DXB Realty News – Page 8

How to Become a Real Estate Investor and Buy Property for Sale in UAE

By admin,March 26, 2024

Real estate is the best way to diversify your portfolio and achieve financial stability. Whether you’re an entrepreneur, economist, or skilled tradesperson, venturing into the property market can offer different avenues for generating income streams and building assets. The path to becoming a successful real estate investor starts with a thought. You are reading this, which means you have entertained the thought for quite some time, and now you want to know further steps. In this guide, we will be diving deeper into the complex world of real estate investment in Dubai to buy property for sale in UAE. We will be exploring the dynamic market trends, investment strategies, and key steps to get started on this rewarding journey.

Understanding Property Investment:

Real estate investment involves acquiring properties with the intention of making a profit, whether short-term or long-term. Investors supply capital for ownership, group ownership, or management of real estate properties. This can range from individual home ownership to participating in property investment groups or trusts. Depending on one’s expertise, financial resources, and investment goals, different strategies can be followed to generate massive returns from real estate assets.

Strategies for Property Investment To Buy Property For Sale in UAE.

There are many strategies that you can follow to start real estate investments, such as:

Flipping Homes:

Flipping homes is one of the most famous property investment strategies used by investors worldwide.

It involves buying properties that are in poor condition and need structural improvements, and selling them after renovating quickly for a profit. For this, you need to be skilled in property assessment, renovation management, and market analysis.

Renting Homes:

You can generate steady income by purchasing rental properties in Dubai and leasing them to tenants. Rental properties bring you two benefits: constant income and capital appreciation over time. For this strategy, you need effective property management, tenant screening, and maintenance skills.

Investing in Real Estate Investment Groups (REIGs):

REIGs operate similarly to mutual funds, pooling investors’ funds to acquire and manage real estate assets. As an investor, you benefit from returns generated by the group’s investments without directly managing the properties.

Investing in Real Estate Investment Trusts (REITs):

REITs are publicly traded companies that own, operate, or finance income-generating real estate. Investing in REITs provides you with exposure to property markets and regular dividend income.

Real Estate Crowdfunding:

Real estate crowdfunding platforms enable investors to participate in real estate projects by pooling their resources with other investors. This strategy offers opportunities to invest in diverse real estate projects with varying investment sizes.

Steps to Become a Real Estate Investor:

Now comes the more important part: How can you become a real estate investor?

Here is how you can start your journey as a real estate investor in Dubai:

Educate Yourself:

Start by researching the property market and various investment strategies. Attend seminars, enroll in courses, and learn from experienced investors to gain insights into the industry.

Explore Investment Strategies:

Evaluate different investment strategies based on your skills, resources, and risk tolerance. Consider factors such as property flipping, rental income, or passive investments in REITs or REIGs.

Research Locations:

Conduct thorough research on potential investment locations, considering factors like market demand, property appreciation, and rental yields. You should choose locations aligned with your investment goals and target audience preferences.

Develop a Professional Plan:

Create a detailed investment plan highlighting your goals, budget, investment strategies, and expected returns. You should consider collaborating with partners or joining investment groups to pool resources and expertise.

Secure Financing:

Explore financing options such as conventional mortgages, real estate investor loans, or personal funds to fund your investments. Choose financing options aligned with your investment strategy and financial capabilities.

Make Your First Purchase:

Once you’ve developed a plan and secured financing, proceed to invest in your first property. Whether it’s a renovation project or a rental property, stick to your investment plan and budget.

Execute Investment Strategy:

Implement your chosen investment strategy, whether renovating properties for resale or leasing them to tenants – depends entirely on your end goal. To optimize returns as an investor, you can monitor market trends, tenant dynamics, and property performance.

Evaluate Returns:

Regularly assess the financial performance of your real estate investments in Dubai. You can do it by calculating gross profits, deducting total costs, and analyzing overall returns. You can adjust your investment strategy to maximize profitability.

Benefits of Real Estate Investment:

Property investment offers a wide range of benefits such as financial gains. It diversifies your portfolio and helps you with wealth creation. Not just that, investing in real estate allows individuals to leverage their assets, potentially increasing their returns through borrowed funds. Real estate assets often appreciate over time, offering investors the opportunity for capital appreciation and long-term wealth creation. With careful planning and strategic decision-making, real estate investment can be a lucrative venture for you to navigate the market dynamics effectively.

Here are the benefits of investing in real estate in Dubai:

Real estate investment can provide a steady stream of income through rental payments from tenants.

Investing in real estate in Dubai allows you to diversify your investment portfolios. It reduces the overall risk involved with investing. A wise man once said, “Don’t put all your eggs in one basket.”

Property leverage involves using existing assets or mortgages to finance additional real estate acquisitions and amplify potential returns.

