Uncategorized

Luxury Spaces > Uncategorized

Category: Uncategorized

luxuryspaces.co
CategoriesUncategorized

Top Branded Residential Properties in Dubai

By Luxury Spaces,

Top Branded Residential Properties in Dubai

Dubai, known for its luxurious atmosphere, innovative spirit, and opulent offerings, has transformed city living with its collection of branded residences. These exclusive properties blend the prestige of world-renowned brands with refined high-end living, providing residents with an unmatched lifestyle. Featuring everything from famous hotels extending their brand into residential offerings to partnerships with leading designers and architects, Dubai’s branded residences represent the pinnacle of luxury. This guide explores some of the best branded residences in Dubai, showcasing their unique features and explaining why they are among the city’s most desirable properties.

The Burj Khalifa Residence by Armani

Within the iconic Burj Khalifa, the Armani Residences stand as a testament to luxury living in Dubai. These prestigious homes, conceived by fashion legend Giorgio Armani, exude refined taste and sophistication. Inside, residents experience a blend of contemporary design and lavish comfort, highlighted by custom-designed furniture, premium materials, and a minimalist design language synonymous with the Armani brand.

What Makes It Unique:

Located in a highly desirable area within the Burj Khalifa, it provides extraordinary views of Dubai.

Experience the Armani Hotel’s lavish offerings, including a rejuvenating spa, exceptional restaurants, and a tranquil private library.

Residents benefit from custom-tailored services, such as a personal concierge, regular housekeeping, and dining within their own space.

Residing at the Armani Residences offers a lifestyle beyond mere property ownership; it represents the height of luxurious living and sophisticated design within a globally recognized landmark.

The Residences Dorchester Collection Dubai

In the heart of Business Bay, Omniyat’s The Residences Dorchester Collection brings the prestigious Dorchester name to Dubai. Designed by the acclaimed French designers Gilles & Boissier, these homes embody luxurious living. Each residence showcases bespoke interiors, generous ceiling heights, and breathtaking views that encompass the Dubai Canal and the dynamic cityscape.

What Makes It Unique:

This benefits from an association with the Dorchester brand, known for its enduring commitment to luxury and exceptional service.

Situated in a top-tier Business Bay location, it’s just a short distance from the Dubai Mall, Burj Khalifa, and other notable landmarks.

Personalized interiors are available for residents, allowing them to create a home that perfectly reflects their individual style.

The Residences Dorchester Collection in Dubai presents a sophisticated living environment, harmoniously merging the refined aesthetic of British design with the lively atmosphere of its urban setting, establishing it as a premier location.

Bulgari Residences Dubai

Situated on the prestigious Jumeirah Bay Island, the Bulgari Residences form part of the Bulgari Resort and Residences complex—a true testament to exceptional design and luxurious living. Created by Meraas in partnership with the celebrated Italian brand Bulgari, these homes provide an exclusive blend of seclusion, tranquility, and opulence. The development features a selection of mansions, villas, and apartments, each carefully crafted with exceptional detail, embodying Bulgari’s heritage of artistry and refined style.

What Makes It Unique:

Located on a secluded island, the property boasts spectacular views encompassing the Arabian Gulf and the Dubai cityscape.

The Bulgari Resort provides its guests with access to a private beach, a marina, and several distinctive restaurants.

Interiors infused with luxurious Italian accents and a contemporary design sensibility create a uniquely elegant living space.

Within one of Dubai’s most desirable addresses, the Bulgari Residences provide a tranquil retreat from the urban bustle, offering residents an unmatched experience of luxury and exclusivity.

The Royal Atlantis Residences

Situated on the prestigious Palm Jumeirah, The Royal Atlantis Residences provide an exceptional lifestyle blending opulence, privacy, and cutting-edge design. Created by Kerzner International, the renowned developers of the iconic Atlantis, The Palm, these homes are crafted for the most selective clientele. The property features a diverse selection of apartments, penthouses, and villas, each showcasing stunning vistas and lavish interiors.

What Makes It Unique:

The architectural plans were developed by Kohn Pedersen Fox Associates, a firm with a reputation for creating iconic buildings across the globe.

