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I have a property portfolio consisting of a mix of one- and two-bedroom apartments in Jumeirah Lakes Towers and Dubai Marina. How can I capitalise on opportunities that arise as the World Expo 2020 draws near?
You need to seek professional advice. Many landlords across Dubai are bound to miss out on the revenue-generating opportunities that the Expo will bring because of poor or non-existent planning. A competent property manager will maximise your financial gains by providing an assessment of the opportunities and a strategy.
Do not make the mistake of leaving your planning for too late. You will need to comprehend current and future market conditions and events, factors that may enable or inhibit revenue growth, inflation and cost increases as well as a complete understanding of financial modelling and the ever-developing area of industry policy and regulation. Depending on the size and complexity of your portfolio, you should have, as a minimum, a rolling five-year activity plan, which covers cost management and maintenance schedules, pricing and marketing, and tenant management and policy. A competent property manager will also provide you with communications and review schedules, as well as status and financial reporting.
There are a lot of opportunities to buy off-plan at the moment. How can I protect myself against buying an apartment of inferior quality?
Firstly, make sure that you are dealing with a reputable developer. A positive effect of the recession was that a lot of inferior developers were exposed and are no longer in business. Seek professional guidance — those in the industry have a good understanding of who the reputable developers are.
Secondly, ask about the proactive measures taken to ensure the product is built to an acceptable standard and take the time to inspect the developer’s completed projects. Warranties and any quality assurance policies should be discussed in detail. Get the sales and purchase agreements reviewed by a professional so you have legal recourse should any issues arise.
Upon completion you have the right to inspect your apartment and report any legitimate issues to the developer for rectification. Matters that can be remedied in the short term should be fixed immediately. Remember, once you have taken ownership of the apartment, the developer is obliged to fix any issues that may arise for 12 months following the transfer of ownership.
Source: Mohanad Alwadiya, Special to PW