Property Times March 2015

///// Issue 28 - March 2015

Pg8

Pg20

Don't wait...

Just move in...

PEOPLE’S CHOICE REAL ESTATE AWARDS 2015 THE NOMINEES

Dream Tower in Dubai Marina is now ready for sale Pg24

COMMUNITY TIMES DOWNTOWN & PALM JUMEIRAH

A BRAND NEW SECTION ON DUBAI’S COMMUNITIES

Pg28

PROJECT WATCH A LOOK AT THE LATEST DEVELOPMENTS

Magazine

Search

Awards

Elite Residence - Dubai Marina Ultra Luxury Penthouse

5 Bedrooms + maids + storage + 2 living rooms + a private indoor pool Fully furnished & upgraded 12469 sq ft (with 6 car parks) Full panoramic views of the Sea & the iconic Palm Jumeirah/ golf course/ Dubai Marina skyline / Burj Al Arab Hotel. | swimming pools | gymnasium | children's day care nursery | health spa | lounge area etc.

REMARKABLE PENTHOUSE

E lite Residence, dubai marina, dubai Located on the top floor of a skyscraper in Dubai Marina, this is the most intriguing Penthouse in Dubai. It’s extraordinary, striking and has an impressive contemporary and warm style décor. Every part of this Penthouse has a story to tell From two stunning living rooms to a private indoor pool with Jacuzzi to an internal space for a gym, you just have to name it and its’ all there.

The vast variation and quality of materials used in its upgrades has tremendously added to its overall cost and offers immense value.

Privacy, Natural light, Ocean views, an astounding design come together to offer a spectacular sight for all eyes and a desire to have.

Developed by Tameer Holdings.

Elite Residence Tower - Dubai Marina

83 floors of residential apartments 4 parking floors 4 basement levels 2 health clubs state of the art business centre

Price on request Close to Metro Station/ Dubai marina Tram station

Contact: KGR Real Estate (ORN: 16084) t: +971 4 3308 775 e: kgrre@outlook.com

OUR TEAM BINESH Panicker

Editor-in-Chief & Co-Founder binesh@medialabpublishers.com

JATIN Deepchandani

Head of Sales, Marketing & PR jatin@propertyonline.ae

SYED Ghayuor

Sales Manager syed@propertytimes.ae

THINKAL Bhal

Manager - Sales thinkal@propertyonline.ae

RESHMI Raveendran

Editorial Coordinator reshmi@propertytimes.ae

NYSAM K Shahul

Senior Graphic Designer nysam@propertyonline.ae

Binesh Panicker

Editor-in-Chief & Co-Founder

TOSEEF Ali Tidiwala

Accounts Executive ali@propertyonline.ae

MORE POSITIVITY IN THE MARKET While the market continues to experience a slowdown, the overall sentiment among real estate agency owners is still positive. Everyone seems to have understood the fact that this period of correction is an inevitable part of the cycle that every real estate market goes through over a period of time. Nobody wants a volatile market where prices fluctuate rapidly. In the current scenario, investors can feel confident about Dubai market as it is showing signs of maturity. In fact, in some communities such as Victory Heights, rents have gone up while prices have dropped, which gives an opportunity for investors to secure better rental yields. Yes, this is a period of opportunities even for end-users looking to buy as the prices are more affordable and it will be foolish to play the ‘wait and watch’ game because prices aren’t going down rapidly. In short, the market at present is stable and with banks aggressively promoting their mortgage products at attractive interest rates, the demand is expected to grow from investors and end-users alike. And there are many options for those who are planning to buy. Ready to move in properties such as Dream Tower in Dubai Marina give buyers an option to buy and move in or rent out immediately, which is our cover story this month. In this issue, we are introducing a couple of sections, which will be extremely useful for those

KIRAN Reddy

E-magazine support kiran@propertyonline.ae

SRIKANTH Reddy

E-magazine support srikanth@propertyonline.ae

who are looking to buy their dream homes. While ‘Community Times’ section focuses on selected communities featuring a wide range of useful information, ‘Project Watch’ carries new projects launched by Dubai developers. In a bid to provide advice and guidance to investors, we have roped in Manoj Prasad, Executive Vice Chairman and CEO of Que Capital Limited, who, from this issue onwards, will address various issues and topics related to investment in Dubai real estate market. I am sure it will be a great source of vital information for the investors and buyers.

Also in this issue, we feature inputs from various industry members to shed some light on the current scenario in the market, which will help you make informed decisions. In the hospitality section, our contributor Nicole Walter takes you through hotel destinations in Oman and it will certainly help you plan your next holiday trip.

The voting lines for Property Times People’s Choice Real Estate Awards 2015 are open. The competition so far has been fierce and I am sure people of Dubai will choose the best agencies in the next few days.

Happy reading!

MANAF CK

Admin Executive manaf@propertyonline.ae

MARY Grace Antonio

Executive Assistant to Editor in Chief grace@medialabpublishers.com

CONTRIBUTOR Nicole Walter

Freelance Writer

PUBLISHER

MEDIA LAB PUBLISHERS LLC Office 135, B Block, Al Shafar Investment Building, Near 3rd Interchange Sheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae

EDITORIAL

editor@propertyonline.ae

ADVERTISEMENT

advertise@propertyonline.ae

SUBSCRIPTION

subscribe@propertyonline.ae Licensed by National Media Council

PRINTER

DISTRIBUTORS P.O. Box: 485100, Dubai, UAE

/propertyonline.ae

/proponlineuae

P.O. Box: 76460, Dubai, UAE /propertytimes/

/company/media-

/+PropertyonlineAeweb/

P.O. Box: 102817, Dubai, UAE /blog/propertyonlineae

March 2015 Issue -28 /// 5

propertyonline.ae

FROM THE EDITOR

Meydan - Dubai

CONSTRUCTION IS IN FULL SWING | AVAILABLE FOR RESALE

Millennium Estates | Meydan - Type A

Millennium Estates

Actual villa image

Type A Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 27% Premium

A Kadeer (Brn 26807)

Type A Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 29% Premium

Jane (Brn 27553)

Type A Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 22% Premium

Imran (Brn 12258)

Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 14% Premium

Payal (Brn 12093)

Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 10% Premium

Burhan (Brn 22533)

Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 16% Premium

Burhan (Brn 22533)

Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 22% Premium

Burhan (Brn 22533)

Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 24% Premium

Kalpesh (Brn 11874)

Type A Phase 3 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 8% Premium

Payal (Brn 12093)

Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 14% Premium

Mudassar (Brn 10684)

Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 24% Premium

A Kadeer (Brn 26807)

Type B Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 13% Premium

Imran (Brn 12258)

Type B Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 14% Premium

Mudassar (Brn 10684)

Type B Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 24% Premium

Kalpesh (Brn 11874)

Type B Phase 3 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 9% Premium

Farhad (Brn 9694)

Type B Phase 3 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 19% Premium

Yash (Brn 11461)

Type C Phase 2 - 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft

25% Premium

Yash (Brn 11461)

Type C Phase 3 - 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft

14% Premium

Imran (Brn 12258)

5 Bedroom G + 1 Villa Area 7,371 SQFT, 2 living rooms + maids room + drivers room Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on the exterior

Millennium Estates | Meydan - Type B Actual villa image

5 Bedrooms G+1 Villa BUA 6,993 SQFT, 2 living rooms + maids room + drivers room, Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on the exterior.

Millennium Estates | Meydan - Type C Actual villa image

* All Premiums are inclusive of oqood charges

millenniumestates.ae millenniumestates.ae/grandviews

5 Bedrooms G+1 Villa BUA 5,221 SQFT, Living rooms + maids room + drivers room, Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on the exterior.

toll free

800773 S

P

F

propertyonline.ae

8

PEOPLE’S CHOICE AWARDS 2015: The Nominees

37

Column by the Wolf of Real Estate

38

12

NEWS AND ANALYSIS: International Property Show 2015

INTERVIEW: Anant Golyan, Westar Properties

40

14

NEWS AND ANALYSIS: Update on Victory Heights by REIDIN

MARKET UPDATE

by LJ Hooker sales & leasing managers

42

16

PROPERTY EXPERT: Dawn Draper, Pennington

INTERVIEW: Vishal Wadhwani, Gold Coast Real Estate

46

18

MORTGAGE EXPERT: Feyisesan Ekundare, MortgageMe

INTERVIEW: Klaus Holscher, Kensington

48

26

HOTEL JEWELS in Oman

30

SHARIA-COMPLIANT HOTELS: Column by Jitheesh Thilak

32

Exclusive property listings

INTERVIEW: Jennifer Peltenburg, Farnek

STRAIGHT TALK BY MP: Manoj Prasad, Que Capital Limited

54 58

TOWN SQUARE by Nshama

Dream Tower is ready for sale

20

Community Times

24

Project Watch

28

Arabian Ranches

Community Fair in pictures

March 2015 Issue -28 /// 7

44

...THE NOMINEES...

W: www.aimproperties.ae E: info@aimproperties.ae | T: 04 36 95 383 | RERA No: 12454 CATEGORIES Editor’s Choice Best Real Estate Agency: Exclusive Projects Editor’s Choice Best Real Estate Brand: New Entrants

W: www.aquaproperties.com | E: info@aquaproperties.com T: 04 38 82 220 | RERA No: 303

W: www.areb.ae | E: info@areb.ae T: 04 45 33 315 | RERA No: 12366 Muhammad Israr Managing Director

CATEGORIES People’s Choice Best Brokers: Top 5 • Akylbek Akimov • Alina Adamco

To Vote: http://awards.propertyonline.ae/alliance-real-estate

Ali Ashraf Tumbi, CEO

W: www.asteco.com E: MichelleM@asteco.com | T: 600 54 77 73 | RERA No: 180

CATEGORIES

CATEGORIES

People’s Choice Best Real Estate Agency: Overall Performance

People’s Choice Best Real Estate Agency: Property Management

To Vote: http://awards.propertyonline.ae/aqua-properties

Manish Khatri, VP

W: www.banke.ae| E: enquiries@banke.ae T: 04 33 80 088 | RERA No: 12108 CATEGORIES Editor’s Choice Best Real Estate Brand: New Entrants

Akylbek Akimov Managing Director

Niraj Masand Managing Director

John Stevens Managing Director

To Vote: http://awards.propertyonline.ae/asteco

W: www.bukhatirproperties.com | E: info@bukhatirproperties.com T: 04 43 85 500 | RERA No: 12287

CATEGORIES Editor’s Choice Best Real Estate Brand: New Entrants

Deepak Kaipa Business Development Manager

W: www.dacha-re.com E: info@dacha-re.com T: 04 42 32 006 | RERA No: 393 W: www.canaryislandproperties.com E: enquiries@canaryrealty.com | T: 04 27 75 709 | RERA No: 12063

CATEGORIES People’s Choice Best Real Estate Agency: Buyers’ Choice To Vote: http://awards.propertyonline.ae/canary-island-properties

CATEGORIES Rohan Raval Managing Director

People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Brokers: Top 5 • Jade Morris • Galina Lukanova

To Vote: http://awards.propertyonline.ae/dacha-real-estate

Alessia Sheglova Managing Director

W: www.ere-homes.com | E: info@ere-homes.com T: 056 39 33 466 | RERA No: 2436

W: www.elysianrealestate.com | E: info@elysianrealestate.com T: 04 32 34 545 | RERA No: 619

CATEGORIES

CATEGORIES People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Real Estate Agency: Property Management

Dounia Fadi Managing Director

Sales

UA E l Leasing

l Management

W: www.exclusive-links.com E: enquiry@exclusive-links.com |T: 04 42 25 750 | RERA No: 708

Louise Heatley Managing Director

W: www.800-property.com E: info@800-property.com T: 04 45 41 235 | RERA No: 210

CATEGORIES

CATEGORIES

Categories: People’s Choice Best Real Estate Agency: Property Management People’s Choice Best Brokers: Top 5 • Edward John Donohoe • Leah Dunne

People’s Choice Best Real Estate Agency: Property Management Editor’s Choice Best Real Estate Agency: Exclusive Projects

http://awards.propertyonline.ae/exclusive-links

Zarah Evans Managing Director

Editor’s Choice Best Real Estate Brand: New Entrants

To Vote: http://awards.propertyonline.ae/golden-suns-real-estate

CATEGORIES Erfan Aslam Managing Director

People’s Choice Best Real Estate Agency: Property Management Editor’s Choice Best Real Estate Agency: Exclusive Projects

http://awards.propertyonline.ae/harbor-real-estate

W: www.indus-re.com E: info@indusre.ae |T: 04 35 19 995 | RERA No: 123 CATEGORIES People’s Choice Best Real Estate Agency: Overall Performance To Vote: http://awards.propertyonline.ae/indus-real-estate

