Two Months Free Fully Fitted Full Floor
AED 4,702,500 /Year
- 28500 SqFt
- Reference ID
- Property type
- Full floor
- Rental Period
- Property developer
- CENTRAL AIR CONDITIONING
Richtown Real Estate Broker is proud to present this beautiful opportunity to open your Business in Downtown , Emaar Square 3
– Full floor
– Fully Fitted
– Area: 28,500 sq ft
– Prayer Room
* Kindly note that the furniture won’t be provided however the fit-outs will remain.
NOTE – Currently this property is rented and will be available from 1st Nov,2017.
***Annual Rent : The asking rate is AED 165 per sq ft plus SC with 2 months’ rent free
For further assistance on the Property and to arrange viewings, please feel free to call on the below contact:
055 596 3159
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- RERA Permit Number: 17700
- DED Licence Number: 636354
- RERA Registration Number: 2457
+971 55 596 3159
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Two Months Free Fully Fitted Full Floor
AED 4,702,500 /Year
- 28500 SqFt
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Property NewsMore News
Dubai’s weakened luxury market is offering major value, with cheaper prices than most major global cities, according to a report from Core Savills.
Prime prices in Dubai have been in freefall since 2014, when the collapse of oil prices hit wealth in the region and many high-end buyers in the city. Recent market data show the emirate’s housing market has hit the bottom of its downslide, meaning that now is the time to invest, according to the report out Sunday.
“The top segment may provide better prospects for investors in the coming few years,” according to the report.
For instance, prices in a few luxury quarters, like the towering Burj Khalifa, are down 70% from their peak in 2014, Mansion Global previously reported.
Prices are now cheaper than almost all comparable luxury hubs. High-end homes are around 40% less expensive than Singapore and 50% less expensive than Moscow and Paris, according to the report.
Asian capitals like Tokyo and Shanghai are 60% to 70% more expensive than Dubai when it comes to luxury property.
Buyers get more space for their money, as well.
In elite Monaco, US$1 million will get you only 22 square meters of luxury home (236 square feet)—or a modest dining room, according to the report. That amount will get you 52 square meters (560 square feet) in London, 55 square meters (592 square feet) in New York and 78 square meters (840 square feet) in Paris.
In Dubai, $1 million gets 150 square meters (1,615 square feet)—triple the space in New York or London.
The taxes you pay to buy and own a home in Dubai are less than in most other luxury hubs, according to the report.
In New York, for example, owners spend around 13% of the purchase price in taxes to buy, hold and sell a home over a five-year span, according to the Core Savills report. Owners pay a whopping 33% in Hong Kong and 27% in Vancouver.
In Dubai, owners spent about 7% of the purchase price in taxes over a five-year ownership period—the best of the cities Core Savills measures apart from Moscow, there the cost is closer to 3%.
6 Mar 2018
Ultra-wealthy residents of Dubai will grow by 60% over the coming decade, refueling the currently depressed luxury property market there, according to a report released Wednesday by Knight Frank.
The city’s ultra-high-net-worth population—those worth over US$30 million—is expected to bloom thanks to Dubai’s foundation as a Middle Eastern hub for corporations and strengthening ties with China. The city already has one of the highest concentrations of millionaires in the Middle East—they account for two-thirds of Dubai’s population, according to the report.
The research on Dubai is part of the global brokerage’s annual “Wealth Report,” covering trends in the living and buying habits of the world’s wealthy.
Since 2014, global and local factors have held Dubai’s prime property market back despite the large population of well-heeled buyers. The oil-price meltdown paired with stricter mortgage regulations and an oversupply of luxury development have caused several years of declining prices in the city. In 2017, prime prices fell 5%, according to Knight Frank.
But recent data points to the beginnings of a recovery, as prime prices bottom out and the government logs increased activity. Luxury transactions were up 6.6% in the third quarter of 2017 and up 5.7% in the fourth quarter, according to the report.
The predicted increase of wealthy residents, particularly a cohort of Chinese, in the United Arab Emirates is expected to help turn around the slumped luxury market in Dubai.
Over the past two years, the Dubai Investment Development Agency has forged closer commercial relations with Shanghai—bringing the wave of new ultra-wealthy in China to Dubai. The number of Chinese worth more than $30 million has nearly quadrupled over the past decade, according to the report.
Where will the newest wealthy live?
Established luxury neighborhoods in Dubai include the man-made archipelago Palm Jumeirah, Downtown Dubai—home to the Burj Khalifa— as well as Emirates Hills and The Lakes, according to Knight Frank. New infrastructure near these prime hubs is expected to strengthen their desirability and improve prices.
