I purchased a completed apartment from a developer in July 2021 for Dh2.9 million and took possession of the unit on October 8 last year with a payment plan that I have since completed.
I paid Dh4,241 last September for pre-title registration fees. Now that the unit has been fully paid, the developer is demanding that I either pay them Dh3,000 or Dh4,200 to the trustee office for title registration.
I bought an off-plan property from another developer for Dh4.9m, but was only charged Dh1,095 for Oqood registration.
I am trying to get the title deed of the first apartment registered in my name as soon as possible because I plan to sell it.
The Dubai Land Department told me to contact the trustee office for clarification about fees. However, the trustee office said they have no control over registration fees and they are at the developer’s discretion.
Shouldn’t such fees be standard and established by the DLD? How can developers arbitrarily assign fees for title registration? EF, Dubai
The DLD is trying to streamline the way property is bought and sold in Dubai and despite some hurdles along the way, it is winning in its approach to making the process as easy and hassle-free as possible.
I agree with you that going forward, all developer registration fees should be standardised so that there is full transparency.
Having said this, we sometimes encounter situations that do not seem to be fair. Fees solely set by developers are one such anomaly.
Under normal circumstances, all eventualities ought to be covered by the sales and purchase agreement (SPA), which you presumably signed at the point of initial purchase.
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Watch: the $60 million mansion — we take a look around Dubai's newest party palace
This document should outline what charges are levied and at what point they will become due. If no such information exists in your SPA, I would challenge the developer to justify these fees.
To sell the unit, you need the title deed to be in your name. If you are getting nowhere despite confronting the developer, you have to move on.
Such developers can deceive you once, but not twice. You must have learnt an expensive lesson for any future off-plan purchases and from who you will buy from.
How much is a tenant entitled to receive in compensation if the landlord evicts him and, instead of moving in, rents the property to a new tenant? FL, Dubai
Should a tenant win a judgment from the Rent Dispute Settlement Committee (RDSC) in the example you cited, it has been seen in the past that judges offer the annual rental amount as compensation. Often, the fees are also included in the award.
However, no two cases are necessarily the same in terms of the compensation granted.
It is always up to the presiding judge to award whatever he or she sees fit based on the specific case and circumstances.
I moved into a rented apartment in April 2021. However, the landlord wanted to sell the property and issued a 12-month notarised eviction notice in November last year.
I renewed my rental agreement for 12 months in April this year. However, my landlord has found a buyer for the apartment and wants me to vacate by November 2022.
Am I legally entitled to stay in the apartment until April 2023 or should I vacate the unit as per the original notice? AM, Dubai
The reality to all of this is about negotiating with the parties. I suggest you speak with the new buyer to ascertain why they bought the property.
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My Dubai rent — Misha Agarwal in pictures
Was it as an investment to rent out or was it bought to live in? If it was bought to rent out, the new owner cannot evict you in order to find another tenant. The new owner must respect your current contract.
However, if the new owner wishes to move in themselves, it has been seen in cases at the RDSC that some judges request the new landlord to send a separate 12-month eviction notice.
The likelihood is that you will be able to stay until your tenancy expires in April 2023 or potentially stay longer if you negotiate with the new buyer.
Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for more than 35 years, in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario.volpi@engelvoelkers.com
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Jurassic%20Park
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'Ashkal'
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TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness