Investors prefer buying properties than renting them
Thursday, July 31, 2008
An increasing tendency has been noticed among UAE residents to purchase properties rather than opt for rentals, as mounting rental prices are compelling them to seek an alternative housing accommodation, reveals Chris Dommet, the CEO of John Charcoal, Dubai, a leading independent mortgage advisor firm.
Dommett explains that a steady increase has been noticed in rental prices of UAE during the last few years, and purchasing a property seems to be an attractive option to expats who are seeking to build equity from the considerable financial investments that they are making back at their home countries.
Gone are the days when expatriates allowed their hard earned income to vanish in the form of rent. Now the Dubai's expat community is more aware about the local mortgage market and home lending services too, have become more accessible.
It has been considered that the most important financial advantage of purchasing a home is building equity. The option of going ahead for a fixed monthly payment on a long term is also considered a major incentive, with the rents in Dubai increasing year after year.
The large volume and variety of mortgage options in the market, and the low interest rates, have been appealing to a large number of expats, who are eager to tap the booming real estate industry in the region and also are looking forward to buy a property of their own.
Taking the price of the property, and its approximate return in consideration, majority of investors are finding the purchase option more economical, when compared to the rents they are paying.
But, despite the advantages, there are still several expatriates who are still willing to pay exorbitant rent rates, either due to lack of proper understanding of local real estate market, or due to slight hesitation in getting themselves involved in the property buying process of the supposedly daunting UAE market.
Social BookmarkingDommett explains that a steady increase has been noticed in rental prices of UAE during the last few years, and purchasing a property seems to be an attractive option to expats who are seeking to build equity from the considerable financial investments that they are making back at their home countries.
Gone are the days when expatriates allowed their hard earned income to vanish in the form of rent. Now the Dubai's expat community is more aware about the local mortgage market and home lending services too, have become more accessible.
It has been considered that the most important financial advantage of purchasing a home is building equity. The option of going ahead for a fixed monthly payment on a long term is also considered a major incentive, with the rents in Dubai increasing year after year.
The large volume and variety of mortgage options in the market, and the low interest rates, have been appealing to a large number of expats, who are eager to tap the booming real estate industry in the region and also are looking forward to buy a property of their own.
Taking the price of the property, and its approximate return in consideration, majority of investors are finding the purchase option more economical, when compared to the rents they are paying.
But, despite the advantages, there are still several expatriates who are still willing to pay exorbitant rent rates, either due to lack of proper understanding of local real estate market, or due to slight hesitation in getting themselves involved in the property buying process of the supposedly daunting UAE market.
Labels: Latest News, Market Trends, Property Prices, UAE
Pearl Dubai's Baccarat Residences to be a prestigious address for Middle East
Pearl Dubai, a group of investors managed by the Al Fahim Group, launched the Dh.2.5billion Baccarat Hotel and Residences Project in Dubai recently. The project is due for completion at the Dubai Pearl development by 2011.
The Baccarat Hotel and Residences at Dubai Pearl, developed in partnership with the US-based Starwood Capital Group, will reflect the original Baccarat handicraft works, holding a family dating back to 244 years, in high-quality fashion-inspired crystal pieces. The interiors of Baccarat Hotel and Residences will bring to the development its unique interpretation of modern Parisian chic and contemporary elegance. The development also features Baccarat style boutique, with top tier global brands that add to the luxury component of the development.
According to Al Fahim, the Chairman of Pearl Dubai, Baccarat has been renowned for its elegant luxury products that offer unmatched beauty and flawless brilliance. Therefore, the Baccarat Hotel and Residences will display a new destination not only in Dubai, but in Middle East too.
Located in a wonderful 73 storey, the four tower project, will spread across an area covering 800,000 square feet of space, and comprise 340 rooms. The Dh.1bn Baccarat Residences will include elegantly designed apartments, sky palaces with expansive private swimming pools and gardens, sky penthouses, luxury branded apartments and condominiums, crystal chandeliers, roof gardens, towers and boutique offices, renowned hotel brands, gourmet restaurants, premier shopping mall, cinemas, and sweeping staircases, which renders a unique definition to the developments, making them the most prestigious address in the whole of Middle East.
Dubai Pearl is a US4bn world class mixed use development by Pearl Dubai. Located adjacent to the Palm Jumeirah, in the heart of Dubai Technology and Media Free Zone, the modern business cluster is operated by TECOM and houses the global IT and media companies.
Labels: Luxury Homes
Deyaar signs deal for development & management of One Za'abeel
Tuesday, July 29, 2008
Deyaar Development Company has entered into an agreement with the Investment Corporation of Dubai (ICD), the investment arm of Government of Dubai, to begin the development and management of One Zabeel, an iconic 36 storey mixed-use development, located at the World Trade Center roundabout in Dubai.
According to the terms of the agreement, ICD will continue to own the project, but it will be developed and managed by Deyaar.
Launched in June 2008, with an aim to fulfill ICD's vision to identify and develop unique opportunities, One Za'abeel, will enhance the position of Dubai, as an international city of excellence.
Comprising three individual towers - residential, commercial and hotel towers, they are interlinked at the top, and have a common ground at the base. A highway will run through the development, which is the first on its kind for the region.
Construction is likely to begin shortly with completion being scheduled for 2011.
