Dubai Residents Required To Register Tenancy Contacts From 2012
From 2012, residents of Dubai have to register their tenancy contracts with Dubai Land Department through Ejari system.
People who have Dubai labour permits and residence visas but live in other emirates are not obliged to register their tenancy contract with the land department.
Also, residents of Sharjah, Ajman and other emirates, who are sponsored by Dubai companies or other entities, do not have to register with the land department.
Categories: Living in Dubai Tags: Dubai Land Department, Ejari, Rera, Tenancy
RERA may cancel 90,000 real estate units in Dubai
RERA, Dubai’s real estate watchdog is carrying out a financial review of about 90,000 real estate units due to be delivered over the next five years to assess their viability.
“We are reviewing more than 90,000 units that will come to the market from today to 2016,” Marwan Bin Ghalaita said on the sidelines of a meeting in Dubai.
“Some people do not like the word cancelled, they keep saying delayed, delayed, delayed. Sometimes we have to face the truth and if a project is not good for Dubai then we have to admit and say it is cancelled.”
Categories: Business in Dubai, Living in Dubai Tags: Rera
Housing to get more cheaper in Dubai
Planning to buy your dream home in Dubai or looking for a rental thats easy on your cheque book? The good news is that your best bargain is just around the corner.
A number of local and international research companies have already predicted a decline in rents, but have refrained from giving a percentage fall, citing lack of official data.
Dubai-based Landmark Advisory expects 48,000 new homes due to come on to the market in the next two years, while Colliers International expected 33,000 new units to be added on to the market by 2010-end.
Categories: Living in Dubai Tags: Colliers International, Landmark Advisory, Rera
RERA cancels 202 real estate projects in Dubai
Dubai property doom continues and investors who have been lured in by aggressive marketing campaigns are paying the price for government’s inability to apply effective controls when greedy developers had their filed days.
According to the news, RERA has recently canceled 202 real estate projects in Dubai and won’t allow developers to start new ones without funding them in advance as it works to control supply.
About 33,000 new housing units will be added to Dubai’s market by this year, exacerbating a vacancy rate of around 40 percent, Colliers International estimated. Property prices have fallen by almost 60 percent after banks curtailed lending and speculators left the market.
Categories: Business in Dubai, Living in Dubai Tags: Rera
Falling Rents in Dubai is a myth?
Time and again, there are reports in media that rents in Dubai have nose-dived, giving impression that it has been a tenants’ market now.
A recent article in Arabian Business takes this to next level, quoting Jones Lang LaSalle MENA’s Dubai Real Estate Market Overview, and claiming Dubai rents set to fall further across all sectors in 2010.
With an additional 24,000 units expected to be completed in 2010 and 25,000 units in 2011, there may be an emerging opportunity for both investors and financers in the Dubai residential market as it has already seen a significant level of pricing adjustment in 2009, he added.
Categories: Living in Dubai Tags: Nakheel, Rera
Defaulters of Jumeirah Beach Residence Shunned From Parking
Residents of Jumeirah Beach Residence (JBR) are being turned away from parking in their apartments if they have not paid the hiked maintenance fees.
The property management company, Salwan, has told residents that they need an access card to use the facilities. However, the card is only being given to owners who have paid service charges hiked by 129 per cent.
“They are late in giving these cards anyway,” said Nikki, a resident of Rimal building in JBR. “These access cards were never supposed to be given on the condition that we have paid hiked fees.
Categories: Living in Dubai Tags: Jumeirah Beach Residence, Rera, Salwan
Rera chief says no rent cap this year
Government, in UAE, works in strange ways. In past few weeks we have seen the mayhem and chaos Emirates ID Card registration has created, especially in the expat community.
Recent confusion is created by Rera, Dubai’s Real Estate Regulatory Authority. At end of last year Rera announced the launch of Ejari, its online tenancy registration website, claiming it is going to improval the rental exploitation scenarios. All rental contracts were required to be made through Ejari website, for a certain fee.
However, Rera chief executive has now announced that rent cap is not required in this year due to the global downturn.
Categories: Living in Dubai Tags: Ejari, Rera