Time to Sell your Home

Well winter is finally here and with it has come the high season for home sales in Dubai. Winter is the best time of the year for selling a home, the cool weather gives you a chance to showcase your home properly. There are a number of things that any home seller can do to make their home more attractive to buyers during this period.
First impressions are everything in real estate and if your home does not impress buyers from their first glance then something must be changed and quickly! Your home presents a package to buyers and much of that package is the visual impact of your home. It is extremely difficult to sell an ugly home unless you find one of those golden home investors who are looking to sell it on for a premium. Many people will make a decision when first seeing a home and place the home into a "possible" or a "no-way" category. No need to mention which side of that equation you need to be on.
Staging - Staging is much more than cleaning and organizing things in the home. It is more about creating a marketable and attractive product that will appeal to buyers on many levels. Cleanliness, organization, artistic value, color and space are all important elements to this situation. Home staging has become one of the most important elements in the sale.
Comfort - When showing a home the idea is to get people to stay as long as possible and explore every aspect of the home.

Quick tips to sell your home

• Remove Clutter
• Make the House Sparkle
• Rearrange Bedroom Closets and Kitchen Cabin
• Remove personal photographs and family heirlooms
• Make Minor Repairs
• Remove access furniture (homes look better with less furniture)
• Paint - use neutral colours (white or off white)

Where does the future of Dubai lie (Singapore or Hong Kong)?

The EFG Herms report on Dubai Property was published last month establishing 2007 a year of transition for the local market here. A gentle decline pattern observed in Singapore from 2000-03 was highlighted as being the likely scenario for future here. Hong Kong saw a huge boom in property sector pre British handover in1997 which rose to a peak position in 1998. Since then the prices fell down hugely by 70 percent till 2003 before they started their recovery coarse. By the end of 2006 the property prices in Hong Kong were greatly recovered and are expected to rise further by 20 percent in 2007. Therefore the investors in Hong Kong followed an unstable path till now.The property prices in Singapore went up by 37 percent in two years after 1998. After millennium these prices fell by 30 percent till 2003 but have improved by 10 percent since then.
The Scenario in Singapore:
According to EFG Herms the present day demand and supply situation in Dubai is much like that of Singapore in 2000. With the Launch of $140 billion cityscape project, it looks parallel to the over development situation that existed in Singapore. However the EFG does not negate the potential corrections in Dubai Property. The Hong Kong scenario would be an extreme possibility, but as Hong Kong experienced, great periods can be followed by tough times!
Hong Kong’s Trouble:
The Asian financial crisis wreaked Hong Kong during 1997-98; later, the 2000 dotcom crash hit hard on local investors; and more blows were given to the economy by Acute Respiratory Syndrome crisis in 2003. However Hong Kong proved to be a strong regional hub that recovered from these situations paving way for some of world’s highest real estate prices. Although it is hard to imagine Dubai share the same rounds of misfortunes, but it is still strong enough.
The most important point that EFG Herms raises is whether the property schemes would actually materialize or not. Many projects scheduled to be completed are worked upon by small developers and not government or quasi-government. The Report figures that many projects might just not reach completion stage due to inexperience and small size of developers. Therefore the market adjustment for supply in a slowdown situation could by much larger than estimated.

Escrow accounts compulsory for all Dubai off plan developments

Dubai has issued law number 8 which governs how payments made by buyers into off plan project be made available to the developers, it will only be released on the order of the Dubai Land Department.Dubai’s Land Department governing trust account conditions for real estate developments. The trust account service will ensure that payments made by investors towards “off plan” property purchases are protected until residential units are registered in the buyer’s name. Property developers across Dubai now have to hold a guarantee account with one of three financial institutions that are in partnership with Dubai’s Land Department. Money paid by buyers or financiers towards properties will be deposited into a trust account with the respective institutions. Developers can then apply for the money to be released by the trust account manager by producing a certificate from a consultant certifying that the project has reached an agreed stage.

National Bank of Dubai expands mortgage lending to UK customers

NBD partners with leading mortgage adviser John Charcol to target UK residents purchasing property in UAE
Press Release – Dubai, UAE, 5 July 2007
National Bank of Dubai (NBD) has today announced a tie up with the leading United Kingdom based mortgage adviser, John Charcol, to provide finance to UK residents interested in purchasing residential properties in UAE.
NBD is one of Dubai’s leading banks and among the top mortgage finance providers in the UAE. The mutually exclusive tie up with John Charcol will not only provide mortgage finance to UK residents investing in UAE but will also provide re-financing to UK residents who have already invested in the Dubai residential property market. On offer are mortgages for residential properties, both completed and under construction, from 14 reputable developers who are approved by NBD.
“Today’s announcement represents NBD’s continuing commitment to the mortgage business in the UAE,” said Suvo Sarkar, Group Head – Retail Banking, NBD. “ As one of the leading retail banks in the country, this tie up with a John Charcol is part of NBD’s innovative approach to providing flexible products to a maturing home finance market, and to diversifying our customer base.” continued Mr. Sarkar.
John Charcol was established in 1974 and is currently the leading UK independent mortgage adviser with a choice of 4,000 mortgages from over 100 UK lenders.
Duncan Banks, Sales Director, John Charcol stated “This is an exciting advance for us. We are delighted to be working with NBD on delivering another innovative and unique solution for UK residents and their financial needs. It’s a great start to our new operation which will be opening in Dubai shortly and represents our first overseas expansion”.
Borrowers in UK will benefit from the consultation expertise of John Charcol and the real estate market experience of NBD. NBD’s mortgage products under this partnership have been specifically designed to fit the needs and requirements of the UK market borrower, with competitive pricing, financing up to 70%, fast application processing and customer service arrangements from within the UK.
John Charcol has won numerous awards during its 33 years in the industry including its most recent awards “Best Mortgage Broker 2007” awarded by Mortgage Strategy and “Best Overall Mortgage Broker 2007” by What Mortgage.
NBD was recently awarded the “Best Retail Bank in the UAE” award by The Asian Banker. It offers a comprehensive range of retail lending products including mortgage loans, auto loans, personal loans, credit cards and loans for business finance to UAE nationals. In the area of mortgages, it provides home loans, office loans, home re-finance loans and loans for self-construction of property.