Located in close proximity to the two Metro stations, One Zaabeel comprises a residential tower with 450 apartments, a 370rooms five-star hotel tower, and a commercial tower spreading across 500,000 Square Feet of space.
This agreement further strengthens the position of Deyaar as development manager of high-profile projects in the UAE.
The Managing Director of Deyaar, Saeed Al Qatami, emphasizing on the strong growth of the company said that ever-since the company was launched, the property management division of Deyaar, has evolved from an institutional property manager focusing on management of Deyaar properties to a large property manager with multi-clients in the public domain. The division has been extremely successful in managing big portfolio of properties, and has helped investors in the process of maximizing their returns on assets.
The Director Investments, ICD, Khalifa Al Daboos, said that due to its prime positioning at the end of old business district and at the beginning of Sheikh Zayed Road, the business growth corridor, One Za'abeel is likely to represent the rich trading roots of Dubai, and its rapid rise as a modern international financial and business hub.
Social BookmarkingAccording to the terms of the agreement, ICD will continue to own the project, but it will be developed and managed by Deyaar.
Launched in June 2008, with an aim to fulfill ICD's vision to identify and develop unique opportunities, One Za'abeel, will enhance the position of Dubai, as an international city of excellence.
Comprising three individual towers - residential, commercial and hotel towers, they are interlinked at the top, and have a common ground at the base. A highway will run through the development, which is the first on its kind for the region.
Construction is likely to begin shortly with completion being scheduled for 2011.
Located in close proximity to the two Metro stations, One Zaabeel comprises a residential tower with 450 apartments, a 370rooms five-star hotel tower, and a commercial tower spreading across 500,000 Square Feet of space.
This agreement further strengthens the position of Deyaar as development manager of high-profile projects in the UAE.
The Managing Director of Deyaar, Saeed Al Qatami, emphasizing on the strong growth of the company said that ever-since the company was launched, the property management division of Deyaar, has evolved from an institutional property manager focusing on management of Deyaar properties to a large property manager with multi-clients in the public domain. The division has been extremely successful in managing big portfolio of properties, and has helped investors in the process of maximizing their returns on assets.
The Director Investments, ICD, Khalifa Al Daboos, said that due to its prime positioning at the end of old business district and at the beginning of Sheikh Zayed Road, the business growth corridor, One Za'abeel is likely to represent the rich trading roots of Dubai, and its rapid rise as a modern international financial and business hub.
Labels: Construction Projects, Deyaar, Sheikh-Zayed-Road
Work commences on Universal Studios Dubailand
Dubailand, a member of Tatweer, and Laurent Jean Jean, Vice President of Universal Studios, held the ground breaking ceremony for the 7 million square feet Universal Studios Dubailand.
The occasion marked the presence of all future inhabitants of the three among the five lands, to come up in the Universal Studios Theme park.
The Vice President of Universal Studios, Laurent Jean Jean, expressed his happiness over the ground breaking of Universal Studios Dubailand, the premier theme park in Middle East.
On completion of the project in December 2010, it will offer guests from around the globe, entertainment, which would be 'one-of-a-kind'. There will be music, shopping, dining, movies, and more outside the theme park gates. The magnificently themed on-site hotels or comfortable residential communities would be located just few steps away from luxuriously appointed rooms in Universal Studios Dubailand.
Universal Studios, a pioneer in inspiring entertainment for over a century now, is creating a new tourism destination in Dubai, by combining the creativity of Hollywood, with all time great stories. By the year 2010, families can enjoy an unforgettable holiday, a variety of exciting entertainment, a spectacular theme park, and world-class hospitality, all in a convenient location in Dubai, the holiday destination of the future that is taking shape today.
The occasion marked the presence of all future inhabitants of the three among the five lands, to come up in the Universal Studios Theme park.
The Vice President of Universal Studios, Laurent Jean Jean, expressed his happiness over the ground breaking of Universal Studios Dubailand, the premier theme park in Middle East.
On completion of the project in December 2010, it will offer guests from around the globe, entertainment, which would be 'one-of-a-kind'. There will be music, shopping, dining, movies, and more outside the theme park gates. The magnificently themed on-site hotels or comfortable residential communities would be located just few steps away from luxuriously appointed rooms in Universal Studios Dubailand.
Universal Studios, a pioneer in inspiring entertainment for over a century now, is creating a new tourism destination in Dubai, by combining the creativity of Hollywood, with all time great stories. By the year 2010, families can enjoy an unforgettable holiday, a variety of exciting entertainment, a spectacular theme park, and world-class hospitality, all in a convenient location in Dubai, the holiday destination of the future that is taking shape today.
Labels: Construction Projects, Dubailand, Theme-Parks
Al Fara'a Properties announces launch of Dh.1bn Burj Al Fara'a
Sunday, July 27, 2008
Al Fara'a Properties, the flagship subsidiary of Al Fara'a Construction, Industrial and Property Group has announced the launch of Burj Al Fara'a, worth Dh.1billion, the state-of-the-art commercial tower located at the heart of Jumeirah Village.
The launch of this project is aimed at meeting the strong demand for commercial space in Dubai. It is expected that about 86million square feet of built space will be covered for office space by the year 2010.
