Real Estate Investor Magazine South Africa Real Estate Investor Magazine - November 2017 | Page 55

exempt from Sharia laws on succession and they can also register English-lan- guage wills under Common Law in the recently launched Wills and Probate Registry, the first of its kind in the Mid- dle East.” A simplified process According to Kruger, the procedure for acquiring property in Dubai differs considerably to purchasing real estate in South Africa and it is also a simpler process.   “The biggest differences are that the buyer pays the commission, transfer fees are much lower at 4% compared to 8% in South Africa and conveyancing services are optional, so it is possible for buyers and sellers to transact directly with their estate agent and the Trustees offices to transfer the Title of the property.  The main advantage of the latter is that the transfer process is much quicker, even as fast as a week with a cash sale.” Kruger adds that It is also relatively easy for expats to obtain a mortgage to property in Dubai and the lending crite- ria are not as strict as in SA.  The general rule of thumb is that they are eligible to lend up to 75% of the value of the prop- erty if it is a completed property and up to 50% if they are buying off-plan.   Geffen concludes: “Dubai is probably an option few investors have considered, but with the current market conditions and attractive payment plans available, the world’s most cosmopolitan city should now be firmly on South African investor’s radar. Investment buyers will reap good rental returns in the short term and in the long term you have a fixed asset in a stable country that is pegged to the Dollar.” SOURCES Lew Geffen Sotheby’s International Realty, Asteco. Bring your brand to the forefront. Sponsorship opportunities now available. Contact us at: [email protected] [phone] SA Real Estate Investor Magazine NOVEMBER 2017 53