Dubai Land Department, through its regulatory arm Real Estate Regulatory Authority (RERA), has launched a first-of-its-kind e-system called Mollak, the Arabic word for Owners. Mollak regulates jointly owned properties, service charges and monitor the payment of service charges in jointly-owned properties in Dubai. Mollak provides a new and integrated system to regulate, monitoring accounts related to...
What comes to mind of a first-time investor who has never invested in real estate? Fear? they perceive it to be risky worried they will end up with unsustainable debt. Many worries as they are not well versed with the market movements and lack of knowledge of Dubai real estate market. In fact, investing in property is not a risky proposition, as long as the right steps are taking in terms of...
Global real estate market has taken a hit due to Covid-19 and real estate in Dubai is no different. March 2020 was the time when the actual impact of Covid-19 started to be felt in UAE. When Dubai went into lockdown to control the deadly virus, real estate sector in Dubai came to stand-still. It did not last long thanks to the quick and effective measures taken by the government and Dubai Land...
There can be plenty of reasons why a non-resident of UAE wants to open a bank account in the UAE like if they spend a significant amount of time in the UAE or if they get paid in dirhams quite often, or it can also be a part of their savings plan. Despite the various reasons, banks in the UAE provide a facility to open a saving account in their banks for non-residents as well. Most of...
While the Expo 2020 managers are busy putting finishing touches to the event and its infrastructure, the biggest question on the minds of real estate investors is what will happen AFTER the Expo 2020 is over!! Lets take few steps back and take a look. A lesson in History. Dubai was famous as a trading post where the ships would come from far-off countries, carrying good for the region. They would...
U.A.E government has been taking positive steps towards ease of doing business and encouraging investments in the U.A.E. Be it tactical decisions like reducing license fees to long term strategic moves in issuing Golden Visa to investors to encourage investment. In line with the same, to give a positive impetus to the economy, the U.A.E central bank has decides to scrap the 3 % early...
Dubai’s real estate sector has all the ingredients necessary for its growth thanks to timely measures introduced by its government to offset the impact of a slowdown in the global economy. Ali Sajwani, General Manager of Operations at Damac Properties said, “For developers, it is vital to align their strategies to the long-term aspirations of the city. We need to build for the future, and...
One thing that everyone in Dubai is talking about, and now its only
Mazhar is a high-profile banker in Dubai, with very little time. He is being transferred from Dubai to London and now has to wrap up everything in Dubai. Mazhar did not incorporate an Early Termination / Lease Break Clause in in his Contract. Law 26. of 2007 by RERA, regulating the connection between landlords and tenants doesn’t provide a section for early contract termination but rather...
Mazhar owns a Two Bedroom apartment in Dubai Marina and wants to Gift the apartment to his Son and Daughter. Mazhar is not sure what is the process of Gifting and the related Fees for Gifting of the Apartment. Well, Mazhar is not alone in not knowing the process. Eligibility for Gifting Property in UAE Gifting can only be done to First Degree of Relatives. I.e. Children or Parents / Husband / Wife....