The state-of-the-art 38 storey commercial tower will see its ground breaking by December 2008, and is likely to be complete by December 2011. Burj Al Fara'a, will be a highly impressive business location that caters to both local and multinational businesses, seeking to establish their strong presence at commercial business district Jumeirah Village, which is nearing 60 percent completion.
The Director of Al Fara'a Properties, Natasha Gangaramani, said that priority would be given for timely completion of the project, which will be constructed to match the highest industry standards.
Studies indicate that Dubai ranks second to Moscow in terms of commercial floor space, with limited stock of quality office space in Dubai. The insufficient supply and comparatively cheaper rates compared to other property destinations such as London continue to be a major factor behind the growth of Dubai as a premier business hub.
Burj Al Fara'a construction will progress as per rigid timetable set up by the company for timely completion of the project. Al Fara'a Properties also plans to undertake several other project launches as a part of their expansion plan for 2008, intended to bolster the company's portfolio and establish position as the top developer in the UAE.
Labels: Business Tower, Commercial Property, Jumeriah Village, Office Space
Baani launches iDubai, maiden project at Maritime City
Saturday, July 26, 2008
Baani, the Indian developer, together with Gowealthy.com, launched their first project in the UAE, iDubai, worth Dh.1.5bn in Dubai Maritime City.
Located at the Harbour Residences, the iDubai of Dubai Maritime City comprises two 50 storey towers - the Sky Tower and iTower, offering retail space spreading across 10,000 square feet, and commercial space of 40,000 square feet.
The Bhatia President, Virendra Bhatia, said that the iDubai resembles the Flatiron building in New York City, due to its sleek, slim shape.
The seven storey atrium and five storey podium parking in each tower offer sea views from all apartments. Comprising seven single and double bedroom apartments in each floor, the iTower has it single bedroom units spreading across 1050 Sq.Ft. to 1425 Sq. Ft. of space, while its double bedroom units spread across 1720 Sq. Ft. to 1990 Sq. Ft. of space.
The Sky Tower includes three bedroom sky villas with each villa measuring 3820 Sq. ft. on each floor. Each villa houses an infinity pool in the top floor.
The Phase two of iDubai includes garden villas ranging from 3200 sq. ft. to 4100 sq. ft. apart from eight townhouses.
Located at the heart of Dubai Maritime City, iDubai is a true example of modern waterfront living. Apart from the retail outlets and terraced gardens, other amenities for residents include tennis court, fitness center, swimming pools, spa, library, business center, and guest suite. All units include the latest in IT communications technology, apart from 10 storey parking area, and 24 hour security and maintenance.
Labels: Apartments, Luxury Homes, Villa Projects
Dubai rents likely to stabilize after record growth phase
Although the slowdown in residential rates continues in Dubai, there is light at the end of the gloomy rental tunnel, reports Gulf News.
Dubai, with its large population, has witnessed the negative effects of rental increases that stretch beyond the wallets of common man. Hence, such news comes as solace for Dubai population.
However, there will be no considerable residential rental increase compared to that during the past three months. On an annual basis, the average residential rates in Dubai, increased by 22 percent, says Asteco's quarterly report.
The Research Manager at Cluttons UAE, Mathew Green, says that although the current rental growth is lower than what was seen two years ago, the figures continue to remain strong and unmanageable for the majority.
He revealed that, however, no significant declines in growth rates are likely during the next few years, with supply failing to meet the high demand. The rental growth for apartments is being overshadowed by villa market with acute shortage fuelling huge increases.
According to Asteco, the increase in rents of villas is the direct result of continuous undersupply, marking a 20 percent increase compared to the previous quarter.
"The continued undersupply of townhouses and villas, compared to growing demand from UAE nationals and well-earning expatriates have led to huge leap in villa rents," said Asteco report.
However, the supply of mega-projects such as the Dubai Waterfront, Dubailand and the Jumeirah Golf Estates will help in soothing the undersupply during next two years.
Better Homes, agrees that the residential rates are unlikely to drop and in contrast, it is likely to increase during the first and second quarters of 2008. However, there is stability, due to rent caps imposed for tenants residing in existing properties. However when considering leasable properties in these areas, rents are still on the rise, due to undersupply of rentable properties.
According to analysts, the rates will begin to stabilize when more developments are delivered. It has been noted that Sheikh Zayed Road in Dubai is one of the most popular locations, recording highest annual rental growth of 51 percent. This is followed by Bur Dubai with an annual rent increase of 42 percent. With the availability of rentable accommodations coming only from new apartments, landlords are taking advantage and demanding high rents from desperate home-seekers, it is said.
Social BookmarkingDubai, with its large population, has witnessed the negative effects of rental increases that stretch beyond the wallets of common man. Hence, such news comes as solace for Dubai population.
However, there will be no considerable residential rental increase compared to that during the past three months. On an annual basis, the average residential rates in Dubai, increased by 22 percent, says Asteco's quarterly report.
The Research Manager at Cluttons UAE, Mathew Green, says that although the current rental growth is lower than what was seen two years ago, the figures continue to remain strong and unmanageable for the majority.
He revealed that, however, no significant declines in growth rates are likely during the next few years, with supply failing to meet the high demand. The rental growth for apartments is being overshadowed by villa market with acute shortage fuelling huge increases.
According to Asteco, the increase in rents of villas is the direct result of continuous undersupply, marking a 20 percent increase compared to the previous quarter.
