property times emagazine february 2015

///// Issue 27 - February 2015

Magazine Search Awards

On a missionwith a visionJackie Johns, Managing Partner,Dubai Sotheby's International Realty

A LOOK AT THE NOMINEES

STEVEN MORGAN, CLUTTONS

Pg18

Pg8

Pg12

Pg36

PEOPLE'S CHOICEREAL ESTATE

AWARDS 2015

TRENDS IN DUBAIVILLA SECTOR

A REIDIN REPORT

EFFECT OF OILPRICE DROP

ON DUBAIREALTY MARKET

OVER 3000 EXCLUSIVE PROPERTIES8 EXCLUSIVE PROJECTS IN DUBAI BUY, SELL AND RENTPROPERTY MANAGEMENT

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

February 2015 Issue -27 /// 4

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FROM THE EDITOR

CORRECTION? NOTHING TO WORRY ABOUT...It is often said that Dubai’s real estate market is sen-timent-driven and even a slight correction in prices and rents sets off the panic button. However, a look at the reactions from real estate agency owners over the past three months during which the mar-ket has witnessed a correction in prices show that the market is maturing and the members of the industry along with buyers and investors believe this period of correction is good for the market in the long run. This trend is certainly encouraging. In this issue, real experts from different companies share with Property Times readers their thoughts on the present and future of the market and their opinion will certainly go a long way in proving thousands of buyers and investors with confidence to invest in one of the most lucrative real estate markets in the world.

On the cover this month is Jackie Johns, who used to head Dubai Luxury Homes which has now merged with Sotheby’s International Realty and is now the Managing Partner of the Dubai wing of this firm. In an exclusive interview with Property Times, Jackie sheds some light on her vision, tow-ering ambitions, her dream of spreading her wings and reaching out to the global markets and why she chose to partner with Sotheby’s International

Binesh PanickerEditor-in-Chief & Co-Founder

P.O. Box: 76460, Dubai, UAE

MEDIA LAB PUBLISHERS LLCOffice 135, B Block, Al Shafar Investment Building, Near 3rd InterchangeSheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 [email protected]

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Licensed by National Media Council


OUR TEAM

CONTRIBUTOR

PRINTER DISTRIBUTORS

PUBLISHER

Nicole WalterFreelance Writer


Realty. In this issue, we also take a look at some interesting upcoming projects in Dubai, which are bound to attract a lot of attention from buyers in the days to come, while our contributor Nicole Wal-ter takes us through Abu Dhabi’s Sir Bani Yas Island and gives us an inside view of this major attraction for hundreds of tourists from across the globe.

On this occasion, I would like to thank all the real estate agencies who nominated themselves for the Property Times People’s Choice Real Estate Awards 2015. The voting lines will be opened on 1st of March and closed on 31st of March, so I would like to request all buyers, investors, sellers and ten-ants to visit www.propertyonline.ae/awards and cast their votes to choose the best in the industry and make full use of their first ever chance in the history of Dubai real estate market to voice their opinion. I would also like to thank the industry for the support they have given us during the nom-ination period and let me assure you that the awards will be conducted professionally and the winners will be chosen by the people in a trans-parent manner.

/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media- /+PropertyonlineAeweb/

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

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

SYED GhayuorSales [email protected]

THINKAL BhalManager - Special Operations & [email protected]

RESHMI RaveendranSales, Marketing & PR [email protected]

NYSAM K ShahulSenior Graphic [email protected]

TOSEEF Ali TidiwalaAccounts [email protected]

KIRAN ReddyE-magazine [email protected]

SRIKANTH ReddyE-magazine [email protected]

MANAF CKAdmin [email protected]

MARY Grace AntonioExecutive Assistant to Editor in [email protected]

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


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People’s Choice Real Estate Awards 2015 Nominees

U L T R A L U X U R I O U SS E M I D E T A C H E D V I L L A S

Luxury living, delivered. REALTYRedefined to Reality

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Live in Meydan’s firstSemi Detached Villa community

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Semi Detached Villas in Meydan One of its kind

Each villa is designed to be an end unit and has3 sides access around it with adequate space forlandscaping and a swimming pool.

70% on completion

On booking After 6 months of booking After 12 months of booking10%

RERA # 946 RERA #1021

Project RERA # 1612

4 & 5 Bedroom Semi Detached Villaswith Maids room, Size 3,479 sqft

A P P N O W A V A I L A B L E I NMILLENNIUM SQUARE

12NEWS AND ANALYSIS:

Dubai villa sector update by REIDIN.com

14MORTGAGE EXPERT:

Liam Griffiths, MortgageMe

16LEGAL EXPERT:

Legal expert: Jerry Parks, Taylor Wessing

24POLO HOMES

at Meydan from MAG Property Development

28Column by the Wolf of Real Estate

30TIME TO DIVERSIFY: Kunal Puri, La Capitale

36Column by Steven Morgan, Cluttons

38Exclusive interview with the partners

of Splendour Homes

40Dubai’s luxury real estate market:

Sanket Khanna, SNS Properties

48Foreign ownership of hotels:

Column by Jitheesh Thilak

52Exclusive property listings

People’s Choice Real Estate Awards 2015 Nominees

A tactical merger

Living Legends set to open in 2015

Become one with nature at Sir Bani Yas Island8 18 34 42


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HISTORY IN THE MAKING

IN DUBAI REAL ESTATE MARKET…

THE NOMINEES

Muhammad Israr Managing Director

in business8 Years 13

Agents

Dounia Fadi Managing Partner


Agents

Fadi NwilatiCEO

in business9 Years

John StevensManaging Director


Agents

Akylbek Akimov Director


Agents

Kunal PuriManaging Director

in business4Years 4

Agents

Deepak KaipaBusiness Development Manager

in business1 Year

Inderpal SinghManaging Director

in business1 Year 10

Agents

Sameer AdamManaging Director

in business7 Years

Hamir AsherManaging Director


Agents

Jackie Johns Managing Partner

in business1.5 Years

Pawan Batavia Managing Director


Agents

Dawn DraperManaging Partner


Agents

Mohanad AlwadiyaManaging Director


Agents

Akash KanjwaniManaging Director


Agents

Erfan AslamManaging Director


Zarah EvansManaging Partner

Louise HeatleyManaging Director


Agents

Mario VolpiManaging Director


Agents

Umar Bin Farooq & Rouf Makroo Managing Directors

in business2.5 Years 13

Agents

Paula EnanderManaging Partner

in business1 Year 2

Agents

THE REGION’S ONE AND ONLY REAL ESTATE AWARDS…

Winners chosen by buyers, investors, sellers and renters…

VOTING LINES OPEN ON 1ST OF MARCH 2015 AND CLOSE ON 31ST OF MARCH 2015

THE REAL GAME BEGINS NOW…

The property experience...Sales l Leasing l Management

D u b a i U A E

AWAR

DS


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HISTORY IN THE MAKING

IN DUBAI REAL ESTATE MARKET…

THE NOMINEES

Muhammad Israr Managing Director


Agents

Dounia Fadi Managing Partner


Agents

Fadi NwilatiCEO

in business9 Years

John StevensManaging Director


Agents

Akylbek Akimov Director


Agents

Kunal PuriManaging Director

in business4Years 4

Agents

Deepak KaipaBusiness Development Manager

in business1 Year

Inderpal SinghManaging Director

in business1 Year 10

Agents

Sameer AdamManaging Director

in business7 Years

Hamir AsherManaging Director


Agents

Jackie Johns Managing Partner


Pawan Batavia Managing Director


Agents

Dawn DraperManaging Partner


Agents

Mohanad AlwadiyaManaging Director


Agents

Akash KanjwaniManaging Director


Agents

Erfan AslamManaging Director


Zarah EvansManaging Partner

Louise HeatleyManaging Director


Agents

Mario VolpiManaging Director


Agents

Umar Bin Farooq & Rouf Makroo Managing Directors

in business2.5 Years 13

Agents

Paula EnanderManaging Partner

in business1 Year 2

Agents

THE REGION’S ONE AND ONLY REAL ESTATE AWARDS…

Winners chosen by buyers, investors, sellers and renters…

VOTING LINES OPEN ON 1ST OF MARCH 2015 AND CLOSE ON 31ST OF MARCH 2015

THE REAL GAME BEGINS NOW…

The property experience...Sales l Leasing l Management

D u b a i U A E

AWAR

DS


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THE NOMINEES

Riyaz MerchantManaging Director


Agents

Saleem Rafiq AhmedManaging Director


Agents

Alessia SheglovaManaging Director


Agents

Ali Ashraf Tumbi CEOWakas Khan VPManish Khatri VP


Agents

Nick Grassick M DMyles Bush CEO

in business8 Years

Paul Christodoulou CEO


Agents

Chris WhiteheadManaging Director

in business8 Years

Faisal BaigManaging Director


Agents60Agents

Niraj MasandManaging Director

in business2 Years

Shahid Hassan Managing Director


Agents15Agents

Mahendra SinghManaging Director


Agents

Klaus HölscherManaging Director

in business10 Years

The moment of reckoning is here… From 1st of March 2015 till 31st of March, thousands of buyers, investors, sellers and tenants from all over the world who invested in Dubai real estate market will start voting for their favourite real estate agencies and individual brokers. History is being made here… It never happened before… And Media Lab Publishers is proud of this initiative we have taken in a bid to empower the buyers and investors in Dubai real estate market who usually don’t get an opportunity to voice their opinion. My hearty congratulations to all the nominees who have shown immense con�dence in their professionalism and customer service. By choosing to partici-pate in the biggest awards for real estate in the history of Dubai, these real estate agencies have shown how much they value customer feedback so that they can continue to enhance the level of customer service they provide their clients with. This is the sign of a mature market wherein real estate agencies are quite keen to know what exactly their clients think of them and their service. To make the process of voting easier, we have created a platform on www.propertyonline.ae/awards wherein all the categories and nominees in each of these categories are listed. It is an extremely user-friendly interface and the entire process of voting is expected to take less than 10 minutes. In order to keep the system spam-free, we have created a fool proof back end and an IP address tracking system, which will ensure all the votes are genuine. Also a dedicated quality control web team will closely monitor the voting process from start to end. Our independent Advisory Panel will ensure a smooth and transparent voting process, which will eventually determine the best in the industry. Once the voting lines are closed, winners will be declared by the Advisory Panel based on the number of votes each nominee manages to secure. And all the winners will be honoured at a glittering ceremony in April, to be attended by who’s who of Dubai real estate market, Consulate Generals, etc. I am also excited just like the rest of the market. And this is just the beginning… All the best to all the nominees…

