Hi Zeeshan could you please advise me the following:-
-How does u predict the property prices by the first quarter of next year will remain the same or how many % increases.
- I have property under my name, suppose i die without endorsement of my property how the ownership will be? Will it be easy to transfer to my family? What is the procedure?
-Is the seller responsible to pay the agency fee of sold property or the buyer as I found some agency asking 2% fee from buyer but another doesn't.
-I heard that we can apply for UAE nationality (passport) but not citizenship if we own property in Dubai for the specific period of time. How is relevancy of this rumour?
Regarding your first question about property prices in the first quarter of the next year, to be honest no one will be able to give you an exact prediction of what is going to happen with the property market but according to my inclination the prices will not fluctuate much, there is not a great chance of them going down further neither are we likely to observe a huge upward trend. Prices are nearly next to their original launch values in many places therefore I would like to speculate that at most we will see a 5% change, could be upward or downward depending on locality. One recent report suggested that the market has nearly bottomed out and the number of viewings of apartments are on the increase but the actually sale volume is still somewhat low. Another report suggested that the supply of property is greater than demand and therefore the correction period will continue until the demand surpasses supply so as I mentioned before it’s a tricky situation but not a bad time at all to invest. Rental yield is very good around 10% or more so I am in more favour of buying now.
Regarding Inheritance laws, if you have not prepared your attested will as yet then I would strongly suggest preparing one and definitely getting it attested from the court. Since UAE is an Islamic country therefore in my knowledge Islamic laws will prevail in such matters and there is a clear understanding of distribution of assets and wealth in Islam. I would still recommend contacting a lawyer in this matter as they will be able to guide you in a better way. But as I mentioned above that if you have a prepared and attested will then you are playing it safe.
Most agencies generally charge the buyer a 2% commission on a successful sale of a property but in some cases the agencies charge bother buyers and sellers an amount determined by them. Some agencies even charge 3% and some occasionally give a discount of 1% I have yet to come across an agency which only charges the seller and nothing to the buyer. All in all agencies have the flexibility to determine the rate they are going to charge and whether they would like to charge the buyer or seller or both. But this does not mean that they can charge obnoxious amounts for commissions and I am sure if they are charging superficially high amounts then they can be challenged in the court (RERA)
Regarding your rumour about the passport, its not correct. You can only apply for the residence visa on your own passport provided the property value you are purchasing is over one million darhams in Dubai. This visa will be required to be renewed every six months and you are not allowed to work on this visa. You can live in Dubai freely with the visa and open an operate bank accounts and that is pretty much everything you can do with the residency visa. UAE government is extremely strict about issuing new passports to anyone and only the ruler of Dubai can grant this permission. The visa issue has been discussed in a previous post here: http://www.bayut.com/community/answers/law__solicitors/residency_visa-4.html
You can also search for visa in the search box and will find all relevant posts.
Hope this helps and all the best in your ventures.
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