3 Major Projects to be delivered by Reportage Properties in 2021

2 MIN READ

Key Highlights:

Reportage Properties will have three projects completed and delivered in 2021.
The UAE-based developer has 8 more projects in the pipeline.

Reportage Properties is reportedly making steady progress on its major projects located in Dubai and Abu Dhabi. This UAE-based property developer has three projects ready to be handed over in 2021. These include Al Waha Residence 1 situated at Masdar City, Al Raha Loft 1 and Al Raha Loft 2, nestled in Al Raha Beach. This handover will add 900 new units in the region.

As per the firm, eight new projects are lined up to be developed in the UAE. Among them, six are located in some of the prominent investment localities in Abu Dhabi such as Al Raha Beach, Masdar City, and Al Maryah Island. The remaining two projects developed by this Emirati developer are located in Dubai.

Out of the three projects that will be handed over in the next year, Al Raha’s construction work reaches 62% completion. This project features 164 housing units. On the other hand, Al Raha Loft 2 has 110 units. The production of this project is 68% complete. Both these projects are expected to be completed and delivered during H1, 2021. These projects are already listed in numerous property finder portals in the UAE.

Other than above mentioned ones, the company also has projects located in Masdar City that are nearing the completion status. These include the Oasis Residence 1 and Oasis Residence 2. The former features 612 apartments while the latter has 304 units. On the work front, Oasis Residence 1 has reached 54% completion status and is set to be delivered in H2, 2020. Oasis Residence 2 will be delivered in Q2, 2020. The construction work of this project is 15% complete as of yet.

As per CEO of Reportage Properties, Mr Nasser Ali Khamis, the company is committed to complete and deliver these projects on schedule. Although they had to face challenges due to the COVID-19 outbreak, they are working hard to stick to the schedule.

Mr Islam Ahmed Suleiman, COO of Reportage Properties, states that the company recently launched four projects and a steady pace is maintained for their timely completion. Two of these projects (Rakan and Alexis) are located in Dubai and the remaining two (The Gate and Al Maryah Vista) in Abu Dhabi. Phase 1 of The Gate in Masdar City, Abu Dhabi is 12% complete and will be delivered in Q2, 2022.

The Alexis Tower is located in Downtown Jebel Ali and has reached 15% completion status. Expected to be delivered in Q4, 2022, it features 370 luxury units.

The completion of these projects will give more options to people looking for residential properties for sale in Abu Dhabi and Dubai.

All About Real Estate Investor Visas in UAE

3 MIN READ

In previous years, the UAE real estate market has shown tremendous growth due to its increasing ROI and accentuating global appeal. The emirate is continuously attracting investors around the globe due to the strong capital appreciation the emirates vows to the expats.

For the investors, Real Estate investment in Dubai holds significant importance, since the city of gold stores something for everyone – from low & medium range to ultra-luxury properties are available for the interested buyers.

All About UAE Investor Visas

The fact that properties Dubai is home to are unparalleled when it comes to luxury and class can certainly not be denied. This is one of the major reasons investors are keen to invest their money in this city. If you have also been planning to do this, you will have to start the process by getting the UAE investor visa. For this, you will find all the relevant information in this post.
Earlier this year, the emirates announced two long term visas that real estate investors are eligible for. The first one, falling under the General Investor category, is suitable for those who own a diverse investment portfolio as only 40% of their total investments can be made in real estate. The 5-year visa, on the other hand, is explicitly targeted to real estate investors in the emirates.

Let’s take a look at some of the basic rules and regulations regarding the UAE investor visa.

Eligibility Criteria/Pre-Requisites for A 10-Year General Investor Visa Without A Sponsor

It is obligatory for a foreign investor to have at least AED 10M public investment in the UAE so as to get the eligibility for the 10-year long term visa. They can make investments in any of the seven emirates without a sponsor. Here is the list of investment types that are eligible to achieve a long-term real estate investor visa under the General Investor category.

• Starting a new company in any of the Emirates with a capital investment equal to AED 10M.
• Making partnership in a prevailing company by contributing to a share not less than AED 10M.
• Deposits with assets worth at least AED 10M in any Emirate of the UAE.
• As far as real estate investment visa Dubai is concerned, it entails investing AED 10M investment in one of any forms discussed above.

