Questions & Answers
Who Are You?
Omnibus properties (a gtn venture company) are Dubai property specialists with office in Lagos and partners in Dubai. In Dubai, our partners are strategically located in the heart of the new developments on Sheikh Zayed Road. Our staff are very experienced in the Dubai property market and have been selling Dubai properties for over 7 years. They have seen the boom from 2004 to 2008 and the painful property “crash” at the end of 2008. We have first-hand experience of the Dubai market and have continued to help customers even during the property downturn.
What Do You Do?
Our primary role is to provide help and advice to Nigerian buyers wanting to purchase a ready property in Dubai and then manage it for them. We deal with the whole purchase process by selecting the right property, dealing with all the paperwork, arranging the property transfer, helping you make payments and dealing with all your enquiries. We can also manage your property as a property investment, renting it out on your behalf and if necessary we can also re-sell it in the future.
Our property buying method ensures you get the best deal. We agree a property that is right for your budget and needs and then go and get the best possible deal on such a property. Our aim is to purchase properties that are easy to rent out and re-sell. By doing this we are able to offer a rental guarantee on all such properties.
Which Type of Property Is Best?
This depends on your objectives. For most of our customers who are investing for capital growth and rental income, residential apartments are offering the best return and tend to be more affordable than Villas as they are smaller and thus lower priced. If your budget is larger, then we advise you purchase multiple small apartments (Studios and 1-beds) as these are easiest for us to rent out at good yields. We also expect such properties to appreciate well and easier to resell, should you want to switch to a larger property or villa for your own use in the future.
What are the Advantages of a Clients Account (WITH GTN VENTURES)?
Money in the clients account belongs to the customer and is a convenient and safe way to pay for overseas property. We use several currency converters to ensure the best possible conversion rate if currency conversion is needed. Please ask for the ‘Client Account’ payment process sheet for full information.
How Can I Pay The Lowest Price?
In the current market property prices are low and it is important to select the best property. There is no advantage in buying a property that is not possible to rent out or hard to re-sell. We can get a lower price or a better and larger apartment for the same price if we can let many sellers compete for the sale. Our process usually enables us to do this.
What Are The Risks Of Buying?
We only deal with ‘Ready’ Properties. This takes away many of the risk associated with overseas of-plan property. Additionally we focus on ease of renting and even offer a rental guarantee with our Studio and 1-bed apartments. As property prices are already low, the risk of a further property collapse are minimal.
However, there are risks with all investments and property – nowhere is immune to risks as property prices could fall as well as rise. We believe they will rise over the medium to long term.
How Do I Reserve The Property?
Please see the Buy Process page for the 7 steps in the property purchase process.
Can I Get A Dubai Mortgage?
The short answer is NO. Mortgages stopped completely after the credit crunch in 2008. Now they are available again to Dubai Residents who have been in Dubai for 6 months, have a job in Dubai and have their salary going directly into the UAE bank that is giving the mortgage. Mortgages of up to 70% to 80% are available on selected properties. This will not apply to overseas residents.
Many of our customers have re-mortgaged their existing property to raise the investment funds.
Can I Get a Property Visa?
Our experience is that Nigerians usually get a Work Visa, Investor Visa or a small business visa. Property Visas (which last 6 months and still have to be renewed) have not proved that popular and are only applicable to properties over AED 1m. For the purpose of most people and investors who wish to buy, sell and rent property, and visit Dubai for holidays, a property visa is not required.
What is a Residents Association?
All the property owners of a particular development become members of the residents association and follow the standard rules as laid down within the purchase agreement. You become a member of the association when you take possession of the property. The Residents Association is ultimately responsible for the communal services and the mutual harmony of the development community and works on behalf of all the residents.
Who is the Services Manager?
The services Manager is a company appointed by the Residents Association. In the first few years this appointment is normally made by the developer or the developer itself may be the Manager to ensure continuity. The manager overseas all the communal tasks such as maintenance of the communal areas, security, gardens, refuse and general repairs. They report at least annually to the Residents Association and also have to produce audited accounts on how service fees are spent.
What Are Service Fees?
The Service Manager will charge a fee for each flat (normally proportional to the size of the flat) in order to pay for the communal services and security. This charge will vary depending on the levels of services and is normally between AED 5 to 10 per sq ft (or £500 to £900 for an apartment per year.)