"The continued undersupply of townhouses and villas, compared to growing demand from UAE nationals and well-earning expatriates have led to huge leap in villa rents," said Asteco report.
However, the supply of mega-projects such as the Dubai Waterfront, Dubailand and the Jumeirah Golf Estates will help in soothing the undersupply during next two years.
Better Homes, agrees that the residential rates are unlikely to drop and in contrast, it is likely to increase during the first and second quarters of 2008. However, there is stability, due to rent caps imposed for tenants residing in existing properties. However when considering leasable properties in these areas, rents are still on the rise, due to undersupply of rentable properties.
According to analysts, the rates will begin to stabilize when more developments are delivered. It has been noted that Sheikh Zayed Road in Dubai is one of the most popular locations, recording highest annual rental growth of 51 percent. This is followed by Bur Dubai with an annual rent increase of 42 percent. With the availability of rentable accommodations coming only from new apartments, landlords are taking advantage and demanding high rents from desperate home-seekers, it is said.
Labels: Market Trends, Rentals
ACW unveils Platinum Two -freehold residential project at Dubailand
Friday, July 25, 2008
ACW Holdings, the leading developer, yesterday launched their latest development worth Dh.200mn at Dubailand, promising to offer investors with annual returns of 45 percent.
The freehold residential and serviced apartments project, 'Platinum Two', located in Arjan in Dubailand, spreads across a built-up area of 164,598 square feet of landspace. It comprises a total of 254 apartments, 220 studios, and 34 single bedroom apartments and 19 retail shops.
About 45 percent of these are investment based on tourist arrivals, which is anticipated to be 15mn annually by 2010. Reports state that growth of tourism in the Middle East is likely to grow on an average of 7.1 percent until 2020, with the rest of the world lagging behind on an average of 4.1 percent annually. Tourism accounts for 18 percent of direct GDP in Dubai, out of the Dh.198bn growth in 2007.
The Platinum Two development, although a purely freehold project, the units are rented on daily, weekly and monthly basis, and the income is collected. After removal of the costs, investors can get back 60 percent of the net income.
According to Ian Pask, the General Manager, ACW Holdings, the development is definitely not a timeshare. The apartments are never let out, while investors receive and income. The company has sold about 1000 units of this kind already, in other developments of the company, and only six of these have been returned.
ACW Holdings owns a portfolio worth Dh.5bn in the UAE, including the Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. This is further likely to expand to Dh.20bn within three years.
ACW Holdings has also launched Dh.1.3bn project on Marjan Island in Ras Al Khaimah and two other projects in Ajman. The Company also plans to launch 1400-unit hotel resort development in Ajman during October.
The freehold residential and serviced apartments project, 'Platinum Two', located in Arjan in Dubailand, spreads across a built-up area of 164,598 square feet of landspace. It comprises a total of 254 apartments, 220 studios, and 34 single bedroom apartments and 19 retail shops.
About 45 percent of these are investment based on tourist arrivals, which is anticipated to be 15mn annually by 2010. Reports state that growth of tourism in the Middle East is likely to grow on an average of 7.1 percent until 2020, with the rest of the world lagging behind on an average of 4.1 percent annually. Tourism accounts for 18 percent of direct GDP in Dubai, out of the Dh.198bn growth in 2007.
The Platinum Two development, although a purely freehold project, the units are rented on daily, weekly and monthly basis, and the income is collected. After removal of the costs, investors can get back 60 percent of the net income.
According to Ian Pask, the General Manager, ACW Holdings, the development is definitely not a timeshare. The apartments are never let out, while investors receive and income. The company has sold about 1000 units of this kind already, in other developments of the company, and only six of these have been returned.
ACW Holdings owns a portfolio worth Dh.5bn in the UAE, including the Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. This is further likely to expand to Dh.20bn within three years.
ACW Holdings has also launched Dh.1.3bn project on Marjan Island in Ras Al Khaimah and two other projects in Ajman. The Company also plans to launch 1400-unit hotel resort development in Ajman during October.
Labels: Apartments, Dubailand, Freehold Property
Tourism growth bring prosperity to Dubai property sector
Thursday, July 24, 2008
Real estate in Dubai continues to bring in prosperity to property sector recording double-digit annual revenues, the report said.
The property boom in Dubai is being driven by factors such as high population growth rates, increasing demand from expatriates, and strong regional liquidity.
Dubai is fast emerging as a real estate, financial and tourism hub, as well as an oasis of stability in a troubled region, reveals report. Taking into account the supply-demand imbalance and prices in real estate sector, it looks like the Dubai property sector will remain elevated during the next couple of years, and thereafter, the bulk of properties that are currently under construction will near completion.
The property sector continues to remain attractively priced, offering good return on investments. However, with the ambitious growth strategy of the emirate, there is a risk associated with continued heavy supply that could weigh on technical, the report states.
The government is also eager to double annual passenger movement from 8million to 15million by the year 2015. With the corporate being closely monitored by the sovereign, they operate as commercial entities and are not subjected to interference in their operations, says the report.
As for the potential risks, the report states that although realty sector slowdown has been long expected, it is yet to happen. But, once the new supply hits the market during next couple of years, a slowdown is likely within the sector, and the focus would then be shifted to other developing stories in the region.
The rapid pace of development is placing increased strain on the price and availability of construction materials and supply of labour, all of which could lead to considerable growth barrier.