Eligibility Criteria/Pre-Requisites for A 5-Year Real Estate Investor Visa Without A Sponsor

The second category includes a long-term visa 5-year residence visa without a sponsor. The conditions include:
• Investors should make an investment in a property that is not less than AED 5M.
• It is mandatory for the investor to prove that the paid amount is not loaned.
• The property must be reserved for a period of at least three years.

Entrepreneurs, having an existing project with the capital amount of AED 500,000, are also entitled to apply for this visa. A multi-entry visa is also allowed to them for six months, which is subject to renewal after another six months. Apart from this, they can include a partner and three executives, besides involving their spouse and children with this visa.
In the case you want to make the UAE your second home, the government has announced a Golden Card permanent residency visa to encourage entrepreneurship in the region.

Dubai Property Visa Rules

Now that you know about some basic requirements and conditions regarding obtaining a real estate investor visa, there is some other information you should also be aware of. These include details related to the rules that are applicable to a real estate visa for Dubai.
• The investment value of AED 10M is actually the purchase value of your property. It should not be subject to the current market value. For example, the property you buy will not qualify for a visa if you purchased it for AED 9M a few years back and now it is worth AED 10M.
• Investment is also related to property type. Therefore, it’s best for you to contact the Dubai Land Department to find which property types are eligible for the long-term visas.
• Investors should make an investment in those properties that are not in a habitable condition. Any property that is disputed, under construction, or not ready will not be considered for issuing an investor visa. Moreover, the property should not be professed unsafe by the authorities for any purpose to be suitable for an investor visa.
• It is equally paramount that the property should be in a freehold area and you are the legal owner. Investors will not be a rightful owner of the property which belongs to a leasehold area. In such circumstances, you need to mention how many years you are leasing the property.
• The list of properties that are suitable for an investor visa include apartments, serviced apartments, townhouse, villas, office, hotel rooms, hotel apartments and warehouse. So, whether you want to make an investment in Al reef villas or Dubai Marina townhouses, you are eligible for a real estate visa for Dubai. However, off-plan property, leasehold property and disputed property are some types that are not suitable for an investor visa.

In all, since the emirate rules regarding visas keep changing constantly, it is important to consider each and every detail thoroughly before you plan to make an investment in pursuit of a real estate visa.

The Use of Bitcoins in Dubai Property Market – Potentials & Challenges it Poses

3 MIN READ

Key Highlights:

The use of bitcoins growing in Dubai real estate sector.
More developers are now accepting this virtual currency.
The process brings new challenges for currency regulators.

As Dubai, one of the most technologically advanced cities, has gained recognition as a safe haven for investors in the real estate sector, the growing trend of using bitcoins in this city for buying a property comes as a no surprise. Major developers of properties in Dubai accept bitcoins as the payment. It is included in their mode of payment options, which they offer to buyers and/or investors. However, these transactions can’t be completed without the services of a middleman. Despite being an advanced technology, the process of making payments using bitcoins comes with certain complexities in Dubai’s real estate market.

Bitcoins are already used in numerous industries as a mode of payment. However, this digital currency made its way to Dubai’s real estate market in 2017 when Aston Plaza & Residences Development became the first major project to transact in bitcoins. Other developments followed suit and encouraged people to use bitcoins for buying different types of properties including villas, apartments, short term rental residences, etc.

The process, on paper, seems similar to that of using cash to buy a residential property. However, it involves certain complexities due to the fact that transactions made using virtual currency were banned by the UAE Central Bank. Moreover, it doesn’t license financial institutions to process crypto transactions and accept bitcoins as payment. To minimize the complexities associated with the process, a Singaporean crypto exchange Huobi collaborated with a real estate firm in Dubai and devised an alternative solution.

As part of the workaround created by this collaboration, the property investor or buyer would need to sell their digital currency to Huobi. The Singaporean exchange will then be responsible for converting the currency and making payment to the real estate firm in Durhams; thus, streamlining the process a little.

The Right Time to Buy Property Using Bitcoins

As the prices of bitcoins fluctuate, it’s a wise idea to use them to buy property when the prices are high. For this, you will need to keep an eye on bitcoin trends to make an informed decision in this regard. After purchasing them, immediately get them converted to the desired currency that you will use to make the payment.

Currency is Not the Factor to Consider

When it comes to making payment via virtual currency, the currency is not the only factor one must consider. Real estate experts advise buyers and investors to check and verify all the details related to the property before advancing to the payment stage. For instance, the buyer must verify the details of the developer and check their legitimacy. Also, before making the payment, the buyer must confirm that the paperwork is complete and quite transparent. There shouldn’t be any hidden term, condition or clause.

