inside view · and delhi or a third of the world’s population. a further 24 key cities, including...

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INSIDEVIEWDUBAI 2020

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Overview

Matthew Cooke Partner Knight Frank Middle East

Dubai: An emblem of resilience and progressDubai has firmly established itself as a global hub, yet continues to develop its built environment and soft infrastructure in order to position itself as the world’s smartest and most liveable city.

The United Arab Emirates gleams as a progressive beacon of political stability, social cohesion and prosperity in the Middle East. The emirate of Dubai, in particular, has showcased these fundamentals to the world. Through its rapid transformation and business friendly environment, Dubai has become a leading global financial and business hub, alongside being one of the world's most visited cities.

One of the driving factors for Dubai’s development as a critical global gateway is it's geographic position, being uniquely located to act as a hub for accessing Asia, the Middle East and Africa – all key future economic growth centres. Within a four-hour flight time, Dubai is able to access 10 leading global cities, including Riyadh and Delhi or a third of the world’s population. A further 24 key cities, including London, Singapore

and Frankfurt, are located within eight hours flight time, which covers two-thirds of the world’s population.

These fundamentals combine well with the city’s strong showing in the Global Financial Centres Index, the Mercer Quality of Living Survey, the Economist Intelligence Unit’s Global Liveability Ranking and Lonely Planet’s eponymous cool neighbourhood listing. The fact that quality of life and ease of doing business keep rising, alongside stellar population growth, points to the fact that Dubai has got many things right–

few cities could manage both at the same time.

However, Dubai is not one for standing still. Over the last year, Dubai, and the UAE, has continued to improve its ease of doing business by implementing a new law that allows 100% on-shore foreign business ownership for 122 activities across 13 sectors.

Visa regulations have also been eased. New legislations include the introduction of five year retirement visa for those over 55 years old with an investment of AED 2 million or more in the property market, income in excess of AED 20,000 per month or those with more than AED 1 million in capital.

Other options include five year visa terms for investors who purchase above the AED 5 million threshold. In addition to these property related visas a range of business investment visas have also been approved. Capital investments over AED 10 million in enterprise can obtain a 10-year visa, where up to 40% of the investment can be related to property purchases. Entrepreneurs in the UAE with previous business investments worth over AED 500,000 or those with a business which is accredited by a business incubator, will be able to obtain a five year visa with the possibility of obtaining the aforementioned business investor visa, should they eventually meet the criteria. Finally, the approved legislation also allows for a 10-year visa for high value talent in selected fields, as well as five year visas for students who are studying in the UAE, and their families.

Alongside these soft infrastructure developments, we are also seeing the built environment in Dubai continue to evolve.

The upcoming Dubai Expo 2021 is a major private and public sector focus, and the project and its significant investments are coming to fruition. The six-month event, the first to be held in the Middle East, is expected to attract an estimated 25 million visitors.Key infrastructure improvements include the Metro extension and the continuing development of Al Maktoum International airport, which once complete will have capacity to handle over 200 million passengers annually.

These developments will help the fabric of Dubai to continually mature and attract an even more diverse group of buyers to the market. We are observing investors of various nationalities acquiring Dubai residential assets as part of their portfolio, alongside their pied-à-terre in New York, a home in London for their children’s education or a second home in the south of France for their lifestyle needs. Our clients are truly global citizens and Dubai is quickly establishing itself as a key centre for property investment. We see consistent demand for established prime markets in Dubai such as Downtown, Emirates Hills and the Palm Jumeirah. These amenity rich areas with their world-class property and mature communities will continue to be the epitome of Dubai’s live, work and play environment.

Although new and upcoming neighbourhoods and master planned developments such as Dubai Hills Estate, District One and Jumeirah Bay with their incredible mansion villas and sprawling modern apartments will certainly challenge this status quo. Dubai Creek Harbour is certainly on its way to doing this, and when complete this urban metropolis will be home to what is set to be

the world’s tallest building at over one kilometre high and the future world's largest mall. The largest China town in the Middle East will also feature here.

In the mainstream market, competition is fierce and developers continue to offer an array of sophisticated dbb developments and incentives to entice buyers. Opportunities include Emaar Beachfront, Port De La Mer, Central Park at City Walk and Madinat Jumeirah Living. This influx of supply has put downward pressure on values but has also enhanced affordability; allowing families to upsize, first time buyers to enter the market, and an array of high yielding properties for investors, benefiting from post completion payment plans.

Most recently, the United Arab Emirates has emerged as a world leading example of decisive and effective government during the global covid-19 pandemic, and as we see lockdown measures systematically relaxed the resilience of Dubai is taking shape. Stimuluses’ such as the now increased 80% loan to value available for certain purchaser types and record low interest rates on mortgage products have also made it a fantastic time to consider entering the marketplace.

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Lifestyle

Al-Hayl Castle

Whilst Snoopy Island, just off the coast of Fujairah, has put the emirate on the map and is a must for snorkelers and divers, the emirate of Fujairah offers a range of historic attractions.