Fadi Nwilati CEO

W: www.harbordubai.com E: info@harbordubai.com | T: 04 32 51 616 | RERA No: 2004

W: www.gwre.ae E: info@gwre.ae | T: 04 44 05 065 | RERA No: 1086 CATEGORIES

Chris Whitehead Managing Director

To Vote: http://awards.propertyonline.ae/ere-homes

To Vote: http://awards.propertyonline.ae/elysian

Duba i

People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Real Estate Agency: Property Management People’s Choice Best Brokers: Top 5 • Lenet Asatourian • Ryan Blair

Mohanad Alwadiya Managing Director of Harbor Real Estate and Advisor

W: www.kendal.ae E: info@kendal.ae | T: 04 38 82 921 | RERA No: 11922 Hamir Asher Managing Director

CATEGORIES People’s Choice Best Real Estate Agency: Overall Performance To Vote: http://awards.propertyonline.ae/kendal

Paul Christodoulou CEO

WINNERS CHOSEN BY BUYERS, INVESTORS, SELLERS AND RENTERS…

...THE NOMINEES... www.kensington-dubai.com | E: selina.krump@kensington-international.com T: 04 32 59 411 | RERA No: 300

W: www.lacapitaledubai.com | E: admin@lacapitaledubai.com T: 04 38 83 001 | RERA No: 2610

CATEGORIES People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Brokers: Top 5 •Christoph Engels •Maryna Bespalaya

Klaus Hoelscher CEO

To Vote: http://awards.propertyonline.ae/kensington

Kunal Puri Managing Director

To Vote: http://awards.propertyonline.ae/la-capitale-real-estate

W: www.oceanviewdubai.com E: info@oceanviewdubai.com | T: 04 34 33 256 | RERA No: 511

W: www.modeluxproperties.com/mdlx E: info@modeluxproperties.com | T: 04 32 98 298 | RERA No: 1898

CATEGORIES

CATEGORIES People’s Choice Best Real Estate Agency: Buyers’ Choice

CATEGORIES People’s Choice Best Real Estate Agency: Buyers’ Choice

Sameer Adam Managing Director

To Vote: http://awards.propertyonline.ae/modelux-properties

People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice

Mario Volpi Managing Director

To Vote: http://awards.propertyonline.ae/ocean-view-real-estate

Umar Bin Farooq Managing Director W: www.ottomansuae.com E: info@oceanviewdubai.com | T: 04 34 69 933 | RERA No: 11826

W: www.pennington.ae E: info@pennington.ae | T: 04 45 37 375 | RERA No: 12512

CATEGORIES Editor’s Choice Best Real Estate Agency: Exclusive Projects

Rouf Makroo Managing Director

CATEGORIES Editor’s Choice Best Real Estate Brand: New Entrants

Dawn Draper Managing Director

W: www.realty-force.com E: sales@realty-force.com T: 04 42 57 771 | RERA No: 1038 W: www.oceanviewdubai.com E: info@propsquare.com | T: 04 44 08 922 | RERA No: 841 CATEGORIES People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice To Vote: http://awards.propertyonline.ae/propsquare

Faisal Baig Managing Director

CATEGORIES People’s Choice Best Real Estate Agency: Sellers’ Choice To Vote: http://awards.propertyonline.ae/realty-force

Riyaz Merchant Managing Director

W: www.skyviewdubai.com E: info@skyviewdubai.com T: 04 32 98 651 | RERA No: 563

W: www.sbkrealestate.com E: customercare@sbkrealestate.com T: 043374499 | RERA No: 845

V.A. Hassan Founder

CATEGORIES People’s Choice Best Real Estate Agency: Property Management To Vote: http://awards.propertyonline.ae/sbk-real-estate

Shahid Hassan Ahamed Niazi Executive Director General Manager

CATEGORIES People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice

To Vote: http://awards.propertyonline.ae/skyview

W: www.spfrealty.com | E: info@spfrealty.com T: 04 33 96 222 | RERA No: 1021

Kalpesh Sampat Director

CATEGORIES W: www.dubaisir.com E: info@dubaisir.com | T: 04 81 84 999 | RERA No: 12521 CATEGORIES Editor’s Choice Best Real Estate Brand: New Entrants

Jackie Johns Managing Partner

Akash Ashok Kanjwani Managing Director

People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Brokers: Top 5 • Kunali Shah • Erick Knaider Editor’s Choice Best Real Estate Agency: Exclusive Projects

To Vote: http://awards.propertyonline.ae/spf-realty

Mahendra Singh Ranjeet Chavan Director Director

W: www.synergygroup.ae E: info@synergygroup.com T: 044529877 | RERA No: 11870 W: www.stockholmre.com E: info@stockholmre.com |T: 04 27 78 002 | RERA No: 12895 CATEGORIES Editor’s Choice Best Real Estate Brand: New Entrants

CATEGORIES Paula Enander Managing Partner

People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Brokers: Top 5 • Neeraj Harshad Morjaria • Nirali Dinkarray Ganatra

Pawan Batavia Managing Partner

To Vote: http://awards.propertyonline.ae/synergy

THE REGION'S

VOTE &

W: www.trislproperties.com E: info@trislproperties.com | T: 04 39 57 550 | RERA No: 2461 CATEGORIES People’s Choice Best Brokers: Top 5 •Manish Ramesh Raheja •Muhammad Javed To Vote: http://awards.propertyonline.ae/trisl-real-estate

A HO

Saleem Rafiq Ahmed Managing Director

WIN

LIDAY

TRIP

ONE AND ONLY

REAL ESTATE AWARDS...

SIMPLY LOG-ON TO awards.propertyonline.ae

VOTING LINES CLOSES ON 31 MARCH 2015

propertyonline.ae

NEWS & ANALYSIS

NEWER AREAS OF DUBAI UNDER PROPERTY INVESTORS’ RADAR: INTERNATIONAL PROPERTY SHOW 2015

R

eal-estate transactions in 2014 were spread out across the emirate of Dubai, according to a recent report of Dubai Land Department's Real Estate Research and Studies Section, quoted by International Property Show 2015.

Organizers of the show said this indicates fragmentation of the realty market in Dubai, with each location being valued on the basis of its own supply and demand fundamentals.

Josine Heijmans, Exhibition Director, Strategic Marketing & Exhibitions, Organizer of the show added: “The market is becoming more enduser driven, with cash investors outstripping mortgages, reflecting its maturity and attractiveness to all kind of investors. More importantly, the sector is becoming more resilient, due to diversity and multi-location investment options.” International Property Show, scheduled to be held from 30 March to 1 April 2015 at the Dubai International Convention and Exhibition Centre, has attracted various levels of developers, including promoters of luxury, residential and commercial projects in the UAE, in the region and internationally, all keen to showcase their diversified offering to investors and trade visitors.

According to DLD report, more than 53,871 real estate transactions were made in 2014 alone. The total

March 2015 Issue -28 /// 12

number of transactions in terms of sales reached 38,113, with the value exceeding AED112 billion. Josine said that investments are being pumped into new lesser known parts of the city, which is a healthy sign for the industry. International Property Show offers direct unit sales for end-users as well as trade visitors. It gives visitors a chance to compare prices of several developers and obtain comprehensive insights on investment options and new areas coming into focus across Dubai.

The major property event will also host a two-day IPS Real Estate Forum, which will address latest trends and developments in key international property hotspots, including USA, Australia and Spain through presentations, panel discussions and case studies. Major industry topics will include Effective Use of Expert Witnesses in Property Sector Disputes, International Property Standards (IPMS), Strategic Facilities Management and A Responsible Business Best Practice Toolkit for the Land, Construction and Real Estate Sector. Organized by Strategic Marketing & Exhibitions, the International Property Show is oneof-a-kind annual event that allows end-users to directly buy properties right on the exhibition floor, thus offering the biggest retail platform for property buyers.

Sheikh Zayed Road, Dubai

March 2015 Issue -28 /// 13

NEWS & ANALYSIS

propertyonline.ae

propertyonline.ae

NEWS & ANALYSIS

AN OPPORTUNITY FOR INVESTORS: VICTORY HEIGHTS

AHMET KAYHAN CEO, REIDIN.com

Rising rents and falling prices. This is the current scenario in Victory Heights, according to REIDIN. By Binesh Panicker

V

ictory Heights is an interesting case study for a real estate enthusiast. Touted as one of the top villa communities in Dubai, this development has seen a dip in prices over the past one year despite high demand and limited supply while the rents have continued to rise, defying the overall market trends. “Currently, it looks like Victory Heights is well balanced between demand and supply,” says Ahmet Kayhan, CEO, REIDIN, adding, “Demand is higher because of limited supply pipeline of only about 30 units under construction to be delivered by the end of 2015.” Ahmet says from the peak in 2014, Victory Heights witnessed a drastic drop in prices due to unrealistic price hikes and huge sizes.

“The current correction is well within the range as prices went up above the 2008 peak levels last year,” he says, adding, “The rental market has seen a rise on the other side, so one can consider Victory Heights in terms of a better gross rental yield compared to other communities.”

March 2015 Issue -28 /// 14

-7% The drop in prices in Victory Heights for the past 1 year 16% The increase in rents in victory heights for the past 1 year 5.7% The gross rental yield in Victory Heights

30 The number of new units expected to be delivered in Victory Heights this year

-10%

Green Community

Arabian Ranches

-2% Victory Heights

The Springs & Jumeirah The Meadows Village Circle

Last 3 Months

Last 6 Months

propertyonline.ae

-5%

-1%

Dubai Villas

Last 1 Year

SALES PRICE CHANGE

10%

8%

8%

VICTORY HEIGHTS YIELD (%) CHANGE

6% 2%

2% 0% -2% -4% -6%

5%

3%

4%

6.0 5.8 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0

0% -4% -5% -7% Victory Heights

-2%-3%

-3% 4%

-1%

-3%-2%

-3%0%

Green The Springs & Arabian Jumeirah Community The Meadows Ranches Village Circle

Dubai Villas

-8% -10% Last 3 Months

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Last 6 Months

Last 1 Year

RENT PRICE CHANGE

20%

Jan-11 Jul-11

16%

Jan-1515% 10%

10%

GROSS RENTAL YIELD (%) 7.0 6.8 6.6 6.4 6.2 6.0 5.8 5.6 5.4 5.2 5.0

6%

5% 2% 0%

6.5

-5% -10%

6.2

-6% -1% Green Community

5.7

5.7

The Springs & The Meadows

Dubai Villas

4%

0%

-1% Arabian Ranches

4% 0%0%

-2% Victory Heights

The Springs & Jumeirah The Meadows Village Circle Last 6 Months

Dubai Villas

Last 1 Year

VICTORY HEIGHTS YIELD (%) CHANGE 6.0 5.8 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0 Jan-11 Jul-11

VICTORY HEIGHTS NEW SUPPLY

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

GROSS RENTAL YIELD (%)

12 %

88 %

Existing Villas

0% 1%

Last 3 Months

6.0

Victory Heights Jumeirah Village Arabian Ranches Circle

3% 0%

7%

5%

upcoming Villas

7.0 6.8 6.6 6.4 6.2 6.0 5.8 5.6 5.4 5.2 5.0

6.5 6.2 6.0 5.7

5.7

Victory Heights Jumeirah Village Arabian Ranches Circle

The Springs & The Meadows

Dubai Villas

VICTORY HEIGHTS NEW SUPPLY

Source : REIDIN.com

REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector. REIDIN.com, founded in 2007, is a 12 % leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN.com helps professionals and individuals easily access the real estate information they need to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data & Research Team’ together with a global network of information partners endeavours to provide high-end analysis and research support to its clients.

For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times.

88 %

March 2015 Issue -28 /// 15 Existing Villas

upcoming Villas

NEWS & ANALYSIS

-6% -1%

propertyonline.ae

EXPERT ADVICE

with property expert Our expert answers the queries about your real estate investments.

I have a small portfolio of properties in Dubai and I am currently looking at selling some of them. I have been told by a friend that I should tie up with a real estate agency exclusively? Should I go for an exclusive deal or list my properties with multiple agents? Please guide.

To be honest, it’s more down to the agency you choose if you go exclusive. If the company you choose are strong in their marketing and advertising and has a good pro-active agency network, then I would advise ‘exclusive’. A big bonus here is that you won’t get dozens of different agents calling you with different prices and offers that are not realistic. In many cases, these multiple ‘offers’ are actually the same buyer just going round the different agencies, giving you a false impression of the interest. What you should be looking for is the commitment the agency is going to give you for this Exclusive Agreement. Get the agreement in writing with confirmation of how they are going to market the properties, showing the range of marketing tools and the frequency they are going to use them. For example: Best quality photographs, Exclusive sign boards, ‘Top Spot’ on the property portals and website, individual property postcards designed specifically for your property, property matching (targets their database), newspaper and property related magazines.

Your exclusive agent should ask to visit you and the property to ensure they have the best knowledge of both the property and your expectations.

