VISIONARY 'BREATHING ARCHITECTURE' A PENTHOUSE ON EVERY LEVEL

A Tribute to a City of Firsts.

Celebrated for where the remarkable happens, Dubai seamlessly fuses culture, commerce and creativity to nurture prosperity.

Just Picture Perfect (Bathroom)

I have seen a vast of developments in Dubai Real Estate but this blew me away, it was officially launched in June and comprises 234 hotel rooms, 234 one and two bedroom apartments and 33 penthouses. All the apartments were sold out but I have re-sale market starting from 1,100aed per sqft.

Tower Side Downtown

The 117 one-bedroom hotel apartments in the project will have an outdoor sky garden and a Jacuzzi while the 117 two-bedroom units will include an 18 square feet swimming pool and floor to ceiling windows with cascading water, the developer said.

2 Bedroom Terrace

The four bedroom penthouses, spread across 3,000 square feet each, will include a 2,600 square feet sky garden with a soil depth of 4.2 feet that allow trees to be planted, an outdoor swimming pool and Jacuzzi accommodating up to eight people.

Podium Level

The development will also feature five dining venues including an all-day dining concept, a lobby café, pool bar and grill, sports bar and a rooftop Chinese restaurant.

Other amenities include paddle tennis, gymnasium, fitness centre with outdoor yoga terrace and swimming pool, sauna and steam room and boutique spa.

1 Bedroom Terrace

The hotel tower will also include 17,000 square feet of retail space, a five-level podium car park, meeting facilities, and a kids club.

Construction of the hotel will begin in September 2014 while it is scheduled to be operational by 2017, the developer said.

 

Tower Centre

 

Terrace Pool View

 

Living Room

 

Bedroom

  

Tower Hero

   

1 Bedroom Terrace Close-up

  

Hotel Suite

 

Tower Hero Evening

 

Penthouse Living room

 

Penthouse Kitchen

 

Penthouse Terrace

 

Penthouse Bedroom

 

Hotel Room Bathroom

for information on the sales of these units contact me on edithmakena@gmail.com or +97155 716 2933.

Dubai planning new fee, restrictions on off-plan property sales

Move to further discourage speculative demand

By

• Parag Deulgaonkar

Published Monday, June 16, 2014

 

Dubai is considering introducing new fees and restrictions to stop flipping of off-plan properties, the International Monetary Fund (IMF) has said.

“Imposing additional fees and restrictions on reselling off-plan properties, as currently under consideration, would further discourage speculative demand,” the IMF said in a new report.

“The increase in Dubai’s real estate registration fee from 2 to 4 per cent last October, along with regulatory measures to assure orderly market conditions for new real estate development, was a welcome step,” it added.

International experience shows that countries faced with real estate booms often repeatedly raised real estate fees and differentiated them by criteria such as the buyer’s residency, use of the property for occupancy or investment, or the time elapsed before reselling, with rates reaching up to around 30 per cent for selected types of properties resold within a year (Singapore).

Although it is not known on what measures the Dubai Land Department (DLD) is planning to introduce, market participant say the introduction of a slab-wise registration fee is likely.

DLD, however, did not respond to queries from Emirates 24|7.

“The plan to introduce new measures/fees on a sliding scale is a good move. This is what the market needs as we see speculative activity,” Craig Plumb, Head of Research, JLL Mena, told Emirates 24|7.

“Property prices are going up, driven mostly by speculators in off-plan projects.

“We need more regulations to discourage speculators,” he added.

Although Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, said the new fee would be good for the market in long term, he believed that the market was no longer driven by speculators but by the end-users.

UAE developers have imposed self-restrictions with major developers such as Emaar Properties, Aldar Properties and Nakheel not allowing an investor to sell a property unless they have paid 40 to 50 per cent of the property value.

(Read: Major UAE developers team up against flippers)

Earlier this month, the UAE Central Bank said that low residential rental yields in Dubai and Abu Dhabi possibly indicate growing imbalances and overheating in the real estate sector.