A New Set of Challenges

As per the “Blockchain and Cryptocurrency Regulation 2020”, the UAE Central Bank reserves the rights to take action against business entities dealing in cryptocurrency until new regulations related to the virtual currencies are passed. However, with offshore exchanges as introduced by the collaboration between Huobi and real estate firm in Dubai, the currency regulators are not in the equation anymore.

How Real Estate Can Benefit from Blockchain?

Apart from being used as a mode of payment or currency, bitcoins can prove to be advantageous for the real estate sector in Dubai in other ways as well.

The conventional process of buying a residential property in Dubai requires the presence of numerous parties including banks, notaries, brokers, lawyers, other than buyers and sellers. For both the buyer and seller, it proves to be an added expense to hire these professionals. However, with blockchain technology, this ordeal will be eliminated. This can happen if property records can be hosted on a public blockchain. This initiative will reduce the need for title agencies.

How to Rent a Studio Apartment in Dubai?

3 MIN READ

Among the various types of properties for rent in Dubai, studio apartments garner the maximum interest of renters due to their affordability. These living spaces are suitable for a single resident and; thus, are easily maintainable. Living in such a residence doesn’t require the tenant to take care of extensive maintenance measures. Having said that, finding the perfect studio apartment for rent in Dubai can prove to be an overwhelming fear, especially with multiple residential projects being developed in almost every part of the city.

Follow the process given below to make sure you get your hands on the best studio apartment that completely meets your requirements and suits your budget:

Be Clear About Your Requirements

To begin with, you need to be absolutely clear about your requirements. It will make the process relatively easy and seamless. These requirements include:

Affordability: Analyse your affordability. Set rent limitations and then move ahead with the search process. Consider your monthly income and other expenses you have to bear during this stage.
Size: Size definitely matters when it comes to renting an apartment in Dubai. Even if you are single, the studio apartment needs to be of adequate size so that you can live there conveniently without feeling congested.

Apart from these, any other requirement that you have related to the rental studio apartment, it must be well clear during this phase.

Finalize an Area

The next, and one of the most important, steps is to find an area. Numerous factors come into place in this stage including:

Budget: Needless to say, studio apartments in some areas are expensive as compared to others. This aspect should be considered when finalizing the area.
Accessibility: The area should be connected to other parts of the city. Furthermore, it should have enhanced facilities of public transport in the form of metro or bus stations. So that even if you don’t own a vehicle, you will be able to access different parts of the city easily.
Distance from Workplace: An important aspect that you shouldn’t neglect at any cost is the distance of the area from your workplace. Ideally, both your workplace and the residence i.e. studio apartment should be located in the same vicinity as it will help to keep commutation expenses in control.

Sort Listings

The next step is to sort listings for studio apartments at a reliable property finder portal in Dubai. Apply filters available at Zoom Property’s portal and explore listings of the best apartments in Dubai that fall under your budget bracket. Make a list of studio apartments that you think are suitable for you after sorting listings.

Visit the Shortlisted Studios

After having a list of studio apartments, the next step generally is to visit each one of them and decide if they fit your needs or not. However, before that, you can take virtual tours i.e. 3D walkthroughs right from the comfort of your home to inspect its details. Once you are satisfied with the virtual tour, only then take the pains to visit it physically.

When inspecting a property physically, never make this mistake of rushing into things. You may end up missing out on certain details that can lead to a troublesome situation in the later stages. Also, don’t just base your decision on the aesthetic value of a studio. Inspect every major and minor detail closely, including the size of the apartment, conditions of kitchen and washroom fixtures, etc. during your visit to make a well-informed decision.

Check Amenities, Building Rules, and Other Details

It’s the amenities and facilities available in a studio apartment that elevate the living experience. So, don’t neglect to inspect them as well. Make sure the residents have access to all the amenities and facilities as advertised by the seller. Also, familiarize yourself with the building or community rules. If you plan to relocate to the studio with your pet, ensure the building is pet-friendly. Furthermore, check beforehand if there are some restrictions imposed on using facilities such as limited time for the swimming pool or fitness center.

Sign the Agreement

If you have finalized an apartment and are satisfied with everything (it’s location, price, and facilities available), it’s time to sign the agreement. However, before that, you will need to contact the seller and discuss the payment plan with them. After that, they will ask you for some important documents i.e. Emirates ID, passport, etc. to proceed further.

