Elite Dubai Investment



Investors considering prospects a little further from South Africa need not search for too long. Living in total luxury for thirty days a year, at a fraction of the cost is now available. Fine & Country South Africa are marketing fractional title options in Dubai’s Elite Residence Development.

 

The city of Dubai is known for its high quality of life and hosts some of the finest leisure facilities in the world. Growing at a rapid pace, with fair laws and a stable, friendly society, the city is embedded with opportunities.

 

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 Tuscany and a ski lodge in Aspen. “Shared ownership offers variety united with the solidarity of an equity investment,” says Linda Erasmus, CEO of Fine & Country South Africa.

 

“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. Sheridan adds that dozens of the finest restaurants are within easy reach and a diversity of Dubai-style shopping opportunities readily available.

 

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. Dubai’s language of commerce is English, which is spoken by the majority of people, including all service staff. Other national languages include; Hindi, Urdu, Tagalog, Malayalang, Farsi and Pashtu among others. There are no government taxes of any kind when purchasing a property in Dubai, nor is there any Capital Gains Tax.

 

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. Dubai has very simple regulations regarding visas. Thirty-three European, North American and Asian nationalities are stamped in on arrival at the airport, at no extra charge. Other nationalities can arrange visas through hotels or UAE embassies and consulates world-wide.

 

“As far as crime is concerned, South African investors will be particularly pleased to hear that Dubai is internationally recognised as one of the top five safest cities in the world,” says Erasmus. She goes on to say that people can expect lost goods to be returned before they even arrive at the police station.

 

“With the many activities and events available to tourists, it is an unquestionable reality that Dubai property prices are set to continually soar in the future,” Erasmus concludes.

 

For more information visit: www.fineandcountry.co.za
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