Dubai Real Estate News
UAE Property Market Trends and Reviews

A leading Dubai-based property developer, Memon Investments, a part the Memon Group of Companies, an international business conglomerate, recently conducted a ground breaking ceremony to commemorate the beginning of the construction work on the Champions Tower III, worth Dh.145 million, at the Dubai Sports City (DSC).



Among the Champions Towers Series, the tower is the third and largest development, with Champions Tower I, worth AED 75million, and Champions Tower II, worth Dh.85 million.

The event comes after the Shoring and Excavation contract has been handed over to Stromek Emirates Foundation (SEF), by Memon Investments to officially commence the first phase of construction.

The SEF is a subsidiary of M'SHARIE and is a wholly owned subsidiary of Dubai Investments, and is specialized as a piling contractor. A deadline of four months has been announced by SEF to complete the scope of work for Tower III.

The names of main contractor and sub-contractor will be announced after the completion of the first phase of tower.

"Memon Investments has realized another goal in the Champions Tower series, and we are proud of our progress, although we recognize the role played by our partners in helping us achieve our goes while turning our dreams to reality. Just like the other two towers in Champions series, Tower III is also all set to become a benchmark concept in construction and design, and we are glad to work with partners of such high reputation as SEF," said Rizwan Shaikhani, Jt. Managing Director, Memon Investments.

Champions Tower III, launched in June this year, is a sixteen storey freehold residential tower, with a total built-up area of 250,000 square feet, with a choice ranging from 132 studios, 108 single bedroom, 16 double bedroom apartments, apart from 5-star hotel, which features a spacious fine marble lobby, basement parking, 3 high-speed elevators, concierge and valet services, covered parking on the ground floor, 24-hours manned security and a system for in-house maintenance, to ensure the security and comfort of occupants.

The tower is scheduled for completion by early 2009.

Labels: Dubai Real Estate, Dubai Sports City, Investment Property, Residential

Labels: Business Bay, Business Tower, Construction Projects, Freehold Property, Omniyat, Real Estate Company

Dubai World Central (DWC) recently entered into an MOU with Dubai Land Department (DLD) for providing land estimation, acquisition and sales, and legal and electronic services to DWC staff, developers and investors in the 140 sq km city in Jebel Ali.

The main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.

The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.

The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.

At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.

"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.

DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.

Labels: Dubai City, Freezones, Jebel-Ali, New Developments, Real Estate News, Real Estate Projects

Jumeirah Islands, a unique residential development by Nakheel, is based on the concept of island living in the heart of a busy city. It features 50 manmade islands, which are surrounded by water. Every island comprises 16 spacious luxury villas with a private pool and large variety of specifications and designs.



Each villa meets the highest in quality, and is characterized by European, Contemporary, Arabian and Mediterranean architecture. The villas are designed in three different ways namely the Master View, Enterntainment Foyer and the Garden Hall. Being surrounded by water, the islands truly depict the feel of an island lifestyle, with cascading waterfalls and the currents that keep the surrounding water flowing. The landscaped gardens include walkway and paths bridges to create an idyllic feeling of home.

When it comes to villas, each villa offers the best with regard to communications, entertainment and security. This, coupled with unique exterior design and fabulous garden space, makes the houses seem permanent homes. The Jumeirah Islands community offers a carefree luxurious lifestyle, with additional recreational facilities, apart from private pool alone, such as the health club, spa, tennis courts, community pool and gymnasium.

For any basic amenities such as the shops and ATM machines, one can always visit the Jumeirah Island Village, which is home to a wide range of shops and boutiques, themed restaurants, an amphitheatre, waterways, lagoons, and fountains that characterize the Jumeirah Islands project.



Jumeirah Island implies a community environment with the most beautiful settings around, and a home that is in no way short of total luxury.

Labels: Community, Jumeirah-Islands, Luxury Homes, Nakheel, Villa Projects

A recent research report from EFG-Hermes, the Regional Investment Bank, states that the residential property market in Dubai continues to mature, but with the supply surpassing demand during the next one year, a drop in property prices cannot be expected until 2009.



