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IQI Dubai Weekly Recap 27th Jan – 2nd Feb 2018

Sharjah landlords under pressure to cut house rents

Apartment rents in Sharjah and Ajman are feeling the pressure with the increasing number of new and affordable properties available in Dubai.

This is encouraging commuter-residents from Sharjah to relocate to their workplace of Dubai “despite waived deposit requirements, rent-free periods, increased number of payments [up to 12 cheques] and rent adjustments” offered by landlords in Sharjah, says real estate consultancy Asteco.

Asteco reckons that apartment rents in Sharjah softened by 4 per cent on quarter during each quarter of 2017.

“The continuous delivery of supply in Dubai will hinder the recovery of rental rates throughout the emirates, specifically in Sharjah and Ajman, due to their proximity,” said John Stevens, managing director, Asteco.

But it was a good year for property sales in Sharjah, with a new generation of developers coming up with mixed-use, master-planned communities. Asteco reports that the value of real estate transactions in Sharjah grew by 37 per cent in Q3-17 compared with the same period in 2016.

There was increased spending on road and infrastructure projects. Asteco believes this will strengthen the industrial and tourism sector in particular, and create a favourable environment for employment and business growth, and investment.

Source: Khaleej Times

No VAT on realty transactions in designated zones in UAE

Sale and lease of both commercial and residential properties in designated zones will be outside the scope of VAT, according to the latest clarification issued by the Federal Tax Authority (FTA) at a meeting with a group of tax consultants in the UAE.

“Sale or lease of any real estate property – commercial or residential – will be considered as outside the scope of VAT. Hence, there will be no VAT applicable on sale or lease of commercial or residential real estate properties in designated zones. Furthermore, the payment of five per cent VAT on purchase of commercial property in non-designated zones can be made directly by the buyer to FTA and the commercial property will get legally transferred to the buyer’s name once he has made VAT payment to FTA,” said Mayank Sawhney, director, MaxGrowth Consulting.

Earlier this month, the FTA announced 20 designated zones across the UAE with seven in Dubai; three each in Abu Dhabi and Ras Al Khaimah; two each in Sharjah, Fujairah and Umm Al Quwain and one in Ajman.

Those designated zones are Jebel Ali Free Zone, Dubai Airport Free Zone, Dubai Aviation City, Dubai Textile City and Dubai Cars and Automotive Zone in Dubai; Abu Dhabi Airport Free Zone, Khalifa Industrial Zone and Free Trade Zone of Khalifa Port in Abu Dhabi; Hamriyah Free Zone and Sharjah Airport International Free Zone in Sharjah; Ajman Free Zone in Ajman; Umm Al Quwain Free Trade Zone in Umm Al Quwain; RAK Free Trade Zone, RAK Maritime City Free Zone and RAK Airport Free Zone in Ras Al Khaimah; and Fujairah Free Zone and Fujairah Oil Industry Zone in Fujairah.

In addition, the FTA clarified that the if owners’ associations are operating independently from the developer or property management companies, they are required to register for VAT, Sawhney said, adding that currently most of the owners associations have not yet registered.

Source: Khaleej Times

Umm Al Quwain’s new homes will have space for yachts

Looking for a home to dock a yacht in the backyard? If that’s one of the reasons for you to buy a property in the UAE, then you should be sailing down to Umm Al Quwain.

The Sobha Group is ready with its master plan for a high-end mixed-use community on Al Sinniyah Island off the UAQ coast is ready and for construction to start by June. The residential units, about 700 of them, will start at Dh500 a square foot on average, which is quite a difference compared to what a waterside project in Dubai or Abu Dhabi would command. Sales could start later in the year. In addition, the destination will accommodate up to five hotels.

“A good number of the residential plots will allow direct berthing of the yachts in addition to the marina,” said P.N.C. Menon, Chairman. “We are trying to create something unusual, even by the standards of what you see now in the UAE.”

Announced in April 2016, the “Firdous Sobha” is estimated to cost Dh15 billion plus, and represents an equal joint venture with the Umm Al Quwain government. The future community will be connected to the mainland via a 1.1-kilometre bridge, work on which will also start by midyear. The developer is also taking the onus for building the bridge.

Source: Gulf News

Dubai floating house buyers to get freehold title

Buyers will have to pay the usual registration fees for freehold homes to the Dubai Land Department (DLD), equivalent to 4 per cent of the price.

“The title deed will be issued like it is done for any other villa, according to rules and regulations set by DLD,” DP said. “The homes have a 50-year lifespan with adequate maintenance and upkeep.”

The water homes feature a modern, minimalist open-plan design, according to Sasan Niknam, who was part the team from U&A that designed the floating homes. Buyers can choose from two-, three- and four-bedroom configurations. Sasan said the two-bedroom units feature a loft-style layout, while describing the bigger units as “mansions” floating on water.

With the homes floating in the middle of high-rises, maintaining the privacy of residents was one of the challenges in designing the floating homes. Vertical louvres are installed around the pools and the edges of the property. The side facing the canal features a patio and plenty of glass doors and floor-to-ceiling glass windows, but the side facing the promenade is closed off.

Yachts can be parked next to the homes, but boats over 55ft will have to be moored at a discounted rate in the nearby Marasi Marina. Apart from the floating homes, Marasi Bay will also feature floating restaurants.

The homes, which were manufacture in Finland by floating construction specialist Admares, are kept in place using a mooring solution called Seaflex, which expands and retracts with the tide to keep floating structures stable and in position.

Source: Lookup.ae

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