property times april 2015

///// Issue 29 - April 2015

Magazine Search Awards

Can you resist this offer?Safeer Tower 2 in Business Bay boasts an unbeatable payment plan of 40%-60%

Pg16 Pg30

Pg24

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UAE SHININGMANOJ PRASAD

QUE CAPITAL

COMMUNITYTIMES

MOTOR CITY &GREENS

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TEL: +971 (0)4 277 80 02 | E-MAIL: [email protected] | WEBSITE: www.stockholmre.com

FROM THE EDITOR

MORE PROJECT LAUNCHESDespite all the talks and speculations about the slowdown in the market, Dubai’s developers are going ahead with their plans to launch new projects. The second quarter of this year has just started and we have already witnessed a grand launch by Cayan Group, which comprises projects in Dubai and Riyadh with a total value of AED3.1 billion. Al Safeer Group has forayed into property development with the successful launch of Safeer Tower 1 and their second project Safeer Tower 2 in Business Bay is currently underway. These launches clearly indicate that the developers are extremely confident about the long term prospects of Dubai real estate market. Some experts I spoke to recently said that the market will start witnessing increased demand thanks to Expo2020 from end of 2016 or early 2017 onwards and all the projects that are being launched now will have enough takers when they are ready. While it’s still too early to speculate the real impact of Expo2020 on the

Binesh PanickerEditor-in-Chief & Co-Founder

P.O. Box: 76460, Dubai, UAE

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Nicole WalterFreelance Writer


real estate market, it will be safe to say that Dubai real estate market will certainly get a boost closer to the expo.

In this issue of Property Times, Jerry Parks of Taylor Wessing tells us what we should do to be prepared in case of fire in our building. He takes us through various significant steps we, as residents, have to take such as home content insurance, special clauses in tenancy contracts, etc. This issue also features a number of interesting articles on mortgage market, budget hotel segment, community updates, etc.

Last but not the least, Property Times People’s Choice Real Estate Awards 2015 will be given away at a glittering ceremony on 12th of May 2015 at The Address Hotel, Dubai Marina. See you all at the event!

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BINESH PanickerEditor-in-Chief & Co-Founder [email protected]

JATIN DeepchandaniHead of Sales, Marketing & PR [email protected]

SYED GhayuorSales [email protected]

THINKAL BhalManager - [email protected]

RESHMI RaveendranEditorial [email protected]

NYSAM K ShahulSenior Graphic [email protected]

TOSEEF Ali TidiwalaAccounts [email protected]

KIRAN ReddyE-magazine [email protected]

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MANAF CKAdmin [email protected]

MARY Grace AntonioExecutive Assistant to Editor in [email protected]

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5 Bedrooms G+1 Villa, BUA 5,221 SQFT,Living rooms + Maid’s room + Driver’s room.

Millennium Estates | Type C Grand Views | Villa

4 Bedrooms G+1 Townhouse, BUA 3,130 SQFT & 3,321 SQFT + Usable Terrace Area.

Grand Views | Town house

MILLENNIUMC O L L E C T I O N

Meydan - Dubai

DeliveringThe PromiseMillennium Estates: The first community nearing completionin Meydan

800773S P F

t o l l f r e e

millenniumestates.aemillenniumestates.ae/grandviews

AED 4.5 Million

FEW UNITS AVAILABLE FOR RESALE

Millennium Estates | Type A

5 Bedroom G+1 Villa, BUA 7,371 SQFT,2 Living rooms + Maid’s room + Driver’s room.

Millennium Estates | Type B

5 Bedrooms G+1 Villa, BUA 6,993 SQFT,2 Living rooms + Maid’s room + Driver’s room.

Actual Villa Actual Villa

Millennium Collection Starting At

6 Bedrooms G+2 Villa - BUA 6,044 SQFTLiving room + Maid’s + Driver’s, 3 Storey, Private Elevator + Usable Terrace Area.

Estimated Completion - Dec 2015 Estimated Completion - Jan 2017

Actual Villa

Starting at AED 9,100,000/- Starting at AED 8,575,000/-

Starting at AED 8,200,000/-Starting at AED 6,950,000/- Starting at AED 4,500,000/-

8IPS 2015

10REIDIN.com

12MORTGAGE EXPERT:

Feyisesan Ekundare, MortgageMe

21Better times for mortgages

26COMMUNITY TIMES:

FM Expo 2015

30STRAIGHT TALK BY MP:

Manoj Prasad, Que Capital Limited

32Column by the Wolf of Real Estate

Be prepared:Jerry Parks, Taylor Wessing

Safeer Tower 2 :Cover story

Community Times Project Watch14 16 24 28

34PROJECT LAUNCH by Cayan Group

37INTERVIEW:

Wouter Molman, Director, Cityscape Group

41Q2 2015 OVERVIEW

by Paula Enander, Stockholm Real Estate

44BUDGET HOTELS ON THE RISE

48NEW USUFRUCT LAW:

Column by Jitheesh Thilak

50Exclusive property listings

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Exhibitors at the International Property Show 2015 that concluded on 1st of April, 2015 in Dubai said that many

deals were done during the show locally and internationally involving plots and residential units in the UAE and overseas. The three-day show highlighted that the uniqueness of Dubai more than 200 nationalities living in it- was reflected in the amount of deals done at the show. Real estate experts said that the diverse property offers that came from many countries as well as from the UAE have boosted Dubai's position as

a global hub for property investment. It further strengthened the Emirate's position as the ideal location to organize property exhibitions and generate investment deals.

Organizers of the show announced plans to double the exhibition area for the next edition based on the overwhelming participations and number of visitors seen this year. Participants in the exhibition represented countries like USA, UK, Turkey, Jordan, KSA, China, and many other European and African countries as well as leading

developers from the UAE were present, such as Dubai Properties, the exclusive strategic partner of the show with an impressive portfolio of projects in many areas of Dubai and Damac, the Silver Sponsor, that reported significant footfall at its stand where it showcased a bouquet of luxurious projects as well as Union Properties and Palm Star, among others.

Haider Ali Khan, CEO of Bayut.com, the official online property portal partner of the show said: “International Property Show proves

INTERNATIONAL PROPERTY SHOW 2015 BOOSTS DUBAI'S POSITION AS AN INTERNATIONAL

HUB FOR REAL ESTATE INVESTMENT

"Dubai's uniqueness of boasting 200 nationalities living in it was reflected in the deals done at the show"

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how UAE is a great place to showcase and market your projects regardless of where in the world they are. This market understands real estate really well and is always interested if there are quality real estate products available in the market.”

Nick Jaffray, Managing Director of Palm Star said: "The International Property Show has been a success for our company. We offer a personal and discreet service to our clients, which involves travelling to the UAE on a regular basis. We are currently in talks with a business partner to open an office in Dubai to serve our clients in the region. The show has enabled us to keep in touch with our clients and our partners and to introduce our company to new long term clients who are looking for a private and professional service for London property."

He added: "We charge our clients a retainer for private property acquisition and all the advice they require to make informed decisions. At the show, we offered 4 handpicked projects across London which we feel offer good capital appreciation. This is an introductory offer where we have not charged new clients, and we hope they are happy with the new property and our service. We have had strong interest from selected new clients and we took deposits for new property purchases. We look forward to returning to the UAE again very soon." The show has seen an increasing influx of end buyers who were willing to purchase real estate units in Dubai, according to exhibition participants. Offers during the expo were not limited to residential units, but included various real estate products like apartments, villas, land, buildings, shops and others.

On the first day of the show, the Real Estate Forum was launched by The Dubai Land Department (DLD) and the Royal Institution of Chartered Surveyors (RICS). The Forum updated investors and property professionals on latest property trends and initiatives impacting the sector both regionally and internationally by bringing together world-class speakers and content covering many aspects of the real estate industry.

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AHMET KAYHANCEO, REIDIN.com

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What are the gross rental yields for Springs and Meadows? Gross rental yields of The Springs and Meadows are right at the top of the villa gross yield rates. When compared to apartment yields, it’s still lower but clearly above the average cost of finance.

Are there any notable changes in the sales and rental prices or is there a chance for a change in the following months?Sales prices are on the positive but on a slower pace compared to the last two years. As an established community, these communities offer a more stable appreciation in prices in comparison with other rather new communities.

THE ETERNAL FAVOURITESSprings and Meadows have always been in demand since its launch thanks to the master developer Emaar Properties’s superior build quality standards and management.

Springs

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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 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.

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RETURN ON INVESTMENT IN YEARS201918171615141312

Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Dubai All Villas The Springs and The Meadows

GROSS RENTAL YIELDS8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%

6.2% 6.2%

3.9%

5.7%

3.6%

5.7% 5.6%

The Springs & The Meadows

ArabianRanches

Palm Jumeirah VictoryHeights

JumeirahIslands

JumeirahPark

Dubai AllVillas

Last 3 Months Last 6 Months Last 1 Year

SALES PRICE CHANGE IN VILLA COMMUNITIES20%

15%

10%

5%

0%

-5%

-10%

-15%

3%3% 2% 1%

13%

-1%-3% -2%-3% -2% -1% -3% -3%

0% 1%

-1%

5%

-6%

4%

-2%


ArabianRanches


JumeirahIslands

JumeirahPark

Dubai AllVillas


-9%

RENT PRICE CHANGE IN VILLA COMMUNITIES20%

15%

10%

5%

0%

-5%The Springs & The Meadows

ArabianRanches

PalmJumeirah

VictoryHeights

JumeirahIslands

JumeirahPark

Dubai AllVillas

0% 0%

5%7%

5%4%

5% 5%3%

1% 1%2% 1%0%0%

-2%

14%

0%0%

-2%-2%

THE SPRINGS SALES PRICES (AED/SQF)2 Bedroom

1,2113 Bedroom

1,2484 Bedroom

1,202

THE SPRINGS RENTALS

2 BedroomMin Max130K 150K



THE MEADOWS RENTALS3 Bedroom (AED)

Min Max230K 250K

4 Bedroom (AED)

Min Max240K 300K

5 Bedroom(AED)

Min Max250K 360K

6 Bedroom(AED)

Min Max300K 450K

THE MEADOWS SALES PRICES (AED/SQF)3 Bedroom

1,4594 Bedroom

1,4555 Bedroom

1,5456 Bedroom

1,680

RETURN ON INVESTMENT IN YEARS201918171615141312

Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Dubai All Villas The Springs and The Meadows

GROSS RENTAL YIELDS8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%

6.2% 6.2%

3.9%

5.7%

3.6%

5.7% 5.6%


ArabianRanches


JumeirahIslands

JumeirahPark

Dubai AllVillas


SALES PRICE CHANGE IN VILLA COMMUNITIES20%

15%

10%

5%

0%

-5%

-10%

-15%

3%3% 2% 1%

13%

-1%-3% -2%-3% -2% -1% -3% -3%

0% 1%

-1%

5%

-6%

4%

-2%


ArabianRanches


JumeirahIslands

JumeirahPark

Dubai AllVillas


-9%

RENT PRICE CHANGE IN VILLA COMMUNITIES20%

15%

10%

5%

0%

-5%The Springs & The Meadows

ArabianRanches

PalmJumeirah

VictoryHeights

JumeirahIslands

JumeirahPark

Dubai AllVillas

0% 0%

5%7%

5%4%

5% 5%3%

1% 1%2% 1%0%0%

-2%

14%

0%0%

-2%-2%

THE SPRINGS SALES PRICES (AED/SQF)2 Bedroom

1,2113 Bedroom

1,2484 Bedroom

1,202

THE SPRINGS RENTALS




THE MEADOWS RENTALS3 Bedroom (AED)

Min Max230K 250K

4 Bedroom (AED)

Min Max240K 300K

5 Bedroom(AED)

Min Max250K 360K

6 Bedroom(AED)

Min Max300K 450K

THE MEADOWS SALES PRICES (AED/SQF)3 Bedroom

1,4594 Bedroom

1,4555 Bedroom

1,5456 Bedroom

1,680

Why is it that investors and buyers continue to prefer these two communities? Obviously due to their location, quality of construction and being among the most settled communities.

