Posts tagged: homes

The tourism industry has become the second largest economically lucrative market for Bermuda. On top of this, the financial boom for Bermuda is sustaining due to the low direct taxation on the corporate or personal income.

Even though the financial aspects are pretty much positive for Bermuda, but accommodation has become an issue for the locals. For this reason, the Bermudian listings market is not so attractive for the international real estate. The Bermudian rentals are pretty attractive for the buyers as the figure rounds about to $2.6 million for an average property with a minimal tax of 22 percent. The total amount stands at $3 million which is cheaper in comparison to the international rentals. But this price is completely ruled out as the Bermudian real estate for sale is pretty much preserved for the housing and accommodation of Bermudian only. Due to this situation, the international listings and international exchange of Bermuda are owned by the Government in order to regulate and limit the foreign ownership of the land.

The real estate in Bermuda is suffering in terms of the foreign occupation because Bermuda measures 2 miles wide and 22 miles long. The land area for Bermuda is only about 21 square miles which makes only one-third of Washington DC size. The Bermudian land barely provides accommodation to its 66,000 citizens. So this leaves no room for the non-Bermudians. Although there are about 37% of the non-Bermudian who hold the property in Bermuda, this trend has been limited in order to create more opportunities for the local people.

To restrict the Bermudian market only for the local people, a law was introduced according to which if a person is not a Bermudian, then he or she is restricted. If still a person wants to be native of this country and buy a property, then he or she will have to marry the opposite sex and remain married for at least 10 years. In addition to this, Bermudian for sale restrictions have been issued which include the following points:

1) As per the Bermudian law, the local Bermudian could transfer or sell the property to other Bermudians only.

2) Non-Bermudians are allowed to sell their property to other non-Bermudians or Bermudians.

3) There is a limited value of $2 million fixed for non-Bermudians and they cannot buy any property under this value.

4) Raw land purchase is prohibited to non-Bermudians.

5) The restricted person mentioned in the above law includes corporations, trusts and partnerships.

6) If a non-Bermudian owns a property, he should not think of it as a path to citizenship.

Real estate in Bermuda is no wonder a treat for everyone, but the limitations and structure of this island sure makes a difference.

The UAE banking sector is still in recovery stage, post the 2008-09 real estate crisis in Dubai. However, the financial performance of the banks has stabilised especially over the past couple of years. The UAE banks, particularly Dubai based banks, are facing asset quality challenges, as reflected in their high proportion of non-performing loans and low level of provisions. On the other hand, Abu Dhabi based banks appear relatively less challenged from these issues due to their relatively lower exposure to real estate and higher exposure to oil based industries, which did well amid favourable oil price environment.

The key concerns related to the UAE banks include i) concentration in loans and deposits, ii) high proportion of related party exposures, iii) limited data transparency/availability, and iv) stiff industry competition. Moreover, the performance of the UAE banks has been constrained by the still recovering real estate and construction sectors. Although the banks maintain a strong presence in their local markets, the banking sector has limited diversification and displays concentration in terms of geographies, products, and customers.

That said, most of the UAE based banks benefit from strong ownership structure backed by local governments. In addition, most of these banks are in the process of restructuring their problem loans. The economy of Dubai has shown encouraging growth in the past two years. All key sectors of the economy including real estate, trade, tourism, and services have shown a considerable improvement. The improved performance of the core sectors would result in re-classification of some of non-performing loans as performing loans, which would reduce stress on the banking sector in the medium term.

Recent political unrest in some countries in the MENA region has benefited UAE, owing to its safe haven status in the region. Dubai has strengthened its position as a regional financial hub and has become a key channel for investment across the MENA region. This has directly helped local banks. The key characteristics of the UAE banking sector are as follows.

i) Strong links to local governments: The UAE banking sector has been strongly dominated by the governments of Abu Dhabi and Dubai. The ruling families are also actively involved through their investments in the country, typically through their holding companies. The government’s significant involvement in the UAE banking system proved beneficial during the global financial crisis. The authorities responded quickly when needed and supported local banks in 2008 and early 2009. The UAE Central Bank has provided liquidity support as well as deposits to banks in the past to alleviate funding pressure. Markets expect a continuous support to the UAE banks from local governments in future, if needed.

