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    Amira Sajwani on carving her own niche with PRYPCO

    by

    Life

    by Ruman Baig
    17 mins ago

    Amira Sajwani discusses her latest venture PRYPCO and how it has carved her own unique path in real estate by utilising innovative ways to make property investment accessible to all, allowing her to build her own legacy and carry on her family’s.
    PRYPCO aims to democratise real estate investments. How did you conceptualise this?
    PRYPCO was born from the vision of making real estate accessible to everyone by breaking down traditional barriers. Through technology, we created a platform that simplifies the process and enables “Real Estate Freedom.” PRYPCO Blocks, our fractional ownership vertical regulated by DFSA, al- lows investments in Dubai real estate with as little as AED 500, making property ownership achievable for all. We’ve fully funded nine properties already, proving strong demand and highlighting the growing interest in Dubai’s real estate market.
    What does “Real Estate Freedom” mean at PRYPCO?
    “Real Estate Freedom” is about removing restrictions so that individuals can buy, sell, manage, and invest without financial barriers. PRYPCO offers a one-stop solution, covering everything from mortgage options to the UAE Golden Visa. With PRYPCO Mort- gage, we’ve partnered with over 18 UAE banks to offer efficient home loan services, including pre-approvals and competitive refinancing options. In August 2024, we hit our highest single-month disbursal of AED 500 million, reflecting the demand and impact of our approach in Dubai’s property market.
    What innovations are coming next in real estate, and how is PRYPCO preparing?
    The proptech landscape is evolving, and PRYPCO is ready to lead. We’ve unified various real estate services into one platform, making it accessible to brokers, agents, buyers, and developers. This consolidation simplifies the real estate journey, catering to the growing interest in Dubai as a place to live and invest. I’m thrilled to see the industry transformation we’ll bring in the years ahead.
    You’ve launched ventures across different sectors. What drives your entrepreneurial diversity?
    Growing up, I watched my father, Hussain Sajwani, diversify DAMAC Group across six industries worldwide. That taught me to adapt and evolve continuously. Inspired by his journey, I founded PRYPCO and Amali Properties with my brother, Ali, aiming to innovate across sectors. Diversification challenges us to drive growth and make a meaningful impact in every industry we enter.

    What advice would you offer to aspiring female entrepreneurs?
    Resilience is key. The entrepreneurial path is challenging, but perseverance, adaptability, and a commitment to continuous learning are essential. Em- brace each challenge as an opportunity for growth. Trust your abilities, break through barriers, and know that every experience shapes your success.
    How do you balance managing multiple ventures with personal commitments?
    I’m highly organised and address tasks immediately to maintain balance. Effective delegation and an empowered team are crucial. While weekdays are work-focused, I ensure quality family time, like putting my daughters to bed, and I fully disconnect on weekends. This balance lets me be present in both my career and family life.
    What do you consider your greatest entrepreneurial achievement?
    My greatest achievement is seeing the impact of PRYPCO and our other ventures on clients and communities. We’ve democratised real estate investment, fostering financial inclusion and allowing people from diverse backgrounds to build wealth. Success, for me, is about creating positive change, addressing real needs, and contributing to society’s betterment.
    How did your educational background shape your approach to business and leadership?
    Education taught me critical thinking and problem-solving, both essential for effective leadership. It instilled a focus on ethical and sustainable business practices, which I carry into every venture.
    As an advocate for women in business, what changes would you like to see in the UAE’s business ecosystem?
    The UAE has made significant strides in empowering female entrepreneurs, but more funding tailored to women-led ventures and mentorship programmes would further support women’s success and reinforce the UAE’s leadership in gender equality.

    What does success mean to you, both professionally and personally?
    Professionally, success is building sustainable businesses that positively impact their communities. Personally, it’s balancing career with giving back to the community and enjoying a fulfilling life with my family.
    This is Precious Issue – what is the most precious thing to you?
    Family is my most cherished aspect of life; they are my foundation and support system. We were raised to prioritise family above all else and to always look out for one another. This principle guides us not only in our personal lives but also in our business endeavours. It’s the reason we have been able to build a successful family business across generations, and we owe this to our father, Hussain Sajwani, and our mother.

