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Page 1: Property Times eMagazine January 2014

Check out latest realty news & regulations + Property Listings

///// Issue 14 - January 2013 propertyonline.ae

It’s a Balancing Act

32pg

New regulations give equal power to tenants and landlords

36pg

Green Community, Dubai

Quiet and PeacfulLifestyle

Page 2: Property Times eMagazine January 2014

20000Copies

Focused distribution is our strength. By teaming up with three di�erent distributors, we ensure our product reaches the right people including buyers and investors and right areas such as villa and apartment communities, airport lounges, hotels, restaurants, corporates, banks, real estate agents etc.

Reaching a wide spectrum of buyers and investors

NEW

NEW

Community focused listings

Unique property listings

[email protected]@propertyonline.ae+971 4 33 86724

Copies

Banks

Nakheelcommunities

Real Estate Agents

Othercommunities

Infopod(48 Buildings)

Freehold buildingsDevelopers

o�ceAirport

Hotels

Emaarcommunities

40000

In 2014 In 2013RELIABLE CONTENT............DOUBLE THE REACH

Page 3: Property Times eMagazine January 2014

20000Copies

Focused distribution is our strength. By teaming up with three di�erent distributors, we ensure our product reaches the right people including buyers and investors and right areas such as villa and apartment communities, airport lounges, hotels, restaurants, corporates, banks, real estate agents etc.

Reaching a wide spectrum of buyers and investors

NEW

NEW

Community focused listings

Unique property listings

[email protected]@propertyonline.ae+971 4 33 86724

Copies

Banks

Nakheelcommunities

Real Estate Agents

Othercommunities

Infopod(48 Buildings)

Freehold buildingsDevelopers

o�ceAirport

Hotels

Emaarcommunities

40000

In 2014 In 2013RELIABLE CONTENT............DOUBLE THE REACH

Page 4: Property Times eMagazine January 2014
Page 5: Property Times eMagazine January 2014

January 2014 Issue -14 /// 5

propertyonline.ae

FROM THE EDITOR

PROPERTY TIMES NOW 40,000 COPIES: GROWING WITH THE MARKETThe new year has started with a lot of positivity and it is true as far as Property Times is concerned. This is the first issue of PT with 40,000 copies and we are planning to grow substantially over the next few months with all your support. And for the mar-ket, these are busy times as well. While real estate agents are busy with their clients; both old and new, developers are announcing new projects. Altogether, things are bound to get more exciting in the days to come and we, at Property Times, will continue to bring you all the latest news, events and trends in this market. Dubai is going to attract a lot more foreign investors this year and with rents climbing up steadily, more and more end users are expected to consider buying their own homes rather than wasting money on rents.

Although the market is a buzz with activity, things are likely to remain under control as far as overheating is concerned thanks to a number of initiatives taken by Land Department, Rera and Dubai government. Developers are also pitching in with new regulations to curb flipping. All these are healthy signs for the market and this surely will be an impetus for investors to invest in the market.

Binesh PanickerEditor-in-Chief & Co-Founder

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

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

Indu RohitExecutive - Sales & PR [email protected]

NYSAM K ShahulGraphic Designer [email protected]

ANDREA WinstonOffice Administrator [email protected]

TOSEEF Ali TidiwalaAccounts [email protected]

P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE

MEDIA LAB PUBLISHERS LLCOffice 135, B BlockAl Shafar investment BuildingNear 3rd interchangeSheikh Zayed RoadDubai, UAE, PO.Box: 235504Tel: +971 4 33 86 724 Fax: +971 4 33 86 [email protected]

[email protected]

[email protected]

[email protected]

Licensed by National Media Council

P.O. Box: 102817, Dubai, UAE

TMInfoPod

OUR TEAM

CONTRIBUTORS

PRINTER DISTRIBUTORS

PUBLISHER

Nicole WalterFreelance Writer

Mini.S.MenonFreelance Writer

P.O. Box: 485100, Dubai, UAE

In this issue, in a bid to analyze the price trends, our writer Nicole Walter catches up with industry veterans to find out where the prices are heading towards and why. And for the tenants in this coun-try, we bring you an exclusive analysis of the new rental decree aimed at bringing the rental increases under control. I would like to welcome on board Dawn Draper, general manager, Ocean View Real Estate as our property expert. I am sure her extensive experience and expertise in this market will help our readers find solutions for their various issues.

Apart from this, we have an exclusive article on Emirati cuisine championship by Nicole; a story on inheritance laws by Nita Maru and we catch up with a family in Green Community. And for the first time ever, we are launching an exclusive list-ings section which will help our industry members take their properties to a wide variety of potential clients. This is the time to grow and let’s all grow together by contributing selflessly to the growth of the market.

Page 6: Property Times eMagazine January 2014

January 2014 Issue -14 /// 6

propertyonline.ae

05FROM THE EDITOR

10NEWS & ANALYSIS

Lila from Emaar Properties

12NEWS & ANALYSIS2013 recap by REIDIN.com

14NEWS & ANALYSIS

New initiative for agents from Harbor Real Estate

16INHERITANCE LAWS:

Nita Maru, TWS

18PROPERTY EXPERT:

Dawn Draper, Ocean View Real Estate

20INTERIOR EXPERT:

Adam Riccio, Under One Roof

54COMMUNITY LISTINGS

PRICE INCREASE IN 2014

NEW RENT DECREE:an analysis

LIFE IN green community

EMIRATI CUISINE IN the spotlight24 32 36 46

th

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th

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Page 9: Property Times eMagazine January 2014

NEWS & ADVICE

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January 2014 Issue -14 /// 10

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LILA: SPANISH COASTSTYLE VILLAS FROM EMAAR IN ARABIAN RANCHES

propertyonline.ae

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Lila is the newest addition to the Arabian Ranches extension, and will feature 219 villas in five dif-

ferent types, ranging from three to five-bedrooms, each with private plots for gardens and outdoor decks. The launch of Lila, a family-centred com-munity marked by green neighbor-hoods, walkways and cycling paths, fol-lows the successful response to other recent additions to Arabian Ranches including CASA, Palma and Rosa. Lila is distinguished by low-pitched ter-racotta tiled roofs defining its skyline. This is accented with elegant over-hanging eaves and delicate wrought iron trimming. The interior design is an interpretation of a sophisticated mod-ern Spanish palette. Minimalist clean lines of woodwork and polished floors are set against the architectural flow-ing contours that only enhance the floor plans. Lila offers residents with a diverse array of leisure, retail and life-style offerings. Adding to the lifestyle choice is the central Residents’ Club featuring a state-of-the-art gymna-sium for men and women, geometric pool with quaint cabanas, an indoor running track, beauty salon and spa. Promoting outdoor sports, Lila has several parks with children’s play areas, squash and tennis courts, and a football pitch. Landscaped gardens, barbecue pits and a standalone gour-met restaurant add to the quality of

LILA: SPANISH COASTSTYLE VILLAS FROM EMAAR IN ARABIAN RANCHES

life. Centrally located, residents of Lila will be in close proximity to the city’s key hubs including Dubai Marina, the largest-of-its-kind waterfront develop-ment in the region, Dubai Media City and Dubai Internet City. Ahmad Al Matrooshi, managing director, Emaar Properties PJSC, says, “The Arabian Ranches community has become the benchmark in family lifestyle, by pro-moting aesthetics inspired from some of the most renowned architectural styles in the world. The addition of Lila to the Arabian Ranches extension underlines a robust demand for vil-las in gated communities, especially with Dubai serving as a safe haven for regional and international inves-tors. Having set a distinct benchmark in family-oriented community devel-opments, Emaar offers customers a truly serene ambience at Lila, where the focus is on the wellness of the res-idents by providing access to an array of outdoor and indoor activities.”

