Insights into the Dubai Real Estate Market: 2013

How to Buy Property in Dubai

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How to Buy Property in Dubai</h2>
As Dubai’s residential real estate market seems to be looking up once again, many property investors who were earlier sitting on the sidelines are now actively contemplating buying a property in the emirate. The high living standard, cosmopolitan culture and sub-tropical climate of Dubai urge many to make this city, their second home to live. Experts trust that any money put into Dubai’s property market can expect healthy returns in the future but there remain certain factors to consider.<br />
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Buying property anywhere in the world can be a large financial commitment and Dubai is no different in this respect. Its relative immaturity as a legal system makes it even more imperative that you pay extra care and attention, taking the precautions that you would in any other country or part of the world.<br />
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So what should people think about before choosing which property to buy in Dubai? We have listen ten important factors that buyers must consider.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZQEO0mLAqtuIRRzf4ZjmkNql9dn6vmw5MjaVUXiJ1hDgfoa9BK-KEm3L0RbtB3D-kbHMXZs4dETvmg9nknZvQNjk8ztM1AuETabfJC8L4OXn-WnBD0wnAhvX7uWFvNb98xrIU4Xd32z8/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="rent in dubai, sale in dubai, buy villa in dubai, rent villa in dubai,rent apartment in dubai, rent office dubai" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZQEO0mLAqtuIRRzf4ZjmkNql9dn6vmw5MjaVUXiJ1hDgfoa9BK-KEm3L0RbtB3D-kbHMXZs4dETvmg9nknZvQNjk8ztM1AuETabfJC8L4OXn-WnBD0wnAhvX7uWFvNb98xrIU4Xd32z8/s1600/images.jpg" title="How to Buy Property in Dubai" /></a>1.      <strong> Location</strong><br />
2.       <strong>Master developer’s and building contractor’s reputation, delivery and maintenance track record</strong><br />
3.       <strong>Potential return on investment</strong><br />
4.       <strong>Property layout, size and design</strong><br />
5.       <strong>Recurring monthly costs, including electricity and service charges</strong><br />
6.       <strong>Seller’s existing mortgage prepayment requirements</strong><br />
7.       <strong>Buyer’s mortgage ability and availability</strong><br />
8.       <strong>Quality and reputation of neighbourhood/community</strong><br />
9.       <strong>Community advantages and amenities</strong><br />
10.     <strong>Geopolitical risk</strong><br />
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Buying Villas or Apartments in Dubai - In May 2002, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai issued a decree allowing foreigners to buy property on freehold ownership which sparked the real estate boom in Dubai’s residential property. Freehold areas in Dubai include plots in Jebel Ali, the Palm Island projects, The World islands, Dubai Marina, Emirates Hills and Al Barsha, among others. Registration of your property with the Land Department is important to claim full ownership. Once a property is purchased and handed over to the buyer, the developer must register the title to the property in the name of the buyer in the Real Property Register at the Land Department.<br />
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Do I have to be a resident in order to invest in property in Dubai? Ownership of property and residency or sponsorship are interrelated but should be looked at separately. As far as residency is concerned, in principle, a person could own a property in the UAE and choose not to reside in the property, so you do not need to be a resident to buy freehold property as it could be a holiday home. Developers can offer visas with property purchases where buyers are entitled to a six-month multiple entry visa.<br />
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We advise that buyers always enter into a written sale and purchase agreement. A clear written sale and purchase agreement is fundamental to protecting your rights in the event that the developer is unable to deliver on their obligations.  One should differentiate between an off-plan and completed property in this regard.  Key in off-plan contracts should be the delivery obligation of the developer (with a clear timeline and long-stop date).  Purchases of completed properties are much as they are in other jurisdictions, however legal advice should always be sought.<br />
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How to Buy Property in Dubai As Dubai’s residential real estate market seems to be looking up once again, many property investors who we...

2:48 AM +

EXCLUSIVE Rental of the Week!!!!