The UAE's historic value is not acknowledged as much as it should be. Given its central location, both in the region and globally, throughout history it has been a key trade and shipping hub. Remnants of these

international influences which have shaped the UAE remain evident to today.

Fujairah Castle, also known as Al-Hayl Castle or Fujairah Fort, was built over 250 years ago and sits in the Hajar mountains, close to Al Hayl village. The fort has been involved in many battles throughout history and has now turned into a historical landmark of Fujairah.

Although not significant in size, a visit to Al Hayl castle will offer an insight into the country's history and is a good example of traditional architecture.

Al Rufaisah Dam and Wadi Shawka

Al Rufaisah Dam sits in Khor Fakkan, a town located on the east coast of the United Arab Emirates. The dam itself was built in the 1980’s and has resulted in a beautiful lake which is surrounded by rocky mountains. Visitors will enjoy the expansive scenery from the rest area or get more involved by checking out the boating facility. The location truly transports you to another world, visitors are most likely encounter swans, eye-capturing plant life and many like-minded people.

Those looking for a more activity based adventure should drive over to Wadi Shawka. The Wadi, which translates to "the valley", floods and dries depending on the season. As a result its scenery and the activities one can partake in change from month-to-month. Due to this, it is gaining popularity with explorers, it is a prime location to get some hiking, mountain biking, swimming and camping in.

Eastern Mangroves

The natural mangroves in the UAE are a important part of the country’s marine ecosystem. Mangroves are the unique woody plants that grow along the UAE's coast lines, covering thousands of hectares. The most common

" The country’s natural wonders and history offers everything the country’s residents and visitors could desire."

Al-Hayl Castle

Wadi Shawka

species in the UAE is the avicennia marina or grey mangrove. These mangroves showcase the variety of wildlife and nature that the UAE is home to. The forests are home to fish and turtles species. They also provide a safe haven for birds that are nesting or migrating.

While there are mangrove forests sprinkled across the UAE, they are mostly situated in Abu Dhabi. Mangrove forests are among the top experiences for nature lovers. The Eastern Mangrove Lagoon in Abu Dhabi is very popular for sea paddlers. Visiting the mangroves to paddle through the routes between the forests a great way to spend an afternoon for individuals, families and couples.

Discover all that’s possibleAs a touristic destination, the United Arab Emirates (UAE) is known for its world renowned architecture, gleaming beaches and its extraordinary malls. This, world-beating offering, is only just a part of the UAE’s offerings, there is much more to Dubai and the UAE.

3 hours drive Sharjah

1 hour drive Fujairah

1 hour 15 mins drive

Abu Dhabi

Eastern Mangrove Lagoon

Thomas FarmerAssociate Partner Head of Marketing and Communications Knight Frank Middle East

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Meet the Experts – Visas

Dubai: the home of the global citizenMurtaza Khan is Managing Partner for Middle East & Africa at Fragomen, the largest global immigration advisory firm.

Dubai remains an attractive location for high net worth individuals (HNWI). It continues to expand its offering of high quality lifestyle choices, housing, education and healthcare and, with the exception of consumption taxes such as VAT, remains largely free of personal or income taxes. The government’s strategy includes continually strengthening Destination Dubai as is shown by its upward charge through various global indices and rankings.

Dubai ranks as the number one city across the Middle East and Africa (MEA) region in the World Bank’s Ease of Doing Business ranking (11th worldwide) and Mercer’s Quality of Living index (74th worldwide). The latter report also ranks Dubai as the safest city in MEA (73rd worldwide).

For the large number of foreign residents in Dubai, and the UAE

The rules in themselves also make provision for these residence permits to be available on the basis of ‘no sponsorship’, truly recognising the value of respective talent or capital in itself as a determinant for long term immigration status.

Whilst the long-term residency scheme has been implemented in parts, the authorities are continuing to work through this to ensure the application facilities, adjudication processes and timings, along with standards of review and eligibility are further clarified. As can be seen from wide press coverage through the year, many such HNW business owners who were already invested in the country in a significant way have indeed been issued with 10 year residence permits.

When looking at similar attempts at immigration reform around the

as a whole, the principal option to reside in the country continues to be under the category of temporary residence. This is usually in the form of a two or three year renewable residence permit based on the sponsorship of an employer. Investors and HNWIs continue to also benefit, in their capacity as business or property owners, in a similar form of a renewable two or three year residence permit.

In 2019, the long term residency or ‘golden visa’ scheme was introduced in the UAE. This was taken announced late in 2018 but formally adopted as legislation in 2019 and has led to the creation of significant additional categories of immigration options, many of which would be interesting for HNWIs. These include longer-term , either five or 10 years, residence permits for a spectrum

world, sustainability and longevity of schemes are often considered important. In that context, it is worthy to mention that the UAE’s policy overall aligns with its longer term vision as set out in the UAE Centennial 2071 pillars. These pillars consist of a future-focused government, excellence in education, diversified economy including advanced industries, and a happy and cohesive society.