Residents in Lila will have access to specialty dining options, a medical clinic, daycare centre and schools for the little ones and a grocery store. They can also take advantage of the Arabian Ranches Golf Club, the 18-hole, par 72 signature course designed by Ian Bak-er-Finch, in association with Nicklaus Design and Dubai Polo & Equestrian Club, boasting unmatched polo and equestrian activities.

propertyonline.ae

Page 12: Property Times eMagazine January 2014

January 2014 Issue -14 /// 12

Property Times in association with

REIDIN.com takes a look at the

upcoming supply in Dubai real

estate market. By Binesh Panicker

AHMET KAYHANCEO, REIDIN.com

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Year 2013 was a pretty good year for Dubai market as we witnessed an increase in transactions, prices as

well as rents. As the year ended, the confi-dence level among investors increased sub-stantially a Dubai bagged the rights to host the coveted event Expo2020.

The developers grew in confidence and started announcing projects which will create enough supply to meet the future demand fuelled by the expo bid win. We take a look at the number of upcoming units in apartment and villa segments in 2014.

MORE SUPPLY IN STORE

What is going to be the impact of new supply in Dubai real estate market?There surely will be a new supply com-ing to the market and it will affect the prices downwards given the demand will be over exceeded over time.

But given the fundamental changes in the market it looks like we will not be seeing a huge amount of supply that will beat the demand. At least no more 2008 numbers as developers are required to be more careful and cash and equity rich before they start a new project. Plus the project construction and acquisition finance terms and reg-

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January 2014 Issue -14 /// 13

REIDIN.com is widely used by real estate agents and investors for reliable, well-re-searched 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, develop-ment 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.

Source : REIDIN.com

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ulations changed dramatically to put pressure on supply. Hence we don’t see a big risk of supply impacting market negatively in the short and mid term.

Which segment will witness more supply: villas or apartments? Why?Based on the latest analysis made by our team it looks like the biggest sup-ply will be in the apartment segment. The main reason for this is apartments are easier to build and less costly to sell by developers hence there is a higher absorption rate with apartments.

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January 2014 Issue -14 /// 14

propertyonline.ae

Harbor Real Estate, as part of its post-recession growth has set a new industry benchmark

by introducing a compensation and benefits scheme that includes the possibility of brokers achieving up to 90% commission on property sales. The package, known to insiders as ‘Performance Plus’, is the cornerstone of Harbor’s latest recruitment drive and has been designed to attract and reward high-performing and moti-vate high-potential brokers. “The recovery in Dubai’s real estate industry has provided Harbor Real Estate with the opportunity to expand its operations and line of profes-sional services. Therefore, the recruitment of high caliber brokers is fundamental and core to Harbor’s expansion plans and commitment to offering exceptional cus-tomer service” says Mohanad Alwadiya, managing director of Harbor Real Estate and instructor of property management and cus-tomer service at the Dubai Real Estate Institute, the official training and certification arm of the Dubai Land Department. The package was devel-oped after conducting an extensive research study which involved rele-

vant professionals from several indus-tries including automotive, real estate, media, finance and hospitality and has been designed to identify and reward top performing brokers on criteria including sales performance, customer satisfaction, leadership attributes and adherence to professional and ethical standards and certain behavioral char-acteristics and knowledge relevant to the profession of real estate brokerage. “We needed to develop a world class

solution to the challenge of attract-ing world class professionals,” says Mohanad. “And we believe we have achieved that with this new innovative and lucrative scheme”.

BENEFITSHigh performers have the opportunity

The real estate firm is offering up to 90% commissions to attract and reward brokers as part of its new recruitment drive. By Binesh Panicker

NEW INDUSTRY BENCHMARK

FROM HARBOR REAL ESTATE

to achieve lucrative sales commissions ranging from 45% to 90%, generous monthly recognition rewards and 10% additional annual performance bonuses.

They will also be eligible for addi-tional benefits including enrollment in the company vehicle and transport scheme, career development and training programs, access to over 2,000 exclusive properties, institutional sales

and leasing systems and guar-anteed daily leads and refer-rals generated by the compa-ny’s award-winning marketing integrated campaigns.

In addition, an Employee Savings Scheme has been developed with Dubai’s lead-ing savings and investment house, National Bonds Cor-poration providing a level of employee benefits rarely seen in the industry. “The recent

recession highlighted once again that our people are our most important assets”, says Mohanad. “They actually define our company and shape our future. So, if we want to be the best, we need the best people and we must reward them when they give our cli-ents their best efforts”.

January 2014 Issue -14 /// 14

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“The recovery in Dubai’s real estate industry has provided Harbor Real Estate with the opportunity to expand its oper-ations and line of professional services. Therefore, the recruitment of high cali-ber brokers is fundamental and core to

Harbor’s expansion plans and commitment to offer-ing exceptional customer service.” Mohanad Alwadiya, managing director, Harbor Real Estate

Page 15: Property Times eMagazine January 2014
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Passing away is the last thing on people’s minds when they are purchasing a property. The

dilemma of who’s to inherit property particularly in the UAE in the event of death is usually confronted only when it’s found out the deceased left no will, that the estate heirs’ claims are being contested or that the laws are unclear about properties purchased in this region. As a general rule, inher-itance issues for Muslims are dealt with in accordance with Sharia (a system of Islamic law based on the Quran), whereas for non-Muslims, the law of the deceased’s home country can be applied. Succession under Sharia law principally operates by a system of forced heirship or reserved shares. Sha-ria is not a codified law and is capable of adaptation, development and fur-ther interpretation.

Whereas the Civil Code states, in one part, that the law of the home coun-

Wills | Real Estate | Business Succession Planning | Company Formation | Trusts

QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.

Call: +9714-4484284 Email: [email protected]: www.twslegal.ae www.willsuae.com

try applies to matters of inheritance, in another part it states, that where a will made by a non-Muslim refers to the dis-posal of real estate in the UAE, then UAE law applies.

This is consistent with the fact that in general the law of the state where property is located applies to real prop-erty rights. This conflict has caused con-fusion among non-Muslims as to the inheritance of their property upon their demise. To clarify the position The Per-sonal Status Law 2005, was passed to add clarity to the terms of the Civil Code.

The Personal Status Law is widely thought to proceed on the footing that an expatriate non-Muslim with an estate in the UAE, is entitled to elect by will for the application of his or her national law to govern succession to their UAE estate instead of the normal Sharia-based rules. However, the Personal Status Law does not make specific reference to immov-able or real estate in foreign ownership,

Nita MaruLLB (Hons) UK

Solicitor and DirectorTWS Legal Consultants

THE INHERITANCE LAWS

In my line of business, I am often found quoting the words of American author and academician John M. Richardson, Jr. Marked by innate sim-plicity, it is as simple to practice as it is to preach: “When it comes to the

future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened.”

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Page 17: Property Times eMagazine January 2014

whereas the Civil Code clearly does. Hence there is a potential conflict between the two laws.

While the current legislation requires clarity, one thing remains clear, as an investor or property owner, one must always, ALWAYS take care of the legalities surrounding your assets and not leave your heirs befuddled when you go.

One can opt to rely on a will, but in many cases the better approach is a more evolved approach, involving offshore succession planning solu-tions and trusts. This ensures that Sha-riah Law does not apply to your estate and lengthy probate proceedings are avoided.

Seek the counsel of specialized law-yers who will work with you to ensure your personal assets, shares in a busi-ness and investments can be struc-tured effectively for the long-term benefit of you and your family.

