab Emirates is a very progressive nation that has embraced modern health care philosophies implemented. Their top-notch facilities are overseen by an agency called The Ministry of Health and Prevention, which houses four hospitals in the city (Dubai, Rashid Latifa Hatta) with over 40 total spread throughout Dubai. As for their citizens’ healthcare needs, they do not have to worry about it as free clinics abound on every street corner! They also offer affordable treatments at government-owned pharmacies where patients can get everything from prescriptions to dental services without having to wait in line.

Active Lifestyle

There is no shortage of ways to maintain a healthy lifestyle in Dubai. Picturesque beaches, fabulous cuisine, and bustling streets for walking make it the perfect place for residents or guests looking to stay fit. Skiing through polo are some examples from the list of popular sports options that keep people active.

The Dubai government is working hard to make the city of Dubai not just a tourist destination but also an ideal home for residents. This includes initiatives and programs that are planned every day, as well as innovative ideas intended to meet visitor’s needs on an ongoing basis.

Despite the pandemic, affluent people continue investing in Dubai’s real estate because it tops as a dream destination while the wealthy list is led by Indians. A growing number of Indian entrepreneurs are choosing their second homes in Dubai according to Gulf Cooperation Council and Anarock Property Consultants. It says “The quality of life in Dubai is superior to most of the cities of India” could be the biggest factor affecting the movement.

Shajai Jacob, CEO at GCC adds “Also Dubai’s location is well connected to global business destinations”.

Dubai’s properties offer annual rental yields as high as 6-10% which is pretty higher than most developed economies’ benchmark returns.

According to Shajai Jacob, “One million dollar can buy noticeably bigger real estate space in Dubai than world’s other metropolitan cities like London, Hongkong, NewYork, Mumbai and Monaco” he admits.

Moreover, Dubai property market is well planned and regulated; whereas developers are accountable to, and buyers are protected by, a strictly instigated RERA (Real Estate Regulation Authority. The stricter forms make investors safe and far more confident in their investing decisions therefore compliance oriented markets like Dubai is highly attractive to Indian buyers.

The supply has been adjusted since the pandemic, its increased demand will property prices high or upwards in the near future, Jacob emphasizes. Indians are looking for more real estate in volume more than ever.

Since 2017 India has been in the top three buyer nationalities in Dubai due to the real estate investment has emerged as the quickest way to get a residency document in the UAE. As per 2019, 16 per cent of the total volume in Dubai property sales was done by Indians weighing more than AED 8M.

The 2021 Q1 of this financial year, precisely between January to March, Dubai reported 15.5 per cent hike rate as compared to renowned period in 2019.

India’s high profile individuals showed huge fondness in Dubai’s luxurious homes especially since the pandemic got struck. These buyers have been eyeing for Palm Jumeirah, Downtown and Dubai Marina and it’s been shown record sales this years first quarter. Buyers’ attitude or preferences are not constraint on any budget, though looking for best possible options if it allows all accoutrements in place.

Other marquee locations are as followed by Dubai Hills Estate, Meydan and Jumeirah Village Circle as the locations give highly satisfactory ROIs and the investor prices are attractive that it encourages experienced patrons to buy multiple units at the same time.

People’s buying preference on the type of properties depend on the form of their families themselves. Newly married couples show interest in apartments in the primary areas, while larger families are opting for townhouses or villas in more quiet areas.   

We all witness Dubai’s property market has been on a progression track since the beginning of this year.

Each of last few consecutive months until vantage point of June 21’ has been stellar record sales with respect properties market.

Dubai has seen 3,000 real estate transactions worth AED 7 billion in January 2021, which is  a hike by 15 per cent in values and 37 per cent in sales volume compared to 2020.  March was another huge success in 16 months with 4,644 transactions. April saw more transactions that is 4,832 translates to the highest sales happened since March 2017, notes Jacob.

The total sales volume for the quarter selling Dubai homes reached as high as AED 21 B progressing further growth of 5 per cent compared to 2019’s data.  

“A huge part of the sales year by year is driven by Indians,” Mr Jacob adds.

Covid crisis has reformed the way how companies and schools operate and it consequently raised families’ necessity to gather larger homes.  

Many residences and homeowners in UAE are now seeking for upgrade from their initial 2-3 bedroom apartments to more spacious 3 bedrooms or larger square feet villas; while three and a half bedrooms, kitchen and hall (4BHK) are on demand due to its capacity for more flexible living added.   