ii) Strong capitalization: The UAE banking sector exhibits a very strong level of capitalization. Its capital levels are supported by consistent profitability, strong earnings retention, and equity injections from the government in times of need. Total capital adequacy ratio of the sector has exceeded 20% over the past three years, the highest in the Gulf Cooperation Council countries. However, the high capital levels are also justified by some banks’ high share of non-performing loans, which requires a higher level of capital than the average.

iii) Weak asset quality: The UAE banks are challenged by weak asset quality. Most of the banks based in Dubai have shown very high level of non-performing loans and insufficient provisions. Moody’s expects non-performing loans of the UAE banks to remain in 10%-12% range in 2013. The agency also stated that despite recovery in core industries, the non performing loans are unlikely to reduce rapidly in the medium term due to banks’ large exposure to troubled borrowers, especially in the real estate industry.

iv) Dependence on oil prices and global macro-economic conditions: The performance of the UAE economy, especially Abu Dhabi, largely depends on oil prices. Any sudden fall in oil prices could result in lower public spending by the Abu Dhabi government. This could impact the performance of Abu Dhabi based banks, which have largely been involved in financing government directed projects. Also, in the event of a sharp decline in oil prices, the resulting economic downturn may further impact lending activities of the banks. On the other hand, Dubai largely derives its growth from real estate, trade, tourism, and services industry. The performance of most of these sectors is linked to global economy. Any deterioration in global macroeconomic environment would directly impact Dubai’s economy and its banking sector.

v) Limited credit differentiation: It is hard to differentiate between UAE banks just by looking at their credit metrics. Most of these banks are closely linked to local governments. The differences in asset quality and franchise value are the only primary distinguishing factors for the banks in the country.

vi) High competition: The UAE is an overbanked region. There are 51 banks currently operating in the UAE. This has resulted in stiff industry competition and has pressurized net interest margins of the banks.

A guide for film enthusiasts wishing to film from the UAE’s skies.

Its Dubai 2016, and although we do not have flying cars and hover boards (at least, not real ones), we do have flight drones, and lots of them. While most people who own high-end models of drone aircraft do so for professional use, an increasing number of people have purchased the machines simply as toys. What many of them do not know (including a large number of film production companies in Dubai) is that drone usage with a camera within the UAE is illegal, without the correct permissions and permits.

Recently The UAE General Civil Aviation Authority (GCAA) has asked light air sports enthusiasts, including drone enthusiasts, to fly their aircraft only in accredited clubs approved by the authority to address safety and security issues. Most notably, the GCAA also warned drone hobbyists against equipping their vehicles with laser devices, cameras and other projection devices. Doing so could result in your equipment being confiscated by the police with a hefty fine. So what are the basic rules?

Well all flying should take place within the visual line of sight of the user and not above 400 ft from ground level without the use of visual aids, such as binoculars and within the aircraft’s operational range.

Fly only during daytime and in good weather conditions and do not under any circumstances fly within five kilometers from any airports, helipads, landing areas or manned aircraft. Do not fly near any buildings, houses, private properties or persons and finally, unless you have approval do not fly for commercial purposes.

For filmmakers, film and media production companies in Dubai and other commercial users, drone pilots should get a No-Objection Certificate (NOC) from the Dubai Civil Aviation Authority (DCAA). This letter can be obtained after registration, pre-assessment and prior approval from the Dubai Film and TV Commission (DFTC).

It is essential to note that throughout the UAE there are laws pertaining to drone flying and not just Dubai, so you need to check with the corresponding emirate before taking off. Each emirate may have slightly different rules and regulations. Because this is a relatively new area of interest, local rules and laws may for a while be in a state of flux and subject to change; therefore it is essential to check with the DFCT and the DCAA before you start filming with your drone.

A New Way to Own a Vacation Home – For the Select Few: Fractional ownership of vacation homes, also called private residence clubs, is a relatively new concept that allows you to enjoy four to 12 weeks of home ownership privileges per year at an upscale, luxury resort but at a fraction of the cost of whole ownership.

