Five Square Feet Properties

FAQs

Frequently Asked Questions

What services does Five Square Foot offer?
We specialize in real estate management, valuation, consultancy, leasing, buying, selling, and acquisition in Dubai.
How does the buying process work with Five Square Foot?
Our team guides you from property search to finalizing the deal, including property viewing, negotiation, and legal paperwork.
Can foreign nationals buy property in Dubai?
Yes, foreign nationals can buy property in designated freehold areas in Dubai, following the regulations set by the Dubai Land Department.
What is required to rent a property in Dubai?
Tenants typically need a valid Emirates ID, passport, visa, and proof of income. The rental process also involves signing a tenancy contract and registering it with Ejari.
How does Five Square Foot value a property?
At Five Square Feet, our approach to property valuation is both nuanced and tailored, ensuring we accurately assess each property's worth by employing a blend of established valuation methods. Our strategy encompasses Comparative Market Analysis (CMA), the Income Capitalization Approach, and the Cost Approach, selecting the most appropriate technique based on the property's unique characteristics and the project's specific requirements. Comparative Market Analysis (CMA): This method involves assessing the property against similar properties in the same area that have recently been sold or are currently on the market. By comparing these properties, considering factors such as size, condition, location, and amenities, we can establish a competitive market price for your property. CMA is particularly effective for residential properties where there are ample comparable sales. Income Capitalization Approach: Ideal for investment properties generating rental income, this approach values a property based on its ability to produce future income. We calculate the Net Operating Income (NOI) of the property and apply a capitalization rate (cap rate) that reflects the investor's desired return on investment. This method is particularly suited to commercial real estate and multifamily residential buildings. Cost Approach: When dealing with unique or newer properties for which there are few comparable sales, the Cost Approach becomes highly relevant. This valuation method calculates what it would cost to replace the property's structure, subtracts any depreciation, and adds the land value. It's based on the premise that a rational investor would not pay more for an existing property than the cost to build a similar property from scratch, including land purchase. By judiciously applying these methodologies, Five Square Feet ensures a comprehensive and accurate valuation, reflective of the property's true market potential. Our expert team is adept at determining which approach, or combination of approaches, will provide the most reliable valuation for your property, considering the dynamics of the Dubai real estate market.
What makes Dubai's real estate market unique?
Dubai's real estate market is known for its dynamic growth, diverse property types, attractive investment returns, and innovative projects. Comparative Market Analysis (CMA): This method involves assessing the property against similar properties in the same area that have recently been sold or are currently on the market. By comparing these properties, considering factors such as size, condition, location, and amenities, we can establish a competitive market price for your property. CMA is particularly effective for residential properties where there are ample comparable sales. Income Capitalization Approach: Ideal for investment properties generating rental income, this approach values a property based on its ability to produce future income. We calculate the Net Operating Income (NOI) of the property and apply a capitalization rate (cap rate) that reflects the investor's desired return on investment. This method is particularly suited to commercial real estate and multifamily residential buildings. Cost Approach: When dealing with unique or newer properties for which there are few comparable sales, the Cost Approach becomes highly relevant. This valuation method calculates what it would cost to replace the property's structure, subtracts any depreciation, and adds the land value. It's based on the premise that a rational investor would not pay more for an existing property than the cost to build a similar property from scratch, including land purchase. By judiciously applying these methodologies, Five Square Feet ensures a comprehensive and accurate valuation, reflective of the property's true market potential. Our expert team is adept at determining which approach, or combination of approaches, will provide the most reliable valuation for your property, considering the dynamics of the Dubai real estate market.
How does Five Square Foot handle property management?
Our property management services are comprehensive and tailored to maximize the value and profitability of your investment. We handle tenant screening, lease management, rent collection, maintenance and repair coordination, and financial reporting. We also ensure compliance with all local regulations and laws, providing peace of mind to property owners. Our proactive approach includes regular property inspections and leveraging technology for efficient management and communication. By entrusting us with your property management, you ensure your asset is in professional hands, optimized for tenant satisfaction and investment performance.