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Today FAM Properties would like to take a sneak peak into the exclusive rental of the week, The Grand Marbella type villa consisting of 5-Bedrooms, a maid's room, study room with a Courtyard at the center of the property.<br />
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Located in the heart of DubaiLand is the Grand Marbella type villa which boasts 5-Bedrooms spacious in its gesture, and giving a grand view of the villa from the inside opening of the courtyard. The front opening has a creative space which has been properly utilized for the staircase which connects with the upper floor.<br />
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With a stunning finish in quality and the sheer size with the given price, It can be considered a long term deal to sign up for a family looking forward to settle in DubaiLand.<br />
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Pros: Spacious in all rooms, wide open kitchen, Maid's room, Huge upper living area, Strongly Built, wide open courtyard.</div>
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Cons: Given the size and work done for the property the finish doesn't seem to be elegant, Asking for a single check payment term, Upper balcony view would be considered moderate.</div>
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They would say the property is considered a luxury Grand Marbella type villa but we would say that it is a more spacious and price worthy property with a grand living gesture as a key selling point for the property.</div>
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Today FAM Properties would like to take a sneak peak into the exclusive rental of the week, The Grand Marbella type villa consisting o...

2:12 AM +

Twisted Reality: Infinity Tower by Cayan

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<b>Twisted Reality: Infinity Tower by Cayan</b></div>
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“ In a city like Dubai with sophisticated world-class developments, Cayan wanted </div>
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to develop a project to stay within this space, and provide a remarkable lifestyle </div>
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development with these characteristics to the Dubai skyline”. Ahmed Alhatti – President </div>
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and Chairman of the Board of Cayan Group.</div>
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Dubai never ceases to surprise us with its wide variety of real estate offerings. Cayan </div>
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Tower, formerly known as Infinity, developed by Cayan Real Estate Investment </div>
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and Development Company, is the latest addition to its long list of record breaking </div>
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architectural wonders. The 1AED billion Tower was recently launched at a glitzy event, </div>
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which showcased the first of its kind 3D mapping projection on its 310 meter high helix </div>
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structure.</div>
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With 80% of the residential units already sold, the tower is the firm’s flagship project in </div>
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Dubai. The 90-degree twisting tower adorning the Dubai skyline has attracted worldwide </div>
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attention, according to the developer. Cayan Tower, designed by the world-renowned </div>
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masterminds behind Burj Khalifa Skidmore Owings and Merrill, features 75 floors in an </div>
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unparalleled synergy between uniqueness, functionality, efficient space planning and the </div>
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use of high-end materials. </div>
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The Cayan Tower provides residents with stunning panoramic views of Palm Jumeirah </div>
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and Dubai Marina.</div>
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Twisted Reality: Infinity Tower by Cayan “ In a city like Dubai with sophisticated world-class developments, Cayan wanted ...

