New to Downtown Dubai: The Address Residence Fountain Views

New to Downtown Dubai is The Address Residence Fountain Views by Emaar, Dubai that offers luxurious living in the heart of the city. This elegantly designed three-tower complex offers serviced apartments with a direct link to The Dubai Mall that overlooks the Burj Khalifa and The Dubai Fountain. 

The Address Residence Fountain Views, Dubai was launched in 2013 as the first serviced residence complex in the UAE. With 60-storey towers that offer 788 serviced apartments and 194 hotel rooms. The serviced apartments are available in spacious one, two, three and four bedrooms, as well as penthouses and duplex apartments.

The prime location of The Address Residence Fountain Views, Dubai allows for easy access to the rest of the city including commercial and residential zones in Downtown Dubai.

Features & Amenities

• Fully equipped health club
• Rooftop recreation deck with water features
• Swimming pools and wet-deck lounging
• Shaded children’s and family pool

The Address Residence Fountain Views Location Map

• Nearby to Burj Khalifa/Dubai Mall Metro Station
• Easy access to Sheikh Zayed Road & Sheikh Mohammed bin Rashid Blvd

For more information contact us at 800-326-800 or email [email protected].

www.famproperties.com

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New to Downtown Dubai: The Address Residence The BLVD

New to Downtown Dubai is The Address Residence the BLVD by Emaar , which is the second tallest building in Downtown Dubai, offering five-star premium hotel and serviced residences. The 72-storey residence offers 200 hotel rooms and 523 serviced residences with the option of studios and one to four bedroom apartments.

The Address Residence the BLVD offers stunning views of The Dubai Fountain and the Burj Khalifa, as well as direct access to The Dubai Mall. Due to the prime location of the building, residents get to enjoy close proximity to world-class hospitality and leisure facilities such as the Armani Hotel and the Burj Park.

The Address Residence The BLVD location map

Conveniently located just off Sheikh Zayed Road and in close proximity to the DIFC, Emaar Square, Boulevard Plaza and educational institutions. Residents can easily commute around the city or take advantage of public transportation and taxis.

Features & Amenities

• 5-star hotel amenities
• Swimming pools for adults & children
• Specialty restaurants
• Air-conditioned walkway to the Dubai Mall & metro station
• Walking distance to Burj Khalifa, Souk Al Baha, The Dubai Mall, Emaar Square and Boulevard Plaza
• 24-hour security & maintenance service
• Parking levels+ allocated parking
• Housekeeping services
• 24-hour gym access
• Concierge facility

Nearby Locations

• Spinney’s and Al Maya supermarkets
• Close to Dubai Mall & Burj Khalifa
• Nearby to Burj Khalifa/Dubai Mall Metro Station
• Easy access to Sheikh Zayed Road & Sheikh Mohammed bin Rashid Blvd

For more information contact us at 800-326-800 or email [email protected].

www.famproperties.com

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What is Ejari in Dubai?

Residents are required by –law to register for Ejari for both residential and commercial rental contracts.

Ejari is an online system created by the Real Estate Regulatory Agency (RERA) in Dubai that is set in place to legalize and monitor the relationship between landlords and tenants.  It provides security for tenant rights when it comes to disputes and rental prices. By law, all rental and lease contracts must be recorded in this portal. You may be wondering what the word ‘ejari’ means, it is actually the Arabic word for ‘my rent’.

If you do not register your contract with Ejari and a dispute arises, the Rental Dispute Centre will not be able to assist you. A registered contract is also necessary for those who wish to acquire residence visas for family members, and to apply for certain government services.

Some people choose not to register their contracts, but it’s worth it to pay Dh 175 to renew every year to get the government stamp on your rental contract.

1. Mandatory by law

The law No. 26 of 2007 states that it’s mandatory to register lease contracts with the Real Estate Regulatory Agency (RERA) in order to improve relations between tenants and landlords. This applies to both residential and commercial contracts.

2. It’s not expensive to register for Ejari

The cost to register for Ejari is only Dh 175 for the year, which is a small price to pay should a serious issue arise. No one ever thinks that something can happen to them, but when it does, you’ll be thankful you registered your lease to receive support.

To renew the lease tenants simply have to provide passport copies and Emirates ID, rental contract, DEWA bill and title deed of the property.

