Friday, June 28, 2013

Growing property prices, rentals in Dubai reflect broader market recovery

Rentals and prices of apartments in Dubai continue to strengthen, reflecting a broader recovery in the market with data from Reidin.com, which shows apartment rentals and prices outperforming the villa segment on month-on-month basis.

Apartment sale prices grew to touch 2.13 percent month-on-month and 17.3 percent year-on-year, while villa sale prices touched 1.56 percent month-on-month and 12.2 percent year-on-year.

Overall, the Dubai Residential Property Sales Index for all residential grew 4.2 points, touching 212.5 from 208.3 representing an increase of 2.01 percent month-on-month and 16 percent year-on-year.

Jones Lang LaSalle, a real estate consultancy, has said that property sales prices were 18 percent higher in the first quarter of 2013, in comparison to same period last year.

Latest report by Deutsche Bank revealed property prices in Dubai saw a 6.2 percent growth during the first three months of the year, although apartment prices remain between 43 and 61 percent below peak prices.
Global property consultant, Knight Frank, said real estate prices in Dubai saw 18.3 percent growth over the past one year in the emirate, thereby maintaining its position among the top five best performing real estate markets in the world.

Reidin.com said rentals for apartments climbed 2.02 percent month-on-month and 11.6 percent year-on-year, while villa rates grew marginally by 0.85 percent month-on-month and 13.4 percent year-on-year.

Although JLL has said that rentals have grown in areas such as Dubai Marina, Burj Downtown and Palm Jumeirah, the new Reidin.com May figures reveal a broader recovery taking place in the market.

Well-established residential communities in Central Dubai are likely to see further growth in prices and rentals over the rest of 2013, while the less completed projects in remote areas will require more time before seeing increased demand and performance.

Thursday, June 27, 2013

Dar Wasl project to be ready by 2014

New mixed-use project, Dar Wasl, with 278 residential units, which is under development in Jumeirah, a prime locality in Dubai, is due for completion by end of 2014.

According to Dubai Real Estate Corporation (DREC), Dar Wasl, is a leasehold project, which draws inspiration from Moroccan architecture.  It is located near to Safa Park along Al Wasl Road, and will have 166 three, four and five bed townhouses, 112 double and triple bedroom apartments.

Dar Wasl will also feature a clubhouse, gymnasium, play area and swimming pool, in addition to green spaces, distributed throughout the site. There will be ample parking space in the basement for retail customers, while apartments will have an assigned parking space. Each townhouse will have covered parking space for two cars.

The project, with total retail space of 60,000 square feet, will be managed by Wasl Properties. The project has been conceived as a tribute to Dubai, and is a fusion of modern and traditional, depicting historical Andalusian architecture and modern conveniences, DREC website said.

Last year, DREC released Wasl Square, the jewel of Jumeirah, for leasing, which comprised 26 single bedroom apartments, 114 double bedrooms, 14 triple bedroom townhouses and 116 four bedrooms.

Thursday, June 20, 2013

Phase 3 Cedre Villas project to add 160 luxury villas in Dubai Silicon Oasis

The Dubai Silicon Oasis Authority (DSOA), the regulatory body of Dubai Silicon Oasis, the integrated free zone technology park, today announced the launch of Phase 3 of its Cedre Villas project.

The Dh.285mn extension to the Cedre Villas will offer an additional 160 luxury villas, taking the count to total of 1207. The Phase 3 will be delivered in three stages during March, July and September 2014.

The project features modern architectural designs, wherein each villa in the latest phase of development will offer total built-up area of 3800 sq ft. The ground level of the villas will include living room, dining room, study room, kitchen, maid’s room and breakfast area. The upper floor will house three bedrooms in suite and family room, apart from three parking spots and expansive front and back yards.

Eng. Muammar Al Katheeri, the Executive Vice President – Engineering Management of the Dubai Silicon Oasis Authority, said that the launch of third phase of Cedre Villas marks another major milestone in our growth journey. The new phase reflects the continued commitment by DSO in offering a safe and comfortable living space.

