Thursday, March 03, 2016

Dubai housing rentals to soften further in 2017

The residential rentals are likely to soften further next year, as more supply comes through, said Haider Tuaima, Head of research at ValuStrat.

Overall, Tuaima expects the real estate market to stabilize in some areas in the short term, with slight residential price recoveries, while “soft upturns” are likely to be recorded during second half of this year, continuing into next year.

Tuaima also said that real estate market in Dubai has been much affected by decline in global oil prices, and the investors are beginning to lose interest. He said rentals have slowed down largely due to demand and supply factors.

The real estate market in Dubai is comparatively young and is yet to go through mature real estate cycles to allow us to analyze historic trends.

Tuaima said that according to figures quoted by Dubai Land Department, Dh.267billion has been invested into Dubai property market last year, marking 22 percent growth over 2014. The data analysis by ValuStrat Price Index also reveal that no effective change in value has been recorded in second half of 2015.

The latest research from Cire, UAE associate of Savills, says that as per Tuaima’s forecast, prices and rentals in residential market in Dubai may soften in next 12 months.

Rental rates for prime apartments like DIFC and JBR have recorded the highest decline of nearly 4 percent in 2015, while villa rentals fell by two percent to eight percent.

A senior economist at National Bank o fAbu Dhabi said that rentals may probably drop further this year.

Last year, rental annual average fell at 2.5 percent, while in 2014, than annual average in 2014. And another 2 to 3 percent rent reduction is expected.

This year, overall rentals are likely to dip by 2 to 3 percent. The Dubai property market however, continue to remain attractive to investors, with industry data indicating growth in transactions and investment values in comparison to previous year.

Monday, January 18, 2016

Emaar, Damac launch residential projects

Damac and Emaar, two major developers in Dubai have unveiled their first projects this year. The sales for the project, namely ‘Harbour Views - residences’ has been announced on 23rd January, The project is located in The Island District of Dubai Creek Harbour.

Apart from Dubai, sale of the project would be simultaneously launched in New Delhi and Karachi on 23rd January and in Mumbai on 24th January 2016.

A two storey development with a three-level podium will be the tallest residential project of the Island District of the mega creek development. All homes open to the views of the Creek, a Marina with Yacht Club, the Ras Al Khor natural bird sanctuary and the skyline of Downtown Dubai highlighted by Burj Khalifa.

The tower houses 750 residences, apart from podium apartments, in addition to 14 two storey villas with a dedicated entrance, stairway and parking. It is said that another noteworthy aspect of the project is that it will open views to another central iconic project, the details of which, would be revealed shortly. Harbour Views is likely to house world’s tallest twin towers too.

The Emaar Managing Director, Ahmad Al Matoorshi said that Harbour Views would stand apart as the tallest residential project in the Island District. Celebrating the marina lifestyle, Harbour Views homes are ideal for connoisseurs who cherish a relaxed way of life in the heart of the city with all modern amenities located within walking distance.

Meanwhile, Damac Properties has launched ‘Navitas Hotel and Residences’, a five-tower project in its Akoya Oxygen Golf Course Community, worth total of Dh.850mn. Among the five towers, one tower comprises 312 hotel rooms, managed by Damac Hotels and Resorts, while the rest four towers will house residential units that overlook the golf course and the whole project.

The five 14 storey towers are a major opportunity for those panning for investment properties. The starting price range is Dh.440,000 with a four-year payment plan option.

Akoya Oxygen spans 55million sq.ft. in Dubailand, and comprises Vista Lux, a one million sq ft central entertainment and retail district, a Hydroponic Cafe, a rainforest and a restaurant.

Wednesday, November 18, 2015

Dubai developers launching projects at a slower pace

Dubai Properties has revealed that it plans to take a ‘measured’ approach to launch of any new project, to ensure that there is no supply imbalance in the local freehold market, a top official said.

According to Abdullah Abu Shabib, the Senior Executive Director, Customer Care and Government Relations at Dubai Properties, some of the projects are now being studied, and a decision will be taken only after careful inspection of all trends in the Dubai market.