The Atlantis Resort provides guests with access to its many features, including a choice of sophisticated restaurants, an extensive water park for all ages, and a remarkable aquarium showcasing diverse marine life.

A truly exceptional sky pool showcases panoramic views of both the Palm Jumeirah and the Arabian Gulf.

Situated on the Palm Jumeirah, the Royal Atlantis Residences offer an exclusive living experience characterized by exceptional service, world-class amenities, and stunning design, establishing it as a premier Dubai address.

Luxury apartments at W Residences, located on the Palm Jumeirah in Dubai.

Situated on the renowned Palm Jumeirah, W Residences in Dubai presents a distinctive combination of luxurious living and modern aesthetics. Operated by the internationally acclaimed W Hotels brand, these homes are recognized for their lively and diverse character. The development comprises a select collection of upscale apartments and penthouses, each providing breathtaking vistas of the Arabian Gulf and Dubai’s cityscape.

What Makes It Unique:

Residents benefit from direct private beach access at this Palm Jumeirah beachfront property.

Inside, you’ll find a design aesthetic that’s both bold and fun, a hallmark of W Hotels, complemented by premium materials and the latest technology.

The W Hotel offers a range of facilities for guests to use, including a fitness center, spa services, and several dining options.

Situated in one of Dubai’s most iconic areas, W Residences Dubai – The Palm provides a contemporary and vibrant living experience for those who appreciate luxury and an energetic atmosphere.

Five Palm Jumeirah Residences

Experience a unique blend of luxury, style, and entertainment at Five Palm Jumeirah Residences, situated on the world-famous Palm Jumeirah. Managed by the acclaimed Five Hotels and Resorts, these residences offer a dynamic lifestyle within a breathtaking beachfront locale. A variety of apartments and penthouses are available, all designed with contemporary elegance in mind and boasting panoramic views encompassing the Arabian Gulf and Dubai Marina.

What Makes It Unique:

Situated on the Palm Jumeirah’s lively beachfront, with immediate access to a private beach.

Guests can enjoy a lively atmosphere and take advantage of Five Hotel’s diverse entertainment venues, including nightclubs, restaurants, and beach clubs.

Luxury and modern living are embodied in these stylish interiors, complete with premium finishes and contemporary amenities.

Five Palm Jumeirah Residences offer a distinctive lifestyle, merging luxurious amenities with a vibrant and exciting setting, appealing to individuals who enjoy being immersed in the heart of the action.

The Address Residences Fountain Views

For a truly luxurious experience in Downtown Dubai, look no further than the Address Residences Fountain Views. This Emaar development, a part of the prestigious Address Hotels + Resorts portfolio, offers residents breathtaking views of the iconic Burj Khalifa and the mesmerizing Dubai Fountain. Each residence is fully furnished and equipped with top-of-the-line appliances, providing a hassle-free and sophisticated living environment.

What Makes It Unique:

There is direct access to The Dubai Mall, recognized as one of the world’s premier shopping and entertainment venues.

Experience unparalleled views of the iconic Burj Khalifa and the captivating Dubai Fountain, all within the comfort of your residence.

Guests can enjoy the various amenities at The Address Hotel, such as a spa, a fitness center, and several restaurants.

Living at the Address Residences Fountain Views means enjoying a life of luxury and ease in Dubai’s vibrant center, perfectly suited for those who prioritize prime location, upscale amenities, and effortless living.

SLS Residences Dubai

The SLS Residences in Downtown Dubai offer a blend of contemporary luxury and innovative design. Developed by Roya Lifestyle Developments with Ennismore, this project brings the iconic SLS brand to the city. The residences boast generous layouts, upscale finishes, and remarkable views of the city, including the Burj Khalifa.

What Makes It Unique:

Centrally located in Downtown Dubai, offering proximity to prominent attractions and business centers.

The rooftop infinity pool offers residents spectacular views across the cityscape.

Modern luxury defines these interiors, showcasing high ceilings, floor-to-ceiling windows, and the latest in appliance technology.

At SLS Residences Dubai, residents experience sophisticated urban living in a contemporary and opulent setting, ideal for those who value cutting-edge design and upscale amenities in a central location.

