Dubai Real Estate News
UAE Property Market Trends and Reviews

Labels: Ajman, Investment Property

Al Osaimi Investments and Real Estate, a Kuwaiti developer, on Sunday, launched Dh.1.5bn flagship development, 'The Dusit Emirates Saray' at the Palm Jumeirah, Dubai.

The development, which spreads across one million square feet of land, along 11.5kms of the crescent of Palm Jumeirah, comprises three projects on the whole: 'The Dusit Devarana' - a seven-star Indian themed hotel with 116 rooms spreading across 26,000 square feet of space, 'The Dusit Thani' - a five-star Moroccan-themed resort with 292 rooms spread across 34,000 square feet of space, and 'The Residence' - 178 Arabian-themed freehold units spreading across 57,000 square feet of space. The development will also have a 51,000 square feet size basement.



'The Dusit Thani' apart from the 292 guest rooms, will comprise suites, restaurants and a business center, will have three pools around the Palm Lagoon, will comprise 10 freestanding chalets and business center.


The high-light of the development will be the Arabian-themed 178 freehold units of 'The Residence', comprising two-storey townhouses, three-bedroom penthouses and apartments, a spacious terrace, pool, garden and parking for each unit, with maximum exclusivity for residential investors. The development will also include four freestanding restaurants and water sports facility.

The project will be complete towards the first quarter of 2010. The sale of the project, which began yesterday, will move to Saudi Arabia, Kuwait and other GCC countries after three days.

Labels: Freehold Property, Investment Property, Palm Jumeirah, Residential

Al Mazaya Holding has announced its plans to develop 600 villas worth Dh.1bn, in Dubailand.

The developer, last week, displayed the model picture of the villas to the investors. Dubai Properties are the master-planners of The Villa. The project, which was handed over to Al Mazaya after completion of infrastructure works by the main developer, was awaiting bid from contractors for constructional works. Now the contracts have already been awarded, and the work has commenced.

Al Mazaya plans to complete The Villa within 18 months, while providing a marketing tool for the project owners. Three models have been designed by the company, specifying the finishing and furniture. These models can be utilized by owners to facilitate their choice of specifications, after looking at available options.

The interiors and layout work has been awarded to Spanish Interior Designer, Perla Lichi, to build luxurious home interiors and layout for necessary specifications of the project.

Labels: Dubailand, Investment Property, Luxury Homes, Villa Projects

Shaped like a Palm Tree, The Palm Jumeirah, consists of a trunk, a crown with 17 fronds, and a surrounding crescent island which forms a 11-kilometer-long breakwater. The island covers 5kilometers by 5 kilometers in area, and is larger than 800 football pitches. The mainland and the crown are linked by a 300-meter long bridge, and the top of the palm is connected to the crescent by a subsea tunnel.

By the next three years time, with the development of tourism phases, The Palm Jumeirah is touted as the premier resorts in the world. The Palm Island is the self-declared "Eight Wonder of the World". The island is expected to double the Dubai coastline. Currently, with the completion of most apartments and villas, the first residents have already moved in, and have begun experiencing the lifestyle of living in an island.

The Palm Jumeirah is expected to feature the best themed boutique hotels, beaches, restaurants, marinas, cafes and various retail outlets. More than 30 beachfront hotels will be opened towards the end of 2009, few of which include Atlantis, The Trump International Hotel and Tower, The Taj Exotica Hotel & Resort, The Palm, Tiara Residence, Grandeur Residences, The Fairmont Palm Residence, Tiara Residence, Oceana Residence, The Fairmont Palm Hotel and Resort, The Dubai Estates Hotel and Park, Hotel Missori, Dubai, Kempinski Emerald Palace, Kempinski Emarald Palace Residences.

Jumeirah Freehold property is already available to move in, which also includes Signature villas, Garden villas, Shoreline Apartments, Oceana apartments, Marina Apartments, Canal Cove townhomes and Golden Mile Apartments.