Real estate investments can serve as a source of retirement income, offering liquidity and asset appreciation over time.

Have a Vision – It is a Long-Term Journey:

Before starting your journey as an investor, you must know that it is a long-term game. Wealth creation takes time. The real estate market requires a comprehensive approach, thorough market analysis, legal considerations, and risk management strategies. You have to stay updated with market trends, network with industry professionals, and continuously refine your investment strategies are essential elements for success in this competitive market. With dedication and persistence, you can become a successful investor and gain financial rewards.

Conclusion:

To become a property investor in Dubai and buy property for sale in UAE, you need careful planning, market research, and strategic decision-making. By understanding different investment strategies, securing financing, and executing well-defined investment plans, you can start on your investing journey. This leads toward financial independence and wealth accumulation. Whether you’re interested in property flipping, rental income, or passive investments, the key lies in making informed decision-making. We hope this guide has been helpful to you.

For more informative real estate articles, keep following AZCO Real Estate Brokers LLC.

The Arrival of Ramadan And Eid Al Fitr 2024 in the UAE

By admin,March 25, 2024

The holy month of Ramadan is around the corner, and people of the UAE eagerly await the official announcement of the schedule of Eid Al Fitr 2024. With expert insights and astronomical calculations guiding our expectations, here’s what you need to know to plan your holidays effectively.

Commencement of Ramadan 2024

According to expert predictions, Ramadan is likely to commence on Tuesday, March 12, 2024. This estimation is based on astronomical calculations and the anticipated sighting of the crescent moon, which traditionally marks the beginning of the Islamic lunar month.

Length of Ramadan and Eid Al Fitr 2024 Holidays

Ramadan is expected to last the full 30 days, culminating on Wednesday, April 10, 2024. Following this timeline, you can anticipate a six-day holiday period to celebrate Eid Al Fitr, beginning from Ramadan 29 till Shawwal 3.

The Role of Moon Sighting

The sighting of the crescent moon remains a crucial factor in determining the start and end dates of Ramadan. The UAE’s Moon sighting committee is set to convene on March 10, with March 11 potentially marking the first day of Ramadan if the moon is sighted. Otherwise, March 12 will be confirmed as the official start date.

Potential Impact of Solar Eclipse

On April 8, 2024, a total solar eclipse will occur, casting a shadow on Earth. While this celestial event may not directly affect the sighting of the moon for Eid Al Fitr, it could influence visibility conditions in certain areas. Islamic authorities take such factors into consideration when making official declarations.

Weather and Fasting Hours

During March-April, Dubai typically experiences warm to hot weather, with temperatures rising towards the end of Ramadan. Fasting hours will vary, starting from approximately 13 hours and 45 minutes at the beginning of the month and gradually increasing to about 14 hours and 25 minutes by the end of Ramadan. These fluctuations are due to the changing length of the day as the month progresses.

Reliability of Astronomical Calculations

Astronomical calculations play a significant role in estimating the birth of the new moon and predicting its visibility. While these calculations are generally accurate for planning purposes, religious observances often prioritize the physical sighting of the moon. Islamic authorities may accept astronomical calculations, especially in regions where moon sighting is challenging, but the confirmed start of Ramadan ultimately depends on human observation.

Conclusion:

As we all eagerly await the arrival of Ramadan 2024 and the subsequent Eid Al Fitr 2024 celebrations, it’s essential to stay informed and prepared. By understanding the factors influencing the holiday schedule, you can make the most of this special time for spiritual reflection, family gatherings, and community festivities.

The 5 Golden Rules for Successful Property Investment

By admin,March 22, 2024

As the real estate market of Dubai continues to evolve and present lucrative opportunities for investors and buyers, mastering the art of property investment becomes more important than ever. Whether you are an experienced property investor or just stepping into the complex world of real estate, following certain principles can significantly increase your chances of success in the real estate market of UAE. If you ever want somebody to tell you the golden rules to buy off-plan in Dubai and make your investment successful, then this article is for you! In this comprehensive guide, we will explain the five golden rules of property investing in Dubai, providing you with insights and strategies to thrive in this dynamic market and become a successful investor.

With Dubai’s ever-changing landscape and growing economy, the real estate market offers endless possibilities for those willing to invest wisely. By following these simple yet powerful golden rules, you can navigate the intricacies of property investment with confidence and build an impressive portfolio for the future. So, let’s dive in and discover the key principles that will set you on the path to success in Dubai’s vibrant real estate market.

What Are the 5 Golden Rules of Investing?

There are many ways you can make your investment successful but knowing the golden rules of investing in Dubai makes it a success without any doubt.