The statement seems significant, taking into consideration the fact that Dubai Properties’ influence by way of its four major master-developments such as the JBR, Culture Village, Dubailand and Business Bay. Dubailand is a collection of multiple mini-master developments which include developments like Arabian Ranches, Sports City, and Akoya, Remraam, Arjan and Mudon too.

According to sources in the market, the master developers in Dubai, like Emaar, Dubai Properties and Damac will have to be more cautious of their new launches and take extreme care to ensure that there is no build-up of unsold housing stock. The market will also get some breathing space from the series of new launches that have taken place over the past three years.

For this year, most estimates suggest that about 20,000 new homes may be supplied into the Dubai market all through the year.

According to Abu Shahib, Dubai Properties, the projects are released based on what is required during a particular period and at Mudon is that at any time more releases are made, and more than 70 percent of phase three has been sold out. The first two phase of Mudon accounted for more than 1000 units, with units priced from Dh.2.7mn while the second phase includes larger units with individual plots in the range Dh.3.9mn to Dh.5.4mn.

Almost all of the homes in phase one has been occupied, while phase 2 handover may begin next month. Dubai Properties will release some of the five-bedrooms in early 2016.

The infrastructure for all projects by Dubai Properties at Dubailand is ready. Further, RTA has announced that the Hessa Road will make accessibility of Dubailand easier from Academic City all the way to Remraam. However, there is still long way to go before realizing the development potential that Dubailand has in it, says Abu Shahib.

Thursday, June 04, 2015

Dar Wasl project - first series of villas launched

Wasl Properties, the Dubai-based developer has launched the first series of villas at its Dar Wasl project. The 20 four bedroom units form part of Dh.500mn project located in proximity to Safa Park along Al Wasl Road.

Spread across more than 60,000 sq. ft., the Dar Wasl cluster will house a premium ambience, and comprise 166 four and five bedroom villas, 112 double and triple bedroom apartments.

The development has been designed to celebrate the authenticity of the city of Dubai through the provision of the very best facilities and services, said Zainab Mohamed, the CEO Property Management.

The four-bedroom units have drawn inspiration from Dh.500mn Moroccan architecture development, located close to Safa Park along Al Wasl Road. “Dar Wasl” represents high-end lifestyle concept with each villa comprising a maid’s room, a swimming pool. The 112 double and triple bedroom apartments too include the maid’s room.

The 20 four bedroom units which form the first stage of the project are open to tenants exclusively through Wasl Customer Service Centre located at Jumeirah 1, and the whole development is due for completion by the year-end.

Dar Wasl is ideally located close to Safa Park, and has schools, hospitals, supermarkets and leisure centres in the vicinity. The development includes 108 units for commercial purposes, out of which, 87 units would be dedicated for supermarkets, fashion outlets, nail spas, laundry services, while 21 of them would be for restaurants and cafes.

The retail centre at Dar Wasl will be fully open by next March, offering residents a range of options to choose from, right in front of their doorstep. Among the other amenities at Dar Wasl are dedicated parking at basement floor, swimming pool, health club, gymnasium and children’s playground, and 24-hour concierge facility.

With careful planning and construction, Dar Wasl is a wonderful mixed-use architectural masterpiece, which significantly enhances the real estate portfolio of Wasl Properties. Dar Wasl also contributes considerably to the long-term strategy of supporting the vision of Dubai Government for development of the emirate and to make the city as one of the most popular destinations in the global map by 2021, Zainab said.

Monday, May 04, 2015

Damac to launch hotel villa concept in Dubai community for first time

Damac, the luxury real estate developer, has announced the launch of its first hotel villa concept in the Akoya Oxygen community in Dubai.

Located in a private enclave in the lush green surroundings spanning 55 million sq. ft., the Nova Hotel Villas offer the comforts that are otherwise found in an expansive home with added benefits of services, particularly associated with some of the world’s finest hotels, a senior official revealed.

The Nova Hotel Villas offer a new segment to luxury real estate sector in Dubai. They would be the best choice for a second home in Dubai, as these fully-furnished villas come with optional hotel services available from a company team at Damac Maison.