Apart from featuring unique designs that are finished to suit individual specifications, the Signature Villas, offer numerous other amenities including private swimming pool, a private beach, and access to all other facilities of the Palm residences.

Labels: Investment Property, Palm Jumeirah, Residential, Villa Projects

Al Hamra Real Estate development LLC has launched the Phase 3 project of the prestigious Al Hamra Village in Ras Al Khaimah, at a total investment cost of AED 7 billion.

The sale of the mixed use, residential and commercial property is now also open to investors. The project is expected to be completed in 2010.




Also available for sale, is the luxurious hotel apartments at the magnificent 7 Star Palace Hotel. There are only a limited number of hotel apartments as part of this deluxe beach-front property. The hotel is due to open in late 2008 and is built in an contemporary Arabesque design, keeping up with the rich cultural heritage of Ras Al Khaimah

"The third phase of Al Hamra will have a core of 14 residential buildings with a total of 3,900 apartments and town houses, which we expect to be ready by end of 2010. As part of the immediate release, there are 700 high quality luxury villas, plus 1000 studios 1, 2 and 3 bedroom apartments which will be available for sale on a 100% Freehold", said Piras.

The project will also offer fantastic luxurious penthouses with 180 degree panoramic views of the Arabian Gulf and coastline. This project is surrounded by salt water lagoons, private outdoor swimming pools and landscaped gardens.

Other amenities in this project include, the 18-hole championship Golf course, designed by renowned Golf course designer Peter Harradine.

There will be a 200-berth Al Hamra Village Marina, which is unique as it overlooks the beautiful surrounding harbour town. Comparable only to the best that Europe has to offer, the Marina and club house will provide full services. It will also offer a superb dining experience next to the Marina apartments.

The new Al Hamra Shopping Mall will be a shopper's paradise, with over 100 stores of which 92% is leased out. It has attracted supermarket chains and major retailers with such names as Spinneys, Damas, Interiors, and Paris Gallery. The facility will also accommodate other retail service outlets including food courts, designer clothing boutiques, and electronic stores among others.

Piras also disclosed that mortgages are being offered by several banks and institutions. The mortgages, he said will be administered under the terms set by these institutions.

"The cost of the apartments and villas in Al Hamra are very competitive. Financing institutions are now offering finance up to 80% of the total value of the unit, for a maximum of 15 years.

Residence Visa is provided on the purchase of each unit and the owner is allowed to register his property with the Land Department of Ras Al Khaimah, upon completion of full payment," said Piras.

Labels: Al-Hamra, Apartments, Investment Property, Penthouse, Ras Al Khaima, Sales, Townhouses, Villa Projects

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

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

The Canal Residence West, positioned on the promenade, midway between the southern and northern retail hubs of the vibrant downtown district of the Dubai Sports City, makes a whole new lifestyle statement, apart from being just your home.

Located away from the cheering crowds and energy of the stadiums and the shopping mall, the Canal Residence West, depicts a world that replicates the fashion, passion and relaxation of the Riviera lifestyle, presenting infinite opportunities for you to enjoy every moment of it. In short, a life defined by the icons of modern metropolis.

The excitement of international sporting events at the Canal Residence West, is complemented by healthy lifestyle which is being promised by the Dubai Sports City. The ambience of the exciting city is quite inspiring and enables you to achieve the highest in physical fitness.

The Ste-of-the-art swimming pools and other art facilities, gives you the opportunity to keep yourself fit and healthy, with a fitness regime that spreads through the entire city, to the Ernie Els golf course and the Next Generation Club, an exception health club, offering a range of options for fitness and recreation.

The Canal Residence West, has teamed up with a world class leader, Bureau Veritas, in providing QHSE third party services, for providing quality accreditation monitoring service at each stage right from design to delivery. The service brings peace of mind to buyers and ensures that the promised quality has been delivered to its level best.

