The city of
The Elite Residence development, located in the heart of possibly one of the world’s most prestigious addresses, Dubai Marina, exudes a sense of high-society tenor. The exclusive residential tower is positioned in a man-made marina that is widely recognised as an urban centre on the water.
Each owner will hold the key to a world of gracious holiday living with rights of a 1/12th shareholding in a vacation home. The use of the respective residence is managed through a reservation system designed to facilitate owners’ preferences equitably. Owners are entitled to three segments of ten days each. This annual use of their own residence is guaranteed and can be exchanged for an alternative period subject to availability. The luxurious fractional title units’ prices start at R775 000.
“Shared ownership is gaining a progressively higher profile. Many high-net worth individuals have concluded that owning very expensive but rarely used assets is a waste of money. No matter whether it’s buying an eighth of a private jet, 60 days of driving a top-of-the-range Ferrari or three weeks’ vacation spread between a villa in
“In the real estate sector specifically, up-market shared interest resorts have experienced steady growth since their introduction in the late 1990s. In 1996, there were only six global-standard projects in this category, but by the end of 2006 there were 225. This clearly indicates a positive increase in their popularity and appeal to wealthy people who are able to couple leisure and investment,” explains Phil Sheridan, CEO of Fine & Country Middle East.
The Elite Residences are generously scaled, beautifully furnished and boast expansive windows.
Owners also have the option of resale; you can sell your property or assign your agreement to any person, which means that they will take over the payments to be made to the developer.
With the suggestion of investing abroad, questions regarding language, laws and climate quickly arise.
The currency is the United Arab Emirate Dirham (AED or DHS), which has been fixed to the United States Dollar at a rate of 3.67 for numerous years in order to ensure currency stability.
“As far as crime is concerned, South African investors will be particularly pleased to hear that
“With the many activities and events available to tourists, it is an unquestionable reality that