A to Z PROPERTY GUIDE - Dubai

Acacia Avenues

2008-09-09T00:23:00.000-07:00

Acacia Avenues is described as a contemporary luxurious gated residential community, it will have 50 villas and townhouses in various configurations and 137 apartments in Bahia Tower in phase one, due to be completed by the first quarter of 2009.

Acacia Avenues is less than a kilometre fromt he iconic Burj Al-Arab and on the only plot of freehold land in Jumeriah. It is within easy reach of the entertainment and retail excitement being offered at the Dubai Marina, the Palm Jumeirah, and Jumeirah Beach Residences. It's also within close proximity to the free zones of Media CIty, Internet City, and next to Knowledge Village.

Just across the road is Nakheel Station and the Red Line metro that will whisk people along Sheikh Zayed Road to both international airports, with stops in between including the Mall of the Emirates with Ski Dubai and Ibn Battuta Mall.

Villas and Apartments

The 50 villas will feature five and six bedrooms, while the apartments will range in size from one to three bedrooms, many with a study and the larger apartments wil also come in duplex and penthouse configurations. those living in the apartments will have access to secure underground air-conditioned parking.

The second stage will see around 140 freehold fully service apartments completed by the first quarter of 2010, which will be managed to five star standards by the award-winning Banyan Tree Hotel & Resorts under the Angsana Resorts and Spa brand.

All Acacia Avenue residents will ahve access tot he five star private Synoria Club, which offers a pool, Jacuzzi, spa, fitness centre, two squash courts, poolside snack bar, lobby cafe and a fine dining restaurant.

Services Offered: 24 hour room service Concierge and Pre-concierge services Transportation Chef and private butler options

Mortgage Providers: Tamweel Dubai Islamic Bank

Anticipated Completion Date: Phase 1: 1st quarter 2009 Phase 2: 1st quarter 2010

Transfer Fees

2008-06-21T05:42:00.000-07:00

A transfer fee will be required for transferring the ownership of a property to another person which has to be paid in most cases by the buyer directly to the developer. Depending on the developer, the transfer fee will vary between 1% and 10%, either on the original price or the new purchase price. the figures which are displayed below could change and are not optional.

(Applicable to the original price unless otherwise stated)

Notes
* These numbers are indicative only - Always check your contract and with the developer directly. * Transfer fees may differ when certain projects change over from off plan to completed. * First property purchased directly from the developer does NOT incur a transfer fee.

Dubai Metro

2008-05-24T00:48:00.000-07:00

The origin:

The Dubai government commissioned studies to evaluate the most efficient and cost-effective solutions to combat traffic congestion, which resulted in the birth of the Dubai Metro. The seeds for the project were sown back in 1992, when a feasibility study known as R400 was completed and concluded that Dubai could no longer rely only on Roads Transport System to cater for its escalating traffic demands. The findings also recommended a need for a transit system to help ease congestion.
Regarded as the flagship project of the Roads and Transport Authority, this 15.5 billion AED project will be a benchmark for its state-of-the-art engineering, being an architectural marvel and for its direct role in providing social benefits - particularly generation of employment and facilitate easy access to the city for locals and tourists alike.
Another advantage of Dubai Metro is that it is being designed in a manner to complement the other modes of transport, e.g. Buses, Taxis and Marine transport.

The Routes:

At present contracts have been awarded for two lines; currently titled 'Red' and 'Green'. Construction has already started on phase one - the Red Line project which, at 52 kilometres in length, is longer of the two lines. Red and Green Line are expected to be completed by 2010.
It will snake its way from Rashidiya, through central Dubai and along Sheikh ZayedJebel Ali on the outskirts of the city. highway - passing numerous landmarks - until it reaches
Some of the Red Line's 29 stations will service as key destinations including Internet City, Burj Dubai, Dubai International Financial City, Emirates Towers, the World Trade Centre and Al Ittihad Square.
The Green Line is shorter (22 kilometres) with a more localised route that focuses on two of Dubai's most densely populated areas - Deira and Bur Dubai. It is planned that the Green Line will run from Al Ittihad Square through Deira and Bur Dubai to Burjuman, through Health Care City to Jadaff in the South, and from Al Ittihad Square through the intersection of Al Nahda and Damascus Road to Al Qiyadah intersection toward Al-Qusais Area.
The Roads and Transport Agency (RTA) are working at full speed on meeting the demands of a rapidly growing population (and their dependence on cars), and have publicly stated that these two projects are starting point for a wider reaching network that will eventually encompass the entire city. There have been some cautiously worded statements released that allude to a further two lines - 'Blue' and 'Purple' - that will follow the routes of Emirates Road and Al Khail Road.

The Features:

Dubai Metro aims to incorporate strategic bus/boat feeder points with flexible and user-friendly metro interchange stations. An integrated public transport policy will be adopted wherein a unified ticketing system will be used to facilitate switching over from one mode of transport to another.
Providing an alternative mode of transport, Dubai Metro aims to ease traffic congestion and reduce travelling time, which in effect will reduce air pollution caused by cars and improve air quality, thereby contributing to the protection of the environment. It will not only help enhance mobility within the city, but it will also help reduce dependency on car use.
Dubai Metro will serve as a key connector to all the strategic locations in Dubai including the Dubai International Airport. Provisions for 'Park and Ride' facilities near the stations and at designated locations along the railway route will further promote the use of Dubai Metro.
Dubai Metro is elegantly designed and will further complement the architecture of Dubai. In terms of safety, Dubai Metro is benchmarking against best international Railway industry practice.
Being the first railway system in the entire United Arab Emirates, the project has been a constant source of excitement and has been generating ample support.

Dubai Real Estate Sector Near and Long Term Outlook

2008-05-11T19:21:00.000-07:00

Everyone has an opinion about Dubai Real Estate, what's yours about?
There is no right or wrong answer to real estate, it is about science and art, subjectivity, gut-feel and most importantly experience. Our Consultancy Services team comprises specialised and economists qualified Chartered Surveyors. We look specifically at the real estate market, treating it as a tangible investment asset class while at the same time appreciating that to many people, real estate can also carry emotional value. What sets us apart is that we are supported by a very high quality of information and primary data, a diversity of experience, and a client base of excellent calibre.