More Salik misery for motorists around Dubai Roads

Traffic flows in some parts of the city, but causing major delays and more congestion in other locations in its first week of operation.
The 'Salik' toll caused lengthy delays around the Al Barsha area and on Maktoum Bridge yesterday, as drivers attempted to use alternative routes to avoid the new toll gates. However drivers have found that Salik has eased traffic for commuters from Sharjah to Dubai.

Dubai Salik, is it really worth it?

Dubai RTA (Road and Transport Association) has introduced a road toll (Salik) along Sheikh Zayed Rd starting today. Congestion has increased as a result, and it seems that the RTA has got wrong as all residents of Dubai have predicted. It is hard to avoid traffic around Dubai and if you decide to pay the fee and use the toll, you are not able to do so as there is no stock of the registration sticker any where to be seen. The RTA should have looked as alternatives before taking the decision to go ahead with the toll though it was very clear to everyone that it will cause a lot of disruption to so many drivers trying to do their business in Dubai.

Burj Dubai is now second tallest building in the world

Burj Dubai, the iconic tower developed by Emaar Properties, is now the second tallest building in the world, 468.1 metres (1,535.8 ft) high and with 130 storeys. Burj Dubai is taller than Petronas Towers in Malaysia (452 metres; 1,483 ft) and Sears Tower in Chicago (442 metres; 1,450 ft), and is second only to Taipei 101 (509 metres; 1,670 ft), taller by only 39.9 metres (145.2 ft). Burj Dubai has also set a new world record for vertical concrete pumping for a building, by pumping to over 460 metres (1,509 ft). The previous record was held by Taipei 101 for pumping concrete up to a height of 448 metres (1,470 ft). The all-time world record for altitude transportation of concrete was set during the extension of the Riva del Garda Hydroelectric Power Plant in Italy in 1994, when concrete was pumped to a record level of 532 metres (1,745 ft). Burj Dubai will also break this record before construction is complete. “This is another proud moment for Dubai as the city’s iconic tower continues to scale its way upward to become the tallest building in the world,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “From now on, every new level and every additional metre on Burj Dubai will be the culminating steps in building an architectural and engineering marvel that reiterates Dubai’s global capabilities.” He added: “Burj Dubai is already in the international spotlight, and with the cladding work having commenced and being undertaken at an accelerated pace, the world’s tallest building will be completed according to plans. The construction of the tower, indeed, marks the cosmopolitan approach of Dubai, whereby the best minds from all over the world come together to realize a vision for growth.”
Designed by Chicago-based Skidmore, Owings & Merrill (SOM), Burj Dubai is being constructed by high-rise experts South Korea’s Samsung Corporation. Turner Construction International is the project and construction manager. More than 318,000 cubic metres of reinforced concrete and 63,000 tonnes of reinforcing steel have been used in Burj Dubai’s construction to date. The construction of 130 levels was completed in 1,226 days since excavation work started in January, 2004. Ten cranes and the world’s fastest high-capacity construction hoists – with a speed of up to 2 m/sec (120 m/min) - are used to move men and materials. “Burj Dubai is approaching its top-out and construction work has entered a new realm in engineering technology that has no parallels anywhere in the world,” said Mr Alabbar. When completed, Burj Dubai will be the tallest building in the world in all four categories recognised by the Council on Tall Buildings and Urban Habitat (CTBUH), which compiles and ranks the world’s tallest buildings. CTBUH ranks buildings on the basis of spire height, the highest occupied floor, roof height and pinnacle height. Burj Dubai is at the heart of Downtown Burj Dubai, an AED 73 billion (US$20 billion) mixed-use project featuring residences, commercial space, hospitality projects and several retail outlets including The Dubai Mall, one of the world’s largest shopping and entertainment destinations. A mixed-use tower, Burj Dubai will have residences and commercial spaces apart from the Armani Hotel and Residences Dubai, a luxury lifestyle hospitality project developed by Emaar in association with haute couture major Giorgio Armani S.p.A. Burj Dubai will also have recreational facilities and entertainment venues including four luxurious pools and a cigar club, a library, exclusive residents’ lounge, serviced residences, 15,000 sq ft of fitness facilities and an observatory. Burj Dubai is a designated freehold area where investors from across the world can own a home or office.
© 2007 Mena Report (www.menareport.com)

