5 mins to read,
February 26th, 2023
Watch this recording of our Webinar from 7 April 2020 to catch up on the latest market insights from Property Finder.
- PRESIDENT, PROPERTY FINDER GROUP
- DIRECTOR, RESEARCH & DATA
- DIRECTOR, NEW HOMES
Watch this recording of our Webinar from 7 April 2020 to catch up on the latest market insights from Property Finder.
In this Webinar, you will:
Since the sale transactions will take place online via email and video call, what about the time difference if the seller or the buyer or both parties are based in different countries?
The registration trustee offices are open from 8am to 2pm Dubai time, therefore both parties would have to accommodate within this time frame. Please check the details of the trustee offices in this article.
Since the DLD office is closed, does the tenant have the right to demand to freeze their rent?
RERA has stated that there will be no eviction cases for March and April for both residential and commercial properties. Currently, a tenant does not have the right to freeze their rent. Each individual would need to negotiate with their landlord during this time. The Dubai Real Estate Institute has started weekly videos on their Linkedin page where they answer questions, this question will be sent to them.
Since we are able to get 90% LTVs – do you think a decrease in transfer fees would lead to more sales? Why isn’t DLD doing anything about the 4% transfer fees?
There have been discussions of reducing the transfer fee, however, nothing has been announced. Once it is made public, we will make sure to inform all of you.
If a tenant has put a deposit down on a new property and is unable to move, can they withdraw from the new property and stay in their current property?
Each individual during this time will need to negotiate with their current and new landlords. Everyone is going through discomfort during this time and we all need to work with each other. The Dubai Real Estate Institute has started weekly videos on their Linkedin page where they answer questions, this question will be sent to them.
Would you have any update on EJARI procedures? How is it possible since centres are closed?
EJARI can be registered online within minutes on DLD’s REST app by the tenant and landlord. You as an agent can also register EJARIs on behalf of your clients via the EJARI Management service which your company would need to register for and this includes managed and unmanaged properties.
Is it the case that Communities Facility Managements do not give and moving permit at the moment (in Dubai)?
This is correct and will continue to be the case until the lockdown is officially over.
Regarding the agency fee payment in sale transactions, in order to register the form F successfully is challenging, especially due currently DLD is asking to update seller information. This step takes a long path and with a couple of errors when we try to update and trustee offices are the entities that have full power to do so, we agents don’t have the full capacity to update and verify sellers information in the system. Can you check with DLD if it’s possible to simplify this step or to make the REST app more efficient for us, agents, to be able to do it?
Yes, we will send this request to DLD.
What is the process for transferring online now? How does the seller receive his payment?
The process is detailed in this article.
Will DLD accept a soft copy of form F with form A and B or does form F have to be submitted on the broker app only?
Form F can only be done via the broker app and soft copies are no longer accepted.
What’s the exact email address we need to use to send all sales to DLD for transfer to do a transaction online?
The registration trustee offices which are doing online transfers are listed in this article.
We shared with you our view on the time of time to recovery, which is 1 to 3 months. What is your view?
It is clearly impossible to predict the future and what might happen with the market. We’ve shared some examples from other countries, and we’ve looked at what challenges they face and how they reacted, but clearly every country faces its own challenges, in particular the UAE, as we are acting differently to other countries and how they’ve handled the crisis.
So the best thing that we can do to support you right now is to continue to look at the data and share as much information with you as possible.
How do you explain the differences in trends between Emirates?
Every Emirate has reacted completely differently to how they’re handling this crisis right now. Dubai clearly acted first by putting the whole of the city and region on lockdown and that would probably explain why Dubai has been impacted the most in the data that you have seen today.
Sales transactions continue to decline. Do you think we reached the bottom line?
So the trends that we’re seeing in the market today, we cannot take as a normal real estate cycle trends. This is a very unique situation that is impacting the whole world and we cannot say that we are at the bottom just because of us as an external factor that had come in that no one was thinking about before. Once this is over and we get out and the market starts to pick up again, I personally believe that we will start to see that upward trajectory again, as we saw in the last quarter and the beginning of this year.
How do you explain the increase in lead views in the last week?
I think as people become more conditioned and aware of their surroundings and getting used to being at home, they’re returning to some of their more normal activities. Obviously people have more time to spend online right now because they are at home, so that would explain potentially why people are viewing more information and planning for future decisions.
Which area with the most transactions in terms of rentals and sales in Dubai?
We want to reiterate that we gave all our clients free access to our Data Finder platform. You can find the answer to this question and tons of other questions in our Data Finder tool. There are many more insights in there than what we have shared today in the webinar. Please reach out to your Account Manager to get your one month free and we will set you up within 24 hours.
Check out this Data Finder Demo for more details
What is the impact of Expo being postponed for a year?
I think having the Expo this year would not have been feasible because people probably won’t be able to travel and we don’t know how long the situation will last in different countries, which are the countries that were looking to come to travel to Dubai. I think the Government made the right decision and the Expo 2021 will be even bigger and better.
How many virtual tours were added to propertyfinder.ae so far?
We currently have over 1,000 virtual and 360 tours on our portal.
For more information on Virtual Tours, go here.
Is there any information on commercial property? What is your view on the current market conditions for commercial units specifically in Dubai?
It’s important to highlight because as we mentioned many times the situation is very different across different Emirates. We’ll prepare some detailed research and data into commercial property for next week. Again, in the meantime, though, please speak to your Account Manager. They do have access to information that would be relevant to specifically to your account and to your properties so they can help to give you an insight into what’s happening with your market and your parties right now.
Does the verification process take longer these days?
The answer is no, our processes are continuing, we actually looked at this data just the other day. I checked how many hours it takes on average to verify a property in after the submission and it’s about the same as before the Covid-19 situation started. We are in the process of working on some automation, so stay tuned for updates.
As we are dealing with Property Finder in Abu Dhabi for market demand and search trends are still not available in Data Finder. By when will the data for Abu Dhabi will be available in data finder?
So for all the other Emirates prices and transactions area analysis Market demands will be available by the end of this month, of course, this is going to be our listing data that you will see, you won’t see transaction data for the other Emirates.
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