Social BookmarkingThe property boom in Dubai is being driven by factors such as high population growth rates, increasing demand from expatriates, and strong regional liquidity.
According to a report by Lehman Brothers on "Dubai Inc: Credit Overview and Relative Valuation", tourism accounts for 30 percent of Dubai's GDP, with no sign of slow down being seen in near future in the tourism-oriented realty developments and increased airline services.
Dubai is fast emerging as a real estate, financial and tourism hub, as well as an oasis of stability in a troubled region, reveals report. Taking into account the supply-demand imbalance and prices in real estate sector, it looks like the Dubai property sector will remain elevated during the next couple of years, and thereafter, the bulk of properties that are currently under construction will near completion.
The property sector continues to remain attractively priced, offering good return on investments. However, with the ambitious growth strategy of the emirate, there is a risk associated with continued heavy supply that could weigh on technical, the report states.
The government is also eager to double annual passenger movement from 8million to 15million by the year 2015. With the corporate being closely monitored by the sovereign, they operate as commercial entities and are not subjected to interference in their operations, says the report.
As for the potential risks, the report states that although realty sector slowdown has been long expected, it is yet to happen. But, once the new supply hits the market during next couple of years, a slowdown is likely within the sector, and the focus would then be shifted to other developing stories in the region.
The rapid pace of development is placing increased strain on the price and availability of construction materials and supply of labour, all of which could lead to considerable growth barrier.
Labels: Dubai Real Estate, Latest News, Market Trends
Al Nujoom Islands of Sharjah enters Phase II
Al Hanoo Holding, leading property developer in Gulf has announced its venture into Phase II of the 'Al Nujoom Islands' projects in Sharjah, UAE. The Phase II includes infrastructure, apart from Phase I of construction works.
The Chairman of Al Hanoo Holdings, Sheikh Abdullah Al-Shakrah, said that the cost of Al Nujoom Islands infrastructure is estimated to be Dh.1.2bn, which includes roads and pavements, bridge construction, installation of power lines and water services. The area considered fit for construction is only 40%, while the rest 60% of the remaining project area is water and vegetation.
Al Hanoo Holdings recently organized two workshops with Emcor Services and Halcrow International for carrying out the latest developments on its project.
The project includes 13 sections, with the first three comprising main coastal ground forms, while the rest ten are islands separated by canals that are carefully designed to be the highest in relation to water circulation in canals, the movement of which depends on tidal ebb and flow movements and utilization of pre-designed schemes that doesn't cause harm to surrounding environment.
The 10 islands will be interlinked by bridges and will comprise 40 high-rise towers for commercial and residential purposes, apart from four hotels, 145 apartment buildings, two resorts, 1400 water-front and park-side villas, large commercial center including a hypermarket, five marine clubs, two entertainment centers, nine smaller commercial centers and six centers for light industries. The island will also house several schools, mosques, banks, coffee shops, stores, restaurants and a population of 40,000 residents.
The Nujoom Islands, also known as 'Stars Islands' are the largest residential, commercial and tourism development project in the Sharjah city. Covering a distance of 60mn square feet on coastal land, along shores of the Arabian Gulf, in the village of Hamriya, it is easily accessible from the Ettihad Road, and the Emirates Road.
The project will be built in three phases over a five year period, by the Saudi-based property company, Al Hanoo Holding, which is also the company behind Sharjah's Emirates Industrial City.
The project will be complete by 2010.
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The Chairman of Al Hanoo Holdings, Sheikh Abdullah Al-Shakrah, said that the cost of Al Nujoom Islands infrastructure is estimated to be Dh.1.2bn, which includes roads and pavements, bridge construction, installation of power lines and water services. The area considered fit for construction is only 40%, while the rest 60% of the remaining project area is water and vegetation.
Al Hanoo Holdings recently organized two workshops with Emcor Services and Halcrow International for carrying out the latest developments on its project.
The project includes 13 sections, with the first three comprising main coastal ground forms, while the rest ten are islands separated by canals that are carefully designed to be the highest in relation to water circulation in canals, the movement of which depends on tidal ebb and flow movements and utilization of pre-designed schemes that doesn't cause harm to surrounding environment.
The 10 islands will be interlinked by bridges and will comprise 40 high-rise towers for commercial and residential purposes, apart from four hotels, 145 apartment buildings, two resorts, 1400 water-front and park-side villas, large commercial center including a hypermarket, five marine clubs, two entertainment centers, nine smaller commercial centers and six centers for light industries. The island will also house several schools, mosques, banks, coffee shops, stores, restaurants and a population of 40,000 residents.
The Nujoom Islands, also known as 'Stars Islands' are the largest residential, commercial and tourism development project in the Sharjah city. Covering a distance of 60mn square feet on coastal land, along shores of the Arabian Gulf, in the village of Hamriya, it is easily accessible from the Ettihad Road, and the Emirates Road.
The project will be built in three phases over a five year period, by the Saudi-based property company, Al Hanoo Holding, which is also the company behind Sharjah's Emirates Industrial City.
The project will be complete by 2010.
Labels: Construction Projects, Sharjah
Ras Al Khaimah plans to offer long-term residence visas to investors
Tuesday, July 22, 2008
The government in Ras Al Khaimah plans to offer long term residence visas (more than three-year residency permits) to property buyers, revealed a top government official.