Conclusion

Dubai’s branded residences define luxury living, combining exquisite design, world-class amenities, and outstanding service. From the elegant Armani Residences to the exclusive Bulgari Residences and the vibrant W Residences, Dubai offers a range of options to suit different tastes. These residences are more than just homes; they represent a luxurious, sophisticated, and exclusive lifestyle. As Dubai continues to grow, these properties will remain leaders in the city’s real estate market, setting the standard for upscale living in this dynamic global hub.

luxuryspaces.co
CategoriesUncategorized

What is the estimated cost of selling a property in Dubai?

By Luxury Spaces,

What is the estimated cost of selling a property in Dubai?

Selling a property in Dubai isn’t as straightforward as it might seem. While you may envision simply posting a property listing online and receiving offers from eager buyers, the reality is more complex. The Dubai property market can be challenging to navigate, especially without proper preparation. A crucial part of this preparation is understanding the associated costs of selling a property in Dubai.

This guide will detail the expenses incurred when selling a property in Dubai, covering all property types, including completed, mortgaged, and under-construction properties.

The True Cost of Selling Property in Dubai

Ready to sell your Dubai property? Avoid unexpected costs. This comprehensive guide outlines the true expenses associated with selling property in Dubai, ensuring a transparent and stress-free experience.

1. The Cost of a No-Objection Certificate in Dubai

Before selling your Dubai property, you’ll need a No Objection Certificate (NOC) from the developer. This document confirms that all outstanding service charges are settled and that the developer has no objections to the sale. The NOC typically costs between AED 500 and AED 5,000 + VAT, and is usually paid by the seller. To ensure a smooth property sale in the UAE, understanding the NOC acquisition process is crucial.

1. Agency fees for selling cost in dubai

Before selling your Dubai property, you’ll need a No Objection Certificate (NOC) from the developer. This document confirms that all outstanding service charges are settled and that the developer has no objections to the sale. The NOC typically costs between AED 500 and AED 5,000 + VAT, and is usually paid by the seller. To ensure a smooth property sale in the UAE, understanding the NOC acquisition process is crucial.

2. Agency fees for selling cost in dubai

In addition to other costs, sellers in Dubai may need to pay a fee to their real estate agent. While online marketplaces offer a convenient way to list properties, working with a seasoned agent can be a game-changer. These professionals possess the expertise to navigate the complex Dubai real estate market and secure optimal deals. Their services typically come with a commission fee.Sellers in Dubai can benefit from partnering with a real estate agency to boost their property’s exposure and reach a wider pool of qualified buyers. Typically, real estate agents in Dubai charge a commission of 2% of the sale price, plus a 5% value-added tax (VAT), unless otherwise agreed upon in the contract.In Dubai, property sellers use Form A, a RERA form, to officially appoint a real estate agent. This form also specifies the commission percentage the seller will pay the agent upon a successful sale.

Tip: Before you sign, read over and comprehend the terms!

Don’t overlook realtor fees when calculating the total cost of selling your Dubai property.

3. Dubai land department fees

When selling property in Dubai, sellers need to factor in the Dubai Land Department (DLD) fee. This fee, typically 4% of the property’s sale value, is a standard charge imposed by the DLD to oversee real estate transactions in Dubai. While it’s often split between the buyer and seller, the exact percentage each party pays depends on the specific terms outlined in their sale and purchase agreement.

4. Sales progression fees in Dubai

Dubai property transactions involve a AED 7,500 sales progression fee, shared equally by buyers and sellers. This fee secures the services of a skilled sales progression officer who expertly manages the property transfer process. By handling all the necessary paperwork and liaising with relevant parties, this professional simplifies the transaction for both parties.

5. Transfer of ownership/admin fees

The Dubai Land Department (DLD) charges an administrative or transfer of ownership fee as part of the property selling process. This fee is typically paid to the DLD’s registration trustee offices and can be covered entirely by the buyer or shared between the buyer and seller, depending on their agreement.However, The transfer fee is calculated based on the property’s sale price.
    • If the sale price of the property is below AED 500,000: AED 2,100
    • If the sale price of the property is above AED 500,000: AED 4,200
The standard fees for selling a mortgage-free property in Dubai are summarized above. These are the typical costs that most Dubai property sellers incur. However, depending on individual circumstances, there may be extra fees.