Wills | Real Estate | Business Succession Planning | Company Formation | Trusts

QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.

Call: +9714-4484284 Email: [email protected]: www.twslegal.ae www.willsuae.com

The reality of the situation is that expat families living and working in the Middle East fail to understand or are normally unaware of the implica-tions of the application of local law to their assets, children and in the case of business proprietors, their business.

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It is therefore imperative that ex-pats explore the necessary steps they need to take ensure that their families are protected and are prepared financially for the unexpected. You should be pre-pared today for all that may and can happen tomorrow.

Nita Maru is a British qualified solicitor and founder of TWS Legal Consultants in Dubai. With over 15 years of experience in senior legal positions, Nita has authored several articles and essays on asset and wealth protection. Her focus is on safeguard-ing families, heirs and businesses, under succession and inheritance laws in Sharia jurisdictions.

TWS Legal Consultants are dedicated to the business of wills, business succession planning, company formation, offshore structures and trusts. The law firm is accred-ited by the Government of Dubai Legal Affairs Department, and by the Dubai Ruler’s Court. Their office location is Office Suite 3001, HDS Tower,, Jumeirah Lakes Towers. Dubai. Tel: +971 4 448 4284, Email: [email protected]. Website: www.willsuae.com and www.twslegal.ae

Page 18: Property Times eMagazine January 2014

January 2014 Issue -14 /// 18

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

Being cautious about investing in off-plan properties is understand-able. As you are seeing yourself,

your own friends and many people are now investing again in off-plan projects. Looking at the long term sustainability of the Dubai property market, you should ask yourself if you have confidence that Dubai has long term potential for business. With growing business, as well as leisure, travel and tour-ism comes the need for new homes. Dubai is undoubtedly one of the fastest growing business hub’s in the world, with the added security of being awarded expo 2020. Con-fidence is high and the property market is strong. If you are going to invest in off-plan projects, then our advice is to choose a creditable developer with proven history and quality of build, and focus on the area of the project.

Prices in the Meadows are con-tinuing to rise in line with market prices, therefore of course there is

more increase to come but no substantial ‘jump’ can be expected as it is already an established community. What you need to consider, is that while your property in the Meadows is gaining in value, so are other properties, so if you are selling to buy some-thing else, then waiting for a higher price for your property means you will pay a higher price for the property you will be looking to buy, so it could work out to be a false econ-omy. As you are not a distressed seller, you should be considering your personal reasons for selling and what you are wanting to buy. The secondary market values and potential for areas like The Meadows should really be judged on an individual’s situation and the wants and needs of the individual. We are seeing a very confident market at the moment with stable, controlled finance options for buyers. Market conditions do change as does the confidence of buyers and sellers, so taking these factors into account then now would be a good time to sell and secure your new property.

There are pros and cons for both options, and these relate to rental yield and longer term capital appre-

ciation. For the longer term capital appre-ciation then villas would be the choice, but the location is a major factor in order to maximize this gain. When looking at the yield to be earned from rentals, then apart-ments will achieve a much higher number, sometimes as much as 10%, as compared to rental yield on villas, which is generally around 5%. Capital appreciation on the longer term is less for apartments.

Some of my friends have invested in an off plan villa proj-ect launched recently by a lead-

ing developer. However, I chose not to do it because I am still not sure about the off plan market in Dubai. What do you suggest? Is it a good idea to invest in off plan properties in Dubai?

I own a property in the Meadows which I have been planning to sell for a while. I hear that the prices

are going up, so does it make sense to wait for some more time? This is a not distress sale at all.

I have long term plans for Dubai and I am looking at investing in two or three properties for long

term capital appreciation. Do you sug-gest villas or apartments for this pur-pose? Please explain the pros and cons.

Our expert answers the queries about your real estate investments.

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Generally rental prices are going up for both villas and apartments. The established communities will

always attract tenants therefore offering you the security of knowing the property won’t be empty for long. Generally vil-las do not offer a rental yield higher than 5.5%, and you should therefore consider the longer term capital gain in terms of investment. The newer, still establishing communities like Sports City (especially Vic-tory Heights), Silicon Oasis, Jumeirah Park, The Villa project and Jumeirah Village Circle area’s will guarantee a higher return on capital as they have not yet reached their peak in terms of value.

I am a European investor based in Dubai. Currently I am plan-ning to invest in a few properties

(villas) which can generate reasonable rental income. Which communities you would recommend?

propertyonline.ae

Dawn DraperGeneral Manager

Ocean View Real EstateT: +971 4 343 3256

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January 2014 Issue -14 /// 20

Adam Riccio Operations director

Under One Roof04 323 2722

If you have any queries about renovations or conversions please email at [email protected]

For soft furnishings, we work with a number of interior designers that we can recommend or who

recommend us. For designing kitchens, bathrooms, bedrooms, studies, offices, playrooms, fitted wardrobes and other fur-niture, we employ our own designers who work with the client to design their perfect room or furniture. This process often takes several attempts with our designers work-ing in collaboration with our clients before the finished design is approved, costed and quoted. Once approved, we then execute the project to the design specified. This way, each project is unique and bespoke and tailored to each individual home and taste. As long as clients decide to commission us for their project we do not charge for the designs or design time.

We supply a wide range of kitchens to cater for all budgets, which are on display in our showroom in Al Quoz

near Times Square. We have four ranges; Metris, a high end, contemporary high gloss range imported from the UK; Second Nature, a mid range classic plus contemporary range imported from the UK; the brand new 1909 range, which makes the classic handmade oak furniture look similar to Mark Wilkinson and Clive Christianson. This is newly avail-able and also imported from the UK; finally we also make our own Contempo range in our own factory in Dubai. This wide range of choices and suppliers means we can cater to a wide choice and budget.

All kitchens are designed by our design-ers in collaboration with you, so you end up with a 3D bespoke design which creates the kitchen of your dreams that suits each indi-vidual space. Once the design is signed off, we then order the kitchen and install, usually within four weeks, depending on the materi-als chosen. Many people are now choosing to install a kitchen designed by themselves to put their own individual stamp on their home and ensure the kitchen/dining area becomes a fully utilized and enjoyable part of their home. To do this costs a fraction of the value of the home and adds enormous value and enjoyment. Our kitchens come with a five year warranty and all other build-ing works are fully guaranteed for two years. Any issues with workmanship in that period, just give us a call and we will schedule a time to come and resolve any issues.

It is possible to build an additional floor and we have installed several such floors in the Green Community

and on the Palm. It is a very technical exer-cise and requires proper knowledge of the approvals process involving structural engi-neers as well as expertise to carry out the works. The result, however, is stunning, with our clients using the additional space for an extra children’s bedroom and bathroom, a study or office, a play area or a guest room. In many cases, it can increase the overall useable square footage floor space by up to 30%. If you multiply this by the cost per square foot purchase price of a property these days in Dubai, the build cost is a frac-tion of this value and can add substantial value to your home as well as dramatically improving the quality of your living space.

Do you work with independent interior designers? Do you have an in house team of designers?

Please explain.

Do you also supply kitchens as well as interior fit-out? Also what kind of guarantee do you provide

for the jobs undertaken by you?

I have a huge void space in the hallway and landing of my town-house. Is it possible to get per-

mission to build an additional floor? Do you undertake such jobs?

Everything you need to know about property refurbishment, conversions and permissions.