3:11 AM +

FAM Group: Bid Supporter for Expo Dubai 2020

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC-NlLr76LkInQcOIeTxxhBod0ETHarARkwXx74UaQSAwmKSJ-45FVfpKhP_tzi4vaCwakVyebwIKuLbZlankyK8CKRP-MpkigXOqiN_ci0QyRWSUI0bYQfdtxInw9XOS3PWB-b9nYYJGy/s759/Screen+Shot+2013-07-03+at+2.59.09+PM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC-NlLr76LkInQcOIeTxxhBod0ETHarARkwXx74UaQSAwmKSJ-45FVfpKhP_tzi4vaCwakVyebwIKuLbZlankyK8CKRP-MpkigXOqiN_ci0QyRWSUI0bYQfdtxInw9XOS3PWB-b9nYYJGy/s400/Screen+Shot+2013-07-03+at+2.59.09+PM.png" width="400" /></a></div>
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<b id="docs-internal-guid-19455eed-a441-9161-73f6-9baf44cd6ae7" style="font-weight: normal;"><span style="background-color: transparent; color: black; font-family: Calibri; font-size: 16px; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b><br />
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What is an Expo? Expo 2020 is an opportunity for the world to showcase their innovative and latest products.The event happens every five years for a period of six months and attracts millions of visitors. For the first time in the MENA region, Dubai will have the opportunity to take this to an unprecedented level.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The last Expo was held in Shanghai, China and it was a significant success leading to greater economic prospects.</span></div>
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<span style="background-color: white; color: #333333; font-family: Arial; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">A recent research report by Oxford Economics has concluded that Dubai’s bid for the World Expo 2020 would create 277,149 jobs between 2013 – 2021, 40% of which would be within the travel and tourism sector.</span></div>
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<span style="background-color: white; color: #333333; font-family: Arial; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Out of the 90%, 147,000 jobs would be created in the travel and tourism sector, indicating the significant potential to convert a high percentage into permanent jobs to serve the expanded economy in the post-Expo period.</span></div>
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<span style="background-color: white; color: #333333; font-family: Arial; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“Dubai Expo 2020 will leave a lasting legacy not only in the UAE but also beyond its borders. As our theme “Connecting Minds, Creating the Future’ suggests, Dubai Expo 2020 aims to welcome the world to collaborate and build partnerships for sustainable development. In that, Dubai Expo 2020 will spur significant employment, trade and investment opportunities for the entire MENASA region, leaving lasting economic impact.”  Reem Al Hashimy - UAE Minister of State and Managing Director of the UAE’s Higher Committee for Hosting the 2020 World Expo in Dubai.</span></div>
<span style="font-family: Arial; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Imagine a world of endless possibilities and promising opportunities. Imagine Expo Dubai 2020. Support the bid now, We at FAM Group did it. <a href="http://expo2020dubai.ae/en/" target="_blank">Click here</a></span><span style="font-family: Arial; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> to support the bid of Dubai Expo 2020.</span></div>

What is an Expo? Expo 2020 is an opportunity for the world to showcase their innovative and latest products.The event happens ever...

4:22 AM +

Dubai’s DPG plans new JBR hotel and beach club

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Dubai Properties Group (DPG) has unveiled plans to revamp JBR’s popular ‘The Walk’ retail and hospitality venue, including installing escalators to entice visitors up to the plaza level and a new hotel and beach club along the beachfront.</div>
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As part of the enhancements, ‘The Walk’ street level will be installed with improved “streetscaping” and escalators will be added to entice more visitors to visit the stores and outlets on the plaza level.</div>
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Upgrades will also be made to the Plaza level areas at Bahar and Rimal, including a new children’s play area and private areas for JBR residents.</div>
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In addition, DPG has also announced plans for a new boutique hotel and beach club located between the Hilton Dubai Jumeirah and the newly constructed Al Fattan Crystal Towers.</div>
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Earlier this year, Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Prime Minister of the UAE and Ruler of Dubai, approved plans for a AED6bn ($1.6bn) island development off the coast of JBR, including what will be the world’s tallest Ferris wheel.</div>
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The Bluewaters Island project will be one of the largest tourism hot spots in the world, according to the Dubai-based developers Meraas Holding. Revealing the project, Meraas said the Dubai Eye would cost AED1bn and be the feature of the development.</div>
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Market studies forecast that the Bluewaters project will draw more than 3m visitors annually, the WAM news agency said.</div>
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A 1km-long mall is also currently being developed along JBR’s beachfront. The development, also being built by Meraas Holding, will be a low-rise building running from the Hilton Hotel at one end to the Sheraton at the other and is expected to be completed early next year.</div>
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Taziz, the management company responsible for JBR, said the various bodies were also looking to tackle the increased traffic problem in the area, especially in light of the recent high profile developments planned offshore and along the beachfront.</div>
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“We are also looking at strengthening the police presence at The Walk to assist pedestrians and to better manage the traffic,” Taziz said in a notice to JBR residents.</div>
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via arabianbusiness.com Dubai Properties Group (DPG) has unveiled plans to revamp JBR’s popular ‘The Walk’ retail and hospitality v...

9:09 AM +

FAM in the news!

Dubai property owners need title deed to open Dewa accounts Estate agents advising landlords to apply for title deeds By Parag Deul...