3. Who covers the registration cost? 

RERA has not specified whether the landlord or tenant should be responsible to cover the registration cost. Usually the charge is billed to the tenant when property is being handled via a property management company.

4. Guaranteed  rights

By registering for Ejari you guarantee the rights of all parties in the lease agreement, as once the agreement is registered its validity is automatically accepted by government agencies and recognized by the courts as eligible evidence.

5. Date used to compile the rent index

The Dubai property rent index is calculated based on Ejari registrations, which is updated every four months and provides the rates for rental levels by region for every unit and property type. 

Dubai Canal project contractor allays traffic chaos fears

A lead contractor on the AED2bn ($544m) Dubai Canal project has sought to allay fears that the project will cause traffic congestion as diversions begin, saying while there will be "some impact" it will strive to make it minimal.

Guy Mehula, Parsons MENA president, said mitigation strategies would be key to making the project a success.

In March, US firm Parsons and Halcrow were awarded a joint tender to oversee construction of the canal, which includes elevating three major roads, relocating utilities and constructing the 2.8km-long canal.

To be split into three construction contracts, Parsons is responsible for construction supervision for two packages related to roads and bridges while Halcrow is responsible for the third package for canal excavation and marine works.

China State Corporation was this month awarded a contract for the construction of bridges on Al Wasl and Jumeirah Beach. Traffic on most internal roads in Al Wasl has been diverted, while traffic on Sheikh Zayed Road is set to be diverted from October 25.

“Any time we undertake one of these large projects, it is always critical to model the impact and look for the right mitigation strategies for the area and that is certainly going to be the case in these,” Mehula told Arabian Business in a wide-ranging interview.

“I’m sure no matter how you do it there will always be some impact and we will strive to work with the client to make sure that those are minimal.”

Parsons, which is 100 percent privately owned by the Employee Stock Ownership Trust, made $3bn in revenue in 2013, according to information on its website.

Mehula said the company’s Middle East operation, headquartered in Abu Dhabi, was by far the largest market outside of the US, employing 4,500 staff in global workforce of about 15,000. It had doubled in size since 2010 and Mehula said he hoped the company would continue that rate of growth.

“Our Middle East office has been growing steadily over the last couple of years and we expect to continue at a nice growth rate this coming year as well as next," he said.

Mehula said while it was working on large-scale transport projects such as the Riyadh metro, Etihad Rail and Doha light rail, it was also “seeing a fair amount of infrastructure work”, including ongoing work as program manager at the Abu Dhabi International Airport expansion.

He said Parsons was also bidding for the Dubai Metro red line extension project, having been involved in the initial construction of the emirate’s metro system, and was bidding on the design and management contract for Oman rail.

Mehula said infrastructure would likely remain the largest part of its portfolio, but it was open to diversifying through supporting clients which had opportunities in different areas.

He expected growth opportunities to come from Qatar, Saudi and the UAE, though it continued to monitor infrastructure needs and the political climate across the region, including Iraq, Egypt and Libya.

“The whole Africa region is an area that we are looking at for the right opportunities,” he said, adding that while it had no projects currently in those countries it was looking at opportunities and at the right time.

“I’ve been very positive on the outlook in the region -  I think things like Dubai Expo have certainly increased the sense of optimism and focus here in the UAE. We certainly have seen that in Qatar, Saudi is certainly a growing market with the amount of work that they’re trying to bring to the table, so I’m very positive and bullish on the region.”

Article Source: http://bit.ly/1gFYsa8

5 Marks that buyers love in a project

Skillful staging can make the difference between a quick sale and a house that lingers on the market for months. But how do you know which staging projects will have the biggest impact?


1. Clean, clean, clean

We all live with a few dust bunnies, but noticeable dirt makes a potential buyer think your home may not be well cared for. If you can’t deep clean the place yourself, hire a cleaning service to give it a good once-over. Pay special attention to things like windows and light fixtures–anything to make the place feel brighter and more cheerful. Before showings, wipe down a few of your home’s surfaces with your favorite cleaning product. Don’t overdo it, but a faint smell of furniture polish or cleanser helps to give buyers an impression of cleanliness.

