Find a property in Dubai
July 30, 2015
If you are thinking of a relocation to Dubai, you will have to know that the real estate market moves quickly. On your first visit expect to see sample properties, but bear in mind that these will not be available later. Pictures and floor plans are not commonly provided, so you may like to bring a camera and a not book with you.
Ensure you distinguish between “must-haves” and “would-likes” (as well as back-up options) in case your first choice doesn’t materialize. And if you have any pets, this will affect the housing options available to you.
The majority of Dubai real estate is owned by foreigners as a result of laws passed in 2001/2. In 2008, the property prices were at a peak, by 2009 prices had crashed by around 44%. But the market is now in recovery. In 2007 RERA (Real Estate Regulatory Agency) was introduced to regulate the real estate sector. There are also best practises around the commission, utility connections and hand-over of keys.
EJARI (meaning “my rent” in Arabic) is the requirement of getting your lease registered as a safeguard measure. This is needed to obtain a family visa, and get your utilities set up.
Three payments may be applicable when entering into a lease in your own name:
1. Security deposit, usually 5% of the annual rent, but may be up to 10% for a furnished unit.
2. Rental amount, which is one year up-front, generally in the form of one check.
3. Commission, which is usually 5% of the annual rent.
Utilities have to be in the tenant’s name and are excluded from the annual rental amount. A municipality charge (“housing fee”) is payable, which is 5% of your annual rental and detailed on your DEWA (Dubai Electricity and Water Authority) bill. This is usually paid in monthly instalments. Your account provider can be different from your electricity provider, depending on the area. Usually, account charges are included in the rent for apartments, while they are paid separately for villas. Tenancy issues can be challenging to address, as landlords often live abroad making them difficult to contact.
If you are planning to move to Dubai our team Crown Relocations Dubai would be happy to help you having a smooth Relocation.