Register your Dubai property before June 30 or face penalties

May 21st, 2015

Property registration fee now stands at 4% of property value

The Dubai Land Department has set a deadline of June 30, 2015, for registration of all “sold” units in the emirate by property owners and failure to do so will result in penalties, Emirates 24|7 can reveal.

Developers have started to send the notice to all unit owners, asking them to comply with the new rules before June 1, 2015.

“Further to the notification received from the Government of Dubai Land department dated 19/03/2015 concerning “Registration of Real Estate Actions and Rights in Property Registry & Interim Real estate Registration, Payment of fees to the Department” – we seek your urgent action to complete registration of your unit(s) with Dubai Land Department (DLD) before June 1, 2015,” reads the notice sent by a Dubai-bourse listed developer to unit owners.

It adds: “As mandated by DLD all sold units require to be registered before June 30, 2015, and failure to comply, will attract action & penalties.”

Emirates 24|7 reported earlier that buyers in “off plan” projects have to pay the registration fee of 4 per cent of the property price at the time of booking or within 30 days from purchase (either of the option depends on the developer). Earlier the buyer could defer the fee payment at the time of resell or at handover.

“There are still a number of unit owners who haven’t paid the registration fee to the DLD… ones those who have failed to register at the time when the registration fee was at 2 per cent,” said a senior executive with a top development company on conditions of anonymity.

“Those who have the title deed need not worry. What penalties or action will the land department take is still not known,” he added.

DLD had doubled the property registration fee to 4 per cent from 2 per cent of the property value, starting October 2013. The new fee covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.

However, developers do mention those units owners who have fulfilled their obligations are require to send a scanned copy of title deed.

The following documents are required to facilitate unit registration:

* Valid current passport copy

* Valid Emirates ID copy

* Non residents need to provide valid national ID copy

* Sale and purchase agreement of unit and parking particulars

* Copy of Power of Attorney and passport copy (if applicable)

* Company documents (valid trade license, passport copy)

* Original clearance letter from the facility management company

* In case of mortgaged units, bank/finance company offer letter addressed to DLD

Fees: (charges are subject to change as per DLD guidelines)

#Freehold (Completed project):

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh540)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Freehold – payment plan for unit (delayed sale)

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Leasehold (Completed project)::

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh530)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Leasehold – payment plan for unit (Delayed Sale)

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Freehold (Under-Construction project):

*Interim Registration

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Managers cheque to DLD: Dh1,000 (Oqood registration)

#Mortgage fee:

Managers cheque to DLD:  0.25 per cent on mortgaged value + DLD fee Dh10

#Completion of Delayed Sale:

Managers cheque to DLD: Dh520

Developer fee: Dh502 (towards Emirates Real Estate Solutions)

Source: Emirates 24/7

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Does renting still make sense in the UAE?

January 8th, 2015

To buy or not to buy – that is the question faced by many UAE tenants.

The economic recovery brought with it skyrocketing rents and property prices in Abu Dhabi and Dubai. But both began to stabilise earlier this year.

If increases in rents remain low, 2015 will be a “good year for renters”, according to Erik Volkers, senior consultant at CBRE.

But Ben Crompton, the managing partner of Crompton Partners estate agents in Abu Dhabi, forecasts a 5 to 10 per cent rise in rents in Abu Dhabi this year – which he says boosts the case to buy. read more

Source: The National

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Want to know more about Standardising, Ethics, Procedures and Practices of Real Estate?

August 28th, 2014

Join government and private sector this Cityscape Global, Dubai World Trade Center on September 21-23, 2014 in the mission to;

-Obtain clear and accurate insight into recurring day-to-day issues such as contracts, deeds, eviction letters, maintenance fees, valuation and price indices

-Be privy to current figures, projections, and trends for Dubai’s real estate market

-Discover how current regulations work in support of real estate brokerage and air your views regarding the issues affecting your work

-Secure your position in the marketplace with additional sessions on sales tactics, data capture, Customer Relationship Management (CRM) and other core marketing strategies.

Supported and jointly hosted by the Dubai Land Department, Real Estate Brokers Summit opens a dialogue to drive the ethical and successful practice of real estate brokerage:

Topics include;

-Impact of World Expo 2020 on Dubai real estate (now and future)

-Policy and regulations set to improve your experience of the real estate market

-Practical solutions to counteract the saturation of the market

-Evaluation of mortgage financing in Dubai

-How lawyers can help with the purchasing of property

-Real data, analysis and recommendations for the market

-New technology that could improve your bottom line

cecilia

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Nakheel awards DH87M in contracts

April 6th, 2014

Nakheel has awarded contracts worth more than Dh87 million for community services at some of its master developments in Dubai.

