Dubai Real Estate News
UAE Property Market Trends and Reviews

Three projects, worth Dh.760 millions has been announced by three dubai-based developers in various locations. Deyaar has announced its two residential towers at Business Bay – Mayfair Residency and Mayfair Tower, for Dh.360million.

The towers that are positioned adjoining each other overlook the lake and are separated from each other by large landscaped area. Both towers provide one and two bedroom apartments, with 213 residential units in Mayfair Residency Towers and 218 in Mayfair Tower. Each tower comprises a terrace garden, swimming pool, gymnasium, high-speed internet connection, steam rooms and maintenance and security services round the clock.

Al Tajir Real Estate has launched the Fortunato Project, worth Dh.320million at Jumeirah South Village. The Fortunato provides the convenience of living in the heart of the city, while also being secluded enough for peace and privacy. Fortunato comprises single and double bedroom apartments, penthouses, and duplex apartments, studio, town houses, loft houses and garden houses. The construction which will begin this September is expected to be complete by mid 2009. The studio apartments are priced at Dh.538,538 for a single bedroom, Dh.682,722 for double bedrooms, Dh.295,000 for studio apartment and Dh.2.2 million for four bedrooms and town houses. In addition, there are the parks, promenades, medical facilities, country club and sports areas such as cricket, tennis and football.

Memom Investments, a branch of the Memon Group of Companies, has launched the Dh.80million commercial tower, Cambridge Business Center, at Dubai Silicon Oasis (DSO). The ten storey comprises of about 108 small, medium and large offices, with facilities such as Wi-fi connectivity, mood lighting, and keyless entry.

The Memon Managing Director, Ahmed Shaikhani, while speaking during the launch, states: “Our aim is to bring total convenience to business people by providing a modern workplace where they can also fulfill their personal needs.” The tower incorporates British architecture that brings about memories of traditional excellence, coupled with architectural expertise and progressive engineering. It has been designed by Adnan Saffarini, an architect. The tower is expected to be complete by 2009.

Labels: Business Bay, Deyaar, Real Estate Projects

It has been planned to launch a new hospitality firm worth Dh.1.83 billion for constructing ten hotels in Dubai by 2015.

"United Hotels", which is based in Dubai, has been formed by fifteen Gulf investors with an initial fund of Dh.367 million, keeping in mind, the promising scenario of the hospitality sector in the UAE. While four of the investors are based in UAE, the other four are from Kuwait, two from Omanis, three from Qataris, one from Bahrain and one from Saudi.

Jasim Al Bastaki, the CEO of United Hotels has mentioned that within a span of two years, the company plans to raise $500 million for investment in seven to ten hotels in the GCC by 2015.

The company plans to manage the hotels under the brand name 'Moon Hotels'. The first four-star Moon Hotel is planned to open at Dubai in 2010.

According to Al Bastaki, the Moon brand will be developed into various categories so as to operate leisure and business hotels. Towards end of this year, United plans to hire thirty five people to work on further development plans for forming new chain of hotels.

Al Basakti added that the 'United chain of hotels' will be unique in its architectural value, which will demonstrate the spirit of Arabian hospitality with a global touch.

Labels: New Hotels, Real Estate Projects

Phase one of the Meydan City development, located at Dubai-Al Ain Road, next to Dubai Properties, in close contact with Meydan Racecourse, has already been sold out.

Located seven kilometers from the Dubai International Airport, and only a five minutes drive from Burj Dubai, Shaikh Zayed Road and the Dubai Festival City, Meydan City occupies 40million Sq.ft of space in about fifteen million square feet of land.

The Chairman of Meydan, Saeed Al Tayer, mentions that the Meydan City has been quickly purchased by the investors who are well aware of the potential of such a location.

"With its strategic positioning as the future inner city of Dubai, coupled with its lush greenery and waterways and its proximity to Ras Al Khor Wildlife Sanctuary, it's no surprise as to just how popular the development has already become", he adds.

