#freehold property

[gulfpropertymedia]

Unlock the potential of Dubai's real estate market with our guide to the best freehold properties for sale. This article showcases a curated selection of prime Freehold Property For Sale In Dubai opportunities, offering insights into the benefits of owning property in one of the world's most dynamic cities. We cover diverse options ranging from luxurious apartments and waterfront villas to commercial spaces in high-demand areas. Learn about the advantages of freehold ownership, including full control and long-term investment value, and get the latest updates on market trends and regulations affecting property buyers. Whether you're looking for a new home or a lucrative investment, this guide provides essential information to help you make informed decisions in Dubai's thriving real estate sector.

[tvgrealtors]

Considering freehold property in Dubai? Owning your own place is possible with freehold properties! These allow non-UAE nationals to purchase land or property in designated freehold areas across Dubai. Unlike leasehold options, freehold grants you full ownership, offering the freedom to sell, rent, or live in your dream home.

[esconpanache]

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Discover the ideal investment and your dream home in Sector 150 Noida! Escon Plots & Villas 150 offers premium residential plots starting at just 1 Lakh* per sq.yard. Secure your future with a freehold property in one of Noida's most sought-after locations. Don't miss out on this golden opportunity! Call 8750 988 288 for more details.

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Find Your Dream Dubai Villa: Luxury, Pool, Beachfront & Freehold Optionspen

Explore Dubai's stunning selection of villas for sale. From beachfront paradises to luxury estates with private pools, discover freehold properties for a perfect lifestyle.

Dubai, the dazzling city of dreams, beckons with its luxurious lifestyle, world-class amenities, and breathtaking beauty. What better way to embrace this paradise than owning your very own Dubai villa? Home Station presents an exclusive guide to finding your dream villa in Dubai, catering to every desire – from sprawling beachfront estates to intimate havens with private pools. Luxury Villas for…

[d-realtors]

What Are The Factors I Need To Consider When Buying A Property In Dubai

Thanks to the increased foreign direct investments and free trade agreements between UAE and other countries, Dubai has become one of the most happening cities in the world, especially for the wealthy across the globe.

 Besides free trade, low tax and zero income tax, Dubai is also dubbed as the business hub of the Middle East and enjoys the status as a favorite travel destination. Such features along with political stability and investment in infrastructure significantly boosted the country’s real estate.

 Reportedly, Dubai saw a 76 per cent rise in real estate transactions in 2022 which amounted to a whopping $140 billion, with a majority of buyers from Russia. If you are lured by the lush lifestyle and cheap service from low-wage laborers procured from Asia, Africa and the Middle East, and propelled to buy a property here, here’s how to make a smart purchase and enjoy your slice of the cake.

The Current Trends Of Property Demand In Dubai

While real estate in Dubai is broadly classified on a residential and commercial basis, the former is further classified as villas, apartments, penthouses and working houses or studio apartments that the opulent purchase to house their staff.

The commercial property includes office spaces, trade areas, warehouses, exhibition halls and industrial properties. While the demand for office space is believed to have subsided, the need for warehouses has increased due to enhanced e-commerce developments.

 The huge retail companies and international markets in the Emirates have caused this demand for warehouses and sorting places.

Appreciation For Dubai Property

 The strategic location and accentuating economy add to the appreciation of property value in Dubai. The flawless infrastructure makes any real estate investment fruitful, especially the off-plan ones.

 Through flexible payment plans, off-plan properties have enhanced appreciation since the property price increases as the building nears completion. Likewise, even end users benefit from buying a property at a lower cost with more value for money.

 Buyers can also benefit from various plans provided by promoters like post-handover payment plans and rent-to-own plans to name a few. Early investments offer immense profits through the appreciation perspective.

Allegedly the price of properties which are arriving in the markets here are expected to rise by 25 per cent per year. Demand for villas has superseded those for apartments and despite the shortage of luxury villas, the demand only grows.

 Zeroing In On The Right Property

The buyer must clarify self about the property type, purpose of the purchase, preferred locality and its functionality to satisfy the purpose, amount affordable for purchase, mortgage possibilities and the developer’s reputation to hand over the property in the scheduled time while purchasing the property.