1:08 AM +

Nakheel's beachfront project sold out

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<b>Nakheel's beachfront project on Dubai's Palm Jumeirah sold out</b></div>
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33 studios were priced at Dh1.1m; Project to be handed over by 2015</div>
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<li class="li3">By Parag Deulgaonkar via emirates247.com</li>
<li class="li3">Published Monday, February 11, 2013</li>
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The 33 studio apartments in the Club Vista Mare, a beachfront residential and recreation project on the Palm Jumeirah, were sold out on the launch day itself with investors paying Dh23,000 per square metre.<br />
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Ali Rashid Lootah, Chairman, Nakheel, told <b>Emirates 24|7</b>: “We have sold all the 33 units that we had launched today (Sunday)as there is demand for properties on the Palm. Besides, these units were quite reasonably priced.”<br />
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In May 2012, Nakheel had launched Palm Views, a collection of 192 “pied-à-terre” style contemporary units with retail, dining and fitness facilities.<br />
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The 46.45 sqm studio apartment with a fully-equipped kitchen were priced for Dh1 million, The developer has commenced construction and expects to complete the project by Q1 2014.<br />
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The new price is almost 7 per cent over May 2012 launch price.<br />
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Club Vista Mare, which will be directly linked to the Dh2.5 billion Nakheel Mall and Hotel, will include eight cafes and restaurants, retail areas and gymnasium facilities.<br />
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Lootah said they will soon commence taking reservation for leasing of retail space and restaurants. Membership for the beach club will also be available for residents on the Palm.<br />
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Construction is scheduled to begin in mid-2013, with anticipated completion by early 2015.<br />
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The complex covers almost 5,000 square metres at ground level, with an additional 2,740 sqm of residential space on the first floor. Each studio, priced at Dh1.15 million covers almost 50 square metres, has its own private terrace.<br />
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Last week, Nakheel said it will commence construction on Dh2.5 billion Nakheel Mall on Palm Jumeirah this year and is expected to open it in 2016.<br />
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The mall will have a gross floor area of 424,000 square metres, including five retail levels and three basement parking levels with 4,000 parking bays.</div>
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Nakheel's beachfront project on Dubai's Palm Jumeirah sold out 33 studios were priced at Dh1.1m; Project to be handed ov...

5:46 AM +

'Italian' luxury units in Dubai Marina priced at Dh30,000 psm

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<b>'Italian' luxury units in Dubai Marina priced at Dh30,000 psm</b></div>
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Damac Residenze apartments will be designed by Fendi Casa</div>
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<li class="li3">By Parag Deulgaonkar</li>
<li class="li3">Published Monday, February 11, 2013</li>
</ul>
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The lobby at DAMAC Residenze (All Pictures: SUPPLIED)</div>
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The ceilings, the walls and the floors - everything - in the bespoke apartments in Dh1.2-billion Damac Residenze project will be designed by Fendi Casa, Italian luxury house.</div>
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And those seeking to live in these exclusive units. from the 43rd to 84th level, in Dubai Marina will have to fork out Dh30,000 per square metre (Dh2,788 per square feet) to own them.</div>
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Damac Properties, a Dubai-based developer which has 68 towers under construction, said on Sunday that the 350-metre-high tower is already<br />
under construction and is scheduled for completion in 2016.</div>
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The project, which has over 200 units, is being constructed by Arabtec, said Ziad El Chaar, Managing Director, Damac Properties.<br />
<br />
Although the company brochure does not reveal the size of a one-bed apartment or penthouses, a 1,200 square feet unit will cost over Dh33 million while 3000 square feet penthouse will cost more than Dh84 million.<br />
<br />
Asked if Damac will contain “flipping” of units in the project, El Chaar said the company was focusing on getting end-users from India, the UK and Russia, it did not have any regulations to prohibit resale by investors.<br />
<br />
'Emirates24/7' reported earlier that investors in Emaar Properties’ The Address Fountain Views project were not allowed to resell their units<br />
unless they have made a 40 per cent payment.</div>
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The developer also unveiled the SR800-million Damac Esclusiva Luxury Service Apartments, a 150-metre-high tower overlooking the Kingdom<br />
Tower in Riyadh, Saudi Arabia, in association with Fendi.</div>
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The tower will have 100 luxury serviced apartments is under construction. It is scheduled to be completed in 2016.<br />
<br />
Emphasizing on the recovery of the regional real estate market, Hussain Sajwani, Chairman, Damac Properties, said, “The real estate market in both Riyadh and Dubai are again performing strongly, especially in the high-end, luxury sector. We believe there will be a very high level of anticipation for these apartments from nationals and overseas investors.”<br />
<br />
Damac has completed 37 buildings to date with 7,817 units, there are 10,000 units are under design and development. The company’s new<br />
hospitality division is set to manage 4,000 hotel apartments by end-2013.</div>
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'Italian' luxury units in Dubai Marina priced at Dh30,000 psm Damac Residenze apartments will be designed by Fendi Cas...