If you want to own an impressive second home complete with personalized services and located in an expensive resort area but can’t quite justify the expense because you’ll only be using it a few weeks or months of the year, this type of real estate arrangement may appeal to you.

Amenities Galore

Most private residence clubs offer extensive amenities. These may include an extravagant clubhouse and spa, plus five-star hotel services, the kind you couldn’t expect to have in a wholly-owned vacation home, high-end condo or timeshare.

Imagine this: You are going on vacation and you call ahead to the staff at your private residence club home. At your request, the staff shops for your groceries, dry-cleans your clothing, makes your restaurant reservations, heats your private splash pool, and places knick-knacks and favorite pictures of family members around your residence. You are met at the airport by a staff person who shuttles you to your home where a just-detailed Jaguar is sitting in your parking space for use at your disposal.

Get the picture? Private residence clubs are NOT your ordinary second home.

Outstanding Locations

Fractionals or residence clubs have sprung up in exclusive, world-class resort destinations worldwide. St. Thomas, Virgin Islands, Puerta Vallarta and Mexico are popular locations.

In the U.S., the first fractionals were in major ski areas out west, particularly Colorado where real estate was so costly that wholly-owned second homes were out of the question for most people. Eventually they spread to northeastern ski areas. Since then fractionals have begun appearing in golf-oriented communities like Hilton Head Island, South Carolina and popular beach states like Florida.

Some of the most popular fractionals can be found in Jupiter, FL; Aspen Highlands, Bachelor Gulch, and Aspen Snowmass, CO; Lake Tahoe, CA; and Whistler, British Columbia. Fractionals located in the U.S. usually offer good access to major airports that allows for easy transportation arrangements.

Management by Five-Star Companies

The key to the success of fractionals is their professional management. Most are operated by well-respected hospitality companies known worldwide for their world-class resorts. Among them are Ritz Carlton, Four Seasons, Starwood, Intrawest and Millennium, brands known for their five-star services and amenities.

Hassle-free Ownership

Part of the appeal of fractionals is that they are completely hassle free. In addition to having a staff for personalized service at your disposal, at a private residence club you never have to worry about repairs, maintenance or housekeeping. Everything is included in the price and annual fees and taken care of by the professional management company.

Appreciation Potential

To date there have been very few fractional resort developments. The demand is high. As a result, it is likely there will be substantial appreciation, rather than the depreciation that usually occurs with timeshares.

Real estate experts say that the outlook for investment appreciation appears excellent. You can expect at the very least an appreciation parity against other real estate in the resort area in which the fractional is located.

Prices

To buy a fractional, you pay a one-time purchase price and then a yearly upkeep fee that covers all of the expenses associated with property ownership and its use and services.

What do fractionals cost? Prices vary based on the size, amenities and location of the individual property. But most are in the $100,000-$500,000 range. Keep in mind that these are truly top-of-the-line homes that would cost you two to five times as much if purchased outright as wholly-owned vacation homes.

Comparison of Fractionals to Timeshares

How do fractionals compare with timeshares? They really don’t. Fractionals are far more exclusive and include many more luxury amenities and services than timeshares. They tend to be larger homes, usually three to five bedrooms. Timeshares usually allow you use for just one to two weeks per year. Fractionals offer from two to 13 weeks, and those don’t necessarily have to be consecutive weeks. Pick the weeks you want.

With regard to financing, obtaining a bank or mortgage company loan on a timeshare is difficult. Rates are high, regardless of how good your credit. That’s because it’s a well-known fact that most timeshares depreciate over time. Conversely, banks and mortgage firms consider fractionals to be appreciating assets and will often treat them like any other second-home purchase.

Why do fractionals tend to appreciate while timeshares usually depreciate? There are a couple of reasons. With fractionals, more of the buyer’s dollar goes to high quality finishes and “bricks and mortar” vs. sales commissions which can be as high as 40%-50% with timeshares.

Furthermore, timeshare values have historically been poor because of the large number of resales on the market, not to mention a continuous stream of new developments. The fact is the secondary market for timeshares has never really developed.