These include future provisioning of services at the flagship Palm Jumeirah as well as in the likes of Jumeirah Park, Jumeirah Village Triangle and Jumeirah islands, among others. Between them, the Nakheel communities are home to 220,000 residents plus.

A Nakheel spokesman said the company continues to do its part to improve “our existing developments”.

 

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Dubai buildings to be assigned precise map coordinates

April 1st, 2014

NEW ADDRESS SYSTEM WILL HELP CIVIL DEFENCE REACH EXACT LOCATIONS,WITHIN MINUTES

In a new municipal address system that resembles US zip codes, buildings will be assigned precise map coor- dinates to help police and civil defence authorities respond to exact locations within minutes. The civic body will start roll-ing out its first phase of the address system in May, and will start distributing building mapping coordinates to resi-dents, commercial shops and restaurants, said a senior mu-nicipal official yesterday.
“The project itself is flnished and we are in me final auditing phase of recording the coordi- nates of all 130,000 buildings,” said Abdul Hakim Abdul Ka-reem Malek, Director of the Ge-ographic Information System at Dubai Municipality. Speaking on the sidelines of the two-day Urban Agenda 2020 Conference at the Outdoor Design, Build and Supply Exhi-bition, Malek explained that the coordinate system is part of the municipality’s Smart Geo Ad- dressing System. Dubai Municipality’s plan to set up plates on households and commercial outlets has been put on hold, as it awaits approval from Federal National Council.

Once the project is given the green light, the plates are ex-pected to’ serve residents and businesses in all emirates. Malek told Gulf News that it has not postponed its Smart Geo Addressing System, and will instead distribute the coor-dinates to residential and com- mercial buildings. “Once the’ system is ap-‘ proved, it will cost Dubai about DhS million to set up the plates over one year’s time. We have to be practical and think practi-cal…so whensomebody on the street calls 999, and they do not have a smartphone, they will be able to see the plate on the lamp post or bus station, and report the location of the accident or the crime,” said Malek. He added that the authority aims to integrate the habit of . the new address system among residents before 2020. “But while we are waiting for the final decision, we will do something temporary and dis-tribute the coordinates within six to eight months across the city and Hatta,” he said. The geographic coordinates will be distributed in the form of small cards accompanied with a brochure, informing the public on how the system can, be used and how it will benefit them.

MAKANI APPLICATION

Steps for registration Five steps for operating the Smart Geo Addressing System:
Step 1: Download Dubai Municipality’s application Makani
Step 2: When you receive your 1 O-digit coordi- nates, register your residence or business with the application
Step 3: You only have to remember the first five digits as, once you type them in the application, you can then choose from a series for the Iast five digits. An easy way to choose them is to remember the last digit
Step 4: Once registered, you can find your building location and any other restaurant or shop that has also been registered
Step 5: You can add your coordinates on business cards, so people can find you more easily. You can also inform taxis, police and civil defence about your location.

Source: Gulf News

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Dubai’s planning for Expo 2020 in top gear

March 27th, 2014

ECO-FRIENDLY URBAN PLANNING TO MATCH POPULATION GROWTH

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Najeeb Mohammad Saleh

Dubai will be fully prepared to receive . 25 million visitors when it hosts the World EXpo 2020 in- ternational event in six’years.Officials are already seeing to every detail imaginable to pave the way for the smoothest pos-sible international hosting of an event that is expected to further clinch Dubai and the UAE as world-class destinations. In an interview with Gulf News, Najeeb Mohammad Saleh, Head of Planning Re- search Section, Planning De-partment at Dubai Munici-pality, discussed how Dubai expects to cope with the influx of new residents and visitors in 2020, and what measures the government is taking to ensure that the city is an efficient and sustainable one.

Different scenarios

“When we started to prepare, we first took into consideration how the city is going to grow and what its growth rate would be.We looked at three different sce-narios – low, medium and rapid … We have adopted the medium- growth scenario, and expect the population by 2020 to be about 2.8 million,” Saleh said.