What is your near term outlook for the Dubai real estate sector?
In Dubai terminology, the near-term is defined as a matter of 6-12 months. In that case the outlook of Dubai's real estate market looks strong. Looking beyond into the medium terms (one to three years), with significant amounts of supply released in late 2007 and into 2008 we anticipate a correction to residential apartment rents across the city. Although some areas will perform better than the others, many high-end units are being constructed speculatively, with little end-user consideration - and that is always risky.

Demand for suitable office space currently outpaces supply. There are plenty of new companies, as well as those looking for a Mid-East foothold. In the near-term they will continue to find it difficult to source Grade A space for their business needs. Their searches will become much easier as office property construction programmes, many of which are facing completion delays, deliver new stock to the market.

What is your long term outlook for the Dubai real estate sector?
In the long-term, we are bullish about Dubai's real estate sector, since it appears that all of the right steps are being taken to support the current construction boom with strong economic and demographic fundamentals. The Dubai Government is progressive and catalyses growth. Retail and hospitality facilities are best-in class, and the money-multiplier effect that we are observing means of their income to their country of origin. Dubai now offers products, services, lifestyles and investment opportunities en par with an expatriates home country. The result is that a much larger proportion of residents' disposable income is spent locally which contributes to a thriving economy, sustainable economy.

But it is much more difficult to assess the longer term outlook of Dubai's real estate sector given the pace of development. Dubai has surprised sceptics with its ability to maintain strong revenue growth across all economic sectors. With the introduction of a Government- implemented residential rental cap taking effect at the beginning of 2007, it remains to be seen how developers react to this artificial construct when to date landlords and developers have been able to raise rents with relative impunity. It is anticipated that the office sector will continue to benefit from economic levers available at the Government's disposal, while the hospitality and retail sectors will benefit from heavy investment into world-class facilities (Dubai Mall, Palm Jumeirah, etc.) In addition, the continued growth of Emirates Airlines as an "enabler" to opening up the Dubai market to the masses will help drive its real estate sector.

Overall, success breeds success: Dubai's first-mover advantage of creating a business friendly, commercial hub in the region with relatively few barriers to entry enables it to be the "de facto" choice of regional and multinational organizations.

Has the market slowed down?
There has been evidence that some residential units in weaker developments are remaining on the market for longer periods of time than has historically been the case. We certainly know of cases where developers are remaining on the market for longer periods of time than has historically been the case. We certainly know of cases where developers have become more competitive in order to finance their development cash flows through off-plan sales.

Do you envisage a crash?
The Dubai market is a very unique case, with no real comparable cities to benchmark against. We believe that both the rents and prices are presently inflated, more so in weaker development and locations across the main real estate sectors. We also expect to see significant shifts in landlord behaviour as their market becomes increasingly competitive with the introduction of a staggering number of developments that are to complete within the coming 36 months. However Dubai's economic and demographic growth strategies appear well suited to be able to support the long-term real estate situation.

Is there anything that can be done by investors to reduce their market risk exposure?
Absolutely. The speculative nature of much of Dubai's development and investment activities has led to the emergence of some virgin niche territories within the Dubai real estate environment. Our strengths as professional real estate consultants has been in identifying our clients' risk in full, as well as the niches for which they are optimally positioned, and synergizing these opportunities with their unique objectives and constraints. Dubai is full of real estate investment opportunities at the moment, they are just more sophisticated than they have been to date.

Will demand continue to outstrip supply?
No.

RESIDENTIAL: Colliers has identified a high risk of oversupply within the high-end apartment segment of the residential market segment. We forecast the average annual market demand to be outstripped by new supply within the coming 12-18 months, having allowed for sustained population growth rates, and a reduction in cohabitant trends.

OFFICE: We model market supply and demand on a macro-market basis, and can expect more than 300% growth in office net leasable area by the end of 2009. There are certainly office developments that are outstanding, that are and will perform very well despite oversupplied market conditions. However there are numerous projects that are currently being built entirely speculatively, with no strong support from end-users to sustain them in the long-term. The rush to erect office buildings quickly has meant that few investment grade commercial real estate assets are actually available in the market for international funds and REIT's to acquire. We are expecting the off-plan sale of office space to introduce numerous complications for landlords and tenants alike, as the drawbacks of strata ownership title arise at the operational stage of a property's life.

Is the type of investor entering the market changing?
Although we continue to see wealthy, individual speculative investors participating in the market, particularly investing in off-plan office and residential product, there is increased interest from global institutional investors and investment vehicles, looking for attractive plays. These more sophisticated investors, who look for longer-term opportunities in specific property sectors with strong fundamentals, demand, demand well-overdue transparency, as well as a quality of build that is not being presently met. Until that time many of them appear happy to play the waiting game.

Is there an increase in foreign investment?
Yes and no.

As a geographic hub for the Middle East and North Africa (MENA) region, bridging east and west, Dubai has carved out an excellent reputation as the destination of choice for many regional investors. However the more risk-averse investment money has been noticeably avoiding the Dubai real estate scene for two reasons: the lack of investment grade properties, and the uncertainties inherent with the future of emergent, fast-growing markets.

How can the Dubai market achieve further growth?
We project considerable growth in the mid-income residential segment. As Dubai obtains critical mass in a number of property sectors, growth will be achieved through catering to more niche markets, under served segments, and operational strategies. For example, we cannot stress enough how intangibly profitable it can be to incorporate components of social value into development schemes.

By: Mr. Eamon Alashkar
Associate Director - Consultancy Services
Colliers International

Free Zones in Dubai

2008-04-19T00:56:00.000-07:00

Tax Free Business Opportunities in Dubai
Introduction to Dubai Free Zones

The UAE's spectacular growth in real estate business has not only completely transformed the sahpe nof the whole Emirates. It also increased the number of individuals and companies wanting to set up base in the Middle East's fastest growing and most advanced city - Dubai.