    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Images: Supplied More

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      in lifestyle and culture

      Thinking of buying a property in the UAE? 10 important things to note

      by

      Life

      by Ruman Baig
      17 seconds ago

      Buying a property is a big decision! This is your one-stop guide to navigating the property sale search in Dubai.
      Here, Farah Ali, real estate senior sales specialist at Espace uncovers everything you need to know –  from understanding your finances to choosing the perfect location and property type. Let’s go over all the legalities and buying process to ensure you have a smooth experience.

      What can you afford & the down payment required
      If like most people you require a mortgage to purchase your home, an experienced mortgage advisor can offer you so much at this stage. Homeownership in Dubai requires a down payment of 20% (minimum for an expat) for a property under the value of AED 5,000,000 and anything above AED 5,000,000 will require a down payment of 30% (minimum for an expat). It is important to note that the Central Bank has set a mortgage cap for first-time buyers, allowing them to borrow up to seven times their salary. Additionally, there are several upfront costs involved in purchasing a home, including the real estate agent fee, Dubai Land Department fee, and mortgage processing fees.
      You will be faced with many choices and the stage of your mortgage process and getting pre-approved. Should you choose a fixed or variable interest rate mortgage? How much can you borrow? How long will it take you to pay off the loan? Your independent broker is there to advise you on each of these issues.
      Choose a location wisely before investing in a property
      With your finances in place, it’s time to consider your search. How many bedrooms are you looking for, what size of property do you require and what communities are you looking to buy in. In the property world, it’s often said that your new home is the right combination of what you want, what you can afford and what is on the market. Whether you are looking for a detached villa with a garden and a pool or a skyline apartment, try to imagine living there. Is there a possibility your family needs will change in the coming years?

      Key location issues to consider before buying a property:
      – Get to know your community– try and visit your chosen area at different times of the day and night. It’s also a good idea to visit at weekends when people are out and about.– Schools, hospitals, sports clubs and community amenities – make a note of how well-serviced your new area is– Are you in walking distance to the community pool, park of community centre?– Other local amenities – what are the shops, supermarkets, restaurants, parks in the area like?– Distance to and from work and family – how much time are you prepared to spend travelling to and from work every day.
      What to choose: Secondary Properties or Off-plan?
      Secondary properties provide immediate availability, established communities, and the opportunity to view the property before purchase. Conversely, buying off-plan offers the benefit of a phased payment plan, allowing buyers to make timely payments and maintain a healthy cash flow. However, a potential drawback is that the final product may not always align with the initial purchase agreement, with variations possible between signing the sales and purchase agreement and the actual handover.
      Do you want a standard or turn-key property?
      The prospect of renovating a house tends to divide opinion. For some, they want to control every element of the design/ layout, and everything will be just as you want. For others, enjoyment comes from the convenience and knowing your dream home is ready and waiting to be moved into, you can simply turn up with your removals van and move straight in.
      It is important to note that each developer has their own rules and regulations regarding extensions. You will need to obtain an NOC from the developer, as well as approval from Dubai Municipality. Some communities are very strict about certain extensions and modifications, while others are more lenient. Additionally, if you are planning to do extensions, make sure to find out the costs involved, as prices vary from developer to developer based on the added square meters.
      Do you need a vacant property, or do you have the option of viewing tenanted properties?
      The urgency of your move will significantly influence your property search. If you have time on your side and don’t need to move immediately, you can consider viewing tenanted properties. However, if you need to move in as soon as possible, it’s essential to inform your agent so they can show you properties that are either vacant or will be available vacant upon transfer. Many UAE residents are currently facing this decision as they opt for homeownership to avoid rising rental prices.
      Qualify your agent
      We always recommend conducting thorough research on your real estate agent. Arrange a meeting and treat it like a short interview: inquire about their past sales in your desired area, their opinions on current prices, and whether they anticipate any increases or decreases. Despite the Dubai Land Department (DLD) and leading UAE property portals launching impressive initiatives to eliminate fake listings, it’s essential to remain cautious—if an offer seems too good to be true, it probably is.

