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    Founder and CEO of PRYPCO discusses bringing optimism to the housing market

    by

    Life

    by Camille Macawili
    10 mins ago

    In January Issue’s Building Blocks, Amira Sajwani, founder and CEO of PRYPCO, discusses bringing optimism to the housing market.
    What has been the vision and purpose form the outset?
    PRYPCO was founded with a clear vision: to revolutionise the real estate landscape by making property ownership accessible to everyone, as well as transparent and efficient. Our vision is to democratise real estate investment, breaking down barriers to entry and making it possible for a larger profile of individuals to engage in the market with unprecedented ease and flexibility, combining buyers, sellers, investors and brokers, in one platform.
    You think outside the box – have you always been able to do this, and how has it served you?
    Innovative thinking has been a core strength throughout my career. It’s the basis of my approach which is honed by observing market inefficiencies and identifying opportunities where others see challenges. This ability to think outside the box led to the foundational concept behind PRYPCO Blocks, or fractional ownership, recognising a target audience in the market to be tapped. This approach has allowed me to pioneer new ways of thinking, enabling the company to remain at the forefront of innovation. It has also served as a guiding principle in evaluating startups on Shark Tank, where creative thinking and resilience are key indicators of success.
    Have you ever had moments when you have been under great pressure and in those moments, what sustains your drive?
    Pressure is an inevitable part of leadership, especially when building a business from the ground up. What kept me motivated was my unwavering belief in the vision and the tangible impact we could make. My drive is sustained by the knowledge that every challenge presents an opportunity for growth and the understanding that perseverance is the bedrock of success.
    What have been your proudest achievements in your career so far?
    One of my proudest achievements has been positioning PRYPCO as a disruptor in the real estate sector, offering cutting-edge solutions that have redefined market norms, from PRYPCO Mortgage, Golden Visa Services, to PRYPCO Blocks. Another milestone was the recognition as a judge on Shark Tank, where I have had the privilege to mentor and invest in transformative ideas. On a personal level, it is gratifying seeing PRYPCO truly making a significant difference in how a large spectrum of individuals achieve their real estate investment goals.

    Alternatively, what is the greatest risk you’ve faced in growing your business?
    The greatest risk we faced in growing our business was launching PRYPCO Blocks, a concept that challenged traditional norms and beliefs in real estate ownership. When we introduced the idea, many skeptics questioned its feasibility: Who would want to own a fraction of a property? How will ownership of fractions be proven? Countless an other concerns arose. However, we believed in the power of innovation and the demand for more accessible property investment solutions. Today, we’ve proven the success of PRYPCO Blocks by fully funding nine properties, with each investor receiving a certificate of ownership. Moreover, the service is regulated by the Dubai Financial Services Authority (DFSA), ensuring transparency and trust. This bold step not only validated the concept but also demonstrated our ability to redefine real estate investment.
    Is there a particular person who you are grateful towards who helped get you to where you are?
    I am deeply grateful to my father, Hussain Sajwani, whose vision, entrepreneurial spirit, and unwavering determination have been a constant source of inspiration. Growing up, I had the unique privilege of observing his ability to overcome challenges and transform DAMAC into a global powerhouse. His mentorship instilled in me the core values of perseverance, innovation, and strategic thinking. From engaging conversations around the dining table to hands-on summer internships across various departments at DAMAC, I gained invaluable insights into leadership, management, and the intricacies of the real estate industry. These formative experiences not only sparked my passion for the field but also equipped me with a comprehensive and nuanced perspective that continues to guide my approach to business today.
    Have you seen a positive investor mindset change in the real estate space since you founded PRYPCO?
    Absolutely. You know what they say: the numbers speak for themselves. We announced the largest single retail disbursal in the history of United Arab Bank and PRYPCO’s partnership, amounting to AED 48,000,000. In addition, over AED 500,000,000 in mortgages were disbursed in the month of August alone. On top of that, we successfully raised $10 million in a seed funding round led by Shorooq Partners, Apparel Group, and other key investors. PRYPCO has proven to be a formidable force in the industry, and we will continue to build on our clients’ trust and confidence to achieve even greater milestones.
    How does PYRPCO aim to make a positive difference in the real estate market?
    PRYPCO’s mission is to transform the real estate market by making real estate investment accessible to a wider audience. Through PRYPCO Blocks, we’ve introduced fractional ownership, allowing individuals to invest in high-value properties with as little as AED 500, enabling them to generate passive income. Our platform also ensures greater transparency and trust, as PRYPCO Blocks is regulated by DESA.
    What piece of advice can you give to those looking to build a similar career path and venture on their own – and how was it relevant to you in your life?
    My advice is to embrace resilience and remain adaptable to change. Challenges are inevitable, but the key is to view them as opportunities for growth. Be bold in your vision and don’t shy away from taking calculated risks. This mindset has been PRYPCO to exploring innovative approaches in the real estate industry. Surround yourself with people who share your passion, and never stop learning.
    This is The Optimism Issue – how do you aim to have a positive influence for the future generations?
    I believe in creating a legacy that inspires innovation and empowerment through PRYPCO and beyond. Through PRYPCO, my aim is to pave the way for a more inclusive and technology-driven real estate market. Beyond that, I am passionate about mentoring the next generation of entrepreneurs and fostering a culture of resilience and creativity. By championing sustainable and innovative solutions, we can contribute to a brighter, more equitable future for everyone.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    January’s – The Optimism Issue – Download Now 
    Image: Supplied More