In the UAE, 100% ownership is only guaranteed if a company sets up in a Free Zone but in this case no local partner is required. The company retains full control over the their businesses and assets. The UAE government has guaranteed that there will be no corporate taxes for companies operating in a Free Zone for up to 50 years. All profits can be transferred out of the country and there are no currency restrictions.

What is a Free Zone?
According to the World Federation of Free Zones (FEMOZA), a Free Zone is a portion of a clearly defined and isolated land or setting, with special tax, customs and imports regime, usually involving a status of extra-territoriality. Free Zones are special investment models allowing the client to do business without obstacles. The Free Zones are governed by establishes laws from the government of any respective country.

The Free Zones are direct government authorities. Dubai prides itself on its achievements towards e-government basically eliminating any form of corruption. Business licenses are usually issued within five to six working days after a approval and submission of the requested legal documents. Along with the application form the investor is required to submit a business plan or detailed project proposal for review by the Free Zone before the registration process can be started.

Free Zone Selection
The selection of the right Free Zone depends on the type of activity the company wants to engage in, e.g. trading, e-commerce, internet and software development, automotive, heavy industry, broadcasting and publishing. In addition, the infrastructure required should be considered, e.g. warehousing facilities, airport or seaport access. Dubai has by far the most diverse and state of the art infrastructure for businesses. Dubai groups businesses by clusters or "cities" such as Internet City, Media City or Jebel Ali. The only multi-purpose Free Zone in Dubai is Dubai Airport Free Zone (DAFZA) which is conveniently located next to terminal 2 at Dubai International Airport. A very promising fledgling free zone is Dubai Silicon Oasis (DSO) which is strategically located along Emirates Road, next to Dubailand and Academic City. DSO aims to attract companies in the high-tech field and offers as one of the first free zones residential and commercial use for lease and buy.

Registration Procedures of Dubai Free Zones
Dubai Free Zone require a comprehensive package of documents, many of which need to notarized and attested in the investor's country of origin. Usually the package must include the following documents: application form, passport copies, CV's of the director's/managers, business plan and financial background information. During the set up process it is recommended to appoint a local negotiator because the entire set up process requires frequent interaction with the respective free zone authority.

Typical Benefits of UAE Free Zones include (but are not limited to)
* 100% Foreign Ownership
* 100% Corporate, import/export, personal income, and commercial levies tax exemption
* 100% Repatriation of capital and profits
* State-of-the-art purpose built infrastructure
* No foreign exchange controls
* Companies can operate around the clock, with the benefit of 24 hour security
* Postal services, banking facilities, food courts in close reach to all free zones
* Residence visas granted for 3 years (renewable)

Choosing a Free Zone - many factors must be considered, some are
* Distance from international air and sea ports
* Facilities and infrastructure offered at the free zone
* Real estate options
* Types of activities allowed by the respective free zone authority
* Annual rent for office space and size of office units
* Minimum capital required, registration, trade license fees
* Processing time of application

Types of Free Zone Companies
* Branch Office: associate of an already existing mother company in UAE or abroad
* Free Zone Establishment (FZE): single partner - can be individual or legal entity
* Free Zone Company (FZCO): minimum 1 partners/shareholders required
* Offshore: registered agent required
With the exception of branch office, all above mentioned set ups require physical proof of share capital usually ranging from AED 300,000 to 1,000,000 depending on the number of shareholders (individual and non-individual) and free zone chosen. the business license will only be issued on the basis that these funds are shown in the corporate account of the investor.

List of Dubai Free Zones

Selling Your Property

2008-04-16T06:25:00.000-07:00

If you have reached a decision whereby you decide to sell your property, there remain are a few matters that must be ensured before going ahead. Considering these points is vital to a successful transaction.

Memorandum of Understanding
Pricing your Property
Always Verify the Documents

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Memorandum of Understanding
The Memorandum of Understanding (MOU) is an agreement between seller and buyer. It does not have the binding power of full contract; however it regulates the basic conditions of a deal.

It is imperative to clearly state the conditions of the agreement. This can be done by clarifying fee payments at the outset;
* Cancellation Fee - Must be paid when one party changes his/her mind pertaining to the completion of the deal. The fee amount however can differ from case to case, usually depending on the agent.
* Transfer Fee - Must be paid each time a property sale take place. Checking this fee is rather important due to the various rates charged by different developers.

Additionally, conditions of the transfer must also be considered. Factors such as date, place and hand over process should be declared. The date of transfer is fixed, whereas the hand over process can only go ahead once issues such as payment have been finalised. In the circumstances of selling a property "ahead" of payment completion, this can be done without difficulty as long as the first two installments have been paid. however, this again differs from developer to developer and should be ascertained beforehand.

Pricing Your Property
There are several factors which influence the price of your property. the two most important of these are; demand and location. However it is best to get an all round solid estimation, as other factors play into value of a property. Presented below are recommended suggestions in order to arrive at a realistic valuation on your property:
* Enquire with several agents so as to gather an idea of current market prices, your property's worth and what it could essentially sell at.
* Enquire with developers regarding the price of similar properties and whether new projects will be appearing in the area, as this could effectively either raise of lower the value of your property.
* Enquire with mortgage providers to assess whether the price range you have arrived at is realistic, if similar properties are within this range, and moreover if payment plans for such a property has changed. this factor could also fundamentally result in either an easier or harder sell.
* Enquire yourself! Research the newspapers, classifieds, magazines, Internet and word or mouth to get good idea of current market condition, what price range you are looking at, what to expect and what else is available!

Always Check The Documents
Regarding any contract, it is standard practise to revise through it carefully, especially when it concerns your valuable property! Ensure that all the terms, fees, and commissions are stated as discussed and agreed. In a resale scenario where either the property or payment plan is incomplete, establish which party is paying the balance to the developer in writing. Furthermore, verify all the paperwork with the concerned authorities so as to avoid illegitimate dealings. Finally, at any point do not hesitate to question any doubts you may have, or issues you may not understand.

F A Q's Property Law

2008-04-16T06:20:00.000-07:00

Why was the Dubai Law No. 7 of 2006 ("Property Registration Law") enacted?
Five years ago, the Emirate of Dubai, via the master developers Emaar, Nakheel, and Dubai Proeprties, began offering property on freehold basis to foreign purchasers. These purchasers entered into sale and purchase agreements for their Dubai Properties, but were unable to obtain official title in their proeprties, and many were unaware of the scope of their rights regarding their properties. The Property Registration Law was introduced to address these concerns and provide foreign purchasers of real estate with the level of comfort and security that they were seeking.