Dawn Draper Managing Director Pennington Real Estate T: 04 45 37 375

My family and I recently moved to Dubai. We are currently renting an apartment, however, I am looking to buy an apartment in a good location so that I can save on my rents. Should I buy now or continue to rent? What's your take on this?

Now is a very good time to turn from tenant to owner. In many places, prices have come down to realistic levels, while rents have been holding out.

Coupled with some great mortgage offers available right now, the monthly outgoing for your mortgage payment will, in most cases, be considerably less than your rent.

Before doing anything else, go and see an independent mortgage advisor to see what is available to you. Terms and conditions apply to any mortgage package and vary bank to bank. An independent advisor will give you results based on a search of all the major mortgage providers so you can be sure you get the best deal rather than a single bank that will only push their own best offer.

I am an investor based in the UK. I am quite keen to invest in a couple of villas in Dubai. Please suggest the areas that ensure maximum return both in terms of appreciation and rental income.

To suggest the best areas for investment return, we need to look at current market conditions. For appreciation, the newer ‘emerging’ areas will realize better appreciation, as they are yet to reach their full value, whereas the more established areas like Springs, Meadows and Arabian Ranches have now realized their largest capital growth and are now stabilized in the property market. A very interesting area right now is Jumeirah Village Circle. Although there is still a lot of building work going on there, the location offers easy access to the major roads and is just a 15-minute ride away from all the major Jumeirah attractions.

Prices right now are good for villas and are popular among tenants too, so renting a nice property there is not difficult. As the area establishes, prices have increased and will continue to do so.

Emirates Hills

If you have any queries about buying or renting, please email at editor@propertyonline.ae March 2015 Issue -28 /// 16

propertyonline.ae

EXPERT ADVICE

with mortgage expert Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.

I would like to transfer my father's property in my name but it's on mortgage. What is the procedure to do this?

First off, ownership of a mortgaged property cannot be transferred unless the outstanding loan is fully liquidated. You could pay off the loan amount, the exit fees charged by the bank and the transfer fees charged by the specified municipality. Alternatively, you could liquidate the loan by taking out a separate mortgage loan in your name (A seller-buyer mortgage buyout transaction). Do note that said transfer will be treated as a “gift” if the transfer is to an immediate family member and would be charged at a reduced rate. To discuss further, please call us at +9714453400.

Dubai Marina

Feyisesan Ekundare MortgageMe.ae Business Development Middle East/Africa M: +971 050 4168 548

What are the formalities involved in the closure of a mortgage?

Please advise.

Closing a mortgage before its full tenure may incur an early settlement penalty, depending on the lender and the terms under which the loan was offered. As such, settling a huge outstanding mortgage loan balance may prove costly.

Nonetheless, if you are willing to go ahead, all you need do is apply for a liability letter from your mortgage lender and pay off the stated amount in the liability letter plus possible early settlement charges. Kalas.

I am planning to buy an office space for my 4 year old business.

What is the process and what are the documents required for a mortgage?

What is the average interest rate on offer?

The processes involved in executing a commercial mortgage application as a self employed (business owner) applicant is similar to the processes involved in executing other mortgage applications, whether by a salaried applicant or for a residential property. The major distinction is in the supporting documents to be provided by the self employed applicant since the lender’s due diligence will in this case be focused on both the applicant’s profile and his business’ profile. Thus, the documents required will be documents supporting the ownership of the business, the business’ past/future earnings, its current financial position and the business’ financial history. Additionally, the applicant will also be required to provide documents supporting his/her stated profile. Commercial mortgage rates, especially rates applied to self employed applicants, cannot be easily quoted because applications are treated on a case by case basis. Furthermore the applicable rates are highly dependent on the applicants’ business profile. My advice is for you to get in touch with a reputable mortgage broker that will assist you in your application. Kindly call me on the number above, I will be more than happy to assist.

If you have any mortgage related queries please email at editor@propertyonline.ae

March 2015 Issue -28 /// 18

WHY IS YOUR EQUITY JUST SITTING THERE DOING NOTHING?

Take advantage of the current low mortgage rates and put your money towards a better use.

2.99%

WE CAN MAKE YOUR HOME EQUITY WORK FOR YOU! Investme Financial Services LLC, 608, Dusseldorf Business Point, Al Barsha 1, Dubai

+971 (0) 4 453 4400 info@mortgageme.ae

propertyonline.ae

COVER STORY

GIVING WINGS TO YOUR DREAMS‌ Dream Tower in Dubai Marina is a ready to move in residential building that offers investors quick rental yields and end-users an opportunity to shift from their rented properties to their own homes immediately. By Binesh Panicker

March 2015 Issue -28 /// 20

propertyonline.ae

COVER STORY

A

THE TOWER, LOCATED IN ONE OF THE ‘MOST HAPPENING DISTRICTS OF DUBAI’, OFFERING UNOBSTRUCTED VIEWS OF THE SEA AND DUBAI MARINA CANAL AND OVERLOOKING DUBAI MARINA, JBR AND JBR BEACH, FEATURES 216 UNITS.

waterfront home is everyone’s dream. Dubai is home to a few of the most popular waterfront communities in the world and Dubai Marina is one of them. No wonder this community, touted as one of the largest of its kind waterfront communities in the region, developed

by Dubai’s master developer Emaar Properties, continues to enjoy a high occupancy rate (Around 94% according to REIDIN). Dubai Marina, since its launch, has been a prime attraction for buyers from all across the globe. The community, with its Riviera lifestyle and modern ambience, is spread over 50 million square feet and boasts a large canal of 3.5 kilo metres, which is connected to the sea from both the sides. For those who cherish a sophisticated lifestyle, Dubai Marina is a natural choice with its dining, leisure and entertainment options. The mesmerizing landscape of Dubai Marina is adorned by highrises featuring luxury apartments and villas with the Marina in the background. The latest addition to this residential destination is Dream Tower, a 41-storeyed residential tower, located close to Jumeirah Beach Residences (JBR). At a time when Dubai market is witnessing launch of a number of off-plan properties,

Dream Tower, owned by UAE national Rashid Mehran Al Bloushi, offers ready properties for investors and end users.

It is not often that buyers get to move in immediately after purchasing property in a new development.

Dream Tower is a brand new residential building, which gives an opportunity to investors to buy and rent out the units immediately and end-users to move in as soon as they purchase their dream home.

DREAM TOWER The tower, located in one of the ‘most happening districts of Dubai’, offering unobstructed views of the sea and Dubai Marina Canal, overlooking Dubai Marina, JBR, JBR beach, features 216 units comprising studio and one to four-bedroom duplex apartments with sizes ranging from 429 square feet to 3,200 square feet. The launch price for the units is set at

+971 4 33 87 701 +971 52 55 45 409 +971 55 44 05 969 info@dahrealestate.com

propertyonline.ae

COVER STORY

Dubai Marina

AED1,850 per square foot, which offers good value for money for customers.

ceiling height is more than 9 feet, which maximizes the sense of space and light.

AMENITIES AND FACILITIES

ACCESS AND NEARBY ATTRACTIONS

The tower features a wide variety of amenities and facilities for its residents such as health and fitness facilities, swimming pool, open kids’ play area and basement parking. While location is one of the major attractions of this tower, the apartments also boast high quality finishes. Each unit is equipped with fully-fitted kitchen appliances, high-speed digital connections for internet, TV and voice communications etc. The

March 2015 Issue -28 /// 22

Dubai Marina is strategically located and it offers easy entry and exit and excellent access to major areas in Dubai. The tower, located at the start of Dubai Marina, has a number of attractions in its vicinity such as Jumeriah Beach Residences, The Beach, The Walk and Dubai Skydive.

It also boasts close proximity to Dubai Internet City, Dubai Media City, The Address Montgomerie

Dubai Golf Course, Emirates Golf Club, the American University and five star beach hotels. The location of the tower provides the residents with easy access to destinations such as Dubai Marina Mall (10 minutes from the tower), The Address Dubai Marina (a premium five star hotel), Marina Plaza (a popular commercial tower), Pier 7 Dubai Marina (a multistorey tower featuring with diverse cuisines on offer). The residents of the tower will also get to enjoy the wide range of shopping and dining options available at The Walk (in JBR), which is a 1.7 kilo metre strip featuring restaurants, clothing stores, boutiques, department stores, cafes and gyms etc.

propertyonline.ae

COVER STORY

DREAM TOWER IS A BRAND NEW RESIDENTIAL BUILDING, WHICH GIVES AN OPPORTUNITY TO INVESTORS TO BUY AND RENT OUT THE UNITS IMMEDIATELY AND END-USERS TO MOVE IN AS SOON AS THEY PURCHASE THEIR DREAM HOME.

For pre launch info, call: +971 506961193 | +971 509917757 Key attractions nearby

Highlights Swimming Pool Kids’ play area Gym Easy Access Sea views

The Marina Walk JBR Beach JBR Walk Dubai Skydive Dubai Yacht club Five Star Hotels









+971 4 33 87 701 +971 52 55 45 409 +971 55 44 05 969 info@dahrealestate.com

propertyonline.ae

COMM CO

COMMUNITY TIMES DOWNTOWN

TOP

AG E N T S D OW N TOW N

Your Trusted Real Estate Partner

Tel +971 4 388 2921 | www.kendal.ae ORN No. 11922 | info@kendal.ae

Charlie King

AREA MANAGER – DOWNTOWN +971 52 842 7032 | Charlie@kendal.ae

THE LOFTS 1 BED APARTMENT | BUA 912 SQ.FT BURJ KHALIFA VIEW | AED: 1,775,000

Downtown Dubai, developed by master developer Emaar Properties, is a city within a city, with the iconic Burj Khalifa, the tallest tower in the world, at its centre. The community comprises a unique mix of beautifully designed residential and commercial towers and a wide variety of shopping, dining and leisure destinations such as Dubai Mall. It is also home to world-class hotels such as Armani and The Address. Downtown Dubai also boasts The Dubai Fountain, the largest choreographed fountain system in theworld. It’s been a favoured investment destination for buyers from all over the world for years.

THE RESIDENCES 1 BED APARTMENT | BUA 906 SQ.FT PARTIAL BURJ KHALIFA VIEW AED 2,150,000 CLAREN 2 BED APARTMENT | BUA 1,291 SQ.FT COMMUNITY VIEW | AED: 3,050,000 OLD TOWN 2 BED APARTMENT | BUA 1,507 SQ.FT AED: 3,550,000

+971 4 380 6683

AREA 2 km2 AED 2,394/SQFT (SALES PRICE) AED 11.2/SQFT RENT/ MONTH

www.mcconeproperties.com

Sam McCone

Managing Director +971 50 927 9079 sam@mcconeproperties.com RERA Licence 27516

BOULEVARD CENTRAL 2 BED APARTMENT AREA SQ.FT.: 1201 BURJ KHALIFA VIEW | AED 3,000,000 BOULEVARD CENTRAL 1 BED APARTMENT AREA SQ.FT.: 1090 BURJ KHALIFA VIEW | AED 2,100,000 29 BOULEVARD 1 BED APARTMENT AREA SQ.FT.: 1671 FOUNTAIN VIEW | AED 2,625,000 SOUTH RIDGE 1 BED APARTMENT AREA SQ.FT.: 986 BUSINESS BAY LAKE VIEW AED 1,850,000 OLD TOWN ISLAND 1 BED APARTMENT AREA SQ.FT.: 1609 PALACE HOTEL & DOWNTOWN VIEW AED 2,750,000

88.9% Occupancy

1,200

KNOW Those who live on the 150th floor and higher of Burj Khalifa live so high up that they see the sun longer than other residents of Dubai.

RETAIL OUTLETS

Resturants / Fashion brands / Super markets

5

MINS TO CITY CENTER

12

+

SCHOOLS

+

CONNECTIVITY

DID YOU

3 5 +

COMMUNITY

HOTELS

AMENITIES

8 5

MINS TO PARK

JOGGING TRACK / YOGA CENTERS

MINS TO AIRPORT

MINS TO METRO STATION

propertyonline.ae

OMMUNITY MUNITY TIMT PALMJUMEIRAH Palm Jumeirah, a signature development by Dubai’s master developer Nakheel, is one of the leading tourists attractions today.

The demand for properties on the Palm has always remained high.

Since its launch in 2001, the world’s largest man-made island has attracted thousands of visitors and investors from all across the globe.

For the rich and famous, owning a piece of Palm Jumeirah has become a status symbol. It has a 2-kilometer long trunk and a crown made up of 17 fronds and the surrounding crescent, creating the illusion of a palm tree.