The Dubai Land Department (DLD) officially recognizes a property sale as complete when the buyer pays the required transfer fees to the DLD’s designated registration trustee

Fees of Selling a Mortgaged Property in Dubai

The Dubai Land Department (DLD) charges an administrative or transfer of ownership fee as part of the property selling process. This fee is typically paid to the DLD’s registration trustee offices and can be covered entirely by the buyer or shared between the buyer and seller, depending on their agreement.

Ready to sell your mortgaged property in Dubai? Let’s break down the fees involved.

1. Early Settlement Fee

If you pay off your Dubai property mortgage early, you’ll be subject to an early settlement fee. However, to make this process more affordable, the fee has been reduced to 1% of the remaining mortgage balance or AED 10,000, whichever is lower.

2. Blocking charges

Dubai property sellers with mortgages face a potential extra cost: a blocking fee. This fee, typically ranging from AED 1,020 to AED 1,520, is necessary to register the property in the buyer’s name for a short period. This step protects the buyer by preventing the property from being sold to someone else during the mortgage payoff process.

3. Mortgage release fee

Dubai property sellers with outstanding mortgages may need to pay a fee if their mortgage is paid off before the property sale is completed. A separate fee is also payable to the registration trustee. The conventional mortgage release fee is AED 1,290, while the Islamic mortgage release fee is AED 1,560.

Fees to sell off-plan property in dubai

Dubai’s off-plan properties are highly sought-after, offering buyers the chance to customize their living spaces and enjoy top-tier facilities. When selling an off-plan Dubai property, it’s crucial to understand the developer’s specific terms and conditions. Keep in mind that there may be extra expenses involved in selling properties that are still in development.

Developers often charge fines for selling off-plan properties prematurely, especially before completion or key payment deadlines. To mitigate these penalties, sellers must comply with the developer’s specific terms and conditions. These requirements can differ between developers, so careful planning is essential.

If you’re considering investing or purchasing an off-plan property, check out Bayut’s curated list of the newest off-plan projects in Dubai.

The conditions for selling off-plan property in Dubai vary by the developer

FAQS

What are the hidden charges of selling a house in dubai?
The fees involved in selling a property in Dubai are not standardized and can differ based on the specific property. A comprehensive list of these fees is included above.

What are the steps involved in selling my Dubai property?
New to selling property in Dubai? Our guide walks you through the process step-by-step, from listing your property to closing the deal. Learn about essential documents and paperwork to ensure a smooth transaction.

What are the property sales taxes in Dubai?
Property owners in the United Arab Emirates are exempt from all property taxes.

Does the seller pay fee to the agent in Dubai?
In many real estate transactions, the buyer is responsible for paying the realtor’s commission.

Should I invest in off-plan projects in dubai?
Off-plan properties offer investors the unique opportunity to purchase premium real estate directly from developers. These investments can provide numerous benefits, such as lower initial costs, flexible payment schedules, and potentially high rental yields. Dubai’s off-plan market is particularly attractive for those seeking lucrative real estate opportunities.

However, if you’re keen to delve deeper, check out our post on the advantages and disadvantages of off-plan property purchases in Dubai. This guide will help you anticipate potential challenges associated with buying off-plan (hint: there aren’t many).

I want to sell my off-plan Dubai property. What are the extra costs involved in this process?
Property owners in Dubai may face additional expenses when selling off-plan properties, as developers frequently include penalties in their sales contracts for early sales.