The Ras Al Khaimah Government is making an effort to facilitate long term residence visas to property buyers, announced Dr. Khater Massasad, the Chief Executive of RAKIA (Ras Al Khaimah Investment Authority).
Dr. Khater said that he hopes that this will happen in future, and boost foreign investments in property sector.
At present, UAE grants a three-year renewable employment and residence visas to expat workers and professionals in private sectors, sponsored by their employers and spouses, while the public sector employees are granted a five-year visa.
The discussions are on regarding issuance of long-term residence and business visas that are likely to help expatriate investors and businessmen in boosting investor confidence. This initiative, if successful, will boost investments further. Currently property investors are granted three-year renewable residency permits, facilitated through offshore companies and developers.
There is no federal law that guarantees residence visas to property owners, and it is being facilitated through companies. The companies sponsor the residence visas of investors. This enables investors to get their visas, while also being able to live in these properties.
Social BookmarkingThe Ras Al Khaimah Government is making an effort to facilitate long term residence visas to property buyers, announced Dr. Khater Massasad, the Chief Executive of RAKIA (Ras Al Khaimah Investment Authority).
Dr. Khater said that he hopes that this will happen in future, and boost foreign investments in property sector.
At present, UAE grants a three-year renewable employment and residence visas to expat workers and professionals in private sectors, sponsored by their employers and spouses, while the public sector employees are granted a five-year visa.
The discussions are on regarding issuance of long-term residence and business visas that are likely to help expatriate investors and businessmen in boosting investor confidence. This initiative, if successful, will boost investments further. Currently property investors are granted three-year renewable residency permits, facilitated through offshore companies and developers.
There is no federal law that guarantees residence visas to property owners, and it is being facilitated through companies. The companies sponsor the residence visas of investors. This enables investors to get their visas, while also being able to live in these properties.
Labels: Latest News, Property Law, Ras Al Khaima
Stallion Properties launches Santorini development at RAK
Inline with its plans to raise the total portfolio of its projects to Dh.4.5bn in UAE, Stallion Properties launched Dh.1.2bn worth Greek-style development on Marjan Island in Ras Al Khaimah.
The Santorini development will include 560 units, spreading across an area of 463,000 Square Feet. The units will include Zeus villas, Aphrodite townhouses, Artemis luxury condos and Apollo condos, water bungalows, and five-star hotel.
Inspired by the iconic Greek archipelago, Santorini development offers residents the enjoyment of majestic romance of Greek island, together with the luxuries of Arabia.
Each property in the Santorini development comes with its own unique features. The Zues villas offer wonderful panoramic sea views with Jacuzzi on terrace and your own private infinity pool. The Aphrodite townhomes offer the luxury of serene views of a private lake, while the Apollo condos include duplexes and penthouses with Gymnasiums, pools, and podium parking. The Artemix luxury condos go further in offering private clubhouse, vas Jacuzzi, lap pool and children's wading pool.
The construction will commence in October this year, and will be complete in 2011. Stallion Properties has also entered into tie-up with Aspire Real Estate to help with sales and marketing of Santorini project.
The units at Santorini are sold in packages of seven, as the investors intend to make money from resales, with the cheapest package being available for around Dh.10mn.
The Marjan Island is a Dh.6.6bn project and is also one of the major developments in progress in Ras Al Khaimah. The mega-project is a mini archipelago, and includes five man-made islands spread across 2.7mn square meters. The Island is so designed that it stretches over two kilometers into the Gulf.
Stallion Properties also plans to launch two towers in Palm Jebel Ali at a cost of Dh.3bn, thereby increasing the portfolio of the company to around Dh.4.5bn.
Labels: Luxury Homes, Ras Al Khaima, Townhouses
Warsan Villas to contribute a profit of Dh2.2bn to Emaar
Monday, July 21, 2008
Emaar could make a profit of Dh.2.2bn, once its new master development Warsan Villas is complete within three years time, revealed an industry analyst.A contract worth Dh.599mn has been signed between Arabtec and Emaar to design, and develop 550 townhouses in the 3.4mn Square Foot development, located on Al Awir road. This implies cost of construction of each villa in Warson is a little more than Dh.1.08mn.
Emaar has not yet revealed the prices of the villas, although Warsan Estate has been rolled out on sale at a price of Dh.4.7mn for a townhouse. But, the local real estate websites indicate that Warsan three bedroom villas are priced at Dh.4.9mn to Dh.6.28mn.
This implies that Emaar is collecting minimum of Dh.4mn per villa on an average. Hence for the entire Warsan development, comprising 550 villas, Emaar is likely to gain a profit of Dh.2.2bn.
The construction of Warsan project will last for 30 months, with the villas being delivered phase by phase all through the construction period. Emaar now has four mega projects in Dubai, including the Dubai Marina, Arabian Ranches, Emirates Living and now, the Warsan.
Warsan Estate, spreading across 3.4mn Square Feet of space, is a residential community of villas. Warsan Estate would include 500 family homes on completion. The Warsan Estate features the usual high quality finish that all Emaar properties offer, being an excellent mix of amenities for residents. The spacious three bedroom townhomes range in size from 2463 Sq.Ft. to 2864 Sq. Ft. located amidst elegant landscapes.