Can a foreign company purchase real estate in Dubai?
Yes. Article 4 of the Property Registration Law states that foreign persons (both artificial and natural) are permitted to obtain a right to use and enjoy property without time restriction as to time ("freehold property ownership"), and/or the right to use and enjoy property for a period not to exceed 99-years, within designated areas in Dubai.

What is the status of agreements entered into between parties transacting for real estate located in non-designated areas?
Article 26 of the Property Registration Law states that "any agreement or disposition which contradicts the provisions of this Law shall be void; likewise, any ratified agreement or disposition which intends to circumvent such provision". Therefore, foreign nationals cannot legally own real estate in non-designated areas, but can enter into lease agreements for real estate in such areas. The Dubai Land Department has, however, indicated that it will not register such leases but will register long term leases in designated areas in favor of foreigners. Indeed, such long-term leasehold interests must be registered with the Dubai Land Department if they are to be enforced against third parties.

Is it mandatory to register title to one's property in Dubai?
Yes. Under the Property Registration Law, registration of property serves as conclusive proof of ownership (unless invalidated in cases of fraud). Furthermore, the Property Registration Law requires registration if a property owner is to subsequent assert any of his property rights against other parties.

When can a foreign national register title to their property in Dubai with the Dubai Land Department?
Several months ago, the major master developers were assisting their respective purchasers with registration by creating timetables for registration. Still, any purchaser of real estate within the designated areas of Dubai is permitted to go to the Transaction Division of the Dubai Land Department upon completion of all payments relating to the property. Upon payment of the required fees and submission of all relevant documentation at the Transaction Division, title will be issued in the name of the purchaser.

What documents are required for registration of title at the Dubai Land Department?
The Dubai Land Department is registering title to properties purchased by foreign nationals in the designated freehold areas. The documents essentially required are as follows:
* Copy of the original title deed
* Copy of maps/affection plan and as-built drawings and completion certificates
* Copy sale and purchase agreement stating clearly the purchase price together with any subsequent sale and purchase agreements
* The original passport of the purchaser along with a clear copy
* NOC/clearance letter from the relevant bank/financial institution (in case the property has been mortgaged)
* NOC/clearance letter from the seller

Where the purchaser is a company, the company will have to provide all the company documentation (including memorandum and articles of association) duly attested and legalized, a duly notarized power of attorney in favor of the authorized representative of the company, along with a passport copy of the authorized representative. Currently, the Dubai Land Department charges a fee of 2% of the value of the property as a title registration fee, to be (theoretically) split equally between the purchaser and the seller, although most sale and purchase agreements direct the purchaser to pay the entire title registration fee. Additionally, the purchaser will have to pay a small map issuance fee and a knowledge fee. The requirements, fees and procedures are subject to change at the discretion of the Dubai Land Department.

Where a purchaser has paid the developer a registration fee for registration of the transfer of the property, will an additional fee be payable to the Dubai Land Department at the time of registration of title?
In the absence of any formal property register, developers initially acted as interim registrars and registered the transfers of properties within their internal registries for a nominal fee. Further, developers may allow the transfer of properties prior to completion of the building, i.e. assignment of the sale and purchase agreement. However, with the issuance of the Property Registration Law, only the Dubai Land Department is authorized to register property rights and issue official title to properties within Dubai. Such registration is building completion. Therefore, all applicable fees as mandated by the Dubai Land Department must be paid by parties to a title becoming available at the DLD.

Can any third-party have access to the Property Register at the Dubai Land Department?
An interested party may have access to the Property Register and obtain a certified copy (at a nominal fee as indicated by the Dubai Land Department), provided the enquirer can satisfy the Dubai Land department that he has a legitimate reason to request access to the Property Register.

What protections are in place in Dubai to secure and safeguard a purchaser's funds during the construction i.e. development phase of a project?
Unlike other jurisdictions e.g. the United Kingdom, united States and Canada, Dubai currently does not have legislation in place regarding minimum disclosure requirements by developers to purchasers who purchase property "offplan", nor are there any statutory protections for purchasers whose houses or apartments do not conform to the initial plans of the developer or representations of the seller or the sellers agent. However, many developers have included provisions in their agreements that aim to provide a reasonable level of purchaser protection. For example, in some agreements the seller is required to hold the purchaser's funds in an escrow account until certain construction milestones have been reached. In other agreements, the seller is required to post a bank guarantee. A review of the sale and purchase agreement will indicate whether this type of protection is made available. The forthcoming Strata Title Law should include some minimum disclosure requirements and some consumer protection requirements which are targeted at securing the purchaser's interests in off-plan properties in Dubai. Some master developers require the sub-developers to obtain a written approval from the master developer to sell off-plan and purchasers should request to see evidence of such approval in order to secure their purchase. Dubai does not currently require mandatory escrow arrangements for sales "off-plan"; however, the forthcoming Escrow Law should address consumer protection in this respect. Any purchaser should be well aware that, in the absence of a comprehensive legislative scheme, there is always some element of risk when purchasing off-plan.

What are the developer's obligations to complete and handover property on time?
These obligations are dealt with contractually under the sale and purchase agreement (or, as applicable, the lease agreement). If the property is not yet constructed, the agreement will typically provide an estimated handover date and usually the agreement will allow the developer a fair bit of latitude in terms of extending the date. Although there are some contracts in the market where the developer commits to paying interest if possession is delayed, and perhaps even the right to terminate in the case of substantial delay, these remedies are not always available. As in many other jurisdictions, purchasers must be prepared to anticipate possible delays when awaiting possession of a property under construction.

What warranties are available to cover defects in a property?
This is again dealt with contractually, but it is common in Dubai for developers to repair general defects for a one-year period. Under the Civil Code, building engineers and consultants are liable for structural defects to a building for a period of 10 years (decennial liability period). It is also proposed in the forthcoming Strata Title Law that a decennial liability period be imposed on the developer for defects in the property.