Binesh PanickerEditor in Chief and Co Founder

Your Trusted Real Estate Partner

Simply log-on to www.awards.propertyonline.ae

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

VOTEVOTE& WINA HOLIDAY TRIP

A HOLIDAY TRIP

& WIN

TIME TO CHOOSE THE BEST IN THE INDUSTRY… GET SET GO…

Rohan Raval Managing Director

8 Years 7in business Agents

AWAR

DS


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THE NOMINEES

Riyaz MerchantManaging Director


Agents

Saleem Rafiq AhmedManaging Director


Agents

Alessia SheglovaManaging Director


Agents

Ali Ashraf Tumbi CEOWakas Khan VPManish Khatri VP


Agents

Nick Grassick M DMyles Bush CEO

in business8 Years

Paul Christodoulou CEO


Agents

Chris WhiteheadManaging Director

in business8 Years

Faisal BaigManaging Director


Agents60Agents

Niraj MasandManaging Director

in business2 Years

Shahid Hassan Managing Director


Agents15Agents

Mahendra SinghManaging Director


Agents

Klaus HölscherManaging Director

in business10 Years

The moment of reckoning is here… From 1st of March 2015 till 31st of March, thousands of buyers, investors, sellers and tenants from all over the world who invested in Dubai real estate market will start voting for their favourite real estate agencies and individual brokers. History is being made here… It never happened before… And Media Lab Publishers is proud of this initiative we have taken in a bid to empower the buyers and investors in Dubai real estate market who usually don’t get an opportunity to voice their opinion. My hearty congratulations to all the nominees who have shown immense con�dence in their professionalism and customer service. By choosing to partici-pate in the biggest awards for real estate in the history of Dubai, these real estate agencies have shown how much they value customer feedback so that they can continue to enhance the level of customer service they provide their clients with. This is the sign of a mature market wherein real estate agencies are quite keen to know what exactly their clients think of them and their service. To make the process of voting easier, we have created a platform on www.propertyonline.ae/awards wherein all the categories and nominees in each of these categories are listed. It is an extremely user-friendly interface and the entire process of voting is expected to take less than 10 minutes. In order to keep the system spam-free, we have created a fool proof back end and an IP address tracking system, which will ensure all the votes are genuine. Also a dedicated quality control web team will closely monitor the voting process from start to end. Our independent Advisory Panel will ensure a smooth and transparent voting process, which will eventually determine the best in the industry. Once the voting lines are closed, winners will be declared by the Advisory Panel based on the number of votes each nominee manages to secure. And all the winners will be honoured at a glittering ceremony in April, to be attended by who’s who of Dubai real estate market, Consulate Generals, etc. I am also excited just like the rest of the market. And this is just the beginning… All the best to all the nominees…

Binesh PanickerEditor in Chief and Co Founder

Your Trusted Real Estate Partner



VOTEVOTE& WINA HOLIDAY TRIP

A HOLIDAY TRIP

& WIN

TIME TO CHOOSE THE BEST IN THE INDUSTRY… GET SET GO…

Rohan Raval Managing Director

8 Years 7in business Agents

AWAR

DS


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AHMET KAYHANCEO, REIDIN.com

VILLA SECTOR: DUBAI

NEW

S &

ANAL

YSIS

During the peak period of September 2012 to October 2014, the villa prices rose by 33.15%, while in 2014, the

sales prices increased by 9.07% and rents increased marginally by 3.22%. “Villa segment has a bigger sensitivity against macro indicators as the level of

yields and cost structures differ heav-ily compared to apartments. Also villas do attract a lower level of demand in comparison to apartments. Certainly, it will be a tougher year for villas espe-cially in freehold areas,” says Ahmet, adding that REIDIN expects villa prices to drop more than apartment prices

and follow the same pattern as the apartment segment.

Also, supply doesn’t seem to be an issue in the villa segment anymore considering 11% of the upcoming supply in 2015 will be villas; that is around 3,000 to 4,000 units.


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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 in association with Property Times.

NEW

S &

ANAL

YSIS

30%

20%

10%

0%

-10%

Victory Heights

-5%-5%

0% 0% 0%4%

8% 8%

26%

5%

2%

6%

1%

-5%-4% -3%-3%

-3%

-7% -7% -7%

Al Furjan The LakesSprings

and Meadows The JumeirahCircle Arabian Ranches

Palm Jumeirah

Last 3 Months Year to DateLast 6 Months

Dubai Villa Communities Sales Price Change

20%

15%

10%

5%

0%

-5%

-10%

0%

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

-2%-1%

-2%

-6%

-0%

-4%

9%

2%

-1%

9%

0%

Last 3 Months Year to DateLast 6 Months

Victory HeightsAl Furjan The Lakes Springs & Meadows The Jumeirah CircleArabian RanchesPalm Jumeirah

-2% -2% -3% -1%-4%

Dubai Villa Communities Rent Price Change

Villa prices rose by 33.15% during Sept. 2012 - Oct. 2014.

Villa rents went up by 3.22% in 2014.

11% of the upcoming supply in 2015 will be villas.

Villa sales prices increased by 9.07% in 2014.


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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

The first step would always be to con-tact a mortgage broker; a good mort-gage broker will not only source the

most suitable mortgage for you, but also put a plan in place, which will show you the most cost effective way of repaying your mortgage, according to your circumstances. One size does not fit all and your plan should be individual to you. It is also important to check that your broker covers the whole market so you have the widest range of products, as many advisers only offer mortgages from a limited panel of lenders and are not regulated, thus you have no recourse if bad advice is given.

I am planning to purchase a villa on the Palm. I am looking at 20% mortgage for this unit while I will

pay the rest in cash. I am a businessman from Abu Dhabi. What is the procedure?

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Liam GriffithsMortgageMe.ae Head of MortgageMiddle East/Africa

Whenever changing your mortgage lender for “a better deal” is not just about the rate, all fees must be taken

into account as well. It is only advisable to change your mortgage provider if you are in a better position when all of the costs of moving your mortgage including the fee involved have been taken into the equa-tion. Again, it is always advisable to seek professional advice on this as all lenders have different fee structures when you move your mortgage.

I have a mortgage with a for-eign bank, but a local bank has approached me with a better

deal. My mortgage was taken two years back. What is the procedure to transfer the mortgage to another bank and how much it will cost? Lenders will offer 50% LTV max-

imum, but beware, buying off plan is a minefield as certain lend-

ers will only deal with certain developers and developments.

It is always prudent to seek advice, and have your mortgage pre approval in place before you start to look, and especially before you sign any contract or hand over any money. It is also important to note that the fee with off plan mortgages can often add up to as much as 12% on top of the purchase price.

Do banks offer mortgages for off plan properties? What is the maximum LTV I can get for

an off plan property and what is the eligibility criteria?

Dubai's 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]

If you have any legal queries about buying or renting, please email at [email protected]

Our expert answers the legal queries about buying and renting properties.

w i t h l e g a l e x p e r t

RERA has the power to cancel any real estate projects in Dubai if they consider it appropriate to do so, usu-

ally due to its lack of progress. If yours is one such project, you must register your interest. You can do this in one of two ways: (1) attend at Dubai Courts between the hours of 2.30 pm and 7.30 pm, go to the Central Services Hall on the 1st floor and complete the registration forms available there; or (2) register online by going to www.dubaicourts.gov.ae , clicking on your project in the list and completing the online form.

RERA should appoint an auditor whose job it will be to liquidate the project and investigate the status of the escrow account. The developer will be required to refund pur-chasers their total payments to the date of cancellation. In the event that full refunds are not forthcoming, maybe due to a shortfall in the escrow account, then the developer will be requested to pay the balance amounts due. If the developer does not pay, the case can be referred to the Committee established to oversee such matters.

The Committee can make an order requiring the developer to pay, which can be enforced directly by the Dubai Courts if the developer fails to comply. In theory, a good system. In practice, a cancelled project usu-ally leads one to an insolvent developer. In that case, there is little any investor can do, with or without a Court order.

If the person you represent is not planning to come to Dubai to complete the transfer process for

each transaction, then he should appoint someone under a Power of Attorney (POA) to complete matters on his behalf. RERA has recently refused to recognize POAs granted to real estate brokers, and so the grantee of the POA will have to be someone who doesn’t hold a real estate brokerage card. My advice would be for that authorized person to be a lawyer. In that way, your investor can be comforted by the fact that the lawyer should be bound by a number of codes of professional conduct, and should also have in place professional indem-nity insurance sufficient to reimburse him against any loss suffered as a result of the grantee’s negligence.

A lawyer experienced in the real estate field can also conduct due diligence, advise on suitable ownership structures, guide you through applicable procedures, and receive, hold and pay out funds on the investor’s behalf. Although it’s curious how many brokerage delivery guys one sees at transfers these days...

I recently read an article about proj-ect cancellations in Dubai. One of the projects I invested in long back

is also a part of this list. How do I get my money back and who do I approach?

Your 99 year leasehold interest should be registerable with the Dubai Land Department as a right in rem, which

is lawyer-speak for a property right rather than just a contractual right. So this is to be recommended. You can transfer rights in rem, and so if you want to transfer your interest to your son at a later date, you can do so. It’s not all good news though.

After the expiry of the 99 year term, the property will revert to the landlord, usually the freehold owner. Also, the fees payable for registering a long term lease of this nature are currently 4% of the total value of the contract. So the 4% will be calculated on any premium and any rental payments due under the terms of the lease.

I recently bought a property which is on 99 years lease basis. What happens after 99 years? I am not

based in Dubai. Will I be able to transfer it to my son later?

I represent an investor from a Euro-pean country and he is planning to invest in some properties in Dubai.

What is the right way to approach this and will hiring a law firm ease the process?

Jerry ParksPartnerTaylor Wessing

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Greens, Dubai


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THE TIMELYTACTICAL ACQUISITIONDubai Luxury Homes, a well-known real estate agency in Dubai, was recently acquired by Dubai Sotheby's International Realty, the largest global brand in the luxury real estate industry. Jackie Johns, who is now the Managing Partner of Dubai Sotheby's International Realty, talks to Property Times to shed some light on the acquisition and the company’s future plans. By Binesh Panicker


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When Dubai Sotheby's International Realty approached Jackie Johns to purchase

Dubai Luxury Homes the synergy was immediately apparent, it just clicked. Sotheby's International Realty being the largest luxury real estate company in the world and operating since 1976 offered the opportunity Jackie had envisaged. Combining the wealth of global experience offered by Sothe-by’s International Realty with an established local company took the Dubai Sotheby’s International Realty operation to a whole new dimension, offering established clients a new global network yet with the same per-sonal service they always expected. This evolvement provided a great solution to the growing demand from local buyers and developers to look globally.

Dubai Sotheby’s International Realty has four divisions operating in Dubai; a Local Sales and Leasing

Jackie Johns

The 118, Downtown, Dubai


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wide. We really can unite extraordi-nary properties with extraordinary lives wherever that maybe across the globe.

THE TIMEFRAMEThis was probably one of the quick-est merger acquisitions ever. The talks only started in November 2014 and on January 4, 2015, relocating to the Dubai Sotheby’s International Realty offices in Downtown was complete. It took about six weeks from start to fin-ish. So the synergy was there from day one and we knew that we could work together. It’s only been three months since we joined operations but it feels like it has always been.

department working on the proper-ties here in the UAE, a Project Sales department who manage the sales process of exclusive projects being built in Dubai and offering them global exposure, an International Sales department managing our portfolio of exclusive projects and properties overseas and showcasing property investment opportunities to clients here, finally the Property Investment department which looks after institu-tional and individual investors again offering them both local and interna-tional opportunities.

For Jackie it is very important that Sotheby’s International Realty is rec-ognised for their global reach. With over 760 offices in 55 countries world-

WE ARE MAINLY FOCUSING ON OUR GROWTH POTENTIAL IN OUR INTERNATIONAL AND PROJECT SALES DEPARTMENT.

I HAVE A GREAT MANAGE-MENT TEAM BEHIND ME AND I WANT TO LET PEOPLE KNOW THAT WE HAVE A WEALTH OF

REAL ESTATE KNOWLEDGE AND EXPERIENCE BASED

HERE IN DUBAI.

Paris


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MARKETING STRATEGIES Sotheby's International Realty are revered for their sophisticated mar-keting, we are not a mass marketing company as that’s not what clients expect from us. We have always been a refined company when it comes to presenting our properties for sale and we produce a tailored plan for each property to ensure we meet the tar-get market.