TOP

AG E N T S PALMJUMEIRAH

Tel +971 4 388 2220 www.aquaproperties.com

Dorothy Biro

+971 56 10 53 655 dorothy@aquaproperties.com BRN : 29200 | ORN : 303

JUMEIRAH ZABEEL SARAY 4 & 5 BED VILLAS AREA SQ FT 6,347 - 7,087 FULLY FURNISHED | SEA VIEW STARTING FROM AED 26,000,00 FAIRMONT RESIDENCE 4 BED TOWNHOUSE APARTMENT AREA SQ FT 5,225 | TYPE T4 SEA VIEW | AED 8,450,000

2

AREA 5.72 km AED 1,818/SQFT (SALES PRICE) AED 8.8/SQFT RENT/ MONTH

COMMUNITY

92.02% Occupancy

+

70

3 5 +

7 20 8

MINS

TO PARK

Resturants / Fashion brands / Super markets

7

MINS TO CITY CENTER

HOTELS

AMENITIES

RETAIL OUTLETS

CONNECTIVITY

+

SCHOOLS

SHORELINE APARTMENT 3 BED PENTHOUSE APARTMENT AREA SQ FT 4,917 PARTIAL SEA VIEW | AED 7,500,000 PALM VIEWS WEST MULTIPLE STUDIO APARTMENTS AREA SQ FT 506 SEA & POOL VIEW | AED 1,250,000 & UP

Tel +971 4 4537375 | www.pennington.ae info@pennington.ae | ORN No. 12512

Brendan Smith

Senior Sales Consultant – Palm Jumeirah +971 56 116 8803 | brendan@pennington.ae

OCEANA ATLANTIC 3 BED APARTMENT AREA SQ.FT.:2,440 PANORAMIC VIEW | AED: 5,500,000 OCEANA SOUTHERN 3 BED APARTMENT AREA SQ.FT.: 1,709 FULL SEA VIEW | AED: 4,350,000 AL DABAS 3 BED APARTMENT AREA SQ.FT.: 2,260 BURJ AL ARAB VIEW | AED: 3,250,000 JASH FALQA 1 BED APARTMENT AREA SQ.FT.: 1,184 FULL SEA VIEW | AED: 2,275,000 PALM VIEWS STUDIO APARTMENT AREA SQ.FT.: 570 FULL SEA VIEW | AED: 1,250,000

JOGGING TRACK / YOGA CENTERS

MINS

MINS

TO AIRPORT

TO METRO STATION

DID YOU

KNOW The Island is one of the few objects that are visible from space to the naked eye. Another landmark that is visible is the Berlin Wall.

propertyonline.ae

COMMUNITY

A STORY OF PASSION, KNOWLEDGE AND EXPERTISE Jennifer Peltenburg, Director of Business Development & Marketing, Farnek, tells us what makes them one of the best in the UAE’sa facility management industry. By Reshmi Raveendran

F

arnek is a leading name in the UAE’s FM industry. Please tell us about the history of the company. Farnek, founded in 1980, is an integrated facility management company. We are celebrating our 35th anniversary this year. The company evolved over a period of time. We started with cleaning services and then quickly moved into maintenance and security services. Currently, we have over 2,500 employees and over 2,000 contracts in the UAE.

How has this journey of 35 years been as one of the top FM companies?

The company was founded by two expatriates Abdulla Fedel Al Mazroie and Nick Bointon ‘Far-Nek’, which was then purchased by a Zurich- based Property Management Company called Priora Group. We grew quickly into a much bigger company. Today, our maintenance portfolio includes Burj Khalifa and other leading residential and commercial buildings.

What are the services on offer at Farnek?

We provide comprehensive services in security and maintenance. We manage third party services such as elevator, fire alarm systems (which, of course, now is becoming more and more

March 2015 Issue -28 /// 26

Jennifer Peltenburg

important), pest control and waste management. We also provide staffs for concierges and receptions. We also have a consultancy division, which focuses on the energy management and sustainability.

How do you distinguish Farnek from other facility management companies in Dubai?

I think the way we try to integrate energy management and sustainability aspects into facility management is what sets us apart from other companies. As far as operations are concerned, we have the passion, knowledge and expertise that enable us to deliver in a way that is comprehensive. We try to work towards standards that are being applied already in Europe

and North America. We work with an association called BICS (British Institute of Cleaning Science) and ISSA (A US-based association) for cleaning services guidance and we use a lot of their tools. As far as maintenance is concerned, we stick to the best practice, which is to use the regular O&M Manual provided by the manufacturer. For maintenance services, we use SFG20 standards and we train our employees to meet these standards. Also we are starting a program with Six Sigma for the maintenance team.

It is all about applying the knowhow and efficiency to make sure that we are not just repairing the faults but we are actually doing preventive maintenance as well. Another factor that sets us apart is innovation and

propertyonline.ae

COMMUNITY DUBAI IS THE MOST MATURED MARKET IN THE ENTIRE GCC REGION AS FAR AS THE FM INDUSTRY IS CONCERNED.

technology. We have taken a number of initiatives such as minimizing paperwork keeping sustainability in mind, real time reporting and providing transparency to our clients so that they can check if a job is done or not by checking the dashboard online.

How does FM market in Dubai differ from that in other countries?

Dubai is the most matured market in the entire GCC region as far as the FM industry is concerned. I have been in the business for seven years and there has been a drastic change in the mentality of the owners in terms of the maintenance of the buildings.

While they were not quite keen to spend money on maintenance earlier, today they understand the need to maintain the integrity of the building and also there is fierce competition in the market as more units are getting delivered. So they need to make sure the building is in good form so that people will be more inclined to rent or buy from them.

There are more than 100 facility management companies in Dubai and now people are beginning to understand the difference between an integrated FM company and a single service FM company. You will soon see a divide between these two types of FM companies in the market.

Please tell us about your major clients and developments?

We work with Emaar Properties in their projects Burj Khalifa and Dubai Mall. We provide maintenance for buildings that have special requirements. It is challenging because we have nothing to compare it with.

U-Bora Tower in Business Bay is another project we are handling wherein we do all the internal facility management services from reception to maintenance, cleaning and security. We do vehicle fleet management for them as well. Apart from these, we provide services to

quite a few buildings in Dubai Marina, JLT etc. For Emirates Airlines, we manage some of their buildings while for Etihad Airways we focus more on their concierge services for the first and business class lounges. Du is one of our leading clients and we have a cleaning contract that covers their 52 outlets while we also provide our services to over 30 branches of United Arab Bank and Terminal-2 at Dubai Airport. While we focus more on Dubai, we also have offices in Abu Dhabi and Ras Al Khaimah. We have satellite offices to manage our operations in Northern Emirates, which give us flexibility to offer our services across the UAE.

March 2015 Issue -28 /// 27

propertyonline.ae

PROJ PR

MARKET

PROJECT WATCH

DAMAC Residenze

D

AMAC Properties is one of the top developers in Dubai with a focus on luxury developments. The company has successfully launched a number of projects over the years. DAMAC’s projects are well known for sustainability and luxury factors. DAMAC Residenze was launched in Dubai in association with Fendi Casa and the project is reflective of the developer’s ingenuity and Fendi’s opulence.

This project offers amazing views of the Palm Jumeirah and the Marina, while each of the apartments is fitted out with Fendi Casa furnishings.

DAMAC Properties has delivered over 8,890 units with another 23,688 still in various stages of planning across the region.

PRICES STARTING FROM AED2,365,500

AREA: DUBAI MARINA

COMPLETION DATE: SECOND QUARTER OF 2016 PROJECT PARTNER: FENDI CASA

March 2015 Issue -28 /// 28

SCHOOL

2.1 KM

HOSPITAL

3 KM

RESTAURANT

1 KM

A AZIZI LIATRIS

THE AZIZI ORCHID

PRICES STARTING FROM AED 890,000

AREA: AL FURJAN

THE AZIZI YASAMINE

THE AZIZI FEIROUZ

The AZIZI Projects

zizi Developments has established itself as a leadingdeveloper in Dubai with ongoing projects in Al Furjan and future projects in Palm Jumeirah. The company has been focusing on expanding its land bank and creating income generating propertyinventories in a bid to maximize future growth and reduce financial risk.

AZIZI Developments is now expanding regionally by reaching out to other markets around the UAE. According to the firm, they are one of the biggest sub-developers in the Al Furjan development and they have already launched a number of projects there such as Azizi Iris, Azizi Liatris, the Azizi Orchid, the Azizi Yasamine and the Azizi Feirouz. These projects boast excellent location and are close to leading tourist attractions such as Dubai Marina, JBR Walk etc.

SCHOOL

9.3 KM

HOSPITAL

6 KM

COMPLETION DATE:

BY THE END OF 2015 PROJECTS: AZIZI LIATRIS, THE AZIZI ORCHID, THE AZIZI YASAMINE AND THE AZIZI FEIROUZ

RESTAURANT

9.1 KM

March 2015 Issue -28 /// 29

MARKET

propertyonline.ae

ROJECT JECT WATCH WA

propertyonline.ae

COLUMN

STRAIGHT TALK BY MP

Manoj Prasad, Executive Vice Chairman & CEO, Que Capital Limited (DIFC) Investment Banking

“STAY INVESTED” Investors should treat Dubai as their permanent home rather than a transit home

D

ubai’s real estate sector is undoubtedly one of the most lucrative investment propositions for investors from all over the world. Of course, Dubai struggled after the Global Financial Crisis in 2008, but so did the other leading markets across the globe.

However, Dubai got back on track faster than most other global markets due to a number of initiatives taken by the Dubai government, Land Department and RERA apart from a number of other factors such as the world class infrastructure, the burgeoning tourism sector and the increasing number of new businesses etc. Starting from March issue of Property Times, I will be addressing key topics and issues related to investing in Dubai real estate market in a bid to guide thousands of investors who come to Dubai with a lot of expectations. In this issue, let’s take a look an overview of the market over the past few years and the current scenario.

THE PAST AND THE PRESENT The recession in 2008 impacted the investors’ ability to both buy and hold real estate properties. However, things have changed over the past few years as I mentioned before,with Dubai market witnessing considerable increase in prices and rents, again making it an attractive investment destination. From an investor’s perspective, real estate segment is an integral part of any financial portfolio today because it has very real implications.

An investor needs to look at what kind of returns he can expect from the real estate portfolio he holds in terms

March 2015 Issue -28 /// 30

of capital gains and yields. Investors always look for safe investment options.

The more volatile the prices and yields are, the more nervous it makes investors and residents. If you have a reasonably stable market, which is trending up over a period of time, it is something which is normal and expected, but if there is a rapid volatility, it makes people nervous.

To the extent that we are able to draw lessons from what we have seen and we are able to arrive at some sort of valuation, which demonstrates a secular trend and yet is not too volatile, then that may actually be good for the market and the local economy, because it will give investors a lot more confidence in this market. As far as yields are concerned, Dubai is a great investment proposition for investors compared to other more established markets.

The Dubai Government is already taking several corrective initiatives.

With the Land Department and RERA introducing a number of new regulations for real estate developers and investors to prevent the market from overheating, investors can feel a lot safer than ever before. The mortgage cap law also has helped the market to a great extent.

Today, everyone is talking about a correction in property prices and in my opinion; it is good for the market in the long run. Rents are also expected to come down in 2015, according to reports. The biggest advantage for the market is the increasing number of end users purchasing properties and the banks are also supporting them by offering mortgages at extremely affordable rates.

I also feel that with the increasing population of middle class expats working in Dubai, the demand for affordable housing will also increase in coming months and we can’t ignore that segment. Many surveys also show that in 2014, the supply of units in Dubai increased to 377,000, up from 342,000 in 2011 and surveys predict that 26,000 residential units will be added in 2015, some 13,000 in 2016 and 12,000 in 2017.

Over the next few months, I am expecting to see a boost in business activities, new job opportunities, which are highlighted by the Government’s budget announcement of 2015, which highlighted a planned spending of 9% and revenue increase of 11%. I feel the falling oil prices have already affected the sentiments of many investors and they are now looking for safe opportunities, which, at the moment and in the region, only Dubai can offer.

I am very positive about the long-term prospects of Dubai market.

ADVICE OF THE MONTH ‘Stay invested and stay calm but please don’t be gready’ is my advice to investors, because the prices are cooling off and there are very few speculative buyers in the market. Remain invested and consider it as part of your long-term portfolio with high yield. For example, when you buy a property in India or UK, you don’t sell it unless and until you really need to sell it. You need to have the same sense of belonging to Dubai also and look at it not just as a ‘transit home’ but a ‘permanent home’.

TEL: +971 (0)4 277 80 02

|

E-MAIL: info@stockholmre.com

|

WEBSITE: www.stockholmre.com

propertyonline.ae

MARKET

TOWN SQUARE: A TOWN WITHIN A CITY Nshama leverages its expertise offer an affordable lifestyle.

