PROPERTY
NEWS
RECENTLY SOLD RECENTLY LET WHATS HAPPENING NOW IN DUBAI MARINA & JUMERIAH BEACH RESIDENCE.... MUST KNOW CHANGES TO LAND DEPARTMENT FEES WHY FOREST
DUBAI MARINA & JUMERIAH BEACH RESIDENCE
RECENTLY SOLD DUBAI MARINA ADDRESS Al Majara 2 Al Majara 2 Attessa (Marina Promenade) Paloma (Marina Promenade) Aurora (Marina Promenade) mid Beauport (Marina Promenade) Marina Heights Al Mass (Original Six) Bay Central (West Tower) Marina Quays Botanica Tower The Torch
FLOOR Mid High mid high 2 bed lower mid mid mid Mid Mid Mid
BEDS VIEW 3 bed Marina 3 bed Marina 1 bed JBR facing 3 bed Marina JBR facing 2 bed Marina 3 bed Golf course facing 3 bed Part Marina 1 bed Part marina Duplex Marina 1 bed Part sea 2 bed Marina
SOLD PRICE AED 3,000,000 AED 3,000,000 AED 1,630,000 AED 3,800,000 AED 2,900,000 AED 2,900,000 AED 2,600,000 AED 3,350,000 AED 1,330,000 AED 4,200,000 AED 1,600,000 AED 1,863,000
JBR Bahar 1 Bahar 1 Sadaf 4 Rimal 2 Shams 4
Low Mid Low Mid Mid
1 bed 2 bed 3 bed+maid 3+maid 2 bed
Community Part Marina Part Marina Sea Part sea
AED 1,340,000 AED 2,050,000 AED 2,425,000 AED 3,400,000 AED 2,100,000
SALES MARKET OVERVIEW Dubai has experienced healthy price increases throughout the whole Emirate this year which has attracted worldwide media attention. Ranking Dubai as one of the ‘The Hottest Real Estate Markets on Earth,’ as published by Forbes. Cash investors worldwide flocked to Dubai to take advantage of the market conditions and attractive rental yields on offer. Therefore it is interesting to see that 70% of recently agreed sales have been end users and not investors. So a more balanced mix of purchasers, which usually makes for a healthier and stable market. Many sellers are speculating that prices will increase when the Expo 2020 is annouced in November. So it will be interesting to see if this does happen and if it does have a positive impact on the current market.
RECENTLY LET DUBAI MARINA LETS ADDRESS The Address Al Majara 2 23 Marina Aurora (Marina Prom) Blakely (Park Island) Cayan (Infinity Tower) Cayan (Infinity Tower) Bay Central (West Tower) Bay Central (West Tower) Marina Quays
BEDS 1 bed 2 + study 3 + utility 2 bed 1 2 bed 1 bed 1 bed 1 bed 1 bed
FURNISHINGS Furnished Unfurnished Unfurnished Unfurnished Furnished Unfurnsihed Unfurnsihed Unfurnished Unfurnished Unfurnished
VIEW Marina Marina Golf Course Marina Marina Sea Marina Part marina JBR Part Marina
No CHEQUE 1 cheque 1 cheque 2 cheques 1 cheque 2 cheque 1 cheque 1 cheque 1 cheque 1 cheque 2 cheques
AED AED AED AED AED AED AED AED AED AED
RENT 140,000 200,000 235,000 185,000 105,000 190,000 120,000 85,000 73,500 97,000
1 bed 3 + maid 2 bed 1 bed 2 bed
Unfurnished Furnished Inc white goods Unfurnished Unfurnished
Part sea Part sea Community Marina Marina
1 cheque 1 cheque 2 cheques 1 cheque 1 cheque
AED AED AED AED AED
85,000 180,000 120,000 90,000 125,000
JBR LETS Shams 4 Murjan 5 Rimal 1 Rimal 2 Bahar 1
LEASING MARKET OVERVIEW Dubai Marina is currently rated 3rd for highest rental increases in Dubai for 2013, an example being the average rent for a one bedroom apartment is currently AED 80,000 pa as opposed to AED 70,000 pa in 3rd quarter of 2012. Rental figures are still 36% lower than the highest peak of 2008. The most appreciated rental figures are in locations such as International City with a massive 35% increase on rents compared to 2012. However these areas were worst hit by the recession of 2008 and as a result impacted on 2013 figures. Overall recovery is well under way with a year-on-year growth of 23 per cent for apartments and 19 per cent for villas.
WHATS HAPPENING NOW IN DUBAI MARINA & JUMERIAH BEACH RESIDENCE .... New Launch in Dubai Marina One of Dubai Marina’s prominent developers Select Group are set to release the launch for their new Tower close to the Grosvenor House Hotel. The company have already 7 Dubai Marina developments under their belt including Botanica, Bay Central and the soon to be compl eted West Avenue, next to Marina Mall. Prices are For further details on the launch please contact Claire by email on claire@forest.ae or call on +971 505074629. Jumeirah Beach Residence to receive a face lift. Dubai Properties Group has announced plans to build a new 160 room beachfront hotel in Jumeirah Beach Residence, along with an Amphi-theatre. They also announced at Cityscape in early October that the entire JBR area will receive a facelift, with major upgrades planned for the landscaping of the area and retail outlets. Additional private facilities will also be created for the 40,000 residents who currently stay at The Walk. It was quoted that Khalid Al Malik, group CEO of Dubai Properties Group said “With over 13 million visitors to The Walk last year alone, these new projects and upgrades will serve the growing demand from the tourism industry in Dubai.” OTHER AREA PROPERTY NEWS Theme Park plans cancelled 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 Emaar Properties and Dubai 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.
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. Forest Real Estate provide a full conveyancing service to our Buyers and Sellers, therefore if you would like further expert advise or clarification on any of the above please contact Esther Morgan (Head of Conveyancing) by email: esther@forest.ae or office: +971 4392777.
WHY FOREST
Experienced Marina and JBR Sales and Leasing Specialists Bi Lingual Brokers (Englisn, Russian, Arabic, Farsi, Swedish and African) State of the Art OfďŹ ce in the Heart of Dubai Marina Corporate Car Branding
To List your Property or Further Advice Contact:
Claire Area Manager (Dubai Marina)
Mobile: +971 50 507 4629 Email: Claire@forest.ae 2106 Marina Plaza Tower, Dubai Marina, Dubai, UAE T: +971 4 392 7777 F: +971 4 392 7111 E: info@forest.ae W: www.forest.ae