AED 218 Billion Real Estate Transactions for 2014 Dubai Land Department Reports

Authority records AED 150 billion land sales and mortgages
Sales acquire 51% of the total transactions
Al Thenaya Al Thaletha and Al Barsha South most attractive areas for investors

Dubai, UAE, January 13, 2015:Dubai Land Department 's ( DLD) annual report issued by Real Estate Research and Studies Department has announced that the total amount of real estate transactions recorded in the emirate last year exceeded AED 218 billion, through 53871 transaction. The same report showed that last year's transactions were diversified and were all over Dubai.

Commenting on the results, HE Sultan Butti Bin Merjen, Director General of DLD , said: "The real estate market has shown a clear ability to gain momentum from year to year, in addition to maintaining sustainable growth, as well as the trend towards maturity. This would help DLD in achieving Dubai's mission to be a global real estate leader in attracting investments."

In details, the report reveals that the sales accounted the total value of transactions at 51%, and it acquired the lion share from the other categories, while the share mortgages accounted 44%, leaving all remaining operations at only 5%. The total number of transactions in term sales reached 38,113 transaction with the value exceeding AED 112 billion. The market recorded 12,511 mortgage transaction exceeding AED 97 billion, while the remaining operations accounted 3,227 transaction with a total value of AED 10 billion.

Sales and mortgages relating to land transactions recorded more than AED 157 billion from the total real estate figure for 2014, with the total of 14,939 transaction. The commercial lands (already built on) acquired the lion share in terms of value for the type of land with 38% in total. Looking at the value of transactions by the kind of property, we find that the buildings and units transactions exceeded 38,932 transaction with a total value of AED 60 billion during 2014.

The Al Thenaya Al Thaletha area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching AED 4.71 billion through 1,427 sale transaction. This was followed by Al Thenaya Al Khamesa with a total of 1,016 sale transaction worth of AED 4.29 billion, where Al Barsha South 4 took the third place with 910 transaction worth AED 4.58 billion.

Business Bay took first place in apartment sales, with 4,315 transaction with the value of AED 7.20 billion, followed by Dubai Marina with 4,121 transaction with the value of AED 9.17 billion, while Al Thenaya Al Khamesa came in at third with 2,615 transaction with the value of AED 3.40 billion

With regards to buildings, Al Thenaya Al Rabe'a were the most prominent among all districts through their generation of sales with total of 396 transaction with the value of AED 988 million, followed by Wadi Al Safa 6 sales with total of 237 transaction with the value of AED 656 million, while Al Barsha South 4 came in third with total of 166 transaction with the value of AED 359 million.

Looking at the top five areas in terms of mortgages transactions for the year 2014, "Al Thunaya Al Khamesa" topped the list with 513 mortgage transaction with total value of AED 1.68 billion, followed by "Al Barsha South 1" with 255 mortgage transaction with total value of AED 260 million, while "Al Barsha South 5" came in third with 197 mortgage transaction with total value of AED 384 million.

-Ends-

© Press Release 2015

Exclusive: The list of cancelled property projects in Dubai by RERA

Last date of submitting applications is August 31: Dubai Courts

By

• Parag Deulgaonkar

Published Monday, June 09, 2014

Dubai Courts has put out a list of developers and their cancelled projects.

To date, Dubai’s Real Estate Regulatory Agency (Rera) has never officially published the list of cancelled projects.

Eighteen developers have been listed on the court's website with the total number of cancelled projects being 36. No date of when the information was uploaded has been mentioned on the website.