The Canal Residence West includes the following Canal Front Buildings:

• Arabian Tower
• Spanish Andalucian Tower
• Mediterranean Tower
• Classic European Tower
• Venetian Tower
  

Features

• Stylised facade designed for each building
• Landscaped waterfront promenade offering cafes, restaurants, boutiques and convenience stores
• Private club on the first floor of all buildings offering state of the art gym, fitness studio, steam room and jacuzzi, beauty salons and therapeutic treatments, reading & music room, games room and business centre
• Elevated swimming pools and sundecks with shaded pavilions
• Stunning views
• Dedicated and secure parking facilities including visitors bay
• Changing facilities and outside showers
• Children's play area
• Communal gardens and BBQ areas
• Security and concierge services
• Floor layout planned for comfortable living
• Spacious open-plan living, dining and kitchen areas
• Penthouse apartments boast maid's room and private rooftop terrace with stunning panoramic views across Dubai Sports City
• Interior designed kitchens and bathrooms
• Elegant selection of porcelain and ceramic tiles with matching borders in living areas
• Granite countertops and matching splash backs
• Elegant, high quality kitchen cabinetry
• Chrome finish, contemporary taps and fittings
• Premium sanitary fixtures
• Ceramic floor tiles in bathrooms
• Generous, fitted wardrobes and storage space
• Provision for high speed internet access and digital technology
• Solid main door
• CCTV and access control system for security
• Fire alarm system
• Central AC system
• Generous and efficient lift provisions
• Central household waste removal

Labels: Apartments, Dubai Sports City, Golf property, Investment Property, Luxury Homes, Penthouse

The Dubai International Financial Center (DIFC) is a free trade zone located in the heart of Dubai's new business district, and is designed to be an on-shore alternative with off-shore features. The DIFC lures firms and investors with its high standards, world-class regulations and transparency. Apart from this, it brings with it, the added advantage of being a tax-free environment in Dubai, the major business hub of Middle East and the current major business center in Asia.

DIFC already houses the finest multinational companies in the world, and with more developments including commercial projects in pipeline, it will be home to even more. The hundred percent foreign ownership and lack of taxation on income or profits have been a major motivation for numerous multinational companies and locals, to base their worldwide operations here.

DIFC features modern advanced technology on all scales, with operational support, strict enforcement of anti money laundering laws, high quality finishing standards on commercial office space, and amenities such as gymnasium, cafes, restaurants, amiable working atmosphere with 24 hours security.

The future of DIFC will continue with new additions of freehold towers including the Park Towers, Limestone House, Sky Gardens and easy accessibility to nearby Burj dubai developments, and Business Bay. No doubt, DIFC is a financial center with a difference.

Labels: Business Tower, Commercial Property, DIFC, Investment Property

The luxury built-in Gallery Villas that are designed for family living, is an exclusive private community that will become home only to a selected few.

Comprising 75 luxury villas, that are designed as a self-contained private community within the Dubai Sports City, the Gallery Villas, are a safe, secure private community, comprising landscaped gardens, green spaces with cycle and jogging tracks. The development consists of two storey, three bedroom semi-detached and terraced townhouses with 2,444 square feet habitable space, and five bedroom detached villas accommodated in two storeys with 4,553 square feet habitable space.

The houses include spacious rooms and large patios and balconies, high quality kitchen cabinetry with granite countertops, built-in wardrobes in all bedrooms, separate dressing area in master bedrooms, spacious laundry and storage facilities, maids room, detached villa featuring the ensuite bathroom, guest room and driver’s room adjacent to garage.

Positioned ideally, adjacent to 'The Dunes' signature golf course, the development comprises private international schools, childcare facilities and medical clinics.

Labels: Dubai Sports City, Golf property, Investment Property, Luxury Homes, Villa Projects

Emaar has recently announced the launch its Claren residential towers on 9th September'07 in Burj Dubai.

