Buying overseas real estate, such as flats in Dubai, can be motivated by a desire to settle somewhere permanently or just by the desire to make a good and lucrative investment. But proper care should always be taken in order to prevent the value of the purchased housing from declining. This can be done both on your own without some kind of help, by renting the unit out, as well as by selecting a special agency.
Investment into overseas real estate
In spite of the recession and economic crisis, investing in apartments in the United Arab Emirates may be profitable and rewarding, especially when it comes to purchasing a residence in Dubai. However, at the same time, it becomes challenging to keep track of the purchase if you are not relocating to the country. Additionally, busy business people or retirees find it difficult to put the process into practise. You can look for a tenant to bring in some money (especially that in the country, renting out private properties is not taxed and does not require a special license). But how can you keep an eye on the tenant’s conscientiousness? How to stay up to date with changes in government regulations, rental rates, etc. There is a solution. The process should be managed by suitably qualified agencies.
These licenced agenciesare engaged in foreign real estate rentals inside and out. As a result, theycharge between 10% and 20% of income for this type of service. But you do not have to worry about any simple or complicated issues in connection with the rent. The specialists will replace the socket, fix the faucet, change light bulbs or repair a piece of furniture at the request of the tenant. You won’t be involved. Additionally, they will deal with difficulties like unpaid bills, litigation, and generally fully represent you without your presence. They will also communicate with security services, utilities, etc. for you.
A complete list of servicesoffered by theseagencies includes:
- Tracking offers from property developers and real estate agencies;
- Inventory control;
- Registration of rental agreements;
- Organizational issues when tenants move in (showing the property to a potential tenant);
- Inspectionof the premises when tenants moveout;
- Payments for utility services;
- Property appraisalduring the sale, purchase, or lease;
- Legal advice on all questions regarding rent;
- Connection of necessary utilities and disconnection of unnecessary services;
- Repair and maintenance;
- The renewal of the rental agreement;
- Making the unit’s pictures of high-quality;
- Searching for tenants, conducting interviews, collecting recommendations;
- Drawing up an agreement;
- Accepting monthly payments;
- Transferring payments to the homeowner;
- Key collection from the developer;
Details and specifics of the agency’s work
When drawing up an agreement, the home owner should carefully consider the fact that a foreign resident may opt out ofsome services or do them on his or her own. Additionally, managers may be entrusted with carrying out an agreement with a UAE bank where money will be received. They can also transfer the received funds using the received payment details to any other bank in the world.
Online real estate purchases
The United Arab Emirates is a modern and advanced country that actively introduces technologies for non-residents. You can buy villas and apartments online in addition to managing your assets from places hundreds of kilometers away.This process includes finding a home, negotiating with the developer or home owner, and closing the transaction.
The Dubai REST platform, a comprehensive online solution for a full property management cycle, was introduced in Dubai in 2018. You can use this system to purchase and sell property in Dubai from anywhere in the world. You can communicate with the developer or owner using the system’s integrated audio and video messages. The system is available for citizens of Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan. You can do a property check there and receive the information in encrypted form.Dubai REST also allows you to transfer funds to an escrow account. Money will be transferred to the given details from this account.
It is highly convenient because the platform is designed as a mobile application. The idea for this programme came from His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai. The introduction of Dubai REST is connected to environmental concerns because less paper is used for documents when using Dubai REST. Moreover, it is available 24/7, which speeds the process up. Access to mortgage offers is its other feature. Neither the borrower nor the bank requires a face-to-face meeting. The bank offers the loan amount through the application, adds it to the account, or takes it out during the sale.
The app also replaces the services of the companies we talked about above. You can rent a property and pay for utilities, housekeeping, maintenance, repairs, etc. with its help. In fact, Dubai REST leaves managers with almost no work. An additional benefit is the ability to contact design studios, furniture and decor firms through the application and provide them with an online plan of an apartment or villa.
This multifunctional application will also help in legal matters. With it, you can get information on transactions in a certain location in Dubai and determine the relative costs of renting and buying.
The UAE is now creating sales solutions based on blockchain and artificial intelligence technologies. If using cryptocurrencies to pay for the purchase of real estate is currently illegal, it is likely that it will be legalised soon.
Online auctions are another step towards the future in Dubai. There are also house sales available.
The prices of the auction in rubles, euros, dollars, and dirhams will not change even though you won’t be physically present throughout the participation. It is guaranteed that the price of the apartments will not be set artificially.The only factor influencing it will be market demand.
In order to participate in the online auction, you need to register. For that, you need to make a deposit of 50,000 AED for residents of the UAE and 70,000 for non-residents.
Application with investment maps
This is another essential tool for investors. It allows you to view all unfinished projects in Dubai. Investment Map combines Google search technology with the most up-to-date information. Through this safe and secure government platform, you may track the development of infrastructure, starting with the excavation phase, and make an reasoned decision.
- Opportunity to place your units on the map;
- Reliable communication between a real estate developer and a potential buyer;
- The usage of proven
And this app puts you in touch with a third-party appraiser if you intend to purchase, sell, or rent a residential or commercial property and you need an independent expert. You can choose from a list of accredited and reliable appraisers that you will find in the application. The appraiser can either accept or reject your request here, and you can communicate with him as well.
So, according to Emirates.Estate, modern technologies and specialised companies make life really easier, both if you aren’t ready to relocate permanently to Dubai or if you don’t want to make a living of Arab real estate.
We hope you found this blog post on How to manage property long distance in Dubai useful. Be sure to check out our post on Things To Look For Before Buying An Apartment In Dubai for more great tips!
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