The plots in the community has waterfront, canals and promenade views.

The Meydan Marina, the centerpiece is likely to be located at the heart of the development offering more than eighty luxury boats and yachts. A tramline is also planned to be included, which is likely to operate from the Meydan city to Maydan Racecourse, carrying about ten thousand passengers every hour.

The Maydan Racecourse is likely to be opened by the time of Dubai World Cup meeting 2010, and will cover 76million sq.ft. of land area.

Labels: Investment Property, Meydan City, New Developments

The Dubai Lifestyle City at Dubailand has been officially inaugurated, a project, which was announced during January 2006 at Dh.1 billion, is now hooked at Dh.2.4bn. This is said to be due to the increased construction cost and the additional luxury components that was required during the construction.

The ETA Group is targeting ultra-high net worth residents for the Lifestyle City, which covers about 4million Sq.Ft. comprising 120 'villetes' and 68 Tuscan-themed villas, a golf course, auditorium, theatre, sports and recreational facilities. Apart from this, the city will have a 170 room W Marriott, a 100,000 Sq.Ft. shopping mall, and a 150 room Courtyard.

The Tuscany style of architecture for the city has been designed by Tony Ashai, the Beverley Hills designer.

ETA, together with IMG Academies and JW Marriott brands have entered into a tie-up, and the Cisco and Microsoft is expected to be the pillar for the digital lifestyle.

The prices for the villas currently range from Dh.20million to Dh.40million, and the project is scheduled for completion by July 2009.

Labels: Dubai Lifestyle City, Dubailand, Villa Projects

Bawadi, a Tatweer member, has entered into a joint venture with Al Ghurair Investment for development of a Dh.10billion shopping mall.

The first phase of the mall, expected to be complete by 2012, will cover 1.2million sq.mts., of leasable area, according to Tatweer.

The project is the result of a directive from His Highness Sheikh Mohammed Rashid Al Maktoum, the Prime Minister and Vice-President of UAE and the Ruler of Dubai, so as to develop the mall to be the biggest shopping area in the world and thereby to double investment.

Al. Ghurair, the Chairman of Al Ghurair Investment and Saeed Al Muntafiq, Tatweer Chairman also signed the agreement.

Al Ghurair states the agreement basically emphasizes the confidence of Al Ghurair Investments in Bawadi as one of the most sought after investment opportunities and underscores the active role that Bawadi is likely to play to keep up the objectives of commercial and tourism sector as announced in the recent Dubai Strategic Plan.

He added that "The innovative and uniquely designed shopping mall will be one of the largest within the biggest shopping area in the world, and will add a new dimension to the variety of services and facilities offered by Bawadi. With this agreement, both companies will seek to bring back the historic Okaz Souq – the first ever retail outlet which existed in the region – as Arabs are known to be the pioneers in this sector."

Al Muntafiq, expressing his confidence in Bawadi, mentioned that their first agreement which included an initial investment of Dh.800million by Al Ghurair in the Al Maghreb Resort and Spa, will position Baswadi to be a leader in the tourism and hospitality industry providing solid opportunities and a supportive business friendly environment.

Labels: Al Ghurair, Shopping Mall

Sorouh Real Estate, a Abu Dhabi based real estate firm, has announced that the second phase of the Sas Al Nakhl project will be ready for rental during early 2008. The first phase, that occupies 45,000 Sq.mts. of built-up area, comprises 104 villas in three layouts and has already been complete and is occupied.

The phase two of the project worth Dh.420million is located besides Phase one, near the Golf Club of Abu Dhabi, in Al Raha. The phase 2 comprises 484 villas and a clubhouse. The site that occupies 133,889 square meters of space also includes a mosque and shops. There are eight layouts of villas ranging three to five bedrooms.

Dr. Adnan Sahli, the Executive Director of Projects, mentions "This development is another example of Sorouh’s commitment to planning, implementation and timely execution."