The Warsan Estate townhomes feature slanted terracotta roofs, elegant arches, balconies, marble and granite countertops, ceramic flooring, bathroom, kitchen cabinetry, and grand bedrooms with ensuite bathrooms, and built-in wardrobes. The lifestyle amenities that are standard to Emaar, are also found in Warsan Estate, which includes a community plaza, full-fledged retail center, mosque and nursery school, Playcourts, swimming pool and shaded walkways.
With such huge demand for the Dubai properties, particularly villas, Warsan is likely to better fill in the shortage of family homes in the market. Located in close proximity to Global Village, Mushrif Park, and Dubai International Airport among others, Warsan is also easily accessible and connected to the Abu Dhabi, Sharjah, and rest of Dubai through Al Khail Road and Emirates Road.
Labels: Emaar, Residential, Villa Projects
Residential property prices in Dubai may slow down in 2010
According to realty industry analysts, the residential property prices in Dubai are likely to continue its upward trend till 2010, until the demand-supply imbalance gets stabilized.
The Managing Director of Al Mal Capital Research, Robert McKinnon, said that the prices are likely to moderate by next year, although not substantially. With continued delays that plague the industry, one cannot expect a supply-demand balance until 2010.
Flurries of predictions have been witnessed during recent days regarding the supply-demand situation in Dubai, particularly with the major bulk of real estate units set to hit the property market.
As per the real estate price index in Dubai, an appreciation of 40.8 percent is seen in the residential sector each year. The prices in commercial property sector have risen by 42.7 percent during the same period.
Social BookmarkingThe Managing Director of Al Mal Capital Research, Robert McKinnon, said that the prices are likely to moderate by next year, although not substantially. With continued delays that plague the industry, one cannot expect a supply-demand balance until 2010.
Flurries of predictions have been witnessed during recent days regarding the supply-demand situation in Dubai, particularly with the major bulk of real estate units set to hit the property market.
As per the real estate price index in Dubai, an appreciation of 40.8 percent is seen in the residential sector each year. The prices in commercial property sector have risen by 42.7 percent during the same period.
Labels: Dubai Real Estate, Property Prices
Major projects announced in Awali City of Ajman
Awali Real Estate Investment has announced the launch of four towers worth Dh.1.2bn within Dh.20bn Awali City in Ajman.
The first among these is the Mashrabia Residence, a 25-storey twin tower residential project with a total of 800 apartments. The residence will spread across 14,965 square feet of space on each floor. It will include amenities such as the health club, swimming pool, retail space and parking amenities. The prices begin with Dh.575 per square foot, and an additional Dh.3 per floor.
The Chevron commercial towers will include 25-storey towers each, spreading across 15000 square feet of office space on each floor. It will house 304 offices in each tower, with amenities such as health club, gymnasium, and retail space. The prices begin at Dh.650 per square foot with additional Dh.3 being charged per floor.
The projects are due for completion by 2011.
The Dh.65mn worth design and engineering contract for 15 residential and commercial towers in Awali City has been handed over to Adnan Saffarini Engineering Consultants. The towers include 11 towers of 32 storey each, which makes the northern and southern gates of the city, and four 50-storey buildings, which form the entrance to Awali City from Emirates Road.
According to Mohammed Al Nemer, the Chief Marketing Officer, Awali Real Estate, Awali City is the first among a series of projects to be launched in Awali this year. The demand for real estate has grown considerably in Ajman, during the last couple of years, which has encourage developers to launch several mega projects in the emirate to fill-up the supply-demand gap.
Moreover, the Ajman government has developed a sound infrastructure system and reformed its laws to ensure complete transparency and accessibility of the real estate market, he added.
Awali City is a Dh.20bn development in Ajman along the Emirates Road, and is developed on 33million square feet of land. It will include 136 plots of land meant for residential and commercial use. It will include a range of towers, varying from 17 to 50 storeys, and will accommodate 120,000 people.
Social BookmarkingThe first among these is the Mashrabia Residence, a 25-storey twin tower residential project with a total of 800 apartments. The residence will spread across 14,965 square feet of space on each floor. It will include amenities such as the health club, swimming pool, retail space and parking amenities. The prices begin with Dh.575 per square foot, and an additional Dh.3 per floor.
The Chevron commercial towers will include 25-storey towers each, spreading across 15000 square feet of office space on each floor. It will house 304 offices in each tower, with amenities such as health club, gymnasium, and retail space. The prices begin at Dh.650 per square foot with additional Dh.3 being charged per floor.
The projects are due for completion by 2011.
The Dh.65mn worth design and engineering contract for 15 residential and commercial towers in Awali City has been handed over to Adnan Saffarini Engineering Consultants. The towers include 11 towers of 32 storey each, which makes the northern and southern gates of the city, and four 50-storey buildings, which form the entrance to Awali City from Emirates Road.
According to Mohammed Al Nemer, the Chief Marketing Officer, Awali Real Estate, Awali City is the first among a series of projects to be launched in Awali this year. The demand for real estate has grown considerably in Ajman, during the last couple of years, which has encourage developers to launch several mega projects in the emirate to fill-up the supply-demand gap.
Moreover, the Ajman government has developed a sound infrastructure system and reformed its laws to ensure complete transparency and accessibility of the real estate market, he added.