 It is equally important to check the risks involved and estimated ROI on completion of the project.

Timespan Of Occupation

Purchasing a home anywhere across the world, leave alone in Dubai, must be considered on both a short and long-term basis. An apartment purchased by a newlywed or young couple may seem insufficient when the family expands.

Purchasing villas gives the option to expand and redesign besides providing a better return on investments. These villas which are excellently furnished can be sold to one of the increasing numbers of interested buyers if owners choose to relocate to another country.

 Budget

 As of February 2023, the starting price of a property in Dubai is reportedly between AED 3 lakhs to 3.5 lakhs. The price of apartments in Dubai depends upon floor area, locality and amenities among various other factors.

The buyer must be prepared to pay a 10 per cent refundable registration fee while purchasing the desired property.

Location 

The instance found below shows how price varies among localities for almost the same floor area.

 One-bedroom apartments measuring 800 to 900 square feet at Business Bay and Dubai Hills Estate at Mohammed Bin Rasheed are affordable. One-bedroom apartments are also available at Al Wasl (Jumeira), Dubai South City (Jabal Ali) at affordable rates.

 Single-bedroom apartments at Emaar Burj Vista measuring between 700 to 1000 square feet cost more than AED 2,00,000 at Downtown Dubai, Dubai Marina. Proximity to Dubai Mall, Dubai Mall Metro Station and easy connectivity to Sheik Zayed Road and Dubai Property justifies the costly price of this single-bedroom apartment.

The Purchase Medium

A buyer could save a lot of money by avoiding brokers or middlemen while purchasing property in Dubai directly from the owner. Notably, brokers charge a 2 per cent agency fee and a 5 per cent VAT charge on the fee.

However, while avoiding brokers, one forgoes professional assessment of properties and expert navigation of transaction details like the contract paperwork, for instance, the art of negotiating.

Dubai Land Department Service Charges

Dubai Land Department service charges, which are mandatory while purchasing property in Dubai, may be shared equally by the buyer and seller or might be entirely paid by the buyer. The DLD charges amount to 4 percent of the property value.

Additionally, the buyer may need to pay a mortgage registration fee if bought through a loan, which amounts to 0.25 per cent of the loan along with AED 290. If the DLD is not paid within 60 days, the purchase is understood to be canceled.

Property Service Charges

The property service charges which are calculated on a square foot basis may range between AED 3 to 30. Besides property service charges one must foot Dubai Electricity and Water Authority fees along with insurance fees, security deposit and property transfer fees.

The property service charge varies along with locations, project type and purchase purpose. The buyer should also pay a ‘sinking fund’ which is a reserve fund that meets expenses for major repairs in future. Interestingly the 10 to 15 per cent price drop in key locations of Dubai facilitates developers selling to new end users.

While places like International City, Discovery Gardens have low service charges at 7 Dirhams per square feet (psf), Business Bay, Dubai Marina, Jumeirah Lakes Towers, Sports City, Jumeirah Village Circle charge moderately at 10 Dirhams psf.

Arabian Ranches 1 and 2 require AED 0.89 psf and 2.44 psf respectively while Burj Vista property owners shell out a massive AED 17.44 psf for property services.

 Amenities And Their Scalability, Effectiveness And Quality

Villas are equipped with clubhouses, gyms and modern equipment and are tagged with excellent resale value. Villas in Dubai Hills, Arabian Ranches, Palm Jumeirah, Emirates Hills, Damac Hills and Al Furjan are sought for 18-hole golf course plus proximity to the city, connectivity to Sheik Mohammed Bin Zayed Road, Waterfront view, Privacy with palatial layout, family-friendly atmosphere and proximity to Expo 2020 site in the same order.

Handling Installments

Installment plans are popular in Dubai real estate purchases. 10 percent of the total cost is paid as advance which is followed by installments that cover half the entire cost at the time of handover.

 Documents Required

Copies of documents including Emirates ID, passport, Visa page, reservation form, Sales and Purchase Agreement and Mortgage Contract if applicable required while purchasing property in Dubai.

