Tranio client’s insights: buying an apartment in Dubai from DAMAC Properties
Many foreigners buy property in Dubai during the construction phase in order to benefit from the growth of its value after the building’s commission. Tranio’s client Stanislav did the same and chose for his investment an under-construction project Safa Two by DAMAC. Stanislav bought four apartments worth several million US dollars and closed the deal remotely. Based on his experience, we have put together a step by step guide of how to buy investment property in Dubai without ever coming to the emirate.
To Dubai for capital growth
Stanislav already had experience of buying property in Dubai before contacting Tranio. He owns an apartment in a popular area of the city, which he rents out on a long-term basis. Due to the successful experience of investing in Dubai coupled with his confidence that the emirate’s market will grow, Stanislav has decided to choose this metropolis for his next investment as well.
Stanislav found out about Tranio from the Internet, while he was looking for information about buying property in Dubai. After that, Stanislav consulted his personal bank manager on the matter of working with Tranio. As it turned out, the consultant knew us well and spoke highly about our managers.
Stanislav decided to buy an apartment in Dubai at the construction phase and resell it later after the project would be commissioned and its price would be increased.
Tranio’s consultants told Stanislav about the risks the investor could face with such a level of return. In cases like this, there is a possibility that the market will no longer grow so actively or even sink. However, this risk is small, because real estate prices in Dubai are still 25% lower than their peak in 2014.
When we were sure that such an investment strategy suited our client, we began the project selection according to the specified parameters.
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Remote property selection in Dubai
After reviewing the developers’ offering on the website, Stanislav requested an online consultation with our managers. Ksenia has been the one working with Stanislav; she lives in Dubai and is well acquainted with all the distinctive features of this market and local developers.
During the call, Ksenia told Stanislav about new projects with recent start of sales, as well as about those that were still preparing to enter the market: after all, you could get the most favourable price when booking a project at the presale stage. Such offers can be received upon request from our managers.
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Ksenia also told Stanislav in great detail about the location of the projects, their infrastructure and construction progress.
Together with Ksenia, they looked at the online map to find the projects Stanislav had liked and then calculated how long it would take to get to the main points of interest in Dubai from each of the projects.
As a result, Stanislav chose the Safa Two residential complex from DAMAC Properties. He liked the design of the complex as well as its location near the Business Bay district and the large Safa Park. Additionally, the first DAMAC project in this series (Safa One) was very successful in terms of sales and price growth.
Stanislav bought four apartments in the Safa Two complex for a total of 2 million US dollars.
Futuristic DAMAC Safa Two apartments
Safa Two residential complex features futuristic architecture and designer finishes. This project is carried out in collaboration with the Swiss jewellery brand De Grisogono, which is responsible for the project’s interior design.
Safa Two is located right next to the Sheikh Zayed Road, in a ten-minute car drive from Downtown as well as the beach. The building is located next to the Safa Park, which has an area of about 64 hectares. The windows in the apartments overlook both the city and the Dubai Canal and Persian Gulf.
The apartments are equipped with green terraces. The developer also plans to create hanging gardens on the building’s sides.
An artificial beach, four swimming pools, a playground, a gym, a spa as well as various cafes and restaurants are planned on the territory of the complex.
The construction’s completion is scheduled for 2026.
Investing with DAMAC
It was crucial for Stanislav to work with a well-known developer, which was why he chose DAMAC — one of the largest developers in the UAE. The company has been in the industry for over 20 years and is the first real estate company in the Middle East to be listed on the London Stock Exchange.
DAMAC has been the main developer of Business Bay during the district’s inception and continues to develop new projects in the area to this day. Safa Two is not far from Business Bay either.
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Each developer has its shortcomings or weaknesses, DAMAC is no exception. In our experience and observations, DAMAC sometimes delays the completion of some of the planned construction volumes. However, Stanislav decided that the pros strongly outweighed the cons. Especially given the fact that despite the delays DAMAC never leaves projects unfinished.
Making a purchase
Stanislav had been to Dubai several times and had a good understanding of the project’s location. Hence, he abandoned the idea of visiting Dubai to see the showroom and location, and closed the deal completely remotely.
Stanislav transferred the money for the purchase of apartments remotely as well. He made a transfer in US dollars from his Russian account at Raiffeisenbank to the developer's account at Dubai Bank. The funds were received in 4 days.
In order to complete the transaction, it was necessary to provide the information about the developer’s licence and about the project itself, as well as the booking confirmation and an invoice. Tranio’s manager collected all these documents for Stanislav so that the Russian Federal Service for Financial Monitoring could let the transfer pass.
It is not required to confirm the origin of funds for the purchase of an apartment in Dubai. The emirate’s banks accept payments without a hitch and do not ask for additional documents to verify the investor’s reliability.
A one-time fee for the purchase of real estate (property transfer fee) is 4% of the property’s cost. There are no other taxes and duties for property owners in Dubai.
After the transfer, the developer sent a contract of sale. It is customary in Dubai that the buyer receives this contract after payment. Stanislav signed the document in Russia and sent it back to the developer. After that, the buyer will be given a document confirming the ownership. Oqood is issued for properties under construction, and title deeds are issued for properties that have already been commissioned.
Stanislav has already received the first document; the second will be issued in his name after the object is put into operation, if before that time he has not ceded the rights to another buyer. The demand for apartments in new buildings in Dubai at the final stages of construction is now very high, so the owner does not need to look for a client for a long time. Tranio can also help our investor clients with the sale of such a property.
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