Dubai homes solutions is about sharing the various projects launched in Dubai,the laws regulating the property market, off plan projects updates and highlighting the freehold and leasehold property locations in Dubai, exclusive properties offers and sharing any news that's of interest to investors and potential home owners please leave a comment on issues that you would like highlighted on. Prosperous expo 2020 Dubai.
Dubai Home Solutions Newsletter
Showing posts with label investing in Dubai. Show all posts
Showing posts with label investing in Dubai. Show all posts
Emaar Properties, Dubai's largest listed real estate developer, is watching the markets closely to make a decision on a time frame for listing its hotels business, the company said on Thursday.
"The timing of the IPO will be dependent on the market conditions. We are watching the markets closely and will take a decision to list at the appropriate time," an Emaar spokesperson said in an emailed statement to Reuters.
This comes after a Bloomberg report said Emaar had hired Rothschild as advisor for a planned listing of the hotels operations in the second half of this year.
Shares in Emaar were up 2.6 percent to 7.90 dirhams in early trade on Thursday as part of an overall market rally.
"Emaar's strategy is to make its business segments independent listed companies. This approach aims to provide the businesses with appropriate financial and operational means to grow faster and become among the most successful companies in their industries," the statement added.
The developer sold a 15.4 percent stake in retailing unit Emaar Malls Group in an initial public offer in September, raising $1.6 billion after a heavy oversubscription. After the listing, it said an offer of Emaar Hospitality would follow "as soon as possible".
Earlier, Emaar Properties also revealed it has agreed with banks to slash the interest rate on a $500 million syndicated loan, in the latest example of a local company winning a cut in funding costs from cash-flush bank lenders.
Dubai's largest listed developer and a bellwether of the emirate's main bourse, Emaar said in a statement to Reuters that as of December 11, the pricing on the loan had fallen by 1.5 percent, with banks agreeing to the London interbank offered rate plus 1.25 percent.
Margins on the loan will range to 1.75 percent based on loan drawdown proportions, it added.
The loan was signed in September 2013 with $450 million to mature in 2018 and $50 million to come due in 2020, according to Thomson Reuters data. Emaar did not reveal how many banks were in the syndicate or identify them by name, but said it mostly consisted of banks from the United Arab Emirates.
Emaar reported a 21 percent rise in third-quarter net profit in October. Dubai's government has a minority stake in Emaar.
And with that, the three-day property extravaganza ends. As wraps are put over the fancy exhibits, organisers have sent a tweet reaffirming the popularity of the event.
“Cityscape Global will be expanding to between 35,000-40,000 sqm of exhibition space for 2015,” said Wouter Molman, director of Cityscape Group.
Sign of bigger launches to come? We will have to wait until next year to find out!
4.00 pm
The list of property launches at Cityscape Global 2014 just seems to be growing. Dubai Properties, a subsidiary of the state-owned Dubai Holding, has announced the launch of a new luxury waterfront hotel- its third project- in the emirate’s Culture Village district.
The project, which is due to open in early 2018, will be one of the first luxury hotels in Culture Village and will be operated by Anantara Resorts and Spa.
The hotel will be located in the heart of Culture Village directly facing the Dubai creek and will be close to developer’s new mixed-use project Dubai Wharf, and its luxury residential development Manazel Al Khor, a statement said.
2.15 pm
Dubai’s Damac Properties says this year’s Cityscape was its “most successful” one to date, and that its stand was packed with investors seeking details about its latest development, AKOYA Oxygen.
Speaking to Gulf Business, Ziad El Chaar, MD of Damac said that the new project was launched last month because of the increased demand the company found for community villas.
“In our first AKOYA development, the smallest unit was a four-bedroom villa, but we found that many people were looking for a smaller unit. Hence we launched three bedroom houses for Dhs1.6 million in our new project, which has proved very popular,” he explained.
AKOYA Oxygen is a 55 million sq ft master development located in Dubailand, which will feature a golf course designed by the Trump Organisation and include green open spaces, gardens and water features. The launch of the first two residential clusters at the development last month sold out on the day of launch.
1.30 pm
Middle Eastern investors are expected to spend $180 billion in commercial real estate markets outside of their own region over the next decade, according to a report just released by CBRE.
“The major increase in flows of Middle Eastern capital into global markets is emerging from the extraordinary mismatch between the lack of institutional real estate in domestic markets and the huge spending power concentrated in the region,” the report said.
That ties in with another survey conducted by IP Global and YouGov, which found that while 53 per cent of UAE residents invested in property, up to 41 per cent of them put their money overseas, compared with just 12 per cent locally. Here’s more details on that study.