Listening to our clients require-ments is paramount and we show-case their homes in a way that makes them comfortable. If a client wants a discrete campaign perhaps through our members’ only site then that’s what we deliver. Our expertise in selling luxury homes globally via our own Sotheby’s International Realty networks offers a service beyond the expected.

IMMEDIATE PLANSWe are mainly focusing on our growth potential in our International and Proj-ect Sales department. I have a great management team behind me and I want to let people know that we have a wealth of real estate knowledge and experience based here in Dubai. Whether you are looking to build your property portfolio overseas or you need to take your Dubai development globally to attract sales then we have the expertise on hand to guide you through all the processes.

THIS WAS PROBABLY ONE OF THE QUICKEST MERGER

ACQUISITIONS EVER. THE TALKS ONLY STARTED IN NOVEMBER

2014 AND ON JANUARY 4, 2015, RELOCATING TO THE DUBAI SOTHEBY’S INTERNATIONAL REALTY OFFICES IN DOWN-

TOWN WAS COMPLETE.

Emirates Hills, Dubai

MERGING OF VALUES AND POLICIESSotheby’s International Realty is rec-ognised worldwide for their quality values and their strict due-diligence policies. This is what sets them apart from others. Dubai Luxury Homes always worked within the same parameters so the merge was seamless.

Dubai Sotheby’s International Realty will deliver the white-glove service to all its clients irrespective of the product or price range. This ser-vice is why our well-regarded Global Property Consultants develop lifelong working and personal relationships with their clients.


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Downtown, Dubai Apartment

INTERNATIONAL MARKETSSotheby’s International Realty oper-ates in 55 countries but currently we are focusing on markets that are relevant to us in Dubai; London, Paris, Hong Kong, Los Angeles, New York to name a few. Recently we have taken exclusive rights on an extraordinary resort in the Maldives consisting of 85 freehold title villas. We will only bring to the market the right projects that offer the best opportunities to our clients, be they property investor or end-user.

BENEFITS FOR INVESTORS INVESTING IN OVERSEAS MARKETSEach market is unique. That is why we

have dedicated teams in each market that is relevant that will provide the local knowledge and experience to guide you to a successful transaction. Our Dubai office is the first port of call when looking to reach the overseas markets as our dedicated team with initiate the process for you, from the comfort of your own home.

MORTGAGE VS CASH BUYERSWe have a mix of both mortgage buy-ers and cash buyers. If a client wants to secure a local mortgage or an inter-national mortgage then we would direct them to our preferred partners who have all be thoroughly checked

and approved by the Sotheby’s Inter-national Realty network, therefore again delivering specialised skills in international markets.

FUTURE STRATEGY FOR DUBAI SOTHEBY’S INTERNATIONAL REALTY In Dubai, we are looking to open dis-cussions with all major developers and offer the opportunity to take their brand globally. With over 760 offices worldwide and an experienced sales force of 16,000 agents who work out of 55 countries we truly can open up the world to the exciting opportu-nities and projects we have here in the UAE.


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Developer MAG has diverted its overseas development branch Invest Group Over-seas (IGO)’s attention from

Syria to its Frisco project in the US and Dubai, where its team is busy build-ing the Polo Townhouses and Polo Residence communities in Meydan. While the two communities are sepa-rated from each other, they are in the same vicinity, with the Polo Residence facing the Meydan Hotel and its Tennis Academy.

Talal Al Gaddah, CEO of MAG Property Development (MAG PD) highlights the advantages of devel-oping in Meydan. “The infrastructure, roads and greenery are already there, indeed the vision for Meydan is to take advantage of the natural beauty of the Nad Al Sheba area,” he says, adding that the developer consoli-dated its 30 plots, which were dotted all over the master-development, into these two sites.

We looked at the master-plan again and decided to take the plots all together in one place to be able to develop one community, where people can live without someone else building next door with trucks

coming in and out. This is one of the benefits our buyers have,” he reasons.

Other benefits both communi-ties would offer is an emphasis on green spaces within, 60% have been reserved for its landscape and ser-vices, says Talal, as well another close contact with nature, horses. Although Meydan is rather about flat race than polo, the name for the communities was chosen as something people, who may not be into horse racing, would instantly associate with horse sports. “We call our communities ‘Polo’ because they are next to the race course, although we don’t have polo but it’s a horsey neighbour-hood and a name familiar to people,” Talal explains.

WELL CONNECTEDThe area may not have polo fields but nevertheless, residents will still be able to swing a club on the ground at the nearby Meydan golf course. Yet, living in nature doesn’t mean living discon-nected from the hustle and bustle of the city, residents will live very close to public transport connections. Dubai

Metro is planning a Meydan station and an Etihad Rail train station close by. “It’s the best way to connect the railway, which will connect the other Emirates with the metro to Sheikh Zayed Road, and the two airports, Dubai International and DWC, which will get busy by 2017,” remarks Talal. “People usually want to be at the centre of activity, however, the most wanted locations in Dubai, such as Dubai Marina, Downtown Burj Khalifa

HIGHPolo Townhouses and Polo Residence are rising in Meydan By Nicole Walter/freelance writer

RIDING

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or Business Bay, have only few parks, in Meydan they will have both, life in nature and be close to town, only ten minutes away by car or public trans-port,” he adds. Facts, buyers into the 570,00 square feet community, worth AED400 million, have been probably ticking off their wish list, together with the facilities offered a club house with gym, spa and swimming pool, children’s play areas, and plenty of space for guest parking. All of the

106 three-and-four bedroom prop-erties, the latter complete with their own pool, have already been snapped up, says Talal. “The Polo Townhouses sold out within seven days when we launched them at AED1,250 per square foot. We have upgraded the finishing without extra pay, such as marble floors and solid-wood doors, simply because we decided to deliver an even more exceptional product,” he adds.

THE DEVELOPMENTBeing built by Technical Architect Contracting and designed by Archorp Architectural Engineering, the charm of these contemporary and spa-cious Polo Townhouses lies in its simplicity, coming in natural stone colours, with large windows allow-ing in plenty of light and views into the green neighbourhood. The close to 1.2 million square feet Polo Resi-dence community, encompassing 29

WE CALL OUR COMMUNI-TIES ‘POLO’ BECAUSE THEY

ARE NEXT TO THE RACE COURSE, ALTHOUGH WE DON’T HAVE POLO BUT IT’S A HORSEY NEIGH-

BOURHOOD AND A NAME FAMILIAR TO PEOPLE.

TALAL AL GADDAH, CEO, MAG PROPERTY

DEVELOPMENT.

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low-rise apartment buildings at G+4, housing 873 apartments from one to four bedrooms, come in an equally modern and airy design fitting into their green surroundings. “The mas-ter developer Meydan prescribed contemporary design as a guideline, they have a new vision for Dubai, to develop a new area with one concept, one theme.

''The buildings are elegant and sim-ple, we are using 50% white and blue glass, and high-end quality material inside compared to other projects in Dubai,” Talal explains the looks. The community boasts plenty of space for the cars of the residents and their guests, parks, play areas, a kindergar-ten, and a small 4,000 square metres mall with convenience stores and cafés. “The vision was to create a liv-ing place, where people don’t feel like they are stuck in traffic cars, or waiting for the lifts, we only need two eleva-tors,” says Talal.

A DIFFERENT LIFESTYLEOne of the major points when creat-ing the design was to create an envi-ronment which guaranteed a sense of calm, hence the developer went for low-rise and keeping the number of buildings low. “You need to offer different lifestyles in Dubai; having more low-rise building provides such a change. There are only around 30 apartments in each building, so you have only few neighbours, you don’t have property management issues, and it is a more chilled area yet far away from Downtown,” Talal elab-orates. While the town homes are unfurnished, the developer decided to sell half of the Polo Residence apartments furnished. “We took this decision because a lot of people were talking about the Dubai Expo 2020 in terms of expecting rents to increase by 12% to 15%, and they wanted to have hotel apartments. We didn’t want to do that but instead decided

BECAUSE THE MARKET HAS QUIETENED DOWN WE HAD

SOME PEOPLE WHO RETURNED THEIR UNITS, ALTHOUGH THE

SALES WERE DONE. IN ANY CASE WE ALWAYS KEEP AROUND 15% FOR US AS A COMPANY AS AN INVESTMENT, TO LEASE THEM

OUT LATER ON, TALAL AL GADDAH,

CEO, MAG PROPERTY DEVELOPMENT.

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The Polo Residence at Meydan

The Polo Residence at Meydan


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to offer furnished apartments with the same specs than hotel apartments,” he explains. “We won’t lease them out or manage them for you but you can rent them out yourself, as last year the authorities launched the holiday home license, so people can rent their homes out via specialist companies who manage them,” he adds. There are still some apartments available at the AED1.5 billion Polo Residence, which the developer says is around 75% to 80% sold out. “Because the market has quietened down we had some people who returned their units, although the sales were done. In any case we always keep around 15% for us as a company as an invest-ment, to lease them out later on, for example,” says Talal.

RIGHT PRICINGThe developer studied the market at the end of 2013 pricing them at AED1,100 a square foot, but since the pre-launch price has changed to around AED1,350. “We didn’t sell at the time of pre-launch and by the time we opened the Escrow account

and started selling in July last year we decided that prices should increase, because land and construction prices were going up as well,” Talal explains. “We only sold 20 apartments for around AED1,150, the rest went between AED1,250 and AED1,425 for one bedroom,” he adds. The payment plan is a convenient 60/40 structure, with a 10% down payment, 10% after 60 days, 40% linked to construction, and 40% on completion. While 90% of the infrastructure work at the Polo Residence is done, and the main contractor has started on the build-ings this February, the infrastructure work on the Polo Townhouses is slated to be ready by mid-2015 and the construction of the homes is already underway.

“The completion for the Polo Town-houses is Q1 2016, we have a guaran-tee from the contractor to complete them by end of 2015, and our sales & purchase agreement (SPA) with our clients is for the middle of 2016, but 99% we aim to hand over earlier. The Polo Residence will take 24 months from construction start to comple-tion,” concludes Talal.

In 2011, the first real year of the post global financial crash recovery in Dubai, the total value of real estate transactions reached AED143 billion. By the end of

2012, it had reached AED154 billion, a mod-est, yet promising 8% increase on 2011. Year 2013 will long be remembered as Dubai’s comeback year as the total value of real estate transactions reached AED234 billion, a 52% increase on the prior year which was clearly unsustainable. Now we know that in 2014 over AED218 billion worth of real estate assets were sold in Dubai. These are heady numbers indeed.

In the space of just three years, the total value of transactions has grown by 152% due to a combination of heightened activity levels riding a powerful new wave of inves-tor confidence and a sharp rise in values as investors reevaluated just how lucrative real estate investments in the Emirate could be. If I were to use an athletics analogy, the market in 2013 had been sprinting when, in actual fact, it needed to complete a mar-athon. Therefore, a reduction in pace was required to ensure there was not a melt-down and the gains made were not relin-quished. And a slowdown there has been, a welcome change of pace attributed to a number of factors, some of them deliberate and appropriate: Capital inflows seeking a safe haven were sure to weaken; alterna-tive investment opportunities were sure to emerge as prices started to rise; the imple-mentation of the 4% transfer fee along with developer's proactive attempts to limit speculative practices had an initial effect; the new law regarding rental price increases has also had an effect; some investor ner-vousness and trepidation has led to some hesitancy to buy into a market that they feel is at its peak.

