Emaar to launch new Sky View II project in Downtown Dubai

Dubai's largest developer, Emaar, will be launching The Address Residence Sky View II in Downtown Dubai on 18th May. However, the launch will also happen simultaneously in three other cities – Doha, London and Riyadh.

The developer will sell properties only to individuals who are locals or residents of these three countries.
Emaar has not disclosed the number of units being sold or their prices. The developer, in March, sold units in ‘The Address Residence Sky View I’ at an average price of Dh.2600 per square feet, with all units in the project being released during the launch.

Construction of The Address Residence Sky View, a 50-storey hotel, residence and serviced apartment twin-tower complex, in Downtown Dubai will begin in August this year, and is due for completion by August 2016. The handover of the towers would begin in December 2016.

Standing at a height of more than 230 metres, the Sky view tower will have 532 serviced apartments fully furnished with floor to ceiling windows, linked directly to Dubai Metro and The Dubai Mall through the new air-conditioned travelator.

Sky View II, designed by Skidmore, Owings and Merrill, will include a hotel with 180 rooms and an observation deck. Spanning the tower complex, will be a ‘Sky Bridge’, which would comprise a signature restaurant, ballroom, infinity pool with amenity deck, offering 360-degree vistas of Downtown Dubai.
The Emaar Chairman, Mohammed Alabbar, said they would continue to launch new properties and projects on a regular basis.

Emaar held roadshows on 14th and 15th May at 4 Season Hotel Park Lane on a first-come-first-serve basis. Over the past few months, Emaar has held road shows in Mumbai, Doha, India, Qatar and Singapore.

New Law on land registration fee issued

In his capacity as the Ruler of Dubai, the UAE Vice President and Prime Minister, HH Sheikh Mohammed bin Rashid Al Maktoum, has issued a new law on land registration fees.

The New Law No.2 for 2013 amends Law No.7 for 1997 on land registration fee. This new law sets registration fee for a storehouse sale contract at Dh.10 per square metre of land area, in which, the facility was built, provided, the fee should not be less than Dh.10,000. This revised fee is lower than previous rate of 2 percent of the sale contract.

The Director General of Government of Dubai Land Department, Sultan Butti bin Mejren, said that the new fee will leave a positive impact on the industrial sector in Dubai, as the new move will considerably contribute to help in supporting the small and medium enterprises, improve industrial investment and attract industrial companies to Dubai.

The revised fee will also support the Department’s drive to deliver the leadership vision for a diversified knowledge-driven economy, which would be consistent with the UAE Vision 2021, by stimulating the macro-economy and promoting Dubai as a favourite destination for industrial and logistic businesses at regional and international levels.

Construction contracts for Jumeirah Village Circle villas project awarded

Leading UAE developer Nakheel has awarded Dh.106mn worth contract to United Engineering Construction LLC (UNEC) for construction of 90 homes at its sell-out Jumeirah Village Circle Villas project.

The work will begin by the end of this month, and the project is likely to be ready by end of 2014.
The 90 four-bedroom villas will be sold for a total value of Dh.275mn, and will be built in a circular pattern on a round, green, landscaped area, within the 569 hectare master developed Jumeirah Village Circle community.

Each villa spans a gross floor area of 3655 square feet, and features indoor and outdoor living space, and an expansive roof terrace.

Jumeirah Village is a collection of more than 2000 villas and townhouses built in classic Arabian and Mediterranean styles.

In 2012, Najheel awarded construction contracts worth more than Dh.1.4bn for several new projects including Palma Residences, Dragon Mart Phase 2, Jumeirah Park Legacy Villas, Palm Views, retail and community centres at Discovery Gardens and Jumeirah Park.

Damac to build new Trump golf course in Dubai

Leading property developer Damac Properties said that it would work with Donald Trump, the American real estate mogul, to build new golf course in Dubai, which would further add to growing list of project announcements in the emirate.

The developers in Dubai are reviving stalled projects and announcing new ones, as the real estate market in the emirate recovers gradually following the real estate crash by 50 percent in 2008.

The Trump International Golf Club in Dubai will come up at the heart of Damac’s 28 million square foot development called ‘Akoya’ by Damac. The construction is already underway and the course will be ready by next year.

Damac further said that it will be the owner and developer of the property and the property will be named ‘Trump’, as per the terms of a management agreement.

