Dubai is known for its luxurious lifestyle and ultra-modern real estate developments, attracting high-net-worth individuals from all around the world. With the market booming, it’s not surprising that many real estate professionals in Dubai offer ultra-premium services to cater to their elite clientele. In this article, we’ll discuss the various services that ultra-premium agencies provide.
Finding Real Estate
The first and foremost service that ultra-premium agencies offer is help in finding the perfect property for their clients. These teams have a team of experienced and knowledgeable professionals who have in-depth knowledge of the local market. They will assist you in narrowing down your search based on your requirements and preferences, such as location, size, and amenities.
These agencies have access to the most exclusive and high-end properties that are not available to the general public. They also provide their clients with virtual tours, 3D models, and detailed development descriptions to help them make informed decisions.
Evaluating Real Estate as an Investment ROI
Investing in real estate in the emirate can be a lucrative opportunity, and ultra-premium property agencies understand this better than anyone else. They provide their clients with in-depth analysis and evaluation of the potential ROI of the properties they are interested in.
Such teams have access to the latest market data and analysis tools to help their clients make the best decisions. They facilitate evaluating the expected rental income, unit appreciation, and the associated risks. This is essential in making an informed decision when putting capital in the city’s market.
The city has been a popular choice among buy-to-let investors due to its position as a major tourist and business hub, with a huge rental housing market that operates as a separate business sector. In the first quarter of 2022, the metropolis registered over 160,000 rental agreements, of which over half of them being new contracts. The one-year rental agreements accounted for almost 80% of the total, while one-bedroom apartments were the most popular rental units, followed by two-bedroom apartments. The most sought-after rental options in villas and townhouses were three-bedroom units, while four-bedroom properties were rented less actively. Each of the metropolis area offers unique prices and ROI rates, with some of them being more profitable than the others.
Brokers assist investors in choosing the best option based on their preferences, goals, and budget. They provide valuable insights on the most popular and profitable neighbourhoods, as well as comparable housing data in the same area for under-construction projects. They also gather information on the differences between long-term and short-term rentals, which impact ROI rates. For instance, short-term leases in highly sought-after areas yield a higher ROI of up to 11-13% per year, allowing investors to recover acquisition costs within 8-10 years, while long-term leases can take 14-20 years to break even. Transport accessibility and proximity to key points of the city and infrastructure are also essential factors to consider when choosing a district. This as well as many other things may be clarified during a consultation with a professional broker.
Transaction Deal Support
The process of buying or selling a property can be overwhelming, especially for those who are not familiar with the local market. Ultra-premium real estate agencies provide their clients with comprehensive transaction deal support to ensure a smooth and hassle-free process.
These agencies have a team of experienced legal professionals who will handle all the legal aspects of the transaction, including contract preparation, negotiation, and closing. They will also provide their clients with financial consultations on the matter.
For a foreigner, property transaction deals can be especially tricky, having to get acquainted with the legislation of the country. The process of buying a property in the emirate involves several legal steps:
- First, it is essential to find a reliable RERA certified agent who will guide you through the process and help you overcome any potential challenges. The process depends on several factors, such as the type of purchase, whether it is a cash or mortgage purchase, a ready or off-plan units, and whether you are buying from an individual owner, company, or developer.
- The next legal step is to prepare a Memorandum of Understanding (MOU) or Form F that outlines the terms of sale and is signed by both parties.
- Then, the seller applies for a No Objection Certificate (NOC) from the developer, which indicates that all service charges and fees are cleared, and the developer has no objection to the sale.
- Finally, both parties attend the transfer at the Dubai Land Department office, where the buyer pays the registration trustee fees and broker fees, and the DLD issues the new title deed to the buyer.
The entire process can take anywhere from one to three weeks to complete.