Does the Property Registration Law provide for specific performance of an agreement?
Article 10 of the Property Registration Law states that, where a seller defaults in his contractual obligation to transfer the property to the purchaser, the purchaser can only claim damages for losses suffered by the purchaser.

What remedies does a purchaser have against the developer if the developer fails to honor the warranty period?
A purchaser would need to pursue his remedies based on the terms of the sale and purchase agreement. Some agreements allow remedies to be sought through the courts of Dubai, while others call for arbitration, which can potentially offer a more cost-effective method of dispute resolution. It is important to note that the Dubai civil procedure and practice does not allow for class action lawsuits; therefore, purchasers who have claims against developers would need to bring those individually.

What are service charges and how are these calculated?
Service charges are charges levied in order to maintain the various common areas and facilities of the community or the building and to generally ensure these are properly managed and administered. In many of the new property developments and residential buildings throughout Dubai, service charges are levied on the owners by the co-owners associations, and collected by a manager appointed on behalf of the associations. IN a lease situation, these charges will generally be paid to the landlord. With the forthcoming Strata Title Law, provisions will be made for these charges to be budgeted annually and paid to the co-owners associations to ensure transparency and facilitate the regulation of the common areas and facilities and the building as a whole by the co-owners association. Some leases or sale and purchase agreements specifically set the service charges and provide for yearly increases although in many agreements, the service charges are based on actual expenditure. The landlord, developer, or co-owners association (as the case may be) record all of costs in terms of maintenance, management and administration. Each owner is then required to pay a portion of those charges based on the proportion that the size of their property bears to the overall area that is being managed. Service charges throughout Dubai vary widely, ranging from AED4 to AED20 per square foot, depending on the area and sophistication of the property in question. Larger community developments also charge their property owners an annual community charge, normally paid to the master developer of a project. In many developments, a master community charge is paid to a master developer for the maintenance of common facilities that are available within the development as a whole. This may include, for example, lighting, pathways, green spaces, roadways and leisure facilities. Such charges are akin to council taxes or rates levied in most Western jurisdictions. A master community declaration for the community project should detail payment of the community charge.

Can an owner transfer, sell or assign property?
This will depend on whether or not title to the property has already been registered at the Dubai Land Department. If such registration has already taken place, there would be an outright sale or transfer that would involve changing the registration into the name of the new owner - in much the way that sales transactions are carried out in many jurisdictions throughout the world. For many properties in Dubai, including properties purchased by non-UAE and non-GCC nationals, title registration of title at the Dubai Land Department has not yet occurred. In such cases, an assignment is required. In other words, the current owner of the property "assigns" their rights and interest in the sale and purchase agreement to the new owner. The developer's contractual promise to eventually register title to the property in the Dubai Lands Department is passed on to the new owner. Developers usually record these assignments in their internal registries. Assignment may involve attending at the developer's sales office, presenting an assignment agreement and having the assignee recorded as the new owner in the developers interim registry system. Developers will often levy an administration charge for doing this, which usually ranges between 1% and 2% of the total purchase price. When an assignment is contemplated, it is critical to review the terms of the sale and purchase agreement and/or seek legal advice in relation to the same. In some cases, the developer will freely allow assignment but in others assignment may be prohibited or strictly controlled. A breach of those terms and conditions could result in enforcement measures being taken by the developer.

Can a purchaser obtain bank financing for his property where title has not yet been registered with the Dubai Land Department?
In most jurisdictions, banks require evidence that the purchaser has registered title with the relevant authorities and then seek to have their mortgage registered against that title. In Dubai, up until recently, banks and financial institutions were reluctant in the past to provide financing for home purchasers. However, as a result of the rapid developments in the Dubai real estate market over the last several years, and individuals (with the support of developers) obtaining mortgages for the purchase of their properties here, banks have aggressively expanded this market. Essentially, these banks take security over the rights that purchasers have under their sale and purchase agreements. They rely upon the reputations of the developers, enter into memoranda of understanding with developers, and obtain contractual warranties from purchasers and developers stating that the developer will not register any third-party interest in the property unless express approval/confirmation of discharge of mortgage has been obtained from the bank and the developer will have he mortgages on the property registered on title deeds as soon as such registration becomes available. However, not all developers are able to offer mortgages and generally only those that have a relationship with a bank offer these.

What taxes, fees and charges are generally imposed on purchase of a property in Dubai?
During the period when the registration process with the Dubai Land Department had not been finalized, developers were assessing their own fees for the sale, purchase or transfer of properties. Generally speaking, developers charged a fee of anywhere between 1% and 2% of the current purchase price of the property as an administration fee for registration of transfers in their books. The Dubai Land Department is currently accepting registration of title to properties and purchasers have to pay the applicable fee for property registration and issuance of deeds, i.e. 1% from the purchaser. Some developers have represented that they will pay 1% but others insist upon the purchasers bearing the entire 2% title registration fee. The purchasers are also required to pay a very nominal map issuance fee and knowledge fee. Dubai has recently started charging an annual housing fee on non-UAE nationals and these are assessed at 0.5% of the most recent sale price of the respective properties. When such owners opt to rent their properties to tenants, the housing fee is assessed as 5% of such annual rent. These fees are collected through monthly Dubai Electric and Water Authority bills.

Property Law

2008-04-14T05:33:00.001-07:00

Real Estate in Dubai

The Property market has been on the commercial forefront of the United Arab Emirates for the past several years. In particular, Dubai has witnessed investments from around the world and high appreciation. While most sellers and purchasers of real estate here are focused on the investment potential of their properties and rate of return, there are numerous legal issues of which sellers and purchasers should be aware. Oftentimes, parties are uninterested in the legal aspects of their transactions until things go awry. The following will focus on: real estate regulation in Dubai; ownership of real estate in Dubai by foreign persons; leaseholds under the UAE Civil Code; and disposition of Dubai real estate under applicable inheritance and probate laws.

