You should only use registered agents. asics gel lyte 3 For Dubai, ask to see their RERA card, which will confirm that the agent is acting in a legal capacity and not freelancing which is illegal in the UAE. asics gel kayano You should expect to pay a fee to the agent of approximately 5 % of the yearly rent

Read over the contract and make sure you understand what you are signing, what are your responsibilities? Are there any hidden costs? What are the landlord’s responsibilities for repairs and maintenances?

In Abu Dhabi, there is mandatory registration of tenancy contracts through a system known as Tawtheeq. Through a database for all short term tenancy contracts, this registration system safeguards the rights of landlords and tenants. asics soldes The Municipality of Abu Dhabi has more information on how it works

In Dubai, a legal contract should be registered through Ejair, a system designed to regulate and facilitate the rental market of Dubai. timberland chaussure The contract should clearly state what the landlord’s responsibilities are as well as the tenants. Once registered with Ejair, the contract cannot be changed by the landlord.

When you find a property you are happy with, you will normally be expected to provide a copy of your passport and proof of residency. asics france At this time you will be expected to deposit 5% of the annual rent to the landlord to secure the property. ugg australia bottes You will also be expected to provide several post-dated cheques; however this varies from landlord to landlord. new balance femme It is important to ensure the contract clearly states when the cheques will be submitted. You should photocopy the cheques you are submitting as proof of what you have provided.

It is illegal to bounce a cheque in the UAE and you could face arrest and detention if a cheque is submitted without adequate funds to cover the cost.

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How to buy a property ?

You find a property and place a formal offer, normally through the agent. Fjallraven Kanken mini Soldes Adidas If the offer is accepted then a deposit of between 5% – 15% must be paid. adidas nmd new balance running You will also be expected to pay a transfer fee of between 1% – 7% and estate agent fees of between 2% – 3%.

Buying property off-plan is very common in the UAE.

How to choose a property in the UAE ?

Research is paramount and will hopefully help you avoid any pitfalls in the future. 2018 nike air max There are areas in the UAE were foreign investors cannot purchase freehold property. adidas superstar femme chaussure adidas zx flux Fjallraven Kanken Big You should seek independent advice before entering into a contract.

If you are buying a property off-plan, expect to pay around 10% as an initial deposit and then staged payments on specified dates until the property is completed. asics kinsei This should be clearly stated in your contract. nike air max 2017 asics gel lyte 5 There is currently no legal requirement to acquire the services of a lawyer to purchase a property however we would strongly advise you to do so.

Mortgages

Before you do anything you need to consider what funds you have available, you should consider the cost of the property, the deposit, transfer fees and estate agent fees.

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Abu Dhabi:

His Highness Shaikh Mohammad Bin Zayed Al Nahyan, adidas football asics kinsei Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, Fjallraven Kanken Sales announced the decree on Monday in his capacity as head of the Abu Dhabi Executive Council

Renting a home in Abu Dhabi emirate now includes a municipal fee for expatriates, bottes timberland pas cher Adidas Gazelle Soldes calculated as a minimum of three per cent of annual rent each year.

The fee is being collected by the emirate’s utilities provider, the Abu Dhabi Water and Electricity Authority, chaussure timberland homme asics chaussures in instalments, air jordan 11 nike air max pas cher and is a minimum of Dh450 per year. Fjallraven Kanken Mini buy ff14 gil Emiratis renting property will be exempt from the payment

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1. where you live.
2. how long you plan to stay.
3. and the comparison between home prices and rents in that area.

Should I rent or buy a property in UAE ?

It is the most common question especially amongst expatriates moved there after property crunch in 2008. At first, Let’s analyze the situation deeply. ugg promo  

Calculate the Price to Rent Ratio:

Another possible deciding factor is the ‘Price to Rent Ratio’ which indicates the number of years rent required to buy the same or similar property. Suggested by US based real estate marketplace Trulia, this takes into account the Price/Rent ratio for a property, summarized as below:       Take for example Discovery Gardens. The average price for one-bedroom apartments stand at 700,000 Dh, while rents average 65,000 Dh per annul (pa), resulting in a price-to-rent ratio of 10.76. nike air max 1 In Business Bay, average prices for one-bed units are at Dh 1.2 million with average rent at Dh 90,000 pa. The ratio, therefore, is 13.33. In Jumeirah Lakes Towers, the ratio is at 14.4, indicating a ‘good’ time to buy. ugg soldes 2017  

Higher yields

Besides, the IMF in his report states that gross rental yields in the country have risen since mid-2014, registering a six per cent year-on-year increase in March 2015. The Global Property Guide, too puts gross rental yields in Dubai among the highest in the world, ranging between 5 and 7.21 per cent pa. chaussure nike pour homme Property consultancies have also pointed out that the cost of owning a property is cheaper than renting though buyers have to note that the UAE Central Bank has a mortgage cap in place (so you have to pay 25 per cent down payment), while transfer fees are now at four per cent of the property value. nike x fragment We would say it solely depends upon your personal choice but a mathematical calculation is essential to determine the weightage of each factor, making it easier for you to take the call whether to buy or rent a property in UAE.

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