2. Remove quirky or overly personal decor

It may break your heart to take down your wedding photos, but you want a buyer to be able to imagine themselves filling the home with their own memories. So pack up your collection of vintage punk rock posters and your Precious Moments figurines. This process will also help you let go of the home emotionally as you prepare to pass it on to someone else.

3. Reduce, remove, declutter

Excess stuff makes a home feel smaller, darker and more cramped. Take the time to clear horizontal surfaces–no more piles of mail on the hall table or pill bottles on the bathroom counter. When the odds-and-ends of daily life are cleared away, select one or two attractive pieces that will photograph well, like a brightly colored vase or a few coffee table books. If you’re planning to move soon after the sale, it might be worth it to pack up things like books and off-season clothing and move them out of the house entirely to make storage spaces look larger.

4. There’s nothing like a new coat of paint

Paint brightens things up, masks old odors, and gives a general impression of newness and good maintenance. Even touch-up paint makes a big difference, but it can be hard to match an existing color. If you have leftover paint, keep in mind that the paint on the walls may have faded over time, making the touched-up spots stand out too much. Instead, pick one wall in each of the main rooms to repaint entirely. If you can’t match the room’s original color, use a lighter complimentary color or even white. Even a few repainted walls throughout the home will give buyers an impression of freshness. You want your home to feel like a clean slate.

5. Light things up

This is the easiest thing in the world, but it makes a big difference. When you prepare your home for an open house or a showing, open curtains and turn on a few lamps. This will make the house feel more inviting. A vase or two of fresh flowers also helps to brighten things up, but don’t go overboard.


Finally, don’t try to make your home look too fancy. Ultimately, you want your home to look like the best version of itself, not pretend to be something it’s not. If your home is a solid starter home for a new family, don’t try to gussy it up to look like a luxury pad for well-heeled singles. Some professional staging companies go over the top, with fancy place settings on the dining room table or rose petals floating in the bathtub. Buyers will be quick to notice if you’re trying too hard. Focus on cleanliness, good lighting and clutter-free surfaces, and let your home’s charm speak for itself.

Eco-friendly buildings: UAE set to go up global ranking

#Emirates could trump up other leading countries in global rankings for having the most "green" building spaces.

Dubai: The UAE could trump up other top countries in the global rankings for "green" building spaces, an expert said following the release of a US Green Building Council (GBC) report.

The council, an industry body that promotes cost-efficient and energy-saving buildings, released its ranking for LEED (Leadership in Energy and Environmental Design) based on cumulative gross square meters (GSM) of space certified to LEED in each nation as of April 2014.

Canada topped the list, followed by China, India, South Korea, Taiwan, Germany, Brazil and Singapore. The UAE ranked ninth, ahead of Finland.

Chand Guria, a Dubai-based LEED Green Associate (the first level of certification as LEED-certified engineer, said: “Considering the sheer amount of construction restarts, the UAE ranking could very well go up this year.”

Guria explained that in general, a LEED-certified building is more energy-efficient and eco-friendly – requiring less energy, lighting and cooling and with smaller carbon footprint than conventional buildings.

“Many of the stalled projects in the UAE are now being restarted, while fresh ones are coming up, too,” he said.

“The UAE is big on adopting international standards. There are many on-going building projects here that are yet to be certified,” said Guria, civil and environmental engineer currently involved in the UAE property market.

Read More Here :http://bit.ly/1irxRYm

Dubai tightens up with unified realty contracts

A level playing field is what has been achieved with Dubai Land Department’s requirement that all freehold property transactions in the emirate from May 1 should come with an unified set of contracts involving the buyer, seller and the agent. These will now form the basis for any property deal to be validated by the Dubai Land Department.

There are three models of contract: one which is between the seller and buyer, the second between seller and broker and the third which is between the buyer and broker. These are available on the Land Department’s EMART portal. 


Removes ambiguities

In one stroke, this removes some of the ambiguities or interpretations that used to be there earlier in the way contracts were being drawn up and signed. “Any move from the authorities that helps remove ambiguity in the marketplace is welcome,” said Ranjeet Chavan, partner at SPF Realty. “Earlier it was quite likely individually drawn contracts could lead to different interpretations — deposits could be held or might end up being cashed. That’s now gone — there is a defined role for each party involved in the transaction.”