What are the typical real estate agent fees in Dubai?
Understanding real estate agent fees in Dubai is key for buyers and sellers. For resale properties, agents usually charge a 2% commission on the final sale price. A 5% VAT is also added to this fee. This provides clarity and prevents unexpected expenses.
A standard commission of 5% of the annual rent applies to rental properties in Dubai. However, this rate can be adjusted through mutual agreement between the parties involved.
This concludes our guide to the real costs of selling property in Dubai. For more specific information on the costs of selling a house in Dubai, please visit the official website of the Dubai Land Department. The costs of selling a property can vary depending on the property itself. Therefore, it’s important to do your own research to make sure you account for all potential hidden costs when selling properties in Dubai.
Many people wonder about the hidden costs of selling a home in Dubai. This article aims to shed light on these expenses, making the process of selling your property smoother and more transparent.
Alternatively, for those interested in buying or investing in Dubai real estate, MyBayut offers a comprehensive guide on how much you’ll need to budget for a home purchase in Dubai.
Discover your dream Dubai property with Luxury Spaces. Subscribe now for expert advice and exclusive listings.

luxueryspaces.co
CategoriesUncategorized

A Complete Guide for Buyers and Sellers in Property Transactions

By Luxury Spaces,

A Complete Guide for Buyers and Sellers in Property Transactions - Secondary Sales

To ensure legal compliance and a successful property transaction in Dubai, both buyers and sellers must adhere to the guidelines outlined in the Unified Contract F of the Dubai Land Department (DLD). This contract governs the Memorandum of Understanding (MOU) stage, a crucial period where parties establish the terms and conditions of the sale.

For Buyers: Essential Steps and Considerations for MOU Drafting

Buyer’s Information

Personal Details: To ensure a smooth transition to the Unified Contract F, buyers must provide their passport, Emirates ID, email, and contact number to the brokerage company. This information is required for the company to complete the registration process on the DLD system. Upon successful registration, DLD will send an MOU link to the buyer’s registered email.
Transaction Participation: Buyers should specify if they will attend the transaction in person or if they will appoint a Power of Attorney (POA) to act on their behalf. Luxury Spaces Conveyancing can provide POA services if required.
Payment Method:  The buyer must specify their preferred payment method: mortgage or cash. For mortgage purchases, the buyer’s bank will handle the transaction. For cash purchases, payment can be made by manager’s cheque, cash, or bank transfer. As per DLD regulations, the seller must provide a court declaration confirming receipt of funds and waiving any further claims.
Bank Account Status: If a check is issued by a third party, a letter of consent from the third party might be needed to ensure they are acting on the buyer’s behalf and have no ownership interest in the property.
Escrow Services:  If the buyer lacks a bank account or Power of Attorney, luxury Spaces Conveyancing can facilitate escrow services.

Minor as Buyer (Under Age 21)

Legal Guardianship: If the buyer is under the age of 21, their legal guardian (usually the father) must accompany them to the transaction and provide the minor’s passport.
Required Documentation: The minor will need a birth certificate attested by the Emirates Consulate in their country of origin and the Ministry of Foreign Affairs. A certified Arabic translation of the certificate is also required.

Documents Required

    • Passport and Emirates ID
    • Visa (if applicable)
    • POA form & ID (if applicable)
    • Booking deposit copy (cheque)
    • If buying through a company:
      • Valid passport, visa, and Emirates ID of the authorized signatory
      • Trade License/Certificate of Incorporation
      • Power of Attorney (attested, if applicable)
      • Memorandum of Association (both Arabic and English)
      • Other relevant company documents

Buyer’s Obligations

Initial Deposit: To secure the sale, a 10% deposit of the sale price must be paid to the conveyancer/broker. This deposit will be held until the property is transferred. On the transfer date, a manager’s cheque for the full purchase price must be presented to complete the transaction.
Additional Fees: Buyers will be responsible for paying fees related to the property transfer, including registration fees, legal fees, and brokerage commissions. Buyers may also need to reimburse the seller for any unused service charges associated with the property. These fees are usually calculated based on the property’s selling price.

For Sellers: Key Steps and Considerations

Buyer’s Obligations

Personal Details: To be included in the DLD system, sellers must provide their passport, Emirates ID, email address, and contact number. This information is necessary to generate the MOU link.
Transaction Participation: Both the buyer and seller need to confirm their attendance at the transaction. If either party cannot attend in person, they can authorize a Power of Attorney (POA) to act on their behalf. Luxury Spaces Conveyancing can provide POA services if Required.
Payment Method for Sale Price: Sellers should verify the buyer’s preferred payment method, which can be a manager’s cheque, bank transfer, or cash. If the buyer opts for cash payment, the seller must obtain a court declaration from Dubai Courts to validate the transaction.
Beneficiary of Sale Price: The seller is required to confirm the payee for the manager’s cheque. The cheque may be issued either to the seller directly or to a third-party Power of Attorney (POA) holder. In the latter case, the POA must be verified by the Dubai Land Department (DLD) and the buyer’s bank.