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Experience and track record. Any contractor should be able to show you their previous work and intro-

duce you to their previous customers so you can see the quality of their work and more importantly their after sales service. Other key factors to be aware of are; do they have insurance and can they show their insurance policies to you?; do they have a valid trade licence, which covers the work they are undertaking for you?; do they have an engineer who is able to get the proper approvals for you fully authorized by rel-evant authorities? A reputable contractor will be able to answer all of these questions and show you evidence that they have all of the necessary paperwork in order.

What are the factors one has to consider before appointing an interior contracting company?

propertyonline.ae

Page 21: Property Times eMagazine January 2014
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Page 23: Property Times eMagazine January 2014

MARKET& COMMUNITY

Luxury Bathtub

Ceramic Tiles

Elegant Wallpapers

Outdoor Furniture

Elegant Furniture

Chandeliers

So many dreams.Bring them all to life with Danube Buildmart.

TOLL FREE: 800-3131

UAE:Abu Dhabi, Dalma Mall +971 2 5506610Abu Dhabi, Mushrif Mall +971 2 4470966Al-Ain, Bawadi Mall +971 3 7840318Fujairah +971 9 2249848

Dubai Festival City +971 4 2325220Dubai, Bur Dubai +971 4 3862465Dubai Bath Solution +971 4 2977020Ras Al Khaimah +971 7 2355761

BAHRAIN:Salmabad +973 1 7879931

QATAR: Doha +974 44116604

SAUDI: Jeddah +966 2 6590172

INDIA:Ahmedabad +91 7966625831 Pune +91 2030552500

OMAN: Honda Road +968 2 4834414Salalah +968 2 3213005

Page 24: Property Times eMagazine January 2014

January 2014 Issue -14 /// 24

Residential price growth to ebb in 2014 as opportunity grows

Mar

ket

propertyonline.ae

Page 25: Property Times eMagazine January 2014

January 2014 Issue -14 /// 25

Although it is still a bit of a crystal ball exercise at present, real estate mar-ket experts have certainly started

discussing what this year will bring. “Our best guess today is that the price trend for residential is upwards, around the 10% to 15% mark, instead of the 20% growth seen last year. Reason being that the cur-rent growth is simply unsustainable, at the same time there is no reason why the mar-ket should crash but rather its growth will slow,” says Craig Plumb, head of research - MENA at Jones Lang LaSalle.

Craig cites the positive sentiment cre-ated by winning the World Expo 2020 bid, as well as the real growth in the economy, and with that jobs and population, as rea-sons for this prediction. “It is a combination of these two, sentiment and fundamen-tals, driving property prices further up,” he says. On the other hand, he explains,

was the amount of supply coming on-line, 20,000 units in 2014 alone, which were likely to stem the speed of residential price increases. “The supply should keep a cap on price growth. In addition, it is simply becoming more and more expensive to buy and as prices go up buyers will put up a natural resistance and refuse to move. It will be a trickle down effect from the more expensive to the cheaper areas as people get affected bit by bit according to what they can afford,” Craig points out.

Knight Frank issued a similar prediction in its Q4 2013 residential research “Prime Global Forecast’ focused on the more luxury end of properties world-wide. The report named Dubai as coming out on top with 10% to 15%, behind Beijing and Shanghai, in terms of price growth. The report names the Eurozone debt crisis and geopolitical tensions as the greatest

“Our best guess today is that the price trend for residential is upwards, around the 10% to 15% mark, instead of the 20% growth seen last year. Reason being that the current growth is simply unsustainable, at the same time there is no reason why the market should crash but rather its growth will slow,” Craig Plumb,

head of research - MENA at

Jones Lang LaSalle.

Mar

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Far from stagnating, the growth of residential prices though is expected to ebb a little this year, as measures have been put in

place to stem last year’s flood. By Nicole Walter/freelance writer

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risks to Dubai’s market in 2014, while its biggest opportunities come in the form of those searching for a global safe haven, and an improving local economy. Victoria Garrett, associate director of residential at Knight Frank in Dubai, names three decid-ing events, which took place in the last quarter of 2013, influencing price growth in 2014, the doubling of the transfer fee to 4 percent, the new mortgage caps for expatriates and UAE nationals, as well as Emaar’s decision to ban real estate agents from selling on off-plan property before completion.

“All of this has come into play in order to ease residential price growth in the emirate, which over the past few years has been running at a rate of 18-22% year-on-year, and we forecast close to 10% 15% this year,” she says. “Although there are signs that transaction volumes have fallen back since the introduction of these measures – which should dampen the quarterly rate of increase in the final three months of this year – we suspect that price growth will quicken again in the early part of 2014,”

“Although there are signs that transaction

volumes have fallen back since the intro-

duction of these mea-sures – which should

dampen the quarterly rate of increase in the final three months of

this year – we suspect that price growth will

quicken again in the early part of 2014.”

Victoria Garrett, associate director - residential, Knight

Frank, Dubai

Victoria adds, citing the announcement of Dubai Expo 2020 as the reason for the latter. “While the result was widely thought to be a foregone conclusion, home buyers have been showing signs of taking a “wait-and-see” approach – not surprising in view of the new cooling measures and the fact that prices are quickly approaching previ-ous highs,” she explains.

In terms of off-plan property sales, Vic-toria points to the experience of the last downturn, during which some developers put their schemes on hold for a number of years, leaving their clients in the lurch.

“This has left a bad taste in the mouth of some investors. Thus, they are generally likely to be wary of buying off-plan prop-erty. However, those developers which delivered good quality units and kept cli-ents in the loop in terms of delivery, con-tinue to see demand for off-plan prop-erty, and in some cases have been seeing all their stock sell out upon release,” she adds. Mario Volpi, managing director at Prestige Real Estate Dubai, cited the pre-dicted 15 percent price growth for 2014 as an arbitrary figure based on the positive sentiment of Dubai Expo 2020, in terms of what could happen this year. “Last year saw many projects announced and this trend will continue throughout 2014. This year will be the very first after our victory was

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Page 28: Property Times eMagazine January 2014

January 2014 Issue -14 /// 28

announced so it will be interesting to see how the market reacts to more projects being announced,” he adds.

TOP LOCATIONSIn terms of which areas would enjoy the residential development spotlight, he named those close to the Expo site at Dubai World Central (DWC) with its Al Maktoum International airport. “Areas close to the site such as Dubai Investment Park (DIP), Jumeirah Golf Estates (JGE), Sports city, Jumeirah village (Triangle and Circle), and International media produc-tion zone (IMPZ) will all benefit from the added activity leading up to the exhibi-tion,” Mario elaborates.

Abdul Kadir, CEO of ERE Homes, says properties that would be favoured for purchases would be those in prime developments from Emaar and Nakheel on Palm Jumeirah, Dubai Marina, Down-town, Emirates Living and Jumeirah Park, as well as off-plan developments such as Panorama in the Greens as end users see them being close to completion. He also reckoned second tier locations such as Sports City, JLT, the Villa project and Al Furjan would see continued strong demand. “I believe property prices will still be going up in 2014, albeit a slower rate than 2013.

‘‘However the fundamentals are strong for Dubai, with the expo 2020 preparation under way and Dubai being seen as the main regional hub in the Mena region with not much competition around in terms of established infrastructure, the confidence in the market is to stay and can only improve,” Abdul comments.

Better Homes’ residential sales & leas-ing manager, Jan Tabrizi, tags the general line of predictions. “With Dubai getting Expo 2020, there is going to be a big boost in the property market. Off plan and ready properties have already started picking up especially properties from Emaar and Nakheel. I also believe properties that are close to the Expo site are going to be in demand as well,” she points out.