Add to the list the implementation of the new mortgage laws and there is a pretty compelling suite of probable reasons for the

slowdown, notwithstanding the nervous-ness, much of it unwarranted in my view, surrounding the recent decline in oil prices. So, will the Dubai real estate market of 2015 provide lucrative investment opportunities? I believe yes and here is why …

First … the market will continue to benefit from continued demand as the broader economy continues to grow. Dubai’s econ-omy is doing very well. Economic growth is strong at around 4.5% and independent bodies such as the IMF have forecasted 5%+ economic growth every year through to the end of the decade. With oil representing only about 4% of GDP, the economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue generating economic segments. Dubai expects to have attracted over 12 million visitors in 2014, continuing a growth trend of approximately 9% per annum since 2010.

Second… when you are investing in real estate, you are really investing into an economy and the effect of the 2020 Expo on the UAE economy cannot be underrated in terms generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation and com-mercial space of all types, from labor camps to offices to warehouses to apartments to executive Villas, is sure to have a significant effect on property values.

Third … Finance is still cheap but the low mortgage rates of today will probably not be available in two or three years. The like-lihood of interest rate rises in the United States as early in the latter part of this year will make financing a UAE mortgage increasingly more costly due, primarily to the AED being pegged to the USD.

Fourth … The market itself is undergo-

ing structural changes to enable a greater degree of stability and better support and contribute to Dubai’s economic growth. For example, reviews and recommenda-tions have been completed and provided to ensure that Dubai’s economic growth is not inhibited by a shortage of affordable housing. This demonstrates a desire to ensure that the industry is in equilibrium and can meet the demands of a burgeon-ing population that will be characterized by rapidly expanding lower to middle income segments. The opportunities in sat-isfying this growing need are immediate and significant.

Fifth … There is an unprecedented level of governance, oversight and scrutiny that the industry is being subjected to. The ongoing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both con-sumer and investor interests, the overall industry and the economy at large from rampant and irresponsible speculative, predatory or unethical practices, reveals a mature and balanced approach to shap-ing an industry which exhibits sustainable growth over the long term. The industry is much more resilient in 2015 and investor, not speculator, confidence has made a big comeback.

And finally, if its superior yield with mini-mal capital outlay that you are after, Dubai real estate is still hard to beat. Affordable properties in developments such as Queue Point, Skycourts, International City, Dubai Sports City, Discovery Gardens and JLT are all benefitting from Dubai’s recovering econ-omy and you can expect a rental return in these areas of at least 7% with 10% rental yields uncommon and both rental yields and property values are expected to increase as the 2020 World Expo draws nearer.

2015 will be remembered as a year of renewed opportunity. Don’t miss out.

5 REASONS TO INVEST IN REAL ESTATE IN 2015 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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Once an Individual has invested in real estate; he/she would always go back and reinvest in it again. Yes;

this is the truth and the main reason (over all the reasons) is; the ‘asset’ has a value and it’s a physical asset. Moreover, it’s, any day, safer than investment in commodity, shares, bonds, and trades etc. So as we move forward in 2015, we are standing at a point where we can see that the markets are maturing and getting more stable. Markets are also showing signs of slowing down and in certain areas in Dubai, the property price has come down.

Yes, Dubai will still enjoy property price and rental value increases of 15% to 20% over the coming few years and it’s clear that the inevitable decline and cooling down in property value growth coupled with a stalling of increasing rental prices was exactly what the market needed to remain viable and in good shape for long-term stability and security.

THE RIGHT WAY TO INVESTInvesting is about making money and that’s what we need to focus on. Chasing the big returns often carries greater risks. One should prefer estab-lished locations with strong economic data and stats. The best view for 2015 is to keep it safe and stick to strong, low risk markets. With stocks, shares and most markets all heavily down so far in 2015, the low oil price and the uncertainty of gold, investing into property will be the real winner this year, as long as you do your research and choose your investments smartly. Property also gives you access to leverage (mortgage finance), which again will make your returns look even more favorable relative to your initial deposit outlay.

So the basic of investment strat-egy says ‘diversify’; which is true; but where? To answer these and other questions we should look at other global markets; i.e. outside Dubai and the UAE. As we go into 2015 it is an

“TIME TO DIVERSIFY”Investing is about making money and that’s what we need to focus on. Chasing the big returns often carries greater risks. One should prefer established locations with strong eco-nomic data and stats. By Kunal Puri, Managing Director, La Capitale

SO THE BASIC OF INVESTMENT STRATEGY SAYS ‘DIVERSIFY’; WHICH

IS TRUE; BUT WHERE? TO ANSWER THESE AND

OTHER QUESTIONS WE SHOULD LOOK AT OTHER GLOBAL MAR-

KETS; I.E. OUTSIDE DUBAI AND THE UAE,

KUNAL PURI, MANAGING DIRECTOR,

LA CAPITALE

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opportune time to look back at the market during last year and analyze the key statistics, trends and changes that drove the behavior of both buy-ers and sellers as well the economic factors and attitude of owners/land-lords that are likely to influence the market in 2015.

LUCRATIVE GLOBAL OPTIONSLast year was quite an interesting one in the global property market, with the two power houses of the West, London and New York, really under-lining to investors the importance of investing into strong currencies as well as strong economies.

Both cities benefitted from price growth in the central areas last year, with some locations witnessing dou-ble digit upside on residential prop-erty values. The vacancy rates in these central locations remain very low, which is a strong indicator of a healthy market, although with the rate at which prices have risen over the past few years, yields in the typically favored parts of Central London and Manhattan have suffered. However, the real property stories of last year in these markets were in the surround-ing locations. A number of Outer London locations firmly emerged as worthy of investor consideration, and a similar situation was seen across the pond, with Brooklyn in particular showing healthy growth and strong potential to continue.

There are huge opportunities and great value in certain locations; i.e. “in and around Central London” as the

ripple effect of Prime London gathers pace. When entering into a property investment, the smart play is to enter a location that is well positioned (transport links and infrastructure etc.), in a nice neighborhood; but a location that hasn’t seen a huge recent spike in prices. You don’t want to be entering a market at the top of its peak, you want to look for locations of value and Greater Lon-don currently has some very exciting opportunities in areas which will go up in price through 2015. Manchester is now the second largest economy within the UK, with London taking top spot – there is such a good feel to the city. Unemployment levels are drop-ping and the appetite for residential property is definitely increasing. You cannot really compare London to Manchester in terms of economy, however, currently, there is potentially huge value in Manchester in prime city locations.

Quality one bedroom apartments start from around GBP125,000 (around AED700,000) where the same in London is likely to be eight to ten times more expensive. Again, it’s not a ‘like-for-like’ between London and Manchester as they have very differ-ent stories, however it’s important to highlight the value proposition currently in the UK’s second largest economy. There is also a strong yield opportunity in Manchester with yields on offer of around 5.5% and with occupancy levels dropping. There are a lot of key indicators that will drive both the property market and

the economy in 2015. In the U.S.A., they still like New York. While a lot of the value has now gone in most places in Manhattan, New Jersey and Brooklyn should see steady growth this year. Chicago and Miami will likely strengthen further as these markets continue to see strong activity and strengthen. Both locations still offer good value with residential prices still a long way below the peaks of 2007. Keeping in Europe, but a dif-ferent currency… Berlin is a market one should look at. It is one of the most undervalued property markets in the whole of Europe. The average property price through the city is just over € 100,000 (AED420,000) for a quality apartment. Berlin is a great city which offers a fantastic lifestyle to all walks of life regardless of age or culture. There is also great rental demand with over 50% of the pop-ulation in Berlin renting the property they live in. With low property prices and a strong rental demand, this gives a very strong yield opportunity in a

SUCCESS STORIESCARLTON HOUSE(GREATER LONDON, 2014)

90 UNITS SCHEME ON CROSS RAIL LINE IN ILFORD

GDV ¤21.5 MILLION

STARTING FROM $ 283,818

ALL UNITS EXCHANGED OR UNDER OFFER WITHIN 4 WEEKS SUCCESS STORIES

K'STRASSE BERLIN 2014

20 UNITS BOUTIQUE PROJECT IN SCHONEBERG

GDV ¤4.5 MILLION

STARTING FROM $ 138,000

ALL UNITS SOLD OUT IN 4 DAYS

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Gross Development Value

Gross Development Value


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city with very low unemployment lev-els and a robust economy. With yields of around 6% on offer in key locations within the city, investing into resi-dential property in certain locations within Berlin will show good returns for the mid-to-long-term. There are also government incentives in place which essentially result in no capital gains taxes to be paid if you hold your property for ten years or more. This is very unique and extremely favourable for investors.

THINGS TO THINK OF BEFORE INVESTING Now there are different questions coming from the investors and to look at the right possible solutions for

sify the portfolio of clients; La Capi-tale is delighted to have established channel partner relationship with global property investment experts IP Global.

Through access to some of the best, most exclusive international projects located in world renowned property investment hubs such as London, New York, Miami, Chicago and Mel-bourne, La Capital will stay ahead of their competition by offering IP Glob-al’s services to their clients.

IP Global’s unique end-to-end approach, delivered by an expe-rienced team of international real estate and investment professionals, untangles the complexities and com-plications of property investment. IP Global pride themselves on the long-term relationships they build with preferred developers, to whom they offer strong financial commitment and overseas marketing support in return for priority access to the best global property investment opportu-nities for their clients.

These opportunities are then put through a rigorous process of due diligence before being selected for presentation to investors and dis-tributors. IP Global provides compre-hensive support throughout every stage of the investment process including, if required, the ongo-ing management, rental and resale of investments.

To date, the value of the property IP Global’s clients have invested in through us is over USD1.6 billion across 29 markets worldwide.

UPCOMING OPPORTUNITIESGREATER LONDON (2015)

3 min walk to Ilford station.

Cross rail investment Case opening up 'pockets of value.

Starting from $307,000

¤10m of regeneration being invested in the area to improve local infrastructure.

long term growth. Below are the few questions which one should look at in 2015 before investing.

-Where to invest?-Which product to invest in?-What are the factors which would influence the growth?-How much should I leverage?-Are foreign people permitted to legally own property in every country? -Do the local banks lend on property (mort-gage) to foreign investors? -Is there a buoyant rental market? -Is the economy strong and stable? -What is the unemployment levels like?-How will the currency devaluation affect my asset?-What’s my exit strategy?-Who can assist me in my exit strategy?

To address these questions and offer an unparalleled service to diver-

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Berlin, Germany


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TEL: +971 4 34 67 660 | +971 4 33 86 [email protected]

Published by

REACH OUT TO 70 MILLIONPASSENGERS PER YEAR

LIVING LEGENDS SET TO OPEN IN 2015Project is on track to deliver first 150 villas in Q2 2015, as RERA confirms phase one is 92.25% complete.

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Living Legends is set to deliver its first 150 villas in the second quarter of 2015, under the lead-ership of Delta International

Real Estate. With more than 4,000 workers on-site every day, the unique residential and investment project promises luxury villas and apartment towers across 14,442,030.215 square feet of prime Dubai real estate, located near Dubai’s downtown area.

Following the 2008 financial crisis, the project suffered delays along with much of the Dubai real-estate indus-try. Today, under the new manage-ment of Tanmiyat Global, and with the leadership of its CEO Mohammed Bin Odah, Living Legends is committed to finishing the project on-schedule and with full transparency. “We want Liv-ing Legends to epitomize our mission and values,” Bin Odah said, “and that means meeting investor expectations that we meet our schedule for deliv-ery on time, every time with visible progress towards our future goals.” Furthermore, Living Legends has now opened a completed demonstration villa for tours and encourages visits to the project site. Customers are also invited to utilise a customised interior design service to personally choose home furnishings before moving into their new home.