Is it a good time to invest in these communities given the current situation in the market?It’s always good to invest in a property where the rental income is way above the cost of finance especially if you are living in it and the future prospects look positive.

Meadows

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If you have any mortgage related queries, please email at [email protected]

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

w i t h m o r t g a g e e x p e r t

There are over 300 mortgage products in the UAE with a variety of fixed period stipulations and insurance

premiums. As such, trying to ascertain the best rate will require a detailed assessment of your lending profile and future plans. When it comes to using your existing properties to finance a new business, I see only one hitch. Lenders’ conduct their due diligence both retrospectively and prospectively. Your past and current financial position will more or less be used in ascertaining your future ability to repay a mortgage loan. As such, projected earnings from the new business will more than likely not be considered in their credit appraisal process. That being said, it is possible to execute a mortgage equity release on multiple properties. The Loan to Value, depending on which lender you use, can be as high as 75% for the first property (assuming you have zero mortgage obligations outstanding) and 60% on subsequent properties.

I am planning to start a new business and I would like to mortgage multiple properties.

What are the rates and procedures for it?

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Yes, it is advisable to have a financial consultant present. Better to be safe than sorry. No? Unfortunately, more

information about the business purchase will be required for me to be able to provide a detailed counsel. There are several outstanding questions.

Towards what end would you need a mortgage consultant? Are you planning on refinancing said properties? Are there reservations on the stated value of these properties? Do you need a mortgage/real estate financing consultant to determine the optimum utility of said properties? Do call on the number above and I will be more than happy to assist.

Please guide me about the procedure to buy a business with assets that are mortgaged. Is it

advisable to have a consultant present during the proceedings?

Yes, it is possible, but there are certain variables that will determine how the transaction is treated.

Will you be selling off the old property or retaining and renting it out? Will your financial profile meet the criteria required for a particular transaction model? The idea is to ensure that the most efficient transaction dynamics are utilized.

Basically, you should be looking at a model that ensures that your Loan to Value on this new mortgage purchase is the maximum applicable (75%/80% for non-resident/resident). Also you should want a transaction model that ensures that the process employed saves you the most amounts of time and money.

My property has been on mortgage for the past one year, I would like to swap my existing property with

another one. Is it possible and what are the conditions? Please advice.

Feyisesan EkundareMortgageMe.ae Business DevelopmentMiddle East/AfricaM: +971 050 4168 548

Dubai Skyline

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WE CAN MAKE YOUR HOME EQUITY WORK FOR YOU!

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

2.99%

WHY IS YOUR EQUITY JUST SITTING THERE DOING NOTHING?

Investme Financial Services LLC, +971 (0) 4 453 4400608, Dusseldorf Business Point, Al Barsha 1, Dubai [email protected]

1. TenantsTenants occupying units in the Torch which have suffered severe physical damage will have lost their personal possessions and a place to live. As regards personal possessions, tenants should have taken out home contents insurance, although this is not obligatory. In fact, statistics suggest that only some 5% of UAE residents actually have home contents insurance. In the absence of such insurance, tenants will be required to foot the bill for replacing their possessions.

It is unlikely that the building insurance or the landlord’s insurance will extend to a tenant’s possessions. As for losing a place to live, tenants can seek alternative premises to rent. But financially this may be difficult where rent has been paid in advance for the damaged unit. As we know, in Dubai it is not uncommon for rents to be paid 12 months in advance, which in some circumstances could therefore see tenants significantly out of pocket. Are these tenants entitled to a refund of rent from the landlord in these circumstances? The answer is not entirely clear, as the Landlord and Tenant Law does not expressly deal with this situation.

It may be specifically addressed in the lease document, but this is unlikely. If both the law and the lease are silent on the point, then

it would appear to be right as a matter of legal principle that the landlord refunds the tenant the rent on a pro rata basis. Essentially, if the landlord is not able to provide the tenant with the accommodation that has been paid for, then it should be incumbent on the landlord to refund the tenant for any advance rent paid. Of course some landlords may be more cooperative than others when it comes to offering such a refund. But our view is that where the matter to be referred to the Rental Dispute Centre, then it would find in favour of tenants in these circumstances.

So the best position for tenants would be to claim on your contents insurance, claim a rent refund and find a new place to live.

2. LandlordsThe structure of the building, and the units in it, should be insured by the Owners Association for the full reinstatement value. After incidents of this nature, the Landlord will, in respect of severely damaged units, suffer a loss of rental income (assuming the unit was being leased or was capable of being leased) for the period during which the building is reinstated. In these circumstances, the landlord should look to the building insurance taken out by the Owners Association,

to see if it covers this loss of rental income for the time it will take for the reconstruction works to be completed. Some insurance policies will include a provision under which loss of rent is covered for landlords in this position (as, we understand, was the case with the insurance policy in relation to the Torch). Some insurance policies will not however extend this far, and even those that do will usually contain restrictions on the level of rent that will be recoverable or the period of time for which recovery can be made.

While building insurance is mandatory for Owners Associations to take out, in practice we have seen that it does not always provide an ideal solution to an Owner’s problems. In the case of the Tamweel Tower fire in Jumeriah Lake Towers in 2013, the Owners Association had taken out building insurance, but two years on re-construction work has still not been commenced. Some commentators have suggested that the delay has been due to the fact that the Tamweel Tower Owners Association was not registered with RERA at the time of the incident. A consequence of this non-registration was that the insurance company was unable to make payment because the insured entity, the Owners Association, did not have a separate legal identity or indeed a bank account. The Tamweel Tower Owners Association was

The fire at the Tamweel Tower in Jumeirah Lakes Towers in 2012 and the more recent one at The Torch in Dubai Marina have prompted much discussion among Dubai’s residents. And rightly so – both were major incidents, with potentially tragic

consequences for all concerned. In this article we take a look at the positions of those parties primarily affected by such incidents, setting out what they can and should do to mitigate risks. By Jerry Parks, Partner, Taylor Wessing

BE PREPARED

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subsequently registered by RERA. All well and good, until you realise that the vast majority of Owners Associations have not been registered with RERA, and hence the same delays could occur where this to happen again. We see therefore that in practice, notwithstanding the building insurance being in place, actual payment of the proceeds of insurance cover, and therefore eventual reconstruction of the building, can take many years. In the circumstances it is important for unit owners to check that they have insurance covering loss of rent throughout this period.

3. Owner OccupiersWhere the unit is owned by an individual who also occupies the premises, we have a combination of the scenarios set out in relation to Tenants and Landlords above. The owner should insure their own possessions, and must rely on the Owners Association building insurance to pay out and cover the cost of reconstruction of the building and the units in it. Once again, however, there is the issue of renting alternative living accommodation for the (possibly) extended period during which the premises are reconstructed. That is something that could be covered under the Owners Association building insurance, but not necessarily so. It is important therefore that all owners check their Owners Association building insurance cover carefully to understand whether it does cover payment of rent for alternative premises or not.

4. Owners AssociationsOwners Associations are formed when one or more units are sold in a multi unit building, such as The Torch. The Law requires such Owners Associations to be registered with RERA, although it appears that RERA is still not processing such applications for registration at the moment. As mentioned above, this

has caused delays in dealing with payment of insurance proceeds in circumstances where insurance companies have been reluctant to make payment to interim Owners Associations which are not technically separate legal entities and often do not therefore have their own bank accounts. Owners Associations, whether interim or registered, are obliged to insure the building to cover circumstances such as fire, flood, hurricanes, etc. Owners Associations may, with the approval of the unit owners, extend insurance cover to include loss of rental income or to cover rental payments required to be made during the period of time over which the building is reconstructed following an insurable event. These additional cover options are not however obligatory, and all owners should check with their Owners Association to ascertain the extent of cover in each particular case.

If the Owners Association has failed to take out building insurance cover, then it may be that a claim would lie against the individual Board Members of the Owners Association for the cost of reinstatement of the building. In reality, it’s difficult to see how those Board Members would be able to discharge such a liability, unless they were themselves insured against such an oversight.Another concern is the possibility of insurance cover being rendered void by virtue of the Owners Association’s failure to comply with health and safety regulations. If, for example, the insurance company were to ascertain that the Owners Association had failed to install smoke detectors, maintain fire doors, maintain fire alarm systems, carry out practice fire evacuations etc., then it could argue that it should not be obliged to respond to any claim under that insurance policy. Again in these circumstances an action may lie against the individual Board Members of the Owners Association, with the same concerns regarding the ability of those Board Members to discharge that liability financially.

5. DeveloperOnce the Developer hands over the first unit of the building to a purchaser, then the Owners Association comes into existence (the interim Owners Association in the absence of RERA registration). At that point, responsibility for the building, and therefore for insuring the building, passes from the Developer to the Owners Association and the Developer effectively steps out of the picture. There may however be certain exceptional circumstances in which the Developer remains liable. These might include, for example, where the Developer has acted negligently in supervising the construction of the building. It may be that ultimate liability for such default would rest with the contractors, but the Developer could face a primary liability claim from owners in such circumstances.

There are lessons to be learnt from the Tamweel Tower fire and the more recent incident at The Torch. All occupiers should consider taking out contents insurance. All Owners should ensure their Owners Association has put in place adequate building insurance cover and should check whether that cover includes loss of rent or reimbursement of rent payable pending reconstruction of the building. If such cover is not included, those Owners should consider taking out that cover privately. And finally, the authorities need to put in place a system which enables insurance companies to pay out under insurance policies notwithstanding the lack of registration of most Owners Associations with RERA. In that regard we welcome the announcement made by Sultan Butti Bin Mejren, Director General of the Land Department, who said on 24th of February 2015 that the Dubai Land Department is studying new measures for real estate insurance in Dubai with the aim of more clearly identifying the responsibilities of the various parties involved and of expediting payments and settlement of receivables in the event of incidents of this nature.

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Al Seeb Real Estate Development’s (a part of Al Safeer Group) latest offering Safeer Tower 2 in Business Bay offers apartments starting from AED 11,488/- per month with a 40%-60% payment plan in place. By Binesh Panicker

BUY AN APARTMENT IN AFFORDABLE MONTHLY INSTALLMENTS…

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Dubai’s real estate market is currently going through a phase of stability without any drastic movement in

prices or rents. The industry members look at it as signs of a maturing market and the increasing number of new developments launched recently further substantiates this view. The latest entrant into Dubai’s freehold market is the Al Safeer Group, well known for its mall developments. SafeerTower 2, located in Business Bay, is the group’s second freehold development after Safeer Tower 1, which received an overwhelming response from investors and end users. While the location of the project is undoubtedly one of the best in Dubai, the developer’s strategy of introducing a unique payment plan is turning out to be the biggest attraction for buyers and investors.