The report points out that the delivery of completed projects this year has touch only 11,000 units, out of the 57,000 units that were being expected to come on stream. This shows that the market is witnessing a far slower pace of events, and indicates that demand continues to exceed supply. This difference in demand-supply has resulted in revised forecasts of housing unit supply for the next couple of years, with an estimated 25,000 units for 2007, 64,000 for 2008 and 68,000 for 2009.

However, the demand for property is continually on the rise, with increase in population. Assuming that the population in Dubai would touch 1.9million mark by 2010, with the current 1.4million population currently, the demand for housing would go up to 45,000 to 50,000 new units each year.

The Research Analyst at EFG-Hermes, Sana Kapadia says "Supply in residential property market will continue to be restrained this year. We expect the year 2009 to be the peak year for supply, which means that, the market may not see a decline in prices before this happens."

Kapadia went on to add that, a 10-15% rise in average prices is expected this year, while a rise of 5% to 10% is expected in 2008. Due to most supplies hitting the market in 2008, the prices will begin to drop in 2009, witnessing an approximate decline of 15% to 20% by 2011.

However, the exact difference in prices which EFG-Hermes forecasts for the year 2009, would depend on the pace at which new units come into the market and the extend of demand at that time.

As for rental prices, EFG-Hermes predicts that the rate of rental growth during the first eight months of this year, is likely to continue until early next year.

Labels: Dubai Real Estate, Market Trends, Property Prices, Residential

Standard Chartered, the leading international bank in UAE has announced their entry into an Escrow Account Agreement with Dubai Land Department (DLD).

Through this agreement, Standard Chartered will be formally authorized as an approved bank for opening and managing Escrow accounts of property developers registered with DLD.

This makes Standard Chartered as one among the other few banks in UAE to provide both Islamic Banking Escrow Accounts and Conventional Accounts, thereby giving a wider choice for potential property investors.

The signing ceremony at the DLD office, involved the participation of Sultan Butti bin Mirjin, the Director General of DLD, Nigel Jones, the CEO of Standard Chartered-UAE, and Sultan al Suwaidi, Chief Advisor of Standard Chartered-UAE.

Mirjin said "The Dubai Land Department has adopted a practical approach for development of existing legislation in the real estate sector of the emirate to ensure the safety of investors and to boost their confidence levels in this sector."

The agreement is inline with the new Law Number 8 of 2007, which was issued by Shaikh Mohammad bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai, and helps in safeguarding any party who goes on to sell a unit from a property development plan, before the actual completion of the project or during the construction phase. Such payments should be placed in an authorized Escrow agent accounts until the completion and delivery of the development.

Jones mentioned that recently Standard Chartered launched the first dedicated mortgage center in UAE in the Emaar Business Park, which revealed its commitment towards the property sector in UAE. This agreement further emphasizes the involvement of the Bank with the property sector, while highlighting the support that the Bank extends to the initiatives backed by government in UAE.

Labels: Dubai Real Estate, Mortgages, Property Law, Real Estate News

Dubai Contracting, a construction company, is said to have been awarded with a construction contract to build the Phase One of the Mall of Arabia, the major retail component of the $2billion City of Arabia project in Dubailand.

The project on completion will be the biggest shopping malls in the world, with 4.2million Square Feet of retail space in its Phase One with 1200 retail outlets.

The project is likely to be built within the next 21 months, with 10,000 or more workers. The Vice Chairman and Managing Director of City of Arabia, developer Elyas and Mustafa Galadari Group, said that the company has worked hard on choosing the right people for the job and Dubai Contracting has the reputation of being a company capable of delivering the projects on schedule, apart from having the right skill mix and equipment resources.

On completion, the mall will be readily accessible to the Restless Planet Dinosaur Theme Park and will be linked to the rest of the complex through a mix of hotels, restaurants and shops, commercial and residential units through small electrically powered boats.

A total of 85 percent of the total leasable area of the mall is committed to retailers.

