Mortgage News

Best Waterfront Living Communities In Dubai

Waterfront homes provide therapy to both the mind and body and are the epitome of luxury living. And Dubai is packed with some top-notch waterfront communities built to satisfy your desires. From waking up to the beautiful view of the beach to watching the sunset over the creek, Here is a list of the best waterfront properties in Dubai: Palm Jumeirah The famous man-made island is home to Dubai’s most lavish beachfront homes. Live in one of the most daring developments in the world, home to luxurious resorts and 2,600 apartments on the shoreline alone. Living in Palm Jumeirah offers prime residential options along with excellent facilities and of course, the most unparalleled views. The Palm itself is known for Dubai’s most exquisite villas with a starting price of 13M. Living with your private beach and having the world’s most famous restaurants at bay. Emaar Beachfront There’s nothing like living in 1 to 4 bedroom luxury apartments while enjoying the crystal-blue waters of the Arabian Gulf and views of Dubai Marina. That is exactly what Emaar Beachfront has to offer, the city’s newest residential attraction. Due to its prime location, residents will have easy access to the beaches, Dubai Maria Yacht Club, restaurants, and the marina mall. The project consists of 1-3 luxury bedroom apartments with a starting price of 1.6M Jumeirah Beach Residence Nothing beats living in the iconic Jumeirah Beach Residence. From a glittering nightlife to a plethora of dining and entertainment options to choose from, JBR is Dubai’s most sought-after beachfront community. Residents can find everything they need at their doorstep. It is also super close to all of Dubai’s major highways, with easy access to the Metro and Dubai Marina Mall. Bluewater Residence If you enjoy the peace away from the city noise, Bluewaters Residence is the place for you! Home to the world’s largest Ferris wheel, Ain Dubai, and just a walking distannce from Dubai’s most fine-dine restaurants and an array of distinctive residential, retail, hospitality, and entertainment concepts. Starting from AED 2.3 million, you can reside in any of the 10 apartment buildings, 4 penthouses, and 17 townhouses. Dubai Water Canal Dubai Water Canal is a 3.2K long waterway that extends from the Creek through Business Bay, before finding its way back to the Arabian Gulf. Nearby you’ll find the magnificent V Hotel and Hilton Dubai as well as several dining and entertainment options. For those looking to move to the heart of the city, Dubai Water Canal has several studios to 4-bed options to choose from for both sale and lease. Residents can enjoy evening dog walks, runs, and much more! Dubai Creek Harbour Dubai Creek Harbour offers spectacular views of Dubai’s skyline, cultural offerings, shopping districts, and much more! It even has its own private beach! The premium waterfront community offers spacious 1-4 bedroom apartments with luminous interiors and breathtaking views, starting from AED 1.28M. Port De La Mer Port De La Mer is a one-of-a-kind island retreat within the busy city. It is the first freehold master community in Jumeirah consisting of ultra-lavish 1-4 beds and high-end amenities with a starting price of 1.8M. Inspired by the allure of the Mediterranean, residents can find an easy-going lifestyle here with panoramic views of the open sea and Dubai’s famous skyline. What’s unique about this community is that it can be reached by both land and sea. So for those who love to be out in the water, a spectacular coastline leisure experience waits. It is also minutes away from Dubai Mall and Dubai’s International Airport. Related articles:1. New Residential Projects in Dubai2. The 11 Best Family-Friendly Communities in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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What Documents Do I Need Before I Sell My Property?

So you’ve decided to sell a property, it could be your current home or an investment one. Either way, you’re ultimate goal is to set a high selling price (in line with current market rates) and go through the sale process in a fast and easy manner. To do both, you must first make sure that all your documentation is up to date, ready and by your side before you put up the For Sale board. Here is a list of all the documents you need to have in place before listing your property for sale: 1. Personal Documents The first and most important of all documents are your personal documents. UAE residents must have a valid passport, resident visa and Emirates ID, updated with your latest information. Whereas non-residents must only have their passport is up to date and valid. 2. Updated Title Deed On Dubai Rest App To sell your property, you need to have an updated Title Deed. This is an important step, as some landlords who bought their properties a few years back will need to update their title deed to the new format which is listed on the Dubai Rest App with an updated QR code. The Dubai Rest App is a smart platform that is designed for all Real Estate transactions across Dubai. Once you download the app, you can upload all your contact information and documents related to your property that facilitates the sale. Another crucial factor is updating all your personal information on the Dubai Rest App. You wouldn’t want all your approval mails to be going to the wrong address or number? 3. Non-Objection Certificate From The Developers And Dubai Municipality Before selling your home, a signed NOC is needed for all the work you’ve done in your house; extensions, upgrades, and any other changes done must be approved via the Developer and the Dubai Municipality. Getting your NOC can be a time-consuming process, so it’s always best to get these documents and approvals ready before you list your villa for sale. It also helps you get the best price for your sale 4. Receipts Of Any Updates And Modifications To keep the value of your property at the best possible sale price, collect all and any receipts that you have accumulated over the years of any upgrades done to the house; this includes flooring, bathroom, kitchen, garden and maintenance, which can add value to your property during the time of your valuation. If you’re looking at embarking on a journey of selling your property, we hope these documents have given you a bit of understanding of what you need to gather before you start. Related articles:1. What Documents Do I Need Before I Sell My Property?2. How much does buying a home really cost in Dubai? Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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What you need to know about mandatory life insurance for your UAE home loan