The completed project, projected for 2016, will comprise 500 villas and 12 apartment towers, along with a community club house, shopping mall, boutique hotel, schools, clin-ics, and a world-class 9-hole golf course. With dedicated gyms and swimming pools for each building, Living Legends will be a neighbour-

hood unlike any other. Living Leg-ends offers luxury, community and convenience, located in the heart of Dubailand – a regional and global tourism hub with exceptional sport, leisure, entertainment and shopping attractions, as well as more features and amenities constantly in devel-opment. Living Legends will deliver cosmopolitan residential solutions that match Dubai’s status as a global city and that cater to its residents’ needs. From studio apartments, to five bedroom villas, Living Legends offers luxurious living for individuals and families and a sound choice for investment portfolios. With a return on investment projected to beat the rest of the Dubai property market, Delta International has confirmed that 80% of units have already sold. Delta International Real Estate has initiated the communication with the own-ers of the first phase, which is to be delivered in the coming months. The CEO of Delta International Real Estate,

Saleh Tabakh, confirmed: “The prog-ress of the project is encouraging and we have witnessed a vast increase in demand over the past few months. As we work hard to deliver the promised lifestyle, we will be sharing exciting new updates with owners over the coming months.”

Starting at AED833 per square foot for studio to three bedroom apart-ments, Living Legends apartments are more affordable than comparable competitors, offering better amenities at a better quality of service. With a projected price on completion of AED1,250 per square foot, and in a revived Dubai property market, early investors can expect fantastic returns. Located 15 minutes from downtown Dubai and 25 minutes from Dubai International Airport, Living Legends is perfectly situated for leisure, busi-ness and travel. The Living Legends residential development is on-track for its scheduled completion date in 2016.

“WE WANT LIVING LEGENDS TO EPITO-MIZE OUR MISSION AND VALUES, AND

THAT MEANS MEETING INVESTOR EXPEC-TATIONS THAT WE MEET OUR SCHEDULE

FOR DELIVERY ON TIME, EVERY TIME WITH VISIBLE PROGRESS TOWARDS OUR

FUTURE GOALS.” MOHAMMED BIN ODAH, CEO, LIVING LEGENDS

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The key influencers in the per-formance of the real estate market at the moment are of course the Federal Mortgage

Caps and the doubling of the Prop-erty Registration Fee to 4%. These measures were introduced in an effort to curb growth following the extraordinary house price rises in the lead up to Dubai securing the rights to hosting the 2020 World Expo and these have proved to be exceptionally

effective. This coupled with afford-ability issues have reduced transac-tion levels sharply and average resi-dential values are expected to record marginal declines this year; however, there will of course be submarkets where values will hold steady or climb slightly. In any case, the drop in values will be more pronounced for the villa market as families adapt to the evolv-ing financing landscape. The oil price plunge has no doubt irked global

markets and certainly put investors around the world on edge as we play the waiting game to see when, if at all, OPEC takes a decision to cut production. We haven’t recorded the impact of the slump in oil prices as yet; it is of course still very early days and any impact on real estate markets is too early to assess. As with any com-modity, things always over correct and we have been accustomed to a stable, but high oil price environment

EFFECT OF FALLING OIL PRICE ON PROPERTY MARKET AND OUTLOOK FOR 2015

For Dubai, it is worth noting that the economy has matured since the financial crisis and in recent years has focused on economic diversification, with only a fraction of the economy reliant on revenue from the

hydrocarbon sector. By Steven Morgan, Chief Executive, Cluttons Middle East

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for a number of years. With chang-ing global economic fundamentals, it was only a matter of time before the price of oil prices resumed its expected volatile behaviour. For Dubai, it is worth noting that the economy has matured since the financial crisis and in recent years has focused on economic diversification, with only a fraction of the economy reliant on revenue from the hydrocarbon sector. This remains a live issue and one that we are monitoring closely.

On the influence of Russian funds, there has undoubtedly been a tem-pering in the flow of capital out of Russia as the economic sanctions and devalued Rouble impact house-hold finances. Fortunately for Dubai, since CIS funds first started appearing in the early 1990’s, the economy has matured significantly, as has the city’s

international investor base. With Dubai now having achieved the title of housing the busiest international airport in the world, coupled with Emirates and Fly Dubai’s aggressive expansion plans, access to this mar-ket has never been easier. The Chi-nese and West African markets are of growing significance to the city’s economy and any downturn in Rus-sian buyers will be more than com-pensated for by these new emerging markets. It is also worth remember-ing that the key nationalities driving the city’s residential market remain in the hands of Indian, British and Pakistani buyers; a pattern that has not changed in several years.

From an investor’s perspective, those taking a longer term view will inevitably benefit from a maturing real estate market. We are in the unique position of being able to take stock of the extraordinary recovery the market has been through over the past two years, following the great recession. We have an advanced reg-ulatory framework in place to protect investors and one that continues to evolve, helping Dubai cement its posi-tion as the region’s most transparent market, although more needs to be done to being it in line with mature global markets elsewhere.

Certainly the regulations intro-duced to help control the rate of growth recorded in the past 18 months has had the desired effect and the IMF too has backed down from concerns about the market over-heating. Despite the widespread slowdown, off-plan sales continue to demonstrate resilience, reflecting maturing interests of investors who are taking a longer term view on the market.

We continue to record this at Villa Lantana, for instance and Emaar reportedly sold out its units in the first tower at Dubai Creek Harbour, despite resale restrictions until handover. Of course, reputation and track record have a significant part to play in this equation, but it reflects a maturing base of buyers and investors.

WITH DUBAI NOW HAVING ACHIEVED THE TITLE OF HOUSING THE BUSIEST

INTERNATIONAL AIRPORT IN THE WORLD, COUPLED WITH EMIRATES

AND FLY DUBAI’S AGGRESSIVE EXPAN-SION PLANS, ACCESS TO THIS MARKET

HAS NEVER BEEN EASIER. STEVEN MORGAN,

CHIEF EXECUTIVE, CLUTTONS MIDDLE EAST

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People are talking about a slow-down in the market. What is the real scenario?

Parvez: A healthy market called for a reduction in property price, as the prices were on the way to becom-ing unrealistic after the Expo2020 announcement. Since mid-2014, the excitement of Expo 2020 bid wore off, hence the prices started to cool down and another major reason of the slow-down was that a huge number of units were released in the market. The supply now outweighs the demand, meaning that buyers have more options and can dictate the property price to a certain level.

While previous years experienced the demand for high-end properties in areas such as Palm Jumeirah, Ara-bian Ranches and Downtown Dubai, 2014 year-end experienced more demand in comparatively cheaper areas such as JLT and Motor City. There were also other factors such

as doubling of transfer fees and the introduction of the mortgage cap that impacted the market from overheat-ing and creating another bubble, so that prices grow steadily. The market slowdown should not be reviewed negatively since this is a positive sign of Dubai market becoming a steady and matured market. Hence, I believe buyers should take a step forward to invest in the property market as there are many good opportunities available, which will fetch them good property appreci-ation in the near future.

Do you expect the rents and prices to go up in the first quar-ter of the new year? Why?

Parvez: I expect first quarter of 2015 to see a slight reduction in the rents and purchase prices due to huge sup-ply of new units. However, later in the year I believe the demand for prop-

erties will increase, which will result in balancing the ratio of demand and supply and this will lead to stabiliza-tion of the property market. I expect the Dubai property market to have demand coming from end-users who can still obtain mortgage at attractive rates and long-term investors instead of short term investors and flippers solely dominating the market as expe-rienced in the past years.

Do you expect more proj-ect launches this year? Or do you feel the ones announced last year should be delivered first before more projects are launched?

Kamran: I believe new project launches will continue in 2015 as well and I don’t see any concerns with that. Dubai government is investing heavily on infrastructure which always makes investing in Dubai attractive to the

“CORRECTION IS HEALTHY FOR THE MARKET”

Property Times in conversation with Parvez Palekar and Kamran Ali, Managing Partners of Splendour Homes Real Estate Brokers.

A HEALTHY MARKET CALLED FOR A REDUCTION IN

PROPERTY PRICE, AS THE PRICES WERE ON THE WAY TO BECOMING UNREALIS-TIC AFTER THE EXPO2020

ANNOUNCEMENT.PARVEZ PALEKAR,

MANAGING PARTNER, SPLENDOUR HOMES

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Parvez Palekar and Kamran Ali , Managing Partners of Splendour Homes Real Estate Brokers.


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investors. I predict developers to offer flexible and attractive payment plans this year to attract investors and end users alike, post possession payment plan would also be a good option to make buying easier and attractive for buyers. I am of the opinion that resi-dential rents in the city still are quite high, end-users are looking of ways to get out of the rent trap and dream of owning their own home. More and more end-users are showing interest in buying a property every passing day. The existing inventory and upcoming projects will only help these buyers find their perfect home, which suites their budget and choice.

The latest rental index by RERA suggests an increase of 6% to 25% in master communities. How has the rental market fared over the past six months?

Kamran: If you look at year-on-year rental increase, most areas will show a double digit increase as sug-gested by RERA index. But on a quar-ter-on-quarter basis, rises are slowing. The increase in rents dropped to 3% from 7%. Rents were rising fast in Dubai, with annual rates in areas such as International City, Discovery Gar-dens and Jumeirah Lakes Towers by 11% during the first quarter of 2014, forcing some tenants to relocate to more affordable rentals in Sharjah and the Northern Emirates.

Rents started to fall after the third quarter of 2014. In the last three months, rents mostly remained stable or dropped slightly in certain parts of Dubai. Even areas like Discovery Gar-dens, International City and Dubai Sports City, which recorded particu-larly steep rent hikes over the last year saw slight declines in October and November, 2014. Tenants can stop worrying about increase in rent as we expect residential rents to remain sta-ble or fall slightly in 2015.

Please tell us about your com-pany Splendour Homes.

Parvez: Splendour Homes is an investment advisory and brokerage

firm providing services for clients to invest in the ever growing Dubai real estate market. We specialise in all major freehold properties in Dubai and our clients include UAE residents as well as overseas nation-als. All our agents are RERA-certified and possess up-to-date knowledge of the real estate market. We have a committed team of professionals, multilingual agents specialize in both leasing and sales of residential and commercial property.

Kamran: At Splendour Homes, we are passionate about delivering exceptional customer experiences. By providing a complete collection of real estate services, we ensure that we meet our clients every need. Cur-rently, we are working closely with few private developers wherein we advise them on the pricing of their projects and other market analysis. In future, we would act as their exclu-sive agents for selling and marketing their projects.

I BELIEVE NEW PROJECT LAUNCHES WILL CONTINUE

IN 2015 AS WELL AND I DON’T SEE ANY CONCERNS WITH

THAT. DUBAI GOVERNMENT IS INVESTING HEAVILY ON INFRASTRUCTURE WHICH

ALWAYS MAKES INVESTING IN DUBAI ATTRACTIVE TO

THE INVESTORS.KAMRAN ALI,

MANAGING PARTNER, SPLENDOUR HOMES

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Current situationWorst hit in the recent slowdown is the luxury apartment sector- the new rules have impacted Dubai’s luxury homes market comprising apartments and villas worth AED10 million and over to a much greater degree, with prices in Q2 2014 rising by a relatively modest 6.3% y/y as reported by Knight frank. Mainstream residential market has been outperforming the prime (lux-ury) segment in Dubai. So what are the reasons for the mid-range part of the market doing better?