So, what does the new set of unified contracts entail? “One such contract requires the details of the buyer, seller, sales price and completion date,” said Shahram Safai, partner for the real estate practice at the law firm Afridi & Angell. “The ‘unified real estate contracts’ may be used as a cover page for a [individual property] contract but must be augmented by the special legal provisions that each transaction requires.

“Developers should also combine the ‘unified real estate contracts’ with their sales terms and conditions to be compliant.”

The contracts, however, do not contain other legal terms and conditions such as representations, warranty, termination or dispute resolution provisions to effect a sale.

“The new rule will have more of a direct bearing in secondary market transactions; while unified contracts had been there for the better part of two or more years, it’s only now that they have been upgraded to a mandatory requirement,” said Niraj Masand, partner at the property services firm Banke M. E. “Earlier, different versions of a MoU (memorandum of understanding) were being drawn up and there was no consistency to these. That’s been rectified now. The agent’s role in transactions have also got clarified in the new regime.”

Industry sources believe it could also form the basis for adding further provisos, if need be, at a later date. “If there are grey areas, there’s nothing stopping the authorities from removing them,” said Chavan.

Dubai tenants face rent committee decisions as landlords ignore law

After four years in my apartment, I now find myself in a situation where my landlord is trying to evict me when the existing contract expires. No eviction notice has been issued up until now, but they are refusing to renew the existing contract saying that the contract states it is ‘non-renewable’ and they would now like to sell the property. I have informed them of the law regarding eviction, that they must formally give 12 months’ notice, but even in light of this they have said they will not renew the contract. Can you direct me to a suitable Lawyer who can advise me on how to proceed if we reach an unfortunate stage where the case goes to court? I really hope this will not be necessary as I am following the law, but I feel I should be prepared. NS, Dubai

Your landlord cannot go against the law. You are obviously aware of your rights and if the landlord wants to sell the property, he has to give you either a notarised 12 months’ notice or a registered mail 12 months’ notice. The law is on your side, if he fails to renew your contract and you obviously wish to extend the contract, the law states that the contract automatically renews anyway at the original terms and conditions.

Read more: http://bit.ly/1qd2Ilm

#Dubai City New Brand

#Damac to launch sales of first Sharia-compliant serviced apartments

Constella: The first Hotel Apartments in Dubai with comprehensive Sharia certification. Sales open today, 6 May 2014, 10am at:

- Arabian Travel Market, Dubai World Trade Centre, Sheikh Saeed Arena, stand HC5560
- Dubai: DAMAC Maison - Dubai Mall Street
- Abu Dhabi: Sheraton Abu Dhabi

Prices for Constella start at AED702,000 and will be completed by 2017.

شقق كونستيلا الفندقية الأولى من نوعها في دبي المعتمدة والحاصلة على شهادة الإلتزام بمبادئ الشريعة. يبدأ البيع يوم الثلاثاء ٦ مايو من الساعة ١٠ صباحاً إلى ١٠ مساءً في:

-سوق السفر العربي (ATM): مركز دبي التجاري العالمي، قاعة الشيخ سعيد، المنصة رقم (HC5560)
-دبي: داماك ميزون، دبي مول ستريت
-أبو ظبي: فندق ومنتجع شيراتون أبو ظبي

وتبدأ أسعار برج كونستيلا من ٧٠٢٬٠٠٠ درهماً إماراتياً ومن المزمع استكماله بحلول ٢٠١٧.

More details: http://bit.ly/1rV07rK

FAM at the Dubai International Property Show 2014

The 2014 edition of the Dubai International Property Show, which will run alongside the annual investment meeting and is supported by the Dubai Land Department, will be the biggest ever, attracting 60 per cent of its audience from property developers and 40 per cent from property-related sectors, including 18 per cent hotel and leisure, 17 per cent commercials and residential, 15 per cent offices, 13 per cent retailers, 12 per cent urban development authorities and 10 per cent free zones.

Take a look at some pictures of FAM Properties at the Show!

Which Dubai office tower registered costliest deal in Q1 2014?

A Dh15 million transaction in Vision Tower, Business Bay, has topped the list of the top 10 biggest office deals completed in the first quarter 2014 in Dubai.

According to information provided by Reidin.com, Business Bay and Jumeirah Lakes Towers (JLT) each shared the honour of registering the four biggest transactions of the top 10 deals, with Tecom C registering two.

