مطالبات بقانون جديد لضبط سوق التأمين العقاري

مطالبات بقانون جديد لضبط سوق التأمين العقاري

فادت مصادر عاملة في قطاعي العقار والتأمين في السوق المحلي، أن «التأمين العقاري» ما يزال يفتقد إلى مجموعة من الضوابط واللوائح التنظيمية، التي تساهم في توضيح آليات التعاقد بين مختلف الأطراف، وتطبيق وتحديد الأسعار، إضافة إلى منع التلاعب بالبوليصات المتعلقة به.

وأضافت المصادر أنه بات من الضروري تشريع قانون واضح يحدد كل جوانب العلاقة بين شركات التأمين من جهة، والمستفيدين من جهة ثانية، ورفده بلوائح تنظيمية تغطي الجوانب العملية وشمولية التأمين، ليكون قادراً على تغطية مختلف أركان العقار الخارجية والداخلية.

وقالت: «لا بد من خطوات جريئة وسريعة لوضع منظومة متكاملة للتأمين العقاري، تشمل مرافقه ومستخدميه ومحتوياته، مع التركيز على محور بنود وأسعار بوليصات التأمين، لمنع أي محاولات للتلاعب بها على حساب المستفيدين منها».

وأكدت أيضاً أهمية التوعية بأهمية التأمين العقاري على المدى الطويل، وشن الحملات التثقيفية لتحقيق الهدف الأساسي منه في صون وحماية أملاك وحقوق المستفيدين، وهذا يتطلب التعاون والتنسيق بين الجهات والشركات المعنية في القطاعين العام والخاص.
ولفت مهند الوادية، الخبير العقاري، والمدير الإداري في شركة هاربور العقارية، إلى أن التأمين على العقار بشتى أنواعه وأشكاله ما يزال غير مطبق من الناحية العملية والقانونية في السوق المحلي، لكن العاملين في القطاع اجتهدوا جزئياً بهذا الشأن، من حيث إرفاقه ضمن ميزانية جمعيات الملاك للمشاريع التي تنطبق عليها شروط التملك الحر فقط.

وأضاف الوادية أنه من هذا المنطلق، تظهر مجموعة من المطالب التي تقع مسؤولية دراسة آليات تطبيقها على أرض الواقع وتوضيحها، على الجهات الحكومية المعنية بالتعاون مع القطاع الخاص، في سوقي العقار والتأمين، وربطها بلوائح تنظيمية وقوانين تشريعية، تكون واضحة وإلزامية من جهة، ونشر التوعية بأهميته بين الأفراد ذوي الشأن من جهة أخرى.

وأشار إلى أن التأمين على العقار يتجزأ إلى عدة أقسام أو أنواع، وهي أولاً: التأمين على المبنى والمرافق العامة التي يشملها، ثانياً: التأمين على محتويات العقار وما بداخله، ثالثاً: التأمين على دفعات العقار التي ترتبط بجداول سداد مرنة وطويلة الأجل، تتراوح بين 3 و5 و10 سنوات، والتي باتت رائجة في الوقت الراهن بين شركات التطوير العاملة في السوق المحلي.

وأوضح الخبير العقاري والمدير الإداري في شركة هاربور العقارية، أن قاعدة «أرخص تأمين هو أفضل تأمين» المتعارف عليها في سوق السيارات لا تنطبق على العقار؛ لذلك لا بد من خطوات جريئة وسريعة لوضع منظومة متكاملة للتأمين العقاري، تشمل مرافقه ومستخدميه ومحتوياته، مع التركيز على محور بنود وأسعار بوليصات التأمين، لمنع أي محاولات التلاعب بها على حساب المستفيدين منها.
وأكد أيمن خميس، المدير العام في شركة الشارقة للتأمين، أهمية تفعيل سوق التأمين العقاري بشكل أوسع وأكثر وضوحاً، من خلال شن حملات توعية لمختلف الأفراد المعنيين به، خاصة الملاك والمشترين، إلى جانب المستخدمين النهائيين، ولنجاح هذا التوجه لا بد من الانتقال إلى الجانب الإلزامي من حيث سن القوانين واللوائح التنظيمية، لحقيق الهدف الأساسي منه، وهو صون مصالح وحقوق جميع الأطراف.