Labels: Abu Dhabi, Villa Projects

The rent cap for Umm Al Quwain (UAQ) has been fixed at seven percent a year, as against ten percent earlier. This was announced by Sheikh Abdullah bin Rashid Al Mualla, the Deputy Ruler of UAQ, as an amendment in a new law regulating the tenants and landlords.

Also the annual rent rise for industrial and commercial properties has been fixed at ten percent, earlier this sector was unlimited.

The landlords have been advised to keep the tenants informed three months in advance to the contract expiry date, in case of any increase in rents.

Tenants, while vacating, are advised to leave the property in the same condition, as found earlier, apart from damaged items through normal use. Earlier tenants had to carry out minor maintenance works before returning the keys to landlords.

Also residential landlords are advised against demanding a tenant to vacate a property unless five years have elapsed from date of signing the contract, as earlier this was fixed for three years. For industrial and commercial properties, this period has been raised from three to ten years.

Any disputes or disagreements pertaining to these matters will be assessed by the Rent Dispute Settlement Committee

Labels: Property Law, Rentals, Umm Al Quwain

Damac Properties, the Dubai based real estate developer, has unveiled its first project 'Al Jawharah' in Jeddah.

Situated at Jeddah Corniche, near the Red Sea, the project Al Jawharah, is a residential tower of forty storeys comprising of landscaped surroundings, guest lodge, reception area, double height lobby, penthouses and other apartments and multilevel car parking facilities. All rooms comprise aluminium double-gazed windows, skirting for dining and living rooms, premium marble floors, maid’s room and utility room. Spread across two floors is a wide array of other facilities such as separate swimming pools for men and women, jogging track around the podium, health club and a wonderful sauna.

The Damac Chairman, Hussain Sajwani, has mentioned that Damac aims to be the most admired among luxury property services market in the world, by the year 2012. He added, "Saudi Arabia will be an integral component of our expansion strategy and also part of the global vision".

Peter Riddoch, Damac CEO, stated "This is just the beginning, our ambitious plan for Saudi Arabia includes a number of real estate ventures that we plan to unveil within the near future. Saudi Arabia is an important market for us."

Apart from Saudi Arabia, Damac is currently following up projects in Qatar, Jordan, Egypt, and Lebanon, and plans to consider projects in India, Pakistan, Tunisia, Morocco, Turkey and Oman.

Labels: Damac Properties

Dubai skyline is expected to have atleast six "super-towers" with more than hundred habitable floors, which is much more than any other city in the world.

The six super towers include the Burj Al Alam (expected to have 108 floors), Burj Dubai (continuing beyond 126 floors), Pantominium (120 storeys), Al Burj (180 to 200 floors), the Princess Tower (107 floors) and Marina 101 (with 101 floors).

These towers are in various stages of construction and Burj Dubai, expected to be the tallest tower in the world, is continuing progress adding a floor a week, and three others are in early stages of construction. The work of Al Burj, is likely to begin only on completion of the Burj Dubai tower.

On the whole, Dubai will continue to shine as the only city to have six super towers, which will boost the image of Dubai as one among the world's mega-cities, not only in terms of height, but also in design quality, aesthetics and beauty.

Dancing Towers, Dubai Towers and Burj Al Arab, is likely to be remembered for their towering heights and is likely to be well-known among tourists for their aesthetic appeal.

Dubai is considered to have the maximum number of skyscrapers and towers under construction, in terms of development, taking into consideration hundreds in Shaikh Zayed Road, and more than 1850 at the Dubai World Central Airport City.

By 2015, Dubai will rise to the position of being the only city to have "six super-towers" to its credit, making it the only city to possess so many towers of more than hundred storey on completion.

Labels: Al Burj, Burj Al Alam, Burj Dubai, New Developments, Real Estate News

The Dh.1.6 billion Al Kaheel project at Dubailand, has begun, as per statements.

This makes way for the construction of 400 villas at the Eco Zone in Dubailand, meant to be a part of the Al Kaheel Residences.