THE SAFEER GROUPThe group was founded in 1985 and the growth since then has been tremendous. J.P. Kalwani, Chairman & CEO of Al Safeer Group says, “From an austere 6,000 sq. ft. outlet in 1985 to a diversified conglomerate in more than two decades, with presence spanning in GCC markets like UAE, Oman and Qatar, Al Safeer Group is fuelled by a team of over 3,500 dedicated people under the Group-abled leadership.” Today, the company has a wide range of business interests including mall development (Century Mall in Dubai and Fujairah and Safeer Mall in Ajman, Ras Al Khaimah and in Sohar, Oman.) The Group also manufactures divan bed and mattresses (Sleepezze), nails, etc. “We have taken another mall in Abu Dhabi, which is under construction, on long term lease and is likely to start by end of 2016. We always keep looking for new options at prime/good location matching our concept,” says Kalwani, adding,

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“Our latest project is the residential building Safeer Tower 2 in Business Bay. We are extremely happy with the favorable response from investors for Safeer Tower 1. Indeed, this is a true indication that the market is very good if you offer the right product, right location, right price and payment terms.” The group has plans to launch more projects in Business Bay, Dubai Land and Culture Village.

SAFEER TOWER 2This residential development boasts a number of attractions ranging from location to high quality finishes to a unique payment plan. “Safeer Tower 2 is situated at a great location in Business Bay, i.e. near to Downtown and well connected to other parts of Dubai. From the buyers’ point of view, apart from the payment plan, location, affordability of a luxury apartment; the quality and price are the other main considerations.,” explains Kalwani. The project features 176 residential

units including 102 studios, 54 one-bedroom apartments and 20 two-bedroom apartments. The prices for studios range from AED689,278 to AED889,959, while one-bedroom units are available from AED1,141,974 to AED1,560, 212 and the prices for two-bedroom apartments are from AED1,926,308 to AED2,250,645.

PAYMENT PLANSThe developer, sensing the pulse of the current market situation and sentiment, has introduced a unique payment system to make the project extremely affordable to investors and end users alike. “There is tough competition in the market. One of the most important aspects to compete and sell our units is to introduce an easy payment plan that is simply irresistible to buyers, easy for non-residents to purchase and maintain the property.

The majority of our buyers are from other GCC countries and UK. They do not have access to financing and investment. We are offering a great payment plan wherein buyers will pay only 40% till possession and 60% after possession in three years. The net installment is approximately AED6,000 per month, if netted out with rental income (assumed approximately AED5,800 per month),” explains Kalwani, adding that they have very high expectations

SAFEER TOWER 2 IS SITUATED AT A GREAT LOCATION IN

BUSINESS BAY, I.E. NEAR TO DOWNTOWN AND WELL

CONNECTED TO OTHER PARTS OF DUBAI. FROM THE BUYERS’ POINT OF VIEW, APART FROM

THE PAYMENT PLAN, LOCATION, AFFORDABILITY OF A LUXURY

APARTMENT; THE QUALITY AND PRICE ARE THE OTHER MAIN

CONSIDERATIONS.

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from this project. “We are not an aggressive developer and would like to ensure the buyers the safety and best value for their money along with personalized service, without compromising on quality,” he says. The building is 55% complete and the construction is going on at a fast pace. The expected completion date for the project is the end of the June 2016.

“We are confident that Safeer Tower 2 will receive a great response from buyers, considering the response we got for the first project as well as our reputation as a group coupled with the payment plan on offer. Our prospective customers are already showing a keen interest in this new development. We are targeting end users, however, this project will attract investors as well because of the payment plan, quality and location,” he says.

CURRENT SCENARIO IN DUBAI MARKETAl Seeb Real Estate Development has timed the launch of its projects well and the response of its projects received so far is a testimony to that fact. The new regulations by the government bodies have managed to keep the speculators away from the market and it has given the developers of Al Seeb Real Estate Development to launch their projects at the right price. “The mortgage cap rule by the Central Bank and the increased registration fee by the Dubai Land Department have curbed

the menace of speculation to a great extent. Also, the current control measures have given the investors more security since all the projects are first registered in the Dubai Land Department and the funds are received in an Escrow account instead of developers’ accounts. Off-plan projects do not get mortgage finance for more than 50%, which has forced buyers to put in more equity. However, we feel this should be reconsidered for first time buyers,” says Kalwani, adding, “Moreover, we are more comfortable in this kind of market, wherein, only developers who have done their homework on financial aspects can remain in the market for long term. Now the market is relatively stable and we expect the market to continue to be stable throughout the year.” Kalwani believes that this is the right time for developers to enter the mid-income housing market and also he believes end-users should consider buying

WE ARE EXTREMELY HAPPY WITH THE FAVORABLE RESPONSE

FROM INVESTORS FOR SAFEER TOWER 1. INDEED, THIS IS A TRUE INDICATION THAT THE MARKET

IS VERY GOOD IF YOU OFFER THE RIGHT PRODUCT, RIGHT LOCATION, RIGHT PRICE AND

PAYMENT TERMS.

• Hotel in Fujairah (200 rooms) which may start operation from 3rd Quarter of this year• Hotel in Jaddaf (354 rooms) is under construction• Hotel in IMPZ (128 rooms) area Dubai• Hotel in IMPZ (99 rooms) area Dubai• Safeer Residences 2 in Dubai Land Residence• Safeer Residences 3 Dubai Land Residence• Residence Complex B+G+41 Dubai Land Residence• Hotel in Cultural Village – Boutique Hotel• Residential Building in Cultural Village 3B+G+8• Residential Building in Arjan

Studio AED689,278 AED889,9591 Bed AED1,141,974 AED1,560,2122 Beds AED1,926,308 AED2,250,645

Type HighestLowest

SAFEER TOWER 2 PRICES

properties now rather than waiting for the prices to come down further. “It is an excellent time to buy now since developers are offering at good prices and attractive payment plans. Also, majority of the market is under the mid-income segment. And so far, they have not yet taken a reasonable share in the current market so it is high time that developers should target this mid-income segment.”

AL SAFEER GROUP’S FUTURE PROJECTS

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Property pr ices haven’t suddenly tumbled, yet analyst predictions that sales values will soften this year have

started to ring true, while rents are still holding up in many areas. This may indicate that it’s a good time to get a mortgage in place and buy. Indeed, quite a few potential buyers seem to be taking a liking to the idea.

“Property prices are lower since the mortgage cap was introduced in December 2013; mortgage sales slowed last year continuing at the start of 2015. However, we have seen an increase in mortgage applications in February and March, as bargain hunters return, mostly expats looking to put down roots, and clients wishing for refinance existing loans,” remarks Jean-Luc Desbois, Managing Director at mortgage consultants - Home Matters. According to CBRE’s

Dubai Market View Q1 2015, sales transaction have been on the rise comparing last year’s quarter and the first three months of this year, whilst year-on-year values have declined by 20%. “The average sale rate for residential properties dipped by 2% quarter-on-quarter and is expected see further drops during the course of the year,” remarks Mat Green, Head of Research & Consultancy UAE at CBRE Middle East.

“The leasing market is expected to witness increased landlord incentives in the form of rent-free period and other allowances, whilst rental declines are also likely in some areas,” he adds. Asteco’s Managing Director, John Stevens, would concur that prices have flattened and significant market growth was unlikely, due to the upcoming additional supply and ongoing macro-

economic challenges, highlighting that a variety of mortgage products suiting different customer profiles were available.

WHAT’S ON OFFER?A closer look reveals banks and Islamic finance institutions are clearly competing for clients. Most demand a minimum salary of AED10,000 (some AED7,000 up to AED20,000), with interest rates starting as low as 1.65% (flat rate) and 3.29% (reducing) to 4.99% (flat) and 8.98% (reducing).

While flat rates look more enticing at first sight, they are however, not necessarily the best deal. “Flat rates lack transparency, and although reducing balance rates seem higher, they generally are better value. Always ask for a comparison,”

BETTER TIMES FOR MORTGAGESWith sales prices entering a more reasonable territory, it’s a great opportunity for buyers to secure a mortgage and

own their dream home. By Nicole Walter/freelance writer

Sheikh zayed Road, Dubai

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recommends Jean-Luc. A good deal may allow for a one million dirham property to be financed for as low as AED3,600, and a AED2 million property for around AED6,200 monthly. However, in Desbois’s experience, most of his clients earn AED20,000 plus a month, and a mortgage of one million dirham costs around AED4,462 a month.

Considering that banks can only finance 75% of a property under AED5 million, a one million dirham mortgage could cover a property worth AED1.25 million, or of course higher, but one would need a minimum of AED250,000 to start with. At the same time, a property of above AED5 million can only be financed

by up to 65%, and a second property demands a deposit of 40%.

WHERE TO LOOK? According to CBRE, buyers targeted Dubai Marina/JBR, where recorded deals averaged AED2.11 million, and Palm Jumeirah where transaction deals were averaging AED5.62 million. Other favourites were Emirates Living and Downtown Dubai.

If one were after strong rental yields, areas like IMPZ, Motorcity, Liwan, Jumeirah Village and The Villa experienced slight drops, whilst JLT and Discovery Gardens gained slightly. In addition, smaller

townhouses make for better deals in terms of garnering a good rent, whilst three to five bedrooms declined, and larger ones remained stable, according to CBRE.

OFF-PLAN OPTIONSWhile banks can only finance half of the purchase price of off-plan properties, things have started to become interesting in this arena. “End-user financing is available in the market at good interest rates, so it has become more reasonable and affordable to buy rather than rent,” says Ammar Sweis, CEO at Ishraqah Investments. Townhouses are being launched for as little as

PROPERTY PRICES ARE LOWER SINCE THE MORTGAGE CAP WAS

INTRODUCED IN DECEMBER 2013; MORTGAGE SALES SLOWED LAST YEAR CONTINUING AT THE START

OF 2015. HOWEVER, WE HAVE SEEN AN INCREASE IN MORTGAGE APPLICATIONS IN FEBRUARY AND

MARCH, AS BARGAIN HUNTERS RETURN, MOSTLY EXPATS LOOKING

TO PUT DOWN ROOTS, AND CLIENTS WISHING FOR REFINANCE

EXISTING LOANS. JEAN-LUC DESBOIS, MANAGING DIRECTOR,

HOME MATTERS.

Dubai Marina

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INTRODUCTION

Town Square is situated at the intersection of Al Qudra Road and Emirates Road, just south of Arabian Ranches. Located opposite to EmaarMira Townhouses.Enjoy views of surrounding greenery from your livingroom, relax at the pool or go for a workout in thegym. Life at Zahra Apartments provides you plenty of choices while being only a short walk from theheart of Town Square.

