Successful Expo 2020 bid drives up demand

Successful Expo 2020 bid drives up demand

Government and industry stakeholders working on realizing goals to meet new challenges.

With the successful Expo2020 bid of Dubai, the emirate is targeting the arrival of 25 million tourists by the end of 2020. The question here is: with the rise in the number of tourists and the increasing number of investors, will Dubai be able to provide the facilities required to host visitors, and if yes, what is it doing to meet the rise in demand and accomplish future tasks?

THE UAE in general and Dubai in particular have come up with plans showing a long-term vision. With great back-to-back industry events viz. The Cityscape Global, the largest real estate exhibition; the Dubai Air show, prime global aviation event; and now the hosting of Expo 2020, Dubai has always been in the limelight.

This proves that the city not only has the ability to host international events but also strives to consistently scale higher altitudes of success each time. With such developments in Dubai, investors across the world are showing great interest in the city and its real estate. There has been a massive increase in the number of foreign investors and the government has been on its toes to successful implement various plans to meet the demands of investors.

Examples include advances right from the aviation sector with the new Al Maktoum International Airport at the heart of DWC; the construction sector with new off-plan projects being announced, and new developments in different residential areas, etc.

There are about 40,00 residential units to be completed by 2015 in different areas viz. Dubai Marina, Dubai Sports City, Jumeirah Village, etc. The hedged projects are back on track with the developers taking gains from the market growth.

To host the Expo2020, the foundation has to be place. To create that infrastructure, you need manpower and thus, even this bit has caught the eye of jobseekers worldwide who will provide needed manpower and create more demand for accommodation. This rising demand is definitely challenging with the limited time available, but the government is all set to make its Expo2020 vision a reality and get the property market on a sustainable path of growth.

·        Dubai has successfully hosted Cityscape Global and Dubai Airshow

·        Its winning the Expo2020 bid has attracted even more investor interest

·        More residential,Commercial projects set to address fitire market needs

Understanding your tenancy contract in Dubai

If you are living in the UAE, then chances are that your tenancy contract is a very valuable document in your life. The contract, which is renewable annually, is one of your evidences of residence.

All tenancy contracts in Dubai need to be registered via Ejari, which is an online registration system instituted by the Real Estate Regulatory Agency (RERA). In Abu Dhabi, tenancy contracts have to be registered via the Tawtheeq system. These systems help consolidate the process in a legal bracket and reduce any disagreements that may take place between the landlord and the tenant.

The Ejari system is now linked to the immigration server for additional and secure verification about the occupant. Documents needed to register a tenancy contract on Ejari are copies of the tenant’s passport, UAE visa, Emirates ID, original tenancy contract, recent DEWA bill and a copy of the title deed.

In Dubai, a landlord is required by law to give a 90-day notice to his tenant if he is planning to increase the rent, which has to be as per RERA’s rental index. In Abu Dhabi, there used to be a rent cap of 5% which was removed in 2013, leaving many tenants at the mercy of their landlords.

The tenancy contract basically states the terms and conditions under which your home has been leased to you. It especially contains important information regarding the rent amount. It also has the official name and address of your home.

In the UAE, the laws entail that at the end of the tenancy contract, the home needs to be handed over in the same condition as it was in the beginning. The security deposit, an amount that is equivalent to 5% of the annual rent, is charged as a guarantee towards the condition of the accommodation at the end of the tenancy contract. The deposit is only refundable if the landlord accepts in the beginning that it is. Ideally, the landlord has two months to return the deposit from the time the tenant has vacated the property.

Therefore, before you sign on the dotted line, be sure to understand each and every aspect of the contract clearly and do not hesitate to ask questions.


Summary

* All tenancy contracts in Dubai must be registered via RERA’s Ejari system
* In Abu Dhabi, tenancy contracts are registered through the Tawtheeq system
* The two systems help reduce disagreements between landlords and tenants.

Where to buy residential properties in UAE

Where to buy residential properties in UAE

Those want to live in the country for long tome better of buying property than renting

With residential property prices looking of soften this year now may be the ideal time to buy where you choose buy will of course be influenced by your lifestyle as well as what you are looking for in a property.

Depending on your budget background and future plans there are certain areas in UAE that offer freehold properties deciding at what you want from a residential property before you start looking will help you focus on your search

What are the aspects that are most important to you and your family are you looking for value appreciation over a certain period of time a guaranteed income from rent or an ideal  location for you and your family to live.