A representative said "Of these 400 homes, we have 250 of them as luxury independent villas nestled amounts the valleys of their individual community areas. An additional 150 are uniquely grouped together to create our Hilltop Residences offering a new style of living within this homeland of the horse."

Though UAE has thousands of horses, Al Kaheel is expected to be the first commercial Equine Spa and Therapy Center that has been dedicated for the mental and physical well being of the performing sport horses.

The first tourist destination experience of Al Kaheel is also expected to be on-line soon. The road leading to Al Kaheel Equine Desert Safari is also under construction. This safari is likely to be the foremost among Dubailand attractions that are available to both tourists and residents.

Also the "Jewel", Fantasia Theatre and Equine Edutainment Park, is expected to be opened by 2009 and are likely to further boost the tourism industry of Dubai. Spectacular shows and performances will be available all through the day, and 365 days a year for tourists and residents alike.

Labels: Al Kaheel, Dubailand, Luxury Homes, Villa Projects

The Sheth Group from India plans to develop Dh.2billion worth four projects in Dubai.

Iris Bay, worth Dh.600 million was already launched on Tuesday. This half-moon shaped tower, which is likely to come up at the Business Bay in Dubai, has been designed by Atkins, the British architect.

This happens to be the second project of the company at Dubai, the first being the 35 storeyed residential tower, Iris Blue, situated at Dubai Marina.

The CEO and Managing Director of the group, Ashwin Sheth, said "The project is in piling and shoring stage and we have received bids from nine contractors for the main construction package. We will be able to award a contract to the main construction package in a month’s time."

The Iris General Manager, Vimal Agarwal, mentioned that Iris Bay aims at the blue-chip corporate community, who is of the opinion that the office environment boosts up the business of the company considerably.

The twenty-one year old Sheth Group, based at Mumbai, is a real estate development, having constructed a few of the largest high-rise, townships and complexes at UAE for the past two years.

According to officials, the achievements of Sheth, ranges from 10,000 built units, with fifty projects already completed.

Seth mentioned that the UAE has four projects for developments, with two at Dubai, the others at the Cultural Village.

Labels: Business Bay, Real Estate Projects

Taking a look at the Sheikh Zayed Road in Dubai, one can find a number of skyscrapers and huge crowds. This increase in the number of high-rise buildings is because they save space, providing the residents with strong views of their surroundings. They also reveal the effort and talent of an architect, allowing cities to construct impressive skylines.

Dubai is well known for its skyscrapers, such as Burj Dubai and Burj Al Arab. However, not all are in favour of the high-rises. It has more or less distinguished itself with the skyscrapers. The Emirates Towers represent the symbol of this city, rather than the charming wind towers.

For a few, the lifestyle in a high-rise could seem very crowded or very isolated. Also certain medical conditions could prevent some from going in for the high-rise living. Also, a few others love to live with their own independent garden free from the regular city hassles. Such people need something different.

Now there is a realization that Dubai needs other kind of property developments too. Off late, Dubai has begun concentrating on low-rise developments. The suburb of Midriff is a typical example. Even Downtown Burj Dubai, though dominated by its flagship tower, has various low-rise properties. Ultimately, the extent to which it caters the needs of the citizen, is what really matters, rather than the accomplishments of the city in terms of its skyline.

Skyscrapers, sure, is a symbol of high life, both for the residents of the city, and the city by itself. However, recently Dubai has begun laying emphasis on properties that are more human-scale, demonstrating that not all value this kind of life style.

By looking on the other side for once, Dubai again proves its greatness.

Labels: Dubai Real Estate, Latest News

The project for construction of zero-carbon and zero-waste in the capital has been supported by a leading environmentalist in the country. They city is likely to generate energy by recycling its waste, and will not produce carbon dioxide, which is one of the gases considered responsible for global warming.