Another addition to the line of Diamonds

Diamond Investments launched Diamond Views in Jumeirah Village South. Diamond Developers, a sister company of Diamond Investments, started construction on its project in Jumeirah Village South a one billion AED project.Built in various phases, the first phase of the Project will comprise 1200 apartment units and 150 townhouses. Diamond views will offer four types of units which are spacious studios, eight types of one bedroom apartments, three types of two bedroom apartments. The townhouses will come in a selection of two, three and four bedrooms.Diamond Views is located only seven kilometres from the world renowned Mall of the Emirates. All the amenities expected in a modern development in Dubai are available in Jumeirah Village: sports facilities, parks, purpose built tracks, fine dining, shopping, movies, and exciting night life options. In 2003 Mr. Fares Saeed CEO of Diamond developers launched the Marina Diamond complex which consists of six residential towers in the Marina, one of the world's priciest and most luxurious neighbourhoods, and has successfully sold the 1300 unit complex. Diamond Developers promise is to offer the same guarantees and customer services that Diamond Investments has successfully implemented.

Dubai Business Bay, the new Manhattan of the Middle East, Is that the answer?

Dubai is in desperate need to have a true character to its business environment. In all major cities around the globe you will find that there are areas which are the true central business district of the city. So far in Dubai it seems there are areas which can match that description but none that can match the ambitions that this state seeks. Dubai has strengthened its role in both the regional and international levels and now is the time it should have a Central Business District that can match the future challenges.In 2005 Dubai launched a mega project (Business Bay) covering an area of 64 million square feet, the promise is that it will be similar in nature to Manhattan or Ginza, which are the business districts of New York (USA) and Tokyo (Japan). The Business Bay will be created as a commercial and business cluster along a new extension of the famed Dubai Creek extending from Ras Al Khor to Sheikh Zayed Road.When the Business Bay district is finished it will offer 625 million sq ft of space with 230 towers planned around a new extended creek.After extensive studies by some of the world's top consultancies, careful planning, the master plan was created and the work immediately started on the construction of very sophisticated network of roads within the project to ensure the easy access in and out of business bay which will be completed before most of the actual construction of the projected towers begins. The creation of the Dubai Metro will add value to the project generating a global commercial and business centre. Business Bay will be a new 'city' within the city of Dubai, it will feature facilities such as office and residential towers set in landscaped gardens interspersed with pathways and canals. Business Bay is believed to be the foundation of the new economic push of Dubai. The project is set to provide a highly conducive environment and infrastructure for businesses from around the world that wish to establish their local, regional and international headquarters at Business Bay.A city like Dubai needs to extend its international role to enable it to be a true business hub of the region so that it can lay the foundation towards the universal business league and truly match the big cities across the globe. The Business Bay should eventually become a genuine meeting place for business in the city.This is a very ambitious Initiative, so can the Businesses Bay rise to the challenge? Well, we will have to wait and see.

Can I buy a property in Dubai?

Frequently Asked Questions about buying a property in Dubai

Can I buy a property in Dubai?

In May 2002, the Dubai Crown Prince, General Sheikh Mohammed bin Rashid Al Maktoum, issued a decree allowing expatriates to purchase property within certain areas of Dubai on a Freehold basis. This opportunity was welcomed by the many thousands of expatriate residents of Dubai and frequent overseas visitors, who had grown to love the United Arab Emirates and admire the remarkable infrastructure and opportunities offered by the dynamic city state of Dubai. Furthermore, full rights of residency were to be offered to foreign owners of homes provided by selected leading property development companies.
Quality control: The Government of Dubai has ensured that high quality standards would be maintained and keen competition in the interests of buyers from the outset by granting permission to build to a carefully screened selection of highly competent and financially strong organizations. In this way, it was ensured that the expectations of new homeowners could be met or exceeded.
Time-lines: As the Dubai residential property scene is still very young, the majority of the homes available are newly built. In most cases, you will be buying off plan, and the property handover will take place 2-3 years later, providing ample time to organize your funding.

Why buy in Dubai?