Here are the 5 golden rules of investing that you must know:

Always Buy From Motivated Sellers

The key to profitable and successful real estate investment in Dubai is finding and seizing opportunities offered by sellers who really want to sell. These sellers are often in a hurry to sell because of money problems, moving, or other urgent reasons. In Dubai’s busy real estate scene, where things can change quickly, being able to spot these motivated sellers can give you a big edge. By working with them and finding solutions that benefit everyone, you can buy properties at good prices or with flexible terms. But it’s important to handle these deals fairly and make sure both sides are happy with the outcome.

Only Ever Buy Property in an Area of Strong Demand

Dubai’s property market is characterized by diverse neighborhoods, each offering unique dynamics in terms of rental demand and capital appreciation. Therefore, it is so essential to conduct thorough research and focus on acquiring properties situated in areas with strong rental demand.

By analyzing market data, consulting with experienced real estate professionals like AZCO Real Estate Brokers LLC, and assessing factors such as employment opportunities, infrastructure development, and population growth, investors can pinpoint areas poised for sustained demand. Properties located in such high-demand areas like Downtown Dubai, Dubai Marina, Jumeirah Village Circle and many many not only ensure consistent rental income but also offer greater potential for long-term appreciation, safeguarding investors against market downturns. Demand plays a huge role in the profitability of your property investment. If you want to know the currently highly in-demand areas in the UAE, reach out to AZCO Real Estate Brokers LLC for the information.

Only Ever Buy Property That Gives You Positive Cash Flow

One of the fundamental principles of successful property investment is to prioritize cash flow positivity. Beyond mere capital appreciation, investors should strive to acquire properties that generate surplus income after accounting for expenses such as mortgage payments, insurance, maintenance, and management fees.

In Dubai’s competitive rental market, where tenant preferences and economic conditions can influence occupancy rates and rental yields, selecting properties with positive cash flow ensures financial sustainability and mitigates risks associated with vacancies or unforeseen expenses. Moreover, staying informed of tax regulations and seeking professional advice can optimize tax efficiency and maximize returns on investment.

Buy Off-Plan Property in Dubai for the Long Term (Or Any Property in General)

While short-term speculative strategies can yield profits in favorable market conditions, sustainable wealth creation in Dubai’s real estate market requires a long-term perspective. Investors are encouraged to adopt a buy-and-hold strategy, focusing on properties with the potential for steady appreciation and consistent rental income over time. By leveraging Dubai’s status as a global hub for commerce, tourism, and innovation, investors can capitalize on the city’s continued growth and urban development. Holding properties for the long term not only facilitates wealth accumulation but also offers opportunities for legacy planning and intergenerational wealth transfer, demanding the significance of strategic foresight in property investment. As an investor, you need to have a vision and be willing to play a long-term game, no matter the market dynamics.

Have A Cash Buffer In Place

In the dynamic world of property investment, unforeseen circumstances and emergencies can arise, requiring immediate financial intervention. To safeguard against such contingencies, prudent investors maintain a cash buffer—a readily accessible pool of funds reserved for addressing unexpected expenses or capitalizing on investment opportunities.

Whether through personal savings, lines of credit, or strategic financial planning, having a cash buffer in place enhances resilience and enables investors to navigate market fluctuations with confidence. By proactively managing liquidity and risk, investors can safeguard their portfolios and capitalize on opportunities for growth and expansion in Dubai’s dynamic real estate landscape.

Conclusion:

Mastering property investment strategies in Dubai requires a proper understanding of market dynamics, risk management strategies, and a long-term perspective. By following these five golden rules outlined in this guide—buying from motivated sellers, focusing on high-demand areas, prioritizing positive cash flow, adopting a long-term mindset, and maintaining a cash buffer—investors can position themselves for success in one of the world’s most dynamic real estate markets.

To buy off-plan property in Dubai, investors must stay vigilant and adapt to constantly changing market conditions, constantly evaluating their strategies and adjusting their approach accordingly. Keeping a finger on the pulse of Dubai’s real estate trends and seeking expert advice when needed can provide invaluable insights and enhance decision-making to buy off-plan property in Dubai. We hope this article has been helpful to you. For more informative real estate articles and expert insights on Dubai’s real estate market, keep following AZCO Real Estate Brokers LLC.

Comprehensive Guide to Buying Dubai Off-Plan Property for Sale

By admin,March 21, 2024

The real estate market in the UAE offers numerous opportunities for investors wanting profitable investment ventures. There are various types of properties available and Dubai off-plan property for sale has emerged as a popular choice for both buyers and investors. The increase in interest and demand towards off-plan properties can be related to the flexible and easy payment plans and the promise of high capital appreciation upon project completion. In this comprehensive guide, we will share everything you need to know about off-plan property in Dubai.