“Current average rental yields in Dubai and Abu Dhabi are approximately 70 and 130 basis points below historical averages, which could indicate growing imbalances - overheating real estate market,” the Central Bank said in its financial stability report 2013.

Global Property Guide, a UK-based research house, said on Sunday that Dubai has topped the list of house price survey for the fifth consecutive quarter with house prices rising 31.57 per cent during the year to Q1 2014 and 9.58 per cent in the first quarter alone.

(Read: Dubai property prices up 32% in 12 months) 

if you have interest in Dubai real estate contact me on edith@flashproperties.com or +971557162933.

The Living Legends DubaiLand Competitive Prices And Payment Plan.

THE LIVING LEGENDS DUBAI LAND.

The residential apartments are considered one of the essential
elements of the project that ensure a distinguished and innovative
environment. These apartments are located in 12 residential
towers that overlook the golf course and are centered within
the project’s community center making the distance between
the community center and the residential towers a short and
convenient walk.
The apartments offer residential spaces of various surface areas
ranging from studio apartments to three-bedroom apartments
in addition to the penthouses on the top floors. Each building
offers segregated gyms with dedicated washroom areas. Each
building will also have its own designated swimming pool and
landscaping.
The buildings range from (B*+G*+9 TF*+2P*) to (B*+G*+
20TF*+2P*) in height. The parking is located on the basement
level with the option of additional parking space that can be
acquired.
G:Ground B: Basement TF: Typical Floor P: Penthouse T:Terrace

3 Buildings will be handed over before the end of this year and the rest of the buildings
will be handed over before the end of 2015

Studio Apartments

• Studio Apartments are available from Ground 
• Floor to the 4th Floor only.
•  BUA: 365-524 sq.ft 
•  Pantry
•  1 Bathroom with tub
•  Balcony
•  Big private terrace at Ground Floor level

For details on prices and availability please contact Edith at edithmakena@gmail.com.

1 Bedroom Apartments

• One-Bedroom apartments are available every floor.
•  BUA: 880 - 1,000 sq.ft 
•  Kitchen
•  Master bedroom with private bathroom 
•  Guest washroom
•  Balcony
•  Big private terrace at Ground Floor level

2 Bedroom Apartments

• Two-Bedroom apartments are available on all floors.
•  BUA: 1,450 - 1,550 sq.ft 
•  Kitchen
•  2 Master bedrooms with private bathroom 
•  (except the Ground Floor ones)
•  Guest washroom
•  Balcony
•  Big private terrace at Ground Floor level

3 Bedroom Apartments

• Three-Bedroom apartments are available from the 2nd floor to the Penthouse top floors.
•  BUA: 1,875 sq.ft
•  Kitchen
•  Master bedroom with private bathroom
•  Shared bathroom for the other 2 bedrooms
•  Guest washroom
•  2 Balconies
•  Store room + laundry room

Penthouse Apartments

• Penthouse apartments are available on the 2 top floors of each building.
•  4-Bedroom luxurious units, 2 Master bedroom
•  Penthouse total BUA: 4,000 Sq.ft 
•  Kitchen
•  Dinning room
•  Guest washroom
•  2 Balconies
•  Terrace swimming pool + shower
•  Store + Laundry + Pressing room

Living Legends project facilities

•  Children Play Ground Area 
•  Landscaped Gardens
•  Medical Clinic
•  Shopping Centre
•  Hotel 
•  Golf Course with International Standards
•  Golf Club House 
•  Gated Community with 24HR Security
•  Advanced Fire Protection System 
•  Nursery, Kindergarten and Primary School 
•  Mosques

For details on prices and availability please contact Edith at edithmakena@gmail.com.

Costliest and cheapest areas to rent 2-bedroom apartments in Dubai

Palm Jumeirah costliest but Discovery Gardens shows maximum increase

Palm Jumeirah is the costliest community to rent a two-bedroom apartment in Dubai, but Discovery Gardens registered the maximum increase in the first quarter of 2014, according to a new report released by Land Sterling.