No doubt, passing of this legislation has been a significant and exciting milestone in terms of immigration policy of the country. It provides leadership in the region by creating a pathway for individuals with talent or capital to take a longer term outlook in relation to their immigration status and, as a result, also investing their capital and talent in the country.

of categories including investors, entrepreneurs, specialist talent, retirees and outstanding students.

Real estate investors with property values above AED 1 million in Dubai were previously limited to a two or three year renewable residence permit. With the new legislation, property owners with values exceeding AED 5 million may qualify for a five year residence permit.

Furthermore, investors with a broader portfolio of investments in the country valued at more than AED 10 million, may be eligible for a 10 year residence permit, subject to certain rules including specific provisions on portfolios. In addition, there are further provisions for five year renewable residence permits for retirees above the age of 55 with certain de minimis financial resources requirements.

" In 2019, the long term residency or ‘golden visa’ scheme was introduced in the UAE."

Murtaza KhanManaging Partner, Middle East & Africa, Fragomen

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Procuring a UAE Investor Visa based on Property OwnershipAfter the successful acquisition of a new property, investors may be eligible to apply for an Investor visa, subject to obtaining guidance from reputable immigration professionals. In this 2020 UAE Residency guide, Nofi Mojidi, Senior Manager for Fragomen's Worldwide Private Client Practice (Middle East & Africa) provides an overview of the UAE investor visa categories, along with the process for procuring an investor visa linked to property ownership.

2019 was an unprecedented year in the UAE as the Cabinet approved comprehensive long-term visa options for investors, entrepreneurs, specialized talents, outstanding students and retirees. Respective conditions must be met in each of the five categories for the applicant and any qualifying dependant(s) to receive either a six month, three year, five year, or ten-year visa. As of the beginning of 2020, more than 2,500 investor visa's have been issued across the long term visa categories.

Property linked visa types

There are three types of investor visas available to individuals who have purchased properties in the UAE: 6-month Multiple Entry, three year Investor visa, and five year Investor visa.

• The six month multiple entry visa enables its holder to enter the UAE and complete the procedures related to their Investor category.

• The three year Investor visa carries a three year validity and can be renewed before or upon expiry. As of January 2019, the three year visa has replaced the previously

The application process

Three-year investor visa

• Reference Letter obtained from Dubai Land Department (DLD) and submitted to the Dubai Police for issuance of a Police Clearance Certificate (PCC).

• PCC, government fees, and all supporting documents are submitted to the DLD for an officer’s review.

• If all is in order, application will be accepted, and applicant typically waits approximately seven to 10 business days to receive an approval from the DLD (Note: DLD approvals can take up to 30 days in some instances as security checks will be conducted).

• Upon approval, a Professional License is applied for and subsequently issued by the DLD after five to seven business days.

• Upon Issuance, original title deed is submitted to the DLD and replaced with a new title Deed linking the investor’s property to his/her immigration file.

issued two year investor visa for property owners although the conditions for applying for the three year remain unchanged. The purchase price (not the current market value) of the property must be at least AED 1,000,000 or above. Previously, Dubai Property visas were only issued against residential properties (i.e. Apartments/ Villas) however, the DLD is now accepting applications for commercial properties (i.e. Hotel Rooms, Hotel Apartments, Serviced Apartment Offices, and Warehouses) as well. The three year visa is exclusively available for investors with properties situated in the Emirate of Dubai.

• In 2018, the UAE Cabinet announced that a five year investor visa will be issued to property investors in all seven Emirates. This came into effect in July 2019. The five year Investor visa carries a five year validity and can be renewed before or upon expiry. To qualify, an applicant must invest at least AED 5 million in one or more properties; with no mortgage on any of the properties. Furthermore, the property must be retained for at least three years.

• With the new title deed and supporting documentation, entry permit application is lodged along with the registration for an Emirates ID.

• Investor will need to complete a medical which includes blood test and biometrics as part of this process.

• Subject to receiving a clear medical, the residence permit application, investors original passport, newly issued title deed and other supporting documents are lodged at DLD immigration.

• After 24-48 hours, a three year investor visa for property owners is endorsed into the investor’s passport.

Five-year investor visa

• In order to begin the process, applicant must be inside the UAE. Approval Letter obtained from DLD after submission of supporting documentation and relevant fee payments.

• If all is in order applicant typically waits approximately five to ten business days to receive an

Dubai investor visa rules

Freehold Properties: The property should be in a freehold area. If you have purchased a property in a leasehold area, you are not the rightful owner of that property. Your title deed in this case will specify how many years you have leased the property. Furthermore, if the purchase is off-plan; or there is a dispute against it; or it is not in habitable condition, you would not qualify for an investor visa.