The development promises world-class infrastructure and holistic facilities, offering enhanced villa layout and design, while also prioritizing the use of premium quality material.

The new phase will include two new parks, covering an area of 31,068 square meters and 30,392 square metres. The entire community in DSO will include parks that feature children’s playground, jogging/cycling tracks, park plaza, water pond, swimming pool, security building, utility areas, open air theatre and prayer areas.

Residents in the new phase will also get to benefit from the existing facilities at the Cedre Villas development such as the community centre, which hosts a shopping complex, health and leisure amenities, apart from a swimming pool, schools and academies, play areas and clinics.

Cedre Villas form part of a comprehensive urban community at DSO that combine office towers, research and development and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare facilities and wide range of lifestyle options to form a dynamic commercial and social environment.
The Dubai Silicon Oasis is a wholly-owned entity of the Government of Dubai, and operates as a free zone technology park for the semiconductor, microelectronic and other high technology-based companies, planning to establish their regional headquarters and R&D facilities in the Middle East and Africa region.

Thursday, June 13, 2013

Damac launches first phase of sale for Akoya project

Leading developer of luxury real estate in Middle East, Damac Properties, has launched its first phase of sale for luxury villas within the Akoya project, the 28mn sq ft master development located off Umm Suqeim Road.

Akoya by Damac will be the most luxurious golf community in Asia, with premium-branded mansions providing a luxury living experience within a fully integrated community.

During the first phase of sales, 205 units are made available. Prices of the luxury villas will start at Dh.2.4mn.
The project will be the ideal one for elite customers, seeking a modern lifestyle in Dubai. Funding has been allocated and RERA has signed off on bank guarantees, said Zial El Chaar, the Managing Director of Damac.

Damac has completed the requisite formalities such as sale of plots, including complete payment for plots in Phase One. An Escrow account has been opened and RERA has received bank guarantees for infrastructure and construction.

The Al Naboodah Contracting Company has begun enabling works on the site.

The ‘Trump International Golf Club’ is at the heart of the project, and is the most recognized brand, developer, owner and manager of world-class properties.

Akoya by Damac will also include a boutique hotel and international schools, apart from fully-integrated community that will be home to globally-recognized retail and leisure brands, entertainment offerings, a sports complex, all characterised by beautiful manicured landscaping.

The project takes its name from one of the most exclusive pearls in the world, and is the largest in the history of Damac, reflecting the recent immense growth of real estate sector in Dubai.

According to El Chaar, this is the first time Damac has developed a full-fledged residential complex comprising villas and mansions to provide customers with new level of luxury, which further builds effectively on Damac’s huge experience of developing luxury apartments throughout the Middle East.

The Oberoi, Dubai to be unveiled for first time in UAE

The Oberoi Group has announced the opening of The Oberoi, Dubai, which will be the first property by the group in the UAE.

Located at The Oberoi Centre, the Oberoi is a contemporary luxury hotel which embodies light, height and space. The hotel overlooks the iconic Burj Khalifa, with 252 rooms and suites that have floor to ceiling windows, is just a few minute drive from Downtown Dubai and the Dubai Mall.

Several Oberoi Hotels have been recognized to be among the world’s best, and Oberoi, Dubai is likely to continue this tradition, said P.R.S. Oberoi, the Executive Chairman of The Oberoi group.

The Oberoi Dubai, keeps up with the pioneering tradition of the group, and brings in an ethos of service without compromise in the UAE. The Oberoi, Dubai, will have seamless in-room check in, 24 hour butler and Les Clefs dÓr concierge services. Among the culinary highlights are UMAL, a contemporary Pan Asian restaurant, NINEZONE, an all-day dining restaurant, and ANANTA, and Indian specialty restaurant, all of which offers the best of world cuisine.

With attractive and caring team members to do the legendary service, The Oberoi, Dubai, is expected to be the preferred choice for discerning business and leisure travellers to the UAE.

Wednesday, June 12, 2013

Emaar, Meraas joint venture to develop MBR City

Emaar Properties and Meraas Holding will jointly develop the first phase of the multi-billion-dollar Mohammed Bin Rashid City (MBR City) in Dubai, which is hoped to revitalize the property market in Dubai.

