Uncategorized

Dubai developer offers purchase at Dh120 a day

PIN
Dubai skyline. Image Credit: Shutterstock Dubai: Buy a home in Dubai for Dh120 a day? MAG Development sure thinks it’s doable, offering up to 20 year payment terms, with the per-day average at Dh120. This could yet set the new benchmark in payment plans direct from developers. Until now, the upper limit on such payment[…]

Dubai real estate: Stakeholders expect Ruler’s new initiative to balance market, boost economy

PIN
Many stakeholders in Dubai’s real-estate market have hailed the recently established higher committee, which they hope will trigger initiatives to fix supply and demand of properties in the market. While they await more details on how the regulator can tighten the loose ends, the expectation is that the move will streamline the weak market and[…]

Holiday home firms pursue options after Downtown shutout

PIN
Downtown Dubai. Image Credit: Dubai: Holiday home operators in Dubai are seeking legal advice on whether a master-developer can enforce a blanket ban on their operations within a community. According to sources, the Dubai Tourism and Commerce Marketing (DTCM) has clear-cut guidelines on licensing holiday homes/short-term rentals in this market. They point to two of[…]

Dubai sees ‘significant shift’ from luxury to affordable housing

PIN
Dubai’s residential market has seen a significant shift in development and transactions from luxury to affordable units over the past few years, according to research by Property Finder. Dubai has traditionally been perceived as a hub for luxury properties, with the emirate attracting several high-net-worth individuals from across the world who invest in second or[…]

Emaar says Downtown Dubai will stop all holiday home rentals

PIN
Thursday 05 September 2019 Dubai developer Emaar has confirmed that holiday home rentals will not be allowed in its Downtown Dubai development. Homeowners have been advised that they have until September 19 to cease all holiday home operations, the company said in a circular. The developer said the decision was made after the management team[…]

Exploring the legal side of short-term stays

PIN
Downtown Dubai Image Credit: Supplied Dubai: Under the terms of sales and purchase agreements (SPAs) with property buyers, master-developers can enforce any action they deem fit for the greater good of the community. Based on this legal interpretation, Emaar can require property owners not to offer short-term leases within Downtown, citing disturbances for long-term residents[…]