Average rents for two-bed units in Palm Jumeirah were at Dh170,000 per annum, rising 6 per cent in the first quarter compared to the final quarter of 2013, Land Sterling said in its Q1 report.

Discovery Gardens saw rents jumping 13 per cent to Dh90,000 per annum during the same period.

IMPZ and Business Bay saw rents for two-bed units rising by 12 per cent each.

Units were leased on average for Dh83,000 pa and Dh145,000 per annum, respectively.

Downtown Dubai saw a 3 per cent hike in the first quarter, compared to Q4 2013, and is at Dh165,000 per annum on average.

Dubai Silicon Oasis rose by 2 per cent with average rents being Dh87,000 pa.

In International City, on an average, a two-bed is being leased at Dh70,000 pa, with a quarter-on-quarter increase of 8 per cent.

Earlier this month, Asteco Property Management put the rental increase quarter-on-quarter for Palm Jumeirah, Discovery Gardens and Downtown Dubai at 3, 4 and 6 per cent, respectively.

With the population of Dubai expected to grow to 3.1 million in 2020 (at an assumed CAGR of 5 per cent), analysts estimate housing requirement to increase by 170,000 units in 2020, the report said.

“In the run-up to World Expo 2020, most of the city's supply estimates - residential, office, retail and hospitality - are being built based on the development requirements needed to host such an international event.

“Though developers may favour hospitality projects over residential ones during this interim period, housing supply needs to be maintained at the current historical average of 21,000 units per year to avoid any shortage, which may result in spikes in sales price and rent,” Land Sterling analysts asserted.

Emirates 24|7 reported earlier that Dubai was unlikely to witness oversupply of housing units with experts and developers ruling out any glut in residential market.

HSBC Global Research said this month that Dubai will see a supply of 90,000 new units by 2018, but the market will absorb – fairly easily — the new supply even if the population grows less than 5 per cent per year.

“We believe that we have not yet reached the peak of the cycle, and that the market can continue to absorb the expected supply additions over the next few years, even at a population growth rate below 5 per cent,” the bank said.

What's Happening In The Dubai Property Market.

Many clients come to us as brokers and ask where is the best location to buy now and what areas will see  growth in the future? Answering this question all depends on what you want from your investment, Will you be living in the unit long term? Are you looking for rental returns or solely capital appreciation? Your answer will depict the area that your real estate professional will advise you on. Let’s take a look at the 3 different options…  If you’re looking at moving in now, you should be looking for established areas, areas with no/little  construction and full facilities like schools and shops in the vicinity. For villas, my advice would be the  Emirates Living area. Developments like Jumeirah Islands,  Meadows and Arabian Ranches.  These 3 areas give a wide range of value starting from 3 million ranging up to 20 million.  All facilities are already in place and residents have been living there happily for years already.  Areas like these which are fully established will always be very popular with  buyers as the areas hold their value well, even in a depression, it’s these established areas that hold  their value the best and recover quickest.  If you’re looking for something a little newer but still close to these established developments, areas like  Jumeirah Park which are already inhabited and having the final touches added can offer a slightly more  modern unit but still in good locations and access to local facilities. For apartments we’d always suggest the  Marina and Downtown Dubai and if possible, specifically Emaar, Select or Trident units.  These 3 developers have multiple towers in the mentioned areas and again are very popular with  additional advantages in great locations, property standards are high quality and they will always have  interest from a resale perspective.    If your solely looking for rental returns and giving yourself a good yield, then apartments is the best option.  A good yield in the current market is around 7% net. It’s worth noting that many agents will talk about gross  yields, but this does not accurately depict your investment. To accurately calculate your investment you need to  know the rentals and all cost Service charge, chiller etc. One unit may have a higher gross yield than another  butbecause the service charges are much lower in the other it may give the better net return. Areas in Dubai  consistently giving good gross and net returns are The Greens and Views and Motor City. Some newer areas  giving great returns are Sports City and RemRaam. In general, Studios and  1 beds tend to rent faster and  provide the best returns. They also sell much quicker when looking at resale in the future.    If you’re looking for Capital Appreciation then the best area to buy is Off Plan property. Off Plan units are  making a strong comeback now. Areas like Arabian Ranches 2, Mira, Sports City and down near  Dubai World Central Airport are seeing huge growth. These off plan units offer buyers to purchase villas  usually ready 2-3 years after launch at prices per sq ft well below what they currently trade for.  A good example is a 4 bed villa in Mira for just 2.3 million, when you compare this to something  similar in an established development like the Springs, these would cost 3.5 – 4 million. Another positive  factor for Off Plan purchases is the ability to be able to pay in installments over two years and spread the  payments out in a similar way you would to a mortgage. Clients have reported making between 30-100%  returns through off plan investments. One key note to remember when purchasing any property in Dubai that many people forget is to also look at  your exit strategy. We always find out if clients have an exit strategy. How long do they want their money tied  up? Will their strategy change in a few years? For a good property specialist to offer the best advice to you,  they will need to know what you as a client want now and in the future and not just advise you when to buy,  but also when to sell and then where and when to reinvest after. For more on investment in Dubai please Contact me on edithmakena@gmail.com