وأضاف خميس أنه لا بد من التعاون والتنسيق بين القطاعين الحكومي والخاص، لتحريك بوصلة نشاط التأمين العقاري، ورفده بالضوابط لمنع التلاعب بالبوليصات وأسعارها، التي تختلف فيما بينها حسب أنواعها وبنودها، وحجم الإضافات التي تغطيها، ومحاولة الالتفاف على المستفيدين. وبيّن أن التأمين العقاري يبدأ من المبنى الرئيسي والمرافق التابعة له، ثم على العقار نفسه سواء أكان شقة أو منزلاً أو مكتباً، كما يمكن أيضاً التأمين على المحتويات الداخلية للعقار نفسه، وهو سوق ضخم بدأنا بالتركيز عليه وطرح بوليصات خاصة به.

http://www.alkhaleej.ae/economics/page/8700160c-4ca4-4c40-a076-68a15bc17c1b

Mortgage trend continues this year

There has been a very pleasing trend that we first noticed in 2016 which is yet another demonstration of the development and maturation of Dubai’s Real Estate industry.

The marked increase in the utilization of mortgages to purchase properties in the emirate demonstrates a market that has undergone a structural shift to supply more affordable properties and the maturation of buyers in structuring their financial affairs to obtain a mortgage and buy the home of their dreams.

Historically, mortgages have represented no more than 30%-35% of property sales in the emirate. This ratio has now climbed to over 50%, in some months, levels of 60+% have been achieved.

This is great news for several reasons.

First, while this trend highlights confidence of lenders in the marketplace it also highlights the increasing confidence of consumers, mostly owner occupiers, in the market to the extent that they are prepared to take on the risks associated with committing to a mortgage for the sake of purchasing some property.

This is very important to the development of long term sustainable growth for the industry as the bedrock of any property industry is its owner occupiers.  They represent the core of the industry as it is they who view property as an investment in life, not just a way to make a quick buck. And yet, historically, they have attracted focus in a market still undergoing the maturation process which is falling short and not proportionate to their importance.

Owner occupiers see Real Estate in a different light. For them, it’s about creating a lifestyle. It’s about creating a home which will provide an environment that is safe and secure within which the individual, couple or family can grow and develop in all aspects whether physical, emotional, social and, of course, financial. In this respect, they have a lot more at stake than those investors with financial interests only.

Typically, they form the core of society, not overly wealthy, who are concerned with providing the family with a future. For some, the purchase of the first family home is the first step towards creating a legacy which hopefully, for the more romantically minded, will turn into a dynasty. These are the dreams which make owning their own home the most important decision they are likely to make. They are in it for the long term; there is a lot at stake, which is why availability of finance through mortgages is critical.

The second reason why this is such good news is because we are witnessing, in real time, the market adapting to legislative changes that were made in early 2014. There is no doubt that the implementation of the mortgage caps earlier in 2014 had affected the demand for many first home buyers who were relying on a mortgage to acquire their dream home.  I remember writing an article at the time of the legislative change and observing the following …

“At Harbor, we see 62% of our clients who were considering buying a property prior to the mortgage caps delay their purchase until they can accumulate the down-payment differential while 38% have settled (or compromised) for a cheaper property to get an initial foothold in the market.”

As predicted, “… the new mortgage caps have certainly produced a definite lag in demand as clients adjust to the new financial realities and many of these clients are planning to participate within the next three years.”

 I am pleased to say, that these observations have essentially been proven correct. The legislative change made by authorities was implemented to help cool what was then, a rampant market. The desired effect was achieved but buyers didn’t simply disappear, they modified their purchasing behavior, another sign of an increasingly resilient and maturing market.

Finally, a growing number of mortgages are being undertaken for properties that are purchased in the more affordable areas of Dubai, which further demonstrates the systemic shift to affordable housing in the Dubai property market is becoming even further entrenched as a long-term characteristic.

