Investment Advisor

Investment Advisor

PRESENTING SIX SENSES To live is to connect. The Six Senses brand was born from the desire to help people reconnect with themselves, others and the world around them. This vision is translated across a broad property portfolio, with wellness, sustainability and out-of-the-ordinary experiences at the core. That’s because reconnection can happen anywhere, whether on a remote private island, snowy mountain hideaway, desert dune, lush forest, wine estate or lively lounge in the heart of a city. From sleep standards and the food on the table to immersive local culture and boosting guests’ well-being through pioneering science and ancient wisdom, the aim is to awaken their senses to what’s possible. Six Senses is pleased to unveil its firstever standalone branded residential development, Six Senses Residences Dubai Marina.

Investment Advisor, Elysian +971557846362 Alice.Kimani@Elysian.com www.Elysian.com BRN 78218 | ORN 619 Head Office 1st floor, Elysian Sales Center Umm Al Sheif, Sheikh Zayed Road Dubai, United Arab Emirates Branch Office Office No.3 Building 8 Golden Mile 2, Palm Jumeirah Dubai, United Arab Emirates

Buying a penthouse in Dubai is not just an investment; it's an opportunity to experience one of the world's most dynamic cities. If you're a non-EU foreigner wrestling with the complexities of the Dubai real estate market, you're not alone. This guide simplifies the purchasing process, offering insider tips to help you make informed choices and explore this luxury living option confidently. Understanding the Dubai Real Estate Market Before diving into the details, it's crucial to grasp the landscape of the Dubai real estate market. Over the last twenty years, Dubai has transformed into a global destination known for its groundbreaking architecture and upscale amenities. With approximately 90% of the UAE's population being expatriates, Dubai encourages foreign investment in real estate, especially in freehold areas. For instance, neighborhoods like Dubai Marina and Downtown Dubai are popular among foreign buyers, thanks to their luxury offerings and vibrant lifestyle. As of 2022, real estate transactions in Dubai exceeded AED 300 billion, showing a consistent growth trend. Staying informed about market trends, pricing, and regulations can help you navigate this competitive terrain effectively. Steps to Buying a Penthouse: The Process Explained Step 1: Determine Your Budget Setting a clear budget is the first essential step. The price of a penthouse in Dubai can range widely, from AED 1.5 million in emerging areas to over AED 30 million in premium locations like Burj Khalifa. Remember to account for additional costs, including: Transfer fees : Generally 4% of the purchase price. Registration fees : Usually around AED 1,000. Real estate agent commissions : Typically 2% of the sale price. Maintenance fees : These can be around AED 20-30 per square foot annually. Establishing a comprehensive budget ensures you are well-prepared for the purchasing process. Step 2: Find a Reputable Real Estate Agent An experienced local real estate agent can make a significant difference in your buying journey. They can share invaluable insights about neighborhoods and aid in negotiating favorable terms. When searching for an agent: Choose someone who focuses on luxury properties. Verify their credentials and licenses. Look for client testimonials or ratings online. A proficient agent can guide you through complexities, making them an essential resource in your home-buying journey. Step 3: Conduct Property Research Team up with your real estate agent to start researching potential penthouses that align with your needs. Here are key elements to focus on: Location : Evaluate accessibility to schools, shops, and other amenities. For example, properties near the Dubai Metro often have higher demand. Amenities : Many luxury penthouses offer incredible perks like private theaters, expansive terraces, and 24/7 concierge services. Property condition : Consider scheduling comprehensive inspections to identify any potential maintenance issues. Thorough research is crucial to narrowing down options that align with your lifestyle and investment goals. Step 4: Visit the Properties If possible, visiting the properties you are interested in is vital for making a significant decision. In-person visits allow you to evaluate the quality of construction. You can examine neighborhoods and get a real feel for the community, whether you're planning to live there or rent the property. During your visit, take detailed notes and don't shy away from asking questions. This engagement can provide clarity about the property and surrounding area. Luxury penthouses with stunning skyline view Step 5: Make an Offer Once you’ve chosen a property, it’s time to craft an offer. Collaborate with your agent to develop a competitive proposal based on market research. Keep the following in mind while making your offer: Current market conditions : Assess if it's a buyer's or seller's market. Comparable property prices : Analyze prices for similar penthouses in the area. Your budget : Stick to your predefined budget for a smooth negotiation process. A well-defined offer strengthens your position during negotiations. Step 6: Legal Considerations and Documentation Understanding the legalities of the Dubai property purchase process is vital for non-EU foreigners. Note the critical documents involved: Title Deed : Always ensure the seller provides a Title Deed, which confirms ownership. Sale Agreement : This document details terms of the sale and is signed by both parties. No Objection Certificate (NOC) : Obtain an NOC from the developer, confirming no outstanding dues on the property. Consider hiring a lawyer with expertise in Dubai’s real estate to navigate these documents effectively and ensure adherence to all regulations. Step 7: Finalizing the Sale After your offer is accepted and you've clarified all legal aspects, move forward with finalizing your purchase. This process includes paying a deposit, typically around 10% of the purchase price, and arranging any financing needed. You'll need to visit the Dubai Land Department to complete the registration of the property. The Title Deed will then be officially transferred to your name. Step 8: Settling In Once you have completed your purchase, it’s time to make your new penthouse feel like home. Start by familiarizing yourself with local services and community amenities. Consider the following steps: Utilities Management : Setting up essential services like water and electricity as soon as possible. Building Regulations : Learn the rules to follow while living in the complex. Community Involvement : Engage with neighbors and explore local events to help you feel settled in. These actions will help create a smooth transition to your new penthouse lifestyle. Embracing the Dubai Penthouse Life Purchasing a penthouse in Dubai as a non-EU foreigner is a thrilling endeavor packed with opportunities. Gaining a solid understanding of the purchasing process, aligning budgets, and navigating legalities can enhance your experience. With the right information and assistance, you'll be on your way to enjoying Dubai's luxurious living, whether as a personal residence or a lucrative investment. By following these insider tips, your dream of owning a penthouse in this exciting city is well within reach. Luxurious Dubai skyline overlooking the horizon