All The New Metro and Tram Stations Proposals In Dubai And Other Emirates All You Need To Know.

Which new communities to be linked with Dubai Metro, find out

By 

Majorie van Leijen

Published Sunday, May 04, 2014

Dubai has a plan. In 16 years from now, 30 per cent of the population should be using public transportation.

Last year, the public transportation community made up 13 per cent of the total population, while this was six per cent in 2006.

On the concluding day of the UITP Mena Conference last week, the Road and Transport Authority (RTA) presented its public transportation master plan to speakers and guests from around the world.

“The Dubai Metro, comprising the Red and Green Lines, is the backbone of public transport in Dubai where Metro riders savour state-of-the-art systems and facilities with top-class finishing, and super quality services,” said Mattar Al Tayer, Chairman of RTA.

“The Metro ridership currently hovers around 450,000-500,000 riders per day, and Dubai is bracing itself for yet another quality addition to its rail network service offerings with the launch of the Dubai Tram project.”

If everything goes according to plan, Dubai’s rail network will be 421km long and have 197 stations by 2030.

Currently it is 75km long network with 47 stations.

The plan includes the introduction and expansion of Dubai Tram as well as Dubai Metro, and is divided in three phases; by 2020, 12 stations should be added, while 58 more stations will be built from 2025 and 69 stations by 2030.

Mohammed Abubaker Al Hashimi, Director of Planning and Business Development at the RTA presented the master plan with some of the latest graphics, revealing which communities will benefit the most if plans go ahead.

Metro: The Green Line extension

The Green Line of Dubai Metro will be extended from Jaddaf to Academic City with 11 new stations.


According to the map, the Green Line will connect to Festival City, and run through The Lagoon, where it will have two stations.

It will then proceed to the Ras Al Khor Industrial Area, where it will have two stations, and connect to International City with three stations.

It will have one station in Silicon Oasis, and two final stations in Academic City.


The Red Line extension

The Red Line of Dubai Metro will be extended at two ends, serving two different purposes.

At the northern end, an extension will be constructed between Rashidiya and Mirdif, where it will have one additional station.

At the southern end, the Red Line will be extended to serve the Expo in 2020.

This plan was recently incorporated, and has not yet been finalised. Four options are under consideration at the moment, explained Al Hashimi.


Three of the four options suggest a Metro link either passing by or cutting through Jebel Ali Free Zone, as the map indicates.

A fourth option, however, shows a more radical alternative. The line would divert at the height of Dubai Marina, and pass Jumeirah Park to run parallel to Sheikh Mohammed bin Zayed Road.

This option would include a station at Jumeirah Park, and another station near the International Media Production Zone, as the map shows.

The Red and Green Line extension are currently under evaluation, and the detailed design should be formed next year, said Al Hashimi.