Multiple Property Ownership: Previously, investors could only apply for a visa against only one property. In the case of a three year investor visa, an applicant is eligible if the total investment is AED 1,000,000 or above in one of maximum three properties. Furthermore, properties can carry a mortgage if the purchase price is AED 1,000,000 or above and at least 50% of the mortgage has been paid off by the time of application. Moreover, owning multiple property whose purchase price add up to AED 5,000,000 or above, will qualify an investor for the five year investor visa.

Joint Ownership (different entities): If the property is owned by multiple individuals, each person can apply for the investor visa if each person has a share of the purchase price equivalent to at least AED 1,000,000 or above. Title deed must be in the name of the individual/ investor and not a company.

Joint Ownership (husband & wife): If the property is owned jointly by husband and wife, then either spouse can apply for UAE investor visa even if the property’s total purchase value is AED 1,000,000 divided between the both. An attested marriage certificate would be required to supplement the application.

Nofisatu Mojidi Senior Manager, Worldwide Private Client Practice, Middle East & Africa, Fragomen

approval from the DLD. (Note: DLD approvals can take up to 30 days in some instances as security checks will be conducted).

• After approval, investor will need to complete a medical which includes a blood test.

• Subject to receiving a clear medical, original documentation including investors original passport, original title deed and other supporting documents are lodged at DLD immigration.

• After 24-48 hours, a five year investor visa for property owners is endorsed into the investor’s passport.

• Once passport is endorsed, applicant can apply for Emirates Identity Card.

DLD fees

Three-year visa – Approximately AED 15,000 for end to end process for the individual investor. Additional filing fees for each dependant between AED 4,000-AED 7,000.

Five year visa – Approximately AED 4,000 for end to end process for the individual investor. Additional filing fees for each dependant between AED 3,000-AED 4,000.

All government fees payable to the Dubai Land Department (DLD) and General Directorate of Residence and Foreign Affairs (GDFRA) are subject to change at the DLD’s discretion.

There are also further points for consideration for which we advise clients to seek professional advice.

UAE Residency Guide

R E Q U I R E D D O C U M E N TAT I O N

T Y P E O F D O C U M E N T T H R E E Y E A R I N V E S T O R V I S A

F I V E Y E A R I N V E S T O R V I S A

Original passports √ √

Passport photos (on white background) √ √

Police Clearance Certificate √ X

Non-Objection Certificate (NOC) from developer (as applicable) √ X

Health insurance card / certificate √ √

Emirates ID registration forms √ √

Medical certificates: all applicants over 18 √ √

Sponsor’s Ministry of Foreign Affairs (MOFA) attested marriage certificate √ √

Children’s Ministry of Foreign Affairs (MOFA) attested birth certificates √ √

Professional license √ X

Proof of minimum monthly income of AED 10,000 or equivalent in a foreign currency √ X

Recent DEWA / (utility) bill in name of sponsor if sponsoring any dependents √ √

Sponsors bank account IBAN number if sponsoring any dependents √ √

Sponsors bank account statement evidencing 50% mortgage paid-off √ X

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Meeting the Experts – Buying Guide

The Purchase Procedure in DubaiBuying property in Dubai should be relatively straightforward, but we would always recommend that you engage the services of a reputable agent, lawyer, and notary. Simon Green, Partner, and Poras Dhakan, Associate, at Charles Russell Speechlys an international law firm, decipher the buying procedure in Dubai.

Residential real estate transactions in Dubai

A transaction for the purchase of a property in Dubai generally involves the following steps:

1. Due diligence prior to exchange;

2 . Exchange of contract;

3 . Pre-completion matters;

4 . Completion; and

5. Post-completion matters.

1. Due diligence prior to exchange

Off-Plan Properties

Due diligence will generally involve raising standard enquiries of the developer and reviewing their responses alongside all title information, the Sale and Purchase Agreement (SPA) and other relevant documentation provided by the developer.

Other searches and investigations may also be made depending on the nature of the transaction and the identity of the parties.

Secondary Market

In a secondary market property transaction, the following due diligence is typically carried out:

3. Pre-Completion

Off-Plan Properties

The purchaser will be provided with the opportunity to inspect the property and prepare a list of snagging items for the developer to rectify prior to the handover date.

Secondary Market

The parties must obtain the developer / the owners’ association consent in order to transfer title to the property to the purchaser. Additional forms of consent might also be required, such as the DLD’s consent where the property is being bought by a corporate entity.

The purchaser will also be required to prepare all required

• Reviewing title information;

• Raising standard enquiries with the seller;

• Carrying out a physical inspection of the property; and

• If the property is tenanted and the purchaser requires possession of the property following completion, the tenancy contract should be reviewed and considered to determine the options available to gain vacant possession.

2 . Exchange

It is important to note that exchange will give rise to a legally binding contract and there may be penalties where a purchaser wishes to withdraw from the transaction after this stage.

Off-Plan Properties

Following exchange, the purchaser will be required to commence payment of the agreed instalments towards the purchase price. Such payments should only be made into the project’s escrow account.