Donald Trump had earlier cancelled its previous foray into real estate market in Dubai, a project to build an international hotel tower on the Palm Jumeirah in Dubai, following the property downturn in the emirate.
Ever-since its establishment in 2002, Damac has already completed 37 buildings and has another 66 under construction across the MENA region.

Damac launches its biggest ever project at Dubailand

Damac Properties has launched its biggest ever project in Dubai, the 28million square feet golf community project in Dubailand. This launch follows the recent launch of luxury towers in partnership with international brands Fendi and Paramount.

Christened “Akoya” by Damac, and dubbed as the most luxurious Golf community in Asia, Damac said the project will offer premium branded mansions, townhouses, villas and apartments.

The project will include an 18-hole PGA Championship Golf Course, in addition to a spa, boutique hotels and international schools from kindergarten to secondary level.

The Chairman of Damac, Hussein Sajwani, said that the Akoya development by Damac will be the most desirable living environment for aspirational professionals who recognize ultimate luxury.

The development will help bring in a blend of high-end five-star living, with unrivalled facilities, creating a haven for families seeking to make Dubai their home.  The development will also include spa, boutique hotels, leisure offerings and a sports complex.

Sajwani said that Damac is holding talks with several leading global brands to make the project most sought-after area in Dubai.

Damac has completed land purchase and has received requisite paperwork. However, no details were given on when work will begin or the number of housing units to be built in the master community.

Dubai records 63% growth in property transactions in Q1 2013

The total value of real estate transactions in Dubai grew 63 percent to Dh.44bn during first quarter of 2013, in comparison to same period last year, revealed data from Dubai Land Department (DLD).

The transaction numbers touched 14,260 at a rate of 223 per day and 32 per hour with “impressive” growth registered in the residential and commercial sector.

Dubai Marina took the lead in terms of value of transactions, registering 2,079 transactions worth Dh.3.5bn as total value of residential transactions touched Dh.13.9bn.

Last year, the total value of property transactions grew 8 percent, touching Dh.154bn, in comparison to Dh.143bn in 2011.

The UAE nationals topped list of investors in 2012, while Indians were the second topmost among list of property buyers.

The total investments by GCC, Arab and Foreign investors stood at Dh.58.6bn with total number of investors touching 18,635, while foreign investors number 13,573 invested Dh.36bn in the market.

The Director-General of DLD, Sultan bin Mijrin, said that Dubai real estate market has shown durability and flexibility when it comes to dealing with requirements of investors, with the past three months showing a new breed of investors entering the market in order to capitalize on opportunities that have arisen on the eve of price correction seen in the market over the past two years.

Leading global property consultancy, Jones Lang LaSalle, in its first quarter report this year, said that selling prices of Dubai properties were 18 percent higher in the first quarter of this year, in comparison to the year earlier.

The real estate prices and rentals in Dubai grew for the 16th consecutive month in March, continuing steady recovery in the sector, said Deutsche Bank.

Growth in real estate prices reflect strong investor confidence in Dubai

Real estate prices and rentals in Dubai have grown for the 16th consecutive month in March this year, continuing their steady recovery in the sector, and highlighting the return of investor confidence in the emirate, a report said.

The property rates have grown by 1.5 percent from February to March, with increases recorded across most areas. However, prices and rental values remain considerably below their peak 2008 levels, say Deutsche Bank.

The apartment prices were 43 percent to 61 percent below their peak levels, while villa prices were in the range 12 percent to 49 percent below peak prices, the report said.

The rental values showed similar trends. The figures indicated a 6.2 percent year-on-year growth, with apartment prices having shot up 1.5 percent, while villas were up by 1.6 percent.

However, the report said that growth in prices and investor confidence continues despite increase in supply. Since the second half of 2011, Dubai has seen a surge in project launches, particularly from master developers such as Nakheel, Emaar and Damac.

Nakheel has begun several projects, while Emaar recently pre-sold four projects with 1000 units sold overnight at 40 percent premium to market prices, thereby reflecting trends noticed around the world.
Emaar has now announced another new project in Downtown Dubai, which has gone on sale, the report pointed out.

The investor confidence in Dubai market continues to remain strong, while master developers continue to accelerate their project launche, said Athmane Benzerroung, Research Analyst.

Emaar’s new Sky Collection unveiled in Downtown Dubai

Emaar Properties, leading Dubai developer, has revealed details of a new series of luxury apartments called Sky Collection, which occupies the upper storeys of a high-profile development in Downtown Dubai.