It is often said that buying a home is often the biggest financial decision in a person’s life; and the experience can also rank very high on the emotional scale! Whether you are buying for the first time, trading up or seeking a second home, it is still likely to be a very significant decision. However, most of the key factors influencing your decision will be similar, wherever in the world you decide to buy: location, build quality, local services and amenities, security and investment potential.
Dubai residents : Many people choose to buy in Dubai because they already live here and wish to move on from rental accommodation. If you are one of these people, you will be well aware of the attractions of switching from rental accommodation to investing in your own home. Thousands of families and individuals have been delighted by the opportunity to escape the previous necessity to rent and to see their hard-earned cash contribute towards their future prosperity.
Foreign visitors : If you live overseas, a business trip or a relaxing holiday (or perhaps an energetic holiday!) in Dubai may have stimulated your interest in this Emirate. You might have friends or relatives, who already live here and have shared their experiences with you. Alternatively, you may have seen Dubai featured on TV travel shows or read about the destination in lifestyle magazines.
The Dubai difference: By many means, overseas visitors are discovering the quality of life available in Dubai. Some might be seeking a comfortable and convenient base for family holidays. Others recognize the benefits of owning a home here as a potential retirement retreat. Also, many business people have identified the pure investment potential of owning property in Dubai in order to earn a favourable rental income.
A world of choice: Whether you are looking for a holiday or retirement home, or purely interested in an overseas re-rental investment, there are obviously many alternative locations to consider around the world, so what makes Dubai different and special?
Summary:
Here are the key factors, most frequently mentioned by Dubai homebuyers as influencing their decision:
Dubai ‘s Location :
Dubai sits on the serene Gulf coast, with a wild and beautiful natural desert and mountain landscape inland, so multiple outdoors pursuits are also within easy reach.

Dubai ‘s Security:
Dubai has a public security record, which is the envy of most of the rest of the world. Burglary is very rare and street crime virtually non-existent. Furthermore, all of the newer communities in Dubai are protected by 24-hour security services, employing real people to guarantee your peace of mind, in addition to the standard CCTV systems!

Quality of life in Dubai:
There really is a lot to do in Dubai, and it does not need to cost a fortune to enjoy a great lifestyle here. At the top end of the scale are spectacular hotels, restaurants and leisure clubs, offering superlative service. However, without sacrificing too much on quality or service, you will find that there is a huge “mid-market” in terms of entertainment options and a constant stream of attractive offers to lure you out on any day of the week.

Dubai ’s Diversity:
There are almost 200 different nationalities represented in Dubai, which is an astonishing statistic, considering that the current population is only around 1.7 million. This rich ethnic mix, combined with the traditional Arabic values of courtesy and hospitality, has resulted in a highly tolerant society. Of course, such diversity also results in the broadest imaginable range of choice in terms of cultural and culinary pursuits!

Investment potential in Dubai:
The financial advantages of owning overseas property are always difficult to quantify, as one never knows what the future may hold in a turbulent world economy. However, Dubai is noted to be an environment providing minimal tax burdens.

What can I buy in Dubai?

A range of options: There are now over 20 new residential communities in Dubai, which are completed, partly completed, or announced and on sale, in which anyone can buy a home. These are located throughout the city area within a radius of approximately 20 kilometres of the central business district, where the Sheikh Zayed Highway runs alongside the emerging Burj Dubai district and Dubai International Financial City.
A dynamic environment: The Dubai property development sector has risen energetically to its challenge and, as a Dubai home-seeker, you will discover an impressive range of options:
You can live in a luxurious villa at ground level or a futuristic apartment building, which soars hundreds of metres into the blue Dubai sky.
Choose between city living, waterfront locations, desert settings, championship golf courses, an equestrian centre or even a clutch of man-made islands.
Whether your tastes favour an Arabic, Spanish or New York architectural and decorative theme, you are likely to find many intriguing alternatives.
Property portfolios: Indeed, if you were unable to select between the many styles of home on offer, but are lucky enough to have sufficient funds not to have to choose, there is nothing to prevent you from owning 2 or more Dubai properties!

The cost of a property in Dubai
There are homes to suit every budget and everyone’s needs should be satisfied, from a young bachelor, seeking a functional studio apartment to a millionaire seeking a grand and exclusive mansion on its own hilltop.
New homes: The Dubai property market currently comprises a majority of new homes, so the local developers will be able to provide you with pricing information at the launch of each new project, 2-3 years in advance of its completion date.

Dubai ’s Pre-owned homes:
Naturally, as time progresses, the secondary residential property market is taking shape in Dubai. Already, there is a large and active real estate sector to handle private sales. As well as finished homes, it is possible to transfer an uncompleted property between owners, and there is a flourishing market for those who wish to take earlier occupancy.

Can Fujairah copy the model of Dubai?

Reading through a Dow Jones report on the intention of Fujairah (part of the UAE) to allow foreigners to own property on freehold bases by the end of this year. I find it hard to think that just passing a law can trigger a massive buy out and allow for a housing boom just like what happened in Dubai.Dubai was the first Emirate to allow foreigners to buy property in designated areas in the state. The decision taken in 2002 spurred an economic boom and helped Dubai real-estate market to prosper and become one of the biggest market in the Middle East within a few years. Dubai being the model that many have wanted to copy is based on many factors not just a freehold law that allowed for a Dubai property boom. I believe that this model was born at the time a very wise man decided to build a port in the middle on no where (Jebel Ali Port) and the rest followed, if the structure is solid then the build will be strong.What Fujairah needs first is a massive commercial and economical boom to help boosts its chances of creating the real estate booms it hopes for. The model of success in Dubai has been helped by the massive investments in the infrastructures from roads to commercial areas, plus a great airport that allowed for easy access in and out of emirate. Surely the model can be emulated but needs more than just a freehold law.Fujairah should first create an inviting business environment that can attract the right kind of investments and to allow for reinvestment in the existing infrastructure. True that Fujairah is strategically located (outside the Gulf and the narrow Strait of Hormuz) and does have great potentials, that’s not where the argument is but you don’t just build houses and people will come, you create the right conditions and surely people will come to buy and live in those houses.The other model that Fujairah can opt out for is a seaside resort which would serve as an escape place from the city. Fujairah’s largely undeveloped coastline can create this model helped by the new plan to create a new freeway that would cut the journey between Dubai and Fujairah to 45 minutes so that it would attract many people looking for a weekend getaway .

