Things to watch out for when moving to Dubai – one of the hottest residential destinations in the world

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What happens when you are one of the largest developers in the world and you spend the last few years launching grandiose schemes at breakneck speeds? Clueless, well, if you don’t catch yourself, you tend to rack up multi-billion debts that threaten to sink faster than your latest artificial island development fills up its foundations. Nakheel, the developer best known for iconic developments like palm-shaped islands and their ilk is also a subsidiary of the Government owned Dubai World. With debts skyrocketing towards the $4 Billion mark, it is one of the many firms that have been caught out by one of the fiercest financial crises to rock the Middle-Eastern regions in recent times.

When you have a debt this large, it is somewhat expected that one would try every trick in the book and look for ways to generate some funds. Sometime at the fag end of last year, a number-cruncher or two came up with a brainwave to get back some of the outstanding revenues from flat owners in its luxury Shoreline property. Fair enough, every business is entitled to recover its outstanding dues and when the debts have piled up as high as they were for Nakheel, no one would have grudged them their dues. The spanner-in-the-works with this plan was the way in which they went about implementing it. Ideally speaking, when one purchases a property, it usually includes access to most if not common areas. Areas such as gym facilities, parks, recreation areas and if one resides in a beach-front property, beach access too is included. Mind you, that is the norm. In Dubai, such charges are aggregated and collected under service fees that developers tend to charge home owners on an annual basis. Also included under service fees are the cooling charges (given the climatic conditions in Dubai, cooling counts as one of those bare necessities). So far so good, no complaints this far.

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The problem begins when Nakheel suddenly wakes up to realize that its property owners owe it tons of money, money that is sure to come handy to pay those humungous debts off. However, instead of serving notice to the owners, the developer turns around and serves notice to the tenants that reside there instead! Going a step further, it begins to bar access to the community areas for those tenants residing in flats with outstanding dues. For the tenants, all charges and dues are supposed to be included in the rent that is charged by the flat owners. So this move was a tad too abrasive on the developers’ part. There were even reports about payment notices being served upon tenants and a minor number of them getting locked out of their own apartments.

Seeing that things had gotten way out of hand, the Real Estate Regulatory Agency (RERA) who is the local watchdog for such flare-ups, decided to step in and smoothen things out. Reports were coming in of projects being delayed or put on hold, voices were being raised and tempers began to flare up. Investors who had been flocking to the Emirate for their dream vacation apartments and villas in Dubai began to feel cheated and the demand for getting their monies back has only begun to rise. The Dubai Land Department has started to transfer such cases to the legal department and in genuine instances, even directed developers to refund the investments.

Moving to Dubai still ranks as one of the top ten decisions with most expatriates. However, it is not a move that is fraught without risk. The recent economic crisis and the resultant downturn in the industry have shown that sometimes, even the hottest of investment destinations run into rough weather. Thus, it may be a wise decision to seek the assistance of consultants who have a thorough understanding of the local conditions and then serve you solutions that best meet your needs.

5 Tips for buying that Dream Holiday Villa in Dubai

The sluggish property market in the entire Middle Eastern region has affected every Emirate in varying intensity. While property investors are having their fingers burnt, there has been a silver lining to the dark cloud. Many genuine buyers, who’d kept away citing the sky-rocketing prices during the boom period, are now beginning to show interest in purchases again.

So if you are one of those wise people who have been waiting to purchase that dream Holiday Villa in Dubai, then here are some tips to help guide you in your dealings. For a promising market, such as this, won’t stay sluggish forever

Avoid Speculation:        
One of the key mistakes that investors made in the recent property bust was to make speculator purchases. There were reports of people trying to outbid others in an attempt to get ahead in property draws. Prices that were already on a rise were sent spiraling out of control by investors that were pouring good money into bad transactions. So, unless you have several compelling reasons, it’d be wise to stick to offers of ready-to-move-in properties

Go Visual:          
 Sure, anyone can create a swanky website and splash a lot of money on the promotions. But, the reality could be quite different. A holiday home is quite a commitment and involves a large sum of your hard earned money. While the initial research may be conducted online, it does help to pay a personal visit to the shortlisted properties and choose the best one yourself.

Credibility:

A developer that cares for their property long after they have handed it over to the residents speaks volumes about their credibility. Reputed developers usually tend to use materials of a high quality and do not cut corners. A great way to check for this is by asking for references of current home owners. You could also do a background check on the developer with the local authorities like the Real Estate Regularity Authority (RERA) or the Lands Department. This comes handy when dealing with anyone other than a Tier-1 developer.