The developer will then provide the purchaser with a set of

managers cheques and documents, especially corporate documents pertaining to foreign entities, which may take several weeks to notarise and legalise.

4 . Completion

Off-Plan Properties

The developer will write to the purchaser to confirm once the construction of the project has been completed and the unit is ready to be handed over.

The developer may require the purchaser to pay service charges and the balance of the purchase price at this stage (if applicable and assuming no deferred payment terms have been agreed to).

receipts issued by the DLD and an interim title registration certificate.

Secondary Market

The Dubai Land Department (DLD) has introduced standard forms of contracts which the parties must enter into in respect of the transaction. These forms only cover essential legal terms and in practice, the parties will prepare a set of additional terms to address various other contractual provisions.

Where the purchaser is providing the seller with a deposit, due consideration should be given to how the deposit will be held and released.

The developer will arrange to have title to the property registered with the DLD.

Secondary Market

Completion will involve the transfer of title to the purchaser at one of the Dubai Land Department’s Real Estate Registration Trustees’ offices. The purchase price (less the deposit and any of the balance of any deferred / post-handover stage payments as applicable) is paid to the seller.

The parties will also usually be required to pay the DLD and the agent’s fees of 4% and 2% of the purchase price, respectively.

5. Post-Completion

Following completion, the purchaser should:

• Notify all relevant utility providers of the transfer of title and create a new account in their name; and

• If the property is tenanted then notice should be sent to the tenant in respect of the transfer and to confirm that all future payments should be made to the purchaser.

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Simon GreenPartner Charles Russell Speechlys

Poras DhakanAssociate Charles Russell Speechlys

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Dubai Overview

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Palm MonorailDubai TramDubai Metro Red LineDubai Metro Green lineDubai Metro Route 2020

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POPULATION & LOCATION DUBAI: A PLACE TO CALL HOME

3.2 million residents

94% increase in the decade to 2018

International Influence

92% of residents are expats, comprising of over 200 nationalities

A gateway to the Middle East, Africa, and South Asia which accounts for approximately three billion people, a little under half of the global population

TRANSPORT CONNECTED

The world's busiest international airport with over 89 million passengers handled in 2018

Dubai's location allows access to:

A third of the world within four hours

Two-thirds of the world within eight hours

Dubai Metro: The world's longest driverless metro line at 52.1km

HOSPITALITY AND LEISURE A LEADING DESTINATION

15.92 million international visitors in 2018

The world's fourth most visited city

118,345 Hotel Rooms

$30.82 billion spent by tourists, $1,900 per visitor

Dubai leads in overnight international visitor spending globally

INFRASTRUCTURE VISIONARY

Home to the World's tallest Building, the Burj Khalifa at 828 metres high

Almost 2,200 Clinics and Health Centres

Dubai International Financial Centre (DIFC)

• Opened in 2004 and is the Middle East, Africa, and South Asia's leading financial centre

• Ranked 8th globally in the latest Global Financial Centres Index

• Ranked 7th in the world’s top Fintech Locations of the Future 2019/20 for Economic Potential Index

EDUCATION WORLD CLASS EDUCATION

209 schools providing over seven curriculums including UK, US, IB, French and Swiss

Catering for almost 290,000 students

17 Higher Education Institutions

With over 16,500 enrolled students

LIFESTYLE ASPIRATIONAL LIFESTYLE

Almost 3,500 annual hours of sunshine

Ranked the most liveable city in the MENA region

Sources: Knight Frank Research: The Economist, fDi Markets, Knight Frank Global Lifestyle Review, DTCM, DIFC, DP World, MasterCard and Dubai Statistics Centre

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THE ROYAL ATLANTIS

The Royal Atlantis Residences are destined to become a world-renowned address. Located on the iconic Palm Jumeirah, the

residences feature architecture from the finest international designers and benefit from

uninterrupted views of the ocean and the Dubai city skyline. The

residences offer a selection of two, three, four and five

bedroom apartments, sky courts, penthouses and garden suites.

NAKHEEL MALL

Set on the top of the trunk on the world famous Palm Jumeirah, Nakheel Mall is set to offer five

retail levels with 350 shops, restaurants and leisure attractions spread across 1.2 million sq. ft. of

leasable space

THE POINTE

A 1.5km promenade with more than 100 restaurants and retail outlets set over

1.4 million square feet.

PALM TOWER

The Palm Tower is a 52-storey hotel and residential complex, offering 432 luxury residences and a five star 289 room hotel set among an array of dining

and leisure facilities.