By Nicole Walter/Freelance writer

D

eveloper Nshama has launched the first batch of its Al Zahra townhouses in its Town Square lifestyle development, on the corner of Al Qudra and Emirates (E-611) roads, at accessible prices targeting endusers. “Some of the initial units will be

sold at less than AED1 million, which puts them in reach of the presently renting mid-income bracket, those earning AED20,000 to AED35,000 a month. It is an opportunity to purchase a lifestyle, enjoying great facilities in a master-planned community and hopefully a wise

investment for the future,� says Fred Durie, CEO of Nshama.

THE DEVELOPMENT Ringed by eight kilometres of green trails, the 750 acres large Town Square development, about one and a half times that of Downtown Burj Khalifa,

propertyonline.ae

MARKET SOME OF THE INITIAL UNITS WILL BE SOLD AT LESS THAN AED1 MILLION, WHICH PUTS THEM IN REACH OF THE PRESENTLY RENTING MID-INCOME BRACKET, THOSE EARNING AED20,000 TO AED35,000 A MONTH. IT IS AN OPPORTUNITY TO PURCHASE A LIFESTYLE, ENJOYING GREAT FACILITIES IN A MASTERPLANNED COMMUNITY AND HOPEFULLY A WISE INVESTMENT FOR THE FUTURE. SAYS FRED DURIE, CEO, NSHAMA.

has been designed to have the look and feel of a homely, family-focused parkland environment with a vibrant central square, measuring 16 football fields, for a fun-packed social life. The central park within the square with 3,600 square metres of tree-shaded play areas and water features, offers a range of entertainment, including

those related to sports, arts and culture, such as carousels and an open-air cinema. “We encourage engagement with outdoor spaces, the central space will become an active meeting place for people, with more quiet and intimate parks dotted within,” says Martin Donlon, Senior Manager - Development at Nshama.

A 3.5 kilometres mixed-use boulevard offering high-street shopping and F&B outlets totalling 350, 600 outlets in total in the whole development, circles the park. A Vida Hotel based in the clock tower building completes the central square picture. “This is a smartly-connected, including free wifi, yet green community with 38 acres of parklands and trails, including a 3.4 km cycling grid and 6 km of jogging paths connecting the residential areas, as well as several football fields, basketball, tennis courts, 25 outdoor gyms, a swimming complex, and skate park. We want to encourage an outdoor lifestyle,” Martin emphasises.

For practicality, everything one would

ORN- 2436

propertyonline.ae

MARKET expect in a town is at hand, including a mosque, private school, hospital and healthcare centre, and even a post office and petrol station.

Located right at the beginning of the Al Qudra cycle track, it will be as easy to zoom off on two wheels, as four wheels and in the future even hop onto the train, the master-plan reveals the presence of Etihad Rail along Emirates Road.

WHAT’S ON OFFER? As for the homes, 3,000 townhouses spread over 10 communities and 18,000 apartments, some overlooking the central square, distributed in low-rise apartment buildings with a maximum of G+8 floors, the design spells contemporary. Each will have their own community gardens and centres, pools and sports facilities.

“The communities come with

WE ENCOURAGE ENGAGEMENT WITH OUTDOOR SPACES, THE CENTRAL SPACE WILL BECOME AN ACTIVE MEETING PLACE FOR PEOPLE, WITH MORE QUIET AND INTIMATE PARKS DOTTED WITHIN. SAYS MARTIN DONLON, SENIOR MANAGER – DEVELOPMENT, NSHAMA.

March 2015 Issue -28 /// 34

PROPERTY FEATURES 4 ENSUITE BEDROOMS + MAID’S OPEN KITCHEN CONCEPT SPACIOUS PRIVATE BASEMENT ROOFTOP POOL AND BBQ AREA

propertyonline.ae

MARKET

have been struck with Noor Bank, First Gulf Bank and ADIB to provide home financing. The developer expects to launch the first batch of the one- to three-bedroom apartments within two months, again at a competitive price for the lifestyle on offer. “We’re not looking for high profit margins but kept them tight, there’s a pent up demand at this price point, so we hope to make a lot of sales to make some money there. We leveraged our team’s previous expertise of designing many other masterplanned developments in Dubai and the Gulf,” Fred explains how the developer manages to develop with reasonable pricing.

generously proportioned streets and landscape. The town house interiors are filled with light, in a cool and cleanlined design, ideal for a contemporary lifestyle,” remarks Martin. The first 300 three-and four-bedroom townhouses, measuring 200 to 225 square metres, launched at under AED600 a square foot, another 700 units to should launch next month for sale. Whilstthere are two different styles to choose from for each, future homes will have up to eight different designs. A 10% down payment, and payments of up to 50% within the first 15 months, with the rest linked to construction are prescribed. Deals

“We trimmed our costs through value engineering and efficient space planning, that’s how we’ve been able to drive our prices down,” he adds. In terms of financing the project, Rahul Raghuraj Balakrishna, Nshama’s CFO, explains that although sales will help, the developer wasn’t dependent on them. “Whatever we need to bridge we can finance, if there are any shortfalls internally banks can come on board,” he says.

The developer is also leveraging its good relationships with contractors built up over the years to deliver great value and quality, says Fred.

“We’re in it for the long-term and intend to develop this project at a steady pace over seven to ten years depending on the absorption of sales,” he says.

DELIVERY Site-preparation has already started and construction will start this summer. Buyers of the first 1,000 town-houseunits can expect to move in by the end of 2017, after that the developer expects to complete around 3,000 units per year. The first phase will also include around 600 apartments on the town square, where work is starting simultaneously, as well as another 1,000 apartments are bound to rise this year. “We will ensure that there will be facilities for the people who start moving in, it wouldn’t be right not to have them ready,” concludes Fred.

March 2015 Issue -28 /// 36

propertyonline.ae

MARKET

DIVERSIFICATION PROVIDES PROPERTY PORTFOLIO RESILIENCE

T

Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official training & certification arm of the Dubai Land Department

he advantages of diversifying your investment portfolio across a variety of asset classes such as stocks, bonds, property and cash has been well chronicled. What most investors don’t understand is that diversification within each asset class can also provide significant benefits.

The majority of my clients are comfortable with investing in residential property because most have rented or bought a property for their own use and therefore understand what that experience entails. However, very few have actually had a similar experience with commercial property and, therefore are a little less confident in investing in this potentially lucrative segment of the market.

So, why consider investing in commercial property?

Commercial property can add diversification to a property portfolio.

Segments within the Real Estate market rarely move in tandem and a mixture of residential and commercial property can make an overall portfolio more resilient to inevitable market cycles.

All things being equal, commercial properties generally produce an ROI at least double that of residential properties. This is mainly due to lower per sq. ft.capital cost but also reflects the higher levels of risk associated with owning commercial property.Managing tenants in a commercial property is also more straightforward.

You will have a business-to-business relationship with your tenant and many of the emotional issues which can complicate residential leasing arrangements won’t exist. It’s easier to keep interactions professional and focused and relationships

are built over time with the opportunity to attract a ‘blue chip’ tenant and are likely to rent your property for a long period of time and less likely to default on rental payments.

In many cases, commercial tenants' and property owners' interests are aligned. The tenant wants an efficient operation which presents a favorable impression to his customers, business associates or peers and, in this way, is more likely to assist the owner maintain or even improve the property.

Establishing a true value of the investment is often easier with commercial property.

Reviewing the current owners’ income statement and existing lease details will provide a good indication of the likely future cash-flows and help to establish an accurate valuation. Residential properties are often subject to more emotional pricing or developer inefficiency and cost recovery considerations.

Lease variations abound with commercial properties. The requirements of a tenant operating a high turnover major regional distribution and logistics center for non-perishable goods will be vastly different from those of a tenant who requires refrigerated goods storage to supply local retail outlets in shopping malls. In addition to lease rates and periods, negotiations can include such items as maintenance, implementation of storage and logistical systems, provision of office fitouts, insurance, lease to buy provisions and options … the list goes on. The variations are countless.

However, there are some possible downsides that the investor should consider. Let’s use a warehouse as an example. As most commercial leases are of a duration exceeding 2 years, with many being of 5 years duration with options for an additional term of 5 years, it could take some time to find a new tenant for the warehouse.

Additionally, your current tenant may

vacate due to tough economic conditions.

Residential property can be resilient when it comes to economic factors over the long term and finding new tenants is not as difficult. As the lease for each commercial facility can be negotiated with flexibility only limited by law, owning a portfolio with numerous commercial properties can be time consuming and complicated.

You will need professional help if just to handle issues such as maintenance and emergencies. Remember, your clients are in the business to make money and will be relying upon you to address any issues that arise with your property immediately. They, like you, do not want to forgo any revenues or incur any costs because of a problem with the property or premises that you provide.

Purchasing a commercial property of a size that can generate significant cash flow will typically require more capital up front than a residential investment. Also, as the scale or size of the premises can be huge, unexpected repairs or major maintenance items can also be very expensive. This requires careful provisioning for expenses and emergencies when calculating lease rates and free cashflows for re-investment.

There is a greater array of physical and safety risks associated with commercial properties. Warehouses, for example, are often frequented by trucks, forklifts or other heavy machinery which means damage can be substantial from accidents.

Having proper insurance is a must, not only for damage to premises and systems, but also in the event of personal injury or death where you, as the owner, can be held liable. Remember, your investment is actually operating as a commercial venture and can receive high volumes of people traffic.As usual, greater returns will attract greater risks, however, as part of an overall balanced investment portfolio, there is no doubt that commercial space can be very lucrative indeed.

March 2015 Issue -28 /// 37

propertyonline.ae

MARKET

Westar Casablanca

“NO DULL MOMENT IN THE REAL ESTATE INDUSTRY” In conversation with Anant Golyan, Managing Director, Westar Properties. By Binesh Panicker

A

nant Goylan has been in the Dubai real estate market since 2004 and has seen the ups and downs the market went through over the years including the boom times and the financial crisis in 2008. Today, as the Chairman of Dubai’s Westar Properties, the real estate arm of Golyan Group based in Nepal, Aanant has come a long way since those early days and is now spearheading the company’s operations with years of experience under his belt.

Please tell us about your entry into Dubai real estate market and the growth over the years.

Westar Properties started operations in Dubai as a real estate investment March 2015 Issue -28 /// 38

firm and after seeing the potential for growth in Dubai, we decided to diversify into development as well. Starting out with a single development in Jumeirah Village Circle (JVC), Westar has now come a long way and is close to completing nearly 200 villas in JVC alone. As with most developers, 2009-2012 was a challenging period, but we fought through it with great help from our customers and have now managed to establish ourselves as a niche developer with a strong focus in JVC. Going forward, we have decided to focus on building a rental portfolio by only selling 30% to 40% of the future developments. The remaining 60% to 70% will be held by us and be available only for leasing. This, we hope, will increase investor confidence as they will know that

we will take every effort to build the villas to the highest standards as fast as possible. The short term goal is to make Westar Properties synonymous with JVC villas.

You have recently decided to change your logo. Tell us something about that.

Westar has come a long way since its inception in 2004. As we crossed into the new decade, I felt a need for change, a need for fresh new look.

Changing a logo is never an easy decision for a company, but I think it is the right time for rejuvenation. We are diversifying into the rental market and establishing a new image for ourselves. Focusing purely towards customer satisfaction, we have

What is the current scenario in Dubai’s secondary residential market?

From the day I started working in Dubai, I have never seen a dull moment in the Real Estate industry.

During 2007 and 2008, the market witnessed unprecedented growth, followed by 2009-2011, a period of stretched-out recovery. Between 2011 and 2014, Dubai again saw a steady growth as we bounced back from the recession. Aligned with Dubai’s vision of 2020, smart cities and other steps taken by the Dubai Government and DLD, we are now seeing a sustainable future. The secondary market now attracts quality buyers who are not buying properties to only flip it in three to four months. We are seeing steady rental yields along with realistic prices. Transaction levels have fallen but the prices have not, which is a good indicator of a steady market.

How is the off plan market faring at the moment?

Off plan market in Dubai is currently low, especially with the bigger players like Emaar Properties and Damac having done a successful job of marketing their developments in 2013-2014. Liquidity in the market is a bit low, and most genuine buyers would now much rather buy a ready

property than off-plan ones. This steady market fits perfectly in line with our development plan.

We now only start marketing our developments after they are close to 85% complete. This allows for prospective customers to be able to see the sample units and judge the quality by themselves.

Moreover, since they are almost complete, customers are able to plan their move in a timely manner as opposed to something that is completely off-plan.

When do you expect prices and rents to go up again?

Prices in the JVC area reached its peak again in 2014 and we have seen only a slight 5% correction from that level. JVC still has a high occupancy level with all our developments at 100% occupancy. Due to this, there is limited availability of villas. Rents, on the other hand, have seen an increase in the last few months.

We expect prices to stay steady for another year, maybe two, before both rental and sale prices will start to go up again.