Emaar finalising master-plan of its largest-ever global project in Libya

Emaar Properties, the UAE-based global property developer, is finalizing the masterplan design to develop the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli, Libya.Emaar has extended by another six months the Memorandum of Understanding (MoU) signed with the Zowara-Abou Kemash Development Zone to develop the project, which is the largest in Emaar's global mega-project portfolio. The 380 million sq metre (38,000 hectares) development, a joint venture by Emaar Properties and the Zowara-Abou Kemash Development Zone, encompasses residential, commercial, industrial, educational, healthcare, leisure and entertainment components that will attract foreign investment and generate employment opportunities for Libyans.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: 'The Libyan government has announced several development initiatives that encourage foreign direct investment and provide a greater role for the private sector in fueling economic growth. The joint venture with Zowara-Abou Kemash Development Zone will be a landmark development for the country, as well as for Emaar.'
He added: 'The size, scale and scope of development reiterate Emaar's commitment to Libya's growth plans. The various components of the project will be growth engines for the Libyan economy as they offer investment opportunities in several high-growth sectors such as industries and hospitality. To give further impetus to investment inflow, Emaar is already in negotiations with our overseas partners to co-invest in the project.'
Moving forward on the project, Emaar is currently finalizing the masterplan proposals submitted by three US firms and a Singaporean company. 'The project's sheer vastness of size and scale makes its masterplanning a design challenge,' said Mr Alabbar. 'An expert team of professionals is evaluating the four proposals and the final design will be unveiled soon.'
The Libyan project further consolidates Emaar's presence in North Africa, where it has already launched several developments in Egypt and Morocco. 'Emaar is privileged to partner with the Zowara-Abou Kemash Development Zone, which is committed to developing a vibrant tourism, industrial and commercial environment area that attracts foreign investment,' said Mr Alabbar.
Engineer Al Saadi Moaamar Al Qazafi, Chairman of the Board of Directors of the Zowara-Abou Kemash Development Zone said: 'This project marks the successful implementation of the Libyan government's development policies, which will usher in a new era of economic prosperity for the country. Emaar has a successful track record of delivering mega projects, and together we will offer a world-class living and business environment that attracts foreign investors.'
Emaar's international expansion and diversification plans are in line with its Vision 2010 to become one of the most valuable companies in the world. Work is ongoing on Emaar's prestigious project in Saudi Arabia, the 168 million sq m King Abdullah Economic City, which is the single largest private sector-led development in the Kingdom.

Source : Emaar Press Release

Dubai attracts nearly 2 million visitors and AED 2.5 billion in spending power each summer

With more than 1.8 million visitors spending in excess of AED 2.5 billion last summer, Dubai is expected to be the number one destination for Gulf-based travelers this summer and many of those same travelers are making luxury accommodation a top priority for their visits to Dubai, says a hospitality industry source.“Dubai has an incredibly magnetic pull on regional travelers, especially discerning travelers for whom luxury accommodation and privacy are top priorities, and significant retail spending power is assumed,” said Stuart Deeson, newly-appointed General Manager of Park Hyatt Dubai hotel.“We find that affluent visitors to Dubai in summer time are looking for much the same things: a quiet, city-center location; absolute privacy; excellent dining; a world-class spa; and service that makes them feel as if they are the only guests in the hotel. Park Hyatt Dubai, we believe, offers all of these characteristics in a luxury hotel,” Deeson added.Set in an idyllic location on the banks of the Dubai Creek and adjacent to the world famous Dubai Creek Golf Course, Park Hyatt Dubai provides a perfect summer retreat for all Middle East travelers. Being the Emirate’s only city-center resort – the hotel has announced their ‘Special Summer 2007 Rooms Promotion’ offering guests staying a minimum of two nights a rate starting from AED 610 ++ per night, including a AED 200 credit for use at Amara, the luxury day spa. A free shuttle service to Deira City Centre Shopping Mall is also available, and this promotion is valid for all room categories, including suites and on single or double occupancy excluding taxes and breakfast. The offer is valid from 4 June until 31 August 2007.Park Hyatt Dubai’s 113 Park King rooms and 69 Park Twin rooms are located across all floors and measure a spacious 52 square meters, excluding the fully furnished balcony area. The hotel features a total of 225 guest rooms including 35 suites, with all facing the waterfront and offering stunning views of Dubai Creek and Marina.Condé Naste Traveler Magazine award winning spa, Amara, offers an exquisite sanctuary of luxury and tranquility. Amara’s treatments promise to take you on journey of the senses with the finest spa rituals and apothecary available.Park Hyatt Dubai, the third property managed by Global Hyatt Corporation in Dubai, is currently the only Park Hyatt in the Middle East and one of only 26 Park Hyatt hotels worldwide. Park Hyatt hotels distinguish themselves as small, world-class, residential style hotels, providing a luxurious and elegant experience.
source: Al Bawaba (www.albawaba.com)