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just under AED1 million, such as at Nshama’s Town Square, where deals have been struck with Noor Bank, First Gulf Bank and ADIB to provide home financing. “Obviously potential buyers are considering the advantages, such as discounts, of purchasing in these kind of developments compared to completed developments, especially beneficial in well-established areas, attractive financing offers help to reduce buyers’ financial burden, and regulations protect these investments,” remarks John. Other tempting options are those close to completion, and with payment plans of 30% during construction and 70% on handover. Developer GGICO even spreads the latter payment over three years.

“Banks are not giving big mortgages as they used to, but if you’re at a stage where you only need 50% you can borrow to do it, and use your salary, or bits of savings, to keep going for the few years,” remarks Andrew Chambers CEO at GGICO Properties. While Home Matters has mortgage available starting at 2.99% for properties under construction by developer Emaar, Jean-Luc advises to take special caution when looking at taking those up.

“Banks are still generally bearish on new off-plan financing, unless it is Emaar of course. The risk of buying off-plan without finance being in place is if your situation changes later down the line. For example, if you pay 50% of an off-plan property on a payment plan and change jobs just before the next payment is due. This will prevent most banks from lending the final 50 percent until after probation has been completed,” he points out. In the view of Talal Gaddah, MAG Property Development’s CEO, affordable off-plan schemes shouldn’t require a mortgage. The developer is looking at launching developments, where properties could be financed with AED120,000 in-hand and monthly payments of AED4,900 spread over 60 months. However, these deals are unlikely to take away the allure of taking out a mortgage, says Jean-Luc.

“Developer payment plans are usually for maximum periods of three years, which requires a significant monthly payment. Mortgages can be up to 25 years tenors, which is a less aggressive/demanding way to pay for a property,” he argues.

THE AVERAGE SALE RATE FOR RESIDENTIAL

PROPERTIES DIPPED BY 2% QUARTER-ON-

QUARTER AND IS EXPECTED SEE FURTHER

DROPS DURING THE COURSE OF THE YEAR.

MAT GREEN, HEAD OF RESEARCH &

CONSULTANCY UAE, CBRE MIDDLE EAST.

COMMUNITY TIMESCOMMUNITY TIMESCOMMUNITY TIMESAGENTS

DUBAI MOTOR CITYAGENTS

G R E E N S

Occupancy

DUBAI MOTOR CITYDubai Motor City is Union Properties’ most distinguished development project, with a sui generis twist on modern living inspired by motor sports. Union Properties designed the city not only to please the thrill seekers but also with a range of entertainment o�erings for families and residents of all age groups. The most extraordinary attraction of Motor city is the Dubai Autodrome, with a 5.39 Km FIA certi�ed track, that is the dream of every motor sports enthuse. This community also includes the Green Community which is the residential development and the Business Park which consist of o�ce towers and retail spaces.

GREENSDeveloped and launched by Emaar in 2012, Greens consists of 3,500 residential units and four o�ce buildings. Greens has some great a�ordable mid- rise apartments which o�er a beautiful view of the gardens and pools nearby. Well- furnished apartments and lushes greenery give this community a feeling of peace away for the bustle of the busy city life. Greens o�ers all the necessary amenities at the door step. Even though away from the busy city, the community is in close proximity to all major roads, making it easily accessible.

AED 987/SQ.FT. (SALES PRICE)

AED 6.7/SQ.FT. RENT/ MONTH

AED 1,452/SQ.FT. (SALES PRICE)

AREA 3 sq.km

AED 9.1/SQ.FT. RENT/ MONTH

COMMUNITY

CONNECTIVITY

94.14%

Restaurants / Fashion brands / Super markets

JOGGING TRACK / YOGA CENTERS

SCHOOLS3

TO CITY CENTER

20

HOTELS3100 RETAIL

OUTLETSTO PARK

+

5MINS

TO AIRPORT

30MINS

TO METRO STATION

15MINS

MINS

+

+

Occupancy

COMMUNITY

CONNECTIVITY

93.58%

Restaurants / Fashion brands / Super markets

JOGGING TRACK / YOGA CENTERS

SCHOOLS3

TO CITY CENTER

10

HOTELS3100 RETAIL

OUTLETSTO PARK

+

4MINS

TO AIRPORT

20MINS

TO METRO STATION

14MINS

MINS

+

+

Tel +971 4 3298121 www.legacydubai.comRERA N0. 1564

Rushiraj MehtaAGENTDUBAI MOTOR CITY+971 55 22 32 [email protected]

STUDIO | 680 SQ.FT.COMMUNITY VIEW | AED 635,000 NET +++

1 BED | 987 SQ.FT.PAK VIEW | AED 950,000 NET ++

2 BEDS | 1500 SQ.FT.ROAD VIEW | AED: 1,600,000 NET ++

3 BEDS + MAID | 2108 SQ.FT. POOL VIEW | AED: 2,000,000 NET ++

3 BEDS + MAID TERRACE APARTMENT3000 SQ.FT. | LAKE VIEW

AED: 3,000,000 NET ++

GREEN COMMUNITY, MOTOR CITYBUNGALOW, 4 BEDROOM + MAIDS

BUA: 4,300, PLOT SIZE: 10,000LAKE VIEW AED 5,600,000

GREEN COMMUNITY, MOTOR CITYTERRACED APARTMENTS, 3 BEDS + MAIDSBUA:3326 LAKE VIEW AED 3,100,000

NORTON COURT - UPTOWN MOTOR CITYAPARTMENT, 1 BEDROOM

SQ.FT.: 943 PARK VIEW AED 950,000

GREEN COMMUNITY, MOTOR CITYTOWNHOUSE, 3 BEDROOMS + MAIDS

BUA: 4,600 PLOT SIZE: 4,500COMMUNITY VIEW AED 4,700,000

GREEN COMMUNITY, MOTOR CITYFAMILY VILLA, 4 BEDROOMS + MAIDS

BUA: 5,700, PLOT 8,900COMMUNITY VIEW AED 7,800,000

Tel +971 4 44 33 585www.prohomes.aeORN: 11918

RASHA MADANATAGENT- GREEN COMMUNITY +971 56 11 45 [email protected] NO: 26820

JAL NAKHEEL GREENS1 BED + STUDY SQ FT 958

AED 1,300,000/- AED 100,000/- (RENTED)

AL DHAFRAH III1 BEDROOM SQ FT 758

AED 1,000,000/-

FAIRWAYS TOWER HIGHER FLOOR - GOLF COURSE VIEW

SQ. FT. 1450 VACANT ON TRANSFER AED 2,300,000/- NEGOTIABLE

TURIA2 BEDS + STUDY SQ. FT. 1350

VACANT ON TRANSFER AED 1,700,000/-

TRAVO 2 BED WITH COURTYARD

SQ. FT. 1450 AED 2,100,000/-

Tel +971 4 362 38 56 www.alraea.com

MUKARRAM SHABHIAGENT- GREENS+971 55 9544 368 [email protected] 23146

THE VIEWS- FAIRWAYS WEST1 BED AREA SQ.FT.: 928

AED: 1,550,000.00

THE VIEWS- MOSELA2 BEDS AREA SQ.FT.: 1438

AED: 2,550,000.00

GREENS- AL DHAFRA1 BED AREA SQ.FT.: 820

AED:1,150,000.00

THE HILLS- THE HILLS4 BEDSAREA SQ.FT.: 3403

AED: 6,700,000.00

THE VIEWS- LINKS WEST2 BEDSAREA SQ.FT.: 1400

AED: 2,450,000.00

T: +971 4 346 99 33W: www.ottomansuae.com

UMAR BIN FAROOQAgent – Greens+971 55 10 10 [email protected]: 25889

COMMUNITY TIMESCOMMUNITY TIMESCOMMUNITY TIMES

Among the telltale signs of economic prosperity in the GCC region is the influx of impressively designed,

ubiquitous skyscrapers and large-scale infrastructure developments. Reports show that 16 skyscrapers standing at a height of more than 300 meters - nine of which are in the UAE - were among the region’s mega construction projects in 2014. The UAE is still leading in terms of the number of tall buildings

but its neighbor, Saudi Arabia, is closely behind. The GCC makes heavy investments in fundamental construction projects to accelerate its economic growth. In the UAE, the construction sector contributed 7.89% to the country’s gross domestic product (GDP) in the first half of 2014. It is poised for further growth as its GDP share is projected to reach between 11 and 11.5% from 2015 to 2021. Building projects worth over USD66.89 billion were

completed in Qatar in 2014, giving the state’s vibrant construction sector a huge boost. Similarly, Saudi Arabia’s USD52.8 billion worth of construction contracts have bolstered an already flourishing local sector. The rise in construction projects presents enormous value for facilities managers. The UAE’s facilities management industry is poised to reach AED20 billion in 2015, while the KSA’s USD100 billion FM sector offers infinite possibilities

The UAE’s facilities management industry is poised to reach AED20 billion in 2015, while the KSA’s USD100-billion FM sector offers infinite possibilities for expansion.

BUILDING A STRONGER GCC FACILITIES MANAGEMENT SECTOR

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COMMUNITY TIMESCOMMUNITY TIMESCOMMUNITY TIMES

for expansion. Qatar, meanwhile, is experiencing a year-on-year FM growth rate of almost 75%.

Seeing the need to sustain growth and address industry needs, FM EXPO was established as an annual event that drives opportunities. The Middle East’s only dedicated FM exhibition converges all professionals involved in FM, building maintenance, hygiene, health and safety, energy and environment industries under one roof.

FM EXPO 2015For this year, the show happening from May 18 to 20, 2015 at the Dubai World Trade Centre will gather over 150 regional and international exhibitors to display an array of services, including access control, building management systems, energy management and environmental solutions. Furthermore, three co-located events, namely Middle East Waste & Recycling, Commercial Cleaning & Hygiene,

and Elevators & Access Control, will ensure that every key segment of the industry and related sectors is covered. A dedicated Innovation Zone, meanwhile, will showcase smart FM technologies. The sector, as the visitors and participants of FM EXPO 2015 will witness, is poised to remain robust in the coming years, offering opportunities that will help advance the GCC’s buoyant economy even further.

SEEING THE NEED TO SUSTAIN GROWTH AND ADDRESS

INDUSTRY NEEDS, FM EXPO WAS ESTABLISHED AS AN

ANNUAL EVENT THAT DRIVES OPPORTUNITIES. THE MIDDLE EAST’S ONLY DEDICATED FM

EXHIBITION IS A MEETING PLACE FOR ALL PROFESSIONALS

INVOLVED IN FM, BUILDING MAINTENANCE, HYGIENE,

HEALTH AND SAFETY, ENERGY AND ENVIRONMENT INDUSTRIES

UNDER ONE ROOF.

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PROJECT WATCHPROJECT WATCHPROJECT WATCH

LOOTAH

The Lootah Real Estate Development is the property development arm off the famous Lootah Group with over five decades of history under its belt. The latest development of Lootah is called the Shamal Community which consists of Shamal Terraces and Shamal Residences. The company aims to create a great quality lifestyle. Situated in Jumeirah Village Circle, Shamal is a

hot investment option for investors. The terrace has 30 villas and the entire community is over 147,000 square feet. Every villa and apartment in this community is spacious. Lootah Group also offers great mortgage options for the project for its buyers.