What fees are involved in buying property in Dubai?
Buyers should consider the purchase price, Dubai Land Department fees, agency fees, and any applicable mortgage fees.
How can I list my property for sale or rent with Five Square Foot?
Contact us with your property details, and our team will assist with valuation, marketing, and finding the right buyers or tenants.
What documentation is needed to sell a property in Dubai?
Sellers need their passport, Emirates ID (for residents), property title deed, and any relevant NOC from the property developer.
Are there any restrictions on selling property in Dubai?
Generally, there are no restrictions, but sellers must ensure all service charges and mortgages are cleared before the sale.
How long does it take to buy or sell property in Dubai?
The timeline for buying or selling property in Dubai can vary significantly, ranging from a few days to a few months, depending on the complexity of the transaction, negotiation periods, financing requirements, and legal documentation. Quick sales may be finalized in days, especially with cash buyers and readily available documentation, while more complex deals, particularly those involving mortgages or specific buyer or seller conditions, may extend over several months.
Can Five Square Foot assist with property financing?
While we don't provide financing directly, we can guide you to reputable financial institutions and help with the application process.
What areas in Dubai does Five Square Foot specialize in?
At Five Square Feet, our expertise blankets the entirety of Dubai, catering to a vast array of real estate needs with a focus on both ready-to-move-in properties and off-plan projects from only the most reputable developers. Our comprehensive market coverage ensures that whether our clients are in search of the opulent villas of Palm Jumeirah, the modern apartments in Downtown Dubai, or any of Dubai's other dynamic neighborhoods, we are equipped to serve their diverse investment and lifestyle requirements. Our deep understanding of Dubai’s real estate landscape, combined with strong partnerships with leading developers, positions us to offer unmatched services and insights, guiding our clients to make informed decisions in a city known for its architectural wonders and investment opportunities.
How is the rental yield in Dubai's real estate market?
Dubai offers attractive rental yields compared to many other global cities, with percentages varying by area and property type.
What is Ejari, and why is it important?
Ejari is a legal requirement for all Dubai-based tenancy contracts, managed by the Real Estate Regulatory Agency (RERA). It's an online registration system that ensures all rental contracts are recorded and accessible, providing a level of transparency and security for both landlords and tenants. Ejari registration is essential for connecting utilities, resolving disputes, and renewing residency visas for tenants. It standardizes rental contracts, ensuring they comply with Dubai's legal framework, and is a critical step in safeguarding the rights of all parties involved.
How can I ensure my investment property is well-managed?
Partnering with a professional property management company like Five Square Foot ensures your property is maintained, tenanted, and generating returns.
What legal protections do landlords have in Dubai?
In Dubai, landlords are protected by a comprehensive legal framework governed by the Real Estate Regulatory Agency (RERA). This framework ensures that all rental agreements are registered through the Ejari system, making them legally binding. Landlords can legally adjust rents based on RERA's rental increase calculator, ensuring fairness in line with market conditions. They also have rights for property inspection, enforcing tenant obligations, and evicting tenants under specific circumstances such as non-payment of rent or property misuse. The Rental Dispute Settlement Centre (RDSC) offers a clear mechanism for resolving any disputes, ensuring landlords can protect their investments and enforce their rights efficiently.
How does Five Square Foot ensure compliance with Dubai's real estate laws?
Our team stays updated on all legal changes and ensures that transactions and property management practices comply with current regulations.
What is the Real Estate Golden Visa in the UAE, and how can investors qualify for it?
The Real Estate Golden Visa in the UAE is a long-term residency visa introduced to attract foreign investment into the country's real estate market. It provides investors, along with their families, the opportunity to obtain a 5 or 10-year renewable residency visa, depending on the investment amount. To qualify for the Golden Visa through real estate investment, individuals must invest in a property or properties worth at least AED 2 million (approximately $545,000). The investment must be retained for a minimum period, usually three years, and the property must be fully paid for and not under any loan or mortgage. This initiative not only offers stability and long-term residency but also includes benefits such as the ability to live, work, and study in the UAE, along with access to the Emirates' healthcare and education systems. It's an attractive option for investors looking to leverage the UAE's dynamic real estate market while securing a foothold in the country.
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