New Launch by DAMAC Properties in Dubai Marina - Cavalli Tower
Launched in 2016 and completed in 2020, The Address Residences Jumeirah Beach Resort + Spa by Emaar Hospitality Group, a subsidiary of the UAE’s largest developer Emaar Properties, has announced that almost all of the properties in the complex are sold out and a limited number of units remain available to purchase. Properties from the residences, which are part of the Address Hotels + Resorts, are still available to purchase, such as one-bedroom serviced apartments ranging from 704 sq.f.t to 807 sq.ft. priced at AED 2,125,000 (USD 580,000).
In addition, the company announced that an exclusive rental and property management service programme has become available to all property owners in the high-end Address Beach Resort+SPA complex. As part of this programme The Address Beach Residences (ABR) provides full tenant support services, advises on appropriate rent levels, assists in obtaining appropriate permits and licenses and also markets the property, including using social media and the company’s own website, conducting viewings and forming offers for the owner.
Leasing and property management services will include signing the lease with the tenant, collecting and remitting rent payments, conducting move-in and move-out procedures and inventory, managing daily interactions with tenants, and preparing the residence for new occupancy.
The fee for services from the management company will be 6% (including VAT) of the cost of rent plus an additional 2.5% for the maintenance of the apartments (no fee will be charged if the tenant is personally selected by the owner).
To enter the lease programme, the property owner must pay a lease deposit, which amounts to (returned upon expiration or termination of the lease):
Under the terms of the programme, rent payment schedules will be negotiated with the tenant, and net profit payments will be transferred to the owner’s account within 30 days. The minimum lease term will be 6 months, but is subject to review depending on market conditions. From the moment the contract is signed by both the owner and the management company, the owner will have to give up an unlimited period of stay in the complex, and to stipulate these moments in advance.
The serviced residences are a great investment opportunity, especially as the company offers favorable terms to its clients. To celebrate the launch of the rental programme, The Address is offering a limited two-year service charge waiver promotion on one-bedroom apartments to increase the return on investment. The promotion is available to those who will make payments between 5 September and 10 October.
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