Unnecessary Loading:

Property taxes in Dubai are often calculated on the total area of the plot. It therefore makes more sense to pick up a 5000 square feet villa that’s located in a 10000 square feet plot rather than one that’s located on a bigger plot. Apartments too are not spared from this malaise and an apartment purchase also includes a certain component that’s added on for all the common areas (balconies, landing areas, etc.)

Research Extensively:

There is plenty of help available on-line available for all those who are willing to make the effort. Forums, for example are a rich source of information to help you with your purchases. One can easily uncover the real picture of a particular property or area by asking the right questions. Utilities costs, transport facilities and other ground-realities, they can all be found out online.

So, good luck with your hunt for your dream purchase. Remember, if that dream villa still seems out of reach, a holidayapartment in Dubai might just fit the bill! 

The need for thorough paperwork when dealing with rental properties in Dubai

When a move is finalized, one of the first steps for an expat is to start hunting for a Dubai property rental that best suits their needs. It is indeed an exciting time for anyone to be moving to this Emirate. A new life awaits them and it brings with it a lot of promise for happiness and prosperity.

Both apartments as well as villas are a popular residential option among the international population. Depending upon one’s preferences and budget, there are many residential options waiting to be discovered. Dubai rental properties in up market areas like the Palm Beach Jumeirah, Umm Suquiem, Safa, etc. are a popular option among the well heeled expatriates. For those on slightly reduced budgets, there are quite a few quality options available.

  

But a word of caution for those negotiating on a residential deal; make sure you run thorough background checks and ensure that the paperwork is complete in every aspect. Recent developments where master developer, Nakheel was forced to send a strong message to landlords who had withheld long term dues on service charges are a prime example. The developer even went on to highlight the names of defaulters, in a bid to get them to succumb to social pressures and pay up the outstanding dues.

While the developer was well within their rights to do so, it was the tenants who were caught up in between. They suddenly found themselves being barred from common recreation areas like clubs, gyms, gardens, swimming facilities, etc. This tactic has been panned by critics who felt that tenants, most of them who had been regularly paying the dues to the landlords, were being punished for no fault of theirs.

This just drives home the point that one can never be too sure about anything. This is why, one should take that extra effort in ensuring that their paperwork is up-to-date in every aspect, to avoid such unsavory incidents at a later stage.

The makings of a dream Dubai vacation

For many people, a vacation in Dubai is the stuff that dreams are made of. People are known to work extremely hard for some quality recreation and rejuvenation time in this magnificent place. From shopping arcades that feature the best brands from around the world, to visitor attractions that compete in outdoing the others around them, Dubai is known to offer that little bit extra for everyone.

The usual touristy thing to do is to book a package that promises to give you maximum bang for the buck. While not so much as a bad thing for perhaps, the first time traveller, there still are better options worth exploring. For a long time, renting a vacation villa in Dubai was thought to be the purview of only the wealthy traveller. Well, not anymore!

               

With the rentals market in the city still under recovery, Move in Dubai, a leading rentals operator in the region has decided to offer vacationers, some exciting deals on prime property around the city. Leveraging the goodwill that it has built up over time, Move in Dubai has now made it easier for leisure travellers to truly enjoy their holiday. Not only do they have some of the widest offerings at the premium luxury segment in the market, but they also offer competition besting rental deals for vacation apartments in Dubai.

Known for their stellar reputation in the region, Move in Dubai offers customers an experience that is beyond parallel. In addition to their expansive repertoire of quality stock, they are also known for thoughtful touches like: pick up and drop facilities that are known to delight their customers. So, to book yourself for the finest Dubai experience ever, simply head over to www.moveindubai.com

Service Fees create ripples in the Dubai Rental Scene

A recent poll by a popular media entity in the region threw up some interesting insights into the preferences of Dubai residents. Questioned over the pinning of responsibility of paying off the service charges to master developers before agreeing to a Dubai rental, over half of the respondents decried that it rested with the property owner and not the tenant.

Almost a quarter of the remaining respondents opined that landlords that default on the payment of the service charges must be stopped by the Real Estate Regulatory Agency (RERA), which is the property regulator in the Emirate. Master developers, who have been instrumental behind the construction of the property, too must share equal responsibility in preventing such unscrupulous landlords.

The payment of service fees snowballed into a huge firestorm that threatened to engulf all those involved. A Dubai rental property is often the most preferred choice of accommodation for the expat population that throngs to the Emirate and has made it the envy of the world. With a region that is just showing slivers of hope of pulling it out of the property recession, that has afflicted Dubai, in the past few years.