Understanding Dubai Off-Plan Property For Sale

An off-plan property refers to a property that is purchased directly from the developer while it is still under construction or in the early stages of development. Buyers of off-plan properties have to rely on blueprints or floor plans provided by the developer to envision their future home. Typically, you are required to pay a percentage of the total property value as a down payment and the remaining payable in installments or as mutually agreed between the parties.

Why Are Off-Plan Properties in Dubai Popular?

The increase in the popularity of off-plan properties in Dubai can be due to several factors. Firstly, off-plan properties offer buyers the opportunity to customize and personalize their lovely homes according to their preferences and requirements. This level of flexibility appeals to individuals who wish to create their dream living space tailored to their specific needs and tastes.

Additionally, developers of off-plan properties in Dubai often offer attractive payment plans, making them more accessible to a wider range of buyers. The availability of installment options and flexible payment schedules makes purchasing off-plan property financially manageable, particularly for first-time homebuyers with limited financial resources.

Off-plan properties have the potential for capital appreciation even before they are ready to move in. By securing a property at a lower rate during the off-plan stage, you get to benefit from a good return on investment by the time the property is completed and ready to use. off-plan properties can generate high rental yields due to the strong demand and requirement for rental properties in Dubai for you. As the city continues to establish itself as a global business and tourist hub, the demand for rental accommodations remains high, offering investors an opportunity to earn a stable rental income.

Things To Consider Before Buying Off-Plan Property in Dubai

Before you consider to buy an off-plan property in Dubai, you should consider several important factors, such as:

Unexpected Delays:

The delays in project completion are common in the real estate industry of the United Arab Emirates. Buyers should have an alternative plan in place to manage any unexpected delays and ensure a smooth transition into their new home.

Understand What to Expect:

While purchasing off-plan property in Dubai, you have to rely on blueprints and floor plans provided by developers. The final real estate product may differ in terms of construction materials and finishes. Researching the developer’s track record and inspecting their previous projects can provide insight into the quality of the finished property. Never blindly trust anything sold to you. Do your own research!

Manage Fluctuations:

Real estate markets are always facing fluctuations, and buyers should be prepared to navigate changing market conditions. As a buyer, you must understanding market trends to make informed decisions. This way you can easily capitalize on opportunities and mitigate risks because the trends are always changing.

How to Buy Off-Plan Property in the UAE?

To buy an off-plan property in the UAE, you should follow these steps:

Create a Budget:

Determine your budget and financial capabilities to assess the affordability of the project. Never go beyond your budget.

Select an Area:

Choose a location for your off-plan property investment based on your preferences and investment goals. There are many trending off-plan areas in Dubai; for details, contact AZCO Real Estate Brokers LLC.

Hire a Real Estate Agent:

Seek the help of a reliable and trustworthy real estate agent to guide you through the entire buying process of the property. Finding a reliable real estate broker plays a huge role in making your property a success. Always make sure you the real estate broker is trustworthy.

Choose a Project:

Research and select an off-plan project developed by a reputable and reliable real estate developer with a track record of delivering quality properties in the United Arab Emirates. There are many reputable developers like Emaar, Sobha Realty, Meraas, DAMAC, and many more.

Select a Payment Plan:

Evaluate the payment plans offered by developers and choose one that aligns with your financial situation and preferences.

Complete Legalities:

Ensure that all legal formalities related to property are completed, including signing the purchase agreement and making the necessary payments.

How Can I Buy An Off-Plan Property in the UAE?

To buy an off-plan property in the UAE, start by setting your budget and choosing a desired location for the off-plan project. Once you have identified an area, consult a real estate agent, locate a project by a reputable developer, select a payment plan, and fulfill the necessary legal procedures.

Are Off-Plan Projects More Expensive Than Ready Ones?

Generally, off-plan properties are priced lower than completed projects, offering buyers the opportunity to buy at a lower price and save money compared to ready-made options.

What If I am Unable To Pay The Installment of my Off-Plan Property in Dubai?

If you fail to make timely payments, you might face penalties imposed by the developer. Prolonged non-payment could render the contract null and void, enabling the developer to sell the property to another buyer. In such cases, you may receive a refund of the paid amount after a specified grace period mentioned in the agreement.

Can I Sell My Off-Plan Property Before Completion?

Yes, you have the option to sell your Dubai off-plan property for sale before its completion. However, it’s advisable to review your contract thoroughly, as some developers may have restrictions on resale until a certain portion of the property’s value is paid.

Conclusion

Dubai off-plan property for sale offers an attractive investment opportunity for buyers wanting customized spaces, flexible payment plans, and potential returns on investment. However, you should conduct thorough research, understand the risks involved, and get professional guidance to make informed and wise decisions. By following the steps and key factors discussed above, you can navigate the off-plan property market in Dubai with confidence and maximize your investment potential. If you are interested in exploring off-plan properties in Dubai, browse through our available listings and consult with our trusted real estate professionals to find the ideal investment opportunity suited to your needs and goals. For more informative real estate articles and guides, keep following AZCO Real Estate Brokers LLC.