Life insurance is compulsory when you take a mortgage in the UAE. Whether or not you are aware of it, you will pay for life insurance in one way or another when you acquire a home loan in the UAE. For most banks it is charged monthly, separate to the loan. Some banks increase their interest rate to cover the monthly insurance premium and some banks will make you pay the policy in advance. In the case of married couples, if the property and mortgage is only in the name of the working partner; it is not compulsory for the non-working spouse to obtain life insurance but most advisors recommended at least partial coverage. If the spouse is on the title some banks insist on all applicants of the loan being covered regardless of who is the income earner. CRITICAL ILLNESS COVER (CIC) Most life insurance advisors also recommend Critical Illness Cover (CIC) which will cover your mortgage payments for a period of time in case you are diagnosed with a serious illness and are unable to work. Critical Illness Cover (CIC) is not mandatory in the UAE and can be expensive if you are beyond your twenties so most advisors recommend enough CIC insurance to cover the loan repayments for a few years to enable you to stay in the property while you recover or give you time to sell the property. COST OF LIFE INSURANCE Life insurance premium payments are an ongoing cost of mortgaged home ownership that needs to be factored within your budget. Life insurance costs are minimal for an average loan for non-smokers under the age of 40. However costs can increase exponentially with your age, your health and the amount insured. Any pre-existing medical conditions legally must be disclosed to your life insurance advisor. If you fail to disclose them, this could be grounds to reject your claim. Meaning your family may not receive the insurance payout when they need it most. YOUR COUNTRY OF ORIGIN Your age, occupation and medical history can all affect the cost of your life insurance. But so can your country of origin. In general those from western countries enjoy lower life insurance premiums. Even if you hold a western passport, if you have not lived in that country for more than 10 years, some insurance underwriters may consider where you have lived for most of your life as your country of origin. SMOKER vs NON SMOKER Insurance premiums can increase significantly depending whether or not you are a smoker. You are considered a smoker if you have consumed any form of nicotine in the last 12 months. This includes cigarettes, cigars, Shisha, electronic cigarettes, nicotine gum, and patches. BANK IN-HOUSE INSURANCE POLICIES vs EXTERNAL POLICIES Typically banks have their own in-house life insurance policy underwritten by major international life insurance companies. In some cases, getting an external life insurance policy can be considerably cheaper; especially if you are young and healthy. Some banks will allow you to source your own external insurance. Some won’t. Some will allow you to assign an existing life insurance policy to the bank as long as the total amount insured is enough to payout your mortgage in full. External policies have the added benefit of being portable; meaning you can transfer them to another property or to another bank. Should you become ill in the future you may not be able to secure life insurance at a reasonable cost or at all which could prevent you from obtaining a mortgage in the UAE. An external policy secured today while you are healthy could be hugely valuable in the future. PRE-PAID LIFE INSURANCE POLICIES Some UAE banks will insist on you paying for a 25 year life insurance policy and add the cost of this to your loan. While this saves you the monthly insurance premiums, it can literally add tens & even hundreds of thousands of dirhams to your mortgage; instantly reducing your equity. Proponents of this type of pre-paid insurance policy will point out that you are effectively fixing your insurance premiums at today’s rate but you need to consider the fact that you will pay interest on this extra amount for the life of the loan which makes it considerably more expensive. Also should your loan not run its full term (if you wish to sell or wish to refinance your property with a different bank) you will only receive a partial refund of your pre-paid policy. Should your loan only last a few years this can be VERY expensive. DECREASING TERM POLICY vs LEVEL TERM POLICY With some life insurance policies the amount insured reduces over time as your mortgage decreases. These are know as a “Decreasing Term” policy. While the payable premium remains the same, the amount insured actually decreases as the mortgage decreases. With “Level Term” policies, the sum insured remains the same of the life of policy and does not decrease as the loan decreases. In general Decreasing Term life insurance policies are specifically designed for mortgage protection and are considerably cheaper than Level Term policies. If you are seeking family protection you should consider a level term policy which should be be done separately to your life insurance policy associated with your mortgage. Related articles:1. What are rent-to-own schemes in Dubai?2. Top 5 Things to Consider When Buying a Villa in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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What drives demand for luxury homes in dubai?