The Chairperson of the Emirates Environmental Group, Habiba Al Marashi, said "It is an excellent idea and could encourage similar schemes in the future." This was mentioned in response to the announcement by Masdar, the renewable energy organization, about their plans to construct the first carbon and waste neutral city in the world, likely to be launched by end of 2009.

She added that the carbon reduction initiative is very environment-friendly, which creates more revenue for companies, while also improving their image.

Al Marashi says, "The concepts of carbon neutrality, carbon trading, and the whole initiative to address the global warming phenomenon need to become trends rather than being applied only to one-off projects."

She added that the intention of Masdar in making the city a business hub and academic center for laboratories, researchers and light manufacturers will help in spreading the zero-carbon message across the country.

Al Marashi said "I would want companies to achieve and sustain these goals in the near future and would like to see more of these projects in the mainstream."

The new city is likely to house about 1500 companies and will own the Masdar Institute of Science and Technology, a science and research facility established in joint-venture with Massachusetts Institute of Technology. The power is likely to be suppied by the solar farms and wind, with an ultimate goal of making the city self-sustaining.

The office rents at Abu Dhabi has almost doubled during the last five months, says a recent report. Abu Dhabi, New Delhi and Sofia had witnessed the fastest growing office rents in the world during the past year, says data from CB Richard Ellis, a consulting firm.

The company reported London and Tokyo to be the most expensive office locations in the world. In London, the West End has an average rent rate of $241 (Dh.885) per Sq.Ft. for prime office accommodation.

New Delhi, too, made its entry into the top ten, replacing Mumbai, due to continued boom in information technology operations and in data-center. However, the fastest growing office rents were reported to be in Abu Dhabi, with rents more than doubling during the said period.

Sofia in Bulgaria was the third fastest growing rent market, with 63 percent increase in rents.

The world’s highest average apartment rents for expatriates were reported in Hong Kong, which was well ahead of New York, Tokyo and even London. On the whole, half of the top most expensive cities for rental apartments for expatriate workers were contributed by Asia, while Nairobi was the cheapest.

The survey was carried out by International human resources consultancy ECA among real estate agents, foreign workers and relocation companies, taking into consideration three bedroom unfurnished apartments as a base, which were commonly rented by expatriates.

Such an apartment in a popular area for expatriates at Hong Kong would cost $8600 (Dh.31,575) per month, followed by Tokyo which would approximately fetch $7360 (Dh.227,025) per month. After this, comes New York with $7250 (Dh.26,615) a month.

Huge increase of rental rates over the past decade was noticed in Dubai and Doha, with 100 and 130 percent respectively.

Labels: Abu Dhabi, Office Space, Rentals

A major real estate developer in the region, Al Manal development, launched the Dh.400million La Vista Residence at the Dubai Silicon Oasis (DSO) yesterday, offering a hundred percent finance option.

On approval, the investors will be able to make use of the financing option from the Emirates Islamic Bank and the financial branch of Mashreq Bank, Badr Al Islami, wherein hundred percent financing will be provided without any down payments and mortgage payments, once the investors move into their apartments.

La Vista comprises seven residential buildings, each comprising eight storey, and a total of 832 residential units. This includes a studio, single and double bedroom apartments, all of which is located in the prime area of DSO.

The construction will commence during September, and is expected to be complete by end of 2008. The prices of La Vista apartments ranges from Dh.530,000 for a single bedroom apartment to Dh.675,000 for a double bedroom.

The Deputy Chief Executive of DSO, Shahla Ahmad Abdul Razak said "The project falls in line with DSO's aim to provide an integrated community, where DSO is saving no effort to provide a high standard of living to people who work within the technology park. Schools, academies, universities, mosques, hospitals, shopping centres, and health and leisure facilities have been designed to be included in the city."

Based on the current market rents, an investor at La Vista Residence is expected to bring about a return of more than ten percent to the investor.

Labels: Dubai Silicon Oasis, New Developments, Real Estate Projects

A South Korean Company has won the Dh.20 billion contract of constructing malls, homes and harbour facilities along the Creek in Deira.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and Vice President of UAE and Ruler of Dubai, made this announcement while on a visit to the country. Sheikh Mohammed will hold discussions with the President and Prime Minister of Korea today.