14 Key Terminologies for Investors & Renters!

By admin,March 19, 2024

Investing in real estate in Dubai presents lucrative opportunities for investors worldwide. However, navigating the nuances of the Dubai real estate market requires familiarity with key terms and concepts integral to property transactions. Whether you’re considering purchasing property for investment or renting real estate in Dubai, understanding these terms is essential for a seamless experience.

Essential Real Estate Dubai Terms To Know:

Ejari:

An essential element of Dubai’s rental market, Ejari is a registration system that formalizes rental agreements between tenants and landlords. By registering with Ejari, tenants gain access to essential services and protections, ensuring a legally binding contract and facilitating dispute resolution.

Trakheesi:

Trakheesi is an official system for real estate agents in Dubai, providing essential licensing documents and approvals. Mandatory for all agents and brokerage firms, Trakheesi ensures compliance with regulations and facilitates professional real estate practices.

Makani:

Makani, meaning ‘my location’ in Arabic, is a geolocation system used in Dubai to identify buildings and landmarks. This intelligent navigation tool simplifies navigation across the city and enables users to share their location for assistance during emergencies.

Al-Sa’fat:

Dubai’s commitment to sustainable development is embodied in Al-Sa’fat, a government initiative promoting eco-friendly practices in construction. With a focus on reducing waste and utilizing alternative energy sources, Al-Sa’fat ensures that all development projects adhere to sustainability guidelines.

Tawtheeq:

Similar to Ejari but specific to Abu Dhabi, Tawtheeq is a tenancy contract registration system that grants tenants access to amenities and facilities. By registering with Tawtheeq, tenants can enjoy essential services and protections.

Tasdeeq:

Tasdeeq, meaning ‘attestation,’ legitimizes tenancy contracts and agreements in Ajman. This system ensures the legality of rental transactions and provides tenants with clarity regarding their rights and obligations.

Oqood:

Oqood is a standardized system for off-plan projects in Dubai, overseen by the Dubai Land Department. This system ensures transparency and regulation in off-plan property transactions, providing buyers and sellers with a secure platform for transactions.

Musataha:

Musataha offers a solution for individuals or companies looking to lease land in Dubai for development projects. With a lease period of up to 50 years, Musataha allows lessees to use the land for construction or other purposes without purchasing it outright.

DLD:

The Dubai Land Department (DLD) is the governing body for real estate in Dubai, overseeing all property-related matters. From transactions to dispute resolution, the DLD ensures efficiency and fairness in the Dubai real estate market.

RERA:

As a sub-division of the DLD, the Real Estate Regulatory Agency (RERA) drafts rules and regulations governing the Dubai real estate market. RERA ensures compliance with regulations and protects the interests of investors, landlords, and tenants.

Ijarah:

Introduced by the Dubai Land Department, Ijarah enables tenants to convert rental payments into equity, ultimately allowing them to become property owners. This ‘Rent-to-Own’ scheme facilitates long-term investment and wealth accumulation for tenants.

Estidama:

In Abu Dhabi, Estidama promotes sustainable development through eco-friendly construction methodologies and design principles. This initiative ensures responsible resource allocation and supports the use of sustainable practices in real estate projects.

RDC:

The Rental Dispute Center (RDC) resolves rental disputes in Dubai, providing a fair and transparent platform for conflict resolution. Landlords and tenants can seek resolution through the RDC, ensuring a legal and equitable outcome.

Shari’a Compliant:

Shari’a compliance refers to financial services and procedures that adhere to Islamic law. In Dubai, Shari’a-compliant real estate transactions follow guidelines set forth by Islamic finance principles.

Conclusion:

The real estate Dubai terms are many and familiarizing yourself with these essential terms will empower you to navigate the Dubai real estate market with confidence. Whether you’re buying, selling, or leasing property, understanding these concepts ensures informed decision-making and a smooth transaction process. For more informative articles, keep following AZCO Real Estate Brokers LLC.

Brace Yourselves for Up to 20% Increase in Rent

By admin,March 18, 2024

Understanding the Impact of the Rera Calculator Update

Dubai’s real estate market is again in the spotlight following recent revision of Real Estate Regulatory Authority (Rera) calculator and trends that affect both landlords and tenants. This update is effective from March 1st and is likely to shake rental landscape especially among tenants who have called Dubai home over 2 years. Mr. Khurram Farooq- CEO Azco Real Estate Brokers LLC. throws more light into this development and stresses that tenants could be exposed to higher rent increments upon renewals than it was under the previous system.