Minor as Seller (Under Age 21)

Legal Consent:  If the seller is a minor (under 21 years old), a court order or No Objection Certificate (NOC) is required to obtain the Court’s approval for the sale to the Dubai Land Department.
Property Proceeds: The minor’s share of the inheritance will be under the control of Dubai Courts until they reach the age of 21. After that, they will have the right to claim their inheritance directly from the court.

Documents Required

    • Passport and Emirates ID
    • Visa (if applicable)
    • NOC from the developer (if applicable)
    • Any required documents for third-party involvement (POA, NOC)

Documents Required

Selling Price:  Sellers are required to confirm the agreed-upon sale price and settle all outstanding obligations, such as developer fees and mortgage discharge costs.
Rent and Security Deposits: If the property is currently rented, the seller must adjust the rent and security deposit to reflect the transfer date and refund any excess to the buyer.

Additional Fees

It’s important to note that sellers are accountable for additional costs beyond the sale price. These include NOC fees, mortgage discharge fees, and brokerage or conveyancing charges, which must be settled prior to the transaction’s conclusion.

Property Details

The seller must disclose the property’s financial status, including any existing mortgages or off-plan payment plans. The seller should specify who is responsible for settling these debts: the seller or the buyer. Additionally, the seller must disclose any tenancy agreements and eviction notices, if the property is currently rented.

Key Point Transaction Considerations for Buyers And Sellers

Extension and Cancellation of Unified Contract F

Contract Duration: The Memorandum of Understanding (MOU) in DLD does not have a minimum duration unless the Seller requires financing. In such cases, the minimum duration is 60 days. The maximum duration for all MOUs is 180 days.
Extension: The Unified Contract F may be extended by mutual consent of both parties. The duration of such extension is not restricted and may be determined by mutual agreement. The extension link will be accessible in the DLD system until the MOU’s expiration date.
Cancellation: If both sides consent to terminate the Memorandum of Understanding (MOU), they can initiate a cancellation process within the Digital Lockers (DLD) system. However, if the MOU lapses without an extension or termination agreement, the DLD system will only allow for a dispute to be filed, as it will classify the contract as being in default.

Amendments to Form F

Once the Unified Contract F (Form F) is signed, it cannot be altered. This means no additions, replacements, or modifications to buyers or terms and conditions are permitted. If changes are needed after signing, a specific process must be followed.

A. Process for Cancelling and Re-issuing Form F

Should it be necessary to amend the existing terms, the current Form F must be voided, and a new Form F must be executed. Both parties must sign this new form to formalize the revised agreement.

B. Breach of MOU:

Any modification to Form F without proper authorization and amendment, including the addition or replacement of a buyer, will be deemed a breach of the MOU. In the event of such a breach, the affected party may initiate a dispute resolution process with the DLD.

C. Temporary Modifications and Amendments

In cases where only minor adjustments are needed without canceling the entire contract, an addendum or temporary manual Form F can be created. This document should specify the revised terms and ensure both parties agree, with the option of a formal new Form F if necessary.

D. Contract Default:

Non-compliance with Form F update guidelines will trigger a contract default. Subsequent amendments or additions to the finalized contract will not be possible, necessitating a formal dispute-resolution process

Client Details Updates

Please ensure your contact information is up-to-date in the DLD system. For any necessary updates, kindly visit the DLD Trustee office directly to prevent delays.

Buying or selling property in Dubai involves a complex legal process. To minimize risks and secure your investment, it’s essential to have the right legal support. Fam Conveyancing provides expert legal advice and services to help you navigate the intricacies of Dubai’s real estate market and ensure a smooth and legally sound transaction.

Demo Title

Demo Description

Introducing your First Popup.
Customize text and design to perfectly suit your needs and preferences.

This will close in 20 seconds

[field id="field_2f7c340"]

This will close in 20 seconds