The Dubai Hills Estate, a mixed-use development with an 18-hole golf course will be established on prime land, spanning more than 2700 acres located in Downtown Dubai.  

The MBR City is a mega-tourism and retail complex, which grew with the support of stronger trade and tourism amidst signs of recovery in the real estate market.

The Meraas Group Chairman, Abdulla Al Habbai, said that Dubai Hills Estate will add incredible value to real estate sector and economy of Dubai. 

Meraas is linked to the ruler of Dubai, while the Investment Corportation of ly Dubai, is a government-owned investment vehicle with 31% stake in publicly traded Emaar.

Emaar, in its statement, said that the final stages of negotiation with Dubai Holding (another company owned by the Ruler of Dubai), is underway to jointly develop 6.5mn square meters Dubai Creek Harbour project in MBR City. More financial details of this project are yet to be revealed.

Monday, June 10, 2013

The Hills - latest master planned community

Emaar Properties has unveiled its latest residential development, ‘The Hills’ in the City.

The Hills is one of the leading master-planned communities by Emaar, which will be known for its spectacular Golf course views and will focus on a greener lifestyle, through various energy and water efficiency initiatives.

Overlooking the Emirates Golf Club, with easy access from Sheikh Zayed Road, ‘The Hills’ features two residential buildings of 12 and 15 stories, each featuring single, double and triple bedroom apartments. All apartments overlook either the greens of the golf course or wonderful views of the cityscape and beyond.
The Hills offer world-class amenities, with several swimming pools, and quality of life suitable to lead a leisurely lifestyle. The residential buildings in ‘The Hills’ are part of a complex of four low-rises.

The vital component of the development is a hotel under ‘Vida Hotels and Resorts’, which serves as the latest addition to Emaar’s hospitality portfolio, promising a stimulating lifestyle environment to the new generation business executive, leisure travellers and entrepreneurs. Another low-rise building will feature Vida serviced apartments, which also cater to business and leisure visitors.

Emaar has been the pioneer in the concept of master-planned communities with a collection of neighbourhoods such as The Lakes, The Meadows, The Greens and The Springs, now all being full established.

With The Hills project, the company portfolio is set to grow further, and will define a new relaxing lifestyle for residents, Emaar said.

Wednesday, June 05, 2013

Nakheel’s Legacy Nova Villas sold within hours to investors

With investors having lined up at the sales centre for Nakheel's latest project, Legacy Nova Villas in Jumeirah Park, about 350 villas worth were snapped up by investors within just 5 hours, bringing total sales to more than Dh.1.4bn.

Nakheel has called it a record sale, and said that this indicates the confidence of investors in the company and in the Dubai real estate sector, said Nakheel Chairman Ali Rashid Lootah.  

As for the nationality of investors, they were a mix coming from the Middle East, Iran and Indian sub continent. Majority of buyers were end-users, with the company enforcing measures to curtail speculators, Lootah emphasized.

Although Nakheel planned to release only 226 villas initially, the huge demand for them compelled the company to release and additional 124 units. Investors paid 10 percent as down payment to book villas.
As for the launch date, the developer released tender documents for construction of Legacy Nova Villas, with contracts expected to be awarded in August. The Nova Villas are an improved variation from the earlier Legacy Villas, which is now under construction.

The four bedroom villas include a vast roof terrace and an additional terrace over the double garage, a skylight window above the stairs, which permits natural light to enter the properties.

The Legacy Nova Villas will be ready in over two years, while about 381 Legacy villas will be completed by fourth quarter of 2014.

Although Lootah did not reveal any details of the new project, he said it all depends on the demand.
According to a report by Deutsche Bank, real estate prices in Dubai saw a 6.2 percent growth in the first quarter of 203, although villa prices still remained 12 to 49 percent below peak prices.

Meanwhile, Knight Frank, a global real estate consultant said that Dubai has managed to maintain its position among the top five best performing real estate markets in the world. The prime luxury properties in Dubai are thought to be 10 times cheaper than in Monaco, the world’s most expensive residential real estate market.