COMPLETION DATE: PHASE ONE COMPLETED

PROJECT: SHAMAL COMMUNITY

PRICES STARTING FROM AVAILABLE ON REQUEST

AREA: JUMEIRAH VILLAGE CIRCLE SCHOOL

RESTAURANT

HOSPITAL

6.9 KM

300 M

6.5 KM

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PROJECT WATCHPROJECT WATCHPROJECT WATCH

COMPLETION DATE: FIRST QUARTER OF 2016

PRICES STARTING FROM AED760,000

AREA: PALM JUMEIRAH

SCHOOL

RESTAURANT

HOSPITAL9.9 KM

1.8 KM

9.7 KM

SEVEN TIDES

Seven Tides International is back in development with yet another development project in partnership with DUKES Oceana. Seven Tides is an international holding and development company that was founded in 2004. The DUKES Oceana, spread over 240,000 square feet, brings the

famous English charm and style to the Palm Jumeirah trunk and combines it with cosmopolitan luxury to create an opulent residential and hotel development at the heart of Dubai’s most enticing island community. The apartment consists of 227 units that offer a guaranteed return on investments of (ROI) of 10%, according

to the developer. The elegant DUKES design ensures spacious and luxurious living for every resident. The developer wants to create world class living by using smart home technology and custom designed kitchen equipment.

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

There are so many positive things happening in the country right now that will attract many new investors and it also gives

me a lot of confidence about this market. Dubai is going to host World Expo in 2020, which has also helped investors gain confidence in the Dubai’s hospitality sector. The growing number of tourists will bring immense potential growth, which investors have already started to experience. According to my assessments, more stable growth outlook is expected. Construction activity has already picked up the pace again and will continue for at least next five years. Soon we will be seeing cultural centres like the new Opera House in Dubai and Guggenheim Museum in Saadiyat Island. In 2013-2014, foreign direct investment accounted for roughly half of the $30.7 billion in real estate sales, according to a study. India and UK were the top two foreign markets for the U.A.E. real estate. Dubai has been the traditional second home for rich Indian investors and now that trend is accelerating with Dubai offering some good bargains following the real estate slump and the growing

corruption in India. I think there is a huge demand for both residential and commercial space, so the concept of oversupply is no longer a concern to me. Yes, there will be some correction in certain areas, which are considered overpriced but at the same time there will be some areas that will continue to witness growth.

Studies show that until the last quarter of 2014, Dubai Marina was the most popular location for buying in Dubai, followed by Downtown Dubai, Jumeirah Lake Towers (JLT), Dubailand and Dubai Sports City, in that order. This was primarily because Dubailand is still an off-plan development with lower prices, which naturally attracts investors looking for a deal.

The World Economic Forum (WEF) named the UAE, the 12th most competitive nation globally for 2014-2015, a jump of seven ranks from last year. This ranking puts UAE ahead of countries such as Canada, Denmark and South Korea. The nation also leads all the Middle East and North African (MENA) countries. The UAE ranks first when it comes to the absence

of inflation and crime, second in the effectiveness of government spending and third in the absence of government bureaucracy. It is also rated highly for having the third best infrastructure in the world. The UAE ranked third globally on indicators such as citizens and residents’ confidence in government and leadership, the absence of government bureaucracy, the quality of ports, efficiency of customs procedures and attracting technology through foreign direct investment. Significantly, for the knowledge economy, UAE is ranked 3rd globally for attracting professional talent. It is ranked 2nd, up from 4th, in Basic Requirements, which measures the readiness of regulations and institutions, infrastructure, health and primary education.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, said in a statement: “The UAE, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, is advancing steadily

BY MPTALKSTRAIGHT

ADVANTAGE UAE & THE BENEFITS OF POOL INVESTMENTDubai has implemented an "open arm policy" not only for big corporates of the world but also for anyone who has a dream and a vision to contribute to the dynamism of rapidly growing Dubai and its skyline.

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and dramatically across development indicators, reflecting the areas where our economy is progressing ... notably, security and stability indicators are among the best in the world... and the welfare of our citizens is our first priority.”

Shaikh Mohammad also added that the UAE government is constantly monitoring these global indicators issued by reputable international organisations. “Retreating is not an option in our government.” According to the report, the UAE has made a remarkable progress in 78 sub-indicators during just one year.

The 5th Annual Investment Meeting (AIM) Exhibition 2015 was a huge success featuring in its three-day event all the different industry projects and services catered for the investment growth of various participating developing regions. AIM was focused on showcasing Dubai Government Achievements Exhibition (DGAE). This was also focused on promoting Foreign Direct Investments (FDIs) and effective ways to attract investors to various economy sectors in the U.A.E. and the Gulf region. At the 2015 event, there were more than 500 Exhibitors from 140 countries that showcased products, services and projects from the different sectors.

The UAE is ranked first among Arab nations and is at 22nd position globally in the Global Investment Indicator, which covers the period from June 1, 2013 to June 30, 2014.

POOL INTERMENT IDEA IS IDEALReal estate investments play an important role in helping investors achieve their investment objectives. To achieve the most out of the opportunities available, you not only require a broad market access but a good understanding of the market as well and have to have patience. All individual investors may or may not have the risk appetite for the current scenario in the real estate sector in Dubai.

Therefore, one of the options available to such investors is to pool investments and share the risk. This would allow individual investors to invest smaller sums and share the upside and any risk with others, distributing capital and risk. ''This amazing thought was shared by a dear friend of mine. The structure to do this is simple. A group of investors needs to first set up a company in one of the Free Zones in the UAE (depending on which property they are buying) as investors and shareholders. They must execute a shareholders’ agreement amongst themselves in order to document and agree on the sharing of the upside, risks and cost. The shareholders must also agree on and sign a Memorandum of Association of the company that lays out the objectives and the business and the mechanism for the management of the company.

This company would then open a bank account in the UAE and the individual investors would pay money in order to purchase shares of the company. The shareholders would also form a Board of Directors of the company that would then agree on and approve an investment and authorise one or more amongst them to execute all necessary steps to make the investment. The

individual shareholders hold shares of the company, which entitles them to a proportionate share of any capital gains made or any rental yields received. I suggest you take your lawyer’s help in structuring this.

This would be the most suitable structure for a group of “aligned” investors, who are able to act jointly and in coherence and make common choices. This then allows for sharing of capital, risk and upside. In order to further mitigate risks associated with individual circumstances and the unfortunate and unexpected demise of any of the members of the investment/shareholder group, investors may also wish to seize the opportunity to register their English language, common law Wills in the soon-to-be-launched (expected 30th April, 2015) DIFC Wills & Probate Registry (DWPR). The DWPR provides a new set of rules relating to succession and inheritance matters for non-Muslims with immovable assets in Dubai.

Under the rules of the DWPR, individuals with assets in Dubai now will have the ability to register in English language that creates legal certainty for the inheritance of their assets after death. It is a simple and efficient mechanism to pass on their estates according to their wishes.Finally I feel very confident about Dubai real estate market and in the long-term I can only see the market registering significant growth.

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Dubai’s rental yields have always been strong, particularly when compared to countries where rental income is taxed at high marginal

tax rates. With a market that boasts an Average Gross Yield of around 6.5%, it stands as a beacon for those who are not hindered by borders and who appreciate the significant structural and regulatory development that the Dubai market has undertaken.

There are a number of factors, which will influence gross yields and not all of them are that obvious.

No market is homogenous across segments. In a perfect economic scenario, where equilibrium between supply and demand has been achieved in the industry, Gross Yields will be determined by market forces. However, as we all know, the industry in Dubai today is not in equilibrium in that the relationship between supply and demand differs greatly across segments and asset types. For example, the well-chronicled dearth of affordable housing for small families in Dubai has seen Gross Yields surge in the more affordable developments while the same increases have not been witnessed in the, perhaps, overly abundant luxury developments. In developments such as Skycourts, Q Point, Discovery Gardens and International City, Gross Yields of anywhere up to 10% have been achievable in the past 24 months. This level of Gross Yield is virtually impossible to achieve in the luxury segment of the market while the middle or mid-upper segments comprised of developments such as Arabian Ranches, the Villa Project, Emirates Living or The Greens are all seeing average Gross Yields of 6.5-7%. The reasons for such variances in gross yield are many. Factors such as socio economics, microeconomics, real estate cycles, work force mobility, net migration and federal, state and local fiscal, monetary and development policies all have a significant bearing on the supply and demand equation in real estate. The

ebb and flow of population migration (and there fore demand) between Dubai and its neighboring Emirates and even between areas and developments within Dubai itself resulting from volatility in rental rates driven by economically induced industry imbalances over the past 7 years merely reflected the type of market gyrations that become symptomatic of these causal factors.

Of course, one of the inhibitors to the Dubai market operating in total freedom was the introduction of legislation governing rental increases in the Emirate. Notwithstanding its likely effect in limiting Average Gross Yield growth, the introduction of the legislation was necessary from a broader economic point of view to ensure that Dubai does not price itself out of an increasingly competitive global market. Ironically, the legislation will actually assist in support Average Gross Yield levels in the long term by ensuring that the costs of living and doing business in Dubai is globally competitive, conducive and supportive to ongoing economic expansion and population growth. This should be considered a pre-requisite for the industry to flourish.

But while gross yields are typically determined by what the market is willing to pay and/or afford, there are supply side factors that will have a bearing, particularly where supply is tight or costs to bring assets to the market are inefficient. A close look at Gross Yields can reveal a number of insights. It can provide a retrospective view or learning opportunity by revealing how accurately market factors were comprehended, analyzed, forecasted and modelled when planning a particular development; it can highlight inefficient and costly construction methods and techniques; it can highlight future price/revenue adjustment opportunities, new segment or geographic concentration opportunities; it can reveal superior (or inferior) sales, branding and marketing techniques or superior product attributes; it can highlight impending revenue and eventual margin

pressure where yields appear a little too extravagant when compared to the market or even highlight where an industry is with regards to its cycle. Gross Yields can also highlight inefficiencies because inefficiencies, unless corrected, must be eventually supported by either Gross Yield or margin reduction.

Every investor is concerned with what eventually can be put into his wallet and expectations of Net Yield will always pressure Gross Yield and the cost of resources required to generate that Gross Yield. In times of tight supply, inefficiencies in construction, administration, maintenance and operating methodologies are hidden because elevated Gross Yields driven by excessive market demand are more likely to drive acceptable Net Yields for investors. However, the real test as to effective Yield management is when supply exceeds demand. For example, the Gross Yield on a two-bedroom apartment in the Dubai Marina would be about 7.5% and, assuming a service charge rate of AED15 per sq.ft. and normal maintenance requirements are met, Net Yield would not be less than 6.0% or a 20% reduction from the Average Gross Yield. When considering that 20% of the Average Gross Yield is being sunk into what are effectively operating costs, efficiencies can be called into question it becomes apparent that Gross Yield that is being pressured by excess supply will be quickly eroded by excessive Facility Management / Service Charges or inefficient Facility Management or Service and Maintenance operations. Something has to give and usually Net Yields are the first to suffer. No doubt, once more Owners Associations are established, operational and assume legal status, the opportunities for generating greater efficiencies will develop as Owners Associations become more adept and empowered in managing properties and, as a result, more efficient and effective service providers are appointed to provide more cost effective building maintenance. Just one more step in the maturation process.

