Saturday, June 20, 2020

Growth of Real estate in Dubai - Free Essay Example

Growth of Real estate in Dubai Dubai residential property market is improving and growing. It started way of growing since 2008 2014. Especially after UAE won expo 2020, it brings more investors and visitors. Everyday there are new project launches. Everything gets sold out in few days. The rules and conditions for buyers are changed. It became more convenient and easy. Investors are coming from every place in the world. Mostly they are Indian, Pakistani, Russian Locals and Iranians. What make them come and invest in UAE? The country is developing everyday and changing rules for buyers. Dubai has attracted worldwide attention through innovative real estate projects and sports events. This increased attention, coinciding with emergence as a world business hub, attracting large foreign workforce and investors. To attract more visitors and investors government made a new law about freehold properties. In previous years there was leasehold buying of property (up to 99 year leases) for foreign purchase had been allowed but this was not of big success. In May 2002 the Dubai Crown Prince Sheikh Mohammad Bin Rashid Al Maktoum issued a decree allowing foreigners to buy property freehold. (Staff Writer) Leasehold is a property period when one party buys right to occupy land or building for a given time. At the end of lease period the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to owner. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined. Freehold means that you own property and can do whatever you like with it. The property registered on buyersà ¢Ã¢â€š ¬Ã¢â€ž ¢ name, and can be used forever. The buyers heirs are entitled to inherit the property after his/her death.(Khalid Kadfoor Al Mehairi) It was adoption of freehold tenure in general and foreign ownership in particular that sparked the great real estate boom in Dubai residential market. The UAE based in few types of law. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a civil, common and Islam law. Mainly ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a civil law system. Civil law is hears all claims ranging from commercial matters (including debt recovery cases). After judgment has been delivered, the parties have the right to appeal to the civil court of Appeal on factual and legal grounds within 30 days of the date of judgment. (Mohamed Ali Abou Sakr) Common law is generally uncodified. This means that there is no comprehensive compilation of legal rules and statutes. While common law does rely on some scattered statutes, which are legislative and decisions, it is largely based on precedent, meaning the judicial decisions that have already been made in similar cases. Common law functions as an adversarial system, a contest between two opposing parties before a judge who moderates. A jury of ordinary people without legal training decides on the facts of the case. The judge then determines the appropriate sentience b ased on the juryà ¢Ã¢â€š ¬Ã¢â€ž ¢s verdict. (School of Law) But Common law is used as a supplementary source of law only in the DIFC free zone. Although a religious system, Shariah law is used in personal affairs matters for Muslims (divorce, inheritance and etc) Before buying property foreign investors should know where they are allow to buy it. Law ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾-7 of 2006 about property registration in the Emirate of Dubai.UAE and GCC nationals have rightness own real property in Dubai. No distinction is made between UAE nationals and the other GCC countries. They are afforded equal status. They can own any property right and seek registration of title in the land department. This includes freehold ownership and lease hold up to 99 years. About foreign nationalities except UAE or GCC can own freehold title, a 99 lease hold only in specific areas of Dubai. In summary, it is the most superior form of private property ownership. A freeholder is considered to be the abso lute owner of land and building. (Tmalouli) Government of UAE made a law which save investors to lose money if a project was canceled. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a law ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾-13 of 2008 and applies to: all disposal of real estate unitsà ¢Ã¢â€š ¬Ã¢â€ž ¢ off-plan, other dispositions of real estate unitsà ¢Ã¢â€š ¬Ã¢â€ž ¢ off-plan that transfer or restrict title like mortgages, covenants and easement. A developer shall not commence a project or sell units off pan until and unless the developer has taken possession of the plot on which the project is to be constructed. (Mohammed Bin Rashid Al Maktoum) Project should be registered with RERA and should have details include: plans of the units, apartment numbers, internal and external size and common areas plan. The Master developer and sub developer are not allowed to charge any fees for the sale, re-sale and other dispositions of units that have been completed or marked as a sold off plan. An administration fee may nevert heless be charged