A 10,195 square feet office in Vision Tower topped the list with a Dh15 million deal, followed by a 6,091 square feet unit in the same tower being sold for Dh8.67 million taking the second spot.

The third place went to Almas Tower, JLT, which saw a 3,314 square feet unit selling for Dh7.17 million.

iRise Tower in Tecom C saw the fourth and fifth largest transactions, with purchase price being Dh6.80 million and Dh6.35 million, respectively.

A 5,778-square feet office unit in Swiss Tower, JLT, was ranked sixth on the list with the transaction value standing at Dh5.70 million. Plaza Boutique 04 in Business Bay came seventh with a sale value of Dh5.15 million.

Executive Towers, Tower D, in Business Bay and Almas Tower in JLT took the final three slots with transactions valued at Dh5.07 million, Dh4.53 million and Dh4.49 million, respectively.

Reidin.com is an exclusive and primary data source for real estate markets in the emerging countries.

Article source: http://bit.ly/R25cUi

Chinese Investors are Changing the Face of Dubai

About 15 miles from the Burj Khalifa on the edge of the Arabian desert is a growing housing and retail community that would look more at home in Beijing than Dubai: Stores and restaurants have Chinese signs and a huge dragon sculpture adorns the Dragon Mart shopping mall.

After pouring billions of dollars into cities including London, New York and Sydney, individual investors and developers in China are expanding into Dubai.

About a thousand individual Chinese investors spent 1.3 billion U.A.E dirhams ($353 million) on land, residential units and office real estate in Dubai last year, according to data from the Dubai Land Department. That is a nearly threefold increase from the 486 million dirhams spent by 288 Chinese investors in the previous year.

Overall, property transactions by individuals in the emirate climbed 53% last year to 236 billion dirhams, with foreign investors buying 114 billion dirhams of land and property.

Chinese investors and developers weren't very active before 2009, when Dubai was hit by a real-estate crisis. But they now play an increasingly important role in the market, according to brokers, developers and analysts.

Demand from individual buyers is helping launch new developments and fueling Dubai's residential recovery, while Chinese contractors and banks are revitalizing high-profile projects that stalled in the previous boom.

Built in 2004 on the outskirts of the city, Dragon Mart was developed by Nakheel, one of Dubai's biggest government-owned developers. It has become such a popular mall that Nakheel is now adding 177,000 square meters (1.9 million square feet) of retail space and a hotel.

Around this retail Mecca, a Chinese community has sprung up in a residential estate called International City, which also was built by Nakheel. The developer estimates that half the population of about 100,000 in International City is from China.

What's more, about half a new development of about a thousand town houses has been sold to Chinese investors, according to Ali Rashid Lootah, the chairman of Nakheel. 

Many wealthy Chinese seek to invest abroad to diversify. They find Dubai attractive partly because they believe they can achieve returns of as much as 30% annually—better than Hong Kong, Shanghai and Beijing, where real-estate markets are cooling, according to brokers, analysts and investors.

Underpinning Chinese residential investment are greater commercial trade ties between the U.A.E. and China, noticeably in commercial real estate. Chinese developers, both private and state-owned, are expanding throughout the world as they seek stable returns outside their slowing home market.

Last year in Dubai, state-owned China State Construction Engineering Corp. bought an undisclosed stake in the $1 billion Viceroy Hotel on the Palm Jumeirah. It created a joint-venture development company with Dubai-based developer SKAI Holdings to build and manage the project, and helped the venture win $201 million in financing from Industrial and Commercial Bank of China, according to executives at China State Construction and SKAI.

China State Construction is known for building some of the highest-profile works in China, including the national swimming center in Beijing known as the Water Cube and Hong Kong International airport.

Article source: http://on.wsj.com/Od3SeJ

There are more 'reasonable' ways to survive the UAE's vicious rental market (By Michael Lahyani)

In a perfect world, landlords and tenants will work together, doing their bit to keep each other happy. However, in reality, landlord-tenant relationships are most often than not characterised by conflict of interest, bitter conversations and, sometimes, legal battles.

With rising rents across the UAE and tenants feeling the crunch, the old cliché of the rocky landlord-tenant relationship has been all the more reinforced. However, today, it’s not just high rents that tenants have to worry about. Some landlords also cash in on renters’ situation to find an affordable property to live in, by evicting them in the pretext of needing apartments for personal use or renovation in order to rent them out at a higher price.

