Comprehensive Pricing Analysis at DAMAC Riverside: All You Need to Know

Dubai is one of the fastest developing economies with the growth scale soaring upward consistently. 

The properties at gated communities feature stunning and sustainable engineering. 

The communities are fashioned to meet global high class living standards. Tax-friendly environment with no Personal Income Tax and only 9% Corporate Tax for Businesses (except Oil Companies and Foreign Banks) for income above AED 375,000. Applicable for both natives and expatriates. 

Almost all reputable real estate developers in Dubai follow a flexible payment plan so even if the prices are higher it hardly matters for foreigners and natives alike.

The luxury living options in the city of Dubai due to its healthy obsessions with constructing man-made wonders better than its counterparts is yet another factor for its remarkable charisma.

DAMAC Properties is a renowned real estate developer in Dubai and in other countries like North America. 

DAMAC Riverside is a Townhouse-exclusive waterfront community. DAMAC Riverside View has apartments only. This exclusivity comes with a price.

Living inside luxurious waterfront communities in the desert city of Dubai is a fantasy come true for Arabian Night admirers. And, DAMAC plans and builds these most lavishly. 

Property buyers (DAMAC Riverside or on any) always need to pay a Transfer Fee of 4% of the total Sales Price to the DLD (Dubai Land Department Fee). This 4% DLD Fee is equivalent to the ‘stamp duty’ in other countries. This is also called Property Registration Fees. 

A fixed Trustee Office Fees is also applicable . In Dubai, it is AED 4,000 plus 5% VAT (AED 4,200) for properties that are priced for AED 500,000 or above. It is AED 2,000 plus 5% VAT (AED 2,100) for properties priced below AED 500,000. 

This is when the actual transaction between the buyer and the seller happens legally, under the monitoring of the authorized real estate registration trustees.

Now, comes the Mortgage Registration Fees. It is applicable to you only if you are looking at mortgage options. You pay it to the Dubai Land Department. The fee is 0.25% of the mortgage value (the amount you borrowed from the bank).

PS: Non-residents (expatriates and also not residing anywhere in Dubai) are entitled to borrow 50% LTV of the property.

Service Charges Fees you need to pay to DAMAC Properties as community maintenance fees, at the time of purchase and recurrently after regular periods. If you are buying properties from other real estate developers, you pay this fee to that real estate company. Simple.

You pay it to keep enjoying your entitlement to the common amenities and areas within the community gate. It is an important cost you incur for property ownership in Dubai.

These are calculated based on the property's square footage and the property type and the location. DAMAC Riverside is at Dubai Investment Park, and the location is posh and well-connected so in great demand.

Insurance is not mandatory, but necessary. But if you have chosen to mortgage for the purchase, Mortgage Protection Insurance is Mandatory! Maximum UAE banks require it as a condition for granting a mortgage. It costs you somewhere between 0.30% - 0.60% of the outstanding mortgage amount per year.

Mortgage Protection Insurance is like a Life Insurance here in Dubai that is supposed to cover the mortgaged amount (borrowed loan amount) in case the borrower dies or becomes disabled.

Add to these, the Title Deeds Fees of around AED 500-600 for legally owning the property. It Makes the Buyer the Owner of the property, officially.

Other fees that add to the ownership cost besides property price are - Conveyance Fees, DEWA fees, Valuation fees, and Arrangement fees.