      Understanding the buying process
      Understand the next steps once you’ve made an offer; proceedings move swiftly in the UAE. Upon acceptance of your offer on a property, a contract can be drafted within a matter of hours. A common oversight among buyers is assuming that sellers will delay in responding to offers.
      The contract is drafted by conveyancing officers, not lawyers
      There’s a common misunderstanding among expats that lawyers draft property contracts, but in fact, conveyancers (often available in-house at most agencies) primarily oversee the purchase process.
      Market Conditions
      It’s important to thoroughly research and assess the market before buying a property. Consider all relevant factors: What are the average prices (AED/Sqft) and rental prices in the area, understand the last comparable sales to get an understanding of the price cycle in that community.
      Understanding Property Service Charges
      One of the expenses to consider is the service charge, covering the property’s maintenance and upkeep. The Dubai Land Department (DLD) offers prospective homeowners access to a Service Charge Index through their website or app.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Feature Image: Instagram @dubai_photoconcierge  More

    • 175 Shares

      in lifestyle and culture

      Planning on getting a mortgage in Dubai? Note these 5 tips from an expert

      by

      Life

      by Ruman Baig
      50 seconds ago

      Thinking of buying a property in Dubai? This guide offers valuable insights from Mollie Credland, a Mortgage Advisor at Espace.
      Mollie dives into the essential steps to prepare yourself for a mortgage in Dubai’s dynamic property market. She covers everything from understanding down payment requirements to navigating the associated costs of buying a home.
      How to Get Mortgage Ready in Dubai?

      Know What You Can Afford & the Down Payment Required
      If, like most people, you require a mortgage to purchase your home, an experienced mortgage advisor can be invaluable at this stage. Homeownership in Dubai requires a minimum down payment of 20% for properties under AED 5,000,000 and 30% for properties valued above AED 5,000,000 (for expats). Note that the Central Bank allows first-time buyers to borrow up to seven times their salary.
      Establish How Much You Can Borrow
      Borrowing limits and mortgage affordability are typically calculated the same way across all banks in the UAE. Your monthly liabilities—car loans, personal loans, new monthly installments, and a percentage of your credit card limits—must not exceed 50% of your total monthly income. This is known as your Debt to Borrowing Ratio.
      Understand the Associated Costs of Buying Your New Home
      Many people make the mistake of simply applying for a mortgage which only covers the price of the house they want to buy. There are several extra costs involved in buying a property and when you are calculating the amount you’ll need to borrow, it’s important you take the following into consideration.
      – Dubai Land Department Fee: 4% of the purchase price + AED 580– Mortgage Registration Fee: 0.25% of the loan amount + AED 290 –– Real Estate Fee: 2% of the purchase price– Property Valuation Fee: Can range between AED 2,500 – AED 3,5004.
      How to Choose a Mortgage Provider?
      One common mistake people make is going directly to their bank instead of exploring the market. It’s always best to consult an independent mortgage broker who can advise you on the best products available. When selecting a mortgage provider, consider interest rates, loan terms, fees, and customer reviews of the bank. There are 18 banks in the UAE currently offering mortgage lending. Many banks offer preferential interest rates if you move your salary to them (salary transfer), so consider this option if it suits your circumstances.
      Apply for a Mortgage Pre-Approval Letter
      A mistake we see time and time again is people missing out on their dream home due to not having obtained their mortgage pre-approval. The property market moves quickly in Dubai, and many buyers become disappointed when they lose out to a pre-approved buyer who can fully commit to purchasing the property. Pre-approval lasts 30 to 60 days (depending on the bank), is free of cost, has no obligation, and can even be extended. I advise securing your pre-approval as soon as you start your property search to avoid disappointment and stress later on.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Instagram @visit.dubai  More

    • 163 Shares

      in lifestyle and culture

      Planning on buying a property in the UAE? 10 important things to know

      by

      Life

      by Ruman Baig
      12 seconds ago

      Buying a property is a big decision! This is your one-stop guide to navigating the property sale search in Dubai.
      Here, Farah Ali, real estate senior sales specialist at Espace uncovers everything you need to know –  from understanding your finances to choosing the perfect location and property type. Let’s go over all the legalities and buying process to ensure you have a smooth experience.