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      Everything to know about Neymar Jr’s Dhs200 million penthouse in Dubai

      by

      Emirates Man

      by Ruman Baig
      37 seconds ago

      Brazilian football sensation Neymar Jr. has cemented his status not just on the pitch but also in the world of luxury real estate.
      The global star recently made headlines with the purchase of a Dhs200 million penthouse in Dubai’s exclusive Bugatti Residences by Binghatti, marking his entry into one of the most exclusive residential projects in the world.
      A “Sky Mansion” in the Making
      Neymar’s new penthouse, dubbed the “Sky Mansion,” is situated in Dubai’s Business Bay district. Currently under construction, the Bugatti Residences are the automaker’s first branded residential project, set to open in 2027. Designed to embody the opulence and exclusivity synonymous with Bugatti, the penthouse offers an array of standout features, including:

      A private car elevator capable of transporting vehicles directly to the residence.
      A private swimming pool with panoramic views of downtown Dubai.
      Access to Business Bay’s first-ever French Riviera-inspired private beach.

      The development consists of 182 bespoke units, each uniquely designed to ensure no two apartments are alike. The architectural concept emphasizes individuality, catering to the world’s most discerning high-net-worth buyers.
      Dubai’s Branded Residence Boom
      The purchase underscores Dubai’s growing reputation as a hub for ultra-luxury real estate. The city leads the global market for branded residences, offering a blend of architectural innovation, exclusivity, and high-profile celebrity appeal.

      Bugatti Residences, in particular, has shattered records, including achieving the highest rate per square foot in Business Bay at AED 9,674. With luxurious amenities such as a fitness club, members-only lounges, and a private pool, it’s no wonder the project has attracted icons like Neymar.
      What’s Next for Neymar?
      The footballer’s latest investment also fuels speculation about his career trajectory. Rumors of Neymar joining Major League Soccer’s Inter Miami in 2025 continue to swirl, coinciding with the expiration of his current contract with Saudi Pro League club Al Hilal. While he remains focused on his game, his eye for high-value real estate suggests a strategic diversification of his portfolio.

      Luxury Redefined
      Neymar’s acquisition reflects the allure of Bugatti Residences as one of the world’s most prestigious addresses. With its innovative design, exclusive amenities, and status as a branded luxury development, the project sets a new standard for ultra-luxurious living. For Neymar, this is more than just a home—it’s a statement.

      As Dubai continues to attract celebrities and global elites, projects like Bugatti Residences are redefining the city’s real estate landscape, solidifying its place as a haven for luxury investments. Neymar’s “Sky Mansion” is a testament to the city’s unmatched appeal to those who demand the very best.
      – For more on how to look smart and live smarter, follow Emirates Man on Facebook and Instagram
      Images: Instagram: @bugattiresidences and @neymarjr 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

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      in lifestyle and culture

      Founder and CEO of AHS Properties on setting new benchmarks in luxury real estate

      by

      Emirates Man

      by Camille Macawili
      5 seconds ago

      Founder and CEO of AHS Properties and Board Member at DAMAC, Abbas Sajwani, sets new benchmarks in shaping the real estate market in the region.
      Armed with a forward-thinking vision and lessons learned, the Emirati entrepreneur propels innovation and luxury to offer an unparalleled living experience for the next generation.
      Tell us about your approach to leadership. How do you approach it and ensure these values filter down through the company?
      Leadership isn’t just a title, it’s a mindset and a way of life. My understanding of leadership began at a young age, working alongside my father Hussain Sajwani and observing his meticulous approach to managing every detail. This early exposure taught me the importance of involvement and attention to detail. In my daily routine, I stay actively engaged with my team, overseeing processes, and following up on tasks. I believe in open communication and often brainstorm ideas with my team, valuing their input and opinions. By encouraging everyone to leverage their strengths and perform at their best, we can achieve remarkable results. Mistakes are a part of the learning process, and I emphasise the importance of learning from them and making the right choices moving forward.