by developer, provided the developer has obtained from Dubai Land Department. Developers must register completed projects in the real estate register maintained by the department as soon as a completion certificate has been obtained from the competent authorities, including any units that were sold to purchasers who have fulfilled their contractual obligations according to the applicable procedure of the Department. If a developers project is cancelled by order of RERA under law 13 of 2008, then the developer shall refund to the buyer the full amount paid by him. Real estate development trust accounts Law ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾-8 of 2007(Escrow accounts). The provisions of this law shall apply to developers who sell off-plan units in real estate development projects in the Emirate and, in consideration receive payments from buyers or financiers. Trust accounts required by developers for each project, aiming to the protection of buyers and creditors during the d evelopment of project. A trust account must be in the name of the project and proceeds used exclusively for the purposes of constructing the real estate project. The amounts deposited in trust account may not be attached in favor of creditors of the developer. A trust account opened with an approved provider. Account Trustee is necessary before a developer can launch and sell off-plan. Five percent of the monies deposited in the trust account shall remain in such account for a period of one year after registering the units in the name of the buyers and title deeds are issued on their names. (Mohammad Bin Rashid Al Maktoum) As an owner of property in UAE ità ¢Ã¢â€š ¬Ã¢â€ž ¢s not necessary to have resident visa. In case if owner need visa he/she can apply for a multi visit visa. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a renewal six month property visa. If multi visit visa issued and property owner abroad, his/her visa will be renewed at the airport on the time of arrive. This move is hoped to impro ve the local economic environment and offer all fundaments that would help ensure prosperity and economic in the country. According new regulations, investors should meet few criteriaà ¢Ã¢â€š ¬Ã¢â€ž ¢s to get a property visa. They have to own property which cost worth than one million derham and have a monthly income or salary of minimum 10000 derham. The investors should be 100 percent owners of the property with original title deed and present it in department to apply for visa. In the same time ità ¢Ã¢â€š ¬Ã¢â€ž ¢s not allowed work with multi visit visa. (Exclusive Dubai) Dubai residential property price indices: September 2013 results. Real estate prices in some popular residential areas grow by 30 percent or even more in 2013. Even new projects and off plan property market is raised in value. Property sales index for all residential increased by 7, 2% points, from 225, 2 to 232, 4 which represents an increase of 3.17% month on month. On the other side, prices increased by 19, 8 year to year. Apartment sales price register an increase in September 2013. Price grows by 3, 16% month on month and 21, 7% year to year. (Reidin Emerging markets) Dubai property market will continue to outperform his global peers and the reason is that not just an inflation-proof store of value, also a great for higher return on investment. Dubai property market is faster growing and price rising in the world. (Vicky Kapur) Dubai is very vibrant city in terms of geographical location, infrastructure and trade. This will attract even larger numbers of tourist. The real estate sector will get a big boost as a people see this lovely city and would like to invest in all sectors. New regulations for investors can give them greater legal protection this time. Looking ahead, strong economic conditions, developing of country and new rules will be prospective and attractive for them as well. Before buying a property, better come to UAE as a tourist have a look around and after make your choice to invest or no. If you can find your happiness, success and comfort and enjoyment in Dubai then get a property here. If in the other hand you are not comfortable with rules and unsettled by the extremes of the emirate, leave it. Bibliography https://www.law.berkeley.edu/library/robbins/CLCLTglossaryreading.html https://dubai.usconsulate.gov/emergency_uae_court.html https://www.awf.ae/law-13-2008.html https://91.74.184.66/videoplayer/Law%208.pdf?ich_u_r_i=0cc08ba67d59414bb57dc09cfec08d8dich_s_t_a_r_t=0ich_e_n_d=0ich_k_e_y=1445078911751063442424ich_t_y_p_e=1ich_d_i_s_k_i_d=5ich_u_n_i_t=1 https://www.arabianbusiness.com/how-buy-freehold-property-in-dubai-444037.html https://www.gulfpropertyguide.com/Freehold.asp https://www.estatesdubai.com/2009/05/multiple-entry-visa-for-property-owners.html https://www.albawaba.com/business/uae-property-growth-580343 https://rebis2.reidin.com/blog/en/519-dubaiabu-dhabi-residential-property-price-indices.htm l https://www.thedubailaw.com/uaelaws/2010/12/dubai-law-no-7-of-2006-concerning-land-registration-in-the-emirate-of-dubai/