11.15 am
While we have been focussing on Dubai developers at the event, news now coming in from neighbouring Sharjah, with developer Al Thuriah unveiling a new brand identity and showcasing two new residential projects, Sahara Tower 4 and Sahara Tower 5.
The new towers will be located in the Sahara Complex, the developer said.
We also have some fantastic photos of the huge displays at Cityscape. View them here.
10.00 am
Final day of Cityscape (exhausted journalists are counting down to the end of the day)!
An interesting study by website Dubizzle has found that rents and house prices in Dubai’s prime locations now match those in Manhattan. The average median rent for a one-bedroom apartment per month in a prime Dubai district ranges from Dhs7500 to Dhs13,000 while a similar property in Manhattan would demand a rent of Dhs7300 to Dhs11,900, it said. Read more of the story here.
DAY 2
6.15 pm
We come to the end of day two and while we had no new major announcements, the overall consensus is that it was busier and livelier than day one. Here’s what we heard today –
One of the Dubai-based companies that has recently diversified its offering within the real estate market is government-owned business parks developer TECOM Investments, which recently unveiled a new residential development called Villa Lantana in the emirate.
Showcased at Cityscape (alongside the company’s more popular Dubai Design District project), the development has been seeing strong interest from customers, according to Badr al Gargawi, CEO of development and planning, TECOM Investments.
Located next to Umm Sequim Road, Villa Lantana features 440 units, consisting of three, four and five bedroom detached and semi-attached family homes.
5.00 pm
The Gulf Business team was surprised to see a short queue forming at the registration desk at this time. As several developers told us, the sales offerings at Cityscape this year have been limited, with many companies preferring to only showcase and unveil major developments and gauge investor appetite.
Seems like the investors are interested!
4.00 pm
With Dubai’s property sector cooling down, experts have urged the government to build affordable homes for expatriates living in the emirate. While there is no official data on the exact volume of cheap housing available in the market, it is widely believed to be in short supply.
However, the government can help by incentivising developers to build more affordable homes, say experts.
A big VIP delegation including Sheikh Mohammed bin Rashid Al Maktoum, PM and VP of UAE and Dubai’s ruler and Sheikh Hamdan bin Rashid Al Maktoum, Dubai’s crown prince have been touring the halls at Cityscape. One of the stands they stopped at was the Falcon City of Wonders booth, which includes massive displays of the development.
if you need information on any of the projects mentioned please contact me on edithmakena@gmail.com or +971557162933.
Spread across 41 million sq ft, the project will feature structures based on famous sites such as the Pyramids, the Hanging Gardens of Babylon, the Eiffel Tower, the Taj Mahal and the Leaning Tower of Pisa.
1.45 pm
Renters, landlords, buyers and brokers in Dubai might want to pay attention now. Marwan Bin Ghalita, CEO at Dubai’s Real Estate Regulatory Agency (RERA), said today at Cityscape 2014 that the agency is trying to be more transparent and publish more data so that false information is not circulated in the market.
Four new regulations are also being introduced in Dubai to regulate brokers. One of them, which will be implemented by mid-2015, will see Emirates IDs replace broker ID cards. More on this later.
11.15 am
Cityscape organisers have just released figures stating that opening day visitor numbers rose 27 per cent year-on-year on Sunday, with investors coming in from the Middle East, India, Pakistan, Russia, Turkey and the UK.
The event this year has 30 developers and architects covering 2,100sqm of exhibition space, up 22 per cent on 2013. Wouter Molman, director of Cityscape Group said: “All indications ahead of the show were pointing towards an incredibly busy, profitable opening day and the turnout from international investors has been impressive.”
10.15 am
Day two has started and the buzz around the newsroom is that the crowds are much thinner this year as compared to Cityscape 2013. The registration counters had been teaming with people last year, even on day two, and we had even reported about a scuffle breaking out at the room adjacent to the media centre, where Emaar was selling off some of its properties.
Despite the large displays at the event this year, signs do seem to indicate a slight cooling down of the Dubai real estate market. According to Cluttons, the UAE Central Bank’s ruling on capping mortgages in December 2013 has had the most significant impact on the rate of price acceleration.
DAY 1
5.50 pm
Day one of Cityscape is almost up and our last interview for the day was with Anand Lakhiani, director at Indigo Properties. The developer has just launched a new villa community project, called Zen, which will be located in Dubai Golf City. The USP of the project will be the shaded walkways and the “mysterious” pockets that it will house, he says.
Similar to the sentiment expressed by almost everybody we spoke to today, he asserted that Dubai’s property market has matured, and that growth will be slow and steady from this point on.
