Current Rental and sale Update

SALE:
As I have told you guys before that I specialize in International city here is the latest what is happening in sense of Rental and sale. Nakheel doing its best to meet the demand but as you all the size of project them have they need a bigger space and lot more force to cop with the daily business. Nakheel sale office is very compact and they are extremely short of staff, Any way the staff they have is very helpful and they are doing what they can, Now here is how it work, If you need to transfer an international City unit to a new buyer name then first of all you need to take an appointment on the phone which is normally 3 to 4 weeks, then on the date of transfer you need a seller(unit owner) new buyer and a building owner present regardless the building hand over or not. Plus you need an all three original PSA (The Nakheel Contract) plus the 2% fee of the original price with buyer and seller original Passport. The transfer is pretty straight forward but if you miss one document then the transfer is cancelled and you will take another date which is again after 3-4 weeks. Now there is another problem as all the building owners have already sold the units and have made there money, they have no interest left in the building, so they have introduce an admin fee which start from AED800.00 to as much as AED5000.00. The going rate for 1 bed flat is starting from 450K and the Studio 330K .

Rental

Rental market in international city is getting better every day. The supply is more then the demand which have pushed the prices down a bit but it is wise to rent then waiting to get few extra 1000s, the going rate for a Studio is 35K-37K per year and 1 bed is 46K-48K per year. Some are rating furnished and getting better results. Any way Italy is more popular the China, Persia is least popular. 050 855 1778

[aveshbachav]

Again wea are left at the mercy of Nakheel and our building owner , who will suck the blood out of us perpetually!!!! Great!!! Wish I was a building owner, I could make money forever, just for my signature!!!!

Can't understand what Nakheel and building owner have to do with this sale anyway other than registering the sale with Nakheel, which again is duplicating the process as the owner will anyway get registered with Dubai Land Department. Seems like Nakheel wants 2% every time for any sale and Dubai Govt wants 2% (1.5+0.5%) for every sale, i.e. 4% totally!!! and 3-4 weeks for an appointment. Seems like Nakheel is running everything on a tight budget so can't employ much staff!

Any comments by other people???

Mr.Nadeem, you have any document that Jafza is awardind licenses to all IC shops to do business??? I would like to see that on any side or can you please upload it?

Thanks!!

[laguna33p]

the building owner literally owns the building, so without their signature no one can sell or transfer.

Dear aveshbachav
I have visited the Jafza Today get the latest update and to my surprise they have very limited information but they have assured me that they will be the one who issue a license in International city. They gave me some forms and some information regarding how to apply for the license but still lots of info missing which a guy from the Jfza office promised me to let me know in few weeks after they have a final meeting with Nakheel. I will keep you undated as I am renting a whole building shops in Italy and I need to get them a license too.