One of Dubai’s largest real estate brokerages has teamed up with major developers to launch a new website for off-plan property sales in the emirate.
Dubai residential real estate firm, Allsopp & Allsopp, said in a statement that it is working with Azizi Developments, Deyaar, Nshama, Select Group, Ellington Properties, Emaar, Dubai Properties, Damac Properties, Sobha Developers, Swiss Property, Al Sharq Investment, Nakheel, Omniyat, and Meraas on the new portal.
The announcement comes just weeks after a report which said off-plan sales in Dubai jumped by 45 percent in the first quarter of 2017 compared to the year-earlier period, as incentives and improved payment plans drew more investors.
Real estate consultancy Chestersons said the figures help support Dubai’s improving position as a safe haven for investors.
Allsopp & Allsopp CEO, Lewis Allsopp, said: "Our sense of duty is vital; and by that, I mean we aim to give Dubai investors the ideal available knowledge, so they can make the best possible decisions, as we are already the top buyer and tenant enquiry destination on Dubizzle and Propertyfinder."
He added that the new off-plan portal includes developer videos, Google map locations, floor plans, opening prices and payment plans.
Allsopp said phase 2 of the portal will see the availability of up-to-the minute information of what the developer has for sale, integrating the developer’s live feed of properties to give the investor the opportunity to book the property online by simply paying a reservation fee.
Last month, it was reported that sales of off-plan properties in the UAE are expected to see a temporary downturn after authorities confirmed the new value-added tax (VAT) would be applied to the first sale of a residential property.
In a briefing with tax advisors, the UAE Ministry of Finance said residential property sales and leases would be exempt from VAT, with the exception of the first sale of new residential property. Sales and leases of commercial properties will be taxed at the standard VAT rate.
The UAE has said it will implement VAT from January 1, 2018.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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