       What can you afford & the down payment required
      If like most people you require a mortgage to purchase your home, an experienced mortgage advisor can offer you so much at this stage. Homeownership in Dubai requires a down payment of 20% (minimum for an expat) for a property under the value of AED 5,000,000 and anything above AED 5,000,000 will require a down payment of 30% (minimum for an expat). It is important to note that the Central Bank has set a mortgage cap for first-time buyers, allowing them to borrow up to seven times their salary. Additionally, there are several upfront costs involved in purchasing a home, including the real estate agent fee, Dubai Land Department fee, and mortgage processing fees.
      You will be faced with many choices and the stage of your mortgage process and getting pre-approved. Should you choose a fixed or variable interest rate mortgage? How much can you borrow? How long will it take you to pay off the loan? Your independent broker is there to advise you on each of these issues.
      Choose a location wisely
      With your finances in place, it’s time to consider your search. How many bedrooms are you looking for, what size of property do you require and what communities are you looking to buy in. In the property world, it’s often said that your new home is the right combination of what you want, what you can afford and what is on the market. Whether you are looking for a detached villa with a garden and a pool or a skyline apartment, try to imagine living there. Is there a possibility your family needs will change in the coming years?

      Key location issues to consider:
      – Get to know your community– try and visit your chosen area at different times of the day and night. It’s also a good idea to visit at weekends when people are out and about.– Schools, hospitals, sports clubs and community amenities – make a note of how well-serviced your new area is– Are you in walking distance to the community pool, park of community centre?– Other local amenities – what are the shops, supermarkets, restaurants, parks in the area like?– Distance to and from work and family – how much time are you prepared to spend travelling to and from work every day.
      What to choose: Secondary Properties or Off-plan?
      Secondary properties provide immediate availability, established communities, and the opportunity to view the property before purchase. Conversely, buying off-plan offers the benefit of a phased payment plan, allowing buyers to make timely payments and maintain a healthy cash flow. However, a potential drawback is that the final product may not always align with the initial purchase agreement, with variations possible between signing the sales and purchase agreement and the actual handover.
      Do you want a standard or turn-key property?
      The prospect of renovating a house tends to divide opinion. For some, they want to control every element of the design/ layout, and everything will be just as you want. For others, enjoyment comes from the convenience and knowing your dream home is ready and waiting to be moved into, you can simply turn up with your removals van and move straight in.
      It is important to note that each developer has their own rules and regulations regarding extensions. You will need to obtain an NOC from the developer, as well as approval from Dubai Municipality. Some communities are very strict about certain extensions and modifications, while others are more lenient. Additionally, if you are planning to do extensions, make sure to find out the costs involved, as prices vary from developer to developer based on the added square meters.
      Do you need a vacant property, or do you have the option of viewing tenanted properties?
      The urgency of your move will significantly influence your property search. If you have time on your side and don’t need to move immediately, you can consider viewing tenanted properties. However, if you need to move in as soon as possible, it’s essential to inform your agent so they can show you properties that are either vacant or will be available vacant upon transfer. Many UAE residents are currently facing this decision as they opt for homeownership to avoid rising rental prices.
      Qualify your agent
      We always recommend conducting thorough research on your real estate agent. Arrange a meeting and treat it like a short interview: inquire about their past sales in your desired area, their opinions on current prices, and whether they anticipate any increases or decreases. Despite the Dubai Land Department (DLD) and leading UAE property portals launching impressive initiatives to eliminate fake listings, it’s essential to remain cautious—if an offer seems too good to be true, it probably is.