M A R K E T S TAT I S T I C S

A V E R A G E S A L E S P R I C E

AED/SQ FT, YTD 2019

APARTMENT: AED 1,516 VILLA: AED 2,053

A V E R A G E R E N TA L P R I C E

AED/SQ FT/YEAR, YTD 2019

APARTMENT: AED 83 VILLA: AED 73

A V E R A G E Y I E L D S

SEP 2019 (GROSS)

APARTMENT: 5.4% VILLA: 3.7%

Palm Jumeirah Community Guide

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PALM JEBEL ALI

THE WORLD

Emirates Road – E311 Dubai Bypass Road – E611

Shiekh Zayed Road – E11 Shiekh Zayed Road – E11

Emirates Road – E311

Al Awir Road – E44

Silicon OasisTO AL AIN

TO HATTA

TO ABU DHABIBurj Al Arab

Dubai

Marina

Nakheel

Station

Gateway Station

Ittihad Park Station

Palm Mall Station

Atlantis Aquaventure

Station

Dubai Internet

City Station

Nakheel Metro Station

DAMAC Properties

Station

DMCC

Station

Nakheel

Harbour

& Tower

Station

Ibn Battuta

Station

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark

(under construction)

0 10KM

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

Lebab Road – E77

DUBAI HILLSESTATE

DDubai

International

Creek Station

Al Jadaf Station

Dubai

Creek Tower

Emirates Station

Airport T3 Station

Airport T1 Station

Emirate

TowersBurj

Khalifa

Financial Centre

StationBusiness Bay

Station

Burj Khalifa / Dubai Mall

Station

Emirates Towers

Station

Dubai Mall

Aquaventure Water Park

The Palm Jumeirah is the world's largest man-made island, comprising of a two kilometre trunk, 17 fronds and a surrounding crescent. The visionary development is shaped like a palm tree and stems from mainland Dubai. An unrivalled standard of beachfront living lies at the heart of The Palm Jumeirah and its instantly recognizable design offering its residents a lavish lifestyle with stunning views over the Dubai skyline and access to the world class facilities and amenities for a vibrant lifestyle.

Dubai International

Airport 28 mins | 35.5 km

Nearest Shopping Mall

4 mins | 2.4 km

Dubai Mall

20 mins | 23.9 km

Dubai International Financial Centre

(DIFC)24 mins | 26.9 km

TOTAL VALUE OF

PROPERTY SOLD (2019)

AED 3.7 BILLION

T R AV E L T I M E S T O K E Y L A N D M A R K S

K E Y F A C T S

Source: Knight Frank Research/ REIDIN Note: *Based on asking rents

TOTAL NUMBER SALES

(2019)

883

2001: The year construction started. 2006: First units handed over

S E L E C T E D U P C O M I N G P R O J E C T S

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The two square kilometres of Downtown Dubai are home to some of Dubai's, and indeed the world's most spectacular architecture. Located in the heart of the city, Downtown plays host to some of Dubai's key landmarks including the world's tallest building, the Burj Khalifa, and one of the world's largest Mall, Dubai Mall.

Dubai International



1 mins | 0.1 km

Dubai Mall

1 mins | 0.1 km



TOTAL VALUE OF


AED 7.4 BILLION


K E Y F A C T S


TOTAL NUMBER SALES

(2019)

2,796



AED/SQ FT, YTD 2019

APARTMENT: AED 1,990


AED/SQ FT/YEAR, YTD 2019*

APARTMENT: AED 99


SEP 2019 (GROSS)

APARTMENTS: 6.1%

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TO HATTA


DubaiMarina

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark


0 10KM

EMIRATESHILLS

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

Lebab Road – E77

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THE PALM JUMEIRAB

DUBAI HILLSESTATE

DDubai

International

Creek Station

Al Jadaf Station

Dubai

Creek Tower

Emirates Station

Airport T3 Station

Airport T1 Station

Emirate

TowersBurj

Khalifa

Financial Centre

StationBusiness Bay

Station


Station

Emirates Towers

Station

Dubai Mall

2004: The year construction started. 2030: Master Plan Completion

Downtown Community Guide


IL PRIMO

The 77-storey Il Primo sits in the heart of The

Opera District and comprises of four, five and six bedrooms and duplex units occupying half or full

floor plates.

GRANDE

Located in the Opera District, the 72-storey

Grande is set to become one of Downtown Dubai's

highest residential towers. It offers one, two, three and four-bedroom

apartments with incredible vistas, plush interiors and lavish amenities.

VIDA DUBAI MALL

Vida Dubai Mall's two towers feature luxury one, two, three and

four-bedroom serviced and branded apartments.

DOWNTOWN VIEWS II

Downtown Views II is a 55-storey tower offering over 410 residential units

of one, two and three bedroom apartments

and duplexes with unimpeded views of

Downtown Dubai.

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P A G E 1 9

Emirates Hills has established itself as one of Dubai's most private and elegant communities. The ultra-luxury villa community is set overlooking an 18-hole championship golf course and comprises of ready-made villas and plots which allow for residents to create their own architectural wonders.