      Innovation and luxury are signatures of AHS Properties. How did you define this – was this your vision from the outset?
      Luxury is not for everyone; it’s a distinct niche in real estate that represents a lifestyle. From the outset, my vision for AHS Properties was rooted in a passion for luxury properties. For me, luxury is more than just buying a property; it’s about creating an exceptional living experience. Before starting AHS Properties, I have always been intrigued about the ideal locations, as the site is the cornerstone of any luxury project. The exterior and interior design, amenities, and features – every detail matters in a luxury property. We aim to create a life experience, not just a property. Whenever we start a new project at AHS, I put myself in the client’s shoes to understand their needs and dreams for their home. A home should be for a lifetime, and thus, luxury must embody a unique lifestyle.

      Have you seen investor mindset change in the luxury real estate space since you founded AHS Properties in 2021?
      Absolutely. Initially, clients were often focused on larger spaces, especially end users. However, the mindset has changed. Now, clients prioritise having everything they need within their units to minimise the need to go out. This includes amenities like indoor and outdoor pools, spas, cinema rooms, offices, and more expansive living spaces. At AHS Properties, we have adapted to these changes by offering customisation options for our clients. This allows them to redesign their units based on their specific needs and preferences. We anticipate client needs to continue evolving, and we are committed to providing the flexibility and features that cater to these emerging demands.
      What is the biggest risk you’ve ever taken, and did it pay off?
      Risk is essential in business. Without risk, growth and expansion are limited. Personally, I thrive on taking calculated risks to achieve my goals. The launch of AHS Properties during the peak of the pandemic was undoubtedly a major risk. Many cautioned against it, citing economic uncertainty and global challenges. However, I believed in the opportunity, observing how Dubai managed the crisis and its resilient economy attracting wealthy individuals seeking stability. Recognising this trend, I decided to proceed despite the prevailing uncertainties. Thanks to strategic planning and a deep understanding of the market dynamics, AHS Properties has flourished. We’ve capitalised on the unique circumstances presented by the pandemic and Dubai’s appeal, successfully establishing ourselves in the market.
      Have you had any mentors on your journey? And if so, what knowledge did they impart?
      My father, Hussain Sajwani, has been my ultimate mentor and role model. From a young age, he guided me through the intricacies of business and instilled in me the importance of leadership and team management. His support was pivotal when I embarked on launching AHS Group and AHS Properties. His encouragement and belief in the niche I chose for AHS Properties were instrumental in my decision-making process. I am immensely grateful for his guidance and proud to be his son.

      What do you know now that you wish you had known at the start of your career?
      Looking back, I realise the importance of the learning journey and the growth that comes from experiencing challenges first-hand. While it’s natural to wish for foresight, I believe that discovering insights along the way has been fundamental to my development as an entrepreneur. Mistakes, innovations, and the process of creating and managing businesses have shaped my understanding and approach. Embracing this continuous learning cycle has been essential to my journey, and I now appreciate the value of every step taken.
      “By channeling negative thoughts into proactive problem-solving and maintaining confidence in our capabilities, we turn adversity into opportunities for growth and success”
      During challenging times, how do you put negative thoughts and emotions to good use?
      In challenging moments, I maintain a positive outlook by reminding myself that difficulties are temporary and can lead to positive outcomes. Reflecting on past challenges and how we overcame them reinforces this belief. I prioritise open communication with my team, fostering discussions to explore and implement effective solutions. Believing in our mission and being surrounded by talented individuals ensures that we navigate challenges smoothly and emerge stronger. By channeling negative thoughts into proactive problem-solving and maintaining confidence in our capabilities, we turn adversity into opportunities for growth and success.
      What’s on the horizon for your business and yourself?
      At AHS Properties, our vision remains on delivering exceptional ultra-luxury living experiences in prime locations. We are committed to elevating the standards of luxury real estate by not only meeting but exceeding our clients’ expectations. Looking ahead, we aim to expand our portfolio with innovative projects that redefine luxury living. Our focus will be on incorporating unique amenities and thoughtful design elements that resonate with discerning buyers. Personally, I aspire to further refine my skills and insights to effectively steer AHS Properties toward continued success and excellence. Together with my team, we are poised to embrace new opportunities and challenges, staying true to our commitment to exceptional quality and client satisfaction.
      How do you make time for yourself after a long day?
      Balancing work and personal life is essential for me. While my days are primarily focused on business, I prioritise quality time during meals with my family and friends. These moments allow me to unwind and connect with loved ones, which I truly enjoy. When it comes to longer breaks, such as family trips, I remain connected to work but in a more limited capacity. This allows me to prioritise and delegate tasks while still being available if needed. This balance enables me to re-charge and enjoy meaningful time with my family while ensuring business operations continue smoothly. Finding these moments of relaxation and connection amidst a busy schedule is vital for maintaining well-being and sustaining productivity in both personal and professional aspects of life.
      Emirates Man The FW24 Issue – Download Now
      – For more on how to look smart and live smarter, follow Emirates Man on Facebook and Instagram
      Photography: Mark Mathew More

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      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

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      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