First, established, mainstream loca-tions such as Palm Jumeirah, Downtown and Marina remain very popular among expatriates and continue to see healthy demand and thus price growth. That,

MAINSTREAM RESIDENTIAL MAR-KET HAS BEEN OUTPERFORMING

THE PRIME (LUXURY) SEGMENT IN DUBAI. SO WHAT ARE THE REA-

SONS FOR THE MID-RANGE PART OF THE MARKET DOING BETTER?

DUBAI LUXURY SERVICED APARTMENT MARKET FORECAST IN 2015While Dubai real estate market has been witnessing increased property values since 2011 comeback, quarter 3 and 4 of 2014 have seen silent. The third quarter saw more subdued growth levels in both the villa and apartment market while Q4 has witnessed correction in most segments of Dubai real estate. By Sanket Khanna, CEO and Founder, SNS Properties

in turn, has led some investors to look elsewhere for value, including newer developments such as JVC, Sports City and Dubai Silicon Oasis, where prices are rising off a relatively low base. Therefore with demand for residential property remaining strong in both newer, as well as more established mainstream loca-tions in Dubai, prices in this segment continue to post strong gains.

Second, the new mortgage rules implemented by the UAE Central Bank are stricter for those buying residential property worth over AED5 million. For example, if a first-time buyer was to purchase a property above that value, they would need to raise a 35% com-pared to 25% in cases below AED5 mil-lion (in both cases though, the size of the

deposit required is higher than earlier years, when approximately 15% was the norm). Thus, while the new mortgage caps have hit the residential market as a whole, they have had a lesser impact on the mainstream segment compared to the luxury segment.

Third, after halving between 2008 and 2010, both mainstream and luxury home prices have since largely reversed their previous falls. However, rents in the latter segment haven’t kept pace, which unsurprisingly has led yields to harden. By comparison, as a result of a stronger recovery in rents, mainstreams yields continue to look relatively attractive to investors.

Market trendsDubai luxury apartment market in the recent past can literally be defined by serviced hotel apartments, which find a perfect balance for people with a kick for opulent living as well as having an option on making their asset earn a bril-liant return, thanks to the always boom-ing hospitality sector of Dubai. Hence we have seen little or very few routine high end luxury apartment projects being launched in the last few years, even the ones launched are being marketed at a very silent pace. Highlights of course are top branded hotel/serviced residences project like Address, Vida, Versace,

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Damac Maison, Anantara, Kempinski, Fairmont and recently added Hyat Creek Residences, which give clients an option to use the apartment for personal use for the tenure they stay in Dubai or a few weeks in a year and rest can be passed to hotel management or annual hotel pool giving brilliant returns.

This option has become very popular in business travelers and top families of the world who invest in Dubai as it hedges the risk and addresses their con-cerns of sudden price drop, because sta-tistics prove that even in the worst reces-sion in Dubai quality serviced apartment projects like The Address (Downtown), Kempinski (Palm), Versace maintained certain level of prices and hotel pools have worked very well for some inves-tors touching 8% to 10% net of charges return on investment.

Big question, however, arises with the number of new serviced apartment luxury projects being launched by estab-lished players like Emaar (Address and Vida) and Damac (Damac Maison and Paramount) followed by other develop-ers, “Are we doing it?”

This is an obvious question that arises in a common man’s mind when you take a drive of Downtown Dubai and Business Bay and see new hotel apart-ment buildings popping up highlights being Address and Vida by Emaar and Damac Maison around Downtown and Business Bay area.

The answer, which statistics support- “All is well.”

As quoted by the two biggies in this game: In an interview to a news portal, Emaar chief Mohammed Alabbar was quoted saying- “In 2013, things went crazy because supply was limited. As a long-term developer, this spike scares me. I am glad that people are saying that 'the market is cooling down’ and that is healthy.” Hussain Sajwani, Chairman of Damac was quoted as saying, “We are in a very healthy phase in the property cycle. After a 25% to 30% upswing in prices and rentals in 2013 and 2014, we are now in for two years of healthy growth and market stabilization. If we were looking for another period of 30% price growth, it would have led to a bubble.”

ity serviced apartments is on the rise, the Dubai real estate market is more than ready to meet the challenge.

Handy Hints• Most executives now opt for the luxury of serviced apartments in Dubai.

• Demand for serviced apartments fuelled by new players in region.

• Local developers have joined the fray by launching similar projects.

ConclusionAfter entering positive territory in mid-2011, annual residential price growth in Dubai’s mainstream segment has been very strong indeed. After speaking at 35% at the end of 2013, the growth rate has been weakening. The deceler-ation in price growth can be attributed to a combination of higher transfer fees and the mortgage caps, both of which came into effect in the final quarter of last year.

However, Dubai’s strong economic conditions and buoyant labour market continue to attract foreigners in their droves. Since this rising population will need decent (and not always luxurious) accommodation, we expect demand to outstrip supply in the short-term. All else equal then, the mainstream residential segment is anticipated to outperform luxury segment segment over the next 12 months.

The positivesDubai attracted 10 million tourists for the first time in 2012, and the Depart-ment of Tourism and Commerce Mar-keting (DTCM) announced its aim to attract 20 million annual tourists by 2020 as part of the Dubai Vision for Tourism for 2020 plan. While Dubai’s demand has begun to recover since the economic downturn, 2012 year-end fig-ures showed an 8.5% growth compared to 2011. The upward trend continued in 2013-2014 at an average growth of 11% per year.

The upscale and upper-upscale hotel segments (4-star and 5-star hotels) has dominated the graded supply and rep-resented 69% of total inventory of hotel rooms.The first half of 2014 saw a 30% increase in the number of residency visas issued compared with the same period in 2013.There were 570,917 new residency visas issued in the first half of 2014 as opposed to 436,993 in 2013.In the first half of 2014, 21,865,088 pas-sengers entered and exited the country, compared with 20,219,288 in the first half of 2013.There were 6,512,465 entry visas issued in 2014, 12.05% more than the 5,812,465 visas in the first half of 2013.

Major General Mohammed Ahmed Al Marri said, “Overall, the GDRFA com-pleted 31,032,662 applications in 2014, which is 8.88% more than 2013, as per a JLL report. And while demand for qual-

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Sir Bani Yas Island guests can get pampered at the main resort Desert Islands Resort & Spa, or the newer safari lodge-style Al Sahel Villa Resort with views of the bush and salt-domed hilltops located in the wildlife park itself. By Nicole Walter/freelance writer

WAKING UP WITH WILDLIFE AND THE SEA ON YOUR DOORSTEP

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Many have been discovering that there is no need to jet off to a far away destina-tion to become one with

nature, enjoying the fascination of a wildlife lodge, and peaceful view of azure waters, as new accommodation and activity offerings on Abu Dhabi’s Sir Bani Yas Island expand.

Sir Bani Yas Island guests can get pampered at the main resort Desert Islands Resort & Spa, or the newer safari lodge-style Al Sahel Villa Resort with views of the bush and salt-domed hilltops located in the wild-life park itself, and the eco-rustic, Al Yamm Villa Resort overlooking the sea and mangrove lagoons, all managed by the luxury hotel operator Anantara Hotels, Resorts & Spa.

PLENTY ON OFFER

Al Sahel offers a choice of one and two bedroom villas, with or without plunge pool and the larger one an outdoor natural terrace with fireplace. Dining in the ‘Boma’ is a romantic Afri-can bush kind of experience, or one could watch the sun going down at the Savannah Grill & Lounge. A rest by the infinity pool means enjoying the reflections of the surrounding nature. Al Yamm Villas offers the same selection of accommodation types but set in beach and man-grove surroundings with an oppor-

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Tel: 04 38 06 480 / 050 84 96 765

Email : [email protected]

tunity to spot flamingos, the shared infinity pool of course overlooks the sea. For culinary choices, dining by design on the beach has its charm, or pop into the Italian restaurant Olio. Thanks to the size of the island guests are not restricted to the offerings of where they stay and can easily take advantage of services anywhere on the island, such as popping into the variety of restaurants in the well-es-tablished main resort, saviour its spa, and families can try out the Teen’s and Kid’s Club.

Anantara Sir Bani Yas General Man-ager, Mark Eletr says adding Al Sahel and Al Yamm Villa Resorts to the island about a year ago has helped to attract a different segment of guests.

“Certainly many past guests who stayed in the Desert Island Resort are now experiencing both Al Yamm and Al Sahel but based on 2014, we saw a slight growth for the existing resort and substantial growth in each of the new resorts, especially Anantara Al Yamm,” he points out. Initial plans for the island included five lodges, and the Tourism Development & Invest-ment Company (TDIC) as owners of

Sir Bani Yas, may come up with new surprises in this respect. “We regu-larly explore new opportunities that could enhance our guest experience on Sir Bani Yas, whether through our internationally-recognised operators, exciting activities or breath-taking landscape and vibrant wildlife. As the number of visitors to the island grows, we will look at new hospitality and leisure offerings on Sir Bani Yas in order to meet that demand,” reveals John Cole, Senior Asset Manager for Sir Bani Yas (SBY) Corporate Opera-tions at TDIC.

OVERWHELMING RESPONSESir Bani Yas has welcomed around 250,000 visitors over the last six years, including day visitors and those stay-ing overnight. Last year alone, hotel arrivals exceeded 40,000 guests, according to Eletr. “We are experienc-ing steady and encouraging growth year on year, with increases of up to 20% per year, even with the opening of our new resorts. The Island has much greater capacity and we expect that existing facilities could cater to

80,000 per year if the midweek visi-tation can increase especially,” he says. Leisure visitors are still the main guests at the hotels, although the Desert Islands Resort also offers a large conference centre, also avail-able for weddings, and other more private meeting venues. “The majority of visitors are Hotel guests staying an average of two nights, there are how-ever many other visitors including day guests from the western region, schools and government agencies. We also welcome corporate and MICE visitors for the conference facility, but the majority are indeed staying over-night,” says Mark.

Neither the hotel operator, nor TDIC are looking to swamp the island with people, Sir Bani Yas is a destina-tion, which excels at sustainability. Indeed, it has been recognised for its efforts in sustainability by the World Travel Awards 2014 as the ‘World’s Leading Sustainable Tourism Des-tination’, nominated alongside other famous destinations, such as Chumbe Island Coral Park, Tanzania, Tetepare, Solomon Islands, and Vamizi Island, Mozambique.

CERTAINLY MANY PAST GUESTS WHO STAYED IN THE DESERT

ISLAND RESORT ARE NOW EXPERIENCING BOTH AL YAMM AND AL SAHEL BUT BASED ON

2014, WE SAW A SLIGHT GROWTH FOR THE EXISTING RESORT AND SUBSTANTIAL GROWTH IN EACH

OF THE NEW RESORTS, ESPECIALLY ANANTARA AL YAMM.

MARK ELETRGENERAL MANAGER,

ANANTARA SIR BANI YAS

Desert Islands Resort entrance

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Where Perception Meets Reality

“We are very proud to have been rec-ognised by this prestigious award, which reflects the successful devel-opment of Sir Bani Yas into a desti-nation for unique stays while also maintaining its conservation legacy,” says John. “Sir Bani Yas is renowned for its unspoiled natural landscape, which features a growing, vibrant wildlife population, and the three signature resorts that offer exclusive-ly-tailored experiences based on our guests’ stay preferences. In addition to being pampered, guests can explore the Island through a range of activi-ties,” he adds.

A WIDE VARIETY OF ACITIVITIESActivities on the island are as varied as its landscape, the sea offers the opportunity to snorkel and scuba dive and go deep-sea fishing or paddle board, while the mangrove lagoons allow for exploring some of

the wildlife by kayak. Guests can go on walking excursions or grab a moun-tain bike, and try their skills at archery. The Sir Bani Yas Stables are a sure magnet for horse lovers, who can go for a ride along the mangroves by the coast, or in the bush. The stable also offers meet the horse activities and riding lessons for beginners. While the favourite remains the nature and wild-life drives, according to Cole, for the more adventurous land sailing, camp-ing out overnight, have been added to an ever expanding menu.