Besides sales demand, the short term rental homes business is booming with service apartments, because of huge influx of travelers and business professionals finding their homes for a month or even shorter period of time, staying in the city running their businesses.

Jacob mentions short term rental is booming and will maintain its progression in the coming months because of the Expo anticipation and few sporting events to be held in Dubai. Also several multinational events and business related meetings are on the way, ultimately, Dubai is the hub for global events this year.

The emirates rulers and its authorities are operating and soothing all the possible ways to ensure the city is perpetually attractive for speculators. Fast distribution of vaccines and tourism availability with the businesses running like normal are all pushing to approach the pre-pandemic levels.  

In addition, there are few changes have been made to company ownership and individual visa laws in Dubai.

Dubai presently allows 100 per cent ownership of businesses regardless of a local sponsorship and 3, 5 and 10 years of visa programs are being biggest attractions to the aspirant investors who are willing to reside in UAE.

Dubai is one of the most popular tourist destinations in the world, and for good reason. It has a vibrant culture, beautiful weather, and many interesting attractions to offer. However, it can be expensive to visit Dubai on vacation. Therefore, monthly short-term property rentals are popular amongst tourists and residents in Dubai past few years.

The Process

Whether you’re looking for a short-term holiday home, or to generate additional income from your property – renting on a yearly basis is something that more homeowners are now considering. With the benefits of flexibility and increased returns – Texture presents an overview of what it takes in Dubai to have properties be rented out as short-term rentals.

The process begins with understanding which permits one needs when leasing their property (e.g., tourist visa). After securing all necessary documentation, owners must then decide if they want monthly or shorter term rental contracts where prices vary accordingly based upon time contracted at rates per day/week/month etcetera depending on how long renters wish to stay at each location.

Renting a property for short-term stays in Dubai is very common. Residents of the United Arab Emirates enjoy all that this bustling city has to offer and want access anytime they please, which means renting it on an as needed basis. The properties usually come furnished or serviced with utilities such as water, electricity and internet included – at no extra charge!

Renting a property on Airbnb is much different than renting out your house for the holidays. For short-term rentals, you must rent the entire building or unit and not just part of it like an apartment in mixed use buildings.

What are the advantages?

What are the advantages of short-term rental contracts in Dubai? Unlike long-term leases, they offer landlords more flexibility because with a shorter lease period they can always rent their property for the duration that suits them. What’s more is tenants get to enjoy lower prices as well since it’s not uncommon for these days where you see demand and seasonal changes!

Both landlords and tenants in Dubai benefit from renting out properties on a short term basis like this. Landlords have an increased level of control over how much money they make from each month by adjusting rents depending on season or demands – but also giving themselves some cost certainty if needed too due to being able to set up monthly payments instead than just one large upfront payment. Tenants also

Furnished Property

Renting a furnished property in Dubai is an excellent idea, but you may want to consider the short-term v. long-term rental dilemma before signing on the dotted line!

In detail: Tenants living in rented accommodation are faced with two options for home ownership – buying or renting their tenancy agreement and furnishing it at their own expense. With this option comes hassle of set up costs including things like utilities which can be expensive as well as furniture shopping where prices vary drastically from store to store depending on what type of product desired such as beds, dressers etc… The other alternative available is opting for a short term contract by choosing one that has all these extras included meaning no need purchase any household appliances (i.e fridge) ourselves

Permits

For those looking to lease their properties on a short-term basis, Dubai is the perfect place. Homeowners in need of DTCM permits can either apply for them individually or employ the services of licensed operators who will take care all process work involved with obtaining these permits.

For individual operators, such as homeowners or tenants, the first step is to register themselves on the DTCM website. They can do so through our Holiday Homes section of their website and list that they are a ‘Homeowner’.

A registration on the DTCM website is a tedious process requiring meticulous attention to detail. For example, individuals will need copies of their Emirates ID or passport and fill out all required information in order to register as an individual operator. The fee for this service is AED 1,520- which can be costly if you are not careful!

Since registering with DTCM carries its own set of responsibilities and obligations that must be fulfilled before one becomes certified by them; it pays off knowing what’s involved beforehand so there won’t be any surprises down the line when these requirements come up again- like during reregistration periods every time your license expires (which would also require another round payment).

Once registered on the DTCM website, a homeowner can apply for the necessary permit. In order to have more permits available, they will need to get their hands dirty and register as a professional operator by getting licensed with TREC.