To sum up day one, Cityscape saw some new project launches and featured big displays, with developers and market experts stressing that Dubai’s property market is back with a bang, and here to stay.
4.40 pm
Dubai’s property market is adequately regulated, says Ziad El Chaar from Damac. According to him, the so-called ‘flippers’ in the market have reduced and most investors are here for the long-term.
He also confirmed that property prices have stabilised, but stressed that rates would continue to grow for “innovative” developments in the prime areas of Dubai.
That’s exactly what Nakheel’s Lootah said this morning – “It’s all about location, location, location.”
3.15 pm
The overall consensus in Cityscape so far seems to be that Dubai’s property market is back, but this time, is more mature, cautious and balanced.
Our next meeting for the day is scheduled with the MD of a company that has symbolised the Dubai property market’s return to form – you probably guessed it right – we are going to chat with Ziad El Chaar, managing director of Damac Properties, to discuss the company’s latest projects and where the market is headed.
2.45 pm
Dubai’s property market is stable and fears of a bubble are completely unfounded – that’s the view from the Cluttons camp. Speaking to Gulf Business, Steve Morgan, CEO Middle East and Faisal Durrani, International Research and Business Development manager confirmed that the measures taken by the Dubai government, such as hiking the transaction fee and capping mortgages have taken effect.
Rents too should be stablising, they say, although several residents have already been priced out of some parts of Dubai.
2.30 pm
More details coming in about the new Nakheel projects in Dubai. Read here.
1.45 pm
We are soon heading to meet the Cluttons team to hear their thoughts on where Dubai’s property market is headed.
In the meantime, apart from Nakheel, we have also had new launches from a couple of big developers today-
* Meraas Holding revealed ‘La Mer’, a mixed-use beachfront development in Jumeirah, close to the Pearl Jumeirah Island. Spread across 9.5 million square feet of existing and reclaimed land, it will comprise four zones – the beach, a leisure and entertainment hub, North Island, and South Island. Construction is set to commence in Q4 2014.
* Damac Properties announced yet another new luxury hotel in collaboration with Paramount Hotels & Resorts. Located on a plot off Sheikh Zayed road in the Downtown area, the ‘Paramount Hotel Dubai, Downtown’ will include 1,250 rooms and suites. Construction is already underway with the hotel set to open its doors in 2018, Damac said.
1.30 pm
Just back from the Dubai Holding press conference and unfortunately, the only new detail we could glean about the Mall of The World project is that the company is focussing on phase one, which will be completed three years after work starts. Khalfan Belhoul, VP, Strategy at Dubai Holding remained tightlipped about what the first phase will include; how much it will cost; and when work will actually begin.
He did confirm that the entire project will be completed in 10 years, and that it will cost a total of Dhs25 billion. The company is in discussions with consultants and specialists at the moment, and Belhoul promised more details in Q1 2015.
1.10 pm
News coming in about the Dubai World restructuring deal.Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s Supreme Fiscal Committee, told reporters today at Cityscape 2014 that Dubai World is close to reaching a deal with its creditors. More here.
12.45 pm
Dubai Holding just gave out details about its ambitious Mall of the World project. Phase 1 of the project will be ready in three years, while the whole project will be ready in 10 years. That is ambitious! If you have been living under a rock or lost in the sheer number of mall projects in the UAE, here is more on the Mall of the World project.
12.30 pm
Dubai-based property developer Nakheel has just announced the launch of The Palm Gateway, a Dhs3 billion, three-tower complex in Palm Jumeirah and a second Dhs1.2 billion residential project, called Jumeirah Heights Fronds, in the Jumeirah Islands. Its Chairman Ali Rashid Lootah declared his confidence in Dubai’s real estate market, saying that flipping had reduced in the market. Now that’s a second vote of confidence all day today in what some were calling an unstable and overheating market.
12.00 pm
And right on time for Cityscape 2014 comes a new report, which suggests that this is not 2009 all over again, yet. According to real estate investment and advisory firm JLL, Dubai’s rapidly growing real estate market has finally put some brakes on, with the market levelling off in the third quarter of 2014. Read more here.
11.05 am
Cityscape 2014 is open! Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai World, officially inaugurates the event.
11.00 am
Looks like the official inauguration is set to take place very soon and the crowd is building up. In the meantime, Gulf Business went scouting around the exhibition, looking for the biggest and boldest displays.
Falcon City of Wonders has a massive model (need to check if it’s the same as last year’s) and officials say they have launched stage one and two. They do plan to soon launch stage three, but that’s only if they sell off stage one, says a source.