Labels: Commercial Property, Construction Projects, Dubailand, Mall-of-Arabia, Office Space, Shopping Mall

The Meadows is a flagship community project, that is based on the concept of bringing tree lined streets, and serene surroundings to the emirate. Developed by Emaar, 'The Meadows' is an integral part of the successful Emirates Living Community. 'The Meadows' comprises villas that are finished to highest specifications and standards, and feature the finest amenities for the residents to enjoy.



'The Meadows' places before buyers a choice of three, four, five, six and seven bedroom villas that are distinctive and spacious in size. All homes at the Meadows, come with large gardens and balconies, so that the residents could truly appreciate the beauty of surroundings.

Parks, water features, swimming pools, play areas, gyms are other amenities at 'The Meadows' apart from the usual supermarkets, restaurants, cafes and shops all scattered within the development. The Emirates Living Community brings different villas, lifestyle of various Emaar developments into one giant community, which includes community centers, schools, and other recreational facilities.



With the five star hotels, beach and the Emirates Golf Club being easily accessible to residents, they have the wonderful opportunity of enjoying all they need in one roof. The Meadows would be the right choice, for people looking for spacious surroundings, with best quality home finishing without having to spend the earth.

Labels: Community, Golf property, Luxury Homes, Residential, The-Meadows, Villa Projects

The Green Community is a self-contained residential community covering 67 hectares and featuring variety of apartment and villas that suits all tastes and takes the residents away from the noise of the city, although not too far away from the city vicinity. Positioned adjacent to the Dubai Investment Park, and in close proximity to the Jebel Ali Free Zone, Green Community is easily accessible to major business centers, and is a direct route to the Dubai City.

The Green community supports living in a green environment. The apartments and villas are positioned against the backdrop of the landscaped gardens, paved streets and lake, which gives the feel of a quite neighbourhood for the residents, away from noise and pollution of city life.

The choice of properties in the Green Community includes the Lake Apartment, Green Commuity Villas, Lakeside and Green Community West, and Terrace Apartments. The facilities offered to the residents are excellent, with the Courtyard Marriot Hotel offering various international cuisines, a plaza, a recreation center, a shopping center with a supermarket, a plaza, cafes and restaurant, and all that one would expect out of a community living.

Labels: Apartments, Community, Residential, Villa Projects

Diamond Investments has announced handing over of Marina Diamond IV, the fourth among the group of six buildings in the Dubai Marina. Diamond Investments, are a new class of property developers in Dubai, and a sister concern of Diamond Developers.

Located in the most luxurious neighbourhoods in Dubai Marina, the Marina Diamond IV comprises 200 units, which includes single and double bedroom apartments with various facilities such as the swimming pool, exclusive children's pool and fully equipped gymnasium.

The CEO of Diamond Investments, Fares Saeed, said "Quality, luxurious environment and reasonable prices have been the major factors behind the Diamond's success. We are committed to develop properties in the most innovative manner, and offer tailor-made commercial and residential space to our customers, for their luxury and comfort."

The units were designed as planned by Diamond Investment, for developing a property that is high in quality and affordable in price. Saeed revealed the company's intention to deliver Marina Diamond V and VI during later part of the year, as the demand would only increase after the handing over of the Marina Diamond IV. This brings the total residential units in Dubai to 1300.

Saeed is of the opinion that this increase would supplement the housing equation and will ultimately lead to better stability and maturity in the Dubai property market.

Diamond Investments is also offering a unique customer service program to its tenants. A committed member of the staff will accompany the buyer during the inspection phase and will address any concern that the new owner may seem to have. Also a staff member will conduct a follow-up during the inspection phase to rectify issues, if any, and will stay vigilant to the customer, once they have moved in.

Labels: Apartments, Dubai Marina, Dubai Real Estate, Residential

Each villa includes modern technology for entertainment, communications, internet options and spacious rooms and kitchens that meet the highest specifications. The interiors are superb, and continue with fully landscaped gardens, terraces and courtyard.