      Understanding the buying process
      Understand the next steps once you’ve made an offer; proceedings move swiftly in the UAE. Upon acceptance of your offer on a property, a contract can be drafted within a matter of hours. A common oversight among buyers is assuming that sellers will delay in responding to offers.
      The contract is drafted by conveyancing officers, not lawyers
      There’s a common misunderstanding among expats that lawyers draft property contracts, but in fact, conveyancers (often available in-house at most agencies) primarily oversee the purchase process.
      Market Conditions
      It’s important to thoroughly research and assess the market before buying a property. Consider all relevant factors: What are the average prices (AED/Sqft) and rental prices in the area, understand the last comparable sales to get an understanding of the price cycle in that community.
      Understanding Property Service Charges
      One of the expenses to consider is the service charge, covering the property’s maintenance and upkeep. The Dubai Land Department (DLD) offers prospective homeowners access to a Service Charge Index through their website or app.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Feature Image: Instagram @dubai_photoconcierge  More

    • 150 Shares

      in lifestyle and culture

      Thinking of getting a mortgage in Dubai? 5 essential steps to take

      by

      Life

      by Ruman Baig
      3 hours ago

      Thinking of buying a property in Dubai? This guide offers valuable insights from Mollie Credland, a Mortgage Advisor at Espace.
      Mollie dives into the essential steps to prepare yourself for a mortgage in Dubai’s dynamic property market. She covers everything from understanding down payment requirements to navigating the associated costs of buying a home.
      How to Get Mortgage Ready in Dubai?

      Know What You Can Afford & the Down Payment Required
      If, like most people, you require a mortgage to purchase your home, an experienced mortgage advisor can be invaluable at this stage. Homeownership in Dubai requires a minimum down payment of 20% for properties under AED 5,000,000 and 30% for properties valued above AED 5,000,000 (for expats). Note that the Central Bank allows first-time buyers to borrow up to seven times their salary.
      Establish How Much You Can Borrow
      Borrowing limits and mortgage affordability are typically calculated the same way across all banks in the UAE. Your monthly liabilities—car loans, personal loans, new monthly installments, and a percentage of your credit card limits—must not exceed 50% of your total monthly income. This is known as your Debt to Borrowing Ratio.
      Understand the Associated Costs of Buying Your New Home
      Many people make the mistake of simply applying for a mortgage which only covers the price of the house they want to buy. There are several extra costs involved in buying a property and when you are calculating the amount you’ll need to borrow, it’s important you take the following into consideration.
      – Dubai Land Department Fee: 4% of the purchase price + AED 580– Mortgage Registration Fee: 0.25% of the loan amount + AED 290 –– Real Estate Fee: 2% of the purchase price– Property Valuation Fee: Can range between AED 2,500 – AED 3,5004.
      How to Choose a Mortgage Provider?
      One common mistake people make is going directly to their bank instead of exploring the market. It’s always best to consult an independent mortgage broker who can advise you on the best products available. When selecting a mortgage provider, consider interest rates, loan terms, fees, and customer reviews of the bank. There are 18 banks in the UAE currently offering mortgage lending. Many banks offer preferential interest rates if you move your salary to them (salary transfer), so consider this option if it suits your circumstances.
      Apply for a Mortgage Pre-Approval Letter
      A mistake we see time and time again is people missing out on their dream home due to not having obtained their mortgage pre-approval. The property market moves quickly in Dubai, and many buyers become disappointed when they lose out to a pre-approved buyer who can fully commit to purchasing the property. Pre-approval lasts 30 to 60 days (depending on the bank), is free of cost, has no obligation, and can even be extended. I advise securing your pre-approval as soon as you start your property search to avoid disappointment and stress later on.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Instagram @visit.dubai  More

    • 150 Shares

      in lifestyle and culture

      Looking to buy a property in the UAE? 10 things to know

      by

      Life

      by Ruman Baig
      2 hours ago

      Buying a property is a big decision! This is your one-stop guide to navigating the property sale search in Dubai.
      Here, Farah Ali, real estate senior sales specialist at Espace uncovers everything you need to know –  from understanding your finances to choosing the perfect location and property type. Let’s go over all the legalities and buying process to ensure you have a smooth experience.

