Giovanni Boutique Suite FAQs

PROJECT DESCRIPTION

As the name suggests, Giovanni Boutique Suites is an up market Italian suites aimed to attract discerning investors to the new sporting capital of the world- Dubai Sports City.

Designed by the world famous Italian designer Giovanni Batista Ravagnani, the project reflects quality, finesse and refined Italian taste at its best. Besides offering breath taking Golf course and garden views, Giovanni Boutique Suites offers convenience, being the closest tower to major sports academies, shopping & leisure areas

WHO ARE THE DEVELOPERS?

SALYA, the well know UK developer with projects in over 14 cities in the UK is behind the Dubai project Giovanni Boutique Suites.

HOW COST EFFECTIVE ARE YOU?

Although Giovanni Boutique suites is an up market luxury project, we are able to offer this at about 1/3rd the price of similar European boutique projects.

  • Unlike most Dubai developers, our prices are inclusive of car parking.
  • The suites come fully furnished with luxury finishes, wardrobes, sofa sets, bed room sets and fully equipped kitchen!
  • This un-beatable value translates to superior rental guarantees!

HOW CAN YOU GUARANTEE RENTAL RETURNS?

Giovanni Boutique Suites will target the ‘short to medium term lettings’ market, i.e., the sports academies and year-round sporting events. Therefore, a minimum of 8% gross (6% nett + 2% fees for the rental management company) rental guarantees are practical.

HOW LONG WOULD THE RENTAL GUARANTEES LAST?

Rental guarantees commence 4 months from the date of handover (time required to allow individual unit owners to complete all formalities) and last a five year term, renewable every 5 years. Although originally designed for investments you can choose to live in your suite, if you wish to. (Few developers in Dubai offer this flexibility)

WHAT IF YOU ARE UNABLE TO LET MY UNIT? CAN I LET MY OWN UNIT?

You do have a choice to manage your own lettings. The rental guarantees would not apply in that case. The rental management company would manage all units as one lot, not as separate units, enabling everyone to benefit from the guarantees whether or not an individual unit gets let.

CAN I MAKE MODIFICATIONS TO THE FLOOR PLAN/ DESIGN OF MY UNIT?

Yes, you can. Such changes are allowed on specific floors and there may be additional costs associated with the extent of modifications desired. Please consult us on your requirements and we would get back with a specific answer

WHEN CAN I RE-SELL & WHAT FEES ARE PAYABLE?

Hand over is in Oct 2009. If need be, you can re-sell after fulfilling a minimum of 30% payments. There is a 2% transfer frees payable to the developer and 1.5% to the Land department for transfer of ownership (applicable only if you resell after handover). These fees are normally paid by the buyer

HOW DO I BUY AN APARTMENT IN GIOVANNI BOUTIQUE SUITES?

Simply complete a reservation form and pay a down payment based on a payment plan of your choice and we will raise a developer agreement. Once you have signed this, subject to terms & conditions, you are the owner of your new home!

WHAT ARE THE STEPS IN PURCHASING?

  • Pay a deposit of 25% to book a suite(s) of your choice
  • Sign the booking form after filling your contact details
  • The agreement will be ready in about one week after receipt of payments
  • Sign the agreement and return one copy for our records
  • Continue to pay the installments until completion
  • Upon completion receive the keys to your suite
  • Register with the Dubai Land Department, (1.5% of buying price)
  • Apply for Residence Visa (if desired)

LEGAL FAQ’S

DO I GET THE TITLE DEEDS?

Yes, the new Dubai property law now enables locals and foreigners to own and register property in the Dubai Lands and property department. You will get the deeds after the property has been completed. If, however, you wish to resell the property before it is built or any time up to completion, then all you need is your original contract.

IS THERE A LEGAL FEES

There is no legal fee if you wish to purchase directly from the developer. If you wish to utilize the services of the Escrow lawyer and pay into an escrow account there is a nominal legal fee of 0.5% of the purchase price payable directly to the Escrow lawyer.

CAN I PUT THE PROPERTY IN MY WILL?

Wills are not recognized under local law. Therefore, it is advisable to buy property in joint names so it goes to either or survivor. If you are considering multiple property purchases, you may want to operate through an offshore company

WHAT IS AN OFFSHORE COMPANY?

An offshore company is a business entity that is formulated in a low tax or no tax jurisdiction for the purposes of legally minimizing any type of tax payment and improving your wealth management.

An offshore company legitimately assists you in gaining confidentiality over your financial affairs and growing your wealth. Offshore companies can eliminate or minimize many types of tax payments such as: Capital Gain Tax, Death Duty, profits on business earnings and property sales tax.

CAN I BUY ON THE NAME OF AN OFFSHORE COMPANY?

Yes, and using a Dubai offshore company can also be explored.

IS THERE ANY CAPITAL GAINS TAX ON THE SALE OF MY PROPERTY?

No.

PROJECT RELATED FAQ’S:

WHEN IS THE HANDOVER?

October 2009.

HOW MANY BUILDINGS ARE THERE IN THE AREA?

30% of the area has buildings (no high rise towers allowed). 70%= landscape, schools, jogging tracks, Golf course, gardens, etc. Due to the low density population factor, analysts predict a superior capital gain on this property in comparison to other locations.

HOW MANY FLOORS / units ARE THERE IN GIOVANNI BOUTIQUE SUITES?

400 suites in 20 floors

WHAT IS THE BUILT UP AREA?

279,009 sq ft

ANY SHOPING PLAZAS/ COMMERCIAL OUTLETS NEAR THE BUILDING?

Giovanni Boutique Suites is in the vicinity of the canal shopping & leisure areas within Dubai Sports City.

DO THE APARTMENTS HAVE CENTRAL AIR CONDITIONING?