Awali City is a Dh.20bn development in Ajman along the Emirates Road, and is developed on 33million square feet of land. It will include 136 plots of land meant for residential and commercial use. It will include a range of towers, varying from 17 to 50 storeys, and will accommodate 120,000 people.
Labels: Ajman, Awali-city, Real Estate Projects
Bloom Properties launches Bloom Gardens in Abu Dhabi
Sunday, July 20, 2008
Bloom Properties, the joint real estate development arm of Emirates International Investment Company (EIIC) and the National Holding is launching a luxury residential development Bloom Gardens, located on the prestigious Eastern Mangrove Corniche Road.
The development comprises 640 luxurious detached and semi-detached villas, apartments and townhouses along the seafront. Construction of the landmark project will commence in January 2009.
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The development comprises 640 luxurious detached and semi-detached villas, apartments and townhouses along the seafront. Construction of the landmark project will commence in January 2009.
Being an exclusive gated residential development, Bloom Gardens is just a short distance away from Mangroves. The gardens combine detached villas of four, five, six and seven bedrooms, apart from three and four bedrooms, townhouses, all in a lush landscaped environment, designed by renowned international architects.
Among the other amenities are the concierge services, guard-controlled access for pedestrians and vehicles, restaurants, serviced laundry, clubhouses, coffee shops, safe play areas, tennis and basketball courts, parking space within units, recreational building in the neighborhood, pool house, barbeque and picnic area, apart from retail outlets and convenience stores for everyday use and designer boutiques.
According to Hani Shammah, the CEO of Bloom properties, the Bloom Gardens will be ready by the first-half of 2011.
The Bloom brand takes a fresh approach to property, particularly community-oriented development, bringing about a new generation in property development, setting it apart from other developers in the capital.
Apart from Bloom Gardens, the company is currently developing large scale mixed-use, master-planned communities across the MENA region. The Bloom communities will include unique features with strong operators in hospitality, education, leisure and healthcare facilities, depending on the location.
Labels: Abu Dhabi, Community, Luxury Homes, Residential
DEC, Robodh Contracting in Dh4.5bn property development joint venture
Dheeraj East Coast (DEC) and Robodh Contracting have entered into a joint venture for development of a property portfolio worth Dh.4.5bn. This portfolio is likely to grow with new projects arriving at the market.
According to the MoU, Robodh Contracting LLC would remain the main contractors for the existing and future projects of DEC. Robodh would be responsible for construction of all projects in DEC, including co-ordinating with various subcontractors.
The Managing Director of DEC, Dheera Wadhwan, said that finding the appropriate main contractor is a vital decision in real estate development. Their joint venture with Robodh, apart from standardizing, also helps adhere to highest quality benchmarks, also helps in timely delivery of the projects. Also, through a long term relationship, the joint-venture is likely to reduce cost of construction, permitting better control over subcontractors.
The CEO of Robodh Contracting, P.H. Menon, said that the joint venture helps reflect the trust that developers have placed in the company, through its core competence of competitive and timely delivery with highest quality standards.
Deeraj East Coast has a total of 20 upcoming projects in Dubai, with a wide array of developments such as commercial and residential projects featuring global culture, mixed-use lifestyle, and combinations of modern and old world charm and business, projecting various stages of development.
Social BookmarkingAccording to the MoU, Robodh Contracting LLC would remain the main contractors for the existing and future projects of DEC. Robodh would be responsible for construction of all projects in DEC, including co-ordinating with various subcontractors.
The Managing Director of DEC, Dheera Wadhwan, said that finding the appropriate main contractor is a vital decision in real estate development. Their joint venture with Robodh, apart from standardizing, also helps adhere to highest quality benchmarks, also helps in timely delivery of the projects. Also, through a long term relationship, the joint-venture is likely to reduce cost of construction, permitting better control over subcontractors.
The CEO of Robodh Contracting, P.H. Menon, said that the joint venture helps reflect the trust that developers have placed in the company, through its core competence of competitive and timely delivery with highest quality standards.
Deeraj East Coast has a total of 20 upcoming projects in Dubai, with a wide array of developments such as commercial and residential projects featuring global culture, mixed-use lifestyle, and combinations of modern and old world charm and business, projecting various stages of development.
Labels: Real Estate Company, Real Estate News
Abu Dhabi housing rates higher than in Dubai for first time ever
Friday, July 18, 2008
The housing and rental rates in Abu Dhabi has surpassed Dubai for the first time, says recent industry reports.
According to latest figures released by HSBC, the average rent per square meter in Abu Dhabi was $272 per square meter during the end of 2007, and is $430 per square meter during second quarter of 2008, marking a growth of 58 percent.
During this period, the average rent in Dubai was $343 per square meter during the last quarter of 2007, and $420 per square meter during the second quarter of 2008, marking a 22 percent growth.
Even for purchasing a house, Abu Dhabi witnessed 61 percent growth in house prices,
According to latest figures released by HSBC, the average rent per square meter in Abu Dhabi was $272 per square meter during the end of 2007, and is $430 per square meter during second quarter of 2008, marking a growth of 58 percent.
During this period, the average rent in Dubai was $343 per square meter during the last quarter of 2007, and $420 per square meter during the second quarter of 2008, marking a 22 percent growth.
Even for purchasing a house, Abu Dhabi witnessed 61 percent growth in house prices,