7 Mar 2018
I am an Indian citizen and I want to invest in Dubai to secure residency. If I buy property in Dubai, will they give me a lifelong residence visa? What are the criteria to get a visa if I buy an apartment? SS, India
It is not possible for any non-GCC national to get lifelong residency in the UAE, even if they purchase property. While it can be possible for an expat to obtain a residency visa based on property ownership, the rules are very strict and the visas are valid for either six months or two years only. There is no guarantee that anyone buying a property will be granted a visa and they do not permit a person to undertake any form of employment in the UAE.
To make an application, the property must have a purchase price of a minimum of Dh1 million and the outstanding mortgage must be no more than 50 per cent. The applicant must have an income of at least Dh10,000 per month from a verifiable source, but this cannot be not from employment in the UAE. Any application must be made to Dubai Economy and the Dubai Land Department for consideration with visas granted on a case-by-case by case basis – approval is by no means automatic. Visas are issued for up to two years under the current rules. In accordance with standard Dubai rules, applicants must undergo a medical examination and organise their own Dubai Health Authority compliant medical insurance. I would reiterate that a property related visa does not permit an individual to work in the UAE, only to reside here, so if they take up employment the property visa must be cancelled with immediate effect and there is no guarantee that any application will be approved or renewed.
What is the procedure if I want to change jobs? I am on a limited contract visa and have been in my job for six months. SH, Sharjah
Formal notice of resignation is the first step and this should be provided in writing. In most cases 30 days’ notice is required per UAE Labour Law but check your contract as in a few cases a longer period may be required. Someone breaking a fixed contract may also receive an employment ban depending on their level of education and the action of the employer, although this would not apply if changing employer within the same free zone.
As SH will be breaking the terms of a limited contract, he must pay a penalty in accordance with Article 116, which states: “Should the contract be rescinded by the worker for causes not set forth in Article 121, the worker shall be bound to compensate the employer for the loss incurred thereto by reason of the rescission of the contract, provided that the amount of compensation does not exceed the wage of half a month for the period of three months, or for the remaining period of the contract, whichever is shorter, unless otherwise stipulated in the contract.” This penalty is roughly equivalent to income for 45 days.
I will soon complete six year of service with my company and have been on a limited contract. I will be leaving and received the details of my end of service gratuity calculations from the HR department and they state that I am entitled to gratuity of 21 days for the first five years and 30 days for the sixth year. From what I have read in online articles, I am entitled to 30 days each year from the first year as I have completed more than five years and I am on a limited contract. HR will not believe me and say I need to show them the law that proves this. Can you help? GB, Dubai
In this situation the HR department is correct. This is covered in Article 132 of UAE Labour Law which states: “The worker having spent one year or more in continuous service shall be entitled to an end of service gratuity upon the termination of his service. The days of absence from work without pay shall not be included in the calculation of the period of service, and the gratuity shall be calculated as follows: 1 – The wage of twenty-one days for each of the first five years of service. 2 – The wage of thirty days for every additional year. Always provided that the total gratuity does not exceed the wage of two years.” A payment of 30 days is clearly for ‘additional’ years, so for those in excess of the first five years. GB is entitled to no more than the HR department has advised.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with over 25 years’ experience. Contact her at [email protected] Follow her on Twitter at @FinancialUAE.
The advice provided in our columns does not constitute legal advice and is provided for information only.
10 Mar 2018
Irrespective of where you stay or the kind of accommodation you have, we can all agree that rent is the single biggest expense each month for any expat resident in the UAE. For Dubai, experts say that at least 40 per cent of a resident’s income goes into paying rent.
A one-bedroom apartment could cost anywhere from Dh50,000 to Dh90,000 per year as rent depending on where you stay. While rents have reportedly been falling across the country, these ranges still apply in most areas.
Is buying worth it? Yes, if you’re planning to be in Dubai for a really long time – upwards of 15 years we would say. Most people in the UAE end up staying longer than they originally thought. So, unless you’re only planning to stay less than 10 to 12 years, buying might be a great option for you.
Comparing the two: Buying vs. Renting in Dubai
For the purpose of this comparison we are using a one-bedroom apartment near the Al Jafiliya area as a case study. For renting, we are using Dh65,000 as our sample price (based on the RERA Rental Increase Index) and Dh1.3 million as the sale price for our off-plan apartment.
As you can see the initial spend for property purchase is almost 20 times that of a rental. However, most of it is down payment, which acts as initial equity for the asset that will be your home.
Yearly expenses for 20 years
The following are the yearly expenses for 20 years in each scenario. We are going to assume that the rent increases by 15 per cent after ten years (easier for calculation) and that payment of mortgage amount stays the same per year (which is the case usually.)
In 20 years, renting could cost you upwards of Dh2.16 million not including utility bills and other amenities. Buying a house spread over the same period of time could cost you upward of Dh1.76 million not taking into account other incidentals and utilities.
In comparison, everything you pay to buy is directly or indirectly towards something in your own name; unlike rent which is payment for a service with undeniable perks of stability, flexibility and no debt issues.