3:54 AM +

Rent set to play budget villain: UAE residents

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Rent set to play budget villain: UAE residents</h1>
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An Emirates 24l7 online poll on what will the biggest items of expenditure in the new year placed rent and property investment at the top</h3>
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<span style="color: inherit; font-family: inherit; font-size: 1.166em; font-style: inherit; line-height: 1.35;">UAE residents have voted on what’s most likely to eat up their incomes and cash reserves in 2013.</span></div>
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In an Emirates 24l7 online poll, they have chosen what will top their list of expenditures.<br />
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Forty-one per cent of those who voted (167 readers) picked rent as the one that is likely to cause them the maximum damage.<br />
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With rents in most areas on the rise, it is evident why it tops the list.<br />
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A recent report from CB Richard Ellis (CBRE), as reported in Emirates 24l7, has recorded 17 per cent increase in apartment rents in 2012, with experts predicting 2013 will only see an upward swing.<br />
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“We had to negotiate with our landlord and agree to a rent increase of Dh8,000,” said a resident at Executive Towers, on condition of anonymity. “Either that, or we would have had to move out.”<br />
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Another resident, who refused to pay up, was asked to vacate his apartment in the same building.<br />
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“Rents are rising everywhere. Nobody wants to vacate because they know that they will have to pay more no matter where they go,” said Ritika, a resident of Buhairah Corinche, where the rents were raised.<br />
<br />
The next major item of expenditure will be property and/or other investments, according to those polled.<br />
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Twenty-four per cent (97 readers) voted investment in property as their major item of expenditure.<br />
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Though it wasn’t clear whether the investments were in Dubai or overseas, some residents admitted that property values in Dubai have gone up and that it’s no longer a buyer’s market.<br />
<br />
Despite that, many residents are still looking at investing in property here.<br />
<br />
“I know that prices have increased but I still believe that investing here will bring us much greater returns than buying property back home in India,” said Thommen, a marketing executive in Dubai.<br />
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With most reputed schools in Dubai hiking their tuition fees in the new year, it’s only natural that education expenses should worry 11 per cent (44) of Emirates 24l7 readers.<br />
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“Nobody wants to sacrifice their child’s education. No one budgets it,” said an Indian parent, who will be paying six percent more on tuition fees this academic year.<br />
<br />
In other items of expenditure, annual holidays recorded six percent, while ‘others’ was at sevem per cent, and medical expenses at two per cent.<br />
<br />
Since most companies provide medical insurance for their employees, it’s obvious why only two per cent of those polled were worried about hospital bills.</div>
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Rent set to play budget villain: UAE residents An Emirates 24l7 online poll on what will the biggest items of expenditure in the new ...

4:36 AM +

Investor News for 2013!

