Question: I’ve been considering buying an off-plan unit for some time but have been put off by some pushy real estate agents. Do I need an estate agent when buying off-plan? VK, Sharjah
Answer: The straight answer is no, you do not require the services of an estate agent when buying off-plan. However, I would urge you to consider all the factors listed below before doing so.
Going directly to a developer may seem like the best option when buying an off-plan unit, by thinking they may reduce the quoted price as there is no commission to be paid to a real estate broker. This is often not the case as many developers have their own sales teams and they still pay their teams commission, so it is very unlikely you will get a better deal than if you went through an agent.
Another point of note is that developers need brokers and they have built up years of business relationships nurturing these contacts. Often going through a reputable broker gets you a better deal or some sweeteners perhaps.
Getting hold of a preferred unit at the launch is also very challenging. Going through an agency can help you secure your unit of choice due to the sheer number of units a broker sells for the developer, therefore potential favours may be factored in.
The broker thrive on building relationships with their clients, so going through an agent to buy an off-plan unit will ensure your best interests are managed and exceeded, as any company would want your repeated business, too.
You can go directly to a developer to buy an off-plan unit but going through an estate agent to do so could get you a better deal and help to support your purchase in the long run.
Q: I have rented a property since last year and wish to renew my lease for another year when my contract ends in October.
However, the landlord hasn’t said anything directly to me about what he wants to do but is skirting around the edges of wanting to evict me citing “personal reasons”.
Are there specific notice periods that landlords must give tenants in Dubai before eviction for reasons other than non-payment of rent? PS, Dubai
A: The first thing to note is that a tenancy contract automatically renews under the same terms and conditions as before (unless otherwise agreed). If a landlord wishes to get a tenant out, he can do so for only four reasons.
One would be if he needs to sell the property. Another would be for reasons of moving in himself, or his next of kin of first-degree. The third reason would be for major refurbishment that would otherwise prevent a tenant from having quiet enjoyment of the property due to the work being carried out and lastly, for a reason of demolition.
For these last two reasons, the landlord would need written approval from the concerned authorities. For the reason of moving in, the landlord would not be able to re-let the property for a period of two years after eviction. You could get compensation if the landlord violates this last part.
For these four reasons, the landlord must inform you about eviction through notary public or registered mail and give you at least 12 months’ notice to vacate.
This is the only way you would be asked to leave. There are no other shortcuts for the landlord. Remember that these are not related to non-payment of rent. In this case, there are different notice periods that must be adhered to.
The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@novviproperties.com
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The five pillars of Islam
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
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