K E Y F A C T S


Dubai International

Airport

30 mins | 35.9 km


14 mins | 8.2 km

Dubai Mall

22 mins | 24.3 km


(DIFC)

26 mins | 27.3 km

TOTAL VALUE OF


AED 730 MILLION


TOTAL NUMBER SALES

(2019)

31



AED/SQ FT, YTD 2019

VILLA: AED 1,488



VILLA: AED 57


SEP 2019 (GROSS)

VILLAS: 3.2%

K E Y A M E N I T I E S

MONTGOMERIE GOLF CLUB

17 LAKES OVER THREE INTERNATIONAL SCHOOLS

IN THE AREA

ACCESS TO TWO MAJOR COMMUNITY MALLS

Emirates Hills Community Guide

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DUBAIINTERNATIONAL

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Al A

in R

oad

– E6

6


TO HATTA


BurjKhalifa

EmirateTowers

Dubai

Marina

Dubai Internet City

The Lakes

The Views

Jebel Ali

Racecourse

Dubai

International

Academy

Emirates

International

School

Dubai

British School

ontgomerieMo eMo

Golf ClubMeadows

Village

Centre

Nakheel Station

Damac Metro Station

Meadows

Town Centre

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark


0 10KM

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

Lebab Road – E77

THE PALM JUMEIRAB

DUBAI CREEKHARBOUR

E

Emirates

Golf Club

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P A G E 1 8

P A G E 2 1P A G E 2 0P A G E 2 0

Dubai Creek Harbour is set to host Dubai’s new icon, the Dubai Creek Tower, the final height is yet to be revealed however the tower is set to be taller than the Burj Khalifa. Dubai Creek Harbour, an ecologically responsible community, is situated on the banks of the Ras Al Khor Wildlife Sanctuary where which is home to Dubai's flamingos and Japanese cherry blossoms amongst other natural flora and fauna. The real estate in Dubai Creek Harbour offers world class amenities set in a location which is one of the cornerstones of Dubai's heritage.

Dubai International



13 mins | 8.2 km

Dubai Mall

16 mins | 17.0 km



TOTAL VALUE OF


AED 4.3 BILLION


K E Y F A C T S


TOTAL NUMBER SALES

(2019)

2,534



AED/SQ FT, YTD 2019

APARTMENT: AED 1,600

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TO HATTA


DubaiMarina

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark


0 10KM

EMIRATESHILLS

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

Lebab Road – E77

C

THE PALM JUMEIRAB

DUBAI HILLSESTATE

DDubai

International

Creek Station

Al Jadaf Station

Dubai

Creek Tower

Emirates Station

Airport T3 Station

Airport T1 Station

Emirate

TowersBurj

Khalifa


Creek Harbour Community Guide


THE GRAND

The Grande is a cutting-edge 62-storey

waterfront tower offering one, two and three-

bedroom apartments, four-bedroom

penthouses and podium townhouses with stunning views

across Dubai.

PALACE RESIDENCES

Palace Residences offers five-star one, two, three and four bedroom

branded residences. The development offers resort style facilities and direct access to the new

Palace Hotel at Dubai Creek Harbour.

CREEK EDGE

Set on the north edge of the Creek Island

with jaw dropping views of Downtown Dubai,

Creek Edge's two 30 and 20 floor towers

offer modern and minimalist one to four

bedrooms apartments.

SURF

Dubai Creek Harbour's mid-rise cluster is

home to Surf the final mid-rise cluster within the west edge of the

Creek Beach. The development offers

desirable one to three bedroom apartments.

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Dubai Hills Estate uniquely blends indoor and outdoor living. Luxury homes surround an 18-hole championship golf course. Often referred to as a city within a city, Dubai Hills Estate is well equipped with children’s play areas, schools, hospitals and shops - a true work, live, play location.

Dubai International



16 mins | 13.1 km

Dubai Mall

19 mins | 14.9 km



TOTAL VALUE OF


AED 5.2 BILLION


K E Y F A C T S


TOTAL NUMBER SALES

(2019)

2,391



AED/SQ FT, YTD 2019




APARTMENT: AED 72 VILLA: AED 52

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Emirates Road – E311 Al Awir Road – E44


TO HATTA


Dubai

Marina

Nakheel

Station

Gateway Station

Ittihad Park Station

Palm Mall Station

Atlantis Aquaventure

Station

Dubai Internet

City Station

Sharaf DG Station

Mall of

The Emirates

Station

First Abu

Dhabi Bank

Station

DAMAC Properties

Station

DMCC

Station

Nakheel

Harbour

& Tower

Station

Ibn Battuta

Station

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark


0 10KM

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

CCrope

Lebab Road – E77

Dubai

International

Creek Station

Al Jadaf Station

Dubai

Creek Tower

Emirates Station

Airport T3 Station

Airport T1 Station

Emirate

TowersBurj

Khalifa

Financial Centre

StationBusiness Bay

Station


Station

Emirates Towers

Station

Dubai Mall

City HillsCity

Golf ClubGolf Club

tional SchoolGEMS Internat

Academyington AGEMS Wellington Acad

2031: Master Plan Completion

Dubai Hills Estate Community Guide


GOLF PLACE

These modern luxury villas, available in

four to six bedrooms and a range of high-end finishes, offering the perfect coupling of quality real estate and elegant location

with a 18-hole championship golf

course on your doorstep.