Homeowners should bear in mind that they can apply for DTCM permits up until eight properties before needing an additional trade license from TREC

Benefits

If you are an avid traveler, then this is the perfect opportunity for you to experience Dubai without having to leave your home. Homeowners can advertise their property on property portals which allows guests to filter between properties available for daily, weekly and monthly rental. Bear in mind that the entire unit must be rented out—the homeowner cannot occupy part of it at the same time!

As per the Dubai Tourism and Commerce Marketing (DTCM), operators for short-term rental properties in Dubai should have insurance that covers risks posed to guests, the property or building. For apartments in particular, tenants are advised by DTCM to inform management beforehand of their intent on renting out space through a third party site.

Contract

It’s important to know that there is no set template for short-term rental contracts, which must be drawn up between the operator and guest. However operators need to register all guests by checking them into their property on the DTCM system.

One of the taxes charged in Dubai is Tourism Dirham. It’s levied by hotels, hotel apartments and short-term rentals to help fund trade and tourism development.

Tourist Dirhams

Operators of properties on short-term lease in Dubai will now be required to collect Tourism Dirham from their guests, on behalf of the DTCM. Operators must pay the total amount collected for each month by 15th day following that month.

The Department’s recent addition mandates operators who own or operate property with a temporary license take responsibility for collecting and reporting tourism dirhams from visitors staying at their establishments as well as paying any taxes owed to authorities within 30 days after meeting these criteria

For short-term rentals in Dubai, Tourism Dirham is charged per night. The amount that is charged depends on the type of property: standard or deluxe. Properties are classified when applying for a DTCM permit to determine how much they should be taxed each month as well as what types of fees will apply.

The Tourism Dirham fee is a government program that calculates the cost of living for guests staying at hotels and motels. The operator must charge this additional amount to their guest in order not to break any laws or get fined by the DTCM system.

It’s been quite a while since Dubai announced Property Visa for real estate investors for a purpose of selling units faster. Since then, there have been many questions that arose from intended buyers. Although the investor visa’s process is not quite straightforward to understand but it is much easier if you can have basic knowledge and procedures so that it would save your tons of time.

Dubai is a great place to buy property, and you can find many ranges of options. It doesn’t matter if you’re buying for yourself or as an investment; there are plenty of properties available in different price ranges that will fit any budget. Plus, Dubai offers you visa for buying an ownership of a property and lets you enjoy the sunny weather all year round. 

This article aims to give you the most important things about getting visa and necessary documents needed for applications.

If you researched about getting a chance of obtaining a visa, you might have been aware that property’s threshold value is 1 million dirhams and above to. However, there are few contradictory understandings about this term:

1^st the purchase value of the property is 1 Million dirhams- not the market value.

2^nd Initially the visa was issued only serving residential properties, then it became applicable to hotel rooms, offices and warehouses as well.

3^rd the property has to be ready.

4^th it has to be in a freehold area.

Currently buying a land/plot in Dubai is not eligible to get the Dubai Property Visa. Also, a disputed property wouldn’t serve for a property visa.

Can lump sum of multiple properties value count?

Old Instruction: Only one property that values AED 1 Million and above can be applied

New Instruction: Person is eligible as long as the total investment equals to AED 1 Million in 1 of max 3 properties.

What about mortgaged properties?

Old Rule: Not possible if the property is mortgaged.

New Rule: Possible if 50% of the mortgage is paid off. In a financed situation, the title deed should mention that owner of the property is the applicant.

How many types of visas are available for property visa?

There are three types of visas are available to be acquired; one is six months multiple entry visa, three-year residence visa, and lastly five-year residence visa. Three-year visa is the most common visa type amongst investors because it offers all the perks of being a citizen for 3 years tenure. But 5 years visa is bit more challenging because minimum investment is AED 5 Million and have no presence of mortgage on any of the properties.

About the fee

Dubai six months visa fee entitled to property ownership is around AED 2,000 while three-year visa is slightly more complicated because there are multiple departments are involved and visa cost falls approximately AED 15,000.

Income and work wise

As the property visa serves merely residency for the property, one is not allowed to work under the visa. In cases, other family member under that visa wants to work, the visa has to be converted to the designated organization before working in Dubai.