There were also larger opportunities to be had on the commercial frond, accord-ing to Murray Strang, director - invest-ment and agency UAE at Cluttons. “Sale and leaseback opportunities have long been a desirable avenue to invest into real estate within highly developed mar-kets such as Europe and the US, and are now beginning to emerge here in Dubai,”

“With Dubai getting Expo 2020, there is

going to be a big boost in the prop-

erty market. Off plan and ready properties have already started picking up especially

properties from Emaar and Nakheel. I also

believe properties that are close to the Expo

site are going to be in demand as well.”

Jan Tabrizi , residential sales & leasing manager,

Better Homes.

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“Sale and leaseback opportunities have long been a desirable avenue to invest into real estate within highly developed markets such as Europe

and the US, and are now beginning to emerge

here in Dubai.”Murray Strang, director -

investment and agency UAE , Cluttons.

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he reveals. “As the market quickly develops, we are now witnessing large and well-re-spected companies, who have until now, owner-occupied their premises, seeking to liquidate their assets in order to expand and/or re-invest into other areas of the mar-ket,” Murray adds.

This would open up opportunities for new investors to acquire properties with a ‘leaseback’ arrangement in place, usually for an attractive period of time and at a rental rate agreeable to both the purchaser and the then tenant. Recent examples of such transactions include the two GEMS school facilities sold within Dubai during Q4 2013, along with a number of office and industrial opportunities, Cluttons have been asked to informally market in Q1 2014. “Ultimately all elements of the sale price and tenancy contract are open to negotiation by both parties with a view to settling on mutually beneficial parameters. This provides the seller/tenant with the sought-after liquidity and the purchaser with a secure, long-term investment backed by a strong covenant,” Murray concludes.

propertyonline.ae

‘‘However the funda-mentals are strong for Dubai, with the expo 2020 preparation under way and Dubai being seen as the main regional hub in the Mena region with not much competition around in terms of established infrastructure, the con-fidence in the market is to stay and can only improve,”

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The Decree No. (43) issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the

UAE and ruler of Dubai, on December 21 2013 imposes a sliding scale in terms of raising rents upon contract renewal. Essentially it means that if ones rent is within 10% of the current market value as per the Real Estate Regulatory Agency’s (Rera) rent index or rent calculator, which can be found on the land department’s web-site, the landlord cannot demand any raise. However, if the discrepancy in price with market rents is between 11% and 20%, a 5% raise applies. Landlords can then raise rents by 10% if their tenant’s rent is between 21% and 30% less than the prescribed Rera value, and by 15% if their rent is between 31% and 40% below the market. The maximum raise possible is 20%, should the current rent be over 40% below the stipulated value.

“The change to the rent decree will, I believe, readdress the balance of power from the tenant back to the landlord. Owners of rented property have for some time now tried their hardest to evict their tenants at the end of their agreements for the sole purpose to re-let them at the open market rate of a vacant property,” says Mario Volpi, managing director of Prestige Real Estate Dubai.

“All have failed, as this is not allowed by law, so the landlord has in the past felt aggrieved. This decree will obviously please landlords and not tenants as most renters now will face some sort of rental increase next time they renew,” he adds.

NEW DECREE COULD BALANCE MARKET RENTS

“The specialized team from Dubai Land Department is work-ing on separating the types of villas at Ara-bian Ranches (Reem, Saheel…) so the each type of villa will have a separate rent indica-tors, and we expect the completion of this job in the coming three weeks.” Mohammad Khalifa Bin Hammad, senior manager real estate relations management, Dubai Land Department.

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Dubai’s rental market is broadly welcoming the rent decree issued last month as it could balance the power between tenants and landlords, clos-ing the gap between ‘old’ and ‘new’ rents. By Nicole Walter/freelance writer

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Mario is referring to a previous government ruling, which first emerged in 2009 and was decreed in 2011, whereby a similar sliding scale was imposed, but started with a land-lord not being able to raise the rent if his tenant was paying up to 25% below the market value, and only 5% if it was 26% to 35% below the market and so on. Equally, tenants by law cannot be ‘kicked out’ for any other reason than the purpose of the landlord wanting to sell, or live, in the property himself and this requires a one-year advance notice, which remains the case today.

MAKING THE ADJUSTMENTObviously, landlords who were trying to adjust lower pre-2008 rents, staying low since 2009 but then rising in 2012 to mar-ket prices, were unhappy with the large gap between ‘old and ‘new’, so instead of negotiating tried to make tenants leave. “Landlords that bought in the hope of rent-ing their properties for higher rent suffered during the recession as the rents were down and they could not increase below the 25% rule. Since most of these landlords

“I would expect an increase of some sort, and the new scale seems to be reason-able, it allows rents to grow steadily, instead of a big jump and then people can’t afford to live here anymore. It is important that they nail the rules for increases down so everyone knows where they stand, it’s a great idea, it alleviates the grey area and is fair offering some protec-tion for tenants,” Paul Tomlinson, Motorcity tenant

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bought the properties for investment and were getting low returns, this will surely balance the power between landlords and tenants,” says Jan Tabrizi, manager residen-tial sales and Leasing at Better Homes.

The new sliding scale starting with 10% would narrow the gap, and hopefully make landlords less likely to try to evict, especially as rents have been rising by as much as 40% over the last year or so, and are further expected to rise. “The new rent decree will certainly be good as it will pre-vent rents from being increased unrealisti-cally. Rent caps are essential for this market as this is a guideline for both the landlord and the tenant,” Jan comments. “We will see rental prices going up, and possibly a shift of existing Dubai residents moving to Sharjah and Abu Dhabi if prices con-tinue going up,” reckons Abdul Kadir, CEO of ERE Homes.

Considering that Abu Dhabi has recently removed its 5% rent cap, that may be the less likely option, however, rents in Shar-jah are reportedly already experiencing an upswing related to Dubai rent increases. Despite Mario feeling that the new decree

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would tip the power towards landlords, Dubai tenants, often not aware of the previous sliding scale provisions, are wel-coming the new decree. “I think that most tenants will fall into the new bands created, the issue is that many are not aware of their rights and leave because they feel threat-ened by the landlord. The new decree has probably been designed to balance the power, as it was more in the favour of the tenant before and this narrows the gap,” remarks Craig Plumb, head of research – MENA at Jones Lang LaSalle.

“I would expect an increase of some sort, and the new scale seems to be reasonable, it allows rents to grow steadily, instead of a big jump and then people can’t afford to live here anymore. It is important that they nail the rules for increases down so every-one knows where they stand, it’s a great idea, it alleviates the grey area and is fair offering some protection for tenants,” says Paul Tomlinson, a graphic designer and tenant in Motorcity.

“Look at Abu Dhabi, landlords will become greedy forgetting that we’re talking about people’s homes, even if you don’t own it, you don’t want to be forced to move. More so, people have budgets,

salaries don’t rise with the cost of living,” he adds.

MORE INITIATIVESDubai has just taken another step to ensure smooth and fast resolution of rental dis-putes, moving the rent committee from the Dubai Municipality to the Land Depart-ment. Established by Decree No. 26 of 2013 under the name of the Rental Dispute Set-tlement Centre, it has been operating for just over a month now with Dr. Ahmed Al Shehi as its Secretary General.

“This is good for the middle-class, so unscrupulous landlords can’t kick you out,” Paul welcomes the move. Stephanie Fischer, a consultant and fashion designer, is also happy with the new decree, although she points out it would only be as effective as people were aware of it. “A lot of people here live in fear that they will be priced out of the rental market because they expect increases because of the Expo. This new decree will enable them to stay in Dubai, allowing rents and people to grow with the benefits the Expo economy will bring,” she says. “It certainly sounds more balanced and should be beneficial for,

“We will see rental prices going up, and possibly a shift of existing Dubai resi-dents moving to Shar-jah and Abu Dhabi if prices continue going up.” Abdul Kadir, CEO of ERE Homes.