In 2010, the Dubai Executive Council appointed a steering committee comprising Dubai Municipality, the Roads and Transport Authority, Dubai Electricity and Water Author-ity, Dubai Civil Aviation, Lands Department, and Dubai Mari-time City.

These six government enti- ties have since been responsi-ble for planning, implement-ing and supervising the master plan for Dubai 2020. The city’s forward planning into the next decade was under way well before it submitted its bid to host Expo 2020, which was mainly aimed at handling the aftermath of the world eco-nomic downturn in 2008 and, in turn, to revise the plan of Dubai. The committee, Saleh explained, adopted the right approach as it expected a pop-ulation growth rate of 4.2 per cent per ‘year, which is close to the current rate at 4.1 per cent.

In 2010, Dubai recorded 1. 9 million residents and by the end of 2013 this had reached 2.23 million. Preparing the city “The existing urban area can reach up ‘to 93,106 hectares, which we feel is sufficient for us. And, by 2020, we expect to grow an additional 25,000 hec-tares. But even if the rate of the growth is faster than we expect, with a maximum of 38,000 hectares, the capacity of the city and its urban area can still hold that,” said Saleh.

TO prepare the city for up- coming projects, the committee has recominended that any in-vestment should not go beyond the border of Emirates Road (formerly known as Bypass Road), because there is enough infrastructure available in the city that can contain the ca-pacity and population growth within the area.  .

“To know which direction the city would. grow in, we adopted the scenario of a com-pact city, which has already been adopted and approved. So, all the upcoming projects, whether by the government

Source: Gulf News

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Dubai’s Mega structures to watch out for the Expo 2020

December 16th, 2013

Dubai developers are set to inaugurate work on several mega projects by the start of 2014 in order to complete and deliver them earlier than 2020.

“The Expo 2020 win for Dubai is a significant milestone, and this will definitely translate into exponential growth across a wide array of sectors, namely hospitality, tourism, trade, shipping and logistics as well as real estate,” Khalid Bin Kalban, CEO, Dubai Investments, told Emirates 24|7.

He cited: “This overall optimism will translate into investors eyeing long-term investments and growth in all sectors in Dubai. We expect an acceleration in some iconic real estate projects as there will be a spurt in the overall demand from local and international investors. We foresee expectations increase dramatically across the entire spectrum of real estate.”

Dubai had started laying the foundation for building mega projects even before winning the bid to host the Expo 2020, and here are the following mega developments:

Mohammad Bin Rashid City

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A multi-billion-dollar Mohammad Bin Rashid (MBR) City. The new city will focus on family tourism, retail, arts and entrepreneurship.

The new city will be located between Emirates Road, Al Khail Road and Sheikh Zayed Road, and will include Mohammed bin Rashid Gardens Project. It will be connected to Downtown Dubai and Business Bay through a crossing that will be named the “Cultural Crossing” which will include art galleries and create the largest area for arts in the region.

 

Bluewaters Island

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The Dh6 billion Bluewaters Island located in Jumeirah Beach Road.  It is set to be one of the largest tourist hotspots in the world that will feature the world’s largest Ferris Wheel called the Dubai Eye. Emirates 24|7 reported earlier that the reclamation work has already started.

 

Dubai Water Canal

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A Dh7.34 billion Dubai Water Canal is expected attract 20 to 22 million visitors per annum.

The channel stretching 3 kilometers in length and width ranging from 80 – 120 meters will connect the Business Bay with the Arabian Gulf passing through the center of Dubai.

From Sheikh Zayed Road, as the entrance of the project, an iconic Trade Centre will be constructed comprising four levels, including one underground level and 3 elevated levels linking the Business Bay with the project district in a total area of more than 50,000 square meters.

All construction works of this project is set for completion in 2017.

MBR District One

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Mohammed Bin Rashid CityDistrict One, with a market value of Dh21 billion will have almost 1,500 luxury villas and a 350,000 square meter water park, the largest crystal lagoon in the world.

The project, which will be delivered in four phases, will be completed by year 2018. Work has already commenced on the project, under the joint venture between Medyan and Sobha Group.

 

Dubai Adventure Studios

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A development worth Dh10-billion, by Meraas Holdings, is a destination that focuses on delivering a multi-faceted leisure and entertainment experience to residents and tourists. The project is located in Jebel Ali, will feature five distinct theme parks based on movies, animals and fun characters. Dubai Adventure Studios, the first phase of the development plans is expected to be completed by 2014.

Source: Emirates 24|7

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