Labels: Golf property, Luxury Homes, Villa Projects

Eye On Realty Brokers has announced the launch of a dedicated Property Management Department, designated to open accounts for clients and investors, who wish to obtain short-to-long term returns on their property portfolio in UAE.

The Sales and Marketing Director of the firm, Kayhan Khalil, said "The division will have dedicated staff who will work towards obtaining the best possible returns on properties, which the clients are likely to have entrusted Eye On Realty to exclusively manage. We will analyze the possible options, explain them a number of different routes from short-term to long-term options, quoting guaranteed returns, based on which the clients could arrive at their decision."

The Business Development and Marketing Communications Manager, Babak Golriz, mentioned that establishing such a department has been a long-time dream of the company, and being an attractive proposition, it is sure to draw a large number of clients, as the department already has numerous contracts in hand, despite not being made public yet.

Eye on Realty already has a large portfolio of units that are being managed by the company currently, despite being in the initiation stage. 'Eye On Realty' is also planning to enter into a tie-up with a major player in the holiday-home provider during the next couple of weeks, as it would help extend the scope of services and provide potential investors and clients.

A formal announcement regarding the operations of Eye On Realty, and details of the agreement with the un-named company is expected anytime soon.

Labels: Property-Management, Real Estate Company, UAE

Cinnovation Group and the HDS Group have together launched the HDS Sunstar Towers in the Dubai International City.

The Director of Cinnovation Group, Varun Chaudhary, and the Managing Director of HDS Group, Ali Dar, together has recently performed the ground-breaking ceremony for construction of its first tower on plot number 22 in the Central Business District.

The project is unique, in the sense, that it offers buyers the opportunity to see the projects that they plan to purchase. The sale of units will begin during mid 2008, when the project is almost complete. Even options for finance will be announced by that time.

The HDS Sunstar I and HDS Sunstar II are all ready to be completed towards end of 2008.

Chaudhary says "You would never buy a car without seeing what it looks like. Hence while investing in a property, being able to see what you are paying for, makes all the difference. HDS Sunstar Towers is a project that sells purely on a concept and we will show potential buyers the properties they will be investing in."

The location and positioning of the Sunstar Towers will decide the exclusivity and prestige of a world-class development, said Dar.

The two G+10-storey residential towers, worth more than Dh.200 million, comprises single, and double bedroom units offering spacious living space. Both HDS and Cinnovation have over the years, established themselves as major players in the dubai property sector.

Labels: International City, Investment Property, New Developments, Residential, Sales

Damac Holding, the private property developer of Damac Properties, plans to develop substantial portfolio of overseas master developments, revealed the Chairman of Damac Holding, Hussain Sajwani.

Sajwani mentioned that the company already holds a major land bank in Saudi and Egypt, and has been planning to launch major mixed-use development.

The company has already launched 79 individual towers worth $18billion, which covers Lebanon, Jordan, Qatar, UAE, and Saudi Arabia. The only master development of the company till date is the Gamsha Bay project, worth $35 to $40 in Egypt.

Sajwani revealed that the company is currently on discussion with a number of governments in overseas countries regarding building master developments. Different markets have different constraints and opportunities. For instance, Qatar Government wants their own companies to act as master developer, limiting the opportunities for companies such as Damac, and hence the company is planning for only single projects there. On the other hand, certain other countries such as Egypt, has large land bank, and hence Gamsha Bay project has been the outcome there, mentioned Sajwani.

Damac is currently eyeing untapped markets such as India, Turkey, Pakistan, and North Africa. Sajwani told that these markets will be closely looked into during 2008, although this would require crossing major hurdles such as identifying suitable land plots and overseas bureaucracy.

Sajwani was of the opinion that although India has a major potential, the task of being able to secure a big piece of land in a good location for a big development could be time consuming.

As far as the domestic market is concerned, Dubai still plays a leading role and represents a major chunk of sales for Damac, agrees Sajwani. Currently Damac is in the process of launching new projects in the domestic markets and has already launched 16 projects during the past seven months, and is now planning to deliver two towers in the Jumeirah Lakes Towers master development towards the initial phase of next year.

