Dubai Land Department launches online payments for service fees

Dubai Land Department system provides transparency between real estate developers, management companies, and homeowners

HE Marwan bin Ghalita, CEO of RERA
Dubai Land Department (DLD) has launched an electronic system for tenants and home owners to pay service fees, which has been designed to be more fair and transparent.
Operated through its regulatory arm Real Estate Regulatory Authority (RERA), ‘Mollak’ – Arabic for ‘owners’ – allows owners to pay community service fees directly to the system, as opposed to the developer.
It monitors service charge payments in co-owned properties and works within the real estate owners’ databases and the database of real estate units registered and approved by DLD.
HE Marwan bin Ghalita, CEO of RERA, said: “Through the system, RERA seeks to increase the role of governance, regulation, and supervision as well as the participation of private sector
specialists to increase real estate transparency and maintain the balance between real estate developers, management companies, and homeowners.
“This is to increase customer satisfaction and happiness in the services provided by RERA as well as facilitate the procedures of real estate unit owners when dealing with management companies and managing service-fee accounts.”
Through the system, 468 bank accounts were successfully opened for project service charges, 88 management companies and 1,212 real estate projects were registered and approved by RERA as well as 200,000 real estate units, comprising residential apartments, villas, offices, and commercial shops.
RERA also attracted seven banks to act as account trustees for co-owned properties and registered eight financial auditors to explicitly audit the application fees that were submitted for accreditation.
Mohammed bin Hammad, senior director of the real estate relations regulatory department at RERA, said: “Thanks to the innovative new Mollak system, co-owned property projects will be managed with the utmost provision of high-quality services in line with the expectations of owners and residents. RERA’s registration of auditors and banks to monitor transactions in the system is evidence of its emphasis on security, regulation, and customer trust.”
Real estate unit owners are notified electronically of a unit’s service fees with the publication of a unit’s service-fee-approval data in the service and maintenance fees index on DLD’s website.
The management company then requests owners to pay the services fees through the Mollak system, and sends the service-fee invoices in accordance with the amounts approved by RERA but without any financial additions, especially as the system only works on financial accounts approved by RERA.
The system includes providing easy solutions to enable owners to pay service fees through approved channels that were agreed upon by banks and the electronic payment gateway, Noqoodi.
Mr. Mahmood Shaikhani Said another good step taken by government of DUBAI, paying a fee a hassle for the customers, but now no more headaches for the customer they can pay at any time no struggle to go and submit through voucher.
Moreover, it would be a professional way to get the customers information and sending them a feedback or message regarding their dues if they are not paying on time. Online banking is quiet safe now days because banking systems are more secured even if something goes wrong bank will take care of everything and other side government can look after who is doing what, who did the transaction what is his status and how much he is earning. This is actually another step to keep the country safe through different ways.
https://www.arabianbusiness.com/property/424648-dubai-land-department-launches-online-payments-for-service-fees

