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.

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

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. 

Hiliana Tower Height Of Luxury In Al Sufouh Area The Only Freehold Community In Jumeirah

A 45 story tower that includes 6 levels of luxury furnished apartments in addition to massive 
apartments and penthouses. With unique interior designed by Andree Pueman.

A home in Hilliana Residences is an investment in originality. Abyaar's ambitious 'community 
within a city' concept offers a new class of lifestyle, by taking a fresh look at the needs and desires
 of residents. The singular vision of world-acclaimed interior designer Andree Putman has infused 
Hilliana with a matchless mix of imagination. A master of impeccable detail, Madame 
Putman has a flair for creating daringly original concepts that redefine every guideline of timeless 
luxury.

The 45-storey Hilliana Tower features 313,250 square feet of truly superb 5-star serviced 
apartments and private units, offering a complete luxurious lifestyle. This will be apartment
living at its very best in a perfect environment where life resonates with sophistication. 
Andree Putman's signature furnishings and one-of-a-kind spatial energy are evident in 
each public space. Steps away are a restaurant, pool, poolside juice bar and deluxe fitness area.

Facilities

Hilliana offers an infinity pool, children's pool, spa, sauna, gym, a sea-view restaurant with a terrace and juice bar. There are also 196 parking spaces including dedicated spaces for the disabled.

Unit details:

• Hilliana comprises a total of 174 apartments distributed as follows:
• 49 studio apartments
• 50 one-bedroom apartments
• 75 two-bedroom apartments

Hilliana presents 148 luxurious apartments, split into 30 studios, 
36 one-bedroom, 60 two-bedroom, 6 three-bedroom, 6 four-bedroom apartments 
and 10 penthouses

Hilliana presents 148 luxurious apartments, split into 30 studios, 36 one-bedroom, 
60 two-bedroom, 6 three-bedroom, 6 four-bedroom apartments and 10 penthouses

"TIRED OF QUEUING", I can register you for Boulevard Crescent through EPA (Emaar Preferred Access) for this Sales event.

Launching sales on 22nd March 2014     BLVD Crescent in Downtown Dubai by Emaar. 

Twin towers will offer views of Burj Khalifa, the Dubai Fountain and the Opera District

Emaar Properties, a Dubai-based developer, is launching BLVD Crescent, a twin tower development in Downtown Dubai.

BLVD Crescent has a main tower comprising 39 levels of residential apartments, a second tower of 21 levels and a further level of podium apartments, according to the company website.

The towers will offer views of Burj Khalifa, the Dubai Fountain and the Opera District.

Please provide the following details should you wish to be registered for EPA 

1. Name as per Passport
2. Date of Birth
3. Nationality
4. Passport Number
5. Passport Date of Issue
6. Passport Date of Expiry
7. Mobile Number
8. Address and PO Box
9. Email Address 

Include all and send it to edithmakena@gmail.com.

I'm a registered Broker ID number 28723.

The project is being launched simultaneously in Dubai, Abu Dhabi, Almaty and Shanghai.

Online registration for Dubai and Abu Dhabi opens on March 19 with sales starting on March 22.

Emaar Chairman Mohamed Alabbar told Emirates 24|7 that the company was not going out replicate Downtown Dubai model anywhere in the emirate and ruled out plans to build a tower higher than 828-metre Burj Khalifa.

“Our Downtown is the Downtown. We will never build a tall building like this (Burj Khalifa) so Downtown will always remain the Downtown,” he said.

The developer on Saturday announced plans to list up to 25 per cent of the Emaar Malls Group equity through a secondary offering of shares.

The funds raised through the sale of 25 per cent of the company, estimated to be between Dh8 to Dh9 billion (over $2 to $2.4 billion), will be primarily distributed as dividend to the company’s shareholders.

The Last Great Investment In Down Town Dubai With Amazing Burj Khalifa Views

New Downtown Dubai project: Prices @ Dh1,800 psf
Project completion by December 2016

Elite Downtown is located next to Emaar’s Southridge cluster. (Supplied)
A Dubai-based private developer will be launching a new residential tower in Downtown Dubai and will sell units starting at Dh1,800 per square feet, Emirates 24|7 can reveal.

Now a Privileged Selection of customers will have the opportunity to own luxury homes within the 'Elite Downtown Residence' the newest masterpiece in Downtown Dubai.
The homes will be with premium finishes and luxurious amenities, the Elite Downtown Residences homes in the center of Dubai will be a 24-storey tower, which also features a five star premium pool and gymnasium and numerous other facilities.

“We will soon be launching Elite Downtown Residences, which we plan to deliver it in December 2016,” .

A View On Dancing Fountain                                    

Elite Downtown Bay View

Elite Stylish Design                                    

Elite Lobby                                    

Elite Tower Plot Location                                    

UNIT PRICES

Elite Private Gym                                    

Elite Privately Designed 

Exquisite Living Space                                    

Elite DTR Location Map                                    

3 years payment plan

In the past 18 months, Emaar Properties, Dubai’s largest developer, has launched series of projects The Address The Blvd, The Address Residence Fountain Views and Burj Vista in Downtown Dubai.

Damac Properties, a private developer, is the only other developer to have launched projects in the 500-acre master community, which has a development value of $20 billion.

Currently, off-plan properties in Emaar projects are selling between Dh2,400 and Dh3,500 per square foot in the secondary market. Prices, however, vary with the view and floor of the tower.

“We are not putting any clauses to ban speculators. People can buy and sell,” Beg added.

Emaar has already banned local real estate from selling any off plan property, bought in their own name, till completion. Investors have to make 40 per cent payment to sell in the secondary market.

The tower is located next to Emaar’s Southridge cluster and is being built by Triplanet Range Investments Ltd, which is a joint venture between Triplanet International and Range Investments. It will house nearly 200 furnished apartments.

Knight Frank’s Prime Global Forecast report has revealed that Dubai will top of the list of global cities that will witness double-digit price growth in 2014. It expects 10 to 15 per cent increase in prices.

The developer has already launched seven projects in Dubai Sports City of which five have been delivered and two in handover stage.
CONTACT ME FOR MORE DETAILS ON THE SAME.

http://www.emirates247.com/property/new-downtown-dubai-project-prices-dh1-800-psf-2014-01-08-1.533878

AMAZING VIEWS FROM MY TOWER IN DUBAI MARINA FROM THE 7TH FLOOR BALCONY

 AMAZING VIEWS FROM MY TOWER IN DUBAI MARINA FROM THE 7TH FLOOR BALCONY, Only few units remaining on this amazing tower which constant work is going on, making it the most well priced tower in the heart of Dubai marina which means you will get maximum return on your investment make a wise choice. edith@flashproperties.com or +971557162933 is the number to contact to get amazing price for such a location. Dubai marina is always voted year on end as the best investment location and now with expo 2020 it will be a hot spot due to its proximity to all amazing Dubai attractions. this property is located next to major hotels which means you can easily put your unit as a vacation home making maximum returns on it just like a hotel apartment.

FULL ATLANTIS AND SEA VIEW

GROSVENOR HOUSE, CAYAN AND SEA VIEW

FULL SEA VIEW

PARTIAL SEA VIEW

FULL ATLANTIS AND SEA VIEW

MARINA VIEW

marina view

MARINA VIEW

MARINA VIEW

MARINA VIEW

PARTIAL ATLANTIS VIEW

MARINA VIEW

SEA VIEW

MARINA VIEW

INTERNAL WIRING GOING ON

MARINA VIEW

FULL ATLANTIS AND SEA VIEW

FULL ATLANTIS AND SEA VIEW