Dubai letting set for sunny future

Dubai will become a major holiday letting destination over the next five years, competing with resorts like Orlando in the multi-billion dollar short-term leisure market, says a self catering accommodation expert. Nick Turner, managing director of RCI Middle East, will tell British Business Group (BBG) members tomorrow night that by the time Dubai achieves its target of 15 million tourists annually, 20 per cent will stay in villas or apartments, rather than hotels.
Turner, who addresses the BBG’s real estate special interest group at Dubai’s World Trade Club, will discuss how the Emirate is “reinventing” itself in the leisure holiday market to attract families who stay longer, and spend more. Thousands of beach-front apartments and villas built close to retail centres and other main tourist attractions will allow investors to capitalise on the advantages of short-term rental income.“Once you’ve done the old souks, the shopping malls and the beach you’ve virtually exhausted the reasons for being here,” he said. “Dubai is now developing like Orlando has over the last 20 years, by broadening the tourism proposition for families of two adults and two children, building huge theme parks and other attractions to extend the tourists’ stay and increase their spending while they’re here.”Turner will reveal the results of extensive market research to the BBG’s real estate special interest group. It shows the UK followed by Germany as Dubai’s two main markets for self-catering holidays. He also says short-term rental will attract business from the exhibition and conference market, as it has in Las Vegas, the leading US convention destination.
Source : Seven Days

Nakheel to Launch Jumeirah Heights

Nakheel the developer behind Dubai's Palm islands has launched its Jumeirah Heights residential project in Dubai. The development is located on a plot between Jumeirah Islands and Jumeirah Lake Towers. The Jumeirah Heights will have a total of 2,300 residences and will be split into three areas. The Village Centre has two mid-rise buildings with 650 apartments; The Fronds has two mid-rise apartment buildings and 17 townhouses; The Clusters comprises three low-rise buildings with a range of two and three bedroom apartments. In the first stage of development, the Village Centre will contain two mid-rise buildings, consisting of a variety of retail facilities. Leisure facilities will include a swimming pool, a gym and a children's play area. Construction on The Jumeirah Heights project began last month and is set for delivery in 2010. When completed, it will be a home to around 11,000 people. Two metro stations will be situated within reach of the project by the time of its completion. Nakheel stated that Jumeirah Heights will be a low-density community, with residences set across 20 hectares of land. Landscaping will include lakes and water features.The general sales launch will take place in the following few weeks, says Nakheel. Finance is available on this project; Nakheel said finance options will be available with loan to value ratios of up to 90-95 per cent.

Is the Dubai residential property a bubble which is about to burst?

Recent contradicting reports from many experts suggest many scenarios but none of these are predicting a gloomy one that might bring the Dubai property market to its knees.The most recent report by MEED suggests that the market is more robust than many observers realize.Since the introduction of freehold properties in 2002 the Dubai market has seen a rise in prices of over 200% and is likely to still grow over the next few years but possibly not at the same pace.After 5 years the Dubai property boom is still riding on a high and many believe that the soaring performance has been underpinned by speculation that has created a property bubble in the emirate. One which, they say is set to burst.The true indication to how a market would react is the balance of supply and demand, so far demand has stripped all the supply in the market. In the next three years experts are forecasting a supply of 175,000 new residential units which will enter the market while other estimate it at between 170,00 to 240,000 units (a mix of villas and apartments).The only factor that would drive demand in this case is the rising number of population, it is forecasted that the population will grow to be 2.5 million by 2010.MEED predicts an additional 181,000 units will be required by the end of 2010, although it could be higher as more employment is needed to cater for the tourism and the aviation boom.MEED has produced a range of scenarios using population figures of 2 million and 2.5 million, residents per unit of 5, 5.5 and 6, and a total supply of 400,000 units. The most conservative scenario, with a low population and high residents per unit, predicts there will be an excess of 68,000 units in 2010. The most bullish scenario, using low residents per unit and a high population, predicts there will be a shortfall of 99,000 units. By taking a simple average, MEED predicts that instead of a crash there will be a shortfall of about 10,000 units in 2010.The above statement contradicts with what some analysts are predicting, they are saying that the correction is inevitable and it will happen by the end of 2009, this might be true if the increase of population is to halt but as far as the people keep coming then the market is far from being boom and bust market.