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both, landlords and tenants, maybe even favour the tenant,” Stephanie adds, also a tenant in Dubai.

Jennifer E, a tenant in the Dubai Marina, believes the new decree is a step into the right direction. “This is what people want, they (the government) are trying to create a level playing field for tenants and owners. Standardizing the rules should benefit every-one, instead of tenants depending on a nice, or not so nice, landlord, I know people who had to move every year,” she remarks. “The next step should be to adjust the Rera rent index (calculator) to be more specific, such as base the average rents on the square footage in each area and building, as well as views, services etc.,” she concludes. Indeed, the Land Department is already looking at revising the mechanisms of the rental index (calculator), usually updated every three months, to individualize properties and with that prescribed rents further. For example a three-bedroom villa (townhouse) in Al Reem or villa in Saheel in the Arabian Ranches are very different in size and layout, and one is attached the other freestanding, therefore rents there cannot be realistically compared simply as three-bedroom villa in the Arabian Ranches. “The specialized team from Dubai Land Department is working on separating the types of villas at Arabian Ranches (Reem, Saheel…) so the each type of villa will have a separate rent indicators, and we expect the completion of this job in the coming three weeks,” says Mohammad Khalifa Bin Ham-mad, senior manager real estate relations management, Dubai Land Department.

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The Mohiuddins have large hearts. So, to do justice to their ever-expanding guest list, they decided to move to

the Dubai Investment Park’s Green Com-munity. “Our previous residence, a spacious enough apartment in Deira just could not keep pace with our guests,” says Mohiud-din Zaman, a vice president in charge of the credit division of a local bank in Abu Dhabi. “And when work started on the Metro, it became too congested and our guests could not find parking space at all,” says his wife, Rina.

Thus began their quest for a property large enough to accommodate their hearts. The 5,900 sq.ft. five-bedroom villa, with a separate maid’s room, all bath-attached, in Green Community West fit their bill perfectly. The peace and quiet in this vast gated community, with vast swathes of green spaces was a bonus. “We had booked this villa off-plan in 2004,” says Mohiuddin. “At that time there had been nothing; just the east part was being constructed. There was only sand as far as the eye could see from where we are sitting now.” Acqui-

sition of the property was pretty straight-forward. “We had to pay 30% of the cost as down payment as it was not freehold, and the rest was mortgaged to the bank.” The Mohiuddins had always been far-sighted when it came to investing in properties. “We are pioneers in that sense.

We booked our first villa in 1999 in the very first development in Dubai, Meadows 1 – it was there was only sand there,” says Mohiuddin. He was then working with the Mashreq Bank, and had to hide the fact that he’d invested in freehold property for fear of being ridiculed. “We did not tell anybody that we had booked a villa – those days the joke was on people who booked proper-ties in the then nascent Dubai market,” he laughs. “We didn’t want to be laughed at!” Today, the laughs are on those who looked down upon them.

“As the market grew I bought a few other properties as investments. We have a property in Jumeirah Village too. Later, as the city developed and we found stay-ing on in our four-bedroom apartment in Deira a chore due to increasing congestion,

FAR FROM THE MADDING CROWDFor the Mohiuddins, their villa in the DIP’s Green Community West is a sym-bol of their large hearts – warm, welcoming and large enough to accom-modate all the guests they attract in droves. By Mini S Menon

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we wanted a place of our own far from those madding crowds. That was how we ended up here.”

GUEST ENTERTAINMENTAnd thus began the deluge of guests. The Mohiuddins had two couples stay-ing over the week when Property Times met them at their villa for this interview. Apart from that they throw parties at the drop of a hat. “To catch us on a weekend you have to give us four months’ notice!” says Mohiuddin. “We do a lot of enter-taining, we go out as well have a lot of guests over. So, this house is ideal for that purpose.”

The festive air is most evident during religious gatherings. “During Eid al Fitr we have what is called an ‘open house’ – our friends turn up from morning till evening. Around 250 guests turn up, and we don’t even have to invite them!” says Mohiuddin. “They know they are welcome at Mohiuddin’s house. This

has been going on for the last 16 years. During Ramadan we can’t go out of the country because of this tradition of ours.”

There is a saying that some people have luck in attracting guests to their house. “We have that luck. For us this is a regular affair. This is a blessing from the Almighty. Our families from both sides always had guests. There never was a meal that was shared only by the family; there were always guests to share them with. And now we carry on this tradi-tion,” says Mohiuddin.

CHOOSE IT RIGHTBut for all the bonhomie and warmth, the Mohiuddins are very hard-nosed when it comes to choosing properties to invest in. “Of course, we decided on this property only after we came to see the development on the eastern part, and happened to see the masterplan – the airport that would come up nearby,

“Of course, we decided on this

property only after we came to

see the devel-opment on the

eastern part, and happened to see

the masterplan – the airport that

would come up nearby, the Jebel

Ali port and the Dubailand

development.” Mohiuddin Zaman

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the Jebel Ali port and the Dubailand development,” says Mohiuddin.

“That told me how big a project this could be in future. That was the reason why we invested in what was literally a desert at that point. Later when it was complete and all the greenery came up around it this was where we wanted to settle down. We also had the villa in Meadows, but it was much smaller at 4,000 sq.ft. This one is 5,900 sq.ft. and just right for us. We got delivery in 2009, and decided to move in right away.” Just how much of a wise investment it proved to be is evident from the fact that the villa they bought for AED2.67 million was worth almost three times as much even before completion. “The price went up even before it was ready to AED7 million in beginning 2008,” says Mohiuddin.

Even though the recession that hit later in 2008 brought down the value to AED3.1 million, Mohiuddin says prices have now climbed up to around AED5 million now. . “It is worth around AED5.5 million right now, and likely to go up to AED7 million within a couple of years. The rents for our type of villas went up to AED330,000 during the peak time in early 2008, but came down to Dh220,000,” says Mohiuddin. “Now it is again up to AED260,000 to AED280,000. It is expected to be back to around AED300,000-plus soon. “

THE COMMUNITYThere are three types of villas in the Green Community, the four-bedroom single-storey bungalows, the five-bed-room family villa that Mohiuddin owns, and the six-bedroom luxury villa of around 7,000 sq.ft. The backyard of all the 40 luxury villas open out to the park that is central to the Green Community. “Our villa is one of the few family villas that has direct access to the park from the backyard. In fact, the lush greenness of our back lawns open directly into the children’s park. It is excellent living, a good gated community.”

In fact, it was the lush greenery of their backyard that keeps the Mohi-uddins from moving away. They have seen nature at its best in many countries including their native Bangladesh, and Canada, where they have been citizens for the past 25 years. But for Mohiuddin, nothing beats the hordes of birds that

“At that time there had been nothing; just the east part was being con-structed. There was only sand as far as the eye could see from where we are sitting now.”

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have made his backyard their home. “When I have my morning tea out here on my lawns the songs that greet me make my day!” says Mohiuddin. He is loath to move out of the Green Com-munity, as is Rina. But eventually he may have to when his only son, Aryan, 13, finishes schooling at the Interna-tional School of Choueifat and moves to university in Canada. “We moved here in 1992. My two daughters, Fariya, 24, and Amara, 19, are now in Toronto, Canada. So we will move back to Can-ada with them, but we hope to be back. We plan to retain this property.” Con-venience is also another reason for the Mohiuddins preference for this villa. “I work in Abu Dhabi, but it takes just an hour’s drive for me one way every day – hardly much more than it would take me to go to Deira in Dubai from here!” says Mohiuddin. Rina has her reasons too. “For one, it is peaceful with plenty of parking!” says Rina listing her priori-

ties. “For shopping, we have the Ibn Battuta mall here nearby. It’s just 15 minutes’ drive away. The Mall of Emirates and the Lulu Al Barsha are just 20 minutes’ drive.”