Check Developer Background

It pays to check the developer’s track records before approaching them to buy property. If the developer lacks dedication, his property abounds in unsatisfactory plans and poor finishes while laying tiles, cupboards and walls.

Where To Purchase Off-Plan Properties

Purchasing a property through D Realtors, a professional and authentic real estate player in Dubai, fetches access to the functionally and aesthetically best property in Dubai which is spread across in prestigious locations such as Mohammed Bin Rashid City, The Fields, Burj Khalifa district and Sheik Zayed Road to name a few.

Final Words

The decision to join the game cannot be delayed too much since the prospects have already caught the eyes of many. Waste no time in deciding to take the plunge because the competition is already in the news.

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[propertymomsg]

Exploring Lake Garden Residences: A Comprehensive Overview of Luxury Living 

Lake Garden Residences offers luxurious living with serene lakeside views in a prime location. Featuring modern amenities, spacious units, and lush green surroundings, it provides a tranquil escape from the city hustle. Residents enjoy top-notch facilities, including a swimming pool, gym, and landscaped gardens for a comfortable lifestyle.

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Freehold Properties in Oman

Wondering what freehold property or ITC Projects are? Check out our list of ITC / Freehold Projects in Oman and its benefits.

[fazalkhan2914]

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Understanding Freehold and Leasehold Properties

New Post has been published on https://www.fastaccountant.co.uk/freehold-and-leasehold-properties/

Understanding Freehold and Leasehold Properties

In the world of land and property, it is essential to grasp the crucial distinctions between freehold and leasehold properties. While both types have their unique characteristics, understanding the difference between them can significantly impact your investment decisions. Freehold properties provide individuals with absolute ownership of the land and the buildings on it, granting them permanent ownership rights. In contrast, leasehold properties entail a limited ownership period, with the land belonging to someone else, typically a landlord, for a predetermined lease duration. Exploring the nuances of freehold and leasehold properties is vital to making well-informed decisions in the dynamic and ever-changing real estate market.

Understanding Freehold and Leasehold Properties

Freehold Properties

Freehold properties refer to properties where the ownership of both the land and the buildings on it is granted indefinitely. In other words, when you purchase a freehold property, you are buying full ownership and control of the land and the property for an unlimited period. This type of property ownership is often seen in countries like the United States, Canada, and Australia.

Definition of Freehold Properties

Freehold properties can be defined as properties that are owned outright by an individual or entity without any limitations on their rights to use, sell, or transfer the property. The owner has complete control over the property and can make decisions regarding its use, modifications, or disposal without needing permission from anyone else. This type of property ownership offers the highest level of control and autonomy to the owner.

Advantages of Freehold Properties

One of the main advantages of owning a freehold property is the sense of security and freedom it offers. As the owner, you have the peace of mind knowing that you have full control over your property and can make decisions regarding it without any external interference. Additionally, freehold properties tend to appreciate in value over time, making them a valuable investment.

Another advantage is that you have the flexibility to modify or renovate your property as you wish, without any restrictions from a landlord or a lease agreement. This freedom allows you to personalize your space according to your preferences and needs. Furthermore, owning a freehold property means you are not subject to regular rental payments to a landlord, thereby eliminating the financial strain of monthly rent.

Disadvantages of Freehold Properties

Despite the numerous advantages, there are also some drawbacks to owning a freehold property. One of the main disadvantages is the higher upfront cost associated with purchasing a freehold property compared to a leasehold property. Freehold properties tend to be more expensive because you are buying both the land and the building outright. This can make it more challenging for first-time buyers or those on a tight budget to enter the housing market.

Another disadvantage is the responsibility for maintenance and repairs falls solely on the owner of the freehold property. Unlike leasehold properties where these costs are often shared among the tenants or managed by a landlord, freehold property owners bear the full financial burden of maintaining their property. This can be costly, especially for major repairs or replacements.

