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1 year ago

Khalifa issues real estate law

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, has issued Law No. 3 for 2015 regulating the real estate sector in the Emirate of Abu Dhabi.

The law, published in the official gazette issued on June 30, 2015, which is released by the General Secretariat of the Executive Council in Abu Dhabi, comprises 90 articles. 

According to Article 2 of the law, the Department of Municipal Affairs will be entrusted with the tasks of regulating and developing the real estate sector in the emirate, monitoring and supervising all the matters related to this sector and coordinating among municipalities in this connection.

Article 3 thereof stipulates that the department will organise the appropriate administrative structure for exercising its powers and carrying out its tasks under the provisions of this law. The administrative structure will be submitted to the Executive Council for approval.

Article 5 stipulates that unless licensed by the department, no person may be engaged in any activity as a developer, broker, vendor, assessor or surveyor etc. Article 6, however stipulated that all those licensed developers, brokers, vendors, assessors and surveyors will have to abide by the provisions of the professional code of conduct issued by the department under the provisions thereof.

The rights and obligations of brokers and the roles and obligations of assessors and surveyors are stated under Article 7.

The law also deals with the conditions for selling real estate, performance bonds, the rights of depositors, legal effects of mortgages, waivers, early settlement fines, joint properties, pre-emption provisions, fees, penalties, violations and code of conduct.

Article 90 stipulates that the law will be published in the official gazette and will take effect after 6 months from the date of publication.

1 year ago

Dubai Government Develops Mobile App for Real Estate Project Owners

In an effort to modernize the Dubai real estate, DEWA, RTA, Dubai Municipality and the Mohammed bin Rashid Housing Establishment jointly develop the TM app, to be launched next month.

The team of four Dubai government entities says the app will improve services for real-estate project owners.

The TM app will enable users to access databases of four different government entities at the same time, allowing them to accomplish transactions and view work progress and approval status in a matter of seconds, according to a statement.

The app has been developed by an in-house technical team, consisting of experts and IT engineers from the Dubai Electricity and Water Authority (DEWA), the Roads and Transport Authority (RTA), Dubai Municipality and Mohammed bin Rashid Housing Establishment.

It will limit the need to travel to and from the four different government entities, by allowing people to follow up on the status of their projects, and obtain government approvals and NOCs for construction permits, connections, and other permits.

The ‘Red Team’, comprised of members of the four government entities, is developing the TM app under the City Makers initiative launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, to boost the services of government entities.

In its first stage, the app aims to provide necessary information for project owners, such as the status of government approvals and NOCs.

“The app will also enhance transparency in interactions between customers and the concerned entity, thus increasing efficiency,” a statement released by the team said.

The team recently held a workshop for contractors, consultants and real-estate owners to exchange ideas about the initiative ahead of the app launch.

“The TM app will help contractors, consultants and property owners to accomplish their work to high professional standards and in a very short time,” said Moza Al Akraf, CIO of Information Technology at DEWA, and President of the TM initiative.

“We are confident that our initiative will be received positively by the construction and the infrastructure-development companies in Dubai as well as by real-estate developers and property owners.”

1 year ago

Falling Dubai house price inflation suggests cooling property market

 

Official figures for last month showed house price inflation in Dubai falling below 7 per cent per year for the first time since last October.

 

That is the first sign in government data that Dubai’s housing market may be starting to cool – as official inflation figures lag behind private sector estimates that show the emirate’s rents and prices already falling significantly.

 

Overall consumer price inflation remained flat at an annual rate of 4.2 per cent in July.

 

Property prices in Dubai have fallen by 4 per cent over the past three months, while rents have dipped by 2 per cent over the same period, according to data from Reidin, the real estate data provider.

 

Government data lags behind private forecasters because the sample used by the official statistics body is not updated as regularly, analysts have said.

 

Property transactions fell by 69 per cent in the second quarter, according to data from Dubai Land Department.

 

This suggests that government measures to trim demand in the real estate sector have had an effect, according to Khatija Haque, an economist at Emirates NBD.

Dubai’s government has doubled its transaction tax on the purchase of properties, and introduced limits on the size of mortgages homebuyers can take out.

 

A stronger dollar has also slowed the housing market. The higher dirham has raised the price of buying a house in Dubai for foreign investors. But sellers have benefited from the same exchange rate – as it means that the proceeds of Dubai home sales go further in foreign currencies.

 

Food prices showed a one-off spike of 5 per cent, following the end of Ramadan. That is in contrast to a run of low and negative price changes, as global food prices hit five-year lows, according to the United Nations Food and Agriculture Organization.

 

Inflation from abroad is set to fall further following China’s devaluation of its currency, the yuan, which has fallen by 3.5 per cent since Monday.

 

That means cheaper consumer goods in Dubai – China is Dubai’s largest trading partner, having overtaken India and was the UAE’s second-largest trading partner in 2014.

 

Most of the emirate’s inflation is driven by increases in domestic costs, limiting the impact of foreign drivers in influencing the headline inflation figure, according to Alp Eke, senior economist at the National Bank of Abu Dhabi.