The key thing to remember is that there are laws in place today to protect the interests of both parties. The market is maturing and whilst there are challenges, we’ve also the introduction of new real estate laws to provide regulation, transparency and clarity. As I mentioned in my last column, your landlord cannot increase your rent by a ridiculous number. Today, whether or not a landlord can increase the rent is not governed by a two-year stay, but by the RERA rent calculator, which is found on the dubailand.gov.ae website. As a tenant, you should be given a 90-day notice period should your landlord wish to impose an increase to the existing rent value.

However, if a landlord has asked you to evict the property due to him or his immediate next of kin moving in, then for a period of two years from the date of the eviction, he cannot re-let the property. If you discover that he has re-let the property during this two-year period, you can open a case at the rent committee and will be entitled to compensation as per the law. Also, a landlord has every right to sell his property and in doing so, has to give you 12 months’ written notice. However, if the landlord fails to sell the property, then the 12 months’ notice becomes void and you will not have to move out.

For those of you renting in Abu Dhabi, it’s good to keep in mind that the laws of Abu Dhabi are different to those of Dubai. In Abu Dhabi, the landlord can give a two months’ eviction notice to the tenant as long as the latter has been in the property for four years. Sharjah tenants are protected against rental increases for three years as a landlord is not allowed to raise the rent during this time. However, rental increases are allowed in the fourth and every subsequent year hence.

Also, whilst landlords can run checks on potential tenants, tenants don’t get to do the same. However, I see nothing to stop would-be renters from doing some conscientious research such as checking if the landlord actually owns the property at the Land Department or asking for a copy of the evidence of the landlord’s ownership of the apartment/villa.

However, we also need to look at the wider picture and keep in mind that ultimately all landlords want tenants who pay their rent on time, take care of their property and keep noise levels down. After all, he is entrusting you with an asset worth hundreds of thousands of dirhams whilst incurring annual costs for its upkeep. Also, given that the years since the downturn saw a dramatic decline in rental values, landlords have the right to pick up fair value market rents, now that the market is recovering.

The key thing to remember is that the market is driving the rent, not the landlords themselves. Hence, tenants and landlords need to be aware of their rights and responsibilities and work together to reduce the stress involved with renting. The property market today is driven by strong market fundamentals and property owners have a role to play in preserving its sustainability. Ultimately, the economy will determine the wider picture of the market and how situations develop with respect to price.

By: Michael Lahyani - The CEO and founder of propertyfinder.ae.

Article Source: Al Bawaba http://bit.ly/1fETLXH

International Tenants Fueling Dubai's Office Markets

International occupiers of office and industrial space have demonstrated renewed confidence in Dubai, where an increase of new entrants into the region is being added to by current international occupiers that are now looking to expand their commercial space to support business growth. 

Retail has continued to be the star performer across the commercial sectors with rental growth set to exceed that of the mainstream office and industrial markets in Q1 2014. This confidence in the sector has brought a number of new retailers into the UAE market and this has been matched by multiple announcements of new malls planned for development over the next two years.  These include a new collaboration between Tecom Investments and Majid Al Futtaim to build a one million sq ft mall at the International Media Production Zone (IMPZ). 

The expectation of landlords across all sectors in the lead up and subsequent success in winning the hosting rights for the 2020 World Expo, undoubtedly fuelled further momentum across the Dubai real estate market where some commercial landlords quite literally increased their quoted rental rates overnight. This resulted in a limited number of deals stalling and is unlikely to have any significant impact on occupier activity. In fact, it has encouraged some occupiers to take more immediate action in expansion, or relocation to try and insulate themselves from further rent increases in the short term.

International occupiers new to the region, however often continue to apply "Western" mindsets and business expectations to the Dubai market. Managing their expectations in terms of timing, quality of information, leases, rent negotiation levels, municipality approvals, trade license processes, etc. is a large part of every transaction. These occupiers are often based in more landlord-led markets such as those in Europe, India and the US, where transactional fees are not met by tenants.