Dubai has long been a popular destination for real estate investors, and with good reason. It has a lot to offer, especially to high-net-worth individuals (HNWIs) looking to invest in luxury properties. Today, there is an even wider range of options to choose from ranging from extravagant mansions to sleek high-rise apartments. And as the emirate continues to grow and develop, more and more luxury properties are being built. And snapped up at an increasing rate. There are several reasons for this growing demand. In this post, we’ll be discussing the top seven with some accompanying numbers and facts. Over the years, Dubai’s economy has been consistently growing and diversified which is supported by a diverse range of industries, including tourism, finance, and trade. The first three quarters of 2022 saw Dubai’s GDP grow 4.6% from last year, reaching AED307.5 billion. In the coming years, this number is expected to continue to grow. This economic growth has attracted a large number of businesses and investors to the city, which has in turn increased demand for luxury properties. Robust economy Attractive tax policies Dubai is known for its favorable tax policies, which have made it a popular destination for those looking to invest in luxury real estate. Both residents and non-residents can benefit from the city’s tax-free environment, which includes a lack of annual property tax, income tax, capital gains tax, rental revenue tax, and value-added tax. This means that investors can keep more of the profits from their real estate investments, making Dubai an especially attractive place to invest. Dubai is renowned for its competitive property costs and taxes, which are among the lowest globally. While the Dubai Land Department did increase property transfer fees to 4% in 2013, this rate remains significantly lower compared to other markets. This favorable pricing structure makes Dubai an attractive destination for real estate investment. World-class infrastructure Dubai has made significant investments in the development of the city’s infrastructure over the years. This includes the construction of modern transportation systems, such as the Dubai Metro and the Dubai Tram, as well as superior telecommunications and a well-developed energy infrastructure, with a reliable power supply and modern utilities. These investments in infrastructure have helped to make Dubai an attractive destination for foreign investors, particularly in the real estate sector. The city’s modern infrastructure makes it easier for businesses to operate and for people to live, work, and play, which in turn makes it more attractive to potential investors. A major hub for tourism Dubai is one of the most popular tourist destinations in the world, drawing visitors from all over the world. One reason is the city’s strategic location. Dubai is located in the United Arab Emirates (UAE), which is a major hub for trade in the Middle East. This strategic location makes it easy for tourists to visit Dubai from other parts of the world. During the first half of 2022, it attracted over 7 million international visitors. With a wide range of attractions, Dubai has something for everyone, including world-class shopping, dining, and entertainment. The strong tourism industry in Dubai has made it an attractive location for those looking to purchase a luxury property as a second home or investment property. A safe and secure environment In the past few years, Dubai has consistently ranked among the world’s safest cities because of its low crime rates. For the safety of its citizens and visitors, the government has put in place a range of measures, including strict laws and penalties for crimes. In addition, the city is protected against natural disasters, which is an important factor for anyone looking to invest in real estate or relocate there. In fact, the United Arab Emirates as a whole has been ranked as the second safest country in the world by the World Economic Forum, making it an ideal destination for those who value safety and security. Strong rental returns Dubai’s robust economy and strong potential for long-term financial returns make it an attractive destination for property investment. The city’s high rental yields, which average 7%. Significantly higher than those in other major global markets such as London, Hong Kong, Sydney, and Singapore. This means that investing in properties in Dubai can provide investors with a higher rate of return compared to these other cities. Additionally, Dubai’s popularity as a destination for property investment, particularly in the luxury market, makes it a stable choice for long-term financial growth. If you are considering purchasing a luxury property in Dubai, our team has the expertise and resources to help you. Get in touch today. Related articles:1. What are rent-to-own schemes in Dubai?2. Top 5 Things to Consider When Buying a Villa in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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How To Verify the authenticity of your title deed

