In Dubai, prices have reached a low point at between 600 and 750 Dhirams per sq foot in JLT . Perhaps there is not much room to fall further. Rentals will go down a little further with perhaps 7% being achieved on rental yields. Rent on a 2 bed (with maids room) at 1,330 sq ft in JLT is now achieving 70,000 Dhirams per annum ( 6 cheques ). Good landlords accept monthly cheques to avoid empty periods. Ends
There are distress sales. The speculative demand has exited the market. There is more scope for end users. Developments completing in 2010 will convert into rental portfolios. Legal improvements continue ( RERA ). Some Developers with weak balance sheets will close. There is currently no bank lending for property. Transparency is now entering the market in terms of falling prices. Property prices may have fallen by as much as 30% in 2008. In 2009 they perhaps fell by another 20% according to The CEO of Emaar. Bank Analysts are now saying the floor will be reached by the end of 2010. The over inflated property prices were not due to increases in steel and cement prices from 2007. Such speculative property gambling ( trading ) has now completely exited the UAE market. This can only be a positive thing for the long term benefit for UAE's property market. Those who purchased early are not likely to be in negative equity. Those who purchased at the top end of prices will need to re-evaluate.
ACCREDITATIONS
CHL Properties are provisional Members of the Association of International Property Professionals (AIPP), although the company is currently working towards a full membership.
WHY PURCHASE ABROAD?
Whether you are looking for an investment with an attractive capital growth rate and property gains, a home in the sun, a place for retirement or expansion of your existing portfolio, CHL Properties has the knowledge and expertise necessary to ensure that buying a property abroad is both worry and stress free. We have a variety of properties available from apartments to commercial space.
WHY CHOOSE DUBAI?
Dubai is an interesting blend of contemporary and traditional values with architecture that encompasses both modern and bygone eras. It is fast becoming the foremost commercial centre in the Middle East and the skyline is consistently being upgraded with the construction of offices and living spaces to suit all budgets.
From the world class hotels, state of the art sports facilities to shopping plazas offering tax free goods, Dubai offers high standards of luxury and a growing tourist industry.
BUYING YOUR PROPERTY
Personal experience has shown that Dubai in particular has shown signs of consistent capital appreciation. CHL Properties have recently made purchases of offices, one bed and two bed apartment's in Dubai which have all been bought "off plan".
We have formed close affiliations with major local property developers whilst remaining impartial and independent and are able to offer a variety of new properties; most of which can also be bought off plan from the Dubai developers. Buying "off plan" before any digging or construction has even begun is the cheapest way to gain entry level to the Dubai market.
Purchasing property in Dubai is a relatively straightforward watertight process. Although there is no involvement from solicitors (as in the UK), everything is carried out by the developers themselves who can offer payment plans and draw up contracts and receipts which are legally binding. As a general rule, most projects take approximately 2/3 years to complete and, with a typical payment plan of 40% paid in instalments with the remaining 60% payable upon or after completion of construction, purchasing of a new property in Dubai is clearly affordable. Ask to see the payment plan for the building.
BUY TO LET
One of the attractions of buying a property abroad is the expected income or rental yield. Whilst this depends on variants such as rental rates and occupancy, we conservatively predict net profits of around 15%, taking into account all management costs and building maintenance. Furthermore, most developments in Dubai operate as a serviced residence; that is to say that all benefit from porter, room and maid service. Most apartments are now freehold and come with a residency visa entitlement.
OUR SERVICES
These include:
• A hassle free Dubai property investment without maintenance worries
• 10 year professional rental management with an option to opt out after two years rental
• Up to four weeks personal use per year
• Rental income paid every six months from your Dubai apartment
• A professional and secure property rental service in Dubai managed by Colliers International or some other agent of your choice.
• Fully furnished apartments to the highest standards
• Daily facility maintenance and cleaning of common areas
• Apartments serviced and cleaned after guest departure
• Guest travel and leisure activity assistance
• Household bills paid from designated client account
• Full booking and rentals management
• Secure web access to your statement of account
• Preparation of annual accounts for audit
• Potential of significant capital appreciation
• Mortgages for foreign properties
• Assistance in opening an overseas bank account (we have personal experience in this area)
• All legal requirements including obtaining title deeds
• Registration of your property at the land registry
• Fiscal representation (again we have first hand experience)
CONTACT US
For all Overseas International Property enquiries, please email us with your details and requirements at info@chl-properties.com or contact our Overseas Department on 020 8570 3655 or fax us on 020 8737 8603.
If you wish to view our currently available properties, please click here