HILLS VIEW

Located by the 18-hole championship

course, Club Villas at Dubai Hills – available

in three and four-bedrooms and in

five unique aesthetic styles – offer opulent

living and facilities to boot.

CLUB VILLAS

The Club Villas are set in walking distance of Dubai

Hills Golf Club. Key amenities such as local hospitals and

schools are all within close proximity.

The development offers three and four bedroom villas in five

unique styles.

EXECUTIVE RESIDENCES II

Executive Residences II offers

a home and business licence in one

package. The one to three bedroom luxury apartments

are set in a chic urban environment

with residents able to benefit from all of the

benefits of DMCC.

COLLECTIVE 2.0

Part of Dubai Hill's co-living offering, the Collective 2.0

offers one and two bedrooms and is

uniquely set within a collaborative and

social setting.

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P A G E 2 5P A G E 2 4P A G E 2 4

K E Y F A C T S


Burj Khalifa / Dubai MallStation

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Dubai Bypass Road – E611




Academic City

Nad Al Sheba

TO AL AIN

TO HATTA


DubaiMarina

DubaiMaritime

City PortRashid

DubaiAviation

City

TechnoPark


0 10KM

EMIRATESHILLS

AL MAKTOUMAIRPORT

TO SHARJAH

TO RAS AL KHAYMAH

N

Lebab Road – E77

C

THE PALM JUMEIRAB

DUBAI HILLSESTATE

DDubai

International

Creek Station

Al Jadaf Station

Emirates Station

Airport T3 Station

Airport T1 Station

EmiratesTowers

BurjKhalifa

MMohammed Bin Rashid Al Maktoum City

Mohammed Bin Rashid Al Maktoum City - District One Community Guide

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TOTAL VALUE OF


AED 1.1 BILLION

K E Y F A C T S

TOTAL NUMBER SALES

(2019)

272


Dubai International



15 mins | 13.5 km

Dubai Mall

12 mins | 7.0 km






AED/SQ FT, YTD 2019



Mohammed Bin Rashid Al Maktoum City - District One is only minutes away from many of Dubai’s world-class attractions, landmarks and transport links.District One is next door to distinguished leisure facilities such as the Meydan Racecourse and Grandstand, The Track, Meydan Golf, a 9-hole flood-lit golf course, the 5-star luxury Meydan Hotel and soon to be developed, Meydan One Mall.District One’s truly unique locale and lifestyle promises its residents a plethora of remarkable and distinct experiences.

MANSIONS

Each of District One’s eighteen distinctly styled mansions

is meticulously designed to ensure affluent tranquil living in glorious surroundings. The villa’s come in 3 architectural

Styles – Contemporary, Mediterranean and Modern

Arabic. Extravagance is simply a way of life in these

magnificent homes.

VILLAS

District One Villas come in three distinct Contemporary, Modern

Arabic and Mediterranean styles that promise an unrivalled lifestyle of refined elegance while reflecting

your individual taste. From the vast captivating architecture, right down to the minute finer details, these homes create the perfect

ambience for distinctly lavish living, every single day.

RESIDENCES

Situated in low and mid-rise towers that range from G+ 4 to G+ 16 floors, District One Residences

is a gated community, adorned with a glistening Crystal Lagoon and plush greenery. Right from spacious dwellings marked by

aesthetic minimalism and smart functionality, the water-front

apartments are bathed in natural light and imbue the charm of

high-end, tranquil living.

P A G E 2 7P A G E 2 6

In addition to our offices in Dubai, Abu Dhabi, and Riyadh, the Knight Frank Middle East team works closely with our global network including our Asia Pacific, Europe, and Africa offices as well as the US based Douglas Elliman Fine Homes.

The Dubai Network

UAE MARIA MORRISPartner, Head of Residential Knight Frank Middle East+971 56 4542 983 [email protected]

MATTHEW COOKEPartnerMENA Project Marketing +971 50 6138 350 [email protected]

ANNE OGILVIEAssociate Partner Prime Residential Sales +971 50 5518 705 [email protected]

YASIN VALIMULLAAssociate Partner Prime Residential Sales +971 50 5054 135 [email protected]

TAIMUR KHANAssociate PartnerDevelopment Consultancy & Research+971 56 4202 [email protected]

THOMAS FARMERAssociate PartnerHead of Middle East Marketing and Communications +971 56 4204 [email protected]

Important Notice: © Knight Frank LLP 2020. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank UAE Limited – Dubai: Prime Star International Real Estate Brokers (PSIREB RERA ORN: 11964 trading as Knight Frank with registration number 653414. Our registered office is: 5th Floor, Building 2, Emaar Business Park, PO Box 487207, Dubai, UAE.

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P A G E 2 8

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