Progressive rental property companies like Move in Dubai, have been instrumental in educating prospective tenants on the pros and cons of renting a property in Dubai. Apart from having an extensive range of exquisite properties to suit most requirements in the region, they also specialize in guiding tenants through the entire process with special attention on getting the documentation in proper order.

One can get in touch with them for queries related to Dubai property rentals through their website: http://www.moveindubai.com

Hollywood Props up the Dubai Rental Scene with its Latest Blockbuster Tribute

The tallest building in the world towers above those around it, as it races up to meet the sky. Located in Dubai, referred to some as the Las Vegas of the Middle East, the Burj Khalifa is a masterpiece that dazzles all those who come in its vicinity. Conceptualized and executed in record time, it truly is part piece of art, part engineering wonder.

Formerly known as the Burj Dubai, it was re-christened as a tribute to the honourable head of the United Arab Emirates and ruler of Abu Dhabi, Sheik Khalifa bin Zayed al-Nahayan. Others refer to it as Dubai’s tribute to the financial support that’s been extended over time by the emirate of Abu Dhabi.

But perhaps, the most memorable tribute that this stunning architectural wonder might just have been the one that it received recently. Immortalized forever in the latest installment of the high voltage movie; Mission Impossible 4: Ghost Protocol, the Burj Khalifa has gathered eye-balls from all over the world. Viewers are sure to have gasped in wonder as the lead protagonist leapt out of a window, only to dangle from it about a kilometer up in the air. He then continued to imitate the human fly and crawled up in a sideways motion over the spectacular stainless steel framework and glass clad facade.

This footage alone is expected to rejuvenate the fortunes of this edifice, that’s been rumored to have left a never ending hole in the finances of its developer. Many experts have since been commenting upon the goodwill that’s been spilling over onto the rest of Dubai’s realty market. Property dealers in areas such as the popular Dubai Marina, Palms, Jumeirah Lake Towers, Arabian Ranches, to name a few have been upbeat about the expected rise in footfalls.

Move in Dubai, a leading name for rental properties in Dubai, has long been at the forefront in the minds of those in need of such services. It has one of the most extensive range of properties in its portfolio that can be tailored to suit a wide range of tenant preferences. In addition to offering a mouthwatering spread of Dubai rentals, it also offers a smattering of value added services to prospective tenants. From pick up and drop services to total assistance in the documentation process, Move in Dubai offers them all. One can contact them at: www.moveindubai.com

Dubai Rentals - The Winning Solution

If there was ever a poll to be conducted on the top basic needs in life, a home would be somewhere on the top of that list. People spend their entire lives, toiling hard, long hours; to someday be able to afford a home they can call their own. But to gather the finances required to purchase a home, requires patience and time. There are many people who are of the opinion that those in search of apartments for rent in Dubai are making a poor choice.

However, if one were to look at the situation impartially, they would realize that a Dubai rental is a great choice for many out there. Rentals in Dubai have been negatively affected by the property bust and the general downturn in the economy. They have led to a severe fall in rates being charged and there are bargains to be had, with property rentals dropping by over 40% than what they were during more prosperous times. Some of the core advantages that one enjoys with a residential rental in Dubai are as follows:

With the property market in a downturn, rental rates in Dubai have been dropping like never before. Although the more up-market areas offer fewer options for bargain hunters, there are other relatively suitable areas, where property rates have experienced a price-correction. The money thus saved can also be used to save up for the down payment required when purchasing a new home. Besides, mortgages are traditionally more expensive than the rental charged on a comparative sized home, so there’s more money to be saved by choosing a Dubai property for rent.

With ownership comes responsibility. When you own something, you are duty bound to invest time, money and resources towards its maintenance and upkeep. This holds good for your home too. In-fact, property maintenance is one of the most resource intensive responsibilities in one’s life. Rental properties on the other hand, usually have the maintenance charges adjusted against the rent accrued. This means that as a tenant, one is usually not required to pay any extra charges towards the maintenance of a Dubai property rental.

Gone are the days when renting an apartment meant that one would get an empty space with walls, roof and bare flooring. Today’s properties, come fully kitted out with the latest amenities and benefits, both, within and around the home. Heated pools, fully equipped fitness facilities, mechanized parking facilities, well-kitted out kitchens and luxurious furnishings are some of the benefits that rental property tenants enjoy today.

Move in Dubai is a progressive rental company that offers some of the most diverse range of Dubai rental properties in the region. Its property portfolio includes a wide selection, ranging from Dubai apartments to opulent villas to rent. To choose the property that meets your budget and other requirements, do visit: www.moveindubai.com