The following is the list of developers and cancelled projects:

Remah Holding Limited
Tower 88

High Rise Properties LLc

Dorna Tower
Orchid Residences
The Heights-Golden
Waves Business Tower
The Heights-Silver
Rotating Residence
Heigh Rise Boulevard1
Heigh Rise Boulevard2

Alternative Capital Invest Gmbh

Wings Of Arabia

Khyool Investment Llc

Abjar Tower
Faras 2

Makaseb Properties

Rufi Tower (Quattro)
Archery Tower
Rufi Lake View
Quattro West

Dheeraj & East Coast Llc

Cascade Manor

Merwess Abdulaziz

Azizi Feirouz I
Azizi Feirouz II
Azizi Feirouz III
Azizi Fountanne Tower

Bux Holdings Limited

Beti Ul Funoon

Cliff Dwellings Enterprises Ltd

Global Golf Residence

Parshwa Holdings Limited

Sapphire

Galadari Investment Office Limited

G-Office Tower

Escan Real Estate PJS

Escan Tower

ME Development Llc

Windsor Residence

IR Investments Holding Company Limited

Tonino Lamborghini-Elettra Residence

Orbit Holdings Ltd

Orbrit Holding

Al Zahra Properties

Eden 1
Eden 2
Sunset Gardens B
Sunset Gardens A
Sunrise 2

Hampstead & Mayfair Development Limited

Hampstead Residences

Zenith Real Estate Development Llc

Zenith Tower A3

Dubai Courts, on its website, states the committee will resume the first stage of its agenda in the above-mentioned list of cancelled projects.

The last date for submitting the manual or electronic applications by investors is August 31, 2014.

Investors can register manually by paying a visit to Dubai Courts in the evenings from 2.30 pm to 7.30 pm on the main building 'central services hall on the first floor' or electronically by clicking on the name of the project and then filling in the required data, the Courts states.

"The committee for the liquidation of cancelled real estate projects in the Emirate of Dubai and settlement of rights related thereof, specializes in liquidation of real estate projects, by which a final decision of cancellation has been issued by Rera, whereas the judgments, orders and decisions issued by the committee shall be final, peremptory and unappealable by all means of a regular appeal, and shall be executed by the implement Department Dubai Courts," Dubai Courts said.

In July 2013, the Dubai issued Decree No. (21) of 2013 setting up a special legal committee for the liquidation of cancelled property projects and the settlement of rights disputes related to such projects.

(Read: Panel to liquidate cancelled property projects in Dubai set up)

Rera officials have previously declined to release the list of cancelled projects, stating investors are sent emails of the cancellations, real estate experts have called for release of the information on cancelled projects.

Rera data reveals 187 projects have been completed since the beginning of 2009; 253 projects are on hold; 232 projects are likely to be completed in due course.

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

Dubai Shopping Festival In Property Market ( Buy An Apartment and Drive Away With A Luxury car For Free Even A Lamborghini)

THIS DSF( dubai shopping festival) Dubai property market is also up for the offers as Dubai-based luxury developer Damac Properties has promised free luxury cars to customers buying select units during the Dubai Shopping Festival (DSF), which runs from January 2 to February 2, 2014.

Customers buying a Damac penthouse will be given a Lamborghini Aventador roadster, while buyers in other select units will receive either a BMW or a Mini Cooper, depending on the size of the unit.

“Guaranteeing a brand new 2014 Lamborghini, BMW or Mini Cooper with purchases in select units is an exciting incentive which many international visitors to Dubai during this period really appreciate.”

A number of projects are included in this year’s promotion, including hotel apartments in the Burj Area of Dubai, DAMAC Maison-The Distinction, DAMAC Maison-Upper Crest and DAMAC Residenze in Dubai Marina contact me if you need more details on the offer and you could receive 2 sets of keys this DSF.

Tenants in Dubai can appoint agents to find them a house

It's not that only landlords in Dubai can appoint leasing/rental agents, renters in Dubai too have the option.

The Dubai Land Department (DLD) website states a renter can appoint a preferred agent by signing a standard form (D2) and should appoint maximum of three agencies.

It is rarely heard that prospective tenants appoint agents to help them find a house. Mostly people call the agents after screening their adverts to schedule an appointment and visit to the listed property. Although it is a time consuming work for the tenant, appointing a leasing agent puts the onus of finding the right house, within the defined needs, of the client.

Real estate agents say they rarely get individuals signing up with them as exclusive agents aiding them to find a rental property, it is mostly the corporates that do so.

In Dubai, the renter pays five per cent of the annual rent amount as a service fee or commission to the agent. This is payable only upon signing a rental contract agreement.