Required Documents

The overall documents required for any type of visas are generally about same. The documents needed are:

• Original Title Deed
• Good Conduct Certificate from Dubai Police
• Original Passport
• Current Visa Copy
• 1x Passport Size Photo
• NOC from Developer

5 years visa applicants visa process doesn’t take much time since the investment amount is quite high and very niche customers are entertained.

Visa Process

Six Months Visa:

Concerned institution is General Directorate of Residency and Foreign Affairs Dubai. After getting the NOC for six months visa from the developer, visit Dubai Police to get the good conduct certificate. If applicant has Emirates ID, it can be obtained through Dubai Police website. The cost would be AED 220. Then, bring all the documents t GDFA head office and submit the documents and wait for a few days.

Three Year Property Visa

First step is to go to Dubai Land Department and ask for referral letter for good conduct certificate from Dubai Police. Once have the good conduct certificate , bring all the documents to Dubai Land Department to submit and wait for 6-8 days to get approved. Once its approved, have to visit Dubai Land Department again for a trade license and wait for 4-5 days to get it issued. Then visit DLD once more to submit original title deed to change with the new one and this procedure will take a couple of days and finally submit for resident permit.

Five Year Property Visa

Same steps are applied for the five year visa process.

The benefits of UAE Residency Visa:

• Being able to visit multiple times without granting a visitor visa

• Able to open UAE bank accounts

• Able to obtain a UAE driving license

•  Visa free travel possibilities to other countries

• Able to sponsor your other family members

• All the visas are renewable provided you continue your investments.

Summary

On top of that, there are many different benefits to buying property in Dubai. You’ll be able to take advantage of tax-free living, plenty of open space and fresh air, an excellent education system from kindergarten through university level, a well-developed healthcare infrastructure with top medical professionals – there’s so much waiting for you!

Over the last two years, developers in Dubai have been relatively quiet with launches, as worries grew that the thousands of new homes added will create an excess of supply and add to the price falls. This year, another 30,000 plus homes should be ready.

But in recent weeks property sales – especially completed homes – picked up significantly and could soon extend to off-plan sales. This is why developers want to be ready with new projects when investors come calling.

Real estate prices in Dubai are forecasted to stabilize by 2022 according to experts. According to Reuters, the price declines were dropped from 4 percent to 1.3 percent, compared to last year which it was 10 percent on average. Correspondingly, analysts are optimistic about the industry in relation to Expo 2020 which will last for 6 months this year.

SOBHA REALTY

Sobha Realty has announced Creek Vistas Reserve Tower as the latest of Sobha Hartland- 8 million sq ft area located in Mohammed Bin Rashid Al Maktoum City. The launch represents the next phase of its high-end development Creek Vista towers which was very popular amongst locals and Arab investors.

DANUBE PROPERTIES

Danube Properties delays its launch of 741 residential units, and announced the latest project Olivz which is made up of a mix of studio, one-two bedroom apartments.  Danube’s portfolio stands at 14 projects, of which nine are delivered, including the Dh450 million G+29 storey Bayz at Business Bay. In terms of feel and location, Bayz has been quite a step up for Danube, which has focused on emerging freehold locations for the bulk of its work. The other delivery is for the Miraclz in Al Barsha South.

ELLINGTON PROPERTIES

Ellington Properties launches wellness residential community in MBR. The new development contributes to the Dubai 2040 Urban Plan. The new project is another distinctive addition to Ellington’s growing portfolio of projects in Dubai. Other developments by the developer include Belgravia and Belgravia II, Belgravia Square, Belgravia Heights I, Eaton Place and Somerset Mews, all located in Jumeirah Village Circle, as well as Wilton Terraces and Wilton Park Residences in MBR City and DT1 in Downtown Dubai.

Robert Booth, Co-Founder & Managing Director, Ellington Properties, said: “The design approach of residences has a key role to play in setting the foundation for the wellness of residents. Our new project in MBR City stands out by offering a healthier lifestyle and brings avant-garde wellness trends. It underlines our commitment to create sustainable living spaces for the future underpinned by innovative design. It is the perfect investment for home buyers who desire a harmonious relationship between aesthetic design, privacy and wellness-focused community living in Dubai.”

DEYAAR

Deyaar Development announces Noor as a third district to Midtown. Noor district consists of 593 units in 7 buildings offer studio, one to three bedroom apartments. Apartment prices start from AED 480,000 while Midtown is built for healthy lifestyle for its residents.

