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Land Department to handle rental contracts from now

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RERA which was handling this sees a change in its operational role   Dubai: The Dubai Land Department will now be responsible for registering all rental contracts in Dubai, taking over the role from RERA (Real Estate Regulatory Agency). This way, it will also regulate the relationship between property owners and tenants and any other matter related to real estate rental contracts. It follows a new Law regarding the operational role of RERA, issued by […]

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Best rental yields found in Dubai’s new communities

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Dubai stays ahead of global investment hotspots despite price correction   Dubai real estate has offered one of the best rental yields in the world, especially in new communities givING better returns than many major cities around the world. Property Finder’s latest data disclosed that communities such as Meydan and Damac Hills offer gross rental yields of 9.3 per cent and 8.9 per cent, respectively. Dubai Silicon Oasis apartments, meanwhile, provided the highest gross rental […]

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Exploring the legal side of short-term stays

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Developers can point to sales agreements, but DTCM remains licensing authority Dubai: Under the terms of sales and purchase agreements (SPAs) with property buyers, master-developers can enforce any action they deem fit for the greater good of the community. Based on this legal interpretation, Emaar can require property owners not to offer short-term leases within Downtown, citing disturbances for long-term residents from neighbouring apartments being rented for short-term stays. But, legal sources say, issuing licenses […]

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Dubai residential property prices continue to dip

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Residential property prices in Dubai continued to fall, extending the correction process that has been under way for quite some time. While apartment sales prices in the first half of 2019 are 11.7 per cent cheaper than they were two years ago and dropped 3.9 per cent compared to second half 2018, villa prices have become 12.1 per cent cheaper than they were in 2017, according to data in the ‘Property Finder Trends’ report, released […]

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From 7.9% to 6%: UAE banks get kind of generous on mortgages

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Rate cuts offered by some banks on existing loans — but only for one-year terms Dubai: Feel your mortgage payment is getting too heavy on monthly expenses? Chances are the bank might be willing to listen to you More banks in the UAE are offering deals on their existing mortgage loans, where they reduce the interest rate charged for a one-year period. Banking sources say they are doing so because they get to pass on […]

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