According to Deira Investment Company and the developer Sungwon Corporation, the Deira contract, is a sign of strong ties between the two nations. This giant tourism and real estate project is likely to be completed in three phases.

Sungwon, laying emphasis on the UAE real estate, has already agreed to invest Dh.4.4bn in the Middle East real estate sector. The company is investing Dh.1.1billion for developing a mixed-used project in Dubai’s Culture Village, covering 11,000 sq.mts., featuring commercial, residential and retail units.

DSI (Drake and Skull International), the leading player in the electro-mechanical engineering field in the region, has won the contract worth Dh.178 million for carrying out the entire electrical, mechanical and plumbing works for the Park Rotana, a mixed use development being built at Khalifa Park in Abu Dhabi. DSI has been allocated to provide the mechanical, electrical and plumbing works over an area of 180,000 Sq.Mts., which also includes rental apartments.

The project, which is being developed by Al Mada Tourism Investment Company LLC, is basically a joint venture promoted by Rotana Hotels, Resorts and Suites and the ADTA (Abu Dhabi Tourism Authority).

The complex comprises of 300 hotel apartments, 250 hotel rooms, residential apartments and office space, and the hotel will consist of conference rooms, restaurants and fitness and entertainment facilities.

Drake & Skull International's Area Manager, Ahmad Al Naser, mentioned that being the premier MEP contractor of the region, DSI is all set to harness the industrial expertise of their skilled personnel coupled with the cutting edge technology, to offer the best in quality and comfort to the buyers in the development.

Labels: Abu Dhabi, New Hotels

Dubai Silicon Oasis (DSO) has launched a Dh.1.55billion project to build 1,042 villas. According to a statement released yesterday, the construction work has already begun at the hi-tech hub of the region, and is scheduled for completion towards early 2010.

The Dubai Silicon Oasis Authority CEO and Vice-Chairman, Dr.Mohammed Al Zarouni said "We believe that providing high-quality standards in a safe and comfortable environment is a fundamental requirement for our partners at DSO. Therefore, we made sure that projects under development assure the highest international standards in term of duality, facilities and services."

The project, located within the DSO on emirates road, will be a gated community development with shopping complex, house, play areas and swimming. The Villas will comprise of executive, luxury, twin and town sq.ft. respectively. The project will be designed in Arabic, modern and traditional.

DSO already functions as a free zone technology park for micro-electronic and other high-tech companies who are on the look out for setting up their regional headquarters in the Middle East and Africa.

Recently, the Silicon Oasis authority entered into an agreement with Avava to facilitate an IP telephony network for its new office.

Labels: Dubai Silicon Oasis, Villa Projects

Labels: Nakheel, Palm Islands

Dubai Civil Engineering Company (DCE) has been awarded a multibillion contract by Dubai Industrial City (a member of Tatweer), for building the first and second phases of its warehouses with 6million Sq.Ft. of storage space.

The size of each warehouse would vary from 5000 to 10,000 Sq.Ft. depending on the client requirement.

The CEO of Dubai Industrial City, Rashed Al Ansari mentioned that about 400 warehouses would be constructed during the first phase, and about 404 warehouses during the second phase, in addition to providing sufficient retail space next to the warehouses.

He said "We will build cold storage facilities for food and beverage items, as well as areas to store chemicals, base metals and transport equipment and parts to complement the various industrial zones operating across the city".

Dubai Industrial City, located close to Jebel Ali Port and the Jebel Ali Airport, is easily accessible to prominent highways such as the Dubai Ring Road, Emirates Road, Sheikh Zayed Road.

This development provides a location with six industrial clusters for chemicals, transport parts and equipment, base metals, beverage, mineral products and mechanical and machinery equipments.

Labels: Dubai Industrial City, Real Estate Projects, Warehouse