An increasing number of non-financial businesses are now interested in registering within the Dubai International Financial Centre (DIFC), which is due in part to the efforts by the freezone to encourage a wider range of business types to register within the freezone precinct that sits in the centre of Dubai.  Current occupancy in DIFC owned buildings within the Gate Village and precinct has reached almost 100%. This is forcing occupiers to consider strata-owned space within the zone, which is translating into rising rents, although occupancy rates in some of these buildings remains relatively low. In contrast, the TECOM freezones of Dubai Media City and Dubai Internet City are operating at near 100% capacity across both its own buildings and privately owned stock.  This is presenting a problem for established occupiers who need more space but don't wish to change location or freezone license.

Other areas that fall under the administration of Dubai's Department of Economic Development (DED) such as Business Bay and the older buildings on Sheikh Zayed Road remain popular for smaller, local occupiers due to the smaller floor plates. Business Bay was the added attraction of strata ownership.

Article source: http://bit.ly/1gwjoyW

Dubai Land Department Announces the Issuance of Unified Real Estate Contracts

In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, Dubai Land Department ( DLD ) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid problems that arise from misinterpretation with documents. The contracts will become a mandatory requirement starting May 1, 2014.

The unified real estate contracts will be accessed via the Dubai government E-mart website (www.emart.gov.ae), where it will provide customers with three models of unified contracts; a contract between seller and buyer, a contract between seller and broker and a contract between buyer and broker. The documents can be downloaded immediately from the site and be filled with the required data for each transaction before being signed by the relevant parties. The contract becomes formal and completed after it has been recorded and documented at DLD .

In its announcement, DLD stressed that its unified real estate contracts will be used officially from the beginning of May 2014 in all transactions that relate to the buying and selling of property. The department is currently providing models of the new contracts on the Dubai smart property marketplace, E-mart.

Article source: http://bit.ly/QaAVCf

Dubai and Abu Dhabi trail in skyscrapers investment list

Skyscrapers in Dubai and Abu Dhabi are trailing far behind the leading cities in a list of the world's priciest high-rise real estate.

The two UAE cities were placed 16th and 18th respectively in the global ranking, according to findings by Knight Frank.

Hong Kong and Tokyo staved off all challengers to claim the top spots. New York’s Manhattan was ranked third.

The consultancy listed Dubai’s “prime capital value” at Dubai’s priciest skyscraper as commanding $6,896 (Dh25,308) per square metre, while Abu Dhabi’s is estimated at $6,251. However, the costliest piece of skyscraper real estate in Hong Kong is estimated at a substantial $69,222, Tokyo’s at $42,283 and Manhattan’s at $25,740.

“While Hong Kong and Tokyo are too far ahead to lose first and second place, I see some competition amongst Manhattan, London and Singapore in the coming year,” said James Roberts, head of commercial research at Knight Frank. (The Knight Frank Skyscraper Index bases the commercial value on an analysis of the capital value of upper-storey floor space.)

Local market sources say that Burj Khalifa is not the runaway winner when it comes to skyscraper values in Dubai.

 “New launches in Downtown have been taking place in the range of Dh2,000-2,800 a square foot for off-plan properties and certain units in Residences — especially two- and three-beds facing Burj Khalifa and the Fountain — are already at Dh3,500-4,000 per square foot,” said Niraj Masand, partner at Banke M.E. “Burj Khalifa units are available in the secondary market at between Dh3,800-4,200 a square foot.”

Good upswing

During the absolute peak of Dubai’s property market prior to late 2008, Burj Khalifa residential units were quoting in the range of Dh 8,000 a square foot. (The project itself was completed in late 2009 and the handovers started from early 2010.)

“While the rest of the market has seen a good upswing, the best of Burj Khalifa is still to come,” Masand said. “Over the last six months there has been a resurgence in demand for apartments in Burj Khalifa. Typically, trophy towers gain demand when there is a resurgence of confidence in the markets and this is a prime example.”

In Abu Dhabi, the Sun and Sky towers on Al Reem Island lord it over the emirate’s skyscrapers, with values in the Dh1,500 a square foot and over range depending on the floor level, etc, according to Robin The, country manager for the UAE at Chesterton International.

As to what this year holds for global skyscrapers and their investors, Roberts said: “In London there is renewed confidence thanks to better than expected economic growth and rising rents in the office market and I suspect London could overtake Singapore.

“Given the economic uncertainty in emerging markets, in 2014 we will probably see some of the Asian cities slide down the table, and more western cities on the rise.”

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