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<b><span style="color: #1a1a1a; font-family: Arial; font-size: 28.0pt;">Dubai real estate on growth curve, prices, rents will rise in
2013: JLL<o:p></o:p></span></b></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 17.0pt;">Prime rents in office segment set to rise; No upturn expected in
Abu Dhabi<o:p></o:p></span></div>
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<span style="color: #7d7d7d; font-family: Arial;">            By Parag Deulgaonkar via emirates247.com<o:p></o:p></span></div>
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<span style="color: #7d7d7d; font-family: Arial;">Published
Monday, January 21, 2013<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">A broad based recovery will be seen in all segments of Dubai
real estate market in 2013, with prime office rents rising for the first time
since 2008, according to Jones Lang LaSalle (JLL).<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Alan Robertson, Chief Executive Officer, JLL MENA, said: “With
an increase of 65 per cent in the number of transactions in 2012, the Dubai
real estate sector will continue to shift up a gear in 2013, experiencing a
broader based recovery on the back of continued economic growth.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">He added that Abu Dhabi remains 18 to 24 months behind Dubai
with the market not expected to experience an upturn this year.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">“The foundations are, however, being laid for a recovery from
2014, with a number of major infrastructure projects scheduled to start later
this year.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Total value of real estate transactions in Dubai crossed Dh143
billion in 2011. The Dubai Land Department is yet to officially announce 2012
figures.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Craig Plumb, Head of Research, JLL Mena, while announcing the
consultancy’s Top Trends for the UAE real estate market in 2013, said: “Price
and rent recovery are likely to be more broader this year than 2012 when it was
limited to few selected locations. We saw price growth in Dubai by 20 per cent
in 2012... we will not see prices increasing 20 per cent this year, but overall
rate of growth will be less than last year.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Residential stock in close proximity to the Metro stations will
see increase in prices and rents, Plumb added.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Plumb, however, said that the new regulation on housing
allowances for government employees and a possible reverse migration to the
capital due to rental growth in Dubai will have a positive impact on the
market.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">In September, the emirate’s Secretariat General of the Executive
Council said that Abu Dhabi government employees would be required to live
inside the capital within a year.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">The decision was made to ensure the safety of employees
commuting long distances, often in bad weather conditions, the council said. As
many as 19,564 people drive into Abu Dhabi in the morning hours.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Nearly 18,000 units will be completed in Dubai while Abu Dhabi
will see completion of 16,000 units this year.<o:p></o:p></span></div>
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<b><span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Free zones to gain</span></b><span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Prime office rents, primarily in Dubai International Financial
Centre, Tecom and Downtown Dubai, with single ownership, will rise this year,
Plumb disclosed, adding secondary locations will not see any such increases.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">“Office rents have declined in Dubai since 2008, but we expect
to see an increase in rents in selective properties in best locations this
year. There will be some parts where there will be no increase largely because
vacancy rates are as high as 60 to 70 in some office locations.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Abu Dhabi, he said, will continue see softening of rents due to
limited demand from private sector. The market is more driven by government
sector, who prefer to occupy their own buildings.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">“… there will be more choice of good quality buildings in Abu
Dhabi in 2013.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">This year, however, will see more companies in the UAE adopting
a better workplace strategy.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">“Tenants will remain cautious. They will upgrade to better quality
space or even consolidate to one building from different buildings as they seek
better return from their real estate,” believes Plumb.<o:p></o:p></span></div>
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<b><span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">New investors</span></b><span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">According to Robertson, the real estate in both markets will
benefit from increased economic activity between the UAE and East Asia,
specifically China and South Korea, as well as sub Saharan Africa and
Australia.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">“We also look forward to the Expo 2020 announcement in November.
Success will be a significant boost to the domestic real estate market, hence
our continued support as an official bid supporter.”<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Indians, Britons, Iranians, Saudis and Pakistanis have been the
largest investors in Dubai’s real estate sector for the past few years.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">The following are the seven top trends for the UAE Real Estate:<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Return of confidence to the Dubai market: Factors such as the
UAE’s economic growth, increased employment, Dubai’s safe haven status and
improved price/rental performance have led to continued market confidence. With
many real estate project announcements over the past six months, this increased
market confidence has become more pronounced. The government is keen to create
a more stable market environment as illustrated by the new mortgage caps from
the UAE Central Bank.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Funding real estate development in 2013: Funding constraints
will apply a natural brake on the pace of new development. Usual real estate
financing routes such as off plan sales, IPO/bond issues or bank lending are
already challenged. LTV ratio caps might also act as a deterrent as it will
limit availability of mortgage finance to end users. In 2013, new development
funding is likely to come from overseas cash purchasers and private money from
other businesses.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 14.0pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Increased involvement from East Asia and the Global South:
Increased real estate investment is expected from China and South Korea due to
greater business cooperation with the UAE. Chinese involvement is particularly
pronounced in the retail sector and is likely to continue in 2013 along with
possible investments in the hotel and tourism sectors. There is also increasing
interest from Sub Saharan Africa, particularly from oil rich countries like
Angola and Nigeria<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 14.0pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Increased choice as supply levels remain significant: Buyers and
tenants will have a multitude of choices in some sectors in 2013, with
significant levels of new supply acting as a constraint on the overall
performance of the UAE real estate sector, possibly offsetting the positive
impact of improved market sentiment.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 14.0pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Operational and financial management: In 2013, there will be
greater awareness of the importance of both the operational and financial
aspects of property management. Operational issues are getting increased
attention due to various factors like health/safety considerations, demanding occupiers,
stringent legislations and adoption of best practices. On the other hand,
financial issues are also becoming increasingly important as more focus is
given towards greater transparency of operating costs. Best value approaches
are likely to be more widely applied, rather than lowest cost options.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 14.0pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Sustainability: With continued progress in 2012, sustainability
is expected to move into even greater focus in 2013. With Masdar and Estidama
regulations, Abu Dhabi will continue to take the lead. Most sustainability
initiatives in 2013 are likely to be micro and small scale as there is a
general reluctance among owners to accept green leases. Evidence from overseas
suggests sustainability is unlikely to be fully embraced until either
government regulations force change or there is shift in local market
perceptions about the financial viability of green buildings.<o:p></o:p></span></div>
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<span style="color: #1a1a1a; font-family: Arial; font-size: 14.0pt;">Government
initiatives: The government will remain a major player influencing the UAE real
estate market in 2013. Initiatives such as the UAE Central Bank mortgage cap,
approval of the Dubai Urban Planning Framework and consolidation of real estate
players in Abu Dhabi will better regulate or tighten control on market
conditions. While initiatives such as regulation on housing allowances for Abu
Dhabi government employees, announcement of major government back projects and
Dh330 billion stimulus package in Abu Dhabi will stimulate demand and market
performance.</span><o:p></o:p></div>
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Dubai real estate on growth curve, prices, rents will rise in 2013: JLL Prime rents in office segment set to rise; No u...