Real property is a leading investment option in our economy, and while it is important to look out for and recognize the right opportunities – it is equally crucial that you are vigilant when it comes to the paperwork. Being a smart investor means doing the due diligence before investing your money, time and effort in a property. As either a buyer or a tenant, it is imperative to verify the authenticity of proof of ownership (title deed for completed properties; a good for off-plan properties) before placing a security deposit cheque and signing a contract as you have to be certain that the property is free from encumbrance, a court case, or any legal impediment. You should also be able to recognize the warning signs of investment fraud. This piece of legal document is the major requirement in every step of the way in leasing or buying a property: i.e registering for Ejari and utilities, obtaining a move-in permit, No Objection Certificate for resale from the Developer, utility & service charges clearance certificate and/or mortgage application, just to name a few. The Dubai Land Department – on its own objective to provide all information in one place –makes it easier and more convenient for everyone to check the authenticity of the Title Deed. This is part of efforts to contribute to the enhancement of the competitiveness of the real estate market in Dubai and moves it to excellence by establishing the principles of transparency and professional standards. Checking the authenticity of your title deed is just one click away, so make sure it is the first step in investing right. How to check the authenticity of your title deed: 1- Install Dubai Rest from your mobile app store or go to www.dubailand.gov.ae 2- Select Title Deed Verification from the home page of Dubai Rest or DLD website. 3- Provide the title deed information such as: 4- Click on the Validate tab to see the title deed status, whether it is: valid, mortgaged, restrained, blocked, or invalid. That is all there is to it. One simple step before you invest. Related articles:1. Mortgage Preapprovals Vs. Prequalifications: Which Should You Get?2. 10 Tips for a Stress-Free Move to Dubai as An Expat Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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What are rent-to-own schemes in Dubai?

With Dubai’s property market witnessing a steady flow of new supply, developers have created attractive payment plans in a bid to capture the attention of buyers to purchase built up stock. Rent-to-own schemes are gaining popularity amongst buyers, assisting them in getting into their first home faster by removing the pressure of a large down-payment. For developers, this initiative provides access to a wider pool of buyers, who may not otherwise have the up front capital to purchase otherwise – a mutually beneficial arrangement. What is rent to own? Each rent-to-own scheme is unique but, simply put, it’s an agreement between a developer and buyer where the equivalent of rental payments are used toward a down payment. This arrangement allows a buyer to simultaneously pay rent and “save” for a down payment. Other schemes are on a longer time span, such as 20 years. The amount required up front is about 5% or less, and instead of obtaining a mortgage, monthly payments are made to the developer and the property is paid off that way. An upfront payment is required (though substantially lower than the 25% required to secure a mortgage plus additional upfront costs) and once the contracted timeframe has passed, the buyer can choose to purchase the property, or exit the agreement. The rent is typically higher than the market’s rate considering the convenience factor for the buyer, but the premium could be justified if you otherwise would not be able to save for a deposit. Two types of agreements Is this a legal arrangement? Yes. The Dubai Land Department (DLD) launched the rent-to-own (Ijarah) service, a specific title deed register to provide a clear legal framework to facilitate such transactions. How does rent-to-own differ from a mortgage? Buying a home via a bank mortgage is common practice, but the main hurdle faced by Dubai residents is the requirement for a minimum 25% down-payment, per UAE Central Bank regulations. In addition to this, there are further upfront transaction costs that must be accounted for. The key difference between a rent-to-own scheme and a mortgage is the upfront payment required. Upfront costs for a mortgage: Upfront costs for a rent-to-own scheme: Benefits of rent-to-own What to watch out for How does the payment plan for rent-to-own schemes look? The payment plan under each rent-to-own scheme is unique as the terms are individually decided under a contract between the developer and the buyer. Whilst the DLD has issued guidelines and associated fees regarding registration, financing, transfer and cancellation of rent-to-own contracts, the schemes created to date have been developed individually, on a case by case basis. What should be included in a rent-to-own contract? What are the fees for rent-to-own schemes? As determined by the DLD, the following fees are applicable when entering a rent-to-own contract: Seller (Developer) fees: Buyer fees: Related articles:1. What are rent-to-own schemes in Dubai?2. Top 5 Things to Consider When Buying a Villa in Dubai Stay tuned for more fascinating insights on UAE Mortgage trends:Website | Linkedin | Instagram | Facebook

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