Meanwhile Dubai’s Nakheel has just retail projects on display – in line with their strategy of shifting focus to retail and hospitality.
We have also received a new property report from CBRE, which states that average residential rents actually dipped marginally by one per cent during the third quarter of this year. We will soon be speaking to a senior executive from the company and will bring you further details.
10:20 am
The three-day property exhibition, Cityscape Global, kicks off today in Dubai, and the event this year is expected to be a showcase of mega projects and dozens of new launches.
The event has grown by 25 per cent, with organisers stating that it is the largest event since its peak in 2008. Over 35,000 visitors, including property investors, developers and investment promotion authorities are slated to attend.
Government-owned investment firm Dubai Holding is having a first time presence along with its subsidiaries Dubai Properties Group and TECOM Investments. On display will be the massive Mall of the World project and Dubai Design District, among others.
Several other developers such as Damac Properties and Omniyat have also announced big plans for the event, so stay tuned as we bring you all the big news from Dubai’s biggest property extravaganza.
if you need information on any of the projects mentioned please contact me on edithmakena@gmail.com or +971557162933.
In 2013, it is estimated that more than 10 million visitors arrived in Dubai, pushing hotel occupancy rates up to 80% on a city-wide basis. With aggressive plans to reach its goal of 20 million visitors by the end of the decade, it’s expected that Dubai’s hotel supply will need to nearly double from 68,000 to 120,000 rooms. Only a small percentage of those rooms are able to be built on the emirate’s most highly-sought destination and home of the resort the Palm Jumeirah.
I am writing to offer
you an exclusive “OFF MARKET” unlaunched investment opportunity on the Palm Jumeirah! Allow me to
introduce you to the ExquisiteBeach Resort Project.
Exclusive stock of 30 units
available to purchase (10 already booked since Thursday), not
yet available on the market in the Luxurious Project on the Palm Jumeirah – we can offer
you the opportunity to “cherry pick” the best units on this ocean front development!
This is a rarely
available investment opportunity to buy into a “rental pool” serviced hotel apartment offering. The developer
is highly regarded with two existing developments in conjunction with the Fairmont Hotel group on the Palm Jumeirah.
This is their most exclusive development to date with the highly sought
after “Miami Style” Hotel apartment
living (featuring Kenzo Maison for
the lobbies and communal areas) with all the amenities and luxuries offered by
a hotel environment. This type of product is particularly popular amongst
investors who appreciate the rental yield of between 8 and 12% pa along with having available weeks for your
personal disposal.
We would recommend
entering into the hotel rental pool although there are separate residences
available too
Payment Schedule for
these units is very attractive with 10%
on reservation of the unit, 10% 90
days later and then 10% payments
upon completion of stages of contraction as per rules of RERA.
We would advise
committing to the project until at least 70% completion to see maximum returns
on your investment or better still take advantage of the yield and sell one
year post completion. The current similar rental pools which exist in the
Address Hotel Brand both in the Marina and Downtown both have at least one year waiting lists to enter the rental
pools, rarely come available for sale and when they do the units are sold with
a premium for the privilege of being part of the pool.
When comparing these
prices to ready Emaar apartments in
Downtown and Dubai Marina, you can really grasp the investment potential here.
Those projects are currently AED2200
+ however they do not offer hotel resort
environments, on the beach on the Iconic
Palm Jumeirah. They also do not provide yields of 8-12% which are
expected with this development if entered into the hotel rental pool.
Should you wish to
discuss this opportunity further and would like to receive a brochure or to
visit the development, then please do not hesitate to contact me and I
shall be delighted to assist you and choose the best unit available for your
investment!
Last date of submitting applications is August 31: Dubai Courts
By
Parag Deulgaonkar
PublishedMonday, 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.
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.
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.
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.
The latest Pictures for MY Tower Dubai Marina As Of 21/01/2014 Project On The 30th floor now.
Nothing compares to the excitement and variety of the lifestyle at My Tower. From dawn till sunset and beyond, you’ll enjoy boating, shopping and dining, all right at your doorstep. While watching a yacht depart as you sit at a waterfront cafe, you’ll know that this is the place for you.
My Tower, is a 33-story residential tower set amidst blue waters, lush green space and pedestrian boulevards. The contemporary design of the tower blends with the sophisticated lifestyle of Dubai Marina, offering residents a unique opportunity to enjoy living in one of the best residential apartments in Dubai. My Tower apartments are fitted with excellent finishing by world renowned brands. All apartments feature the best of amenities with granite flooring, ceramic tiles and ceiling with gypsum boards.