“We have now streamlined and combined some activities to drive their appeal, for example we now offer the Falcon Show as part of our Culture and History tour and this is gaining popularity with both local and international guest profiles,” explains Mark.

Few know that the island once played a strategic role finding itself on the ancient sea trade route from Mesopotamia, crossing the Arabian

Al Sahel Villas outdoor terrace

Gulf to south-eastern Arabia and beyond, used for pearl trading. Testi-mony is a monastery, dating back to the late 6th century remaining on the island. Fast forwarding into the future, recreation on the island is of a rather innovative nature.

“We are now experimenting with the electric powered road and fat bikes at the Al Yamm Villa Resort and expect this to be very popular. All of our activities will focus on showing our guests the many beautiful faces

87 square metre large island, Sir Bani Yas prides itself on protecting rare species. Most recently the Arabian Tahr, a mountain goat, indigenous to the Hajar Mountains and classified as endangered, was introduced.

Instead of mingling with the other wildlife, 66 hectares have been reserved exclusively for the Arabian Tahr in the more mountainous area of the island, where it prefers to live, and can be bred and studied safely to increase its numbers and in the future bed re-introduced it into its original habitat. While the introduc-tion of other species in the future is likely, it isn’t going to happen any time soon. “The conservation team on Sir Bani Yas Island is currently focus-ing its efforts on the existing animals to ensure that the animals are kept safely and properly. There are plans in the future to look at other species, but in the next year it is very unlikely that there will be any additions to the animals currently on the island,” says John.

ACCESSInterestingly, more transport options to reach the island, have emerged. The island is an about 250 kilome-tres drive from Abu Dhabi to the Jebel Dhana Jetty, from where water taxis pop over to the island, a short 15-minute journey. For a more exhil-arating arrival landing on water, a sea-plane can be booked from Dubai or Abu Dhabi. However, the island also has an airport. “Rotana Jet services SBY daily, with five flights per week from Abu Dhabi and more recently 3 flights per week from Dubai, this is assisting to develop Dubai which is a very critical market for the island,” says Mark. The island also provides the perfect opportunity for an excur-sion destination with ones own boat, which can be moored at the island for a day or overnight visit. “The Royal Bay moorings are still quite new, but with the Off Shore Yacht race now a firm feature on our annual event calendar we expect this to become much more popular. Hotel guests and also those wishing to stay on board overnight are most welcome,” Mark concludes.

of Sir Bani Yas Island. However, the Safari Drive is a clear winner for our guests,” Mark details. The safari is, of course, one of the most unique fea-tures on the island, and indeed in the UAE itself, visitors can see among other wildlife, giraffes, ostrich, chee-tah, warthogs and a variety of gazelles and antelopes, including the indige-nous Reem and Arabian Oryx.

As a conservation area with 13,000 animals, freely roaming the 4,100 hectares Arabian Wildlife Park, on the

Al Sahel Bedroom

Arabian Oryx

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Brasilia

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

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Column

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

Dubai is home to more than 80,000 operational hotel rooms and has an average occupancy rate of nearly 80

per cent, the highest amongst all the cities in the Middle East. Dubai’s suc-cessful bid for the world expo trade convention in 2020 is expected to generate significant economic bene-fits and attract more than 25 million visitors. While Dubai is already home to numerous hotels, the Department of Tourism and Commerce Marketing esti-mates approximately 45,000 new hotel rooms will require to be constructed by 2020. Dubai needs to build more mid-scale properties and explore new feeder markets to achieve its target of attract-ing 20 million a year by 2020. With the foreign hotel investors are flocking into the ever booming Dubai market, it is important for the investors to under-stand the legal framework under which they may invest.

Ownership of property was previ-ously limited to UAE nationals and nationals of GCC countries in Dubai, Article 4 of Dubai Law No.7 of 2006 granted non-nationals the freehold right or usufruct right of the prop-erty or the right to lease the same for a period not exceeding 99 years in designated areas.

This allowed the foreign investors to own hotels within designated areas (the new areas of Dubai that was demar-cated by the law), but hotels operating outside of such designated areas shall be only owned by a UAE or other GCC national. Foreign ownership of a hotel in

LEGAL ASPECTS OF FOREIGN OWNERSHIP OF HOTELS IN NON-DESIGNATED AREAS IN DUBAI

non-designated areas of Dubai requires detailed legal structuring to ensure suf-ficient control and protection is provided to the foreign investor. A foreign inves-tor (either a person or an entity) would obtain the right to use the land through either a musataha right or a usufruct right or lease rights with the land owner (UAE National or a GCC).

USUFRUCT RIGHTS

Article 1333 of the Civil Code defines Usu-fruct as a “property right in favor of the usufructuary to use property of another and to exploit it provided that it remains in its original condition”. Thus, an owner of a building, unit or plot is eligible to enter into a usufruct agreement with a tenant permitting the investor to use the leased property provided such property remains in its original condition subject to fair wear and tear. The key rights and obligations of the usufructuary have been laid down in Articles 1337 to 1348 of the Civil Code. Most of the rights are stan-dard to lease agreements (including right of enjoyment during the lease period, regular maintenance responsibility upon usufructuary and major works to be per-formed by the land owner etc).

MUSATAHA RIGHTS

Article 1353 defines musataha as a “right in rem” conferring upon the investor thereof the right to build a building or to plant on the land of another. Musataha is very similar to usufruct, but grants an

additional development right to the musataha holder. The maximum term of a musataha is 50 years. Unless other-wise agreed, either party has the right to terminate the musataha by two years prior notice in accordance with Article 1356 of the Civil Code. Article 1357 of the Civil Code permits the musataha holder to assign or transfer his musataha right along with any improvements (such as a building built over the leased land) to a third party.

LEASE RIGHTS

Foreign investors are permitted to enter into short term leases not exceeding 10 years in all areas of Dubai. Such leases create a right “in personam” and must be registered with Real Estate Regulatory Authority in accordance to Dubai Law No. 26 of 2007 regulating the relationship between landlords and tenants in the Emirate of Dubai. Dubai Administrative Resolution No. 134 of 2013 defines a long term lease as a lease for a term of more than 10 years and up to 99 years. How-ever, foreign investors are not permitted to enter into a long term lease of prop-erties located in non-designated areas of Dubai.

All the above mentioned acquisi-tion structures may vary according to the specific characteristics, term, business plan of the foreign investor. However, a detailed analysis of the specific routes of entry to acquire hotel properties in non-designated areas of Dubai requires clear-cut planning and strategizing.

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JUMEIRAH BEACH RESIDENCE

PENTHOUSE4 Bedroom + maid’s | Duplex | Private S/pool & Terraces | BUA 550 sq.m.Sea View | Upgraded | Vacant On Transfer SP: AED 9,000,000/- Net RIMAL4 Bedroom Private S/pool | Marina & Sea View SP: AED 7,000,000/- Net RIMAL3 Bedroom Middle Floor | Vacant SP: AED 2,800,000/- Net SADAF4 Bedroom

SP: AED 3,500,000/- Net SADAF

Sea View | Middle Floor | Vacant In March 2015 SP: AED 2,500,000/- NetSHAMS4 Bedroom Sea View | Rented SP: AED 5,400,000/- Net AMWAJ3 Bedroom

SP: AED 2,600,000/- Net MURJAN2 Bedroom | Sea & Marina View | High Floor | Vacant SP: AED 2,200,000/- Net

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AL BARARITel +971 4 395 7593 | www.snsprop.com

SNS PROPERTIESORN - 2576

Deepak Arora | [email protected] | +971 55 472 1400 | BRN 29002

BUILT UP AREATYPE PLOT SIZE UNIT TYPE PRICE

As Dubai grew and developed, so did the AL BARARI. This New way of living encouragement 217 wondrous villas, a gourmet

restaurant, a state-of-the art health club, and the region’s largest privately-owned plant nursery. Eighty percent of the 4.2-mil-

lion-square-foot development is made up of green, lush space, beautiful themed gardens, naturally landscaped lakes and fresh

water stream.

Situated on the edge of Dubailand, in the attractive Mad Al Sheba district, Al Barari is a highly exclusive area offering some-

thing just a little different, surrounded by landscaped gardens, tranquil lake and waterfalls. Nature lovers can buy not just a lush

haven of luxury, but can also access a 6-star boutique hotel, as well as nearby Cultural Island’s libraries and theatres.

TYPE A 16,448 SQ. FT. 16,404 SQ. FT. 6 BEDROOM AED 17M

TYPE B 14,918 SQ. FT. 13,186 SQ. FT. 6 BEDROOM AED 15M

TYPE C 13,858 SQ. FT. 11,834 SQ. FT. 5 BEDROOM AED 15M

TYPE D 12,713 SQ. FT. 11,373 SQ. FT. 5 BEDROOM AED 12.5M

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S P E C I A L I S TAL BARARI

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

SNS PROPERTIESORN - 2576

Deepak Arora | [email protected] | +971 55 472 1400 | BRN 29002

BUILT UP AREATYPE PLOT SIZE UNIT TYPE PRICE

As Dubai grew and developed, so did the AL BARARI. This New way of living encouragement 217 wondrous villas, a gourmet

restaurant, a state-of-the art health club, and the region’s largest privately-owned plant nursery. Eighty percent of the 4.2-mil-

lion-square-foot development is made up of green, lush space, beautiful themed gardens, naturally landscaped lakes and fresh

water stream.

Situated on the edge of Dubailand, in the attractive Mad Al Sheba district, Al Barari is a highly exclusive area offering some-

thing just a little different, surrounded by landscaped gardens, tranquil lake and waterfalls. Nature lovers can buy not just a lush

haven of luxury, but can also access a 6-star boutique hotel, as well as nearby Cultural Island’s libraries and theatres.