Be very careful when signing the contract, read each and every clause and don’t hesitate to raise a question if there’s a confusion. It is an even better idea if you are taking the help of a legal expert in this regard.

Ready Property Sales Market in Dubai is Expected to Soar High in H2, 2020

2 MIN READ

Key Highlights:

Ready property market showed an upward trend in H1, 2020
Expected upward movement of the ready property market in the 2nd half of 2020
Increased inquiries recorded for townhouses and villas for sale in Dubai

The first half of 2020 brought with itself unpredictable turbulence that jolted the whole world. Major business sectors suffered losses not only in the UAE but in almost every region in the world due to COVID-19 and Dubai’s real estate sector was not an exception. With declined purchasing power and uncertainty hovering over the real estate market, people were reluctant to make investments. Although demand for bigger spaces such as townhouses and secure villas in Dubai witnessed a surge in the first half, apartments suffered.

Now that we have entered the second half of 2020, real estate experts are of the view that the ready property market is expected to soar high. Despite the fact that the sector was hit hard due to the global pandemic, the ready property market has shown upward trending during the 1st half. If we take states into consideration, there was a 40% increase in inquiries for such properties. Experts believe that these upward movement signs suggest that it is on the verge of soaring high.

They believe that it is due to the uncertainty triggered by COVID-19 that buyers are showing their keenness in ready properties. The fact that a tangible inventory is in front of them, which they can immediately relocate to or rent out is the driving force behind this upward movement.

This expected surge in the ready property market is backed by recent examples of transactions made by major developers for their ready-to-move-in projects. Nakheel recorded transactions worth DH 223 million for the period between March to May by selling luxury villas in Nad Al Sheba & Al Furjan. Villas in these communities come with all sorts of luxuries and amenities. They have parks, retail centers, and other facilities situated nearby. Moreover, cycling tracks, sports club, jogging routes, and other such amenities are also easily accessible by the residents.

Town Square helmed by Nshama is another project in Dubai that has witnessed an upward trend in recent times. Statistics shared by the developer shows that nearly 800 people moved to this project in the 1st half of 2020. The fact that the area features an array of properties and is home to the beautiful, lush green Town Square Dubai Recreational Park also contributed to its success. It also features other facilities such as trampoline parks, outdoor cinemas, skate parks, basketball courts, football pitches, kids play zones, etc.

These examples clearly depict the next turn Dubai’s real estate market is going to take. It is safe to say that ready property is going to be buyers’ first choice in the 2nd half. Among the ready properties available for sale, townhouses and luxury villas in Dubai are expected to receive more inquiries as people are now preferring bigger living spaces as compared to closed and smaller ones. They prefer having green and ample space right at their doorsteps where they can breathe easily in case another pandemic such as COVID-19 surges up.

Where Can I get my Medical Tests Done for the UAE Residence Visa?

3 MIN READ

It is compulsory for every individual to have a residence visa if they plan to live and work in the UAE. Without this, one can’t buy residential properties or invest in any sector, let alone real estate. Furthermore, a person won’t be able to find yourself a job in the UAE if they don’t have a valid residence visa.

Other than that, it offers numerous benefits as well. Residence visa holders can open their bank account in the UAE, apply for personal and car loans with banks, have access to health services offered by the government, etc. Furthermore, they can also search for properties for sale in UAE, if they plan to invest in any of the seven emirates.

There is an extensive procedure one has to go through in order to get a residence visa in the UAE. An integral part of this process is to get your medical tests done. Every applicant is required to undergo a comprehensive set of medical tests to ensure they meet the eligibility criteria as levied by the UAE authorities. These include X-ray and blood tests for HIV, tuberculosis, leprosy, Hepatitis B & C, syphilis, and pregnancy.

In case, the result of an HIV test comes out positive, the applicant is deported as their residence VISA application is denied. If they suffer from other diseases, they are offered different solutions based on the ailment. It can be a treatment, isolation or deportation in some cases as well.

From Where Can You Get Your Medical Tests in Dubai

For the emirates ID and UAE residence visa, you need to get tests done in the emirate you will be staying in. Also, medical tests conducted in any other country are not accepted. The tests need to be done in a government authorized facility, not private centers.