CONSThe Mohiuddins don’t see any disadvan-tages in living here. “Okay, we are a little way off from the city, around 50km, so it’s difficult to meet friends who live on that side of the town,” admits Mohiuddin. “But the city is moving to this side now!” laughs Rina.“That’s true,” says Mohiuddin. “Now with the Expo 2020 site too within a short distance we are going to be in the thick of all that will be happening in Dubai. There is the Maktoum Airport and Dubailand nearby with all the developments coming up, so this place will be the buzzing centre shortly.” Service charges however remain a bug bear in the Green Community. “The service charges are very high compared to the Meadows,” says Mohiuddin. “The

“As the market grew I bought a few other properties as invest-

ments. We have a property in Jumeirah Village too. Later, as

the city developed and we found staying on in our four-bedroom

apartment in Deira a chore due to increasing congestion, we wanted

a place of our own far from those madding

crowds. That was how we ended up here.”

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cooling charges are also very high. We have a fixed charge of AED800, and then per unit usage on top of that. There is a mandatory housing fee of AED800 too. The cooling charges are around AED2,500 in summer with minimal usage and AED1,500 during winter. Another AED1,000 for water and electricity. So, the charges are quite expensive. However, now that we have a very active Owner’s Associa-tion, we hope to see some rationaliza-tion in charges.”

The only other minor disadvan-tage that Mohiuddin sees is that the property is not freehold, but given on 90-year lease. “However, there is talk of converting this into a freehold enter-prise, but not as yet. What has been done is they have registered the lease-hold with Rera now, and the owners have been given the title deeds to the lease. The disadvantages, if I am pressed to point out, is that it’s not freehold, but it doesn’t really bother me as I am not going to hold on to it for 90 years. The second is the distance from the heart of the city, which with Expo 2020 and other developments moving the focus of the city to this side would also diminish. The service charges are also likely to come down when the Owner’s Association gets full-fledged and functions properly. Otherwise, this is really great living by any standard.”

HOME, NOT A HOUSEFor the Mohiuddins, home means a nice peaceful place to come back to. “It’s certainly a different feeling com-ing back to your own place,” says Mohiuddin. “We’ve spent almost 22 years here, between Dubai and Abu Dhabi, and we don’t get the same sense of belonging in a rented place as we do here.”

He’s a nature lover too and that’s what finally tips the balance in favour of the Green Community. “Even if I go back home to Bangladesh I will not find such a green patch near my home,” says Mohiuddin. “I just had a friend who works for the United Nations and his wife, who are settled in Vienna, as house guests for four days here, and he was amazed at the flocks of different types of birds that visit our

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NOT FREEHOLD AS YET

HIGH SERVICE CHARGES

QUITE A DISTANCE FROM THE OLD CITY

CON

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backyard. There is a group of parrots that are my constant companions when I have my morning tea here. In the morning it’s like a veritable forest, with the chirping of birds at its height. Even by Canadian standards, this is very nice. During sum-mer, the nights are pretty cool, and during winter it’s at least three degrees cooler than in the city.” Given a chance the Mohiuddin would love to live the rest of their lives in Dubai. “All said and done, it is very secure here. The very best of the east and the west. Even if we move back to Canada, we won’t sell this property. We hope to come back.”

QUIET GREEN SURROUNDINGS IN THE MIDST OF BURGEONING DEVELOPMENT OF EXPO 2020

AND MAKTOUM INTERNATIONAL AIRPORT

EASY ACCESS TO SHEIKH MOHAMMED BIN ZAYED ROAD,

SHEIKH ZAYED ROAD AS WELL AS AL KHAIL ROAD.

THREE TYPES OF VILLAS, TOWN-HOUSES AND APARTMENTS

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Page 43: Property Times eMagazine January 2014

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HOSPITALITY

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EMIRATI CUISINE IN THE SPOTLIGHT

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Taking place for the first time, the recently held Dubai World Hospitality Championship aimed at bring-ing Emirati food onto the stage en par with international cuisine. By Nicole Walter/freelance writer

Mezlai, Emirates Palace, Abu Dhabi

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UAE residents and visitors are cer-tainly spoilt for choice when it comes to international cuisine, but

what about going traditional, there are few places to savour Emirati cuisine.

Taking place for the first time, the recently held Dubai World Hospitality Championship aimed at bringing Emirati food onto the stage en par with inter-national cuisine. “For the first time in the world, Emirati ladies, professional chefs, and international teams cooked under one roof, which sets this competition apart from any other,” remarks Uwe Micheel, president of the Emirates Culinary Guild and director of Kitchens at the Radisson Blu Hotel Dubai Deira Creek.

This opportunity was made possible thanks to Dubai’s leadership, according to Andy Cuthbert, chairman of the Emirates Culinary Guild and general manager C&I Jumeirah Hospitality at Madinat Jumeirah. “The Championship was tough and a success, thanks to support from the com-munity and the Zabeel Palace especially, the private part of the house, the kitchen, being at the forefront, I was impressed of the direct involvement. An excellent mes-sage that this is what we have to do to get

“For the first time in the world, Emirati ladies, professional chefs, and international teams cooked under one roof, which sets this compe-tition apart from any other.” Uwe Micheel, president of the Emirates Culinary Guild and director of Kitchens, Radisson Blu Hotel Dubai Deira Creek.

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Mezlai, Emirates Palace, Abu Dhabi

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others involved be proud of their heritage,” he remarks. “It is an example of the drive of His High-ness Sheikh Mohammed Bin Rashid Al Maktoum, prime minister and vice president of the UAE and the ruler of Dubai, to introduce Emiratis to the hospitality industry, becoming chefs is another avenue for young Emirati to take, and builds a foundation for the country, a very honourable and fantastic undertaking for the country by the country, not just by Dubai for Dubai,” Andy adds.

THE COMPETITIONThe championship saw 11 international teams competing with the UAE national team, com-prised of various national-ities working at hotels in the seven emirates, as well as non-professional Emirati men and women, includ-ing students and house-wives from all around the UAE showing off their culinary talents. The UAE-based chefs had a chance to learn from the best of international chefs, com-ing from, what Cuthbert termed probably the best restaurants in the world, in particular Sweden, Nor-way, Iceland and Denmark. “What they put on display blew us all away, it was like an Armani fashion show for cooks,” Andy enthuses.

One of the intentions behind this championship was to propel Emirati cui-sine onto the international stage. “In this respect, we devised Emirati culinary classes for the local hotel chefs to integrate in the competition, and the Emi-rati people, they had to pro-duce home cooked food as it is, authentic. We train our guys to do that with the hope, that more hotels, many of the chains already have an element of it in their all day din-ing restaurants, will place Emirati dishes on the menu,” Andy explains.

Uwe pointed out that the effort to bring Emirati food back, “like in many other countries around the world the young generation talks rather about pasta and pizza,” started with DTCM eight years ago during the first Gulf Food com-petition. “What came out of there wasn’t very encouraging, so we started to get some ladies

“It is an example of the drive of His Highness Sheikh Mohammed Bin

Rashid Al Maktoum, prime minister and

vice president of the UAE and the ruler of Dubai, to intro-

duce Emiratis to the hospitality industry,

becoming chefs is another avenue

for young Emirati to take, and builds

a foundation for the country, a very

honourable and fantastic undertak-ing for the country by the country, not

just by Dubai for Dubai.” Andy Cuth-bert, chairman of the

Emirates Culinary Guild and general manager C&I

Jumeirah Hospitality at Madinat Jumeirah

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involved to come to my kitchen to do training with the boys participating in the competi-tion, so they get the real home cooked taste. Professionals can never cook same thing than you can get at home cooked by your mother,” he elaborates.