Dubai's luxury property market attracting more foreign investors

194 luxury sales in the emirate over the first half of year, up from 115 in 2018
There has been a return in demand for established communities such as the Palm Jumeirah, Downtown Dubai and Emirates Hills, according to Property Finder.
Luxury houses in Dubai are becoming more affordable, according to the latest report from Property Finder.
The Dubai luxury housing market – which includes any property above $2.7 million (AED10m) – registered 194 transactions in H1 2019, up from 115 transactions for the same period last year.
“Prices in the luxury market were inflated over the past few years, therefore as prices declined, particularly over the last year, luxury properties have become very attractive, especially to foreign investors,” said Lynnette Abad, director of data & research, Property Finder.
In terms of volume, Palm Jumeirah accounted for the most luxury home sales (55) in H1 2019, almost double the deals from H1 2018, followed by Dubai Hills Estate (29), Downtown Dubai (28), Mohammed Bin Rashid City (22), Emirates Hills (17) and Jumeirah Golf Estates (12).
There were 65 luxury apartments sold in H1 2019, 78 ready prime villas/townhouses and 51 off-plan luxury villas.
On the Palm Jumeirah, there was renewed buyer interest for apartments on the Crescent (16 deals) and villas on the Frond (24 deals). In Downtown Dubai, apartments in the Opera District soaked up majority of buyer interest, while multiple standalone apartment projects also registered healthy sales. Emaar’s Il Primo tower in Opera District has also seen robust sales in the luxury segment.
Meanwhile in MBR City, the villas and mansions in District One witnessed healthy sales (16) on the secondary market while Sobha Hartland accounted for a few off-plan villa sales.
Plenty of activity
The report said: “There has been a return in demand for established communities such as the Palm Jumeirah, Downtown Dubai and Emirates Hills. These areas, once considered overpriced, are now attractive as prices have declined. But there is also plenty of activity happening in the luxury space in new projects such as Dubai Hills Estate and Mohammed Bin Rashid City.”
There was an off-plan transaction registered for a penthouse in Omniyat’s One Palm project that sold for AED 74 million in May - the most expensive property transaction in Dubai so far in 2019.
Across the 10 cities surveyed for Knight Frank’s Wealth Report, Dubai prime properties are most affordable amongst those analysed, with an average price of $625 per sq ft, just 15 percent of the average price in Hong Kong.
Mr. Mahmood Shaikhani said, Dubai is the most affordable place for real estate, it is a right time to invest in dubai projects where EXPO2020 is near, There are number of different schemes and low taxes from government UAE which holds the prices and create attraction for the investors and buyers
Dubai‘s projects are more trustable because their government is taking quick action, they don’t wait for longer time, if someone has a problem they can knock COURT doors to open a case and resolve his issue, Shaikhani said. Furthermore, he said we have a different types of project in different areas because every customer have a different view and opinions, after looking at the behavior of customers we have invest more than 200 million dirham in few years. We are getting a really good positive feedback and best ROI on our investment, due to the government policies and infrastructure
Soon they are going to finish their recent projects; Champions Tower 3 and Gardenia both are on their ending stages. Gardenia is buildup for the luxury, this is not a normal luxury, and these facilities you will find in 5 start hotels. Everything would be really worth it. They are in planning to invest their money in LONDON and NEW YORK soon.
Shaikhani‘s said we have a vision to open our new office in NEW YORK and then London, But things will go gradually. We are in market since many years and we are still surviving in the industry very well. Since 1978 we are in business and our dubai office started in 1993, this is the reliability of our company and customer knows we will finish our projects no matter what.

https://www.arabianbusiness.com/property/424921-dubais-luxury-property-market-attracting-more-foreign-investors

www.shaikhanigroup.com
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Nearly 21,000 properties completed in Dubai during H1

New research says Dubai developers are handing over projects with speed despite continuing correction in property prices

Developers are completing construction and handing over projects with speed ahead of Expo 2020 Dubai despite a sustained correction in prices, according to new research.
The Property Finder Trends report for the first half of 2019 showed that a total of 20,978 residential units were completed.

The total comprised 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.
The report also showed that, as of July, there are an additional 38,426 residential units within 152 projects that have at least an 85 percent completion status and are scheduled to be completed by the end of the year.

According to Data Finder, the real estate insights and data platform of the Property Finder Group, this breaks down to 29,397 apartments, 3,387 villas/townhouses, and 5,642 serviced apartments.
However, it added that even with a high completion status, not all projects will achieve completion this year.

Overall residential stock is expected to reach 637,000 units by the end of 2020.
Some of 2019’s notable handovers so far include the DT1 tower in Downtown Dubai which added 130 apartments, 44 villas within Al Sarfa compound by Meraas in Al Sufouh, 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid City and 426 apartments in Emaar’s Vida Hills.

“With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors,” said Lynnette Abad, director of data and research, Property Finder.

Notable completions that are expected for the remainder of the year are the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena, Jenna apartments in Town Square, phase 1 and 2 of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments in total and three towers yielding 1,427 apartments in Al Habtoor City, according to Data Finder.

Shaikhani Group is working on their best to provide and finish all their projects before expo2020 starts, they want to handover all projects. Mr. Mahmood Shaikhani pushing his engineers and labor to work smarter, he offered them a good incentive so they can work faster and finish those pending projects as soon as possible

Shaikhani group is multimillion business who are working in Dubai since 1993, where hardly few people use to work on real estate, then after few years Dubai government invite investors to work on their land and build a new houses and apartments, but due to quality checks nearly 1500 companies closed down. Shaikhani group never give up even they don’t give up in credit crunch where companies are downsizing their structure but shaikhani wont.

Shaikhani is trustable company where customer can invest their money and utilize their money in two ways, first to live and enjoy a luxury apartment and amenities second to hold their apartments for few years and earn a handsome profit by selling their property.

#Shaikhanigroup #Realestate #MehmoodShaikhani #AhmedShaikhani #dubai #Dubaiestate #memon #Investment #apartment #expo2020 #instagood #Goodreturns #Rental #Secure #ROI #BestROI #Rentalreturn #Realtor #Realestateagent #Homeforsale #Newhome #Househunting #Newhouse #Forsale #Property #Properties #Listing

https://www.arabianbusiness.com/construction/425706-nearly-21000-dubai-properties-completed-in-h1