YIELDS … TIME FOR SOME ANALYSIS Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official

training & certification arm of the Dubai Land Department

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Cayan Group, the Middle East’s premier Property Developer and Real Estate Investment group, announced the

launch of its new projects worth AED3.1 billion in both Dubai and Riyadh. The projects portfolio varies from branded residences to hotel apartments and commercial towers. One of the most iconic developments that Cayan Group launched in collaboration with the UAE-based financial investment company, Shuaa Capital is Cayan Cantara, which is located in Dubai along the strategic Umm Suqeim Road and comprises branded residence and hotel apartments featuring unique design and facilities. Other projects launched were Samaya, a unique one million square meter masterplan in Riyadh and CM1, a commercial luxurious building along King Fahed Road in Riyadh. Coinciding with the press conference was the thrilling, record-breaking feat carried out by French climber Alain Robert, popularly known

as ‘Spiderman,’ who conquered the twisted Cayan Tower a landmark officially declared by the Guinness Book of World Records in 2015 as the globe’s tallest twisted tower.

Held at the Grosvenor House Dubai Marina, the press conference was attended by VIP guests and elite media and featured speakers from Cayan Group (President and Chairman Ahmed Al Hatti) and Shuaa Capital (CEO – Investment Banking, Karim Schoeib). The press conference was followed by a grand gala dinner infused with enjoyable performances. Starting by welcoming guests to the gala dinner, Ahmed Al Hatti said: “We are extremely pleased to launch our upcoming projects, Cayan Cantara in Dubai and CM1 and Samaya in Riyadh and look forward to strengthening our partnerships with Shuaa Capital.With the development of world-class residential and commercial projects in the Middle East, we aim to reaffirm our commitment to providing our

clients with superlative office and housing options in preferred strategic locations in the two cities.”

The highlight of the event was Alain Robert’s electrifying climb up Cayan Tower. Guests at the press conference were treated to an uninterrupted view of Alain scaling the meandering building through cameras and TVs live broadcasting his stunt along with a huge spotlight deployed on him. Additionally, the hour long ascent was open to public as well who assembled at the foot of the massive Tower to watch the daunting task which was even tougher than usual given the twisted design of the building.

Visibly pleased after his conquest, Alain Robert said, “I am thrilled that I managed to complete this climb. As the building design was different, ascending this building was more challenging but nothing pleases me more than completing a challenge

GRAND LAUNCH BY CAYANCayan Group launches projects worth AED3.1 billion amidst a thrilling event that witnessed

‘Spiderman’ make a record-breaking climb up the twisted Cayan Tower.

Alain Robert climbs up Cayan Tower

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l ike the Cayan Tower. Finally, I would like to thank Cayan Group for their cooperation and for granting me the opportunity to make this climb happen.”

LAUNCHED PROJECTSCAYAN CANTARALocated in Dubai and consisting of two towers; branded residences and hotel apartments, Cayan Cantara has been designed by one of the world's most renowned architects and boasts of several main, recreational, and comfort facilities and services. These include retail shops, restaurants, luxurious world-renowned spa, a hanging glass-walled swimming pool, a fitness center, the highest outdoor screen and a conference hall, among many others. All were constructed within an exceptional, environment-friendly residential area that preserves energy while giving residents the

approach that considers the overall environmental impact of a building as well the health and well-being of its occupants.

SAMAYASAMAYA is a remarkable master development located in a prime area in North Western Riyadh. The development area is almost triangular shape with the west ring road on its Eastern boundaries, in addition to the access through King Abdullah road. Samaya occupies more than 1M m2, providing fanciful people with a great opportunity to own a land or build a home. The project will be developed with top quality infrastructure and amenities, and will feature mosques, parks, retail area and walking tracks around the community. All amenities comprised in the development shall provide residents an unmatched living and recreational experience.

comfort they crave. Various facilities within Cayan Cantara are connected through a marvellously designed bridge, a signature touch enabling residents to enjoy a magnificent view.

CM1Located on the King Fahd Road in Riyadh, CM1 will be the upcoming headquarter of Cayan Group. CM1 is a sophisticated business center that presents a perfect model of a distinct, multi-use integrated commercial complex, which supports the business with its modern and high-end facilities and services including luxury offices, swimming pool and high tech fitness center in addition to a multipurpose hall and a restaurant. A well-developed infrastructure and retail shops, plus 10 floors for rental and ownership purposes of corporate administrative upscale offices equipped with the latest technologies. CM1 building is an

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What is your take on the current scenario in Abu Dhabi’s property market?The current stability within the Abu Dhabi market bodes well for developers, investors and home buyers. Latest research and statistics coming from Abu Dhabi indicate that there is a renewed confidence in the property sector with construction visibly moving. Following a 10% increase in 2014, rental rates are expected to continue to rise at a steady pace throughout 2015, though at single digit levels. The demand for housing continues to increase due to the low availability across the board, in particular for quality stock on the secondary market. Popular communities like Saadiyat Island, Raha Beach and Reem Island are performing particularly well.

How do you compare Abu Dhabi market with Dubai market?The Dubai and Abu Dhabi market, though linked due to their proximity, are still two quite distinct market places with their own regulations, trends and supply and demand fundamentals. A frequently heard comment to compare both markets is that Abu Dhabi typically follows Dubai market sentiment with some delay, which could explain why the Abu Dhabi market is still witnessing continued growth, and the Dubai market has been more stable in recent months. An interesting difference between both markets at the moment is that Abu Dhabi’s property market is mainly driven by luxurious developments in prime locations, while in Dubai the trend seems to be moving more towards

affordable housing schemes. Developers including Emaar, Nshama, Danube and DAMAC have all, reportedly successfully, launched more affordable townhouses and apartments recently, targeting home buyers that previously have not been able to get on the property ladder.

What are your expectations for this year’s Cityscape in Abu Dhabi?Cityscape Abu Dhabi is in a great shape, having grown by double digit numbers for the second year in a row, with more exhibitors and an additional exhibition hall to accommodate the growth in exhibition space. Last year, the event turned a corner following several

Exclusive interview with Wouter Molman, Director, Cityscape Group By Binesh Panicker

CITYSCAPE ABU DHABI 2015: BIGGER AND BETTER

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challenging years since 2009, when the event grew 15% to welcome 120 exhibitors. This trend will continue into 2015, as we are expecting more than 130 companies to showcase their real estate projects and services on 21st-23rd of April at the Abu Dhabi National Exhibition Centre (ADNEC). In terms of attendance, we welcomed a little over 17,000 visitors last year, representing a 15% y-o-y increase. We can expect to see a similar growth trend this year with the majority of our visitors coming from not only Abu Dhabi but the rest of the GCC as well.

Please tell us a little about the special attractions and events in Abu Dhabi CityscapeSeveral of our exhibitors have informed us about new project launches and announcements that are preparing for the event. We are unable to disclose any information on

these in this stage, but there certainly will be a lot to look forward to. One of the highlights of the event include the Abu Dhabi Market Overview & Luncheon which, in conjunction with JLL, will draw attention to the Emirate’s latest projects and initiatives including the anticipated new real estate regulations. The main focus of this forum will be on supporting differentiation and creating sustainable economic growth in the capital. Some of the key speakers include Fergal Harris, Global Head of Real Estate and Family Conglomerates at National Bank of Abu Dhabi, Talal Al Dhiyebi, Chief Development Officer at Aldar Properties and David Dudley, Regional Director & Head of Abu Dhabi Office of JLL. There will also be a series of networking events including the annual Networking Reception which offers a platform for influential decision makers, international investors, developers,

architects and consultants to meet and exchange ideas.

Which are the major clients participating at this year's event?All of Abu Dhabi’s key real estate companies will once again come out in full force. In addition to developers and banks including Aldar, Mubadala, Al Qudra, Manazel, Wahat al Zaweya, Eshraq, National Bank of Abu Dhabi and Masdar, the event will also see new participants such as Eagle Hills participating, as well as returning companies including TDIC, Al Forsan and Reem Developers. The Abu Dhabi Government will be represented by Strategic Partner Abu Dhabi Department of Municipal Affairs, as well as Urban Planning Council, who will be present to update the public on the latest progress made with Vision 2030. Participation from Turkey and Jordan is set to grow significantly as well.

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Paula Enander, Partner, Stockholm Real Estate, shares her views on what the residential market in Dubai can

expect in the second quarter of this year.

DUBAI RESIDENTIAL

MARKET: Q2 2015

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Downtown, Dubai

There is no doubt in stating that the Dubai residential market has been one of the hottest real estate markets on

the planet, with residential buildings rapidly being built in response to the huge demand generated due to Dubai’s cosmopolitan atmosphere that has attracted millions of foreigners. However, like any global hotspot that is thriving to become the capital of the world, a calming, and perhaps a soothing, phase was bound to happen. We have seen a minor downturn in Dubai’s residential property market in the first quarter of 2015, with apartment and villa prices falling approximately 1.86%, values are still up year by year according to the latest index from REIDIN, showing an increase of 6.7% compared to 12 months ago.

We believe that there will be a further decline. Existing properties may also suffer as they could be

seen as outdated buildings when compared to the newly-built areas. However, in the already established and prime parts of the city such as Downtown Dubai and Dubai Marina, prices are projected to hold up better as these popular locations have an already established reputation while newly emerging locations could be exposed to price falls as they have yet to establish a solid foundation.

Furthermore, looking at the world market trends in the real estate sector, we have seen that it has stabilized with some countries seeing a price increase again. There we think the central banks have played a big role by decreasing the interest rates and therefore making it more lucrative for end users to buy instead of renting.

We hope to see that the UAE Central Bank will follow this trend, especially as it is very lucrative for people to buy rather than paying high rents, and with a decrease in interest rates I believe many will be willing to take the step of buying their own home. From a business perspective, Stockholm Real Estate projects that in the next year we will see an increase in business activity, which has been highlighted by the government’s 2015 budget announcement, presenting a revenue increase of 11%.

Paula EnanderPartner

Stockholm Real Estate

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LODGING GUESTS COMFORTABLY AT REASONABLE PRICES IN DUBAI

Impressive luxury properties may dominate Dubai’s skyline but affordable quality offering in the neighbourhood for visiting friends

and family, or business partners are on the rise. Today options remain far and few between, but with good reason, according to John

Podaras, Managing Partner at Hotel Development Resources (HDR), arguing that visiting friends and relatives (VFR) may not receive the credit they are due as a demand driver during the season, yet alone don’t fill a hotel. “The VFR segment is often lost within the FIT/leisure segment

in market assessments. However, they aren’t really large enough to support the financial viability of any hotel,” he says, ''adding that general leisure and corporate demand filled the gap, particularly during the soft summer period. Guesthouses and motels, typically run by families and

Affordable quality offering in the neighbourhood for visiting friends and family, or business partners are on the rise. By Nicole Walter/freelance writer

Park Inn by Radisson Dubai Motor City

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casual labour in Europe, aren’t really an option simply because they are difficult to replicate here. ‘Tripadvisor’ seems to prove the point, only listing a handful in operation around Dubai today,'' says John.