Issuance of the Property Registration Law and Foreign Ownership of Land in Dubai
In March of 2006, Dubai Law No. 7 of 2006 (the "Property Registration Law") granted foreign nationals rights to freehold or long-term leasehold (up to 99 years) within designated areas. Additionally, the Property Registration Law permits freehold ownership anywhere within the Emirate to the following persons: UAE and GCC nationals; companies wholly owned by UAE and GCC nationals; and public joint stock companies.

Dubai Regulation No. 3 of 2006 (the "Regulation") followed with plot details of the designated areas in Dubai where foreign nationals could own freehold title or enjoy long-term leases. However, without corresponding maps, the areas designated for freehold or long-term leasehold to foreigners were not easily identifiable. Copies of the maps of the designated freehold areas were eventually circulated to the local press. As expected, the real estate projects of the three major master developers have been designated as freehold areas for foreign purchasers. These projects include The Palm, Emirates Hills, Arabian Ranches, and Dubai Land. Many owners in these projects - and other projects of major developers - have already obtained official title deeds in the past year from the Dubai Land Department (the "DLD").

Foreign companies who purchase commercial or residential property within the designated freehold areas in Dubai are permitted to enter into lease agreements with any lessee, and to stipulate the length of such leases as they determine.

The DLD confirmed to us that it has begun the registration of 99-year leases for the designated areas within its Property Registry and will issue title deeds for long-term leaseholds relating to these properties. The reasoning behind this is that long-term leases have all the same rights as freehold properties (e.g.), the right to mortgage, lien, or transfer interests to a third-party) and are limited only with respect to time. While the maximum limit of long-term lease in the designated areas is 99 years, as stated in the Property Registration Law, theDLD speculated that a minimum registration threshold for a long-term lease is 10 years. However, the DLD stated that the parameters for registration of long term leases would be clarified via future legislation.

Foreigners who acquire freehold property in Dubai must obtain a residency visa with the Department of Naturalization and Residency ("DNR") if they seek to live in their Dubai property - provided that they do not already have residency visas by virtue of their employment in Dubai. Foreign companies can nominate their directors or other employees to obtain residency visas for properties purchased by such companies.

Residency visas are usually valid for renewable terms of three years. although foreign corporations in good standing and foreign natural persons without criminal records have generally acquired residency visas for their properties in the past few years with relative ease, the

DNR does not have any guidelines in place regarding the issuance of residency visas and the approval or rejection of residency visa applications are at the sole discretion of the DNR. Additionally, holders of residency visas for their freehold or long-term leasehold properties are not permitted to undertake employment by virtue of such visas, and such persons would need to obtain separate employment visas to work in Dubai.

The Civil Code and Leasehold Interests Outside of the Designated Areas
Before the issuance of the Property Registration Law, the UAE Civil Code (UAE Federal Law No. 5 for 1985) governed interests in real estate in Dubai, particularly the leasehold rights of usufruct and musatahah. The right of usufruct is a right to use and enjoy developed property, provided that the property is not altered or damaged by the tenant. The UAE Civil Code does not specify a maximum term for usufruct leases; however Article 1344 of the Civil Code states that a lease will expire at 50 years if no term is contained in the lease agreement. Based on the general practice of the three major developers (i.e., Emaar, Nakheel and Dubai Properties) as a guideline, we are not advising clients to enter into usufruct leases with terms greater than 99 years at this time. Musatahah leases contemplate the development, use and enjoyment of the fruits of a land of a lessor by the lessee. Pursuant to Article 1356 of the Civil Code, terms for musatahah leases are up to 50 years.

The Civil Code is silent as to the registration of these leases, and there no specific regulations relating to the registration of these leases with the Dubai Land Department (the "DLD") or any other governmental entities in Dubai. registration of leases with applicable government authorities affords tenants certain protections, including the ability to seek recourse with the Rent Committee of the Dubai Municipality before pursuing matters with the Dubai Courts. According to recent discussions with the DLD, usufruct and musatahah leases concerning property outside of the designated freehold areas can only be registered in Dubai UAE nationals, and the DLD will not register any leasehold rights greater than 50 years. However, leases which are not subject to registration still allow the parties to pursue their contractual rights before the Dubai courts. The DLD verbally represented to us that it eventually seeks to register significant commercial, residential, and industrial lease interests outside of the designated freehold areas.

Foreign companies are allowed to enter into commercial leases anywhere within Dubai, provided they have appropriate commercial licenses to undertake their respective commercial activities. Normally, commercial tenants can lease, or renew leases for, real estate with few impediments, and for lengthy terms in Dubai.

Inheritance

Inheritance is a legal topic garnering a great deal of questions, but still seems shrouded in mystery. Currently , there are questions regarding inheritance of property in the UAE and the application of shari'ah (Islamic) law. Until last year, the only significant UAE law focusing on inheritance issues was the Civil Code.

The Civil Code directs the UAE courts to impose UAE or shari'ah law regarding the disposition of UAE real property of a decedent. This could create difficulties for both Muslim and Non-Muslims who seek to devise their estates in manners that may be contrary to the shari'ah.

The UAE recently introduced the Personal Status Law (Federal Law No. 28 of 2005), which further elaborated upon the inheritance rights of foreigners who leave estates in the UAE. The Personal Status Law states that the devisable estates of foreigners may be subject to: (1) the laws of their respective countries of citizenship; (2) the laws of their last domicile; (3) the laws of the country where the property is located; or (4) the laws of the place of decedent as void all other UAE laws which conflict with the provisions of the Personal Status Law. It is important to note that the event of the death of any purchaser of a property, the property would not necessarily pass entirely to the spouse (if any) since shari'ah courts would govern the dissemination of the estate.

Recent Legislation Regarding Developers
Although the sudden surge of property investment has certainly distinguished Dubai as a world leader in this sector, it has also called attention to the lack of breadth in real estate legislation. News reports in the past few years have revealed incidences of purchasers who became victims of the fraudulent practices of unauthorized developers and unprincipled real estate brokers and agents - and the lack of legal recourse available to such purchasers.