Conversely, there are a limited number of fractionals on the market. Most likely, that number will stay small because fractionals are built in only the very best, most highly desirable locations. Therefore, demand outpaces supply and results in property appreciation.

Comparison of Fractionals to Condo Hotels

Fractionals (private residence clubs) differ from condo hotels in that you have a set amount of time when you can use your vacation home. Condo hotels are in fact, condos located within hotels. You can use your unit whenever you want, and place it in the rental program when not using it. Fractionals do not offer rental program participation.

Fractionals tend to be larger than most condo hotel units. Most fractionals offer three to five bedrooms, while most condo hotel units are studios, one bedrooms or two bedrooms. Currently, most condo hotels are located in Miami and other surrounding cities in South Florida. Fractionals are most prevalent on the West Coast, particularly in ski areas. However, both types of real estate are rapidly gaining popularity and soon there will likely be more of a supply across the country to meet the growing demand.

Affiliate marketing is a business model which rewards ‘affiliates’ for the promotion of other people’s products on the internet. By sending website traffic to various products and services, affiliate marketers can earn a living from the sale of goods and services on the internet.

But not everyone is cut out for this kind of work. It involves working by yourself for quite a bit of time. There’s various technical skills you’ll need to learn such as website building, running adverts and connecting various software together to make your online business work.

Even though there’s been huge leaps in technology lately, meaning there’s less technical hassle involved, some people just won’t have the patience for this. Even if you find a community of help and support, there’s still a lot to learn and it isn’t for everyone.

Expect to work between 6 months and a year before you see any results at all, too. This is pretty tough, especially if you don’t fully believe in what you’re doing. There’s a fair amount of trial and error with affiliate marketing. Most people will give up too early and never see the fruits of their efforts.

For those who stick, there are great rewards to be earned. But they are earned. Not in the conventional way of earning money by trading your time for it, but in overcoming barriers to success. You need to have a fair amount of tenacity and patience. It’s not like a job where you get paid every month initially. So, if you’re used to trading time for money and getting paid every month, don’t give up the day job just yet!

Affiliate marketing is a business and not an employment. You need to drop any entitlement attitude which may be buried in your mind. You can’t expect any reward unless you actually have had it! If something isn’t working, you need to take stock and change your habits. It took me years before I saw any tangible results from affiliate marketing. I just refused to quit!

There are of course faster ways to benefit from affiliate marketing. Getting the right training and education from the start can make the most difference. If you’re going the wrong way, no amount of hard work will matter. I spent quite a bit of time here, being a busy fool; not knowing that what I was doing wouldn’t yield any results at all. I did many online training courses before I found the right one.

There’s a lot of mental challenges too, when it comes to making an internet business work. Some people are in a better place to face these than others. If you’ve already run a business, for example, you’ll have a better understanding of an online business. For years I thought I could just concentrate on the activities which I enjoyed. I later realised that this was what held me back. You need to learn and grow with your business; otherwise the glass ceiling of your business will always be you.

Who do you hang around with? There’s a saying that your income can be determined by the average of your 10 closest friends. Again, this can have massive implications on whether your internet business is successful or not. Who do you listen to and ask advice from? Is it business leaders who are making 6 figures? Or, more likely it is someone doing a regular job who is massively sceptical of anything different.

How do you perceive yourself? Self image has a lot to do with success too, whatever area of life you want to be successful in.

Affiliate marketing is a great business model. But not everyone will see this. If your circle of influence is sceptical of it, chances are this will rub off. It’s very difficult building a business if part of your mind doesn’t believe in it, or in yourself.

Then there’s the obvious monetary barriers to entry. When I started looking at affiliate marketing I was in a lot of financial trouble. I had a very deeply ingrained poverty consciousness, and real financial hardship. So a lot of affiliate business courses and software were out of reach for me. I started with the cheaper ones and as a result made slow progress. I wasn’t able to use paid marketing strategies, so I had to use content marketing. This takes a long time and results are never guaranteed.

If you’re trying to build a business and simultaneously fighting with a massive poverty consciousness and are terrified about spending even a tiny portion of what you have, I wouldn’t recommend affiliate marketing.