A natural occurrence within any economy that is growing rapidly and is formally recognized as maturing and transitioning from being a “frontier” to “emerging” market as Dubai did back in 2013, is that its middle and lower-middle income segments will expand to support the rapid rise in commercial activities and economic initiatives being instigated by entrepreneurs and corporate or government entities. This expansion is unavoidable if the economy is to grow and providing affordable housing to enable this expansion is a critical element to the future growth of Dubai and the development of the Real Estate industry into a mature model that can efficiently cater for a broad and diverse set of people with different incomes, tastes, preferences and requirements.

And demand is set to grow very rapidly. A case in point … the World Expo is predicted by independent analysts to create over 270,000 jobs. The vast majority of these jobs will not be for people occupying senior executive positions. They will be for people in middle management or lower positions, many with families, who will be seeking affordable accommodation.

The importance of maintaining affordability for the average buyer is critical and the availability of affordable finance in the form of mortgages is vital to enable many to gain access this lucrative market going forward.

Understanding value-added tax (VAT)

Understanding value-added tax (VAT)

The UAE will implement VAT at the rate of five percent in January 2018. This is not breaking news but still many people are concerned as to how the VAT will affect them personally. The VAT will affect every individual and every institution in the UAE in some way.

The easy way to understand a Value Added Tax is to consider it to be a “consumption” tax. Put simply, for most goods and services, every time somebody sells a good or service to a customer, regardless of where they are in the supply chain, 5% will be added to the price which is collected by the seller and remitted to the governments tax department.

VAT is not a new phenomenon. It has been implemented in many economies around the world and is considered an efficient and equitable way for governments to collect tax revenue. As oil prices have declined significantly, oil dependent economies require new sources of revenue to continue to invest, innovate, develop infrastructure and provide services that are required for sustainable economic growth. The IMF has predicted that the USE may improve GDP by as much as 1.5% by implementing a 5% VAT. Some countries have applied 20% VAT’s to generate the revenues required by their governments.

For businesses, there are procedural and systems that need to be implemented to ensure that compliance with is achieved in the most resource efficient way possible.  Usually, this requires the implementation of an appropriate accounting solution package. Non-compliance could be expensive, with heavy penalties expected to be imposed for those businesses who do not comply.

Those businesses who are unsure of how the VAT works or will affect them, need to seek expert legal advice as to their obligations under the VAT regulations and engage accounting experts to ensure their systems and procedures are correctly recognising, applying, recording and remitting VAT.

Individuals, meanwhile, will be impacted in their everyday life. For example, Electricity and water services will be subject to VAT, so will most of the food that you buy and the purchase of that new car and any subsequent maintenance that it will require and private education will also attract the VAT.

Fittings and furniture for your new home will also attract VAT, as will services such as housekeeping, dry cleaning or laundering.

There are some goods and services that will be VAT exempt. Items such as fuel for your car, essential healthcare items, public education, air travel and taxis. It is important that, when a VAT is being applied, that the poorer segments of the population are not disadvantaged by taxing the necessities of life.

Technically, the VAT will not apply to your rental expense however landlords will be subject to VAT on items such service charges and maintenance, indirectly driving up the cost of rentals over time.

If you decide to purchase a new home, there will not be VAT applied directly to the purchase but it will be applied to the real estate agents’ fees. Of course, as a purchaser of a new home, your purchase price will certainly cover for the VAT that has already been paid on the charges for materials, labor, marketing and other services etc. that the developer had to incur to bring the project to market.

If you are selling your current house in the secondary market, the sale itself will be exempt from VAT, however, you will need to pay VAT on any Real Estate Agents fees, marketing fees, and maintenance or staging fees that you might incur.

For developers, VAT will affect virtually every supply and construction contract that exists. This will have an inflationary effect on the industry as the additional cost burden of the VAT will be passed on to the consumer. Developers need to ensure that they have the systems to recover the VAT cost and ensure that future planning considers the inflationary effect so that any possible drop in demand due to the rise in prices is comprehended with minimal effect on margins.

VAT is not something to be feared, but it is something to be understood, particularly by the business community. The only cost to business is the administration required and the expense of ensuring compliance while the consumer will only notice the effects at the cash register.