Leasehold Properties

Leasehold properties, on the other hand, are properties where the ownership of the land is granted for a limited period, typically through a lease agreement. In this arrangement, the land is leased from the freeholder or the landowner, and the leaseholder has the right to use the property for the duration specified in the lease. Leasehold properties are commonly found in countries like the United Kingdom, where the land is often owned by a larger entity or the Crown.

Definition of Leasehold Properties

Leasehold properties can be defined as properties where the land is owned by a separate entity (the freeholder) and leased to the homeowner for a specified period. When you purchase a leasehold property, you are essentially buying the right to occupy and use the property for the duration of the lease agreement. However, you do not own the land itself.

Advantages of Leasehold Properties

One of the main advantages of leasehold properties is the lower upfront cost compared to freehold properties. Since you are not purchasing the land outright, the initial investment required to acquire a leasehold property is usually lower. This can be appealing for those who want to enter the property market but have a limited budget.

Leasehold properties often come with various amenities and common areas, such as parks, swimming pools, or gyms, which are shared among the residents. These shared facilities add value and convenience to the property, providing a more enjoyable living experience. Additionally, the responsibility for maintaining these communal spaces is typically handled by a management company or a residents’ association, thus relieving the individual leaseholders of the financial and administrative burden.

Disadvantages of Leasehold Properties

One of the significant disadvantages of leasehold properties is the limited control and autonomy for the leaseholder. Since the land is owned by someone else, there may be restrictions on how the property can be used or modified. Any alterations or renovations may require permission from the freeholder, and they may impose certain conditions or charges. This lack of control can be restrictive and limiting for those who wish to customize their property according to their preferences.

Leasehold properties are also subject to ground rent and service charges, which are additional costs incurred by the leaseholder. Ground rent is an annual payment made to the freeholder as a form of rent for the land, while service charges cover the maintenance and upkeep of shared areas and amenities. These ongoing expenses can add up over time, and leaseholders need to budget for these costs alongside their mortgage payments.

Differences Between Freehold and Leasehold Properties

Ownership: The fundamental difference between freehold and leasehold properties lies in ownership. Freehold property ownership grants full ownership and control of both the land and the buildings, while leasehold property ownership only grants the right to use and occupy the property for a limited period.

Duration of Ownership: With freehold properties, the ownership is indefinite and does not expire. On the other hand, leasehold properties have a specified lease term, usually ranging from 99 years to as little as 10 or 20 years.

Rights and Responsibilities of Owners: Freehold property owners have the freedom to make decisions regarding their property without needing permission from anyone else. They also bear all the responsibilities and costs associated with maintaining and repairing the property. In contrast, leasehold property owners have certain restrictions and may require the freeholder’s permission for alterations or renovations. They also share the responsibility and costs for maintaining communal areas and amenities.

Costs and Expenses: Freehold property owners are not subject to annual ground rent or service charges, as they fully own the land and the property. On the other hand, leasehold property owners have to pay ground rent to the freeholder and service charges for the maintenance of shared spaces.

Renewal and Extension: For freehold properties, there is no need for renewal or extension, as the ownership is indefinite. Leasehold properties, however, require renewal or extension of the lease once the initial term expires. This process may involve additional costs and negotiations with the freeholder.

Sale and Transfer of Property: Selling a freehold property is relatively straightforward, as the owner has full control over the property and can enter into a sale agreement without any restrictions. Leasehold properties, on the other hand, require the freeholder’s consent for the sale or transfer of the property. This can add an extra layer of complexity and potential delays to the process.

Mortgage and Finance Options: Freehold properties are generally easier to secure financing for, as the ownership is considered less risky. On the other hand, leasehold properties may be subject to more stringent mortgage requirements, as the ownership is limited and the property’s value may decrease over time as the lease term shortens.

In conclusion, understanding the difference between freehold and leasehold properties is crucial when considering property ownership. Freehold properties provide full control and autonomy to the owner, with the potential for long-term appreciation. Leasehold properties, on the other hand, offer a more affordable entry into the property market but come with certain limitations and ongoing expenses. Ultimately, the choice between freehold and leasehold properties depends on individual preferences, financial capabilities, and long-term goals.