The company has already made its Nova Hotel Villas available at starting price range of Dh.1.75mn for a three bedroom home and each villa enjoys a spacious open plan living, ranging from triple to six bedroom units.

The villas can also be tailor-made to suit individual tastes, wherein, owners can instruct the company’s team of experienced interior designers to decorate the home to match their personal taste, thereby offering them a fully furnished home which is aligned to suit personal tastes.

The Nova Hotel Villas comprise private gardens, fully-fitted kitchen, library, decor and sound system, energy-efficient materials, lighting and controls, apart from low-emission paint and solar water heating systems. The homes also form part of Damac Maison Hotels and Resort rental pool scheme, which allows owners to generate returns on their property while they are away.

Akoya Oxygen, which is considered as one of the first green residential address in Dubai, is now one of the most desirable luxury living communities in Dubai, offering cleaner air, cooler temperatures, and well-designed masterplan to reduce pollution with dedicated spaces meant for bicycles and hybrid cars.

Friday, April 10, 2015

Cayan Group to unveil new Dh 1billion project amidst a thrilling event

A leading real estate company, Cayan Group, is all set to host Alian Robert, a popular French climber, as Spiderman, to announce the launch of its new Dh.1billion residential and serviced apartment project in Dubai.

The launch ceremony will be held on 12th April at Grosvenor House, and Robert will attempt to a world-record climb up the twisted Cayan Tower.

The Spiderman plans to climb right from ground level to the very top of 75-storey Cayan Tower, the 307m officially declared world’s tallest twisted tower landmark by the Guinness Book of World Records in 2013.

The event will also include the official announcement of the ambitious project by the group at Dubai’s Umm Suqeim area.

The iconic project is located in proximity to several other developments like Jumeirah Village Circle, Mohammed bin Rashid City, Motor City, Dubai Hills, Arabian Ranches, all characterized by smart layouts and good benefits to make tenant’s living experience comfortable and luxurious.

The President and Chairman of Cayan, Ahmed Alhatti said that an exciting announcement such as this, had to be done amidst a thrilling event, and hence, the electrifying record-breaking climb by Alian Robert is being organized on the same day, and wished him good luck in his feat.

The event is open to all who would like to watch Spiderman in action, and they will get a clear view of Alain scaling through the building through cameras and TVs live broadcasting.

Prior to his forthcoming feat, the 52-year old Alain had made headlines around the world for having mounted some of the world’s tallest building without the help of safety ropes. Among his conquests are Petronas Twin Towers in Kuala Lumpur, New York’s Empire State Building, the Eiffel Tower, Chicago’s Willis Tower, and Taipei 101 in Taiwan.

Alain was recognized by the Guinness Book of World Records for having climbed more than 100 towers, monuments and skyscrapers, without use of ropes, suction devices or safety equipment. In 2011, he also scaled the imposing Burj Khalifa, but, with ropes and safety harnesses due to compulsory safety regulations.

Tuesday, April 07, 2015

Emaar to launch 55-storey flagship residential tower

Leading real estate developer, Emaar, has announced the launch of a 55-storey residential flagship tower, Downtown Views, which boast wonderful views of Downtown Dubai, Burj Khalifa and Burj Lake in Dubai.

The Dowtown Views is ideally located near Downtown Dubai, along the primary Financial Centre Road, and Al Sa’adat Street, said an Emaar statement.

The tower is directly linked to the Dubai Mall, and is in proximity to the major traffic junction at Sheikh Zayed Road, positioned amidst Al Khail Road/Business Bay. Therefore, residents of the tower can be assured to easy inbound and outbound access to Dubai city.

Emaar pointed out that the luxury tower will establish a new standard of living, with full comfort of a high-rise apartment life, and abundant routes to commute to and from home.

The tower is positioned so as to offer unparalleled views of the nature of the site, is surrounded by wide highways at the southern and western side, while the northern side houses low-rises and private villas.

The Downtown Views comprise 55 storeys, including the nine-storey podium, which forms part of ongoing expansion of The Dubai Mall.

Among the other features in the podium are two storeys of residential amenities including roof-top pool, health club terrace, two storeys of dining and retail, a grand entrance lobby at the lower level, and about 400 car parking lots at the basement.

