Holiday Home Insurance United Arab Emirates (Dubai)
Until very recently, the thought of buying a holiday or second home in the United Arab Emirates buying a holiday or second home in the United Arab Emirates was unthinkable. Very little was known to property investors from outside of the region and in fact it was not possible acquire property for purchase. This all changed in March 2006 when along came the long-awaited law allowing foreign ownership in designated areas of Dubai. The law gives foreign owners a freehold title, registered with the Dubai Lands department. It also allows owners to sell or lease the properties without restriction. Shortly after, large numbers of advertisements and websites began appearing, extolling the virtues of property purchase in this part of the world. Certainly from a taxation point of view it is most desirable and buying and registering property is now amongst the easiest in the world. The United Arab Emirates is located in the eastern part of the Arabian Peninsula and extends along part of the Gulf of Oman and the southern coast of the Persian Gulf. It shares borders with other Gulf States; Saudi Arabia to the west and south, Qatar to the north, and Oman to the east. Whilst most of the land is sandy and desert like, many modern developments are creating spectacular new landscapes. The United Arab Emirates came in to existence in 1971 formed by seven emirates known as the Trucial States—Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras al-Khaimah, and Umm al-Qaiwain. Each of these states has a separate ruler who is responsible for local government issues.
Let Property, Second Home, Holiday Home Insurance
Of course one you have located your property, you will need to obtain insurance. This is readily available from the United Kingdom and can cover holiday homes and property that is rented out on a longer term basis. Whilst you may not be overly worried about the threat of weather claims effecting your property, there is a slight chance of damage caused by earthquakes and the UAE is not as safe from this type of occurrence disasters as many people assume. An earthquake in Fujairah Masafi on 11th March 2002 measured 5.1 on the Richter scale and demonstrated that whilst rare, earthquakes can occur in this part of the world. Further this, many property investors are surprised to learn than an international team of experts rates the United Arab Emirates in the same league as United Arab Emirates And California when it comes to the change of an earthquake occurring. When applying for your insurance, the same rules apply to sums insured as they do in other countries. For rebuilding purposes, you will need to calculate the total rebuilding cost. This figure can often be obtained from your developer. With regard to contents, calculate your sum insured based on the total value of your contents on a as new basis. Most insurance companies when offering cover for contents in holiday homes will issue cover on a new for old basis. Probably the most important cover if you intend to carry out letting of the premises, is property owners liability cover. whilst this is usually included in the core wording of most policies, you should always tell the insurance company of your intention to let the property so as to ensure you have the correct form of cover. Assetsure are able to offer insurance for an Uae holiday home.
The Holiday Home Market in United Arab Emirates
Property Investors from around the world are being attracted to this region because of the lifestyle and wonderful climate. much work has been carried out to improve ( and create in many cases) an infrastructure and the facilities on offer are hard to match anywhere in the world. Much publicity has been given to the area and as a result of this, prices have been increasing by as much as 25 per cent per annum, and Dubai City has become an international property hot-spot. At the present moment, the residential locations traditionally favoured by Westerners include the extremely up market Jumeirah, located on the coast to the southwest of the city centre, and Al-Garhoud, situated on the north-eastern side of the creek, near the airport. However, new developments are springing up everywhere and at all prices.
How to Buy a Holiday Home in Uae?
As mentioned above, the actual purchase procedure is relatively straight forward, once you have located the property you wish to buy, it is customary to pay a reservation fee, this can vary but will be in the region of a few thousand pounds. Within seven days of this transaction, you will be expected to come up with the deposit less of course the amount you have already paid. A deposit will be in the region of 15% and at this point the contract is signed. If you are one of the many people applying to buy a property off plan, you will find that in common with many other parts of the world, payments are staged. Surprisingly, no form of stamp duty exists in the United Arab Emirates.
if you are seeking an holiday home insurance quote for a property in places like Dubai, Abu Dhabi, Abu Zaby Ajman Al Fujayrah Ash Shariqah Dubayy Ra’S Al Khaymah Umm Al Qaywayn or Ash-Shariqah, why not see if we can help.