“WESTAR PROPERTIES STARTED OPERATIONS IN DUBAI AS A REAL ESTATE INVESTMENT FIRM AND AFTER SEEING THE POTENTIAL FOR GROWTH IN DUBAI, WE DECIDED TO DIVERSIFY INTO DEVELOPMENT AS WELL.” Westar Vista

March 2015 Issue -28 /// 39

propertyonline.ae

With banks continuing to lend, will it help the market see more transactions in the coming months?

Banks have been lending for the last few years now, and this has been instrumental in Dubai’s recovery. With the announcement of the new rules last year, it has become moderately harder for people to buy houses.

However, we see this as a positive thing. Genuine customers have never taken more than 75% financing in any case. And the new rules aim to safeguard these buyers by not allowing fly-by-night investment firms to buy properties with high LTVs and thereby unnecessarily increasing the prices. So to answer your question, bank financing does help market growth, but as long as proper due diligence is done by them.

MARKET

even decided to shift our offices to JVC. We feel this will make us more approachable to our customers and at the same time, help us manage our developments better. While we may have given ourselves a facelift, the core values still remain the same.

propertyonline.ae

MARKET

MARKET IN A NUTSHELL

A quick glance at residential sales hot spots in Dubai and villa rental hotspots in Dubai.

By Reshmi Raveendran/editorial coordinator

RESIDENTIAL SALES MARKET UPDATE

RESIDENTIAL LEASING MARKET UPDATE

Izabela Rapacka Sales Manager, LJ Hooker Dubai

T

he market appears to be focused on the newest developments within the price ranges of AED416,000 to AED615,000. This is a lower price point to the market and investors and end users are taking advantage of this opportunity.

In addition, the lifestyle draw card of the Dubai Marina continues to perform as well as the growing hub of Business Bay. RESIDENTIAL SALES – HOT SPOTS Area

No. of sales

Avg Price/Sq.ft (in AED)

Dubai Land

326

855

613,962

Business Bay

275

1767

1,200,000

Dubai Marina

266

1600

1,800,000

International City

238

724.4

416,850

JVC

223

814

600,000

NOTE: Data based on sale in the last two months

March 2015 Issue -28 /// 40

Avg Transaction Price (In AED)

D

Karen England Leasing & Property Management Manager LJ Hooker Dubai

ubai’s residential segment has experienced a period of relative stability during the second half of 2014, with rental rates remaining broadly flat. Over the course of the year, modest growth of around 7% was recorded, compared with 24% during 2013. Dubai’s real estate market is the only one in the world that has seen over 140 nationalities investing in it and the emirate remains on top of the chart of the world’s best performing markets for seven consecutive quarters. The statistics show, however, with over 20,000 new units expected to enter the market in the next 12 months, Dubai’s residential segment could face a deflationary impact on sales and rental rates. We will need to keep a close eye on the marketplace.One area currently witnessing is a lot demand is Emirates Living. These are villa communities offering a family friendly environment with extensive amenities.

Community

Bedrooms

Springs

2-3

AED140,000 to AED200,000 plus

Leasing rate per annum

The Lakes

3-5

AED225,000 to AED470,000 plus

Meadows

3-5

AED245,000 to AED300,000 plus

THE PRIME LOCATION FOR REAL ESTATE INVESTMENT

130+ EXHIBITORS

1,000s

OF INVESTMENT OPPORTUNITIES

17,000+

ATTENDEES

18,000M + 2

EXHIBITION SPACE The largest and most influential property investment exhibition in Abu Dhabi is back!

With hundreds of developments from the UAE and overseas being showcased, Cityscape Abu Dhabi is your prime location for real estate investment.

Register now for FREE entry! www.cityscapeabudhabi.com cityscapeabudhabi@informa.com

Follow us on:

+971 4 336 5161

21 - 23 April 2015 Abu Dhabi National Exhibition Centre, UAE Platinum Sponsor

Official VIP Sponsor

Regional Broadcasting Partner

Official Business Publication

Official Online Partner

Official Architecture Magazine

Organised By

propertyonline.ae

MARKET

“DEMAND WILL ALWAYS BE HIGH” Vishal Wadhwani, Asset Advisor, Gold Coast Real Estate, is extremely optimistic about the future of Dubai real estate market and is one of those real estate agency members who believe the current correction is a healthy sign. By Binesh Panicker

V

ishal Wadhwani is a passionate real estate professional, having spent 12 years in the Mumbai market, which is the hub of real estate business in India. His frequent trips to Dubai to service the Indian clients based here looking to buy properties back home have brought him closer to the emirate’s burgeoning real estate sector. While settling down in Dubai or selling Dubai real estate was never on his mind for a long time, eight months back he decided to take the plunge. Today, he heads Gold Coast Real Estate, founded in 2006 by two young entrepreneurs Sufyan Nagariya and Neeraj Nihalani, who are equally passionate about real estate.

While Mumbai’s less regulated real estate brokerage sector threw many challenges at him, in Dubai Vishal is facing an entirely different set of challenges posed by a market that is not mature yet.

Estate, which was established in 2006.

I have been to Dubai so many times before as I had many NRI clients who were looking to invest in India. I used to come here regularly and during those trips I used to study the market here, but at that point of time shifting to Dubai was not on my mind. Eight months back, I decided to finally make the move.

WHAT BROUGHT YOU TO DUBAI?

IMMEDIATE STRATEGY

After spending a few years in Mumbai, I seriously started thinking of moving to Dubai. Then I got this great opportunity to run Gold Coast Real

March 2015 Issue -28 /// 42

GOLD COAST REAL ESTATE Sufyan Nagariya and Neeraj Nihalani, who are into multiple businesses, started this brokerage firm in 2006 out of passion for real estate. Since they couldn’t fully focus on the real estate business, they wanted me to come on board and head the operations. Now we are focusing on a complete restructuring of the company and we are planning to do commercial, residential sales and leasing business.

The priority now is to put together a team of experienced and passionate real estate professionals. We are in the process of hiring the right people who will be able to execute the strategies

Downtown, Dubai

set by the company. There are many talented real estate agents who are looking for the right platform to work and I am trying to attract such people and bring them on board. Now we have five agents and are planning to hire six more next month.

MUMBAI VS DUBAI Mumbai’s real estate market has been in existence for over 150 years while Dubai is a relatively new market, so I believe the real estate sector is a bit immature.

It is challenging for a real estate agency to operate in this market as people coming here to invest in real estate don’t often manage to get the right guidance. However, I know many investors who made good returns on their investment even during the downturn as they invested wisely, so the market is good for investors properly guided by real

propertyonline.ae

estate consultants. Now the market is stable and it is not volatile at all. A correction of around 5% to 10% is always healthy.

mismatch, so I believe the demand will always be high for properties in Dubai.

BROKERS VS CONSULTANTS DUBAI According to reports, although prices are witnessing some sort of correction, the rentals have stabilized.

So this is a great opportunity for buyers and investors to get better ROI than before. Since you are buying a property at the new corrected price levels while the rental income remains the same, you end up making better returns. Earlier, the average ROI for properties used to be in the range of 6% to 8%, but now there are deals available in the market with an ROI of 8% to 10% and it is undoubtedly the best in the world. If you compare the number of people who are expected to come to Dubai and the number of properties that will be delivered over the next four years, there is a big

We are an asset advisory company and we focus on relationships rather than transactions. Once you build a great relationship with the investors by providing them with the right advice and guidance, transactions will follow by default. We always recommend the right products to our customers rather than forcing them to invest in something, which is not good for them in the long run. Investors look at different avenues when it comes to investment such as capital appreciation, rental yields or long term investment opportunities. We understand what their requirements are and guide them accordingly. This is what I have been doing over the years and I never lost a client till date.

We are an advisory firm and not a consultancy firm. A consultant will

guide you based on what he has on the table but an advisor will assist the investor in every step he takes and advises him on a wide range of topics including mortgage and financial assistance etc.

HOW ARE YOU PLANNING TO POSITION YOURSELF IN THE YEARS TO COME? Initially, we have set goals for ourselves such as focusing on one to one deals rather than mass marketing deals such as excusive projects. Now, our plan is, apart from maintaining the existing clients, to build a strong client base over the next two years.

We want to take part in exhibitions wherein we can meet and interact with end users and investors. We will not get into marketing techniques such as email blasts, cold calling etc.

We believe in one to one interactions with our clients.

March 2015 Issue -28 /// 43

MARKET

EARLIER, THE AVERAGE ROI FOR PROPERTIES USED TO BE IN THE RANGE OF 6% TO 8%, BUT NOW THERE ARE DEALS AVAILABLE IN THE MARKET WITH AN ROI OF 8% TO 10% AND IT IS UNDOUBTEDLY THE BEST IN THE WORLD.

propertyonline.ae

MARKET

s re u t c i p n I

ARABIAN RANCHES COMMUNITY FAIR Pics by Thinkal Bhal & Syed Ghayour

March 2015 Issue -28 /// 44

SNS

PROPERTIES

Where Perception Meets Reality www.snsprop.com M: +971 55 948 0495 | +971 56 144 9976 T: +971 4 3957593 | F: +971 4 3942533 DED Lic. No. 647941 | ORN 2576

OWN YOUR VILLA FOR AED 999,999

ZAHRA TOWN SQUARE

TH

Townhouse

|

BUA

3 Bedroom Townhouse

2,146 - 2,235 sqft.

4 Bedroom Townhouse

2,357 - 2,423 sqft.

Plot sizes ranging from 2,020 - 4,660 sq. ft.

Expected price starting from AED 1 Million onwards. (1st phase handover by End of 2017) Launch is on 14th of March 2015 Zahra Town Square features: • Town Square is situated at the intersection of Al Qudra Road and Emirates Road, just south of Arabian Ranches.

• w/ Football grounds, Basketball courts, swimming pools, walking/cycling tracks, Parks, Open air Reel Cinema, cafes and restaurants • Located opposite to Emaar Mira Townhouses LIST YOUR PROPERTY FOR QUICK RENT/ SALE

MUDON in Dubai Land

TH Unit Type | 4 Bedroom Villa Type | 3 BR

Size

|

Price

3,789 sq. ft. AED 2,647,000 BUA

|

Plot

|

Price

3,574 sq. ft. 6,264 sq. ft.

3.113M

4 BR

4,644 sq. ft. 6,619 sq. ft.

3.860M

5 BR

5,261 sq. ft. 6,619 sq. ft.

4.269M

Why invest in Mudon?

The Mudon community is worth investing in due to its prime location and features, such as the Mudon Community Centre, schools, health club and a shopping center all in one district -- making it a highly desirable living area for families. from AED 712 per sq. ft.

/SnsPropertiez @SnsPropertiez SNS Properties APPLY NOW!

WE ARE HIRING!!! careers@snsprop.com

propertyonline.ae

MARKET

Downtown, Dubai

“FOR THE END USERS, IT’S A PERFECT TIME TO BUY.” Klaus Hölscher, License Partner and Managing Director, Kensington Finest Properties International, shares his expertise on the market with Property Times readers. By Binesh Panicker

T

he Dubai real estate market since the last quarter of 2014 has witnessed a correction and not all the real estate agency owners are worried about this and Klaus Hölscher, License Partner and Managing Director, Kensington Finest Properties International is one of them. In this exclusive interview, Klaus tells why he feels it’s a good phase for the market as far as end users are concerned and what his take is on the future of the market.

When did you get into the business of real estate in Dubai?

I started our company in 2004 as a License Partner of one of the biggest March 2015 Issue -28 /// 46

international real estate Brands. In the beginning, we were three agents and in the following years, we were constantly growing. During the peak of 2008, we had 50 agents in our sales and rental departments.

We got awarded as the most successful License Partner of this international real estate Company worldwide. We were able to hold this award for two years. Then recession struck the market and we suffered in the same way as other companies. But, we survived and in the year 2012 we changed our brand name to Kensington Finest Properties International. Today we have 18 agents in sales and eight agents in rentals.

NOBODY HAS A CRYSTAL BALL TO SEE WHAT WILL HAPPEN IN THE FUTURE. BUT WHEN YOU SEE THE FACTS AND SIGNALS IN THE MARKET, I AM CONVINCED THAT THE MARKET IS CHANGING TO AN EDUCATED AND MATURED REAL ESTATE MARKET.

Do you focus on certain communities or are you into all types real estate activities spread across all areas in Dubai?

We are trying to specialise our agents in specific areas. But there are some areas, which we are not covering in sales at all such as International City, because we don’t have clients who are looking at renting or buying there. We are also doing rentals in IMPZ, but nothing much in sales.

If it’s a bulk deal, then we sometimes look at these areas. Since our background is mostly luxury real estate, our prime focus is on areas such as Dubai Marina, Downtown, Palm and DIFC apart from villa communities such as Al Barari,

MARKET

JLT, Dubai

A lot of real estate agencies have been openly talking about a considerable dip in transactions in the secondary market for the past few months. What is your take on this?

