In 2003, Russia's first talk about the United Arab Emirates as a very attractive country for real estate purchase. Since then and until recently none of the customers complained. So will this euphoria? There are different opinions on this subject ... Manners and Customs of representatives from the UAE real estate developers, implementing real estate in Russia (and we have asked them about a dozen), you can hear just admiring reviews for this country. There is no need to repeat all of them, because they literally overflowing Runet. To reiterate briefly the most important thing - Laws that apply to visitors in the UAE quite loyal, but for those who violate the law not only strict, but inevitable. Therefore, crime in the UAE almost none. - Residents of the Emirates is very respectful of different religions. The proof of this fact is even the construction of the Russian Orthodox church in the strict and religious Emirate - Sharjah. - Great way to get to allow you to your destination quickly. - Despite the fact that the life and traditions in the UAE is very unusual for most Russians, serious difficulties for our compatriots in the UAE does not appear. Problems arise in people who climb "with its charter in another monastery." Subject to the same basic rules of human communication, respect local laws and traditions - rather, by the way, burdensome - a person of any nationality and religion feels comfortable in the Emirates and free. - Emirates - is a paradise for everyone, but it more than others feel, apparently rich. The fact that the UAE either to themselves or their loved ones will never need protection. - Well, and 350-360 days of sunshine a year-round swimming season - is generally known facts. Market opening acquire real estate in the UAE (specifically Dubai) to investors from non-Arab countries allowed for the first time in 2002. Then the Crown Prince of Dubai and UAE Vice President Sheikh Al Maktoum special decree allowed to sell land and housing in Dubai to full ownership by foreigners. As they say, realtors, this was done "under the British", many of which have long lived in Dubai, but from a legal point of view is not owned their homes (which were made out to the citizens of the country). The decree provided the impetus for beginning the construction boom, and now does not stop, and gave property owners the right to obtain a residence permit, which is updated every three years. In 2006 the band released the Real Estate Act, apply for a decree legally Al Maktoum. Prior to this house, purchased by foreigners, almost did not have legal status, and the purchase was officially called an unscheduled. Under this law, registration of property rights was given to the land department of Dubai. Also, the law defines the rules were buying and selling real estate and design it as collateral for the mortgage. Investor protection and guarantees even the new law number 8, released in summer 2007. He, in particular, requires all developers to open ascrow account (escrow account), which receives money buyers. Money from this account developer can use only with the permission of a special commission to unfreeze account as part of the facility. Even after settling on the deposit facility remain 10 per cent - up until the last owner of the house does not get his hands on the title. The Russians started buying real estate in the UAE since 2002, too, but in an active phase of this process came just at the turn of 2005-2006, when real estate prices in Moscow first equaled and then surpassed the price of the UAE real estate market. Today, the Russians took this third place among the buyers in the lead as the English. Where to buy? When Russians talk about buying property in the UAE, we are referring primarily Dubai - one of the seven emirates. This is due to its leading economic position and the most advanced among the other emirates of the legislation. For example, by the Government of Dubai, to sell land or built housing can only company licensed to this activity. The state grants of land to these companies, appoint their general builder and allows sites to sell to foreign investors. These companies are Emaar, Nakheel and DAMAC. "Now the law of property only works in Dubai - Dubai commented authorized representative of DAMAC (www.damacgroup) in Moscow, Andrei Zaitsev. - Following this example, the sheikhs of the emirates of Ajman, Ras al-Khaimah and Umm al-Quwain also announced the sale of the property of foreigners. Legally in Ajman and Ras al-Khaimah situation is the same as in Dubai after a decree in 2002 authorizing the sale of the property to foreigners, but not confirmed by a legislative act. That is, the law does not exist there. " But the degree of legal "advancement" of Abu Dhabi and Sharjah, opinions were divided. Thus, the CEO of "Sarapis" (Moscow), Igor Baranov argues that there is in the last 2-3 years have made great strides in attracting foreign investment into its economy, especially in real estate. Head of Overseas Property Academy "Your Home" (St. Petersburg), Elena Belova, Leontief finds that real estate law in Abu Dhabi, while the "raw" (as it was in Dubai until 2006) and sales are small, and the same in Sharjah: property is not sold in the property, but actually delivered to the lease for 99 years. Incidentally, the same subtlety is in Dubai and the law. "Potential buyers should be careful, as not all projects are sold in the property, - draws the attention of Andrei Zaitsev. - Here is practiced real estate leasing for 99 years, which is also called a purchase, but actually is not. This type of use of the apartment (it is called leasehold) is regulated by other laws and no such protection, which is given to