MERAAS

Nikki Beach Residence

Meraas has commenced handover of the 63 luxurious one-to-four-bedroom homes at Nikki Beach Residences. Located on the shores of Pearl Jumeira, an island destination created by Meraas, Nikki Beach Residences is an affluent address in the sought-after Jumeira 1 district with a limited collection of 1, 2 and 3-bedroom apartments, six townhouses, and a 4-bedroom penthouse that benefits from panoramic views over the Arabian Gulf and Dubai’s impressive skyline. Nikki Beach Residence is without doubt one of the most prestigious neighborhoods in Dubai and the first freehold beach residences in Dubai.

Sur La Mer

Sur La Mer grandly introduced by Meraas adjacent to Port De La Mer at Jumeirah 1, it includes a luxurious collection of 3, 4 and 5 bedroom townhouses with Italian architecture. Jumeirah1 is the breathtaking master community which is located at the tip of the peninsula.

These townhouses create a passionate environment with charm and majestic classic Italian structure of each bedroom in Sur La Mer. The vibrating material and inspiring colors are importing luxury to the resident’s life. This is part of the urban life of Dubai where serenity and class meet a cosmopolitan lifestyle.

Residents of Sur La Mer townhouses have access power of unparalleled shopping, dining and hospitality experience along with convenience, entertainment and relaxation. Resident can feel like the ultimate life being a neighborhood of 4-star and 5-star hotels. Boutiques, restaurants, and cafes are the main attraction of its leisure life.

AL HABTOOR GROUP

Al Habtoor Group has announced the sale of its 73-storey Amna Tower, part of The Residence Collection at Al Habtoor City, and the last property in the group Residence Collection. “The residential community has exclusive access to first-class amenities, which include the largest swimming pool and leisure deck in the UAE, a state-of-the-art gym, two luxury spas, multiple restaurants and cafés, the Al Habtoor Tennis Academy – which includes an indoor tennis court for year-round play, and an RTA marine stop on the Dubai Water Canal,” Al Habtoor added.

EMAAR

Located off the Palm Jumeirah, Dubai Harbour has an exciting new master development by Emaar called Emaar Beachfront. The first launch that has been released out of this development is Beach Vista, followed by Sunrise Bay, Marina Vista, Grand Bleu Tower by Elie Saab and South Beach Holiday Homes. The total project will constitute of 27 towers by the master development, each with it’s own private beachfront, so that residents can enjoy daily. Overall, the towers are distinctive from each other in terms of level of luxury, fitting and finishes. The overall theme of the residences is inspired by Miami Lifestyle and complemented with fantastic coastal views. Emaar will be building on total of 20 million sq ft land that includes waterfront units and Address Hotels & Resorts project as well.

MAJID AL FUTTAIM

Majid Al Futtaim has been launching Harmony I, II & III Villas located in Tilal Al Ghaf which offers a collection of 4 to 5 bedroom villas set in nature-inspired outdoors around a recreational lagoon with sandy white beaches and resort-style amenities including swimming pools, community and fitness centres.

Tilal Al Ghaf is Majid Al Futtaim’s mixed-use community development in Dubai is situated around a 70,000 sqm recreational lagoon with white sandy beaches offering a resort-like living experience. Spanning over 3 million sqm, the community will provide neighbourhoods featuring high-quality villas, townhouses & apartments. These are connected by 18 km of walking/running trails, 11km of cycling tracks and over 400,000 sqm of open green spaces with parks all around the community.

Although Covid brought us numerous crises in many spheres, it also has accelerated the use of technology by at least 5 years forward. The pandemic taught us a lot of great life lessons that include new approaches of business meetings and try to resolve things in a quicker manner.   

Efficiency is the new future and that is how many markets will operate in the future.

For instance, real estate is one of the industries that use technology interface broadly for investors, sellers, and brokers whether it’s for selling homes on the internet or initiating new ways for its home buyers and investors alike.

There are many apps in the real estate industry to help smoothen hurdles of making decisions for home buyers as it’s always a big purchase choice, and here in this article mentioned top useful Applications available on every devices to make your life easier.  

1. DLD RDC

https://dubailand.gov.ae/en/#/

This website platform and application developed by Dubai Land Department (DLD) is dedicated to offer solutions to tenants disputes arose between owners and renters. This is called Rental Dispute Center and it registers any disputes and creates follow up systems aiming to resolve it faster and accessible for the both sides, owners and tenants.   