The apartments on the offer range from single bedroom to triple bedroom, and a sky collection of duplex apartments.

Thursday, April 02, 2015

Mudon townhouses by Dubai Properties meet complete sales

Leading UAE-based real estate developer, Dubai Properties, has successfully sold out all of its four-bedroom townhouses at Mundon, an upscale gated development in Dubai.

Dubai Properties is renowned for its contemporary mixed-use developments, said that the overwhelming response received for its project is sufficient proof for its commitment to offer solutions that cater to the needs of end-users and investors who are seeking value-for-money properties in the emirate.

Launched during second half of last year, the 120 units ranging from 3,786 to 3,800 sq. ft. area were sold out during the International Property Show 2015 held at Dubai World Trade Centre, said a senior official.

The Executive Director of sales and customer care at Dubai Properties, Abdulla Abushabieb, said that the first phase of Mudon development was sold immediately after launch. The buyers also showed strong interest in the remaining 120 townhouses that were released in summer of 2014.

This response has been largely due to the value-for-money proposition by the community, in comparison to other offerings within the same segment, he pointed out.

The prices of units at Mudon community begin from Dh.2.5million, and are surrounded by landscape neighbourhood parks, with easy access to state-of-the-art amenities. The upscale community development allows its residents to lead a tranquil, but, active and vibrant lifestyle, Abushabeib explained.

The company has also tied up with Gems Education to open a new school within the community by September 2016. Among the other amenities offered by the community are cycle routes, jogging paths, play areas, swimming pool, and a gymnasium. The attractive mix of retail outlets made available for residents is another positive aspect of the community.

Dubai Properties is known for its unique residential and mixed-use developments in Dubai. Apart from Mudon development, its portfolio includes The Villa, Jumeirah Beach Residence, The Executive Towers, Vision Tower, Layan in Dubailand and Bay Square at Business Bay.

Thursday, March 05, 2015

ICD to build $1billion development at DIFC

Investment Corporation of Dubai (ICD), the state’s sovereign wealth fund has partnered with Brookfield, the Canadian property manager to build $1billion development in the heart of the emirate’s financial district, a report said.

The development, namely, ICD Brookfield Place, will be located adjacent to the cluster of Dubai International Financial Centre (DIFC) buildings and will comprise a 50 storey office tower, retail outlets and hotel.

The ICD Brookfield Place is a vote of confidence from the government in its financial centre amidst the high competition from neighbouring hubs, including new free zone rich emirate of Abu Dhabi.

Quality office spaces in prime locations including DIFC generally attracts strong demand from multinationals, although a there is also huge supply of less desirable offices that further out-weighs on broader sector wherein the occupancy is about two-thirds.

This is the first new construction project in the DIFC ever-since the property crash in 2008.
The development will be ready for occupation in 2018.

Tuesday, February 17, 2015

Villa Lantana development 2nd phase sale generates huge buyer interest

The second phase of sales announced for Villa Lantana freehold residential development by Tecom Investments at Al Barsha South Dubai, generated good buyer interest, particularly from Emirati investors.

The development includes 17 different types of villas, 11 floor plans, and a range of triple, four and five bedroom detached and semi-detached family homes.

While the first phase was released for sale in September 2014, there has been keen interest from Emirati investors. Tecom, in its statement said, UAE nationals constitute 43 percent of total number of Villa Lantana buyers it said.

villa lantana

According to BNC data, the project also includes parks, retail centre, playgrounds, sports facilities like pools, gymnasiums, courts and outdoor jogging tracks etc. The residential complex is located in proximity to business areas, retail and entertainment centres.

So far, the construction work of Villa Lantana is on track and it is due to be ready by fourth quarter of this year.

However, a large crowd gathered to view the development last week, and the interest is perhaps due to its pricing of Dh.3.2million to Dh.3.3million for a three-bedroom detached villa and Dh.3.05mn and Dh.3.1mn for a semi-detached villa.

According to Tecom, Villa Lantana has been designed to offer the kind of housing that people in Dubai actually needs.