those who have bought property on the right of freehold - a full right of ownership. " However, as experts predict an information portal Metrinfo, heir to the throne of Abu Dhabi intends to accession to the throne after his display of the emirate of the UAE. This will inevitably lead to the collapse of the confederation, and this period is the most painless overcome the "oil" emirates - Abu Dhabi, Dubai and part of Ras Al Khaimah. But residents of the other four emirates - Ajman, Umm al-Quwain, Fujairah and Sharjah - will have no choice but to return to their centuries-old business - fishing for pearls. Local real estate is likely to depreciate drastically. After Dubai, the second largest attraction experts put Ajman (Incidentally, while cheaper than Dubai). Prices and yields according to realtor agencies, most of the inhabitants of the UAE is in the country temporarily - on earnings. Many visitors prefer to rent an apartment, so it is always in short supply (even five-star hotels in Dubai are loaded by an average of 90 percent per year). Buy the same apartment most Arabs and Russian, the latter - in order to live in them themselves, rather than rent. Many Russians who come here to work on a contract to buy an apartment for your stay in the UAE, and then sell it, getting from 40 to 100 percent of original cost. There among Russian buyers and those who prefer the Emirates 'winter'. When he left in April and May the home they rent a property for rent, often with the assistance of the management company. This can bring about 15 per cent return per year. In the Emirates, as well as in Russia, you can buy newly built properties. Buyers will provide interest-free installment payment, usually in 1.5-2 years. The initial fee is usually 10-15 percent of the total cost. Investors earn as follows: acquire under construction meters at an early stage and resell the apartment after the start of construction, when the price rises by the same 10-15 percent. Thus, the invested capital is doubled. These operations are all the more attractive that there are no property taxes. What are the current prices of some of the facilities offered by the Russian agents? First of all, it should be noted that prices in the UAE are always given to the cost of finishing (which in all cases, very high quality), parking spaces (the number corresponds to the number of rooms available in the apartment), furniture, and sometimes the main types of home appliances installed in the apartment. (Also, in homes or on the local area is usually a swimming pool, sauna, shop and cafe.) In late 2007 - early 2008, prices in Dubai have been established at about three thousand dollars for the quarter. meter and continue to grow. In elite projects price per square meter has reached the level of 10 thousand dollars. Thus, the studio (similar to our one-bedroom apartments of 44 square meters. M) is worth 115 000 dollars, one-bedroom apartment (60-100 square meters. M) - 180-400 thousand dollars, and three rooms (80-150 square meters. M) - 270 - 600 thousand dollars. Realtors say that kind of money either in Europe or especially in large cities of Russia can not buy anything close in quality to the Dubai real estate and infrastructure. In these apartments for rent can be taken, respectively, for 1500, 2600 and 3700-3900 per month (payment for rent is usually charged forward again in 3, 6 or 12 months). This is the local context. The minimum rate of return on real estate price rise in Dubai is 15-20 percent per annum, with rent may be increased up to 20-30 percent. The market price of real estate grows as we approach the end of construction and can be increased by 100 percent. Payback period of 1-3 years. In Ajman average price of apartments below - 2.2 thousand dollars per square meter. meter - but it grows more rapidly than in Dubai. Prospects It is believed that Emirates now - a very promising area for investment in real estate, and because of that price on it for several years growing quite rapidly. We asked real estate agents, will not stop if the increase in the near future? "According to my estimates - meets Andrei Zaitsev - fast prices will rise another 50 percent, and then continue a gradual increase, keeping a minimum level of inflation. Income from the rental deposit for an unfurnished pogodichnoy is 8-10 percent of the purchase price per year. Prices in Ajman and Ras al-Khaimah kept at $ 1,800 per square meter. meter and for six months, as are fixed. Prices in Ajman should be expected until the autumn. " With the latter statement strongly disagrees Elena Belova, Leontief: "Currently demand for property is high, the apartments are sold like hot cakes. The project takes about two weeks after the start of sales! For example, it was in Ajman, where for the last six months prices have risen by 30 percent. Of all the foreign real estate is the most interesting direction. Especially if you take the growth rate of prices (60-100 percent per year) and high rents - though the demand for rent is also very high. So in real estate in the UAE can be at least another two or three years, very good money. " "The level of property prices in the UAE today is comparable with many European countries at a much more modern infrastructure, - says Igor Baranov. - The rise in property prices in Dubai expected to until 2009-2010. Prices for rental housing are constantly increasing, which is quite understandable in a country with a growing economy can count on a steady increase in demand for rental dwellings as part of local experts, and by the tourists, whose number is growing every year. " The magazine "Urban Real Estate Review"
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