In Dubai, medical tests for residence visa purpose can be done in these facilities:

Airport Medical Clinic
Al Bada’a Health Centre
Al Khawaneej Health Centre
Al Lusaily Health Centre
Al Mankhool Health Centre
Al Muhaisanah
Al Quoz Medical Fitness Center
Al Safa Health Center
Al Satwa Medical Centre
Al Twar Health Centre
Dubai Airport Free Zone Authority
Dubai International Financial Centre
Dubai Knowledge Village Clinic
Emirates Airline
Jebel Ali Health Centre
Karama Medical Fitness Centre
Muhaisnah Medical Fitness Centre
Occupational Health Centre
Rashidiya Medical Fitness Centre
Satwa Medical Fitness Centre
Tawajod Service

Before heading to any of these centers in Dubai, make sure you have gathered all the required information such as their opening and closing hours, types of services offered, eligibility criteria (if any), location, and charges.

Remember the fact that for some tests, samples may be taken at your home. Once you have given the samples and tests are conducted, it will take a few days for the reports to be produced. You will be notified when they are. Then, you can resume your residence visa application in the UAE.

Note: If you live other than Dubai, ensure you have the relevant information about medical facilities located in the particular city or area you will get your medical tests done from.

UAE Authorities Plan to Bring Back 200,000 Residents

3 MIN READ

Due to COVID-19, many countries imposed travel restrictions with international and domestic flights being put on a halt. Although domestic flights were resumed after a while, international flights aren’t yet fully operational. The restrictions imposed on travel led to many residents being stuck outside the country. A lot of people are in a panicking state as they have to pay hotel bills in the place they are currently at and also to manage a property for rent back home in the UAE. To facilitate their return to the UAE, the authorities have come up with an initiative that aims to bring back 200,000 of them.

Federal Authority for Identity & Citizenship (ICA) & Ministry of Foreign Affairs and Cooperation are at the helm of coordinating this initiative. Here’s what you have to do if you are stuck outside the UAE due to the global pandemic:
The first step is to fill out the “Residents Outside the UAE – Entry Permission” form that is available on the ICA website. It is advised against booking any tickets in this stage. Since it is not clear when you are going to get granted an entry permit and how long the process can take, getting a ticket may not prove to be a viable idea. The right thing to do here is to wait till your application is approved and you get an approval id and then buy a ticket.

The form available at ICA website requires a valid Emirates ID, passport and other important details such as birthday, mobile number, nationality, etc. Other than that, you will also be required to upload necessary documents including your UAE residence visa copy and a colored photograph. Along with that, you will also have to upload your passport in digital form.
Lastly, the ICA also needs to know your reason why you left the UAE. Hence, you will have to upload a document containing proof for the same. For example, it can be a letter authorized by your work, medical or educational organisation, depending on your purpose of visit. If the purpose was tourism, you can upload your flight tickets. Make sure each file is compressed and doesn’t exceed the 2MB size. Moreover, the website only allows files to be uploaded in .pdf, .jpeg and .jpg format. When filling the application, you will receive a draft number. In some cases, the application process may get stuck, you can restart your application using the draft number you have.

Once you have filled out the form, review it thoroughly and make sure it doesn’t have any mistakes or you have not entered wrong information in-deliberately. It can halt your process and you may be left stranded outside the UAE for an even longer period. Submit the application after reviewing it. Check your email for the tracking number you have received for this application. This number can help you to know about the status of your application.

The next step is to do nothing but wait for your application approval. As Etihad Airlines & Emirates are operating limited flights that too one way, it can take some time for your application to be approved. However, you can get in touch with ICA on +971600522222 if you are facing any difficulty or you have a concern that needs urgent attention. After you have received an approval number, you can book a ticket to the UAE & board your flight home on the day of the departure. Remember the fact that the process to register at ICA doesn’t require any fee to be submitted. So, you can fill out the form, submit it, and fly home, without having to pay any additional charges.

Are There Still Jobs in the UAE After COVID-19 Situation?

3 MIN READ

Despite the wide spread cuts in jobs in the UAE due to the coronavirus crisis, it might be surprising to find out that there are still job opportunities available. Covid-19 has brought about major changes to the labor market and this has made some jobs irrelevant while some have risen in demand. The economy of the UAE has been visibly shaken, but there are still some industries in the country with considerable economic activities and may even be looking for more people to join their labor force.

How the labor market has changed

The labor market has shifted from what was majorly human-to-human to virtual contact. Almost every activity from interviews to hiring, training and carrying out work is done online. The pandemic has redefined work processes and also the necessary competitive skills needed to stay relevant in the new business world of the UAE.