Emaar unveils Dubai Marina Mall Hotel

Emaar Properties has launched the Dubai Marina Mall Hotel, a 200-room luxury waterfront hospitality project, within Dubai Marina. The Dubai Marina Mall Hotel is part of the 150,000 sq m Dubai Marina Mall complex that also includes the Dubai Marina Mall Serviced Residences, the Dubai Marina Mall - a modern shopping and entertainment destination, and an 8-storey tower dedicated to diverse cuisines.
“The 5-star Dubai Marina Mall Hotel will meet the strong demand for world-class hotel-rooms in the new growth corridor of Dubai and offers guests easy access to the Dubai Internet City, Dubai Media City and Jebel Ali Free Zone,” said Mr Marc Dardenne, CEO, Emaar Hospitality Group LLC. “The hotel's waterfront location and rich array of lifestyle amenities will appeal to leisure travellers, while business visitors can enjoy the added advantages of a state-of-the-art meeting and conference facility.”
Dubai Marina Mall Hotel has been intelligently designed to highlight the advantage of its waterfront location. It is elegantly clad in Mashrabia-patterned concrete and features a glass crown that gives the tower a distinct identity.
“Dubai Marina Mall Hotel will be managed by a reputable 5-star operator, and shall be focused on offering the luxuries expected of world-class hotels,” said Mr Dardenne. “This is reflected in the extensive range of health and fitness facilities, the spa, guest lounges, all-day dining and specialty restaurants and a car park that can accommodate 450 vehicles.”
The hotel has internal walkways to the Dubai Marina Mall, which will have several retail outlets, food courts and entertainment options. The banquet facilities are located above the car park annex giving the guests a private domain for hosting functions. Other facilities include a business centre with extensive meeting facilities, a health spa and fitness centre including change rooms, steam room and whirlpools, a large outdoor pool with children's pool and an Executive lounge with outdoor terrace and children's play area located on the 14th Floor.
Dubai Marina is a 50 million sq ft mega project with 11 km of waterfront boardwalk and five marinas that can berth over 500 vessels. A centrepiece of the development is the Dubai Marina Motor Yacht Club, scheduled to open later this year, and offering an array of Marina-related services to members. The club will power Dubai Marina's concerted efforts to become a premier water sports destination.
Emaar is developing six residential projects within Dubai Marina. Three of them – Al Majara, Al Sahab and The Dubai Marina Towers – have been handed over to residents. Investor response to the three other up-and-coming projects – Marina Promenade, Marina Quays and Park Island – has been overwhelming. The master-development has a projected population of 75,000, and there are already several thousands of people living within Dubai Marina.
source : Emaar Properties

UAE to allow 100% foreign company ownership

DUBAI: The booming United Arab Emirates is to allow foreigners to own a full 100 percent of local companies, up from 49 percent now, the economy minister was quoted as saying on Tuesday.
“The company law has been handed to the justice ministry and could be ready this summer,” Sheikha Lubna al-Qassimi was quoted as saying by Dubai’s Al-Bayan newspaper.
“But I cannot say it will become law before the end of the year,” she said. “Preference will go to companies that help to attract cutting edge technology and bring major benefits to the national economy.”
She said talks were underway at the federal and local levels within the seven-member UAE federation, as well as with the private sector, to determine which sectors would be open to 100 percent foreign ownership.
Direct foreign investment in the UAE was $12.8 billion in 2006, up from $10.9 billion in 2005, the minister was quoted as saying by the Khaleej Times.
The UAE includes Dubai, a business and tourism hub, and Abu Dhabi, the oil-rich capital.
A report by the International Monetary Fund last month said the UAE’s gross domestic product would register real growth of 8.2 percent in 2007. afp

Dubai's economy 'is growing with exceptional speed'

Both the economies of Dubai and the United Arab Emirates (UAE) are growing with "exceptional speed", according to a new report.
New information released by the UAE ministry of the economy and the Dubai Chamber of Commerce and Industry (DCCI) found that Dubai now accounts for 43% of Dubai's non-oil economy, as well as nearly a quarter of the country's total economy.
The Khaleej Times reported that wholesale retail trade and repair services have been driving forces for the Dubai economy, while the construction sector has also demonstrated rapid growth.
A spokesman for the DCCI explained: "Both the UAE and Dubai are growing with exceptional speed. In other words, the sectoral structure of Dubai non-oil GDP remained relatively unchanged with the wholesale retail trade and repairing services sector continuing to drive Dubai economy."
The UAE has a policy of encouraging the growth of its non-UAE economy, with increasing foreign investment and an expansion of the service sector seen to be key to achieving this goal.