If you are a reason for buying a home it is to turn in into a rental property rather than a as a home to live in apartments tend to be the preferred choice as these can be easily rented out popular areas in Dubai are Jumeirah Lake Towers Dubai marina Jumeirah Beach Residence downtown
Dubai Palm jumeirah and International City in Abu Dhabi Reem island has a wide range of apartments choices.

However the high demands for family homes means that villas can prove to be an equally worthwhile investments although they do obviously come with higher prove tags there are many villa community to chose from including Arabian ranches emirates living jumeirah village Dubai silicon oasis Jumeirah park and Jumeirah Island in Dubai Raha beach and Saadiyat island in Abu Dhabi and Al Hamara village Mina Al Arab and the cove in Ras Al Khaimah

There are even a huge number of mixed use projects which feature both villas sand apartment currently developed in most countries

Therefore those who want o live in UAE for a longer period may be wise to buy a property and combine the benefits of monthly savings with long term investments.


SOURCE GN

Home Insurance-Always be prepared for the unexpected.

Home Insurance-Always be prepared for the unexpected.

  

Getting home insurance ensures you are protected from unforeseen threats

Your home is your biggest investment. It houses people and things that are most important to you. Most of us know all about how our homes work but are clueless about how our home insurance works. You can legally own a home without having insurance but that would be rather unwise, leaving your loved ones as well as your belongings open to the threat of disaster.

Home insurance generally covers three things: structure, belongings and liability. Structure refers to the building) roof, walls, stairs, and others).home insurance typically covers fire, water from busted pipes, damage due to hailstorm, and others. Most insurance policies do not cover earthquakes and floods, and you have to buy a separate insurance for that.

Belongings refer to all things in your house, so insurance covers you from theft as well. It is useful to have a home inventory so that you know exactly what you have and how much they are worth. When it comes to belongings, you are insured up to a certain limit only. You may need a separate insurance for high-value items such as gold and jewelry.

Liability refers to accidents happening to others in your home premises. High-risk areas for such caese are the pool, trampoline, or even the stairs. Your home insurance protects you against law suits as well as takes care of the medical expenses of others. Most insurance policies also cover living expenses wherein in cases of an accident such as a fire or flooding from broken pipelines, you may have to stay in a hotel.

Once you are clear about your needs and budget, work with an independent agent who can present suitable options. You can get a professional assessor to help you assess your risks, valuate your property, and suggest a suitable coverage. Ensure your coverage is large enough as building and labor costs are continually on the rise. If you make any additions, inform your insurance agent to increase the coverage. This may not increase your premium hugely, but will definitely buy you peace of mind. When buying the insurance, specifically ask for what it does not cover

Remember, life is all about being prepared for the unexpected.

Home Insurance Tips

Home insurance, in general, covers the structure, belongings, and liability

Most insurance policies do not cover damage caused but natural disasters

Ensure your insurance cover is large enough as building/labor costs are rising

 

Understand the types of property insurance policies

Understand the types of property insurance policies

Getting your home insured ensures peace of mind during unforeseen eventualities

When availing of a mortgage or a home loan, the borrower makes a fixed monthly payment known as equated monthly installment (EMI) towards its repayment to the mortgage provider. This payment is primarily made up of interest and capital components.

However, there are additional payments like mortgage life insurance and property insurance that the borrower is also liable to pay. Both insurance policies have a common objective to provide a safety net is case of eventualities at a certain cost. To make an informed decision, it is important to familiarize yourself with the costs.

A mortgage life insurance aims at protecting mortgage repayments. If the borrower dies during the length of the policy, the insurance company undertakes to repay the mortgage debt and the family members of the insured are able to retain a roof over their heads. In the UAE, banks charge in the range of 0.35 per cent p.a. to 0.4 per cent p.a. of the outstanding loan amount as mortgage life insurance, deductible either monthly or yearly. However, in cases where the mortgage amount is exceptionally high or depending on the overall health of the borrower, this percentage may vary.

A property or home insurance safeguards the home owner in case of damage to the property or its contents by virtue of theft, fire, natural catastrophes and or accidents. It is a simple and very affordable means to insure one’s valued possessions. As a standard across banks, this is charged at 0.05 per cent p.a. of the property value and is deducted yearly.