Before the outbreak of the virus, the UAE relied a lot on workforce that comes from outside the country but the travel bans in place have made employers shift their focus to candidates inside the UAE. Also, many companies are upskilling their current staff all in a bid to make up for the employee shortages they are experiencing.

Since the market has changed, workers also need certain skills to stay relevant in the new labor market.

Workers need to have high adaptability skills since the outbreak has altered the way business is regularly done and even roles in the workplace. This is the time for professionals to learn how to quickly adapt to whatever changes come up.

Emotional intelligence is another skill that will be needed in order to thrive in the post Covid-19 business environment. Employees need to show that they can work well within teams and respond effectively to their own personal emotions and those of others as well.

Another skill that is very crucial is tech smartness. As more and more businesses are transitioning to the digital space, it becomes highly imperative that professionals are up to date with current technology trends in their industry.

Leadership skill is another very important requirement for these times. With remote work being on the rise, more leadership opportunities will be available for employees as some decisions will need to be taken almost instantly. Roles will be changing easily and leadership will be changing hands fluidly.

Employees will also need to brush up their customer service skills as this is already in very high demand since many services are completely carried out online now.

Which professions are relevant?

Although worker displacement has been high in certain industries whose demand have dropped greatly, some however have experienced more demand for their services that many businesses in these high demand industries are experiencing shortage of staff. This is a great opportunity for job seekers and they can find jobs online on platforms like Jobsora.

In the health sector, nurses, doctors and consultants are in high demand. Not only are they needed in hospitals and clinics, they are also needed by corporate bodies as well. For instance, nurses are needed to do daily basic health checks on employees in the corporate world.

In the technology space, those who are skilled in digital product development and management (user interface and user experience), software engineering (mobile development, full stack development, etc.), cyber security, cloud infrastructure, business intelligence and data analytics are in high demand as most companies are undergoing digital transformation in varying degrees.

In finance, credit controllers, financial planners and analysts are being hired in large numbers as companies more than ever before need to make smart financial decisions.

Claim administrators, administrative staff and back end data coders are experiencing a surge in demand in the insurance world as insurance companies are experiencing a high rise in claims.

Demand has greatly risen for drivers, riders and forklift operators in the logistics/e-commerce space as delivery services are greatly needed.

In the home services industry, domestic work, deep cleaning and disinfection services are also in high demand as people are trying to ensure their environments are clean and virus/bacteria free.

Have salaries changed due to Covid-19?

The economy has been severely impacted by the outbreak. Some businesses have been forced to shut down completely and workers in large numbers have lost their jobs. For some businesses who cannot lay off a lot of their workers, they have resolved to salary cuts in order to stay afloat.

Conclusion

The Covid-19 situation definitely brought gloom and doom to economic activities which resulted in a great spike in unemployment. However, there is still hope in the UAE as some industries are actually in need of more workers. People who have been laid off from their previous jobs can seek work in these industries.

Tenants of Dubai: The Circumstances and Opted Solutions

2 MIN READ

Experts in the real estate sector have finally delivered the news tenants have been waiting impatiently to hear. The residential markets will remain tenant friendly in the near future because there will be no rent hike. As per experts, the rents in the residential sector will remain unchanged for a long duration. This is happening because the real estate sector is still stabilizing and due to the current pandemic, there are fewer transactions. Lower sales of properties are causing uncertainty among property analysts as well.

As per the Vice-President of Kamco Invest, properties for rent in UAE have taken one-step-back because of the fall in demand. Prior to the ongoing Covid-19 crisis, the residential sector was starting to recover as the market conditions were favorable. However, under the current circumstances, property experts expect affordability to remain the main theme in the residential segment. As per Kamco estimates approx. 135,350 residential supply units will be added to the GCU during 2020-2021.

According to the analysis conducted by Cavendish Maxwell Property Monitor, we can observe a decline of 10%-14% in the rents. This estimate was for the first quarter of 2020 in comparison with the same time-frame of 2019. According to the estimate, over 6,200 apartments and 800 villas were only handed over in Dubai. Even the Covid-19 rent relief cannot minimize it because the transactions declined to 8700 during the first-quarter of 2020. This decline was 12,444 during the fourth quarter of 2019.

Moreover, the Dubai government is currently drafting a law that will provide a 3-year rental cap to the apartment tenants. This law, if passed, will be similar to the three-year rent-freeze law for properties in Sharjah. If this law is passed the tenants will enjoy a period of three years of no apartment rental hike.