I am very bullish on the secondary market in 2015 again. The recent hype was driven typically by investors and speculators. With the current trend, these investors hold on to their investments, which is one the reasons for the stabilization of the market. For the end users, it’s a perfect time to buy as the long term outlook for the Dubai real estate market is brilliant.

The competition among the banks leads also to lower interest rates, which makes it easier and attractive for home buyers to fulfil the dream of owning their own property. Due to increased rents, buying a house with a low interest mortgage makes housing more affordable and economical. For this reason, I see a higher demand for villas and apartments in good locations. Further, we also see that more institutional investors put their focus on the Dubai market. We are currently in several negotiations and it shows that all these investors are looking for the classical investor model: to buy a ready property, which generates immediately an attractive return on investment.

Other options are properties, which are nearly completed. These investors weigh the classical model with 75% to 80% of their portfolio. All these factors will drive the secondary market this year and make it very attractive again.

Will the prices and rents continue to slide in Dubai? Why?

propertyonline.ae

The Villa, Jumeirah Golf Estates and Jumeirah Park etc.

some overheated areas and specific buildings that prices will drop further.

In general, I think that prices will not move a lot anymore in 2015. Neither up nor down. Again, for sure in some specific developments prices will still go down further. But also here you have to ask, from which level prices are dropping. We had an unhealthy rocket price development in some areas of Dubai.

Do you foresee a major recession before Expo2020? Why?

And when the price of a unit rockets up by 50% to 60% and now falls again by 20%, in reality, this is still a fantastic capital appreciation. I also see that the rents will fall in some overheated areas, but they will not move up this year anymore except maybe if it’s a building with extremely high demand. I guess that by the end of 2015, the prices will increase again; but for sure in a healthy way; that means maybe around 10% per annum. And with these numbers, we are above the global average. So Dubai is still and will be, in the coming years, a very attractive place for real estate investment with above average yields and capital appreciation.

But the UAE survived the last recession very well, despite the real estate crash. The parameters in the UAE changed and I think that the country is much better prepared for economic changes and a further financial recession, than before. But to be positive; I hope that all analysts who are predicting such a scenario are wrong. But if at all there will be another recession in two years, it would be one more reason to buy good properties in Dubai now. Brick and mortar is and will always be a very secure investment. Additionally, all the investments for the Expo2020 will level out the influence of a recession which may take place in two years.

Many international banks and consultant companies assume there will be a global recession in 2017. We have many problems globally. Europe has to cope with a very weak currency and many economic problems. Also the Russian-Ukraine conflict will bring a lot of instability and insecurity to this part of the world.

Sheikh Zayed Road, Dubai

Nobody has a crystal ball to see what will happen in the future, but when you see the facts and signals in the market I am convinced that the market is changing to an educated and matured real estate market. This is very good and positive for the future, despite the fact that this is currently very painful for all brokers in the market. We will see for sure in March 2015 Issue -28 /// 47

propertyonline.ae

HOSPITALITY If a holiday must include the beach, Salalah, usually only considered during the Khareef season, is an option, offering mountains as well. By Nicole Walter/Freelance writer

March 2015 Issue -28 /// 48

propertyonline.ae

HOSPITALITY

S

pring break is around the corner, but there is no need to jet off to far away lands to enjoy a beach, or mountain holiday,Oman is only a short flight, or a long scenic drive away, depending on the route taken. Unspoiled in so many ways, nature rules in the Sultanate of Oman, a fact, hoteliers have taken to heart, allowing for the discovery of some amazing spots, such as Alila Jabal Akhdar and the Salalah Rotana Resort.

ALILA JABAL AKHDAR

Alila Jabal Akhdar

Experiencing fresh mountain air, at over 2,000 metres above sea level, staying in rustic mountain cabins, is something we usually attribute to a holiday March 2015 Issue -28 /// 49

propertyonline.ae

HOSPITALITY

FOR THE MONTH OF APRIL, AL JABAL AL AKHDAR IS BLANKETED IN PINK DURING THE FAMOUS ROSE SEASON. DURING THIS PERIOD, THE RESORT PROVIDES GUIDED WALKS THROUGH THE STUNNING LANDSCAPE OF THE MOUNTAIN RANGE TO VIEW THE ROSE TERRACES. JORK BOSSELAAR, GENERAL MANAGER, ALILA JABAL AKHDAR

in northern climes, but the Alila ‘Jabal Akhdar’, translating as ‘green mountain’ makes it possible close to home, and of course in a luxury, yet eco-friendly, style. The design says it all, built out of the mountain stones, which surrounds it, and other natural materials complementing the look, the resort has been built using Omani techniques, designed with local touches. The stunning views over the deep canyons and mountain tops relax the mind, and a visit to the spa the body. The resort offers a range of suites and villas with private pool.

Swim at the cliff’s edge, or indoors on cooler days, and enjoy dinner under the clear mountain skies.

Located about an hour and half drive from Muscat, not that far from the quaint village of Nizwa with its famous fort, a four-wheel drive is required, or arrange an airport pick up,

March 2015 Issue -28 /// 50

or just cruise in from Al Ain along route 21. Built by Omran and managed by Alila, meaning ‘surprise’, there is more to the resort than stillness, an array of hiking routes beckon. Take a trip to terraced farms where flowers, walnut trees and fruit grows thanks to the thousands of years old ‘falaj’ water systems, or experience the local way of life at the goat market and souqs, and chill in an oasis of bananas.

“For the month of April, Al Jabal Al Akhdar is blanketed in pink during the famous Rose Season. During this period, the resort provides guided walks through the stunning landscape of the mountain range to view the rose terraces,” Jork Bosselaar, General Manager of Alila Jabal Akhdar highlights the advantages of travelling in Spring.“The package includes two nights accommodation, daily breakfast, dinner for one night and a refreshing rose facial for two, and a tour around the local village

to experience a unique peak into the distillation of rose water, which has been a tradition in Oman for many generations. It is our pleasure to introduce our travellers to a truly remarkable and exquisite part of the world,” he describes a visit.

SALALAH ROTANA RESORT If a holiday must include the beach, Salalah, usually only considered during the Khareef season, is an option, offering mountains as well.

One may miss the rich lushness and waterfalls, but the wadis with caves haven’t disappeared, Rakyut and Dalkut will still offer some green, and breathtaking views worth exploring.

Head to Jebel Samhan nature reserve and if lucky an Arabian leopard, wolf, striped hyena, or a caracal could cross one’s path. In addition, the ancient frankincense capital of the world is close by.

Visit: by appointement Dubai, JLT Cluster N, Jbc 4 Tower 1302 P.O Box 309130 JLT Dubai, U.A.E Showroom Mob: 050 4537375 Tel: +971 44286688, Fax: +971 44278833 E-mail: helen@designmobl.com www.designmobl.com Follow us on: Design Mobl

@design_mobl

DESIGN_MOBL

propertyonline.ae

HOSPITALITY Alila Jabal Akhdar

Salalah Rotana Resort

March 2015 Issue -28 /// 52

Not to forget that the areas microclimate still makes it the breadbasket of Oman, snapping up fresh fruit, and seeing happy goats and camels tumbling by the roadside is always a pleasure. Then there are curiosities like the largest sinkhole in the world, Teiq, and the curious zero gravity spot towards Mirbat, worth of discovery and the many unspoiled snorkelling spots home to turtles, sharks and whales. Beaches are still deserted, some dotted with caves, the white sands and azure waters rather attracting birds and even camels chilling in amazing sunsets. For some serious bird watching the

propertyonline.ae

HOSPITALITY Alila Jabal Akhdar

Alila Jabal Akhdar

wetland of Khawr Rawri springs to mind.

This is the time to go, before too many discover the serenity of Salalah, outside the Khareef season. “Last year alone, Salalah had over 400,000 visitors from the Gulf, an increase of over 80,000 from the previous year and we expect numbers to continue risingyear-on-year. Preparing for an increase in tourism, Salalah Airport is expanding its capacity to handle more passengers,” remarks Claudio Melli, the General Manager of the Salalah Rotana Resort. The resort offers a good exploration base currently celebrating

its anniversary it has added a third, temperature-controlled swimming pool, Jacuzzi and pool café, private beach, an all-day Italian restaurant and Salalah’s first private, 250-seat outdoor amphitheatre.

Developed by Omani Muriya, again nature has been respected in the design. Spread of 16 million square metres, along an 8.5 km beach, this property with generously sized rooms and suites, was built employing local expertise using red clay, wood and Mashrabiya, with furnishings carved from desert rocks.

The resort evokes a tropical feel and

of course comes with spa and kid’s club. But the best part, the rooms are directly placed on lagoons, a network of waterways, filled with the seawater of the Indian Ocean using its natural tidal patterns. Flying to Salalah is easy although the drive from the UAE can be pretty amazing if a long one. “To date we have recorded over 60,000 guests staying with us, most are from the GCC but we also have a steady stream of European tourists, and recently welcomed the first group of Italian tourists travelling via chartered flights from Milan through a partnership with a leading tour operator in Italy,” says Claudio.

March 2015 Issue -28 /// 53

propertyonline.ae

HOSPITALITY

Column

Jitheesh Thilak BA, LLB (Hons). LLM (Int. Economic Law) Solicitor (England & Wales), Advocate (Supreme Court of India) e: jthilak@gmail.com

SHARIA-COMPLIANT HOTELS IN DUBAI: OPPORTUNITIES AND CHALLENGES

T

here is an increasing demand for hotels in Dubai that are not only alcohol free but also cater to regional sensibilities and Islamic practices and beliefs. The growing popularity of Dubai among more conservative tourists has created demand forSharia-compliant hotels.

According to statistics from the Dubai Department of Tourism and Commerce Marketing, there were 710,000 Saudi tourists visiting Dubai in the first half of this year. Last year, there were over 1.12 million Saudi tourists in the whole of the year. There are more than 12 hotels in Dubai which do not serve alcohol, and the number is growing.

Sharia-Compliant Hotel is a relatively new concept which is also is also known as Islamic hotels, can be defined as a hotel that provides services in accordance to the Shariah principles.

The Arabic word “Sharia” literally means “the way” or “the path”. It refers to the divine law that Islam teaches has been prescribed by God to govern human life. Muslims believe that this divine law has been revealed to different communities though various prophets throughout the ages, concluding with the Prophet Mohammad and therefore, Sharia-Compliant Hotels have become an attractive concept in the Middle East and North Africa region.

According to statistics reported by World Tourism Organization in 2010, ShariaCompliant Hotels represent almost 10% of the global tourism market. The major proponent behind the success of the concept included the increasing numbers of Muslim traveler market

March 2015 Issue -28 /// 54

around the world with average spend reached at ten to fifty percent higher than that of the average leisure or business traveler. The availability of Shariacompliant funds and Islamic banks has also given rise to Sharia-Compliant Hotels as these lenders often insist that the hotels they finance be in line with Islamic principles. Though, the concept of Sharia-Compliant Hotel is considered as one of the most unique concepts, only limited numbers of directions or rules are available. Guests and hotel managers are expressinggreat concern about the definition of Sharia-Compliant Hotels, especially with regard to what constitutes these hotels that compliant with Islamic laws. This ambiguity and uncertainty in the concept may lead to confusion and frustration among interested parties such as lenders, hotel owners, managers and guests.

It is important to note that in order to be considered as a fully ShariaCompliant Hotel; it is essential that the operation, design and financial system of the hotel definitely comply with Shariah rules and principles.

Although, there are still no written formal requirements or classifications for Sharia-Compliant Hotels, the basic attributes of development and operation of the Sharia-Compliant Hotels are:. No alcohol· Halal food only· Quran and prayer mats available in each room· Beds and toilet positioned so as not to face the direction of Mecca· Bidets in the bathrooms· Prayer rooms· Appropriate entertainment· Predominantly Muslim staff· Conservative staff dress·

Separate recreational facilities for men and women· Guest dress code· Islamic funding· Shariah compliant accounting practices The most prominent challenge facing SCH is the loss of revenue from the sales of alcoholic beverages which will eventually affect the food and beverage profits. The prohibition of alcohol has indirect influence on reducing the number of customers that only want to dine at thehotel and also limiting the number of tourists who want to stay at the hotel. Another recognizable challenge is the lack of standards, specifications andrequirements that distinguishes this hotel type. Another challenge facing these hotels is the need for capacity management, as one of the main features of Islamic hotels is gender segregation and thus they must separate facilities for men and women.

The increase in the trend towards Sharia-Compliant Hotels in Dubai is due to the reason of increased investors coming in from Saudi Arabia and the GCC and investing on these Islamic investment options. They are obviously choosing to develop Sharia-Compliant Hotels on the basis of their own religious beliefs, not necessarily a desire to only serve a clientele that’s looking for a Sharia-Compliant Hotel. In spite of the commercial challenges, the statistics and the current market trends, where local and international hotel operators are investing in developing brands to cater this niche market shows that the concept of Sharia-Compliant Hotels in Dubai is here to stay.

