Commercial Property in London

In Dubai a lot of people who bought expecting to be able to make a profit quickly have been disappointed and many are left in negative equity as prices
have slumped by up to 60% since the end of 2008 when the glitz and the glamour of what was the world’s fastest growing real estate market dimmed.
Going into 2012 there are signs that the Dubai residential property market is stabilising. Cluttons, the real estate specialist that has enjoyed a dedicated Middle Eastern presence since 1976, said that 2011 has seen the real estate sector in the emirate move towards market maturity.

A brisk start to business is predicted in January 2012, with the effect that Cluttons has recently engaged ten new staff members to meet demand in the New Year. Despite the negativity arising from the ongoing economic turmoil in Europe and the US, Cluttons says that the Dubai real estate market ends the year with more positivity than seen in the previous three years.

The high end residential sector in particular seems to be benefitting from ongoing capital shifts in the region as a result of the Arab Spring. Where prices have continued to fall, the rate at which they are decreasing seems to have slowed throughout the year bringing a feeling that they are close to bottoming out. Cluttons points out that demand now originates from variables that one would expect in any established city, with specification, finish, location, amenities and a sense of community far more prevalent in a buyers mind compared to those purchasing property three or four years ago.
Equally, landlords are becoming more flexible in their terms, which is another feature of a maturing market, as landlords recognize the value of reducing vacancy levels rather than holding our for a higher rent and reducing the changes of securing a good tenant.

In legislative terms, a key announcement over the past 12 months has been the announcement of three year residency visas offered to owners of properties worth one million dirhams or more in all freehold areas, a move made by the government to lure investors back into the marketplace. ‘We are encouraged by the stabilisation seen in certain areas of the UAE’s residential and commercial real estate market and have staffed our team accordingly for 2012,’ said Steven Morgan, head of Cluttons in the United Arab Emirates.

There is a general misconception among the public regarding the actual coverage that home insurance provides. It is generally believed that home insurance covers essentially just the physical structure of the building. In fact, this type of insurance, also known as hazard insurance is a combination of different personal insurance protections. However, there are varying premium rates, compensation amount offered and coverage provided depending on the plan you subscribe to and therefore, it would be wise to make a thorough comparison before any agreement is made.

The first step is to make a decision regarding what kind of coverage you are looking for your home and how much you would be willing to pay for the premium amount. The cost of insurance is influenced largely by the cost needed to replace the house itself and also on which extra items to be insured are attached to the policy.

In most cases too, the terms of the contract do not provide coverage in the event of certain incidents; damage caused by natural disasters or war are usually included in this category. Special plans are available for the coverage of such events and you have to evaluate yourself the pros and cons of having them and whether they are sufficiently relevant to you.

After those decisions have been made, the next step is to acquire contact details of different insurance companies that provide coverage in your area. It is usually wise to contact local agents as they are better suited to advise you on what kind of policy to go for. Enquire about the most suitable kind of policy to purchase for your coverage needs and their lowest quotes for such a policy. Accept their advice and suggestions but do your own research too. For instance, consider too the age of your house. Generally speaking, a brand new home purchased directly from the developer would need less coverage as the items are less susceptible to damage compared to an older building.

Lastly, ask for any discounts that you are entitled to get. Insurance agents are almost always desperate to fill their quota and would do their best to give you the best value for your money.