For buying: At the end of 20 years you end up paying less for buying overall even after the initial spend. Your average monthly rent is at a stable low of around Dh4,166. Not to mention that you would then be a proud owner of Dubai property, which could be sold or rented out to earn back all your investment with profits.
The 40 per cent you spend on living in Dubai comes back to you in another form. The loan doesn’t require any collateral other than the property itself.
For renting: Owning property comes with the financial pressure of having to stay and work in the UAE until your mortgage is paid off. Unlike for your home country, this means having valid employment (and residency) to keep your monthly payments going. Selling your property is not as easy as you would think and this means you may not be able to leave at a moment’s notice. The loan or mortgage uses the property as collateral, so in case you can’t pay off the loan, the property goes to the bank.
Disclaimer: This is a guide only and uses approximate figures and current expense items for the comparison. Gulf News is not responsible for any new items of expense being added or changes in fees at any time. The costs and rents used are averages to illustrate the differences.
13 Mar 2018
Dubai-based developer Danube Properties has announced the launch of its 10th project called Jewelz.
The AED300 million ($81 million) project has been announced following the sales success of its previous developments, the developer said in a statement.
Jewelz was unveiled by Rizwan Sajan, founder and chairman of the Danube Group and Atif Rahman, director and partner, Danube Properties.
The new project offers 463 residential units, ranging from studio, and- and two-bedroom apartments, and features amenities including a health club, swimming pool, steam and sauna room, jogging track, and sports courts.
The project dedicates 50 percent space to open areas with an emphasis on greenery and landscapes, the statement added.
Sajan said: “I am extremely proud to announce our 10th project Jewelz next to Miracle garden at Arjan. Dubai is a lucrative and transparent market when it comes to investment. You will get the highest return on investment, high capital appreciation, and ease in doing business and strong economic growth.
“The current property prices are in favour of those who want to buy their own home. It is cheaper for a person to buy a property in Dubai than to rent one, especially if they are planning to settle in the country long term.”
Rahman added that Jewelz takes Danube’s portfolio to AED3.14 billion.
7 Mar 2018
Office rents in Dubai have continued to moderate during early 2018 as occupiers “rightsize” to suit their business needs, against the backdrop of rising inflation and global economic factors, according to a new report.
Cluttons said that while the level of office market activity remains mixed throughout Dubai, its Spring Office Market Bulletin indicates growing maturing and a healthy outlook for the sector.
It also noted that the introduction of VAT has not had any real impact on landlord behaviour so far since its launch in the UAE on January 1.
The report showed that headline rents in the city’s top tier free zones have remained largely steady, bar one or two low quality buildings.
Away from prime Grade A buildings, which remain well let and in high demand, landlords are demonstrating greater flexibility and are largely receptive to rent reductions at renewal, Cluttons said.
Faisal Durrani, head of research at Cluttons said: “Global economic factors continue to have a direct impact on the real estate market in the UAE. In the office market, upper limit headline rents have been affected, with occupiers either sitting tight, regearing leases, or continuing to consolidate operations.”
Just five of 24 submarkets registered minor downward adjustments during the final quarter of last year, with the weakness persisting into 2018, he said, adding: “It is our view that this will continue for the remainder of the year with rents set to fall AED5-20 per sq ft. However, core free zones are likely to buck this trend, with rents holding steady.”
Cluttons’ latest report also indicated that while overall conditions may seem flat, landlords are not yet at the stage where large discounts and extensive incentives need to be offered.
Paula Walshe, director of International Corporate Client Services at Cluttons added: “So far, the introduction of VAT has not had any real impact on landlord behaviour but we are monitoring this closely. While absorbing the 5 percent VAT costs does not appear to have been considered yet, this may well emerge as an option should rental weakness linger into 2019.”
8 Mar 2018
Dubai-based Azizi Developments has said it is accepting pre-qualification applications for Dhs20bn ($5.44bn) of contracts related to new real estate projects in the city.
The contracts come in addition to its current project pipeline, according to the firm, with construction scheduled to commence in two months and be delivered by 2020.
“This will be a tremendous year of growth and expansion for Azizi Developments,” said Mirwais Azizi, chairman of Azizi Group.
“The new tenders are our largest number released so far and will contribute to our already packed portfolio of projects which we aim to deliver on schedule by 2020.”
The company said it is working on more than 200 projects this year including Azizi Riviera in Meydan One and Azizi Victoria in Mohammed Bin Rashid Al Maktoum City.
Last week, the developer said phases one and two of Azizi Riviera would be pushed back from completion in late 2018 to the first quarter of 2019.
Its other projects include Royal Bay by Azizi and Mina by Azizi on the Palm Jumeirah, Azizi Aliyah Residences and Farhad Azizi in Dubai Healthcare City and Azizi Farishta and Azizi Plaza in Al Furjan.
11 Mar 2018