IT’S YOUR TURN TO CHOOSE THE BEST IN THE INDUSTRY… REAL AWARDS FROM REAL CUSTOMERS…

VOTE & WIN

A HO LIDAY TRIP Simply log-on to awards.propertyonline.ae

Step 1: Click on VOTE Step 2: Choose a category on your choice Step 3: Vote for your agency of choice based on your experience Step 4: Once you submit your votes, you are automatically enrolled into a lucky draw to win a HOLIDAY TRIP this summer

LISTINGS

COMMUNITY SPECIALIST

DUBAI MARINA S P E C I A L I S T

Tel +971 4 395 7593 | www.snsprop.com ORN - 2576

Katerina

+971 55 216 77 90 ekat@snsprop.com (BRN) – 25450

BUILDING

Anna Cherkasova +971 55 154 34 76 ganna@snsprop.com BRN -32652

BEDROOM

SQ.FT

SALE PRICE (ONWARDS)

MANCHESTER

STUDIO

380

600 K

MARINA DIAMOND

STUDIO

385

630 K

MARINA PEARL

STUDIO

480

650 K

DEC TOWER

STUDIO

638

700 K

MARINA VIEW TOWER

STUDIO

417

900 K

MANCHESTER

1

600

800 K

MARINA DREAMS

1

700

900 K

BAY CENTRAL

1

790

1.35 MILLION

MAG 218

1

844

1.35 MILLION

MARINA PROMENADE

1

890

1.8 MILLION

MARINA DIAMOND

2

1080

1.2 MILLON

DEC TOWER

2

1491

1.4 MILLION

MARINA WHARF

2

1400

1.6 MILLION

MAG 218

2

1799

2 MILLION

OCEAN HEIGHTS

2

1450

2.85 MILLION

MANCHESTER

3

1400

1.6 MILLION

MARINA PINNACLE

3

1585

1.85 MILLION

SULAFA

3

1919

2 MILLION

MARINA CROWN

3

2173

2.3 MILLION

LA RESIDENCIA DAL

3

3442

7 MILLION

HORIZON

4

2450

2.8 MILLION

MARINA CROWN

4

3022

3.2 MILLION

SKY VIEW

4

4558

4.7 MILLION

OCEAN HEIGHTS

4

2500

5 MILLION

ROYAL OCEANIC

4

2900

5.8 MILLION

VILLAS & DUPLEXES AL MESK – EMAAR ORIGINAL SIX TOWER 3 BR – 4270 SQ FT, 7.2 MILLION LA RESIDENCIA DAL 3 BR – 3442 SQ FT – 11 MILLION TRIDENT BAYSIDE 5 BR – BUA 6900 SQ FT , 5.5 MILLION

Tel +971 4 3396222 | www.spfrealty.com

S P E C I A L I S T

SPRINGS 12 Kalpesh Sampat  TYPE 2E  3 BEDS + STUDY + MAID’S ROOM  AREA SQFT: BUA 2734 PLOT 5000  VIEW: BIG LAKE AND FOUNTAIN VIEW AUTOMATED IRRIGATION SYSTEM. LANDSCAPED BEAUTIFULLY RENTED @ 205K TILL SEP 2015 . AED 4,350,000/SPRINGS 5 Kalpesh Sampat  TYPE 2M  3 BEDS + STUDY + MAID’S ROOM  AREA SQFT: 2559 VIEW: AMAZING POOL, LAKE, PARK VIEWS RENTED @ 190K TILL APRIL 2015. AED SP 4,100,000/Kalpesh Sampat SPRINGS 15 2M  4 BEDS + STUDY + MAID’S ROOM  AREA SQ FT: 2559  VIEW: PARK AND POOL VIEW RENTED @ 205K TILL JULY 10, 2015. AED SP 3,750,000/ TYPE

SPRINGS 11 Kalpesh Sampat 4M  2 BEDS + STUDY  AREA SQFT: BUA 1690 PLOT 2100 VIEW: CLOSE TO PARK. IMMACULATELY MAINTAINED. RENTED @ 140K TILL SEP 2015. AED 2,250,000/ TYPE

Kalpesh Sampat SPRINGS 2  TYPE 2E  3 BEDS + STUDY + MAID’S ROOM  UPGRADED 2 STUDIES  AREA SQ.FT: 2734 RENTED @ 199.5K TILL JUNE 2015. AED 4,100,000/SPRINGS 5 ERICK KNAIDER  TYPE 3M  3 BEDS + STUDY  AREA SQFT: BUA 2455 PLOT 3500 VIEW: BACK TO BACK VACANT IN APRIL 2015. AED 2,900,000/ERICK KNAIDER SPRINGS 4 2E  3 BEDS + STUDY + MAID’S ROOM  AREA SQ.FT: BUA 2734 PLOT 3800  VIEW: BACK TO BACK – PRIVATE POOL – UPGRADED VACANT IN APRIL 2015. AED 3,350,000/ TYPE

SPRINGS 14 ERICK KNAIDER  TYPE 3M  3 BEDS + STUDY  AREA SQ.FT: BUA 2455 PLOT 3500  VIEW: SINGLE ROW INTERNAL ROAD UNIQUE UPGRADES WORTH 300K VACANT. AED 3,210,000/-

Erick Knaider

(BRN: 30303) +971 55 51 59 715

Kalpesh Sampat (BRN: 11874) +971 50 3424421

COMMUNITY SPECIALIST

SPRINGS

COMMUNITY SPECIALIST

PALM JUMEIRAH

S P E C I A L I S T

Tel +971 4 3882220 | www.aquaproperties.com

J U M E I R A H Z A B E E L S A R AY 4 & 5 B E D V I L L A S  A R E A S Q F T 6 , 3 4 7 - 7, 0 8 7  F U L LY F U R N I S H E D | S E A V I E W S TA R T I N G F R O M A E D 2 6 , 0 0 0 , 0 0 0 BALQIS RESIDENCE B E D A PA R T M E N T A R E A S Q F T 1 2 , 4 9 0  SEA VI EW AED 25,000,000 4

GAR DEN HOMES B ED VI LLA  AR EA SQ FT 6 , 0 0 0  SEA VI EW AED 1 3, 500,000 & UP 5

FAIRMONT RESIDENCE  3 BED + M A I D A P A R T M E N T  AREA SQ FT 3 , 0 2 2  SEA VIEW AED 6,900,000 MAR I NA R ESI DEN CE B E D A PA R T M E N T A R E A S Q F T 2 , 5 4 0 S E A V I E W AED 4,500,000 3

TIARA AQUAMARINE 1 B E D A PA R T M E N T A R E A S Q F T 1 , 3 5 9 | T Y P E F P O O L V I E W AED 2,301,555 PA L M V I E WS W E ST S T U D I O A PA R T M E N T S A R E A S Q F T 5 0 6 S E A & P O O L V I E W AED 1,250,000  M U LT I P L E

O C E A N A AT L A N T I C B E D A PA R T M E N T  AREA SQ FT 7, 6 8 3 CO M M U N I T Y V I E W AED 2,400,000 1

Dorothy Biro

+971 56 1053655 Dorothy@aquaproperties.com BRN : 29200

Antonina Turdalieva +971 55 4226575 Antonina@aquaproperties.com BRN : 28442

aquaproperties.com

MEADOWS 2

JOHNNY (BRN 31388) 056 6967268

5 BED+MAID, 4 BATH, TYPE 13, 3,998 SQ.FT. BUA, 7,345 SQ.FT. PLOT COMMUNITY VIEW

ASMAHANE (BRN 31414)

AED 5,300,000/-

055 7315705

TA U

C R

LA

G

S

U

IN

N

IO

N

C

EC SP

DUBAI MARINA

U ST

DUBAI MARINA

A SP

DUBAI MARINA

E

STARTING FROM AED 13,800,000/-

SE

MULTIPLE 5 BED, BUA : 10,000 TO 13,000 SQ.FT. PLOT : 21,000 TO 33,000 SQ.FT. SHELL & CORE INSIDE

ST U

HISPANIC GOLF COURSE HOMES

MEADOWS

M

T SE EC UR IR D CO W LF VIE O G

ARABIAN RANCHES

MARINA HEIGHTS

MAG 218

PRINCESS TOWER

5 BED+MAIDS PENTHOUSE, 6 BATH, 5,800 SQ.FT.

2 BED, 3 BATH, 1,558 SQ.FT.

1 BED, 2 BATH, 862 SQ.FT.

FAMILY LOUNGE AREA & HUGE LIVING ROOM

PARTIAL SEA & MARINA VIEW

AMAZING SEA AND MARINA VIEWS

FULL MARINA & SEA VIEW

HIGH FLOOR

AED 9,500,000/-

MANISH (BRN 27819) 055 2549950

JOHNNY (BRN 31388) 056 6967268

BAHIA 2 RESIDENCE

SPACIOUS 2 BED,

MULTIPLE 1 & 2 BEDS,

1,340 SQ.FT.

1,228 SQ.FT. - 1,663 SQ.FT.

AED 102,935/-

GATED COMMUNITY

KHUSRO (BRN 27523) 055 8992429

DUBAILAND

G N ZI A AL E D

M

A

N ER E YL

ST

D

O

JUMEIRAH VILLAGE

HAROON (BRN 28643) 055 8992430

STARTING @AED 1,658,087/M

IN !

E V AY O M OD T

JVT

D Y TE NIT U M M

AED 5,600,000/-

O

4 BED, 4 BATH, 3,885 SQ.FT.

ZANZABEEL 2 COMMUNITY VIEW

DISTRICT 9F

LAVENDER 1

REMRAAM

2 BED+MAID TOWNHOUSE,

1 BED, 2 BATH,

MULTIPLE STUDIO & 1 BED,

2,992 SQ.FT. BUA, 2,600 SQ.FT. PLOT,

904 SQ.FT.

470 SQ.FT. - 760 SQ.FT.

PARK AND LAKE FACING

COMMUNITY VIEW

ZIA UL ISLAM (BRN 27819) AED 2,300,000/Register your interest 055 3095036

RERA ORN # 303

ANTONINA (BRN 28442)

A

ALVORADA 3 - TYPE B1

C

AED 8,900,000/-

AL SUFOUH

G

6 BED, 6 BATH, 5,230 SQ.FT. GOLF COURSE VIEW,

SHAHID (BRN 31414) 056 4649194

AED 1,700,000/-

E IM ION PR AT C LO

E

IT

IS

U

Q

MIRADOR LA COLECCION - TYPE 13

MULTIPLE UNITS AVAILABLE!

ASMAHANE (BRN 31414) 055 57315705

OLD TOWN

EX

ARABIAN RANCHES

AED 2,295,000/-

COMMUNITY VIEW

ATIF (BRN 29715)

STARTING @AED 560,000/- 050 3895677 inAED our870,000/upcoming projects developments@aquaproperties.com 055 4226575

Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai

facebook.com/aquaproperties

GENERAL LISTINGS

+971 4 3882220

GENERAL LISTINGS

RERA # 203

04 4308902 www.castlesplaza.com

ALBARARI

DUBAI MARINA WHARF

6 Bedrooms + Study with En-Suite 1 + Maid’s

SP: AED 13,500,000 Call: Oksana | BRN 11556 | Mob 050 42 52 031

2 Bedrooms | BUA 1,493.83 Sea View | High Floor Sea and Marina view | Vacant

SP: AED 2,000,000 Call: Rajeev | BRN 24907 | Mob 050 81 06 767

PRIME MEADOWS

PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’s Single Row with Community view | Vacant On Transfer

SP: AED 6,099,000/Call: Aman | BRN 6621 | Mob 050 46 99 519

SP: AED 5,500,000/Call: Aman | BRN 6621 | Mob 050 46 99 519

SPORTS CITY

THE GREENS

SP: AED 1,100,000/SP: AED1,650,00/SP: AED 832,000/SP: AED 1,352,700/SP: AED 1,201,536/-

Call: Pavi | BRN 9821 |Mob 050 30 66 767

2 Bedrooms | 2.5 Bathroom Full Canal View | Vacant

SP: AED 2,100,000/-

Call: Aman | BRN 6621 | Mob 050 46 99 519

BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY More Details Call 050 62 55 710

04 4308902 www.castlesplaza.com

MARINA PLAZA PLAZA TOP TOP VIEW VIEW MARINA

VIEW FROM OFFICE

VIEW FROM OFFICE

Shell & Core | Office Unit Sheikh Zayed Road View SP: AED 6,800,000/-

Shell & Core | Office 2 Unit Full Marina View SP: AED 6,900,000/- Each Call: Amar | 050 625 5710 BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY

Enlist you Proper es for Sale/ Rent More Details Call 050 62 55 710