New Metro lines

Four additional Metro lines are in the pipeline; a Purple Line, Blue Line, Gold Line and Pink Line. Although these plans are long-term projects and subject to change, the map gives an idea of the potential Metro network.


As it seems, the Purple line forms an important link through the emirate running from north to south, and connecting to all other possible Metro lines.

“The idea is that the Purple Line would run from airport to airport,” said Al Hashimi. It would also connect to the Expo site, as the map shows.

The Blue Line will run parallel to the Purple Line, while the Gold and Pink Line would form routes from west to east.

All Metro lines will come together at Meydan. The Purple and Gold Line are set for the second phase, with work starting in 2025.

Dubai Tram

By November of this year the tram will be operational. Eventually, the tram route will be extended to pass by Burj Al Arab, Mall of the Emirates and continue all the way up to December 2nd Street.
 

According to the RTA, the tram will be most popular in the area between Palm Jumeirah and the two Metro stations – Dubai Marina and Jumeirah Lake Towers.

In this area, the tram will make a one-direction loop, serving Jumeirah Beach Residence, Jumeirah Lakes Towers and Dubai Marina.

From Dubai Marina, the tram will run in two directions.

It will run parallel to Sheikh Zayed Road and connect to the Palm Monorail.

Until it reaches the final station, the Tram will serve Knowledge Village, Internet City, Umm Suqeim 3 and the Sufouh area.

Etihad Rail

For the first time, the Etihad Rail network has appeared on the map of the RTA.

The route of Etihad Rail and its connection to the Metro network has not yet been finalised, but plans are in the making.

Earlier this week, Faris Al Mazrouei, Acting CEO of Etihad Rail, said there are plans for four train stations in the emirate, which will correspond to the train route shown on the map: the train would serve Jebel Ali Port, the Expo site, Dubailand and Meydan.



 

As the map shows, the train network would connect to Dubai Metro at several points, most importantly at Meydan and at the Expo site.

“We are studying the connection with Etihad Rail at the moment.

“The connection to the rail network is one of our main concerns. We want people to be able to use the train,” Abdul Mohsen Younes, CEO of the Strategy and Corporate Governance Sector at RTA, said.

Etihad Rail will form a link between several emirates and a connection to Oman and Saudi Arabia.

It will form a direct link between Abu Dhabi and Dubai, from where it will continue to Sharjah, Ras Al Khaimah and Fujairah.

Burj Khalifa Pinnacle BASE Jump. Jumping from the world's tallest tower

Jumping from the tallest tower in the world. Soul Flyers World Champions Vince Reffet and Fred Fugen break a new World Record by BASE jumping from above the pinnacle of the World's Tallest Building. #Burjkhalifa You can Imagine the Rush and these views are amazing.

Dubai is to build the largest ever Expo site under the theme ‘Connecting Minds, Creating the Future'

The UAE has won the right to host the World Expo 2020 in Dubai under the theme ‘Connecting Minds, Creating the Future’. Every five years and for a period of six months, World Expos attract millions of visitors. The World Expo has never been held in the Middle East, Africa and South East Asia in the history of the event.

Dubai is to build the largest ever Expo site at Jebel Ali Dubai World Central (DWC) ahead of hosting the event in 2020 at a cost of between $2-4bn.
And Cynthia Corby, audit partner, construction industry leader, Deloitte Middle East, revealed ‘secondary infrastructure spend’ will be upwards of $8bn, and will include construction opportunities in the transport, hospitality, retail and commercial sectors.
She said: “With Dubai winning Expo 2020 we will see renewed confidence in the already improving construction industry. In a market that relies upon confidence and optimism, this is a much-needed stimulus to create momentum for a renewed development and economic cycle.”
Dubai’s Roads and Transport Authority (RTA) has revealed that they will fast-track a $1.36bn expansion of Dubai Metro’s Red Line to connect to DWC.