The amenities in My Tower include a swimming pool, office spaces, children’s pool and landscaped pool deck, gymnasium, children’s play area, multipurpose rooms, basement level parking, and shaded car drop-off at the entrance level. The apartments are specially designed to optimize natural light, with the buildings spaced sufficiently to sustain privacy, which is often not found in most high-rise buildings. The buildings will have high-speed internet, telephone service and wide range of IT options. contact me at edith@flashproperties.com for availability.
First comes Dubai’s Cityscape, now the spin-off; the NEXT MOVE
With property prices and rents across the UAE on the rise, many
residents have already opted to switch from renting to buying their
home. Have you decided on your Next Move yet?
Next Move live
is the only dedicated consumer property show in the UAE, offering a
one-stop-shop where you can get all the information you need to buy your
next villa or apartment. The show brings together the leading property
developers, agents and banks from the UAE and overseas all under one
roof, offering you a showcase of thousands of properties to choose from.
Make your Next Move the Right Move. Visit Next Move live.
Buy or Rent?
With rental prices increasing sharply and with mortgage rates remaining low, buying property now can be cheaper than renting.
For example, the average price of a one-bed apartment in Dubai Marina
is AED1.4m ($381,000), according to the Arabian Business Better Homes
Live Property Index. "Taking into account a 20 percent deposit, which is
the level most UAE banks expect, the average mortgage rate of 3.99
percent plus fees and a 25-year loan, annual mortgage repayments for an
average one-bed apartment in Dubai Marina equal AED 70,941, according to
the HSBC online mortgage calculator. That is a saving of more than
AED14,000 compared to the average annual rent of AED85,000".
With the economy expected to continue its upward growth trend and the
anticipation of Expo 2020, the outlook for Dubai's property market
remains bright. The emirate will also benefit from its growing
importance as a tourist destination as it has managed to establish
itself as a global tourist and business hub. Furthermore, the Government
continues to introduce rules and regulations related to the property
sector which are aimed at improving investor confidence and lead the
market to greater maturity.
Experts predict that this continuing appeal coupled with prudent
steps taken since 2008 will sustain a steadily growing demand within the
real estate sector. The perfect time to buy property in Dubai.
First there was
Cityscape, the Dubai property show that during the boom became a byword
for crowds of investors pushing and shoving to slap down deposit cheques
for off-plan properties they expected to soar in value overnight
Now,
as the Dubai property market once again shows signs of dangerously high
price growth, the organisers behind Cityscape are setting up a new
spin-off consumer real estate show aimed at specifically targeting owner
occupiers and small investors.
Yesterday Cityscape Group
announced that it is to stage its debut Next Move Live event at Dubai’s
Madinat Jumeirah from February 20 to 22. It is aimed at Dubai residents
looking to buy and rent in the city.
According to Cityscape, about
22 developers have signed up to the new event including Aldar, Damac,
Pacific Ventures and Flash Properties.
The organisers said they
hoped the event would be a one-stop shop for consumers, who will be able
to rent or buy homes at the venue.
They said it would differ
from Cityscape, which is a business to business trade show aimed at
large-scale investors and property professionals, although it also
attracts developers showcasing luxury apartments.
“As the only
dedicated consumer event in the UAE, visitors will be able to access
information directly from property developers, agents and banks, and can
even make a decision on the show floor to purchase or rent their next
home,” said Wouter Molman, the director of Cityscape Group.
“UAE residents and property developers alike have been calling out for this kind of event,” he added.
The
news comes just a few weeks after the Dubai Land Department director
general said that he expected house prices in the capital to rise by 35
to 40 per cent this year after climbing 30 per cent last year.
He
warned that the city is planning new rules to control speculation on
properties that are sold off-plan before they are built to prevent Dubai
experiencing another property boom and bust.
“This is definitely
a sign of further growth in the housing market,” said Craig Plumb, the
head of research for Jones Lang LaSalle’s Dubai office. “We applaud
anything that encourages more end users rather than speculators to enter
the market. However, we believe that the increased activity in the
market at the moment is driving prices to rise at rates which are
unsustainable, so I suppose it’s a case of buyer beware.”
Cityscape,
which is owned by Informa Exhibitions, was inaugurated in Dubai in 2002
and has already spawned a host of similar events in Abu Dhabi, Egypt,
Riyadh, Jeddah, Qatar, Latin America and Asia. The shows are aimed at
financial institutions, developers, high net worth individuals, property
advisers, architects, designers, construction companies and government
authorities.
Last year unruly crowds caused upset at an Emaar sales event close to the Cityscape main exhibition hall.
edithmakena@gmail.com.
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.