In today’s times, one can no longer proceed with a mortgage application without availing of mandatory insurance policies. Home loan providers and banks do an excellent job of stressing on the importance of the same, and rightly so. Above all, thorough knowledge of these aspects makes the monthly budgeting easier from a borrower’s point of view. These little steps, put together, often go a long way to ensure peace of mind during unforeseen tragedies and provide sufficient protection against potential mishaps.

Mortgage Tips

A mortgage life insurance undertakes to repay the debt if the borrower dies

For mortgage life insurance, UAE banks charge from 0.35 and 0.4% annually

A property insurance safeguards homeowners in case of theft, fire and others

Click here  UAE BUSINESS DIRECTORY.

 

Dubai : Affordable and safe living in Al Qassimiya

Dubai : Affordable and safe living in Al Qassimiya 

 The locale has always been popular among expat residents on a tight budget

The Al Qassimiya area of Sharjah is conveniently located near Al Ittihad Road, King Faisal Street and Corniche Road, and is known for providing a comfortable and, more importantly, safe living environment for all tenants within various apartments complexes. The facilities on offer include modern retail and shopping centers such as Mega Mall, Sharjah City Centre and Al Safeer Mall.

Also in the area is the Al Mahatta Museum which was the original site of the first airport that opened in the UAE in 1932. The museum offers children free access to educational movies and fully restored original propeller planes.

Well-known resedential complexes within Al Qassimiya include Manazil Tower 1 and Sunlight Tower which always been popular with residents who cannot afford expensive accommodation. In addition to affordable rents, they offer easy access to retail , health and educational facilities .

 There have, however, been problems with some residential buildings in the area being used as commercial properties. This is causing security problems due to access rights of those visiting commercial businesses in what some feel should be a restricted-access residential building.

In addition to this rental rates in Sharjah in recent years have seen increases of up to 15 percent in areas such as Al Qassimiya due to strong growth in the demand and lack of quality stock. Once an affordable area, now a one-bedroom apartment can cost as much as Dh26,000 per year, while a two-bedroom apartment can cost anywhere from Dh25000 to Dh 35,000. According to the Sharjah Ministry regulations , rents can only be increased for a tenant every three years ; however, new tenants who are moving in are being charged Dh2,000 to Dh5,000 more than what the other tenants have been paying. 

Despite all this, Al Qassimiya remains a popular resedential destination in Sharjah especially for those community to DubI along Sheikh Mohammed bin Zayed Road

The case of non-renewable tenancy contracts.

The case of non-renewable tenancy contracts.

Go through every detail of the contract and make sure you understand all clauses

Has your tenancy contract of your ended and has the landlord demanded termination eviction instated of renewal check if you have signed a non renewal tenancy contract usually tenancy contract are enwalled expect if they are particularly marked nonrenewable or may have some clauses that make them non renewal led also sometimes the landlords writes the non renewal clauses in ambiguous words which the tenant may be unable to catch at all times of signed the contract.

This strategy is applied by some landlords so they may not be found bound to adhere to any rent cap or in case of DUBAI the RERA rental index. When the landlord issues a nonrenewal contract for one year he can ask the tenant to leaf if the tenant disagree to pay the increased rent in this situation the landlord can avoid any rent cap clause and lease the property to a new titan on a higher rent .
If he tenant has signed and willingly accepted the non-renewable clause in the contract, then he has to comply with the terms and honor the agreement.

As a tenant, before signing either for the first time tenancy contract or renewal contract, it is pertinent to go through it thoroughly and understand all the clauses perfectly. Taking legal device could be helpful to avoid any disputes later. This is particularly useful for expatriates new to Dubai. Also, a tenant should remember that no landlord can forcefully make him sign a non-renewable contract. But the landlord is entitled to send a non – renewable contract when renewal for the new term with a one-year notice.

In case the tenant has signed a non-renewable contract unknowingly and does want to vacate the property, he can try negotiating with the landlord by expressing his desire to renew the contract and see if he agrees. Typically landlords are aware that most tenants would like to renew the lease after the expiry of the original lease. If the landlords and tenants reach a mutually beneficial agreement, the matter can be resolved amicably.

Real Estate Tips

•    Ensure you have full understanding of the tenancy contract and tenancy rights

•    Negotiate with the landlord so you reach a mutually beneficial agreement.

•    Always prefer a renewable contract over a non-renewable one.