The government is taking this step to cope-up with the ongoing Covid-19 pandemic which is causing job losses and salary cuts. This proposed law has been in discussion since May 2019. Dubai Land Department (DLD) proposed this law to bring greater stability to rental contracts and the real estate sector. Once approved this law will only impact the apartments for rent in Dubai as it doesn’t cover any other real-estate. The main objective of DLD behind this new law is to provide ease to both renters and rentees. Currently, the DLD is providing assistance to both owners and tenants through its Ejari registration.

Co-Living: An Opted Solution for Tenants in Dubai.

As a result of job losses and salary cuts, co-living is gaining popularity in Dubai. Co-living is emerging as the new residential concept during the Covid-19 crisis. As most of the companies are adopting Work from home policies, co-living can provide the ideal setting for young professionals. Living in the same space with your colleagues can also serve as an alternative for renting out an office.

Co-living is already in practice within Dubai as Emaar properties are offering it. Their projects Collective & Collective 2.0 and other Socio projects at Dubai Hills are an example of the co-living concept. Apart from Emaar properties, UNA by Nshama at Town Square and Koa’s Canvas located on Mohammed-Bin-Zayed Road are also offering co-living.

Expert Tips for Renters in Dubai During the Lockdown Phase

3 MIN READ

Although COVID-19 has greatly impacted our routine life and business activities, Dubai renters have found themselves in a better position to explore different opportunities. Before the world was hit by this pandemic, the opportunities were still there but the landlords weren’t as flexible as they are now. There’s more room for negotiation now than ever and other possibilities as well.

Here are some useful tips from experts you can follow if you are looking for a living space for rent in Dubai:

Do More Research

Don’t just settle for results you have gotten from a couple of real estate portals. Do some more research and explore more opportunities through property websites Dubai has to offer. For even better results, the best approach is to get in touch with property firms directly. It will help you to get customized results. As per real estate experts, when a property seeker directly visits a real estate firm, they are more likely to get better offers that meet their requirements & suit their budgets. Surely, browsing listings available on the website is also quite beneficial. However, a little effort to directly reach a property firm may help you to get a better deal.

Look for Spacious Properties

Space wasn’t much of an issue before COVID-19 emerged and confined us to our own homes. For more people, staying indoors for an extended period has gotten them to realize the importance of having a spacious apartment. Being forced to stay in a congested living space further added to the woes of people who were already distressed by the coronavirus. The lesson to learn here is to look for rental properties in Dubai that offer ample space to live and breathe. As a matter of fact, the demand for such properties has increased already. Top real estate firms claim that they have received more inquiries for villas and spacious apartments with balconies as compared to apartments in the recent past.

Although such properties have higher rents as compared to the regular apartments but now that landlords are willing to negotiate and showing flexibility, it may be the right time for you to rent a spacious home for yourself.

Explore More Neighborhoods

Some people just limit their search to a particular set of communities. Since they believe some communities aren’t suitable for them vis-à-vis their budget, they don’t even consider them. However, in today’s time, it may prove to be a viable idea to explore more communities. With a significant dip in rental prices, you can find accommodation that falls in your budget bracket even in seemingly posh communities. For example, you can now look for opportunities in communities such as Silicon Oasis, Al Furjan, Dubai South & Al Khail Heights, etc.

Online Research For Rental Property is Helpful

Relocating to a new home, apartment or villa is certainly not an easy task. With a lot of hassles, it can become quite stress-full. This is why it is advised against rushing into things when selecting one. You obviously wouldn’t want to go through the whole ordeal again. Hence, take some time out to do research about a property you are keen to rent. Online research can prove to be helpful in this regard. Use your social media platforms & other online forums and ask people suggestions about a particular community. You will be flooded with some real responses. It can help you a great deal to make an informed decision.

Select Your Broker Wisely

It goes without saying the broker you have selected holds paramount importance when it comes to finding an ideal rental property. They should be experienced, professional, and have the necessary expertise. Other than that, if you are looking to find a living space in a particular area or set of areas, ensure the broker you have selected specializes in those areas. Not every broker is an expert in every part of the city. Therefore, availing the services of a broker that truly understands

the area where you are looking for a place to rent is highly recommended. They will understand your needs better and offer personalized services.

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Client Testimonials

“We have had a very positive experience with Zoom Property over the last 6 months. Their exceptional customer service is a major part of what keeps us coming back.”
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