Navigating Rental Dynamics in Dubai: Insights from Industry Experts

Industry executives see a big jump in rents with increases expected range between 10 – 20% in the near future. This readjustment will impact places where there have been significant hikes in rents during the last 2 years like central villa communities, waterfront apartment complexes etc.

Insights from Mr. Khurram Farooq – CEO Azco Real Estate Brokers LLC.

Mr. Farooq gives valuable insights regarding this revised calculator’s implications for tenants. As much as immediate fears would be about increased tenant rental costs, Farooq remains positive about their long-term effects. He opines that the revised calculator can create a more balanced market and consequently reduce open market rents slightly.

Khurram Farooq

Identifying Areas of Maximum Impact: Central Villas and Waterfront Apartments

The revision in Rera calculator disproportionately affects certain areas such as central villa communities and waterfront apartments. These regions are popularly demanded implying they may be affected most by these rent hikes within the next few months.

Assessing Projected Rent Hikes: 10-20% Increase on the Horizon

Industry experts are expecting rents to increase between 10% to 20%, hence residents should brace themselves for any potential financial adjustments. While this sudden increase would have both near and far-reaching impacts on the real estate market of Dubai.

Long Term Outlook: Balancing the Rental Market Dynamics

Mr. Farooq sees these challenges as short term and believes that the recalibrated calculator will bring a positive transformation to the market. This is where he suggests that increased renewal costs may lead to heightened activity in the market, which may result in more homes being built and ultimately stable rents for everyone.

Optimism Amidst Immediate Challenges: From the Lens of Mr. Khurram Farooq

Mr. Farooq’s optimism stems from his belief that the previous calculator created a big gap between renewal prices and market rates which caused stagnation in the market dynamics. By addressing this disparity, Dubai’s real estate sector can potentially achieve greater equilibrium and resilience during such volatile times.

Anticipating Market Resilience: The Ripple Effects of Recalibrated Rent Calculations

The wider implications of adjusted rental calculator go beyond individual deals to encompass a larger part of Dubai’s property landscape. As tenants prepare for potential rent hikes, landlords may be able to enjoy better position thus strengthening responsiveness within their markets.

Tenant Considerations: Strategies for Adapting to Changing Rental Trends

The changing rentals and the choice between moving out and buying property are leading to different considerations by tenants. Some may prefer to reduce space or move just to avoid increased rent costs while others will take the chance of entering the real estate sector.

Dubai’s Real Estate Evolution: Navigating the Path Forward Dubai’s real estate industry remains dynamic with the global market following suit, where it has adapted and embraced fluidity in response to regulatory changes and economic shifts. In this ever-changing environment, residents and investors have begun adjusting themselves accordingly knowing that re-calibrations done on Rera calculator is a sign of its resilience and innovation capacity.

UAE Residents Should Plan Ahead

By admin,March 15, 2024

Plan away, UAE! The year’s longest public holiday is less than four weeks away and may bring up to 9 days of rest for residents in April to mark the Islamic festival of Eid Al Fitr. It comes after the holy month of Ramadan and allows both private and public sector employees time off without affecting their annual leave.

The sighting of a crescent Moon on Sunday evening, March 10, disproved astronomical calculations indicating its first appearance in the Islamic Hijri calendar for a new month. Therefore, March 11 was the beginning of Ramadan. The period known as Ramadan among all months in Islam calendar takes either 29 or 30 days depending on when moon is seen. The Eid Al Fitr occurs on Shawwal 1st which is next month after Ramadan.

By way of holidays list released by UAE government for both public and private sectors; there will be break from Ramadan 29th to 3-days after Shawwal, so that they can observe Eid Al Fitr. If it is 30-day long month then, Eid falls on April 10^th but if it’s 29-day then Islamic festival will be celebrated on April 9th.

This is how it will pan out for either case:

In case Ramadan lasts a whole 30 days; a huge gap starting Monday April 8^th (Ramadan 29^th) ending Friday April 12^th (Shawwal 3^rd), adding beforehand and succeeding Saturday-Sunday weekends this makes 9 days in total from Saturday April 6^th through Sunday April 14^th.

With such a scenario where Ramadan takes 29 days alone; locals will have 6 days celebrating with two other weekend days off too. From Monday morning on April 8^th (the last day in Ramadan) until Thursday 11^th, EID holidays will be realized. This gives one extra day after adding weekends, making it 6 working days from 6^th to 11^th of April.

The next upcoming holiday is Eid, the second one in the year after New Year’s Day. After that, residents can enjoy a public break for June’s Islamic Eid Al Adha which would be 4 days long excluding the weekend. This will then be followed by holidays for prophet Mohammed’s birthday in September and Islamic New Year on Muharram 1st in July. Finally, UAE National Day will fall on December 2^nd and 3^rd thereby making it the last public holiday of the year.