D1 form for landlords

Landlords also need to sign a standard form (D1) to appoint an agent to look after their property and find a suitable tenant. This service is negotiable and flexible, according to DLD.

“If using a registered agent/broker, ensure you have appointed them on the approved form (D1) and ensure the agent knows the market, likely rent return for the area, and the agency has a tenant ‘pre-screening’ procedure in place.”

DLD also informs landlords to make sure to inform their communication updates and consultation with each other on the form.

“If the agent does not do what they agreed to do, terminate them and find another agent,” it recommends.

edithmakena@gmail.com

Revealed: Dubai top 20 locations to rent or buy a property in 2013

Dubai Marina continues to be the outright favourite location in Dubai for buyers and tenants, but Dubai Sports City is fast growing in popularity, according to the latest statistics.

UAE property portal Propertyfinder.ae released its latest quarterly report on the most popular locations for users to search to buy or rent, with Dubai Marina once again the outright favourite.

A review of nearly two million visitors found 18.67 percent were searching for Dubai Marina units to buy, while 18.41 percent of those looking to rent were searching here too.

if you need more information remember My Tower Dubai Marina write to me on edithmakena@gmail.com. http://dubaihomesolutions.blogspot.ae/2013/12/amazing-views-from-my-tower-in-dubai.html.

1. Dubai Marina

2. Down town Dubai

3. Palm Jumeirah

4. Jumeirah Lake Towers

5. Dubai Land

6. Arabian Ranches

7. Jumeirah Village Circle

8. Sports City

9. Jumeirah Beach Residence

10. The Springs

11. Business Bay

12. Dubai Silicon Oasis

13. Emirates Hills

14. Jumeirah Park

15. International City

16. Meadows

17. The Lakes

18. The Reem

19. The Views

20. Old Town.

By Staff Writer

• Thursday, 26 December 2013 8:44 AM
• http://www.arabianbusiness.com/revealed-dubai-top-20-locations-rent-buy-property-in-2013-532264.html

The Best Golf Development In The World Award Winner At This Year’s International Property Awards in London.

Akoya by Damac is best golf development in world

on Dec 23, 2013 

  Be the first to comment

RELATED ARTICLES: Akoya by Damac contracts awarded l Damac to launch Fendi-branded Akoya villas l Damac's huge AKOYA project starts on site in Dubai.
Akoya by DAMAC, a 42m sq ft luxury golf community under development in Dubai, has been named Best International Golf Development in the world.

The master development beat off stiff competition to be presented with the honor of at this year’s International Property Awards in London.
Akoya by DAMAC is being built around the Trump International Golf Club, Dubai – the first course to be managed by the Trump Organisation in the Middle East and Asia.
“For Akoya by DAMAC to be named the best golf development in the world caps a great year for the company and our standout development,” said Niall McLoughlin, senior vice president, DAMAC Properties. “There is already a great deal of international interest in this unique project, which includes a host of luxurious villas and townhouses overlooking the Trump International Golf Club, Dubai.
“Clients can look out over what will be the finest course in the region from their luxury villa with interiors designed by FENDI, Paramount or the Trump Estates,” he added. “It is a great honor to be named the very best and we look forward to delivering a project which exceeds the already high expectations.”
More than 80 international experts were part of a meticulous judging panel which shortlisted possible projects from around the world. All elements of the development came under the closest scrutiny, including design, ingenuity and sustainability.

DAMAC Properties had already scooped six other accolades during the Arabian Property Awards – the regional finals from which the winners are shortlisted for the international event. Honors included: Best Interior Design Apartment (DAMAC Esclusiva), Best Residential High-Rise Development (DAMAC Towers by Paramount), Best Developer Website and Best Development Marketing (DAMAC Towers by Paramount) and Best Golf Course Development for Akoya by DAMAC.
In addition to the 18-hole Championship standard golf course, Akoya by DAMAC will include a dedicated 4.3m sq ft of open parkland, named Akoya Park. The project also includes international schools, a high-end retail community centre, a boutique hotel and spa.
if you need more information on Akoya or Damac projects please get in touch with me at edith@flashproperties.com or 0557162933.
pictures on project updates.