REAL ESTATE & MARKET UPDATES
Dubai property owners have been given a June 30th deadline to register newly sold units
Dubai property owners have been given a June 30th deadline to register newly sold units with the Dubai Land Department. Buyers of off-plan projects are required to pay a registration fee of 4% of the property price. It is unclear what action and penalties will apply for homeowners who fail to register their properties. The new regulations do not cover the industrial sector. Read more on www. www.arabianbusiness.com
RERA launched the First Service Charge and Maintenance Index for properties within Dubai's freehold
RERA launched the First Service Charge and Maintenance Index for properties within Dubai's freehold areas at GITEX technology exhibition, with a view to having more transparency in costs related to real estate. The index will enable landlords and property investors to know what service charges and fees are paid for each project, and includes properties in Business Bay, the Dubai Marina, Jumeirah Beach Residence, Jumeirah Lakes Towers, International City, Motor City and Silicon Oasis. The index is divided into four categories of residential property - apartments, offices, shops and villas, and uses a dirhams per square foot formula to determine the level of service and maintenance charges. Read more on www.arabianbusiness.com
In a move to protect tenants' rights, Marwan bin Ghalita, CEO of RERA, has said tenants in Dubai can
In a move to protect tenants' rights, Marwan bin Ghalita, CEO of RERA, has said tenants in Dubai cannot be evicted by a landlord who wishes to sell or occupy the property unless the lease term has expired and they are served with a 12-month notary public notice. If there is no valid reason for the eviction, tenants who do not receive the notice can approach the Dispute Settlement Center of the Dubai Land Department. Courtesy of Emirates 24|7
RERA will introduce new regulations in 2015 to limit the number of real estate brokerage firms opera
RERA will introduce new regulations in 2015 to limit the number of real estate brokerage firms operating in the Dubai market. To renew their brokers' license, brokers must attain a pass mark of 85% on the test. Brokers cards will be phased out and registration will be linked to the Emirates ID card. New brokerage firms will only be allowed to hire four agents, and this number can only be increased with good real estate performance. Agents who have not made a real estate transaction within six to twelve months will receive a warning letter, and if this does not improve, their license will be cancelled. Courtesy of Arabian Business
RERA has announced that anyone without a broker's license attempting to take part in a real estate t
RERA has announced that anyone without a broker's license attempting to take part in a real estate transaction or take commission faces going to prison. RERA CEO Marwan bin Ghalita has said that there have been several incidents where family members have attempted to seek commissions on deals. Courtesy of Arabian Business.
UAE financial institutions can now avail of an applicant's credit history.
UAE financial institutions can now avail of an applicant's credit history. The Al Etihad Credit Bureau has started issuing consumer credit reports to banks and financial institutions, which will ensure that credit is not granted to applicants with a poor credit history. The reduced lending risk should bring down the cost of credit for customers with a good credit standing. The success of the Al Etihad Credit Bureau rests on all lenders to continuously provide customer data to the bureau. Courtesy of Arabian Business.
Dubai developers have been urged to reintroduce 'rent to buy' schemes, once popular among expatriate
Dubai developers have been urged to reintroduce 'rent to buy' schemes, once popular among expatriates in 2000. Expats are currently struggling with house prices given Dubai's booming real estate market as mortgage regulations require a 50 percent down payment. The scheme would enable tenants to purchase the property at a fixed price within a specific period of time. If the tenant does not exercise the option, the owner will be able to rent or sell the property to another buyer. Such a scheme would serve to increase buyer confidence in the UAE real estate market and reduce the element of risk. Courtesy of http://www.arabianbusiness.com/dubai-developers-urged-bring-in-rent-buy-schemes-558299.html#.U8qkbl5CPwI
Tenants who face discontinuation of building services can file a lawsuit
Tenants who face discontinuation of building services can file a lawsuit against the parties responsible at the Rental Dispute Settlement of the Dubai Land Department according to RERA, as this is not permitted under Law 27 of 2007. Building management parties must visit RERA and submit their proposed service charge fees for the buildings they manage, in order for RERA to review, approve or modify the charges as needed. Courtesy of http://www.emirates247.com/news/emirates/dubai-tenants-can-file-lawsuits-if-services-discontinued-rera-2014-06-22-1.553750
The largest sustainable underwater tourism site
The largest sustainable underwater tourism site, The Pearl of Dubai, is being designed by Reef Worlds, a Los Angeles-based reef developer, with a view to making Dubai a destination for international dive and snorkel tourism and habitat creation in the region. The company's entertainment team has designed projects for the blockbuster film Avatar and Pirates of the Caribbean. Courtesy of http://www.emirates247.com/pearl-of-dubai-world-s-largest-underwater-tourism-site-2014-06-26-1.554434