With Eid Al Fitr getting closer, it is expected that residents will have time off work to celebrate with their loved ones during this joyous period of tranquillity. Stay connected for more information and organize your feasts accordingly!

Increase in Dubai Rents Drives Tenants to Choose 12-Month Cheques or Direct Debits

By admin,March 13, 2024

Dubai’s housing sector is experiencing dramatic shifts as tenants are dealing with ever-increasing rents on yearly leases. A growing number of mid-market residential area residents are now seeking a paradigm shift in the traditional payment arrangement due to rising costs. Tenants have recently turned to monthly direct debits, attempting to find an approach to money management that suits them best. With all these questions arising, will landlords go along with such changes and what problems will they face together?

The Rise of Monthly Direct Debits

This has made tenants ask their landlords to allow them to pay their rentals through monthly direct debits after the recent RERA Rent Index revisions resulted into a higher rise in rents. This process involves withdrawing rent straight from the tenant’s bank account, which provides for more efficient way of fulfilling payment requirements. This move is mostly felt in mid-market residential areas where residents have been hit hardest by adjustments in rental rates.

Monthly Payments: A Solution for Budget Management

To lessen the burden on struggling tenants, rent payments can be deducted monthly thus obviating the need for sufficient funds during cheque submission time. Bounced cheques are becoming more frequent and this has negatively affected relationships between the tenant and landlord as well as credit scores being downgraded sometimes. In UAE bounced cheques do not attract criminal charges, therefore tenants are looking for secure alternatives.

Direct Debit System’s Perspective

The Direct Debit System CEO Ummair Butt says that 96% of the UAE population falls under a group whose salaries are paid on a month-to-month basis hence implying that direct debit should mimic payday cycle accurately. According to Butt allowing deductions every month causes reductions in bounced payments equaling 41%, which makes it possible to maintain life amid rising costs.

Landlords’ Reluctance and Current Adoption

Although some landlords are already offering 12-cheque options or monthly debits, however their numbers remain very limited. Physical cheques issued by tenants are trusted because of old fashioned mentality surrounding landowners. According to Usman Jameel, Sales Manager at Azco Group, millennials who are more comfortable with digital payments have adopted direct debits the most. Real estate experts argue that this change may take a while because landlords are used to having physical checks as method of payment.

Challenges & Factors Affecting Adoption

Landlords face several issues to implement a direct debit system even if it has numerous advantages. These include ‘assignment of receivables’ and the need for a ‘legal alternative’ to cheques. Due to multiple bank loans against various real estate assets, Landlords may find it difficult to divert their income through different banks.

Cost Implications for Landlords

Digital alternatives may be resisted by landlords who always look into costs in their business. Additionally acquiring charges on credit cards payments is 2% while direct debits on credit cards attract a fixed fee of Dh7. Even with processing fees being paid, traditional cheques remain safe instruments for the landlord.

The Bottom Line

Dubai’s real estate market is gaining traction in its adoption of monthly direct debits as tenants seek financial flexibility amidst soaring rents. Nevertheless, while obstacles and conventional thinking persist, the possible gains to be had by both tenants and landlords may set the stage for a gradual change in payment options. It will take a few years before we can see if monthly direct debit becomes one of the widespread features in Dubai’s rental market which is changing over time.

For those seeking rental solutions or landlords considering alternative payment methods and Azco Real Estate Brokers provides tailored services to meet your needs. Contact Azco today to explore how we can help navigate Dubai’s rental market and facilitate smoother transactions, including the adoption of monthly direct debits. Start your journey to financial convenience with Azco Real Estate Brokers.

U.S. Golden Visa with Payment Schedule

By admin,March 11, 2024

It’s past when you must wait for a longer time for your visa application to process. U.S. Golden Visa allows a family to apply and move to the United States of America immediately with minimal restrictions imposed on them. The government price increase is coming on 31^st of March, this is why now is the best time to file your application.

This Sunday, on March 10^th, 2024, The American Legal Center’s team of U.S. licensed attorneys will be holding a seminar on the U.S EB-5 Immigrant Investor program that would help investors to get their U.S residency through a secure investment of $800,000 in US government pre-approved projects.

Mr. Shai Zamanian is a Dubai-based US lawyer with an EB-5 specialization. For over 10 years, he has been assisting GCC families getting their US citizenship by investing in U.S. He often highlights in his statements that why this program matters for those who want to send their children to schools in America; Most clients from our Dubai office are doing it for their kids’ future. After being approved under this program, the US Government provides funds towards tuition fees, books, accommodation costs and insurance among others.