There’s a saying in the trading world “Scared money is lost money”. The same can be said of affiliate marketing. If you’re using money for your business which you’re terrified of losing, you’re much more likely to lose it.

On the other hand, if you can afford to spend some money each month on your business, and grow it slowly, your chances of success are far greater. Starting with an income already is really a necessity with an online business. It’s hard building stability in a business on shifting sand.

When I started affiliate marketing, I didn’t have regular work. As a result, I concentrated on the activities which were free to do. This is a very slow tactic. Although I eventually made progress, it was much slower than the affiliates who use paid marketing and start in employment. It’s not impossible, but very slow.

Saying that, I also think that if you’ve got time, and little money, then affiliate marketing is a good thing to focus on. You just need to find strategies which match your own specific situation and circumstance.

Data entry is considered to be an excellent job at home due to the fact that anybody who wants to earn extra cash or a profitable business could fit into these jobs. It is an excellent choice of those who are knowledgeable in computer, accurate typing skills and English fluency. Before engaging in this job, however, there are important issues in preparation for the possible job you will acquire.

The first item that you should have is your own personal computer with a fast internet access. You must have your own computer because it would be very difficult for you to finish the assignment on time if you are sharing the computer with the rest of the family. Your competence will also be seriously influenced. Every time you work for a certain job, you must log in first because you are being paid based on the amount of time spend working on that project.

If you desire to do well in this job, you should sharpen your abilities in different computer programs applicable to the presentation of your job. It is not adequate that you have typing skills. You must also have skills in terms of computer operation and skillful in different computer programs in order to meet the demands of clients and quality of the product. Always be aware of latest programs and do the initiative in upgrading your talents.

As our technologies progresses, the updates also regarding computer virus and bugs follow. Therefore, there is a necessity that you have the most advance anti-virus or firewall software program to protect your computer and other files since all operations uses an internet. And the last issue you must consider is joining in a legitimate and helpful program so that all of your doubts and questions about the these jobs are answered. Be cautious in selecting programs because there are crooks in cyberspace. The National Data Entry is a well-known tutorial program that provides services worldwide since 2006. If you really are interested in penetrating these jobs, check on their website further information.

If you are looking to sell real estate in Jamaica, you can do so by attending the Real Estate Salesman’s Course #100H that is offered at the University of Technology, Jamaica. After passing the course, you are required to go through a few background checks to ensure you don’t have any skeletons in your closet. The final step is an interview with the Jamaica Real Estate Board to get final approval for you to become a Sales Agent.

Salesman’s Course #100H

This course is four weeks full time at the Faculty of the Built Environment, University of Technology, Jamaica. It offers material that is necessary for you to become an efficient agent in the local market, because what you don’t know can hurt you. You will be trained to handle transactions for Jamaica Properties such as Sales, Rentals and Leases.

Background Checks

The nature of the industry involves huge monetary transactions and in such a field you might find persons of a dishonest nature. In order to protect persons and their assets from thing like fraud, a background check is done on each applicant for a license approval, one of these checks is a police report.

The Interview With The Board

After gathering all the documents from your background check, you should submit these documents and attend an interview with an officer from the real estate board that puts the final stamp of approval on you application to become a sales agent in Jamaica.

Start Selling

After you have passed the exams and checks to practice in Jamaica legally, in most cases you must be employed to a licensed Dealer in Jamaica. There are some exceptions where persons can sell properties without being licensed but you should check the Jamaica real estate Act for the conditions.

Parkway Vistas, a luxurious residential development located at the highly anticipated Dubai Hills Estate, the mixed-use joint mega-project between Meraas Holding and Emaar Properties in Mohammed Bin Rashid City.

Parkway Vistas features an exclusive collection of 61 magnificent villas consisting of spacious six to seven bedrooms layouts. These beautiful villas are available in two sophisticated designs: Modern or Contemporary Arabesque. Residents can experience maximum comfort and convenience with the wide range of exclusive facilities and premium amenities that complement these residences.