Tourism A Blessing For Dubai

For the past few years Dubai has proven itself to be the darling of the property investment world both within the Middle East and beyond, it continues to offer high rental yields and a very good capital growth rate of near 10% which we see today.
Yet Dubai's development has not just been restricted to the real estate sector, the tourism sector has grown by leaps and bounds in the past 3 years alone. With tourists staying in Dubai hotels numbering 5.4 million in 2004, whilst in 2006 tourist staying in Dubai hotels grew significantly to 6.5 million people. With the number of hotel rooms and flats numbering 40,862 in 2006 and the government of Dubai aiming to reach a target of 8-10 million tourists by 2010 shows that there is at present a significant gap between growing demand and availability of supply for tourist accommodation which may be increasingly felt as major future attractions such as Dubai land and Dubai Sports City open for business.
This level of growth in the tourism industry in Dubai has led to a very high occupancy rate for hotel rooms and apartments for example the occupancy rate stood at 85% in January 2007 alone. This has presented Dubai and UAE property investors as a whole with a splendid potential to capitalise on this growing market, the traditional method of property investment in such as buy to lets in Dubai may offer investors around 8% rental yield per annum. Yet short term letting tenants are charged hotel rates per night which depending on location and quality of properties, landlords can stand to make 10-15% rental yield per annum at today's hotel rates.
This is a situation which is not solely confined to Dubai, it is also very much applicable in other Emirates such as Ras Al Khaimah especially in established resorts such as Al Hamra Village , where hotel accommodation does not suffice to meet demand. A common question asked by many investors is what is the best way take advantage of accommodation supply gap in Dubai?
There are two main routes which buyers can take with regards to this:
The 1st method is to purchase an apartment or villas and utilise a high quality property management company which will take care of an investors property. Normally the management charge will be 20-25% of an apartments rent per annum. It may also be necessary to buy a furniture package from property management company which may vary in cost between £2-£5K.
The second option available to investors is to purchase a hotel apartment in one of the key future tourist locations such as Sports City in Dubai, such as The Cube. These developments are often managed by 5* hotel companies which will in many some occasions give investors rental guarantees and 30 days complimentary stay within the hotel. These are developments in a majority of cases will be fully managed, maintained and furnished with no additional cost to yourself.Those property investors looking for long term investments who do not intend to move into their properties should consider the hotel apartments as their ideal investment solution. It is a type of property which does not require any significant effort on behalf of investors in terms of finding a capable property management firm to maximise property rental turnover, which saves both time and money. Short term holiday letting is the ideal form of buy to let for the savvy Dubai investor, with rumours of rental stabilisation in the traditional buy to let market, holiday home letting presents one the best potentials for sustained high rental yields.
By Hamid Shah Director of Mirage Real Estate Ltd - a UK based firm specializing in Middle Eastern investment properties.

Smart Moves Dubai Real Estate LLC

Smart Moves Dubai Real Estate LLC

Welcome to Smart Moves Real Estate LLC. We pride ourselves on our reputation of being a fast moving Dubai Real Estate Agency, in all aspects of property to customers in the UAE, Europe and worldwide. Smart Moves presents residential, commercial and investment opportunities and assists property owners in selling and letting their properties. Additional consultancy services are also offered including sales and marketing, financial and legal services providing value, reliability and satisfaction for its clients. Smart Moves understands the unique pressures of living in this busy, vibrant city and is committed to delivering results.
About Smart Moves, the Company
With our office in Dubai conveniently located on the Sheikh Zayed Road, Smart Moves is jointly owned by a group of international partners who are closely involved with the day to day running of the business. We take our work and our role in real estate very seriously and endeavour to provide all your real estate needs.
About the Team
We have a team of employees who are inspired by the company, its aims and its goals. The team is highly customer focused and ensures that all sellers, buyers and developers are treated with respect and professionalism. Our aim is to ensure that all customers receive the service they require and more. We ensure that all aspects of the customer’s requirements are managed way beyond their expectations.
We value our staff at Smart Moves and want to ensure that we employ the best people. We look for enthusiastic, flexible team players, who will enjoy the excitement and challenge of new goals in a successful and growing organisation. As a customer focused company, we look for people with passion and enthusiasm for delivering excellent customer service to all our customers.
What Services do we Provide?
We provide a full and extensive real estate service, including residential, commercial, investment opportunities, sales and re-sales direct from Owners/Developers. On your behalf, we will advise, instruct and progress all property related enquiries. We also have a full lettings service for both tenants and landlords and may provide finance assistance from reputable finance lenders such as Tamweel and Amlak. Moreover, we have established strong networks with other real estate companies, agents and organizations, such as Dubai Properties, Emaar Properties, and Dubai Property Group. In the near future we will also be providing services extending from insurance, furniture, landscaping to relocation packages. Our aim is to provide a "One Stop Shop" for all your real estate requirements. Smart Moves understands the unique pressures of living in this busy, vibrant city and are committed to delivering results.

Buying a Property in Dubai

Buying a property any where in the world is daunting experience but what makes Dubai an even tougher one is the fact that there are so many various new developments on offer in newly developed areas which buyers don’t know how will these areas turn out to be. If you buy a property in community which has already established itself then you know what you can expect but buying off plan property is like buying a dream which may turn into a dream home or it can turn into a nightmare. Buying off plan is not for the weak hearted that’s why it should be left for those who are really willing and daring to take a chance on a vision.
If you decide to invest in this young market which is establishing itself as the best real estate market in the middle East then you should take your time and do some good research first, you will see that buying in Dubai may be a wise investment after all.
Dubai is a city that has to be seen to be believed. With government that uses creative thinking when it comes to building new resorts or approving daring architecture, it’s a place of change, excitement and growth. Billions of dollars have been pumped into its buildings, shopping and leisure facilities, making it one of the most desirable locations on the planet.
Even though developments on offer are many and different but then that can work to your advantage as you will always find something that can really suit you and your budget.
Dubai is already an incredibly popular tourist destination and if you’re looking for a property abroad with a difference, then Dubai is one of the first places you should look. It has a great climate all year round, although you are advised to go between October and May when the weather is at its best – the height of summer can be uncomfortable if you’re not used to it.
It’s not just the modern wonders of Dubai that attract attention. Ancient souks meander under the new glass towers and the remnants of trading in pearls and other goods contribute to the diverse culture and energy of Dubai.