With difficulties increasing when it comes to migrating to the U.S, such as, the H-1B program which only targets highly skilled workers, many people are choosing investment programs as a guarantee to get access to US immigration.

There are other major benefits such as investor and qualifying family members getting employment authorization and not needing employer sponsorship. Or, if students from these countries apply, they have a higher chance of acceptance, as they will be considered like any other American student. Also, they will be having access free education and grants offered by the state government authorities instead of paying huge amounts of money as international fees while attending university in the United States.

So. now is the best time to file your application as there is a government price increase that will take effect at the end of March.

New Adjustments to The Program Makes It More Popular Than Ever Before

Additional advantages have been given to the U.S. EB-5 Golden Visa program by passing the EB-5 Reform and Integrity Act of 2022. Faster processing bonus set aside visas are available for new applicants. Previously, Indian nationals would have to wait many years due to the program being oversubscribed; however, with the introduction of a new category of EB-5 Golden Visas, there is currently no such extensive wait times. There have been applications from Indians approved in less than a year based on recent data. All these benefits come with additional costs because the end of March has seen an approval in price hike for this program. Families should file now to avoid increased prices.

Apply & Migrate Now & Leverage Payment Plan Options

There are payment plans available for US Investors wishing to apply for Golden visa. Clients can file their EB-5 application with $200,000 invested, move to the U.S., and invest the remaining amount in accordance with terms of the payment plan.

The government price increase is coming at the end of March, and now this makes the best time for you who wish to apply. Register Now!

Is This Seminar Right for Me?

If you have thought of moving to the U.S., then this seminar is for you. The team will provide you with an in-depth look at how to go about your application, investment qualifications and opportunities that may accrue from participating in the U.S. Golden Visa Program.

To register for the seminar, click here or call The American Legal Center on +971 52 446 6095 or email [email protected].

You need to be punctual because late attendees shall be turned away. If you need more information regarding this seminar or any other upcoming events, consult The American Legal Center’s staff members.

The Reduced Work Hours in Ramadan 2024 for Employees

By admin,March 8, 2024

As the blessed and holy month of Ramadan approaches, the UAE gears up for a period of reflection, spirituality, and cultural observances. Alongside these cherished traditions, the Ministry of Human Resources and Emiratisation (MoHRE) has announced adjustments to work hours for private sector employees, aligning with the essence of this sacred month of Ramadan UAE.

Starting from the anticipated date of March 11, 2024, private sector workers across the Emirates will witness a reduction of two hours in their daily work schedule. This thoughtful initiative not only honors the significance of Ramadan but also acknowledges the importance of facilitating employees’ participation in spiritual activities and cultural practices.

Flexible Work Options in Ramadan UAE:

Recognizing the diverse nature of businesses, the MoHRE allows companies to adopt flexible or remote work arrangements during Ramadan. This flexibility enables organizations to maintain productivity while accommodating employees’ spiritual needs and personal commitments. Such measures not only foster a harmonious work environment but also reflect the UAE’s commitment to promoting work-life balance.

Equal Treatment for All Employees

It’s worth noting that the reduced work hours apply to both fasting and non-fasting employees. This inclusive approach ensures that all workers have the opportunity to fully engage in Ramadan’s spiritual and communal aspects, regardless of their religious observances.

Overtime Compensation

For those instances where additional work is necessary, overtime regulations remain in place. Employees who exceed the reduced work hours may be entitled to extra compensation, ensuring fair remuneration for their dedication and commitment during this period.

Government Sector Alignment

In alignment with the private sector, the Federal Authority for Government Human Resources (FAHR) has also announced shorter working hours for public sector employees during Ramadan. This synchronized effort reflects the nation’s unified commitment to creating a supportive environment for all its workforce, regardless of sector or industry.

Extended Mall Hours

Beyond the workplace, the spirit of Ramadan extends to various aspects of daily life, including leisure activities. Malls across the UAE traditionally extend their opening hours during Ramadan, allowing for later evenings and accommodating the needs of those observing the fast. This gesture exemplifies the country’s dedication to catering to the diverse needs of its people and visitors during this special time.

As we anticipate the arrival of Ramadan 2024, the UAE reaffirms its commitment to honoring its workforce and nurturing a culture of inclusivity, flexibility, and respect for religious traditions. By implementing reduced work hours and offering flexible arrangements, both the public and private sectors demonstrate their unwavering support for employees’ well-being and spiritual fulfillment during this auspicious month of Ramadan UAE.

Conclusion:

In the spirit of unity and solidarity, let us embrace the opportunities for reflection, generosity, and community that Ramadan 2024 brings, as we continue to strive for excellence in both our professional and personal lives. For more updates, keep following AZCO Real Estate Brokers LLC.