       What can you afford & the down payment required
      If like most people you require a mortgage to purchase your home, an experienced mortgage advisor can offer you so much at this stage. Homeownership in Dubai requires a down payment of 20% (minimum for an expat) for a property under the value of AED 5,000,000 and anything above AED 5,000,000 will require a down payment of 30% (minimum for an expat). It is important to note that the Central Bank has set a mortgage cap for first-time buyers, allowing them to borrow up to seven times their salary. Additionally, there are several upfront costs involved in purchasing a home, including the real estate agent fee, Dubai Land Department fee, and mortgage processing fees.
      You will be faced with many choices and the stage of your mortgage process and getting pre-approved. Should you choose a fixed or variable interest rate mortgage? How much can you borrow? How long will it take you to pay off the loan? Your independent broker is there to advise you on each of these issues.
      Choose a location wisely
      With your finances in place, it’s time to consider your search. How many bedrooms are you looking for, what size of property do you require and what communities are you looking to buy in. In the property world, it’s often said that your new home is the right combination of what you want, what you can afford and what is on the market. Whether you are looking for a detached villa with a garden and a pool or a skyline apartment, try to imagine living there. Is there a possibility your family needs will change in the coming years?

      Key location issues to consider:
      – Get to know your community– try and visit your chosen area at different times of the day and night. It’s also a good idea to visit at weekends when people are out and about.– Schools, hospitals, sports clubs and community amenities – make a note of how well-serviced your new area is– Are you in walking distance to the community pool, park of community centre?– Other local amenities – what are the shops, supermarkets, restaurants, parks in the area like?– Distance to and from work and family – how much time are you prepared to spend travelling to and from work every day.
      What to choose: Secondary Properties or Off-plan?
      Secondary properties provide immediate availability, established communities, and the opportunity to view the property before purchase. Conversely, buying off-plan offers the benefit of a phased payment plan, allowing buyers to make timely payments and maintain a healthy cash flow. However, a potential drawback is that the final product may not always align with the initial purchase agreement, with variations possible between signing the sales and purchase agreement and the actual handover.
      Do you want a standard or turn-key property?
      The prospect of renovating a house tends to divide opinion. For some, they want to control every element of the design/ layout, and everything will be just as you want. For others, enjoyment comes from the convenience and knowing your dream home is ready and waiting to be moved into, you can simply turn up with your removals van and move straight in.
      It is important to note that each developer has their own rules and regulations regarding extensions. You will need to obtain an NOC from the developer, as well as approval from Dubai Municipality. Some communities are very strict about certain extensions and modifications, while others are more lenient. Additionally, if you are planning to do extensions, make sure to find out the costs involved, as prices vary from developer to developer based on the added square meters.
      Do you need a vacant property, or do you have the option of viewing tenanted properties?
      The urgency of your move will significantly influence your property search. If you have time on your side and don’t need to move immediately, you can consider viewing tenanted properties. However, if you need to move in as soon as possible, it’s essential to inform your agent so they can show you properties that are either vacant or will be available vacant upon transfer. Many UAE residents are currently facing this decision as they opt for homeownership to avoid rising rental prices.
      Qualify your agent
      We always recommend conducting thorough research on your real estate agent. Arrange a meeting and treat it like a short interview: inquire about their past sales in your desired area, their opinions on current prices, and whether they anticipate any increases or decreases. Despite the Dubai Land Department (DLD) and leading UAE property portals launching impressive initiatives to eliminate fake listings, it’s essential to remain cautious—if an offer seems too good to be true, it probably is.

      Understanding the buying process
      Understand the next steps once you’ve made an offer; proceedings move swiftly in the UAE. Upon acceptance of your offer on a property, a contract can be drafted within a matter of hours. A common oversight among buyers is assuming that sellers will delay in responding to offers.
      The contract is drafted by conveyancing officers, not lawyers
      There’s a common misunderstanding among expats that lawyers draft property contracts, but in fact, conveyancers (often available in-house at most agencies) primarily oversee the purchase process.
      Market Conditions
      It’s important to thoroughly research and assess the market before buying a property. Consider all relevant factors: What are the average prices (AED/Sqft) and rental prices in the area, understand the last comparable sales to get an understanding of the price cycle in that community.
      Understanding Property Service Charges
      One of the expenses to consider is the service charge, covering the property’s maintenance and upkeep. The Dubai Land Department (DLD) offers prospective homeowners access to a Service Charge Index through their website or app.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Feature Image: Instagram @dubai_photoconcierge  More

    • 163 Shares

      in lifestyle and culture

      10 things to know before starting your property sale search in the UAE

      by

      Life

      by Ruman Baig
      3 hours ago

      Buying a property is a big decision! This is your one-stop guide to navigating the property sale search in Dubai.
      Here, Farah Ali, real estate senior sales specialist at Espace uncovers everything you need to know –  from understanding your finances to choosing the perfect location and property type. Let’s go over all the legalities and buying process to ensure you have a smooth experience.