Yes. All apartments are centrally air-conditioned

ARE THERE SECURITY SYSTEMS IN GIOVANNI BOUTIQUE SUITES?

Yes state-of-the art security systems will be deployed.

IS THIS FREEHOLD PROJECT OR LEASEHOLD

This project is recently converted from leasehold to freehold. The advantage, therefore, is that you pay leasehold prices & get the benefit of freehold property!

GENERAL FAQ’S:

SHOULD I BUY DUBAI PROPERTY NOW OR WAIT?

This is a dilemma for many potential buyers. Caution suggests a wait-and-see approach might deliver a bargain in a market correction. Many people who did not buy Dubai property two years ago are already feeling sorry for not investing then.

Now the question is: Have prices now leveled off? Or will they go up further? There seems no reason to believe that prices will stop rising, although perhaps not as rapidly as in the past two years. The argument for waiting longer only holds if there is a market correction coming in the near future.

The problem with real estate downturns is that they can be elusive. They do happen eventually, but that could be five or ten years away – particularly for a carefully strategised and planned economy like Dubai. Moreover, in that time somebody living in Dubai will have paid a fortune in rent as they definitely are rising every year. Indeed, this rent could have been much better spent buying property.

However, with the outlook for equities and bonds not too bright for 2007, it is hardly surprising that many choose bricks-and-mortar as a solid investment. House prices are also still at very reasonable levels by international standards. A similar home in a top sports complex in London would be around 3 or 4 times as much!

WHO ARE THE OWNERS/ PROMOTERS OF DUBAI SPORTS CITY?

Dubai Sports City is a Joint Venture between three large groups: Bukhatir Group, Falaknaz and Zarooni group of companies.

BUT- SPORTS CITY IS FOR SPORTS….WHY LIVE IN A SPORTS CITY?

This would depend if you intend to live there or if you are interested in investing

Investing:

  • Dubailand (Dubai version of Disneyland- the area where Giovanni Boutique Suites is located) is the fastest growing leisure and business district in the middle east. Sports city is the first phase of Dubailand
  • Being one of a kind boutique suites, fully furnished & equipped, and located in an area of prime activities, the estimated annual returns on investment could average between 20 to 40% PA.
  • The attraction of big brand names such as Manchester United, Butch Harmon Golf Academy, David Lloyd Tennis Academy, ICC cricket academy
  • Sports city will be the sports & leisure epicenter of the entire region hosting not just sporting events, but also concerts and large events- translating to year-round business!
  • Added value of a healthy lifestyle & superior quality of life for tenants
  • Excellent renting options: short term rented apartment for holiday makers/ long term rentals for people working in Sports city etc.

Living there:

  • Most prestigious address with International brand name schools, spa and fitness centres, walking tracks, restaurants, shopping malls, gardens and recreation facilities
  • Boutique living with all modern amenities
  • Campus-like environment
  • Green area, pollution free
  • Unmatched Quality of life: 30% of community consists of construction (no high rise towers), and 70% consists of landscaping and open areas. The only other place in Dubai that offers this is the Al Barari villas (prices start from 2 Million GBP onwards)
  • Very safe community. Great place to raise your children

FOR INTERNATIONAL CLIENTS

WHAT’S DUBAI REALLY LIKE?

Dubai is a liberal, pro-Western Gulf state which is fast becoming a playground for the rich and famous and a major financial services centre. Dubai has a rich trading heritage and is the commercial hub of the Middle East. The lifestyle in Dubai is truly fabulous. World class resorts, beaches and sporting facilities (including golf, tennis, horse racing and water sports)

WHAT’S DIFFERENT ABOUT DUBAI?

Dubai is not a part of any information exchange agreement (such as the EU Savings Tax Directive) and therefore information on bank accounts in Dubai remains strictly private. Remember, Dubai has NO TAXES on incomes, profits, capital gains, inheritances, dividends or wealth. There are no withholding taxes as well.

IS THE DIRHAM CURRENCY FAVOURABLE?

Since the Dirham is pegged to the US Dollar, the $ can buy more real estate here than elsewhere in the world. Likewise, the recent strength of the Euro Vs the $ means by investing now, a 10 to 15% ready equity is automatically gained!

WHY IS THERE SO LITTLE ‘RED TAPE’ WHEN BUYING PROPERTY IN DUBAI?

For the same reasons as above. Dubai is all about trading and the country wants your business! When you buy a property in Dubai you sign a contract with the developer and this is your binding documentation. There are no solicitor’s fees. No stamp duty and certainly no tax. You can then apply for a residency visa which means you can open a bank account and ultimately trade there tax free!

DO I HAVE TO COME TO DUBAI TO BUY PROPERTY?

Although it would be a pleasure to serve you personally, modern ways of doing business allow you to purchase property without leaving your home town. Your bank can wire us the money and we can courier you the agreements. Your physical presence will only be needed when you register the title deeds. This usually happens after handover.

HOW CAN I TRUST THE DEVELOPER?

There are not too many developers as they have to undergo a strict ‘qualifying process’. Each of them is overseen by the government and secured by 20% of project costs as bank guarantees, therefore do not have risks attached. Besides this, Salya is a UK developer with a track record that is tried and trusted in 14 cities within the UK.

WHAT BUILDING QUALITY STANDARD CAN I EXPECT?

Developers in Dubai are subject to very strict building regulations. Giovanni Boutique Suites is designed to adhere to strict British Standards.

CAN I EXPECT GOOD RENTAL INCOME?

Naturally. Primarily because unlike most Dubai properties, this would be an area replete with sporting, cultural and events. Our focus would be to target the short term rental market from such events and, of course the academies next door.

Besides this, the master plan includes the sports mega mall, Canal shopping areas, companies located within sports city, hotels and their employees…targets for medium term lettings.