Located directly across the 29 Burj Dubai Boulevard, Claren features two well-designed mid-rise towers and boulevard apartments that offer to its residents spacious living with better privacy. It features a wide range of podium amenities and is easily accessible to Burj Dubai.

Various financial institutions are competing to offer easy finance options to own a home at Claren, which comprises studios, one, two and three bedroom apartments.

Claren's close proximity to the Downtown Burj Dubai, and other business and financial hubs of Dubai, makes it an ideal location for professionals to stay updated with the happenings in and around the city. Various other entertainment and retail options add to the attractions of Claren. Residents will also have an easy access to The Dubai Mall, the largest entertainment and shopping destinations in the world.

The Podium amenities in Claren includes a swimming pool, office spaces, children's pool and landscaped pool deck, gymnasium, children play area, multipurpose rooms, basement level parking, shaded car drop-off at entrance level.

The apartments are specially designed to optimize natural light, with the buildings spaced sufficiently to sustain privacy, which is often not found in most high-rise buildings. The buildings will have high-speed internet, telephone service and wide range of IT options.

The Downtown Burj Dubai development by Emaar, worth US$20 billion, has most of its components in the development completed and delivered, including the residential and hospitality projects. The hi-tech superior homes, retail outlets and commercial offices and other leisure projects, located amidst landscaped gardens in the development, are marking the foray of a new downtown culture for Dubai.

Labels: Apartments, Burj Dubai, Emmar, Investment Property, Luxury Homes, New Developments, Real Estate Projects, Residential

The real estate subsidiary of Dubai Islamic Bank, Deyaar, has revealed its plans to develop Dh.2 billion residential project in the International Media Production Zones (iMPZ). This will be the largest ever development of Deyaar to date.

The project will cover a stretch of 40 plots, which were recently acquired by Deyaar in a prominent location at the iMPZ.

The Chief Executive of Deyaar, Zack Shahin, said that Deyaar has taken this initiative to widen its portfolio, particularly in the residential sector, so as to meet the increasing demand from investors and end-users. He expressed his confidence about the project at iMPZ and said that it will surely be a landmark project not only for Deyaar, but for the property landscape in the entire region.

Each phase of the development at iMPZ will be placed for sale, one after the other, during the next couple of months. The project will cover and area of 827,785 sq.ft., and a built-up area of 2.6 million square feet. Construction for the same is likely to begin this year.

The development will be located on the Emirates Road, along the edge of iMPZ, adjoining the Jumeirah Golf Estates.

Labels: Deyaar, Investment Property, New Developments, Residential

The country-subsidiary of Emaar Properties, Emaar International Jordan, has launched the sale of its hi-tech residential project, Samarah Dead Sea Golf & Beach Resort in Dubai on August 18th.

The project, overlooking the Dead Sea, comprises Mediterranean styled homes, within a vibrant retail center and a Spa and Wellness Village.

The Emaar International Jordan General Manager, Steve McCartt, said "The Samarah Hillside homes will provide a lifestyle experience for Jordan through integration of several leisure amenities in close proximity. Jordan has witnessed keen interest from Dubai investors including the Jordanian community in Dubai. Through this sales launch in Jordan and Dubai, we wish to offer a purchase opportunity for Jordan and international investors."

Samarah Dead Sea Golf & Beach Resort is owned by The Dead Sea Touristic and Real Estate Company, a venture of Emaar Properties PJSC. The project aims to energize the Jordanian economy with particular focus on tourism growth and luxury property development.

At present, Emaar is launching the sales of homes within the Hillside comprising two and three bedrooms ranging 314 to 404 sq. mts., in size. The multi-functional residential community is situated opposite to the King Hussein Bin Talal Convention Center.

Labels: Emmar, International, Investment Property, New Developments, Resorts, Sales

An island in Ras Al Kaimah has been purchased by two UAE nationals to set up a real estate project, which is expected to be the first of its kind in the country.

The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.

The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).

The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.

Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.

Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."

Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.