Boasting a cutting-edge architecture, an elegant design, and superior finish, the villas display unparalleled class and refinement. Highlighted with top-of-the-line fixtures, natural sunlight flooding through floor-to-ceiling glass windows, and large balconies overlooking the surrounding lush landscapes and private gardens, these marvelous residences create a soothing yet vibrant ambiance.

Cutting-edge architecture, elegant design, superior finish, top-of-the-line fixtures, natural sunlight flooding through floor-to-ceiling glass windows, and large balconies overlooking the surrounding lush landscapes and private gardens are some of details that complete the interiors of these marvelous residences.

Specifically curated for the most discerning buyers, these stunning villas offer expansive indoor and outdoor living spaces that are perfect for family living. Built within a vibrant yet serene environment, these superb homes are a haven for residents to experience a mixture of modern luxury and healthy living through the extensive variety of lifestyle, leisure, and sports amenities available within their reach.

Dubai Hills Estate is one of Dubai’s most spectacular new developments. Situated between the two major thoroughfares of Al Khail Road and Mohammed Bin Zayed Road, Dubai Hills Estate is an extensive residential and lifestyle development comprising villas, low-rise apartments and townhouses. It is the first phase in the massive Mohammed Bin Rashid City project, that has aptly earned the moniker of ‘city within a city’ because of the grand scope of the development.

In addition to the residential projects, Dubai Hills Estate will also contain an 18-hole championship golf course, nature trails, hotels, resorts and the Dubai Hills Mall, which is expected to be on the scale of the massive Mall of the Emirates in the neighboring Al Barsha district.

Dubai Hills Estate is in a prime location, benefiting from quick and easy access to Dubai’s other urban hotspots such as Downtown Dubai and Dubai Marina.

The Lifestyle

With rolling greenery on all sides and tree-lined drives leading to and from the area, Dubai Hills Estate is meant to be enjoyed at a leisurely pace. It is a self-sufficient community in its own right, with a variety of residence types that makes it well suited for families and individuals alike.

Highlights

Dubai Hills Mall

The Dubai Hills Mall is a massive retail and entertainment complex being constructed on the northern edge of Hills Estate. It is expected to be larger than the neighboring Mall of the Emirates upon completion, and to become Dubai’s premier shopping destination.

Golf Club

The immense championship golf course will be the centerpiece of Hills Estate, giving residents a place to relax, relieve stress and enjoy some fantastic views of the city skyline.

Complaints regarding the hike in rents from Dubai residents are rising due to unreasonable increases being demanded by the landlord. There is no federal law determining the rent cap, each emirate has its own separate laws.

For the emirate of Dubai, Law No. 26 of 2007 regulates the relationship between landlord and the tenant and provides for regulations in regards to rent. In respect of rent, the Union Supreme Court has stated that “the effect of the provisions of a contract of lease (tenancy contract) as set out in articles 742 et seq. of the Civil Code is that rent is payable in consideration of the enjoyment of the thing leased.”

(It should be noted that the Dubai Law No. 26 of 2007 is applicable all over Dubai except for the areas that are covered by the DIFC zone as the real property in the DIFC zone is regulated by the DIFC Law No. 4 of 2007).

The law defines rent as a specified amount of consideration which the tenant is bound to pay according to the tenancy contract. The tenancy contract is the contract by which the landlord is committed to enable tenant to benefit from the property for the specified purpose and period against specified consideration and thus the amount of rent is to be specified in the contract and shall remain the same till the expiration of the said contract.

Further the law provides for the determination of the rent value in case the same is not provided for in the tenancy contract or where the rent is determined but it is not possible to evidence the same. In such cases the Committee i.e. the Judicial Committee authorized to settle disputes between landlords and tenants, is to determine the rent of the property so leased in accordance with the ‘similar rent’. The ‘similar rent’ is to be specified by the committee in accordance with the standards of specifying the rent increase percentage applied by the Real Estate Regulatory Agency (RERA). Also, the general economic circumstances in the Emirate, the status of the property, market rent in the same area and existing legislation are all factors that have to be taken into consideration when determining the similar rent. RERA is to set out criteria to determine the rent increase rates in the Emirate, in accordance with the general economic conditions therein.