Dubai, a dazzling gem in the United Arab Emirates, has emerged as a premier destination for property investment. For Europeans seeking luxury, the allure of penthouse living in this vibrant city is hard to resist. From the stunning skyscrapers to a lifestyle filled with excitement, Dubai offers a unique opportunity for foreign investors. However, it is crucial to understand the buying process, which differs from many European nations. This guide outlines the essential steps for purchasing a luxury penthouse in Dubai. Understanding the Legal Framework For EU investors, the first step in your property journey is understanding the legal framework regarding foreign ownership in Dubai. The UAE permits foreigners to buy property in designated freehold areas, allowing complete ownership rights. Currently, there are over 20 designated freehold areas in Dubai, such as Dubai Marina and Downtown Dubai, where you can own property outright without a local partner. It's advisable to check current regulations through the Dubai Land Department or consult with a local real estate expert for the most recent legal updates. Choosing the Right Location Dubai features several luxurious locations, each with unique charm and amenities. Here are three prime areas for purchasing penthouses: Dubai Marina : This lively waterfront community is famous for luxurious penthouses, offering intricate designs and exquisite views over the marina. Residents enjoy fine dining, shopping, and recreational activities. Downtown Dubai : Known for its iconic skyline dominated by the Burj Khalifa, this area is home to some of the city's most prestigious penthouses. Investing here places you in the heart of Dubai with access to world-class entertainment options. Palm Jumeirah : This iconic man-made island features upscale beachfront properties with unparalleled views and private beach access, creating an exclusive lifestyle for residents. When choosing a location, consider your preferences for lifestyle and amenities to ensure a perfect match. Stunning skyline view showcasing luxurious penthouses in Downtown Dubai Engage with a Real Estate Agent Hiring a knowledgeable real estate agent can significantly smooth your buying experience. A reputable agent will have a good grasp of the market, attractive neighborhoods, and the specific legal requirements for foreign buyers. When looking for an agent, verify that they are registered and have a valid license from the Dubai Land Department. An experienced agent will help you find a penthouse that fits your lifestyle and budget and can negotiate the best purchase price. Financing Your Purchase Foreign investors can find financing options for property purchases in Dubai, but options may vary by lender. Most banks tend to offer financing up to 80% of the property value for expatriates. Keep in mind that average interest rates for mortgages in the UAE range from 3% to 4%. Understanding these specifics is vital when working on your budget. Consulting with financial advisors or mortgage brokers who specialize in Dubai's real estate market will help clarify your financing options and foster informed decision-making. Property Searches and Visits After identifying your preferred areas and hiring an agent, start visiting potential properties. When viewing properties, assess: The layout and design of the penthouse Amenities within the building, such as gyms, pools, and security features The overall condition of the penthouse to ensure there are no structural issues Don't hesitate to visit multiple properties. Take your time to ensure the choice aligns with your lifestyle goals and expectations. Luxurious penthouse interior with exquisite furnishings and decor Making an Offer and Negotiating Terms Upon finding the penthouse of your dreams, the next step is to make an offer. Your real estate agent will assist in negotiating terms, including the final price and any necessary contingencies. In Dubai, it is standard practice to pay a security deposit, usually around 10% of the purchase price, once your offer is accepted. Following this, a purchase agreement will be drafted and signed by both parties, detailing the terms of the sale. Due Diligence and Title Transfer Before finalizing the transaction, conduct a detailed due diligence process. This includes verifying all property documents, such as: The title deed Land-use approval Any outstanding fees, including service charges Once due diligence is complete, you will proceed to the title transfer phase. Both parties must visit the Dubai Land Department to wrap up the transaction, pay applicable fees, and register the property in your name. Residence Visa Options Buying property in Dubai can also lead to a residence visa. If you invest over AED 2 million in property, you may qualify for a long-term visa that allows you to live and work in the UAE. This opportunity is appealing for those considering longer stays or potential relocation. It is wise to consult local immigration experts for detailed guidance on visa options available to you. Iconic Burj Khalifa standing tall among luxurious properties in Downtown Dubai Final Thoughts Investing in a luxurious penthouse in Dubai as a European investor is an exciting endeavor with both lifestyle and financial perks. From grasping legal frameworks to exploring financing options and making smart location choices, being well-informed is key to a successful purchase. By collaborating with experienced professionals and conducting thorough research, you will find a penthouse that exceeds your expectations. Not only will you enjoy luxurious living with breathtaking views, but you will also become a part of an exciting and diverse community. With the right support and insights, your dream of owning a luxury penthouse in Dubai can become a reality. Begin your journey now and embrace the grandeur life that awaits you in the UAE!