“Residential communities are the ideal location for VFR demand,” he concurs, but explains that getting licenses, work permits and land tends to be expensive for smaller properties, in particular in non-freehold areas. ‘La Maison d'Hôtes’ in Jumeirah, closed in 2010 despite demand for it still apparent today. “We inherited their phone number and still get two to three calls every week for rooms,” John remarks.

LATEST TRENDSTherefore, economy hotels have taken over the ‘affordable’ role with rates starting at AED195 and going up to AED450, depending on brand and area. “Branded three-star hotels have grown in popularity, thanks to Accor’s ibis paving the way, breaking the ‘most expensive hotels in the world’ myth surrounding Dubai,” John remarks. Land prices are pushing some of these brands further out of town, a positive side effect for residents, even if their guests don’t take over the hotels. The Premier Inn at Dubai Investments Park (DIP) and Dubai Silicon Oasis (DSO), attract around 45% leisure guests. Darroch Crawford, the MD at Premier Inn MENA, estimates only one eighth of them are VFR, making it clear why this segment of the market cannot be relied upon alone, despite being ideal for visiting families.

“Premier Inn is extremely popular with both, business and leisure travellers, alike, because of the value for money we offer. In addition our rooms can all comfortably sleep two adults and two children for the same price as a single room,” Darroch says.

NEW PROPERTIESThe upcoming Premier Inns at Al Maktoum International Airport, Al Jadaf and Ibn Battuta Mall, expect to attract 35%, 50% and 55% leisure respectively, the remainder corporate. However, Park Inn by Radisson will add to the VFR menu, with one opening in Motorcity by mid 2017, and one in Jumeirah Village Circle (JVC) by end 2017. The two properties are part of the Dubai inland expansion plan towards developing Dubai World Central and Jebel Ali, according to Elie Milky, Senior Director Business Development, MEA at the Rezidor Hotel Group. “The Park Inn by Radisson in Motor City will be connected to a mall and located on the Autodrome, thus creating a solid unique selling proposition,” Elie justifies a market extending beyond VFR. Similarly, the serviced apartments at its JVC property will in addition benefit from corporate and leisure demand from the International Media Production

Zone (IMPZ) across the road.

“Park Inn by Radisson is the right brand to open in a developing sub-market and secondary locations as it carries relatively lower development and operational risk. Such a product capitalises on this kind of opportunity as we see such up-and-coming locations to have great potential in our expansion strategy,” Elie explains. Rates for these properties haven’t been set yet, as a guideline the Al Barsha Park in charges around AED450 a night.

International City, meanwhile will be served by the ibis Styles, opening at Dragonmart this year. This happy feel family-friendly lifestyle

BRANDED THREE-STAR HOTELS HAVE GROWN

IN POPULARITY, THANKS TO ACCOR’S IBIS PAVING THE WAY, BREAKING THE

‘MOST EXPENSIVE HOTELS IN THE WORLD’ MYTH

SURROUNDING DUBAI.” JOHN PODARAS, MANAGING

PARTNER, HOTEL DEVELOPMENT RESOURCES (HDR)

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brand comes in a trendy design with all-inclusive rates. “In terms of pricing ibis versus ibis Styles, the latter shall be more pricey, depending on location, demand and room size, they usually will be larger,” says Olivier Hick, VP Operations Midscale & Economic Brands HotelServices Gulf and Levant at Accor.

An entirely new option to Dubai, the YOTEL with 483 cabins and 127 serviced apartments and club lounge, will open in Business Bay in 2018, the concept affiliated to IFA Hotels & Resorts promises to deliver essential

luxuries squeezed into smartly designed spaces.

“Only steps away from the metro station and the new Dubai Water Canal, this is an exceptional location for our brand’s ability to deliver more rooms in less space,” remarks Hubert Viriot, CEO of YOTEL. Rates are likely to be a little dearer than other economy hotels. “It’s too early to point out a specific room rate but the property will follow our affordable luxury positioning, close to a four-star hotels range,” Hubert reveals. Inspired by premium airline cabins, techno walls,

smart beds glide into couch-work or sleep mode, with soundtrack ‘Yawn’ engineered to induce dreamland, the first YOTEL’s emerged at LGW, LHR and AMS airports. “Naturally, our first properties were located within airport environments, targeting busy international travellers,” says Hubert. Yet, in 2011 a city hotel opened in Manhattan.“Our cabins simply had to be redesigned to allow for longer stays. The hotel has been a resounding success, trading at 90% occupancy since opening,” he remarks.

PREMIER INN IS EXTREMELY POPULAR WITH BOTH,

BUSINESS AND LEISURE TRAVELLERS, ALIKE,

BECAUSE OF THE VALUE FOR MONEY WE OFFER. IN

ADDITION OUR ROOMS CAN ALL COMFORTABLY SLEEP TWO ADULTS AND TWO

CHILDREN FOR THE SAME PRICE AS A SINGLE ROOM.”

DARROCH CRAWFORD, MD, PREMIER INN MENA

Yotel,Business Bay, Dubai

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Visit: by appointementDubai, JLT Cluster N, Jbc 4 Tower 1302 P.O Box 309130 JLT Dubai, U.A.EShowroom Mob: 050 4537375Tel: +971 44286688, Fax: +971 44278833E-mail: [email protected]

Design Mobl @design_mobl DESIGN_MOBL

Follow us on:

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Jitheesh ThilakBA, LLB (Hons). LLM (Int. Economic Law)Solicitor (England & Wales) Advocate (Supreme Court of India)E: [email protected]

On 16th of November 2014, H.H. Sultan bin Mohammed Al Qasimi, the Crown Prince in

the Emirate of Sharjah, issued Executive Council Resolution No. 26 of 2014 Concerning the Usufruct of Real Estate Properties in the Emirate of Sharjah (the “Resolution”). The Resolution allows foreign nationals and companies owned by foreign nationals to own usufruct rights over vacant plots of land for a period of 100 years in Sharjah, and to register such usufruct right with the Sharjah Real Estate Registration Department. The Resolution also permits foreign developers to register projects and sell usufruct rights to investors subject to obtaining a special approval from the Ruler of Sharjah.

The earlier position was that foreign nationals or companies owned by foreign nationals were not permitted to own real estate in Sharjah. With the introduction of the Resolution, the foreign nationals are not permitted to obtain freehold ownership of real estate in Sharjah (unless special exemption is obtained from the Ruler), however, they will now be permitted to purchase real estate pursuant to the grant of a usufruct property right for a maximum period of 100 years. Article 6 of the Resolution states that foreign nationals will be permitted to own

NEW USUFRUCT LAW: A CATALYST IN THE HOSPITALITY DEVELOPMENT IN SHARJAH

a usufruct right over vacant land in Sharjah subject to the following preconditions, namely:

· For foreign natural persons, they must hold a valid residency in the UAE; and

· For foreign corporate entities, they must hold a valid commercial license in the UAE.

Furthermore, foreign investors under the Resolution shall have the right to assign the usufruct right to a third party provided that such assignment does not exceed the original usufruct period registered at Sharjah Real Estate Registration Department and subject to prior approval from Sharjah Real Estate Registration Department.

The usufruct right holder shall be entitled to all natural, industrial and civil benefits of the property subject to the usufruct, namely:

· To personally enjoy the property without any limitations,

· To lease the property to any third party and to assign his usufructory rights over the real estate property to third parties. However, the assignment to the usufructory rights shall terminate upon the termination of the assigned usufruct right; and

· To make useful improvements

or expenses for further benefits as the usufruct right holder deems fit (but without the right to radically change the structure or destroy it).

The Resolution was issued to augment investment in hotel and hotel apartments in Sharjah, by offering foreign nationals the opportunity to obtain usufruct rights which can extend up to 100 years. This is a welcome step to the foreign investors who wish to legally acquire or develop hotels in the Emirate of Sharjah. The total number of hotel facilities in Sharjah stands at 106 (50 hotels and 56 hotel apartments). The number of hotel rooms has touched 10,000. The Emirate has been making efforts to boost and expand the hotel industry capacity by encouraging international investors and hotel groups to invest in the hospitality sector in order to raise the number of hotel rooms to at least 14,000 in near future. Growth in hotel rooms shows renewed confidence by investors in Sharjah's tourism industry.The Resolution would not only build the confidence of international hotel owners, investors, operators, franchisees, but also would act as a comfort to increasing hotel financing trends. The Resolution would clearly be a catalyst in the upcoming growth of the hospitality industry in Sharjah.

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B A L Q I S R E S I D E N C E4 B E D A PA R T M E N TA R E A S Q F T 1 2 , 4 9 0SEA VIEW A E D 2 5 , 0 0 0 , 0 0 0

GARDEN HOMES5 BED VILLAAREA SQ FT 6 , 0 0 0SEA VIEW AED 13,500,000 & UP

FAIRMONT RESIDENCE3 BED + M A I D A PA R T M E N TAREA SQ FT 3 , 0 2 2 SEA VIEWAED 6,900,000

T I A R A A Q U A M A R I N E 1 B E D A PA R T M E N TA R E A S Q F T 1 , 3 5 9 | T Y P E FP O O L V I E WA E D 2 , 3 0 1 , 5 5 5

PA L M V I E W S W E S TM U LT I P L E S T U D I O A PA R T M E N T SA R E A S Q F T 5 0 6 S E A & P O O L V I E WA E D 1 , 2 5 0 , 0 0 0

O C E A N A AT L A N T I C 1 B E D A PA R T M E N TAREA SQ FT 7, 6 8 3C O M M U N I T Y V I E WA E D 2 , 4 0 0 , 0 0 0

MARINA RESIDENCE3 B E D A PA R T M E N TA R E A S Q F T 2 , 5 4 0S E A V I E WA E D 4 , 5 0 0 , 0 0 0

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SP

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ST PALM JUMEIRAHS P E C I A L I S T

Dorothy Biro+971 56 1053655

[email protected] : 29200

Antonina Turdalieva+971 55 [email protected] : 28442

Tel +971 4 3882220 | www.aquaproperties.com

J U M E I R A H Z A B E E L S A R AY4 & 5 B E D V I L L A SA R E A S Q F T 6 , 3 4 7 - 7, 0 8 7F U L LY F U R N I S H E D | S E A V I E WSTA R T I N G F R O M A E D 2 6 ,0 0 0 ,0 0 0

B A L Q I S R E S I D E N C E4 B E D A PA R T M E N TA R E A S Q F T 1 2 , 4 9 0SEA VIEW A E D 2 5 , 0 0 0 , 0 0 0

GARDEN HOMES5 BED VILLAAREA SQ FT 6 , 0 0 0SEA VIEW AED 13,500,000 & UP

FAIRMONT RESIDENCE3 BED + M A I D A PA R T M E N TAREA SQ FT 3 , 0 2 2 SEA VIEWAED 6,900,000

T I A R A A Q U A M A R I N E 1 B E D A PA R T M E N TA R E A S Q F T 1 , 3 5 9 | T Y P E FP O O L V I E WA E D 2 , 3 0 1 , 5 5 5

PA L M V I E W S W E S TM U LT I P L E S T U D I O A PA R T M E N T SA R E A S Q F T 5 0 6 S E A & P O O L V I E WA E D 1 , 2 5 0 , 0 0 0