And Emaar Properties have announced that it has signed a memorandum of understanding with DWC to develop a massive (13.63mn m2) golf-centred residential estate adjacent to the area surrounding the Expo 2020 site.
In the company's report: 'Expo 2020: A game changer for Dubai', Corby said: “These are the first of many announcements regarding large-scale projects being planned in the wake of the Expo win.
“It only takes a quick analysis of the impact of an expected additional 20mn international visitors over a six-month period to see that significant investment in hospitality and retail infrastructure will be required.”
It is estimated that up to 30% of the potential 300,000 jobs created by Expo 2020 will be in the construction sector alone.

The government has also announced that all new and existing construction projects are going to be fast- tracked to be ready for 2020.
However, Jesdev Saggar, managing director, Infrastructure and Capital Projects, Deloitte Corporate Finance Limited, urged a level of caution as the Emirate continues its recovery from the economic crisis that enveloped the world in 2009.
He said: “Dubai has been dealing with the close out of its financial obligations over the downturn years and the lessons learnt during the close out of these obligations would be usefully applied to avoid this pressure as the government is to embark on funding future infrastructure to meet the demands of hosting a global event.
“While challenging, that does not mean that it cannot be done, these challenges can be met with the right planning and coordination of spend across all the authorities.
“Expo, like any major event is all about coordination and planning and its success or failure will be a result of how well the authorities unite to capitalize on its potential.”

if you are thinking of high returns on investment in Dubai please contact me on edith@flashproperties.com or +971557162933.

Emaar Launches Samara Villas In Dubai’s Arabian Ranches

The community will feature 177 villas in four styles.

By

Mary Sophia

19 hours ago

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Dubai developer Emaar has announced the launch of Samara, a villa community, in its popular development Arabian Ranches after recording strong investor interest for its previous communities.

The new project, which includes villas designed according to Spanish coastal architecture, will feature 177 three to five –bedroom villas in four styles, the developer said in a statement.

The community will also have amenities including a large retail centre, specialty food and beverage outlets, a healthcare centre and a daycare centre.

Located at the crossroads of al Qudra and Sheikh Mohammed Bin Zayed Road, Samara offers easy access to Dubai’s main hubs including Dubai Marina, Dubai Media City and Dubai Internet City.

“Each residential community within the Arabian Ranches development has recorded robust demand from investors,” said Arif Amiri, chief commercial officer, Emaar Properties.

“Through ‘Samara’ we are offering another opportunity to be part of one of Emaar’s fully-established communities featuring a golf course, polo club, and a Residents club.”

Emaar will launch sales for Samara in Dubai and Abu Dhabi on April 5 at 10am. Online registration for the sales in both the cities will begin on April 2, the developer said.

The real estate firm has been expanding the Arabian Ranches neighbourhood with various types of themed villa communities such as CASA, Rosa, Palma, Rasha and Lila. Most recently, it also announced the launch of Arabesque-styled villa community Yasmin within the development.

Emaar has been launching a string of new projects as it looks to tap into Dubai’s yet-again booming real estate sector.

The Dubai-based property firm recently launched BLVD Crescent, a residential development in Downtown Dubai, which features two towers of 39 and 21 storeys. The project will consist of over 300 luxury residential units.

Spurred by strong investor interest, Emaar also launched the second phase of its residential complex Mulberry at Park Heights in its Dubai Hills Estate development.

for information on registration please contact me on edithmakena@gmail.com or +971557162933. 

All You Need To Know About Investing In Dubai Off-plan Properties and Escrow Accounts FAQ