The homes will be on the topmost levels of the 60-storey towers that constitute its ‘The Address Residence Fountain Views Project’, overlooking the Burj Khalifa and much of Downtown.

The developer has been offering potential buyers the choice of three and four bedroom apartments, three and four bedroom duplex apartments and four bedroom penthouses, ranging in size 2000 sqft to 17000 sq ft.

The Developer has asked investor to first register an interest online. Emaar will contact select customers directly will invite them for a private preview and sale.

The Managing Director of Emaar, Ahmad Al Matrooshi, said that The Sky Collect at The Address Residence Fountain Views is meant for interested customers who value an unmatched luxury lifestyle in one of the most sought-after destinations in Dubai.

He further said that the Sky Collection would serve as a valuable investment proposition suitable for families as first-homes and for international leisure and business visitors looking for a second home or extended stay in Dubai.

The Sky Collection comprises spacious, fully furnished luxury residences, serviced by The Address Hotels and Resorts, Emaar’s hotel brand. The Address Residence Fountain Views is directly linked to the Dubai Mall through the metro link.

Emaar had earlier unveiled a Sky Collection within The Address The BLVD, which had drawn strong investor response in Dubai and in international markets. Emaar also recently launched the Mira townhouses in Reem and The Address Residence Sky View in Downtown Dubai, which also drew an overwhelming response.

Downtown Dubai is a thriving mixed-use community with world-class hotels, must-visit tourist attractions, world-class hotels, shopping malls, landscaped gardens and other tourist attractions.

Mira homes sold at 50% discount rates

Emaar Properties has already sold more than 188 homes of a project to be built in Dubai, at almost 50% of the prices for homes being sold in nearby neighbourhoods.

There were long lines of potential customers at Emaar’s sales centre, similar to the scene before the 2008 property crash in Dubai wiped 65 percent off home values as speculative demand dried up. Reports said that police were called to control the crowd, as the homes were sold on first-come first-serve basis.

Emaar offered townhouses for about Dh.550 per square foot, said Rami Abi Faraj, Manager, Better Homes.
Properties in Arabian Ranches close to where the townhouses will be built, at selling homes at Dh.1000 per square foot. Emaar did not respond much to queries about prices at Mira.

One of the potential customers contacted by the media, said that the homes were amazing at very good pricing, and that Emaar may be offering these prices to begin the project.

Nearly 40,000 homes are due for completion in Dubai over the next two years, constituting 11 percent of current supply, said Jones Lang LaSalle in their report.

Further, this year, 28000 homes are likely to enter the market, including 29 Boulevard towers in Downtown, Balqis Residencies on The Palm, the Centrium project in IPMZ and Silicon Gate in Dubai Silicon Oasis.
Majority of the upcoming residential supply this year will be in Dubailand, Business Bay and Dubai Sports City, the report said.

Mira forms the first phase of the Reem development, which also includes schools, parks, shops, a cinema and an amphitheatre, among other attractions.

Dubai real estate sector records surge in rentals in Q1 2013

Improved confidence in Dubai economy and real estate sector is pushing up rentals further in some areas in Dubai during the first quarter of the year.

According to latest report by Asteco, rentals for apartments and villas in Dubai have grown by 3 percent and 4 percent respectively during the period January to March this year, in comparison to same period last year.
Over the past one year, the average rental increases stood at 19percent for apartments and 21 percent for villas. The International City saw considerable hike in rentals where the rental for a double bedroom unit increased by 8percent touching Dh.40,000, while most other areas recorded increases of about 3 percent.
Cluttons, the leading real estate specialist in the UAE, also noted the same trend, citing upward movement in rentals, driven by renewed economic confidence.

There has been a healthy growth in rents recorded at the lower end of apartment market, as growing rental values drive tenant to low budgetary options, said Richard Paul, Head of Residential Valuations at Cluttons, UAE.

This year, increase in rentals has been noted in commercial spaces too. According to Asteco, the Dubai Investments Park has recorded 13 percent rise in rentals, while Jumeirah Lakes Towers saw 20 percent and Tecom witnessed 25 percent surge in rentals respectively.

A senior consultant for residential leasing and sales at Better Homes, Robert Kerr, said that rent increases is across the board. There has been an increase in rental in general, but it is only for the high-end and desirable properties.

Meanwhile, with increase in rentals, sales prices for apartments and villas in Dubai have also grown by 12 percent on an average for apartments and 5 percent for villas, Asteco said.