Any dispute regarding the rent of leased premises is to be referred to the committee as the jurisdiction of the committee includes all such disputes.

Upon the expiry of the tenancy contract, it is to be renewed for a similar period and during the renewal the landlord may amend the contractual terms. He may review the rent which he may either maintain at the same rental amount or he may increase or decrease it. The rent so increased or decreased would be valid for the period of the tenancy contract. For the tenancy contract to continue to be in force it is essential that the tenant consents to the terms so amended by the landlord, if the parties do not reach an agreement, the Committee may decide a fair rent. If either party to the tenancy contract wishes to amend any of its conditions then he must notify the same to the other party not less than 90 days prior to expiry date but this condition may be nullified by agreement of the landlord and the tenant.

The law also sets a ceiling limit to the increase in the rent by the landlord so that landlords do not take advantage of the vulnerable position of tenants and exploit them by unreasonable increases in the rent rates. Also the rent may not be increased during a tenancy contract. It can be increased only after the expiry of the previous contract, and therefore the rent is to remain for a period of one year starting from the commencement of the tenancy contract.

Further the Dubai Decree No. 62 of 2009 concerning rental prices in the emirate of Dubai has fixed the maximum increase in the rents of properties in the Emirate of Dubai according to the average rent of properties in the same area and the percentage of the difference between the average rent and the present rent. Thus depending on the difference the increase may be up to the following limit:

i. zero increase of rent in the case the rent is up to 25% less than the average rent of properties of similar specifications;
ii. 5% of the applicable rent in the case the rent is 26% to 35% less than the average rent of properties of similar specifications;
iii. 10% of the applicable rent in case the rent is 36% to 45% less than the average rent of properties of similar specifications;
iv. 15% of the applicable rent in case the rent is 46% to 55% less than the average rent of properties of similar specifications; and
v. 20% of the applicable rent in case the rent is over 55% less than the average rent of properties of similar specifications.
Apart from this the government of Dubai has provided us with an online rental increase calculator on the following website: http://www.dubailand.gov.ae/english/Tanzeem/Rentals/Rental_Increase_Calculator.aspx

The above mentioned website of the government provides for a service to calculate increase percentages in order to obtain rental values in certain areas as a guiding tool. All that the user has to do to use this service is to select the calculator from the website and enter the required details and then he/she shall be provided with the increase cap and average rental for the requested area and unit.

Tips on avoiding an illegal rent hike:

1. Make sure that the landlord has given a notice in writing to you of the proposed rental increase not less than 90 days before the end of tenancy contract.
2. Check that the amount of the increase accords with the RERA rent calculator for your property.
3. If you cannot reach an agreement with your landlord on the amount of the rent increase make an application to the Rent Committee.

Capital Appreciation

Dubai properties have risen by more than 20% in the past 2 years – Dubai property is still set to see estimated growth in excess of 12% per annum

Tax Free

No Capital Gains Tax, No Income Tax or Inheritance Tax

Dubai Property Prices

Dubai properties are still far cheaper than most major cities – if you could invest in London Docklands 10 years ago would you? Yes

Demand vs Supply

85,000 Dubai Properties are being built per year – 52,000 Residency permits are applied for every month! The supply of Dubai properties isnot expected to meet the demand for years to come Dubai property Rental Rates Rental rates in Dubai have increased vastly year on year with increases between 20% – 40% in the last 2 years alone

Tourism

The increase in tourism is clear for everyone to see

1.9 Million Visitors in 2000

5.4 Million Visitors in 2005

15 Million Visitors expected by 2010

Dubai will be a Worldwide destination

Dubai is creating a destination with something for everyone – From beautiful beaches, largest shopping malls in the world to the spectacular Dubailand development, 3 times the size of Disney World in Florida and much much more…

Attractive Exchange Rate

The UAE Dirham is pegged to the US Dollor

Dubai’s Business District

Dubai is the business hub of the Middle East, with a 24 hour stock exchange and Business Bay under way, Dubai’s Manhattan! Offering prime commercial & residential investment opportunities

And then to top it off of course, year round sunshine and a cosmopolitan lifestyle with an array of entertainment options to suit every taste.