As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.

The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.

Labels: Investment Property, Latest News, Ras Al Khaima, Real Estate Company

Labels: Fujairah, Investment Property, New Hotels, Resorts

Emaar Properties has announced launching the sale of Ghadeer Townhomes at The Lakes, on 11th of August.

Buyers looking to invest in the property can register online from August 5th to August 7th for participating in the launch.

Emirates Islamic Bank has already come forward with easy home financing solutions for potential buyers.

Ghadeer Townhomes is a gated community located amidst serene lakes in a picturesque living environment and offers direct access to the Lakes Community Center which comprises various recreational and retail outlets. It also includes the Ghadeer Neighbourhood Park and a swimming pool of its own.

Investors have the option of choosing from five different types of Mediterranean-styled townhomes, with sizes ranging from 2485 to 3153 Sq. Ft. The three bedroom Ghadeer Townhomes, features spacious verandahs, terraces, balconies, two car parking spaces for each home, and gardens.

The Emaar Sales Director, Saif Al Mansoori said "The Lakes is a well-established residential community and is very much in demand by the investors, who prefer the comfort of villa living or townhouse. Also, at the moment, the supply of townhomes is limited to Dubai, and there is an increased demand for independent homes with gardens and other amenities. Ghadeer sinks with this need."

He added that Ghadeer has the advantage of, being located within the Emirates Living neighbourhood, which comprises The Springs, The Greens, The Meadows, The Views and Emirates Hills. The residents get to enjoy the amenities such as a flourishing community center, day care centers, shopping outlets, renowned schools and nurseries. All homes within Ghadeer have the additional advantage of providing privacy to residents, as the homes have gardens enclosed within walls.

Ghadeer is situated in the north-eastern boundary of The Lakes, which already comprises four communities namely Forat, Deema, Maeen and Zulal.

Labels: Emmar, Investment Property, New Developments, Residential, Villa Projects

Although the office rents in Dubai are on the lower side in comparison to the global standards, the office market in Dubai has generated a return of more than twenty percent on investment, which is considered to be one of the highest in the world.

Increasing demand for Grade A office space, coupled with minimal vacancies, has led to a situation wherein new projects are grabbed away within days. To add to this, healthy policies and economic conditions have resulted in more companies getting settled in Dubai, boosting up the rental values further.

The highest increase have been recorded in Sheikh Zayed Road and New Dubai areas, with rental rates ranging from Dh.300 to Dh.350 per square foot on an average, due to minimal vacancies.

Although, due to increasing rentals, there are probabilities of the small and medium sized companies relocating their offices to other emirates such as Abu Dhabi, Ajman or Ras Al-Khaimah, where the rents are comparatively lower, the continued supply of office space in the market is expected to stablilize the prices. As of now, about 50 million square feet of office space is expected to come up by 2010.

Labels: Commercial Property, Dubai Real Estate, Investment Property, Office Space

Developers and Analysts in Dubai are of the opinion that Dubai real estate could witness more institutional investment, due to the regulation issued by the government regarding safeguarding the payments of property buyers.

As per the regulation, published recently in the Official Gazette, the payment installments for off plan property will be paid into escrow accounts (also called guarantee accounts or trust accounts), which are authorized by the Dubai Land Department, along with an approved bank. The capital in the account will be released to the developer only when the construction milestones are met.

Prior to the issuance of this law, the investors money was unfettered. In the opinion of Tom O'Grady, a real estate partner at the Dubai office of global legal services, the regulation would prompt institutional investors such as insurance companies, banks and fund managers to invest huge sums into the Dubai property sector. He mentioned that the increase in the number of institutions entering the market, by itself, strongly indicates their growing confidence. And as far as Dubai is concerned, this could be another step forward in the right direction.

In fact, an article in the law states that a percentage of the project value should be retained in the escrow account for a year after the registration of all units. O'Grady mentioned that this will surely boost investor confidence, as end users co