O C E A N A AT L A N T I C 1 B E D A PA R T M E N TAREA SQ FT 7, 6 8 3C O M M U N I T Y V I E WA E D 2 , 4 0 0 , 0 0 0

MARINA RESIDENCE3 B E D A PA R T M E N TA R E A S Q F T 2 , 5 4 0S E A V I E WA E D 4 , 5 0 0 , 0 0 0

CO

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S P E C I A L I S TDOWNTOWN

Tel +971 4 395 7593 | www.snsprop.com

BURJ AL NUJOOM STUDIO 500 985,0008 BOULEVARD WALK STUDIO 500 1,200,000STANDPOINT STUDIO 460 1,250,00029 BOULEVARD STUDIO 527 1,380,000BURJ VIEWS 1 BED 910 1,350,000LOFT CENTRAL 1 BED 820 1,450,000SOUTHRIDGE 1 BED 936 1,650,00029 BOULEVARD 1 BED 1,030 2,100,000

SALE PRICE(ONWARDS)SQ.FTBEDROOMBUILDING

ORN - 2576

Address Blvd 1 Bedroom 1,750,000 ++Address Fountain View 2 Bedroom 3,130,000 ++Address Skyview 2 Bedroom 2,700,000 ++Address Blvd 3 Bedroom 5,500,000 ++Address Blvd 4 Bedroom 8,840,000 ++

Address Dubai Mall Studio 1,900,000Address Dubai Mall 1 Bedroom 2,300,000Address Dubai Mall 2 Bedroom 6,800,000Address Dubai Mall 3 Bedroom 10,500,000

+ STUDY

+ MAID

BURJ VIEWS 2 BEDS 1,350 2,050,00029 BOULEVARD 2 BEDS 1,200 2,600,000BOULEVARD CENTRAL 2 BEDS 1,560 3,100,000BURJ KHALIFA 2 BEDS 1,450 5,500,00029 BOULEVARD 3 BEDS 1,578 4,088,888CLAREN TOWER 3 BEDS 1,424 4,900,000RESIDENCE 3 BEDS 1,838 5,600,000

BURJ KHALIFA 3 BEDS 2,333 7,700,000

THE ADDRESS SERVICED APARTMENTSADDRESS BLVD/ADDRESS FOUNTAIN VIEWS/ADDRESS SKY VIEWS

THE ADDRESS DUBAI MALL

Deepak Arora+971 55 47 21 400 [email protected]

Azas Tabi Judith+971 55 33 68 [email protected]


More Details Call 050 62 55 710

PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’s

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

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

SP: AED 13,500,000

Oksana | BRN 11556 | Mob 050 42 52 031

Rajeev | BRN 24907 | Mob 050 81 06 767

RERA # 203


SP: AED 1,100,000/- SP: AED1,650,00/-SP: AED 832,000/-

SP: AED 1,352,700/- SP: AED 1,201,536/-

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

SPORTS CITY

Call:

ALBARARI

2 Bedrooms | BUA 1,493.83Sea View | High FloorSea and Marina view | Vacant SP: AED 2,000,000

DUBAI MARINA WHARF

MARINA RESIDENCE SP : AED 25,000,000/-

Call: Geetu | BRN 25209 | Mob 055 1126979

Call: Rajeev | BRN 24907 | Mob 0508106767

Type H | 5 B/R Penthouse + Triplex with Private Elevator

Panoramic Sea, Palm, Atlan s, Marina View

Enlist you Proper es for Sale/ Rent

Size : 13,095.47 sq. . Rented

+971 4 3882220aquaproperties.com

RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties

Register your interest in our upcoming projects [email protected]

JUMEIRAH PARK

LEGACY LARGE5 BED, 5 BATH, 8,800 SQ.FT. WITH BIG PLOT SIZE,COMMUNITY VIEW,MORE OPTIONS TO CHOOSE FROMAED 6,250,000/- SHAHID (BRN 31414)

056 4649194

OFF PLAN

JVC

NOORA RESIDENCESTUDIO, 1 BATH,500 SQ.FT. COMMUNITY VIEWAED 500,000/- AMJAD (BRN 29136)

056 4036954

MOVE IN

TODAY!

DUBAI MARINA

PRINCESS TOWER1 BED, 2 BATH, 862 SQ.FT. AMAZING SEA AND MARINA VIEWSMULTIPLE UNITS AVAILABLE!AED 1,700,000/- SHAHID (BRN 31414)

056 4649194

SPECTACULAR

SPORTS CITY

CANAL RESIDENCE1 BED, 1 BATH, 768 SQ.FT.POOL VIEW, EUROPEAN STYLEAED 999,999/- ATIF (BRN 29715)

050 3895677

AMAZING

LOCATION

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 136 BED, 6 BATH, 5,230 SQ.FT. GOLF COURSE VIEW,AED 8,900,000/-ALVORADA 3 - TYPE B14 BED, 4 BATH, 3,885 SQ.FT. AED 5,600,000/-

JOHNNY (BRN 31388)

056 6967268

EXQUISITE

DUBAI MARINA

MAG 2182 BED, 3 BATH, 1,558 SQ.FT. PARTIAL SEA & MARINA VIEWHIGH FLOORAED 2,195,000/- SOFIENE (BRN 31373)

056 7559188

STUNNING

JVC

SEASONS COMMUNITY1 BED, 1.5 BATH, SUMMER CLUSTER717 SQ.FT. POOL VIEW AED 650,000/- FAHD (BRN 27522)

055 2519878

SPECTACULAR

OLD TOWN

ZANZABEEL 2SPACIOUS 2 BED,1,340 SQ.FT. COMMUNITY VIEWAED 3,250,000/- KHUSRO (BRN 27523)

055 8992429

PRIME

LOCATION

AL SUFOUH

BAHIA 2 RESIDENCEMULTIPLE 1 & 2 BEDS, 1,228 SQ.FT. - 1,663 SQ.FT. RENT : STARTING @AED 120,000/-SALE : STARTING @AED 1,658,000/-

HAROON (BRN 28643)

055 8992430

GATED

COMMUNITY

FREEHOLD APARTMENTS FOR SALE1,2,3 & 4 BEDROOMSSIMPLEX & DUPLEXSTARTING FROM AED 1,300,000/-

STUNNING VIEWS PALM JUMEIRAHARABIAN GULFBURJ AL ARAB

UNRIVALED PAYMENT PLAN10% BOOKINGCONSTRUCTION LINKED MILESTONES40% PAYABLE 2 YEARS AFTER POSSESSIONESCROW NO. : 001582348323101 PROJECT NO : 138 DEVELOPER : ABYAAR REAL ESTATE DEVELOPMENT

CONSTRUCTION

IN PROGRESS

GE

NE

RA

L LI

STIN

GS


More Details Call 050 62 55 710

PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’s

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

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

SP: AED 13,500,000

Oksana | BRN 11556 | Mob 050 42 52 031

Rajeev | BRN 24907 | Mob 050 81 06 767

RERA # 203


SP: AED 1,100,000/- SP: AED1,650,00/-SP: AED 832,000/-

SP: AED 1,352,700/- SP: AED 1,201,536/-

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

SPORTS CITY

Call:

ALBARARI

2 Bedrooms | BUA 1,493.83Sea View | High FloorSea and Marina view | Vacant SP: AED 2,000,000

DUBAI MARINA WHARF

MARINA RESIDENCE SP : AED 25,000,000/-

Call: Geetu | BRN 25209 | Mob 055 1126979

Call: Rajeev | BRN 24907 | Mob 0508106767

Type H | 5 B/R Penthouse + Triplex with Private Elevator

Panoramic Sea, Palm, Atlan s, Marina View

Enlist you Proper es for Sale/ Rent

Size : 13,095.47 sq. . Rented

SOLUTIONS BEYOND REAL ESTATE

GE

NE

RA

L LI

STIN

GS

BRN 12509, 25799, 25854, 25970, 27809, 28162, 28163, 29161, 30070,30010 & 30662

[email protected] www.lacapitaledubai.com

050 888 9510NEED HELP IN

Wants to process for JAFZA Company

Investors visa process in 6 weeks

Nick

Ref: 53977

2 BR + Balconey, 1780sq. ft., JLT View, More Units are Avilable

Hills, BLDG A1

Ref: 52956

3 BR + Maid, 2385 sq. ft., Type 2M, Close to Pool and Park

Mira, Phase 4

5% Premium

1% Premium

EMAAR GOLD & DIAMOND PARK, BUILDING 3 (GROUND FLOOR) OFFICE 3007, DUBAI, UAE

Ravish

OP1,938,888

OP1,538,888

1 BR + Balcony, 873 sq. ft.Meadows View

Ref: 53837

Hills, BLDG C2

12% Prem

ium

Nick

O.P. AED 1,085,8881BR + Balcony, 737sq. ft.Community View

Vivian

Ref: 53477

JVC, Diamond Views 3

Brand New

AED 750,000

Ref: XXXX

2 BR + Balcony, 1390 sq. ft.Full Sea View

4% Prem

ium

Downtown, Burj Vista 1

1 BR + Balcony, 591 sq. ft.Community View

Ref: 53906

Dubai Land, Queue Point

Brand New

Shah

AED 510,000

1 BR + Balcony, 895 sq. ft.Full Burj Khalifa View

Ref: 53845

Downtown, Burj Vista 1Stans Stans

33% Prem

ium

4 BR+ Maid, 3786 sq. ft., Type BSINGLE RAW VIEW

0% Prem

ium

Ref: 53668

Dubailand, MudonKunal

O.P. AED 3,050,0002 BR + Study, 1800 sq. ft., Type 4EFull Lake View

Springs, Springs 10

Ref: 53749Actual View

Vivian

AED 1,999,000

Ref: 53881

3 BR + Family + Maid, 2,458 sq. ft.Single row view

14% Prem

ium

Al Barsha, Villa LantanaKunal

O.P. AED 2,380,000

Ref: 53747

KunalDowntown, BLVD Crescent 1 1 BR + Balcony, 909 sq. ft., Full Blvd &Partial Burj View

5% Prem

ium

O.P. AED 1,580,888RavishSpecious 2 BR + Laundry + Store Room, 1414 sq. ft.,

Golf Course View

The Views, Tanaro

Ref: 53142

AED 2,200,000

Actual View

2BR + Balcony, 978 sq. ft., lake &sheikh zayed View

Pankaj

Ref: 53989

JLT, Goldcrest Views 2

AED 1,225,000

vacant

Ref: 53884

2 BR+ Study, 1650 sq. ft., Full BLVD View,04 Series

Downtown, Vida

Negative 6%

Nick

CALL 050 888 9510REAL SOLUTIONS TO REAL ESTATE

AED 1,893,888 AED 2,399,888 O.P. AED 4,088,888

VOTEVOTE& WINA HOLIDAY TRIP

A HOLIDAY TRIP

& WIN

Commercial | Residential | Investment

T: +971 4 3619993 | F: +971 4 4204657 | [email protected] | [email protected] | www.alburoojrealestate.com

BOOKNOW

TOLL FREE 800 - ALBUROOJ

800 25287665AED 699,000 ONLY.STARTING FROM

“THE ONLY 4 - STAR HOTEL” OF THE YEAR 2015

IN BUSINESS BAY

85%Completed

CurrentStatus

property times april 2015

Real Estate

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