TYPE A 16,448 SQ. FT. 16,404 SQ. FT. 6 BEDROOM AED 17M

TYPE B 14,918 SQ. FT. 13,186 SQ. FT. 6 BEDROOM AED 15M

TYPE C 13,858 SQ. FT. 11,834 SQ. FT. 5 BEDROOM AED 15M

TYPE D 12,713 SQ. FT. 11,373 SQ. FT. 5 BEDROOM AED 12.5M

Dorothy Biro+971 55 5088258

[email protected] | BRN : 29200

Yasmin Mohammad+971 [email protected] | BRN : 28107

Tel +971 4 3882220 | www.aquaproperties.com

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BURJ KHALIFA 2 BED APARTMENTAREA 1,639 SQ FT | RENTED SEA VIEWAED 5,985,000

STANDPOINT TOWER B2 BED APARTMENTAREA 1,397 SQ FT | RENTED BURJ KHALIFA & FOUNTAIN VIEWAED 4,150,000

STANDPOINT TOWER 42 BED APARTMENTAREA 1,700 SQ FT | RENTED BURJ VIEWSAED 4,100,000

29 BOULEVARD TOWER 12 BED APARTMENTAREA 1,208 SQ FT PARTIAL BURJ KHALIFA & FOUNTAIN VIEWSAED 3,550,000

STANPOINT TOWER A2 BED +MAID’S APARTMENTAREA 1,489 SQ FT SHEIKH ZAYED ROAD VIEWAED 3,300,000

CLAREN TOWER 22 BED APARTMENTAREA 1,187 SQ FT BURJ KHALIFA & FOUNTAIN VIEWSAED 3,100,000

BURJ VIEWS TOWER C2 BED APARTMENTAREA 1,299 SQ FT PARTIAL BURJ KHALIFA VIEWAED 2,400,000

BOULEVARD CENTRAL 21 BED +STUDY APARTMENTAREA 780 SQ FT BOULEVARD VIEWSAED 1,900,000

29 BOULEVARD TOWER2 BED APARTMENTAREA 1,181 SQ FT BURJ KHALIFA & FOUNTAIN VIEWSAED 3,300,000

DOROTHY

DOROTHY

DOROTHY

YASMIN

YASMIN

YASMIN

YASMIN

YASMIN

DOROTHY

SOLUTIONS BEYOND REAL ESTATE

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

[email protected] www.lacapitaledubai.com

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

050 888 9510

AED 2,550,000 Ref: 52490Stans

DUBAI MARINABonaire | 2 BR + Study1244 sq.ft. | Marina and Sea View

AED 2,550,000 Ref: 52490Stans

DUBAI MARINABonaire | 2 BR + Study1244 sq.ft. | Marina and Sea View

OP 2,399,888 Ref: 53756Stans

DOWNTOWNBurj Vista | 2 BR with Huge Terrace | 1390 sq. ft. | Full Sea View

AED 2,200,000 Ref: 53166Ravish

GREENSTanaro | 2 BR + Balcony + Store + Laundry1414 sq. ft. | Golf course View

OP 2,577,888 Ref: 53236Nick

HILLSBLDG C1 | 3 BR + Balcony | 1775 sq.ft.Full golf course View

7% Premium

17% Premium

High Floor

Actual View

StanAED 4,920,000 Ref: 53498Arpana

DOWNTOWNBurj Khalifa | 2 BR + Study1639 sq. ft. | Full Sea View

OP 1,717,888 Ref: 53788Kunal

DOWNTOWNBLVD Crescent 1 | 1 BR + Balcony1001 sq.ft. | Burj View

Minus 2 % Premium OP 1,521,888 Ref: 53568

Ravish

MIRA3 BR + Maid | Phase 4 | Type 3E | 2534 sq. ft. | On the pool and Park

OP 2,890,000 Ref: 53719Kunal

DUBAI LANDMudon | 4 BR + Maid’s | Sector A8 | Type B3786 sq.ft. | Single Row View

AED 1,250,000 Ref: 53729Ravish

THE VIEWSMosela Waterside | 1 BR+ Balcony784 sq. ft. | Race course View

Vacant

0% Premium

8% Premium

AED 2,600,000 Ref: 53687Arpana

SPRINGS | Springs 5 | 3 BR + Study | Type 3E2300 sq.ft. | Back To Back View

Large Plot

AED 1,750,000 Ref: 51812Stans

DUBAI MARINAAl Majara 1 | 1 BR + Balcony860 sq. ft. | Community View

Low Peice

USD 499,350

FLEX HOUSEChicago | USA3 BR | 2097 sq.ft. | Facing West View | ROI - 6.8%

USD 562,342

NINEMiami | USA2 BR | G + 33 Floors | 1173 sq. ft. | Facing North West View | ROI – 6.26%

INTERESTED IN PROEPRTIES IN USA

NEED HELP INCALL 050 888 9510

Wants to process for JAFZA Company

Investors visa process in 6 weeks

Best Pric

e

RERA # 203


Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | [email protected]

the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens

ARABIAN RANCHES - MIRADOR SP: AED 10,300,000/-

6 bedrooms + study with En-Suite + maid’s Room

1 Basement, Garage Spaces 3

Style D9, Vacant

ARABIAN RANCHES - ALBARARI SP: AED 13,500,000/-

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RERA # 203


Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | [email protected]

the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens

ARABIAN RANCHES - MIRADOR SP: AED 10,300,000/-

6 bedrooms + study with En-Suite + maid’s Room

1 Basement, Garage Spaces 3

Style D9, Vacant

ARABIAN RANCHES - ALBARARI SP: AED 13,500,000/-

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

MARINA PLAZA

PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’s

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

DUBAI MARINA WHARF

2 Bedrooms | BUA 1,493.83Sea View | High FloorSea and Marina view | Vacant SP: AED 2,000,000Call: Rajeev | BRN 24907 | Mob 050 81 06 767

Call: Amar | 050 625 5710

RERA # 203


Shell & Core | Office Unit

Sheikh Zayed Road View SP: AED 6,800,000/- Shell & Core | Office 2 Unit

Full Marina View SP: AED 6,900,000/- Each

ALBARARI

MIRADOR

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

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

On the Cul De Sac | Upgrades done by Arabtec | 8 Bedrooms all Ensuite Upgraded

Play area | Vacant on transfer | SP: AED 10,300,000/-Call: Oksana | BRN 11556 | 050 42 52 031

+971 4 3882220aquaproperties.com

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

JUMEIRAH VILLAGE CIRCLE - JVCCOME HOME TO JVCSPACIOUS G+2 TOWNHOUSE VILLAS, 3 BEDS+FAMILY ROOM+STUDY, SPACIOUS LIVING ROOM, 3,943 SQ.FT.2 CAR PARKING+MAID ROOM,BEAUTIFUL TERRACE, CUSTOM STAIRCASE STARTING @AED 750/SQ.FT.

MOVE IN

TODAY!

Qaiser (BRN 29276)

050 9191567Sofiene (BRN 31373)

056 7559188

PALM JUMEIRAH

JUMEIRAH ZABEEL SARAY4 BED+MAID, 4 BATH, 6,347 SQ.FT. LAGOON VIEW,A GUARANTEED INVESTMENTAED 25,800,000/- Dorothy (BRN 29200)

056 1053655

EXQUISITE

JUMEIRAH PARK

LEGACY LARGE5 BED, 5 BATH, BIG PLOT SIZE, 10,093 SQ.FT. BUA, COMMUNITY VIEWAED 6,350,000/-

Shahid (BRN 31612)

056 4649194

OFF PLAN

PALM JUMEIRAH

GARDEN HOMESSTARTING @AED 10,500,000/- & UP SIGNATURE VILLASSTARTING @AED 18,000,000/- & UPMULTIPLE VILLAS TO CHOOSE FROMCALL NOW

Zia Hasan (BRN 29236)

050 2989796

STUNNING

DUBAI MARINA

MAG 2182 BED, 3 BATH, 1,558 SQ.FT. PARTIAL SEA & MARINA VIEWHIGH FLOORAED 2,395,000/- Asmahane (BRN 31414)

055 57315705

SPACIOUS

AL SUFOUH

ACACIA AVENUESSTUNNING G+2 VILLA, 5 BEDS, PRIVATE POOL, 6,871 SQ.FT. BUA & 10,000 SQ.FT. PLOT,CUSTOMIZED VILLA IN A GATED COMMUNITYAED 11,995,000/- Manish (BRN 27819)

BRAND NEW

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 136 BED, 6 BATH, 5,230 SQ.FT. GOLF COURSE VIEW,AED 8,900,000/-ALVORADA 34 BED, 4 BATH, 3,885 SQ.FT. AED 5,600,000/-

Johnny (BRN 31388)

056 6967268

FULLY

UPGRADED

DISCOVERY GARDENS

MEDITERRANEAN CLUSTER1 BED, 2 BATH, 1,200 SQ.FT. GARDEN VIEWAED 720,000/- Amjad (BRN 29136)

056 7164128

MUSTSEE

DUBAILAND

MAZAYA A15 BED, 4 BATH, LARGE LIVING AREA, BEAUTIFUL TERRACE, 3,600SQ.FT. COURTYARD VIEWAED 3,600,000/- Khusro (BRN 27523)

055 8992429

PRIME

LOCATION

AL SUFOUH

BAHIA 2 RESIDENCEMULTIPLE 1 & 2 BEDS, 1,228 SQ.FT. - 1,663 SQ.FT. GATED COMMUNITYSTARTING @AED 1,658,087/-

Haroon (BRN 28643)

055 8992430

READY TO

MOVE IN!G

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055 2549950

+971 4 3882220aquaproperties.com

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

JUMEIRAH VILLAGE CIRCLE - JVCCOME HOME TO JVCSPACIOUS G+2 TOWNHOUSE VILLAS, 3 BEDS+FAMILY ROOM+STUDY, SPACIOUS LIVING ROOM, 3,943 SQ.FT.2 CAR PARKING+MAID ROOM,BEAUTIFUL TERRACE, CUSTOM STAIRCASE STARTING @AED 750/SQ.FT.

MOVE IN

TODAY!

Qaiser (BRN 29276)

050 9191567Sofiene (BRN 31373)

056 7559188

PALM JUMEIRAH

JUMEIRAH ZABEEL SARAY4 BED+MAID, 4 BATH, 6,347 SQ.FT. LAGOON VIEW,A GUARANTEED INVESTMENTAED 25,800,000/- Dorothy (BRN 29200)

056 1053655

EXQUISITE

JUMEIRAH PARK

LEGACY LARGE5 BED, 5 BATH, BIG PLOT SIZE, 10,093 SQ.FT. BUA, COMMUNITY VIEWAED 6,350,000/-

Shahid (BRN 31612)

056 4649194

OFF PLAN

PALM JUMEIRAH

GARDEN HOMESSTARTING @AED 10,500,000/- & UP SIGNATURE VILLASSTARTING @AED 18,000,000/- & UPMULTIPLE VILLAS TO CHOOSE FROMCALL NOW

Zia Hasan (BRN 29236)

050 2989796

STUNNING

DUBAI MARINA

MAG 2182 BED, 3 BATH, 1,558 SQ.FT. PARTIAL SEA & MARINA VIEWHIGH FLOORAED 2,395,000/- Asmahane (BRN 31414)

055 57315705

SPACIOUS

AL SUFOUH

ACACIA AVENUESSTUNNING G+2 VILLA, 5 BEDS, PRIVATE POOL, 6,871 SQ.FT. BUA & 10,000 SQ.FT. PLOT,CUSTOMIZED VILLA IN A GATED COMMUNITYAED 11,995,000/- Manish (BRN 27819)

BRAND NEW

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 136 BED, 6 BATH, 5,230 SQ.FT. GOLF COURSE VIEW,AED 8,900,000/-ALVORADA 34 BED, 4 BATH, 3,885 SQ.FT. AED 5,600,000/-

Johnny (BRN 31388)

056 6967268

FULLY

UPGRADED

DISCOVERY GARDENS

MEDITERRANEAN CLUSTER1 BED, 2 BATH, 1,200 SQ.FT. GARDEN VIEWAED 720,000/- Amjad (BRN 29136)

056 7164128

MUSTSEE

DUBAILAND

MAZAYA A15 BED, 4 BATH, LARGE LIVING AREA, BEAUTIFUL TERRACE, 3,600SQ.FT. COURTYARD VIEWAED 3,600,000/- Khusro (BRN 27523)

055 8992429

PRIME

LOCATION

AL SUFOUH

BAHIA 2 RESIDENCEMULTIPLE 1 & 2 BEDS, 1,228 SQ.FT. - 1,663 SQ.FT. GATED COMMUNITYSTARTING @AED 1,658,087/-

Haroon (BRN 28643)

055 8992430

READY TO

MOVE IN!

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055 2549950

IT’S YOUR TURN TO CHOOSETHE BEST IN THE INDUSTRY…

VOTEVOTE


REAL AWARDS FROM REAL CUSTOMERS…

& WINA HOLIDAY TRIP

A HOLIDAY TRIP

& WIN


property times emagazine february 2015

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