| Realestate params | |
|---|---|
| Reference number: | 000651 |
| Location: | United Arab Emirates, Dubai |
| Development name: | Lago Vista |
| Type: | Apartment |
| Floor size: | 47.19 m² |
| Price: | EUR 206 167.50 |
| Price per floorsize: | EUR 4368.88 / m² |
| Short description: | Equipped with all needs of modern, active life, Lago Vista is a wonderful choice. |
| Date of construction: | 09/2009 (completed) |
| Bedrooms: | 0 |
| Bathrooms: | 1 |
| Toilets: | 1 |
| Floor number: | 5 / 18 |
| View: | Lake view |
| Swimming pool: | Community outdoor pool |
| Parking: | Garage |
| Security: | Concierge |
| Extras: | Lift |
| Installations: | Air conditioning |
| Beach distance: | 1 km |
| Airport: | DXB |
| Airport distance: | 5 km |
Lago Vista is a brand new residential development in the market of luxury and lifestyle. The 15-storey tower is gracefully designed around a crescent-shaped portico. Set amidst beautiful lawns spread like a woollen carpet, these modern turrets of luxury blend a variety of aesthetic appeal and living dreams. Fountains and gardens add to the beauty of this unusual homestead while far away, silent ranches and the glittering lights of Dubai land make a pretty picture from your window.
Dubai is more than a bold and stirring vision of the future, it is a testament to the unlimited potential of the human mind. International property investors sensed the opportunity years ago and made this market one of the best investment destinations in the world. Below, you can read what the MP.com team has learned about buying real estate in Dubai and the United Arab Emirates.
For further information about this amazing country, we recommend the Wikipedia page on UAE subject.
This relatively young middle eastern country (independent since 1971) is located in the Persian Gulf and the Gulf of Oman. It is a federation consisting of seven emirates:
- Abu Dhabi
- Dubai
- Sharjah
- Ajman
- Umm Al-Kaiwain
- Ras Al-Khaimah
- Fujaira
Situated in southwest Asia, the UAE is neighboured by Saudia Arabia and Oman. The country's population is slightly above 4.5 million people, and the capital city is Abu Dhabi.
National development has stemmed largely from the discovery of vast oil reserves in the 1960s. The massive influx of cash facilitated rapid economic growth throughout the dynamic emirates, and today it is the most developed country in Western Asia. Infrastructure of land, sea and air make it the number one transportation hub in the Middle East, and one of the most important in the world. Low prices, fantastic hotels and entertainment, as well as business friendly policies attract tourists and companies from around the world. Investors interested in buying property abroad are drawn to the area's growth potential.
Political stability and an advanced banking system gave the United Arab Emirates a vibrant service economy in the Middle East, further increasing country's investment attractiveness. Astonishingly luxurious hotels and apartment buildings are ubiquitous, and continue to rise from the ground at amazing rates. The country's wealth and courageous entrepreneurial spirit are inspiring groundbreaking, visionary projects, including the 7 star Burj Al-Arab hotel with its underwater restaurant; the Burj Dubai, tallest building in the world; the Palm Jumeirah, Palm Deira and Palm Jebel Ali artificial islands, just to name a few architectural treasures.
The wealth and strength of the UAE comes from far more than oil revenues. The country envisions a limitless future, and relentlessly pursues success with courage and ingenuity. Below are some of Dubai's remarkable features.
- It is a tax free country – no income, capital gains or inheritance tax.
- It is among the safest places to live in, with the crime rate among the lowest worldwide.
- Foreigners can own freehold properties in many of the Dubai, Abu Dhabi, Ras Al-Khaimah and Ajman developments.
- Resident visa rules are very transparent.
- Hotel occupancy averages at around 85%.
- Rental yield exceeds 20% in certain areas. Average yield is between 8% and 15%.
- Dubai property prices will increase constantly until 2015.
- There is no stamp duty, legal fees or survey costs involved in buying freehold property in Dubai, apart from a 1.5% land registry fee on completion.
- Capital growth is likely to average in excess of 20% per annum.
- With sunshine all year round temperatures rarely fall below 20° C.
- The population in Dubai is very cosmopolitan, over 85% of residents are expatriates.
- There is a superb selection of restaurants offering international cuisines suited to all tastes and budgets.
- Dubai has a fantastic range of bars and nightclubs; with an ever-increasing number of internationally renowned stars performing in the city, the nightlife offers something for everyone.
- Attractions of Dubai are expected to bring 40 million tourists a year, due to the amazing choice of activities for adults and families.
- Upon completion, New Jebel Ali International Airport will cover over 14km sq, with capacity for 120 million passengers and 12 million tonnes of cargo. Due to overwhelming demand, its construction began 10 years ahead of schedule.
- There are over 47 shopping malls (with plenty more to come) offering top luxury brands as well as designer outlets from around the world.
- The whole country offers superb beaches and water sport facilities.
- The UAE is home to the tallest tower in the world, the Burj Dubai.
- The largest man-made islands, The Palm Jumeirah and The Palm Jebel Ali, The Palm Deira, rank among the most unique and desirable leisure destinations anywhere.