No matter what property you lease/own and regardless of how long is the tenancy:

1. You can download the App and start registering online if there is any dispute

2. Also you can appeal cases, make related payments and make particular requests regarding your case (if any).

Finally, this app will include a complete portfolio of rental issues, disputes, disagreements and mediations in hand.

Main Features:

· Online payment function/ feature

· Easy to use online registration of your cases

· Follow up and resolve through mediation

• EJARI

Ejari is a smart application caters to anyone who is engaged in buying or selling a property in Dubai for registering purpose and uploading compulsory documents asked by the Government procedure.

To register with Ejari go to the website:

https://dubailand.gov.ae/en/eservices/download-ejari-certificate/#/ 

on your own. First take the process to register one’s profile, then upload the documents in the relevant section and respective rental contract if there is any and submit the application easily. Once they approve the application, the applicant can pay the Ejari fee AED 170 to finish up the course.

Another usage of Ejari application besides registering, is that it allows you keep track and calculate the rental increases while locating typing centers nearby for tenancy contract submission. One more feature of the app is that it assists to print out the Ejari certificate anywhere from your smart devices.

Main Features of Ejari app:

· Registering Ejari documents online

· Print out Ejari certificate once approved

· Calculate and keep track of rental increases

• BayutPro

Bayut is an online platform specifically designed for real estate brokers and sellers based in UAE. The app has customized tools for managing leads and ultimately aimed to maximize production. Real estate brokers need to register on Bayut, then download the application to further utilize the use of the services provided by Bayut platform.

The agents can use Bayut to track and manage the listings and can use features like SmartLeads™ and TruCheck™ to connect with the prospects, monitor existing listings and respond to leads.

Striking Features :

· Direct single tap connection with leads through call, WhatsApp and email message

· Provide data based insights into consumer preferences and reveal median of budgets of all customer data associated with Bayut and prime location of customers’ interests.

· TruCheck™ helps to validate the listing

· Easy management of user profile

• MAKANI

Makani application by DLD, provides access to the addresses in official geographic system. This is one of the most unique also most useful real estate applications because, it applies 10 digits Makani number for each and every property to locate the building’s exact location- entrances and connectivity.  

Thus the app carries out simple methodology to locate properties using only numbers, rather than names, codes or dimensions- it is quite easy to use and it’s straight forward.  

Makani is useful amongst tourists and real estate agents to search specific buildings within certain area- to locate precisely and navigate to the correct directions. And it’s available in all devices such as GPS navigational devices, mobile phones (doesn’t need to be smart) and tablets.

Makani has been named one of the best property apps in UAE owing to its innovative and user friendly interface and technology.

Striking Features :

· QR compatibility and Voice search enabled on smart devices

· It can sync with the contact list for a direct navigation

· Voice enabled navigations

• Investment Map Portal

Investment Map Portal is one of the most valuable real estate applications in Dubai because this app acts as an investment advisor helps to provide an investor with a well-informed decision. Brought by the Real Estate Investment Management and Promotion Center- DLD’s Investment wing, the app offers comprehensive information of ongoing off-plan projects in Dubai.

The Investment Map Portal’s core features include integrated solicitation with other Dubai’s real estate practices and paired with Google search tool to allow smart devices access to speculations opportunities.

This government portal is secure and safe while makes online transaction easier and ease to use for decision makers. It gives in-depth look into real estate market of a period wise or project wise information to explore from the beginning to end, also selectable to invest in off-plan properties in Dubai from mobile device.  

• Smart Judge

As from the name, it acts as a legal friend when formalities and legal jargon get too heavy and complex especially for the first time tenants or owners- to keep in the loop about legal rights of all involved parties during a rental disagreement. With respect to Ejari, the app provides free legal advice and affirms virtual verdicts and rulings against requests needed for legal consultations. It saves both sides’ time and money of a lot of minor disputes and plus legal case’s cost totally.

Investors also can approach to Rental Dispute Center application for mediation and appeal as well as other miscellaneous procedures related to legal matters.

Master developer Nakheel has an outbreak of good news one after another, announcing record sales of 217 villas worth AED 800 Million on Friday. Buyers are fast to acquire new homes from Murooj in Al Furjan community as they indicate the Dubai based real estate developer company “reliable” for quality villas.  

The sold 217 villas are part of Murooj Al Furjan’s first phase and its whole phase consists of total 418 villas which is set to be completed by 2024. The mixed use gated development has an excellent amenity favored by the furious buyers and price starts from AED 2.9 Million.