Tuesday, June 2, 2020

The MBA and Your Career Change

If you’re thinking of a full-time MBA, chances are you’re looking to switch careers. If you’re like most people, that is because an incredible 87% of all MBA students report switching careers by changing either their job function or industry. Even more incredible, 7 of 10 MBAs reported successfully switching both job function and industry simultaneously. Data shown is percentage of all MBAs that reported pre- and post-MBA data These numbers are staggering, and validate the value proposition of the full-time MBA as one of the best mid-career reset buttons available. If you’re evaluating your career and looking to make a change or two, how else can you navigate the sometimes massive leap? A full-time MBA program is a costly, but apparently effective lever. So, where do the switchers go, and what backgrounds do they come from? One of the most popular post-MBA functions is consulting in fact, many firms hire dozens or even hundreds of MBA associates each year. MBAs love the varied experience, mentorship, and high pay that many consulting firms offer. We took a deep dive to break down what switching into consulting looks like for a full-time MBA student or applicant. Consultants tend to return to consulting, with bigger wallets and less debt About 40% of pre-MBA consultants stay in consulting for their post-MBA gig. Many of these are sponsored by their firms, returning to their pre-MBA companies for a few years in exchange for a loan-free postgrad life. Most of these folks do enjoy a decent pay bump for their troubles, too an additional +89% total compensation on average, including signing and performance bonuses. But interestingly enough, those that leave consulting received a slightly higher pay increase of ~90%. Where do they go? Well, there’s no â€Å"clear winner† for those that leave the consulting roost: the highest ranked function is â€Å"corporate strategy† probably attracting a lot of former consultants with much better work-life balance (49 hours/week vs. 57 in consulting) and lower travel (16% travel ratio vs. 46%). This validates the high degree of optionality that attracts so many to consulting in the first place. We won’t say you can really go â€Å"anywhere† like some firms seem to promise, but the options do seem abundant based on the data. Want to break into consulting? What about those going into consulting, or desiring to? Well, a similarly varied set of backgrounds can lead you there post-MBA the most popular pre-MBA careers for newly-minted consultants are operations and marketing, but it’s a fragmented field after that. We would never make the claim that your pre-MBA background doesn’t matter to these firms, but those who break into consulting don’t fit any one specific mold (except, perhaps, that they can ace a case interview). What about other functions? Stop me if you’ve heard something like this before either from an admit or a student: â€Å"My background is in [thing] and I really want to go into [completely unrelated thing] is that possible?† This is what we’re working on at TransparentMBA. Giving students access to better compensation, satisfaction and work-life balance data is essential, but it’s not enough. Students need to understand what options an MBA program can open to them based on their background plus, where their career path might take them two jobs down the line, or even three or four. It’s a data-driven world, and if you accept a job offer without knowing the options it could create (or reduce) in the future, you’re doing yourself a disservice. You can sign up to get more data on this, but for now here are some data-driven anecdotes from our study: †¢ Private Equity has a reputation for being tough to break into. Our data confirms this only former investment bankers, investment managers, and PE associates reported PE offers after getting their MBA. †¢ MBAs with technical backgrounds gravitate towards product management. We often get questions about whether a tech PM role is a realistic outcome for those without technical backgrounds. While it largely depends on the company non-technical PM roles are more widely available at Amazon, but scarce at Google our data shows that almost 50% of graduates who land PM positions do in fact come from technical roles pre-MBA. †¢ Investment Bankers come from all over in fact, it’s almost evenly spread between former consultants, those in general management roles, and corporate finance. As long as you survive the recruiting process and can pull the hours (76 hours/week on average), banking appears to be a relatively accessible career path for MBAs of various backgrounds. How much more will I earn post-MBA? Salary is king, so let’s start there the average full-time MBA grad reported a respectable 46% increase, or $41,000 higher salary, versus their prior job. Considering the cost of a full-time MBA (~$140,000 according to Investopedia), this may be more necessary than generous. The average increase in total compensation defined as salary, equity, performance bonus, signing bonus, relocation bonus, and other compensation came in at a whopping +83%, or ~$95,000. Much of this gap from the salary increase is due to larger companies with developed MBA hiring pipelines, which are able to recruit early and lure debt-laden students with large signing bonuses. The largest bumps came, predictably, in investment banking, with the average total compensation increase driven by sizable performance bonus potential clocking in at a ludicrous +265%, or $220,000. Other large increases in total compensation came in Venture Capital (+$200K increase), Investment Management (+$118K), and perhaps surprisingly, Sales (+$124K) So, is an MBA worth it? For TransparentMBA users, it appears so. While there are always outliers in a large data set, it’s easy to see a directionally ROI-positive picture, with payback period in year 6 after graduation based on our pre- and post-MBA average compensation. Granted, this assumes no debt burden so factor that into your own ROI if you’re borrowing. But perhaps the most interesting ROI calculation comes from the overall satisfaction scores we collected. MBA students and alumni report their happiness with their pre-MBA job at a paltry 4.9/10, but happiness ratings for their post-MBA gigs skyrocket an incredible 58% to 7.8/10 an increase you can’t put a price on. And this is despite working 9% more hours ~4 hours/week than they did in their pre-MBA jobs. Of course, whether an MBA is actually a good financial investment depends on you and your personal situation. Whether planned or not, MBAs overwhelmingly change their careers so if that’s your goal, it’s worth entertaining the idea. And if you want access to more data like this, including company- and position-specific stats, sign up for free and start exploring more. This analysis shows user-reported, verified data collected in 2016 on pre- and post-MBA jobs for our users. Please note that this data reflects full-time MBA programs in the United States.      TransparentMBA is a free platform allowing MBA students, prospective students, and alumni to evaluate the most granular career data possible. Use our intuitive dashboards to view compensation, satisfaction, and work-life balance data for the jobs you care about most by industry, function, or even company. Related Resources: †¢Ã‚  Business School Selectivity Index,  a tool to help you discover the  schools where you are competitive †¢Ã‚  What You Need to Know About Finding a Job Post-MBA [Episode 164] †¢Ã‚  Two Years After My Harvard MBA