This July, Dubai issued Law No. 8 of 2007 (the "Escrow Account Law"). The Escrow Account Law mandates that the developers who opt to sell properties to buyers of off-plan open escrow accounts for such projects, with trustees endorsed by the DLD to oversee such accounts. The protections afforded to purchasers depositing funds into such escrow accounts will be subject to the specific terms and conditions of the individual escrow agreements negotiated between the parties. Developers must register with the DLD. Developers or trustees who violate the Escrow Account Law face stiff penalties - including possible imprisonment or fines no less than AED 100,000.

Where does Dubai head from here?

Although the sudden surge of property investment has certainly distinguished Dubai as a world leader in this sector, it has also called attention to gaps in real estate legislation, such as the regulation of developers, real estate brokers, and inheritance. Analysts and experts hope that Dubai will address these to ensure that global investors and purchasers do not lose confidence in the market here in the near future. The great leaps and bounds that Dubai has made in the past several years will likely persuade the Emirate to address all outstanding legal issues if it is to remain a major player in the global real estate market.

F A Q

2008-04-13T05:16:00.000-07:00

What is a premium?
Premium is the amount that you pay above the original price charged by the developer. This can be a percentage of the original price, or a fixed amount. The premium plus the original price is the net selling price to the owner, and does not include transfer fees or commission.

What is a transfer fee & commission?
This fee is paid to the developer in transferring ownership from seller to buyer. It varies between 1 percent and 7 percent of the selling price or original price and so can be a substantial amount, usually paid by the buyer. Commission is normally 2 percent of the selling price in which the buyer normally pays, although on some occasions, the seller may pay 1 percent of the commission.

Why do people want to know the original price?
This is the price which the original owner paid to the developer. From this you can work out the percentage premium which is often used as a guide to see if a property is good value or not. In addition, when financing, all lenders need to know the original price, as most will not lend on any of the premium.

What is Initial Deposit?
This applies when buying direct from a developer and is paid to the developer in order to secure the property in your name. It is usually 10 percent or 15 percent of the selling price.

What is a Holding Deposit?
This secures the property for a period up to one month usually, allowing the buyer time to organise funds through either financing or transferring of cash funds. This deposit is non-refundable and can range from AED 20,000 - 1,000,000 depending on the property price.

What is Memorandum of Understanding (MOU)?
This is a contract made between the buyer and seller to secure sale. A holding deposit is paid to the agent or seller to make the contract binding.

Are there different types of Freehold?
If we assume that the term freehold is being used in Dubai in its international sense, then the answer is yes. Freehold usually indicates that the owner of this kind of title enjoys the most superior form of private property ownership. A purchaser can have freehold title in land, in a free standing villa and also an apartment, the latter kind of ownership is usually called common hold and not freehold.

Can one lawfully sell freehold properties to foreigners in Dubai?
There is no provision in the law that forbids immovable property (except in an auction) from being sold to foreigners in the UAE.

Are there any restrictions imposed on freehold apartments?
Yes, there are some restrictions being imposed in most sale and purchase agreements issued by developers in Dubai; these conditions are to make sure that owners of properties pay their Service Charges in time, especially if they intend to sell their property.

How often will the Service Charge increase?
It is expected that the Service Charges levied will be reviewed yearly and only if necessary, increased annually. Unless all the owners of the building/dwellings have to pay for an emergency expense, it is expected that there will be dramatic fluctuations or increases in the Service Charges during the year.

What type of residency visa is received upon the purchase of freehold in Dubai?
The residency visa is arranged by the developer and is usually a 3 year renewable visa. It does not normally include a work visa. It is purely to allow the owner and his immediate family to reside without needing transit visas.

Why are Guarantees needed?
If properties are not handed over for whatever reason to the purchaser after a particular time period, the buyer usually has the option to get his money back or receive some form of compensation. Most developers give a 10 year guarantee from structural defects.

Buying Process

2008-04-13T04:57:00.000-07:00

Who can Buy?
Anybody can purchase in Dubai's luxury freehold property market.

Leasehold or Freehold?
Freehold is available on many of the developments in Dubai. Some projects are 99 year leasehold.

Payment Terms
In general, a deposit representing 10 - 15% of the buying price is required at the contract-signing stage for all new development properties. each developer will offer a different payment plan.

Payment Terms for Completed Property
Completed property needs to be paid in full (100%). The developer will charge a 1-2% transfer fee to put the property contract into your name and the contract will follow in about 2 weeks.

Bank Accounts
Buyers do not need a local bank account to arrange purchases.

Purchase Timescales
Purchases normally take no longer than two weeks to complete. It is important to have your funds ready in order to prevent disappointment.

Government Tax
There are currently no government taxes of any kind when purchasing a property in Dubai nor is there Capital Gains Tax. When the Dubai Lands Department registers title, buyers will pay a 1.5% tax based on the purchase price of the property. If they have a mortgage, they will pay 0.25% of the value of the loan.

Residency
In general, the Dubai Government issues residence visas to new property-owners and their immediate family. These will need to be renewed every three years as per the latest immigration regulations.

Re-sale
You can sell your property or assign your agreement to anybody. This means that they will take over the payments to be made to the developer.

Holding Deposits
All sellers insist on a holding deposit to secure the property. This is normally in the region of AED100,000. It is non-refundable unless the seller pulls out.

Dubai's Strategic Plan - 2015

2008-04-12T06:10:00.000-07:00

The Dubai Strategic Plan - 2015 (DSP), unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, is set to maintain double-digit economic growth, achieve a GDP of US $108 billion and increase real per capita GDP to US $44,000 by 2015.

Background

Since its establishment of the United Arab Emirates in 1971, Dubai has developed a distinct identity as a modern and dynamic Emirate. Dubai now enjoys global reputation as an economic hub and an excellent location for investment. As the global environment becomes more competitive and challenges grow, Dubai needs to ensure that it continues to build on its success through proper planning and strategy development.

The Executive Council, directed by the overall vision of Dubai's leadership, has commissioned the development of the Dubai Strategic Plan along five sectors:

1) Economic Development

2) Social Development

3) Security, Justice and Safety

4) Infrastructure, Land and Environment

5) Public Sector Excellence

The aim of the Dubai Strategic Plan is to establish a universal understanding of Dubai's vision among the various government entities and to ensure a common framework for the operations of these entities. The plan serves as a framework under which all government-related initiatives converge to consistently meet the vision and aims set by Dubai's government. The development of the Dubai Strategic Plan was largely based on a 'consultative approach' involving a considerable number of stakeholders from the various sectors covered in the plan. The guiding principle was prioritization; focusing in every phase of the plan on the areas with the highest priority and development potential.