- The Mall of Arabia is the largest shopping mall in the world.
- Dubailand will soon become the planet's largest and most varied center of leisure, entertainment, and tourism. Completely one of a kind, Dubailand is an innovative, awe-inspiring complex divided into six themed worlds and comprised of over 200 individual projects. It will feature state of the art sporting facilities, theme parks, eco-tourism resorts, museums, galleries, and spas, along with stunning retail and recreation venues.
- As a virtually crime-free environment, tax haven, and luxury cosmopolitan metropolis, Dubai is a mecca for international property buyers.
- Robust economic growth: Dubai's GDP grows at an average of 10% annually.
- Robust population growth: 8% annually, from 1Mill {when?} to 3 Mill by 2010.
- Dubai is the Middle East's primary hub for trade, finance, land-sea-air logistics, property, leisure, entertainment, retail, IT, media, education and medicine.
- An open, welcoming and tolerant state with investor friendly business policies, the emirate hosts major offices of Microsoft, CNN, IBM, Intel, Cannon, Fox News, ARY, Reuters, Kodak, Agfa; DHCC, Johnson & Johnson, AstraZeneca; DIFC: Standard Chartered, KPMG, PricewaterhouseCoopers, Morgan Stanley, Merill Lynch and others.
The United Arab Emirates and Dubai are examples of the impossible becoming reality. Man-made islands, the construction of a new coastline, the world’s tallest habitable tower, new standards of waterfront luxury, the world’s largest mall, a rotating tower - the list is endless.
Dubai offers a fabulous cosmopolitan lifestyle with an understated elegance. There are attractions galore for visitors: sunny beaches, five-star services, legendary hotels, vibrant shopping centres and gleaming skyscrapers juxtapose traditional dhows and ancient souks. Nowhere else can a tourist experience everything from state-of-the-art leisure and retail to sandy beaches, turquoise waters, lush greenery, and the desert's tranquility within a single day of sightseeing.
This is a place where limitless creativity is harnessed to deliver pleasure, satisfaction and sheer amazement. Every month visitors have new exhibitions and festivals to enjoy, while Dubailand will offer attractions for adults and children eclipsing anything the world has seen before.
The country is extremely safe, allowing tourists and residents to enjoy the myriad attractions without worrying about crime. However, the safety comes from strict law enforcement, and visitors must be aware that certain activities are forbidden. Local law is based upon Sharia religious law, and the punishments for many crimes are severe. Thus, we strongly recommend avoiding the following:
- any type of generally understood misconduct;
- involvement in extra-marital relations, particularly in public places;
- possesion or use of any drugs;
- transportation of alcohol without a specific permit;
- consumption of alcohol in public (there are specific places where drinking alcohol is permitted);
- fighting or other forms of violence;
- littering;
- during Ramadan, public eating and drinking is forbidden from sunrise to sunset.
Compliance with these rules will grant you acceptance from the local people, spare you from facing severe punishments, and help the UAE maintain one of the lowest crime rates in the world.
Purchasing property in the United Arab Emirates and Dubai is relatively easy, and special attention is given to the transparency of the process. Nevertheless, MostProperties.com recommends use of a qualified solicitor who speaks your language to ensure your property investment is safe and secure.
The United Arab Emirates' property buying process includes the following steps:
- Payment of a Reservation Deposit: When you wish to reserve a particular property for acquisition, you will need to make a deposit via wire transfer or credit card payment of approximately 10% of the price to the vendor’s escrow bank account. This deposit counts towards payment of the total purchase price. Except in specific arrangements, these funds are refundable for up to 28 days.
- Signing a Reservation Contract: The client must sign a reservation contract - a technical description of the property and binding sales agreement for both parties - which is NOT conditional upon mortgage approval. If a reservation deposit was not paid in advance, the 10% sum is due at this time (once the contract is signed the deposit is no longer refundable).
- Signing the Sales Contract: The sales contract is the title document that transfers ownership of the property. International property buyers can sign this contract in their home country without visiting the United Arab Emirates or its embassy. However, we recommend signing it before a notary public or solicitor and ensuring that the document is stamped and sealed properly.
- The Sales Contract (Property) Registration: Once a further 20% of the total price has been paid, and the reservation contract and title are registered in your name by the local administration (usually within one week of filing), you become the official owner of the property. If you have not taken out a mortgage, you now pay the remaining installments as necessary, or can re-sell as you wish.
Clients' purchasing costs amount to approximately 3% of the property value. This includes mortgage arrangements and solicitor fees.
Dubai has a greater number of skyscrapers than Venice and Oxford combined.
The distance from the world's most luxurious hotel, Burj Al-Arab, to the Moon is 384,400 kilometres.
Although the price of one litre of gasoline is less than one litre of mineral water, we discourage you from saving money on beverages in this way.
Although the Burj Al-Arab is built on the sea and looks like a sail, we offer plenty of luxurious property in Dubai on solid land as well.
If all the skyscrapers of Dubai were stacked one on top of the other, the result would be extremely tall, equally unstable, very questionable in style.
The impressive efforts of the UAE to organize winter olympics are consistently undermined by lack of even the slightest signs of winter.
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