11:26 PM +

Beware of Unregistered Property Agents in Dubai

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<b>Beware of Unregistered Property Agents in Dubai</b></h2>
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Hundreds of people have been swindled in Dubai property scam. Residents are facing eviction after falling victim to a huge property scam in the emirate. Leaseholders in Emaar’s The Greens have nowhere to turn after Dubai-based Shamyana Entertainment Services cashed rental cheques but failed to pass the full amount onto the landlord. To make matters worse, Shamyana Entertainment Services’ owner has fled Dubai.</div>
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It is understood that Hamptons, owned by Emaar, originally leased the apartments to Shamyana, though last night the company said it was investigating the matter.</div>
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“As with others involved in providing property services, Hamptons MENA acted in good faith in leasing out a few apartments to Shamyana Entertainment Services. These apartments were to be used only for the company’s staff accommodation purposes, as per the rental agreement.</div>
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“Following reports of inconsistency, we requested the residents in these apartments to present their tenancy contracts, when it was learnt that several of them were illegally sub-let by Shamyana to others.</div>
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“We are currently investigating the matter and will work with the concerned authorities to address the same.”</div>
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Buyer beware! Make sure that you visit the RERA website to check that the broker you are dealing with is registered and the agent who completes the paperwork has RERA identity card. If either of this vital details are not presented, we recommend that you walk away.</div>
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3:46 AM +