 

The deregulation of petrol and diesel prices, implemented from August 1, is likely to push up prices in future inflation measures, economists have said.

 

Standard Chartered raised its estimate for the 2016 inflation rate by 0.3 percentage points after the announcement, while Abu Dhabi Commercial Bank estimates that new, higher fuel prices will add about 1.3 per cent to headline inflation next year.

1 year ago

6 Ways to Get Your Home Financing Approved

 

With more than 30 mortgage lenders in the UAE, finding a financing for your dream home has never been more accessible.

 

But a word from the wise: you should get your mortgage in place before you start looking for real estate in Dubai. Raman Muralidharan, a regional head of customer value management at HSBC said: "Once you have your approval in principle, you know exactly how much you can borrow, and your property price range. At that point, you can start property hunting seriously."

 

“You can get a rough idea of how much your mortgage will cost each month by using a free online digital calculator offered by many lenders, including HSBC” Muralidharan also says.

 

So if you want to get your mortgage done, follow these really cool tips to get a mortgage for your home!

 

#1: Ask a mortgage broker.

Finding a way to finance your home can be really daunting. There are a lot of factors you have to take into account. So you may want to ask a mortgage broker’s help. They will help with application forms, mortgage insurance, salary transfers, liability letters and other paperwork.

If you enlist a mortgage broker, they do the legwork and will work with you to figure out which loan best fits your needs. But they typically charge 1% to 2% of the loan amount.

 

#2: Save up for your down payment.

You need at least 20% down payment to secure financing, but if you can put down 25%, you may qualify for an even better interest rate. If you don't have the down payment yet, you can try to obtain a second mortgage on the property, but it's likely to be harder.

 

#3: Have a good credit rating

Financiers or lenders always check their credit rating before making a deal. A lower credit rating can make your interest rates go up or it may be a good enough reason turn you down.

 

#4: Determine your budget and stick to it

Doing research like finding the type of home that fits your budget, something that you can afford. Determine an area and compare prices to get a ballpark figure. Figure out the following for creating your budget:

- Income

- Monthly debts

- Estimated cost of living expenses

- Amount saved for a down payment

 

Also, under Central Bank rules, your monthly mortgage instalments, and other debt repayments, should not consume more than 50 percent of your income. Use online mortgage calculators to get a feel for how much your monthly payment might be.

 

#5: Review your finances

Your finances will be investigated, so make sure you have everything you need to back up the numbers. Have you opened a bank account in the past six months? Have been gifted any money recently? Be prepared to tell the lender why.

You might need these documents:

- Two forms of government identification

- Two years of tax returns

- Two years of income statements

- Proof of all assets

 

This isn’t an exhaustive list, but getting your mortgage paperwork right the first time is a huge win in the process to secure a mortgage for the home of your dreams.

 

#6: Get a pre-approval

While a pre-approval isn’t a guarantee that you can get a loan/mortgage, you can consider this as a test run/trial of the mortgage process. During pre-approval, the lender will do a credit check and go over your income statements to determine your financial capability. It’s recommended to go to at least three lenders to ensure you get the best real estate property

1 year ago

Roots Land Real Estate

The Most Trusted Company in Dubai Real Estate

 

Roots Land Real Estate is one of the most utilized real estate property finder in Dubai and UAE. It lists properties in majority of the most sought-after locations in Dubai, while enabling customers to easily find the perfect property for them. Roots Land Real Estate offer consultancy and professional help in buying, selling, renting, and investing in residential or commercial properties in Dubai.

 

Aiming to become the gateway of properties in Dubai Abu Dhabi, Roots Land Real Estate has thousands of properties on its domain. Look for the property of your dreams either by location, by price range, or by property type. And, since Dubai has one of the most robust real estate industry in the world, their database is meticulously updated from time to time to include new properties out in the market. Also, with more and more properties becoming available for every person in UAE, looking for properties in Dubai may be very tedious and time-consuming. Roots Land Real Estate saves users their time and effort, making the process faster from the first phone call to the actual move.

 

As with any industry, knowing the core values of a business gives its clients peace of mind. Roots Land Real Estate’s work is driven by strong moral and ethical real estate brokerage principles. They gain their clients’ trust by being transparent in every transaction, making sure to uncover each detail to prospective buyers and sellers alike. 

 

Contact Information

 

Business Name: Roots Land Real Estate

 

Address:  Suite 1310, 13th Floor Grosvernor House Commercial Tower Sheikh Zayed Road, Dubai, UAE

 

Tel #: +971 4 329 8333
Fax: +971 4 329 8997
Email: info@rootsland.com
PO Box: 215273

 

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Roots Land Real Estate has the most iconic names in luxury living and finest real estate properties on its website. These high-end, premiere brands of living spaces bring glamour and elevate every facet of a person’s lifestyle. With sheer elegance and beauty incorporated in every luxury villas, townhouses, elegant apartments, and modern penthouses, anyone will surely find bliss and sophistication. Looking for such properties is simple made easy with Roots Land Real Estate.