THIS IS FAQ AND ANSWERS FROM DUBAI LAND DEPARTMENT.   What is the real estate escrow account? The goal of it? Who has to have it? The escrow account is the bank’s account of the project in which amounts collected from buyers of off-plan properties are deposited or amount by project’s financers. The escrow account aim is to regulate the functioning of the construction process of units sold off-plan, thus safeguarding the rights of investors. The law applies to all developers in Dubai without any exception who sell properties off-plan in Dubai, and in return they receive payments from the buyers or financers.  Who are the parties obliged to open an escrow account? The law applies to all developers in Dubai without any exception who sell properties off-plan in Dubai, and in return they receive payments from the buyers or financers.  Which financial institutions are approved by RERA to manage the escrow account? You can visit the Department's account of Trustees http://www.dubailand.gov.ae/English/Tanzeem/Developers/trusteeslist.aspx  Does the law apply to projects that have been announced before its release? The law applies to all projects selling off-plan either before or after the law. The law gives a period of 6 months since its release for all developers to adjust their situation in accordance with Law No. 8/2007 concerning real estate escrow account.  What are the ways available to communicate with the Real Estate Escrow Account Department? You can communicate with the department by: E-mail: trust@dubailand.gov.ae Phone: 042030555 Fax: 042349219 For more information, please visit the website: www.dubailand.gov.ae  What if the investor pays amount far outweigh the completion progress  or the project hasn’t started or under cancelation? If the project hasn’t started or under cancellation: The Land Department isn’t authorized to terminate any contract between the developer and the investor at  the request of the investor. If the investor is willing to terminate the contract,  he/she must refer to the concerned real estate court. The Department’s role in this case is to try to reach an amicable settlement between both parties. If the project is canceled: The escrow account is transfer to the Section of Projects’  Liquidation which, in turn requires the developer to repay investors within 60 days from the date of the cancellation. In case RERA sees a necessity to postpone the deadline it might extend this period. In case the developer fails to commit,  the case is transferred to the court in order to secure the right of investors. If the percentage of project progress is 5% or less, and all paid amount are deposited into the escrow account and the investor is willing to obtain the money back through RERA, given the developer hasn’t and wouldn’t construct the project, refer to the answer of question No 6 in the first paragraph. If the project isn’t cancelled and the investor is willing to obtain the money back, the investor must refer to the court. If the project in the process of cancellation or cancelled: At this stage, the project isn’t cancelled yet. And there are several procedures that must  be followed prior to the cancellation such as (submitting remedy, the Committee’s consideration of the remedy, issuing statement by the committee on which the necessary action is taken). This process takes 3 months at least.  What is the role of the liquidation of real estate projects section,  specifically for all projects canceled - under cancellation - completely stalled. The liquidation section role begin once the project is cancelled upon the developer’s request/or the project is cancelled and not in the process of cancellation.  Then, the section will recover the amounts from the escrow account and deposit them in the Trust Account in the Land Department to be distributed to beneficiaries, whether in full or in a certain percentage according to what is available in the account.  What about projects that have not been cancelled and the progress is less than 5%? RERA monitors progress of construction on the project on a regular basis and in the event that the project is stalled or the progress is very minor, the developer will be addressed to cancel the project. If there are no reasons justifying halt of construction of slow progress and failure to provide justifiable reasons for that, RERA will start the process of cancellation of project as per the procedures it follows.  Why there is no enough information about the history of progress in ongoing projects and delayed? Due to the current situation, and developer’s inability to start construction so there is no timeframe given about the start of construction by the developers, so it is difficult to identify specific date for the completion of these projects. However such projects might be subject to cancellation.  What the expected time period for the liquidation is of cancelled and stalled projects? The period is indefinite, once the complete documents and details of payments and eligible persons each projects will then be in the track of liquidation. Most investors complain about the inability to communicate with some developers and about the process and completion phase and they can’t obtain this clear  information from the developer, however they are demanded to make new payments. However, due to the payments are scheduled according to the percentage of completion, and the investor has the right once received a request for payment from the develop to inquire about the percentage of completion in the current project by a  letter from the project consultant/approved by the Land Department. Otherwise, the investor is not required to make the payment unless the project reached the specific stage or completion percentage according to the agreed payments schedule  between the parties. Does the investor have the right to request the completion rate for any project or a simplified report on the project. Investor may obtain completion percentage report prepared by the technical auditor  of RERA after paying the audit fees of AED 15000 + AED 10 as knowledge surcharge.  