Mission

To support, maintain and develop this status, the Government of Dubai will focus on delivering its mission of:

Achieving comprehensive development and building human resources
Promoting economic development and government modernization
Sustaining growth and prosperity
Protecting Nationals' interests, public interest and well being
Providing an environment conducive for growth and prosperity in all sectors

Guiding Principles

1. Economic Development:

Adoption of Free Market Economy Principles
Innovation in Launching Initiatives
Speed and Accuracy in project Execution
Unique Relationship and Partnership with the Private Sector

2. Social Development:

Protection of the National Identity, Culture and Way of Life
Development of National Human Resources
Promoting Social Justice and Equality
Openness to the World while maintaining Uniqueness

3. Security, Justice and Safety:

Ensuring Justice and Equality for All
Maintaining Security and Stability
Protecting Human Rights

4. Infrastructure, Land and Environment

Provisioning of World-Class Infrastructure designed to suit the requirement of all users
Preserving the Environment in line with international standards

5. Public Sector Excellence

Transparency
Sound financial performance and effectiveness
Accountability and a result based culture
Excellence in customer service
Development of human resources
Working effectively within the federal framework

Resources List

2008-04-11T02:01:00.000-07:00

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Dubai Facts

2008-04-10T23:12:00.000-07:00

Geography
The United Arab Emirates (UAE) comprises seven members: Abu Dhabi (the capital city), Dubai, Sharjah, Ajman,Umm Al Quawain, ras Al Khaimah and Fujairah.

Dubai has total area of 3,885 square kilometers and is the second largest emirate. The UAE has 700 kilometres of coastline, of which 100 kilometres are on the Gulf of Oman. Along the Arabian Gulf Coast, there are offshore islands, coral reefs and sabkha, or salt marshes. Stretches of gravel plain and sandy desert characterise the inland region.

Climate
The UAE has sub-tropical, arid climate. Rainfall is infrequent and irregular. Falling mainly in winter, it amounts to some 13 centimetres a year. Temperatures range from a low of about 10 degrees Celsius to a high of 48 degrees Celsius. The mean daily maximum is 24 degrees in January rising to 41 degrees in July.

Languages
The official language is Arabic. English is widely understood and ranks alongside Arabic as the language of commerce.

Population
The current population of Dubai is approximately 1.6 million.

International Relations
The UAE became a member of the United Nations and the Arab League in 1971. It is a member of the International Monetary Fund, the Organisation of Petroleum Exporting Countries (OPEC). World Trade Organisation and other international and Arab organisations, including the Arab Gulf Co-operation Council (AGCC), whose other members are Saudi Arabia, Oman, Qatar, Bahrain and Kuwait. In its foreign relations, the UAE's stance is one of non-alignment but it is committed to the support of Arab unity.

Government
The Supreme Council of the UAE, comprising the hereditary rulers of the seven emirates, is the highest federal authority. It is responsible for general policy matters involving communications, education, defense, foreign affairs and development, and for ratifying federal laws. The Federal Council of Ministers, responsible to the Supreme Council, has executive authority to initiate and implement laws. The Federal National Council is a consultative assembly of 40 representatives who are appointed for two years by the individual emirates. The council monitors and debates government policy but has no power of veto. While Abu Dhabi is the centre of federal government activities, most ministerial departments also maintain offices in Dubai.

Economic Policy
In matters unrelated to diplomacy and defense, each emirate enjoys considerable autonomy in managing its own affairs. In business, the government of Dubai is committed to liberal, free market policies and to the creation of a business environment conducive to commercial activity. This approach is well illustrated by the incentives available to investors in the Jebel Ali and Free Zones and by the continuing high level of public sector investment in the infrastructure.

Local Time: GMT + 4 hours
Currency: Emirati Dirham (AED)
Exchange Rate: AED3.67 = US $1
Country Dialing Code: +971
Internet Country Code: .ae

Editor's Note

2008-04-10T00:05:00.000-07:00

Dubai has witnessed phenomenal changes in the last ten years or so. A city that grew from the the typical desert landscape to a vibrant city that knows no limits; a truly remarkable transformation that has not only proved to the region that there are no limits, it has also captured the eyes of the world. A financial centre, tourist spot, trading hub...it has earned many names.

Over the last couple of years, Dubai has also began witnessing the fruition of what used to be off-plan sketches and images on well presented marketing brochures. Investors and homeowners are increasingly taking ownership of their properties with even more new properties and developments still being announced. But that's not all, the infrastructure has also taken shape to support all the new communities and projects: new bridges, roads, lanes as well as the increase in the number of public transportation which includes the planned Dubai Metro and water bus. The city is truly preparing itself fro the future which is ever so close.

The Dubai Strategic Plan - 2015 (DSP), which was unveiled by his Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, states that Dubai is set to maintain double-digit economic growth, achieve a GDP of US $108 billion and increase real capita GDP to US $ 44,000 by 2015. If we take a historic look at the growth of Dubai over the last decade or so, you will find that such an outlook is realistic and attainable. In fact, as we have already witnessed before, there is no reason why these indicators cannot be surpassed.

With the Growth comes opportunity, and with opportunity one must make choices. Dubai offers so many opportunities for those looking to purchase a property, commercial space, whether it is for living or purely as an investment. But where does one start? This publication is aimed at being your guide to keep you informed and aware of all key real estate projects in Dubai. It provides an overview and offers important information that will help you make better and more informed decisions whilst offering the convenience of reviewing everything in one place.

Dr. Ali Matar
Editor in Chief

Crew Behind The Book

2008-04-09T22:03:00.000-07:00

Publisher: OMS Advertising LLC

Editor In Chief: Dr. Ali Matar

Sales & Marketing: Ammar Riyal

Art Director: G. Zakkour

Researchers:
Michelle Sepra (Olorocisimo)
Richard Wagner
Emma Perry