Foreign Property Owners Increase

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Indians are top foreign property owners in Dubai</h1>
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Foreign ownership in emirate’s real estate sector exceeds Dh39bn</h3>
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Foreigners pumped more than Dh39 billion into Dubai’s property sector in 2011 and Indians emerged as the largest investors, followed by Britons.</div>
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The investments covered 23,196 freehold properties and accounted for more than a quarter of the total property market of Dh143 billion during 2011.</div>
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The figures, published by the Sharjah-based Alkhaleej Arabic language newspaper, showed Indians invested around Dh6.97 billion in 4,176 properties, nearly 18 per cent of the total foreign ownership.</div>
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The figures by the Dubai Land and Property Department showed Britons were the second largest investors, pumping around Dh4.79 billon into 2,949 units. They were followed by Pakistanis, with around Dh2.44 billion, Iranians with nearly Dh3.8 billion, Russians with Dh2.03 billion, Americans with about Dh1.19 billion and Saudis with Dh1.44 billion.</div>
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Other key investors were the Canadians with Dh1.13 billion, Jordanians with Dh825 million and Lebanese with Dh629 million.</div>
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“There was an upsurge in the property market last year due to the support of the government, which will spare no effort to ensure market stability and win the confidence of investors,” the paper said, quoting Sultan Butti bin Mujrin, the Department’s director general.</div>
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“The large value of property transactions last year proves that the situation is back to normal, speculators are out, the property market is becoming mature and investors have become more aware of the significance of long-term investment in the emirate’s real estate sector.”</div>
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Indians are top foreign property owners in Dubai Foreign ownership in emirate’s real estate sector exceeds Dh39bn By St...

5:59 AM +

Last Year was a Great Year!

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Downtown Dubai rises: Property prices up 10% in Q4 alone</h1>
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Bump due to high investor demand and no new supply</h3>
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Property prices in Downtown Dubai, a development that houses the iconic Burj Khalifa and Dubai Mall, surged by between six and 10 per cent in the fourth quarter alone, compared to third quarter of 2012, due to high investor demand and no new supply in the area, real estate agents say.</div>
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“With the high demand for properties in the Downtown district and decrease in supply and properties being listed for sales or rent, the area has seen an increase in prices as high as 10 per cent in the fourth quarter of 2012 compared to the third quarter,” Asal Abedi, Residential Consultant, Head Office, Better Homes, told Emirates 24|7.</div>
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Overall, he estimates property prices in the area to have gone up by 20 to 25 per cent depending on property and location in the Downtown core.</div>
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Mohanad Alwadiya, Managing Director, Harbor Real Estate, states demand for properties in the district has pushed prices by six per cent in the fourth quarter alone.</div>
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“The sale prices have seen an increase between three and five per cent in the second and third quarter and have further risen by nearly six per cent in the fourth quarter.”</div>
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On an average, he believes, Downtown area witnessed an increase of between 11 and 14 per cent in sale prices since the start of the year.</div>
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“Downtown has and will always continue to attract tenants as it is a quality development, strategic location and a family friendly community.</div>
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“Being one of the most popular residential areas with high occupancy rates also translates to more demand and increased prices.”</div>
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Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, admits that the maximum price rise in the district was witnessed in the fourth quarter as demand soared after the launch of The Address The Boulevard apartments.</div>
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“Prices have gone up by 15 to 20 per cent from start of the year to date, depending on the towers in the district and offering.”</div>
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CB Richard Ellis, in their latest report, said property prices had increased by an average 13 per cent in prime locations, with the Downtown Dubai developments appreciating by over 20 per cent year-on-year.</div>
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Emaar Properties, the master developer of Downtown district, has already announced expansion of Dubai Mall and recently launched the “Sky” collection in The Address The BVLD project.</div>
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Even a foreclosed property in Downtown Dubai that went under hammer at Dubai Land Department's public auction in early December was sold for almost double the reserve price.</div>
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The 76.74 square metre apartment in Reehan 1, Downtown Dubai, was bought for Dh1.39 million (base price: Dh700,000).</div>
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Downtown Dubai rises: Property prices up 10% in Q4 alone Bump due to high investor demand and no new supply By Parag Deulgaonkar ...

2:25 AM +