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PROPERTY NEWS

PALM

JUMEIRAH


IN THIS ISSUE January 2014 Issue No. 002

www.forest.ae

FEATURES >> What's Happening Now in PALM JUMEIRAH?

>> Important Changes and Cost Relation to Dubai Land Department Fees >> For Sale and For Rent Properties

>> Recently Sold >> Recently Let

>> WHY FOREST?

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What's happening now in

PALM JUMEIRAH?

With a number of new developments now well underway the Palm Jumeirah is truly back in business. In April 2012 Nakheel announced their first new major development since completing a huge restructuring process, 18 months down the line and 90 luxury Townhouses are 4 months away from handover. Following closely is the long awaited Palm Views a sold out development of 200 full sea view luxury studios, perfect for the investor. Azure Residences was the 3rd announcement with another 170 luxury 1 and 2 bedroom apartments at the base of the palm. As far as Nakheel is concerned this is just the beginning with major retail outlets and malls to follow, the dream that the Palm Jumeirah once was is fast becoming reality.

OTHER AREA PROPERTY NEWS • Theme Park plans cancelled • Emaar Properties and Dubai United Properties, the master developer behind Dubai's Motor City has confirmed it will not be going ahead with the planned F1-branded theme park. However they have revealed proposals for a new mixed use redevelopment at the site in Dubailand, with a replica of the famous -Champs-Élysées area of Paris among the new designs launched at the Cityscape exhibition. Dubai’s next mega project. w

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Holding have recently signed a deal to develop The Lagoons, a 6 million square metre master planned city, located within Mohammed Bin Rashid (MBR) City, near Dubai Creek. The new project will include the Dubai Twin Towers, “a mixed-use iconic development”, as well as a central business district, luxury hotels, schools, healthcare facilities, the two companies said in a statement on Monday. r

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IMPORTANT CHANGES AND COSTS IN RELATION TO

DUBAI LAND DEPARTMENT FEES

The key changes as follows: Transfer fees:

1. The transfer fee is 4% plus AED 540 auxiliary fees. 2. All transfers (including those done at the DLD) must pay the "RT" (Registration Trustee) fee of AED 4,000 per transfer, including Oqood transfers.

Registrations

1. For an Initial Title deed completed at the DLD: 4%, no "|RT" fee of AED 4,000 is required. 2. For an «Urgent Request for Initial Title» at the DLD - can be issued and printed same day with a urgency fee of AED 5,010.

Other important notes:

1. Manual Transfers (blocks) can only be arranged at Transfer offices going forward (not at the DLD). 2. Mortgage discharge will continue to be carried out only at the DLD.

800-FOREST or +971 4 392 7777

CALL US NOW AND VIEW TODAY


PALM JUMEIRAH Click on image for more information

Click on image for more information

800-FOREST or +971 4 392 7777

For Sale Properties

For Rent Properties

CALL US NOW AND VIEW TODAY


RECENTLY SOLD

Address

Floor

Beds

View

Sold Prices

Marina Residence C-type

LG

2 bed + M

Community

2,700,000

LHS Shoreline E- Type

5th

2 bed + M

Full Sea View

2,500,000

LHS Shoreline C-Type

3rd

3 bed + M

Full Sea View

3,200,000

Palm Views

2nd

Studio

Full Sea View

10% Premium

Palm Views

4th

Studio

Full Sea View

10% Premium

Marina Residence D-Type

10th

2 bed

Partial Sea View

2,850,000

Frond H

5 bed Villa

Marina View

19,000,000

5th

2 bed + M

Marina View

2,600,000

Palm Villa RHS Shoreline E-type

Sales Market Overview

Firstly I would like to congratulate Dubai on winning the Expo 2020 bid! I’m sure I speak for all here at Forest that it was a pleasure to be part of it and it’s exciting to see where it will take us. Now that the hype is well and truly behind us, what has happened over the last 6 weeks? In truth not much, the hype surrounding the bid had already increased its prices as if we had already won. What we are likely to see in the coming months is a much slower and steady increase in sale prices. As the increase in transfer fees and mortgage caps start to take effect a more mature Dubai will start to emerge. One that will see prices slowly increase at a much more sustainable rate, and hopefully, one that will map out Dubai as one of the safest places in the world to invest your hard earned cash.

800-FOREST or +971 4 392 7777

CALL US NOW AND VIEW TODAY


RECENTLY LET Address

Floor

Beds

View

Let Prices

Oceana Atlantic

4th

2

Atlantis View

220,000

Shoreline Al Habool

8th

2

Construction View

150,000

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1

Road View

150,000

Marina Residence 5

2nd

2

Pool View

165,000

Marina Residence 3

5th

3

Construction View

190,000

Oceana Adriatic

6th

3

Sea View

300,000

Golden Mile 9

7th

1

Community View

115,000

Fairmont North

9th

1

Road View

145,000

Marina Residence 4

1st

2

Construction View

145,000

2nd

2

Park View

160,000

Oceana Adriatic

Shoreline Al Khushkar

Leasing Market Overview

Firstly, Happy new year from the forest rentals team!

2013 has no doubt been a big year for the UAE property market. Dubai was recently named the world’s strongest housing market in 2013 given the city’s status as a safe haven with enhanced consumer and investor confidence. Home prices have been recorded at the highest levels since the downturn and the market has also gained a more auspicious reputation for tougher regulation, given the flood of laws we’ve seen come into effect this year. With the most recent the government has enforced a new rental decree (43) which allows for rents to be increased by five per cent if they are 11 per cent below the market rate for the area rather than 26 per cent, as determined by RERA’s rental index. Rentals increased significantly on the Palm Jumeirah during 2013 as rents jumped up by more than 20% per cent and even higher in some other location We at Forest look forward to a busy 2014 and have had to accommodate the influx of tenants January has brought us by taking on 5 new leasing agents. w

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WHY FOREST?

Experienced Palm Jumeirah Specialists State of the Art Office in the Heart of Dubai Marina Corporate Car Branding To List your Property or Further Advice Contact:

James Ellison

Sales Consultant (Palm Jumeirah) Name

Mobile Number

Email

Subject

Message

SUBMIT

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Palm Jumeirah  

Forest Property News Palm Jumeirah Dubai, UAE Real Estate January 2013

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