       What can you afford & the down payment required
      If like most people you require a mortgage to purchase your home, an experienced mortgage advisor can offer you so much at this stage. Homeownership in Dubai requires a down payment of 20% (minimum for an expat) for a property under the value of AED 5,000,000 and anything above AED 5,000,000 will require a down payment of 30% (minimum for an expat). It is important to note that the Central Bank has set a mortgage cap for first-time buyers, allowing them to borrow up to seven times their salary. Additionally, there are several upfront costs involved in purchasing a home, including the real estate agent fee, Dubai Land Department fee, and mortgage processing fees.
      You will be faced with many choices and the stage of your mortgage process and getting pre-approved. Should you choose a fixed or variable interest rate mortgage? How much can you borrow? How long will it take you to pay off the loan? Your independent broker is there to advise you on each of these issues.
      Choose a location wisely
      With your finances in place, it’s time to consider your search. How many bedrooms are you looking for, what size of property do you require and what communities are you looking to buy in. In the property world, it’s often said that your new home is the right combination of what you want, what you can afford and what is on the market. Whether you are looking for a detached villa with a garden and a pool or a skyline apartment, try to imagine living there. Is there a possibility your family needs will change in the coming years?

      Key location issues to consider:
      – Get to know your community– try and visit your chosen area at different times of the day and night. It’s also a good idea to visit at weekends when people are out and about.– Schools, hospitals, sports clubs and community amenities – make a note of how well-serviced your new area is– Are you in walking distance to the community pool, park of community centre?– Other local amenities – what are the shops, supermarkets, restaurants, parks in the area like?– Distance to and from work and family – how much time are you prepared to spend travelling to and from work every day.
      What to choose: Secondary Properties or Off-plan?
      Secondary properties provide immediate availability, established communities, and the opportunity to view the property before purchase. Conversely, buying off-plan offers the benefit of a phased payment plan, allowing buyers to make timely payments and maintain a healthy cash flow. However, a potential drawback is that the final product may not always align with the initial purchase agreement, with variations possible between signing the sales and purchase agreement and the actual handover.
      Do you want a standard or turn-key property?
      The prospect of renovating a house tends to divide opinion. For some, they want to control every element of the design/ layout, and everything will be just as you want. For others, enjoyment comes from the convenience and knowing your dream home is ready and waiting to be moved into, you can simply turn up with your removals van and move straight in.
      It is important to note that each developer has their own rules and regulations regarding extensions. You will need to obtain an NOC from the developer, as well as approval from Dubai Municipality. Some communities are very strict about certain extensions and modifications, while others are more lenient. Additionally, if you are planning to do extensions, make sure to find out the costs involved, as prices vary from developer to developer based on the added square meters.
      Do you need a vacant property, or do you have the option of viewing tenanted properties?
      The urgency of your move will significantly influence your property search. If you have time on your side and don’t need to move immediately, you can consider viewing tenanted properties. However, if you need to move in as soon as possible, it’s essential to inform your agent so they can show you properties that are either vacant or will be available vacant upon transfer. Many UAE residents are currently facing this decision as they opt for homeownership to avoid rising rental prices.
      Qualify your agent
      We always recommend conducting thorough research on your real estate agent. Arrange a meeting and treat it like a short interview: inquire about their past sales in your desired area, their opinions on current prices, and whether they anticipate any increases or decreases. Despite the Dubai Land Department (DLD) and leading UAE property portals launching impressive initiatives to eliminate fake listings, it’s essential to remain cautious—if an offer seems too good to be true, it probably is.