Investors are flocking to Dubai’s real estate market to snatch a property during the low price period due to the covid-19 pandemic. In particular, villas are more on demand as investors seeking for more convenience taking advantage of the situation brought by the pandemic, which saw an exceptional rise in remote working.

Murooj Al Furjan is undoubtedly one of the largest and most well-liked villas communities in Dubai. The residential community is spanning over 5 million square feet across its 2 gates areas that are 104 five bedroom villas and 314 four bedroom villas set among lush green land with scenic walkways along with onsite leisure facilities for residents.  

Each of the master community’s home offers quality accommodation with contemporary designs with expansive living space, floor to ceiling windows, ensuite bathrooms, private gardens, maid’s rooms and a garage with an electric car charging point and private supply of gas.

The meaning of Murooj word is ‘green fields’ whereby its located in the central of Al Furjan community, close to Metro Station and Al Furjan club while bringing easy access to Sheikh Zayed Road and Sheikh Mohammed bin Zayed Road as well as Ibn Battuta Mall. The highly anticipated project will take 2 years to complete fully.

“Al Furjan is a thriving community with an ever growing features within a strategic location” says Nakheel’s spokesman. He adds “ We hope to continue receiving strong demands on our projects which are perfect for families. We are glad to develop more indoor and outdoor spaces with unrivalled facilities for our investors’ comfort.”

Currently there are more than 1,700 investors for Nakheel who bought from Al Furjan. The area spans around 560 hectares and a population of 26,000. Murooj is to complement the beautifully set area of existing 1,700 villas and 2,800 apartments.

Four and five bedroom villas of Murooj has generous built up areas of up to 4,000 sq ft featuring expansive living areas and a large entrance foyer. Living areas provide perfect entertainment spaces, full height windows, ample storage spaces, open kitchen options and a garage of three conveyances as well as landscaped front and rear gardens made for private events. Five bedroom villas additionally have driver’s room option.

All of the units’ master bedroom have en-suite bathrooms and walk-in wardrobes.  The villas have minimum 5 bathrooms and each bedroom has built in wardrobes. Also there is a family room, study room and pantry fit on the first floor. Murooj villas’ price start from AED 2.9 Million.   

The Murooj Al Furjan master plan involves a million sq ft joint space and parks, three swimming pools and a children’s pool, three lanes of walkways, children’s playground, sports area, barbecue area, family picnic and a jogging area.

One of the latest successful projects Nakheel launched include The Palm Tower on Dubai’s Palm Jumeirah

Almost 70 per cent of The Palm Tower is sold out and Nakheel announced the remaining few apartments were available at exclusive deals with prices starting from AED 1.7 Million with 5 years’ service charge waived as well as DLD included.

Nakheel Chief Commercial Officer Aqil Kazim said: “We thank to our partners for their prolonged support during the hard times of pandemic. Our company is celebrating AED 2.2 Billion worth of property sales in 2020 and started off the 2021 quite strong despite the circumstances.” He mentions the value of partnerships with brokerages and looking forward to more success and collaborations towards the end of this year.

After just few days when Nakheel announces The Palm Tower is just 95 per cent complete, the remaining units came to be ready to be launched. The 240 meter tall Palm Tower is an award winning architecture located at the heart of Palm Jumeirah offering uninterrupted sea view, stunning skyline and island views ultimate joy of living in high rise  in high rise building with high standard hospitality and leisure. The tower contains fully furnished lavish apartments and St Regis hotel which occupies 290 rooms and three levels for dining and entertainment. The magnificent tower is topped by an observation deck The View- which was the first peek to go public when the tower launched for the first time.

Furthermore, The Palm has connected its own Palm Monorail station that will be serving its residences to access to Nakheel Mall easily and also Al Ittihad Park, the Palm Jumeirah’s massive leisure park and attraction, is within reach by the monorail. On the levels from 19 to 47, there are residential studios, one to three bedroom apartments. On the other hand, St Regis, which is opening this summer, will occupy 1 to 18 floors.

The Palm Tower Residences’ latest launch is marketed by a beautifully crafted slogan ‘Where the island meets the sky’ and image to be aimed at international and local investors. And Murooj Al Furjan is backed with a marketing image of community in a bloom.

Don’t miss an opportunity of owning highly anticipated homes from Nakheel before it runs out! Call Texture to book your home today! Toll-Free: 800-TEXTURE