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Many big real estate projects and various other development projects are going on in Dubai and so naturally a lot of people are moving to Dubai. Usually these people stay in rented homes. If you are one such person then it is very important for you to first know the changes in the rental law in Dubai to avoid troubles.
Investing in property has always been beneficial with low risks. Investing in property in Dubai can be more beneficial now as Dubai is increasingly becoming the most desired holiday destination, not only in Europe but the entire world.
The natural beauty and the luxurious lifestyle has always been a point of tourist attraction but now the opportunity of freehold ownership of property has made Dubai a lucrative investment option for European investors and property buyers.
Many big real estate projects and various other developmental projects are going on in Dubai and so naturally many people are moving to the city. Usually these people stay in rented homes. If you are one such person then it is very important for you to first know the changes in rental law in Dubai to avoid trouble.
Property rates in Dubai continue to grow. In the past two years, demand has increased against supply, hence it is no surprise that prices of Dubai property are increasing rapidly.
Dubai is the trading hub of the Gulf region. Dubai has very low import duties. A variety of products in Dubai are available at reasonable cost. Due to its introduction of freehold status in 2004, people from all over the world are attracted towards Dubai property. Earlier buying property in Dubai was not permitted by the local rulers. Dubai property offers better returns on investment. You can buy Dubai property at a reasonable cost as it is not subjected to any stamp duty or tax. The top properties in Dubai are accessible at premium, super premium and budget pricing level and buyers are also offered residence visa status.
Dubai-based developer Omniyat has sacked nearly 100 employees over cash flow problems. The developer has also postponed the launch of several projects until 'conditions can cope with them', said Alex Andarakis, the company's managing director of sales and marketing.
Dubai Property developer MiNC has sent a letter to investors in its Prodigy 1 project in Jumeirah Village, Dubai, asking them for up to 88% extra capital up front to cover construction costs. The move comes as banks in the emirate curtail project financing, leaving some firms with no access to liquidity. 'We either sit and wait this out, or we need to find another solution,' MiNC's director commented.
Dubai property buyers who breach contracts or default on payments will have to forfeit 30% of the sale price to the developer under new rules announced by the Dubai Land Department on Wednesday. The developer may also delay any payment until the property is resold to another buyer. Developers can also keep 30% of any payment made in excess of the initial 30% instalment. The new rules, effective immediately, apply only to new contracts.
UAE-based ETA Star has said its Liberty House office and residential tower in Dubai International Financial Centre is in its final stages, set for residents to occupy the property by the end of December. The 41-storey property is situated on the DIFC's main thoroughfare, Gate Drive.