Labels: Damac Properties, International, Real Estate Company, Real Estate News

The leading real estate developer in Dubai, Emaar Properties, has announced that their shopping mall subsidiary, Emaar Malls Group LLC, will soon unveil the Souk Al Bahar, the new shopping, dining and entertainment destination in the Downtown Burj Dubai.

Scheduled to be unveiled in December this year, the uniquely positioned in The Old Town Island, facing the Burj Dubai Lake, the Souk Al Bahar, will turn out to be a lively waterside hotspot for visitors and residents of Dubai, comprising more that 130 stores, a waterfront promenade, and the best of 25 cafes and restaurants.

The Chief Executive Office of Emaar Malls Group, Rashid Doleh, said "Souk Al Bahar will surely be a vibrant entertainment and shopping concept for the city, and a perfect style component that meets the requirement of all sections of the society. Located in the heart of Dubai City, the Souk Al Bahar provides one with the joy of living in the most dynamic cities in the world."

Souk Al Bahar is the most ideal complement that matches the most ambitious developments in the world such as the Burj Dubai and the Dubai Mall. A direct footbridge, which connects the Dubai Mall with the Souk Al Bahar, will see visitors having a convenient access to the best dining, shopping and recreational avenues in Dubai.

Covering an area of 164,700 square feet, the Souk Al Bahar has an electric retail mix which depicts the Arabian heritage through a genuine mix of perfumes, furnishings, jewelry, fashion and carpet deals.

Labels: Commercial Property, Emmar, New Developments, Shopping Mall

Shaikh Sultan bin Mohammed Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council has passed the new rental by-law for the emirate, which states that the landlord cannot increase the rent until three years after signing the lease agreement, and every two years thereafter. The bylaws were issued to help the rent dispute committee jurisdiction to handle complicated procedures in a simple manner.

Numerous factors such as the quality of the property, the location, the number of storeys, the finishing of the building and the disputed property, the age of the building, the level of service, the space of property and the like, needs to be taken into consideration while deciding a rent hike.

Subletting the property is not allowed, except with the written approval by the property owner. In such cases, the tenant can transfer the lease to the new tenant with the landlord's approval, after which, a new contract should be signed and attested between the owner and the new tenant. According to the bylaws, it is the responsibility of the tenant to ensure the safety of the property and prevent damages, while the landlord is responsible maintenance of the property.

The Landlord cannot evict a tenant before three years after the signing of a contract, unless there is a violation from the tenants end, such as a failure to pay the rent within 15 days after the elapse of due date (in case of residential property) and within 30 days after due date (in case of commercial property).

However, the landlord can evict the tenant in case the property is required for any of his adult children to live in, if they have no other alternative, or in case the building needs extensive maintenance or needs to be demolished. But, landlords should never try to compel a tenant to vacate the premises, by adopting silly measures such as disconnecting the air-conditioning or water or power supply or on the pretext of cleaning and maintenance.

Labels: Latest News, Property Law, Rentals, Sharjah

Nakheel has announced its plans to create 200,000 residential units in Dubai over the next decade with the belief that the property market in Dubai would continue to grow.

Nakheel's Director-Investment projects, Lee, says "The market would require 200,000 to 400,000 residential units during the next ten years and Nakheel could supply half of these. As the demand has exceeded supply, which in turn has led to surge in house, rent and construction costs, more units are required to balance the acceleration."



Rents have risen sharply in Dubai during the recent years, adding to the inflation. Although plenty of new properties have come into the market, according to Lee, the market is far from getting saturated. Denying the concerns raised about saturation, Lee pointed out that consultants had pointed out about saturation hitting Dubai market, a couple of years ago, but it has not yet happened as there is a huge growth in Dubai.

The population in Dubai has grown by 26 percent (excluding the tourists) as per the statistics revealed by the Dubai Statistics Department.

Nakheel Sales and Marketing Director, Manal Shaheen, mentioned that the company aims to develop homes for two million people by the year 2020.

Labels: Latest News, Market Trends, Nakheel, Real Estate News, Residential