Can the investor cancel his contract with the developer without resorting to the judiciary? The Land Department isn’t authorized to terminate any contract between  the developer and the investor at the request of the investor.  If the investor is willing to terminate the contract with the developer, then he/she must resort to the concerned real estate court. The LD role is limited to conciliation between the parties and settles the dispute amicably without having the final word in the dispute and  without intervention in the final settlement.  What if completion rate, for example, 40% - 60% and the project is  completely stalled and the developer is absent like Dubai Star Project? In such cases, the Land Department and RERA intervene to safeguard the  rights of the concerned parties and for the completion of the project.  Is there a law deterrent to developers’ manipulation and those offenders by RERA? All laws issued stipulate the existence of sanctions against developers in conflict with the laws and regulations for real estate development.  What are the procedures to open an escrow account? The developer must fill the form on "registration developer & project approval"  and provide the required documents after the adoption of the project by RERA represented in the Department of escrow account. The account is opened by the account trustee based on the certification of the project.  Who can manage the escrow account? A bank or financial institution licensed by the Central Bank of the United Arab Emirates to receive deposits of others and operating in Dubai can serve as account trustee. This bank or institution, must be accredited by RERA and must sign a written agreement with RERA stating the terms and conditions of managing escrow accounts.  Can escrow account trustee, offer financing for the project’s developer? Yes, the bank or financial institution can serve as account trustee can provide financing of the project.  For which purposes amounts deposited in the escrow account can be utilized? As a general rule, the amounts can only be paid from the escrow account to make payments for the land, contractors, consultants and marketing related to the project. Not all expenses incurred by the developer on the project are eligible to be paid from the escrow account. For example, a 5% only of total sales can be used for marketing the project.  Can amounts deposited in the escrow account be used for making payments? The written agreement between the developer and the account trustee contains details of the main phases of construction required for releasing certain amount from the escrow account. The project’s manager working for the developer will inform the account trustee abut completing a certain major phase, and will submit a request to make payment to service providers. The responsible engineer of the trustee side will visit and audit the project, and to confirm that the major construction phase mentioned has been completed. Once this is done,  the account trustee is entitled to pay the needed payment to service providers from the escrow account.  What is the purpose of the withheld amount of 5%? Article 14 of the escrow account law states holding 5% of the total amount paid in the escrow account for a period of one year after completion of the project. This amount act as a guarantee that the developer or contractor will effectively address any clear flaws in that property upon completion which can appear within one year of completion. The law became effective on June 28, 2007, when it was published in the Official Gazette.  If the developer had begun selling off plan and need to open an escrow account,  shall the developer deposit the amount he collected earlier from the investors? Yes, all amounts received from the buyers must be deposited in the escrow account.  What are the financial institutions approved by RERA for the management of the escrow account? 1. Dubai Islamic Bank 9. National Bank of Abu Dhabi 2. Emirates IslamicBank 10. Bank of Sharjah 14. Al Masraf 3. Abu DhabiCommercial Bank 11. Bank of Baroda 15. First Gulf Bank 4. Emirates NBD Bank 5. Standard Chartered Bank 6. Mashreq Bank 7. Al Ahli Bank of Kuwait 8. Noor Islamic Bank 12. Citibank 13. Abu Dhabi  Islamic Bank 16. Sharjah Islamic Bank 17. United Bank  What are the objectives of the escrow account law? The law was issued in order to control of the real estate market in Dubai and to regulate the construction and selling of properties off-plan to guarantee the rights of buyers.  What about projects that have been announced before the law issuance? The law applies to all projects announced by before/after the publishing of the law in the Official Gazette. In some cases, the developer may be excluded  from opening the escrow account, especially for projects near completion and has  if company doesn’t have other issues in its projects or with its investors. However, the granting of the exception, is jurisdiction of RERA.  How to manage the escrow account? The escrow account must be opened bearing the name of the project, and it must be utilized for purposes related to developer of the project. The amount deposited in the account can’t be seized on behalf of the developer’s creditors. if you need more information on the Dubai market please contact me on edith@flashproperties.com