      Understanding the buying process
      Understand the next steps once you’ve made an offer; proceedings move swiftly in the UAE. Upon acceptance of your offer on a property, a contract can be drafted within a matter of hours. A common oversight among buyers is assuming that sellers will delay in responding to offers.
      The contract is drafted by conveyancing officers, not lawyers
      There’s a common misunderstanding among expats that lawyers draft property contracts, but in fact, conveyancers (often available in-house at most agencies) primarily oversee the purchase process.
      Market Conditions
      It’s important to thoroughly research and assess the market before buying a property. Consider all relevant factors: What are the average prices (AED/Sqft) and rental prices in the area, understand the last comparable sales to get an understanding of the price cycle in that community.
      Understanding Property Service Charges
      One of the expenses to consider is the service charge, covering the property’s maintenance and upkeep. The Dubai Land Department (DLD) offers prospective homeowners access to a Service Charge Index through their website or app.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Feature Image: Instagram @dubai_photoconcierge  More

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      Dubai’s Golden Visa requirements relaxed for property investors

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      Lifeby Ruman Baig4 hours ago Dubai has recently revamped the eligibility criteria for the coveted 10-year Golden Visa, specifically targeting property investors.The noteworthy change involves the elimination of the previous Dhs1 million down-payment requirement, a move set to redefine the landscape for those seeking this long-term residency privilege.Under the new regulations, prospective Golden Visa recipients are now required to invest in properties with a minimum value of Dhs2 million. This significant adjustment liberates investors from the earlier financial burden of the mandatory Dhs1 million down-payment, offering a more accessible pathway to the esteemed 10-year golden residency.This shift in dynamics means that even those opting for off-plan units can now qualify for the Golden Visa with a considerably reduced down payment, potentially as low as Dh50,000.Introduced in 2019, the Golden Visa initially targeted exceptional talents, offering a decade of residency under their own sponsorship. Over the subsequent years, the eligibility categories for the UAE Golden Visa have undergone expansions, providing a broader spectrum of individuals the opportunity to establish permanent roots in the country.Dubai’s decision to eliminate the hefty down-payment requirement aligns with the broader objective of attracting foreign investment and fostering a thriving real estate market. The move is anticipated to stimulate increased interest from potential investors, as the barriers to entry for the Golden Visa program have now been significantly lowered.This strategic initiative not only positions Dubai as a more attractive destination for property investment but also reinforces the city’s commitment to adapting policies in response to the evolving needs of the global investor community.– For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and InstagramImages: Instagram @visitdubai More

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      Discover property sale and rental prices in Dubai with this innovative tool

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      Life

      by Ruman Baig
      1 hour ago

      Looking to enhance your property related decision-making process? Here’s how you can navigate through Dubai’s real estate scenario.
      As the city gains popularity, prices have been steadily climbing after the pandemic, attracting more individuals to settle in. Dubai’s real estate scene is on the rise, bustling with opportunities for both buyers and renters. However, whether you’re negotiating your rental terms or considering a purchase, grasping where you stand in relation to the market rate can pose a challenge.
      To empower you with better choices, a fresh real estate tool has emerged, aiming to reveal recent rental and sale figures in your vicinity. Introducing Datahub by the esteemed real estate brokerage, Allsopp and Allsopp. Leveraging sales data from Dubai Land Department (DLD), this tool unveils the latest trends in any corner of Dubai.

      Regardless of whether you’re a seasoned local or an aspiring explorer of new neighbourhoods, Datahub lays out the most recent property deals spanning sales and rentals. The data can be fine-tuned to reflect the past week, two weeks, or even windows of 30, 60, or 90 days. Tailoring your search is made easy, filtering by bedroom count, property type (be it a villa, apartment, townhouse, etc.), and your preference for off-plan or ready-to-move properties.
      Accuracy is paramount. The provided results offer insights right down to the transaction date, property specifics, and even unit numbers.
      If you’re eyeing a particular building, it’s worth noting that filtering by tower isn’t an option. However, all outcomes within a region showcase the building’s name and number. This way, you can effortlessly spot any recent sales or rental activities linked to that building within your chosen time frame.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Instagram: feature image: @visitdubai More