MORE OUTLETS IN STORE FOR EMI-RATI CUISINEHaving said that, Uwe is on a mission to open a restaurant at the Radisson Blu Deira, which incidentally had one of their cooks wining a medal at the championship, which will serve

just that from April. “I have been for 20 years in the coun-try and always feel ashamed when our international guests come and ask where can we eat traditional local food, and we send them to Leba-nese or Iranian restau-rants,” he remarks.

Not that there aren’t any around at all, he cites Al Fanar in Dubai Festival City (DFC) coming the closest, 90%, to authentic Emirati cuisine in Dubai, but it has more of a tour-ist focus with plas-tic camels outside, he described. “Our restaurant is most probably going to be named ‘Asli’ mean-ing original. We just finalized the design, which is modern, stylish, yet warm and earthy, just like the feeling of sitting in

an old Emirati house with authentic Emirati food,” says Uwe. The restaurant will offer a taste to the public of what is to come during the Dubai Food Festival at DFC in February.

In the meantime, over in Abu Dhabi the first Emirati restaurant in the world opened at the Emirates Palace hotel just over three and a half years ago, says its executive chef Ali Salem Edbowa. ‘Mezlai’ translating as antique door lock offers authentic Emirati food with a twist and views of the sea with indoor and outdoor seating. As an Emirati himself, Ali learnt cook-

Not that there aren’t any around at all, he cites Al Fanar in Dubai Festival City (DFC) coming the closest, 90%, to authentic Emirati cuisine in Dubai, but it has more of a tourist focus with plastic camels outside

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Hotel management agreements among the large branded manage-ment companies follow what by

now has become the standard formulation for fees, at least before the negotiation commences. The base fee and incentive fee are now well known in the industry and expected as the starting points in most manager-owner negotiations. The Opera-tor’s corporate office (regional or central) overheads (“Corporate Office Expenses”) are typically included in the management fee and are not charged or allocated to any of the properties under the hotel manage-ment agreement. These costs represent the normal overhead expense of operating a hotel management company. While Corporate Office Expenses are not usually

allocated among the chain’s hotels, some operators charge individual properties the travel expense when Corporate Office personnel make periodic visits. Occasion-ally, the salaries of these individuals may also be charged to a hotel when special-ized services are being performed. When negotiating a management agreement, the hotel owner should request a detailed description of the corporate office expenses that will be included in the management fee and those that will be charged to the property. Some operators attempt to allocate a portion of the normal corporate office overhead to individual properties through excessive charges for corporate office services. This procedure allows hotel companies to offer fee structures that

Column

NEGOTIATING HOTEL MANAGEMENT AGREEMENTS-CORPORATE OFFICE EXPENSES

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

ing from his mother, and has hosted TV cooking shows. “I love eating the traditional way, at home or in the desert, we put a big plate of rice, like a mountain with the meat on top, but we are now an open country and as a five star hotel we have to be among the list of top restaurants, so our pre-sentation needed to be different,” he explains.

The five star restaurant has already won several certificates and awards from France and the Mid-dle East as best gourmet restaurant, and although not everyone on his team is Emirati, he counts long-timers in the UAE and the late Sheikh Zayed’s chef who worked in the UAE for 25 years among his cooks, he pointed out. “Not that many peo-ple know about us because it is new for everyone, even local people, to eat our local food with the new presentation. It is still mother’s home cooking with the traditional spices, for example we cook the lamb underground. We’re not yet famous, but we hope over the next couple of years to improve our image outside the country,” says Ali, welcom-ing the championship.

NEXT EVENTThe ambition for the next World Hospitality Cham-pionship in Jan 2015 is to have the participating

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appear extremely competitive but, when the total costs are calculated, are often economically unattractive. System reim-bursable charges are generally allocated to all the properties within the system according to a specified formula. Some of the methods currently in use include:

• Percentage of revenue- The cost of a centralized reservation system is often allocated on the basis of a percentage of revenue—usually rooms revenue— which reflects three important oper-ational variables: the property’s room count, occupancy, and average room rate. This method can be somewhat unfair to hotels that do not receive an adequate share of reservations from the centralized system but nevertheless must pay the formulated portion of this expense.

• Per available room- Allocating centralized services on the basis of the room count in the subject property divided by the total room count in the chain is a common procedure that is simple to administrate and does not

involve communicating confidential information such as occupancies and average room rates. It can, however, produce an allocation that is more unfair than the percentage of revenue method because it does not account for the actual operating performance of a property. For example, using the per available room basis of allocating centralized advertising, a 300-room hotel operating at 75 percent occu-pancy with a $112 average rate would pay the same amount as a 300-room hotel with a 60 percent occupancy and a $70 average rate. Furthermore, this method also does not take into account the actual usage and benefit an individual hotel might or might not receive from the centralized advertis-ing program.

• Per service received- This method of allocation tends to produce the fairest results because it divides the central-ized costs based on actual usage and benefit derived. For example, the cost of centralized reservations may be

allocated on the basis of $10.00 per reservation received. Properties that obtain a greater number of reserva-tions from the system pay a larger share of the centralized costs. Care must be taken when using this alloca-tion method to make some provision for no-shows, that is, reservations made and thus charged to the prop-erty that represent customers who either subsequently cancel or do not show at the property. Administration of this method of centralized expense allocation is very difficult.

The methods used by a hotel man-agement company to allocate system reimbursable charges are generally pre-established by the management company and are subject to nego-tiation for individual management contracts. The property owner should request documentation as to the management company’s historical allocation procedures and costs for these charges so that projections can be made for the subject property.

teams from all countries cook an Emirati dish as part of the competition, says Andy. “They will have to research how to cook and serve it in a traditional way, we won’t make it easy but it can be repro-duced. We want to help Emirati food to get interna-tional stature on the culinary scene. We’ll also have young Emirati working alongside the professionals, shadowing them. It would help them to feel pas-sionate about hospitality, you have to have passion to work in this sector,” he adds.

Winning a medal in these competitions could help budding chefs in their careers, especially if they are coming from emerging countries to the UAE with no certificates, Andy points out. “We keep the records at the Guild and can verify them for potential employers, it’s a good tool for them to progress, and for hotels it brings prestige because if you win medals people will notice,” he explains. However, it is up the hotels to choose how to pro-mote their win, some may promote it in the news-paper, others keep it internal, says Andy. “Hilton used to put the gold medal dishes on the menu, it depends on the chef you could have a full degus-tation menu,” he says. The aim in the future is to not only cook in the Championships. “We want to cover the entire range of service elements in the hospitality industry, whatever we can do to elevate the sector in general,” he concludes.

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LISTINGS

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Jackie Johns - Victory Heights Agent

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BRN: 10025 | ORN: 529

E S T E L L A , T Y P E T H 14 B E D S T O W N H O U S EA R E A S Q . F T : B U A 2 4 0 0 C O M M U N I T Y V I E W SA E D 3 , 2 0 0 , 0 0 0

O L I VA , T Y P E T H 24 B E D S T O W N H O U S E + MAID’S A R E A S Q . F T : BUA 3500 PLOT 2500GOLF COU RSE V I EWSAED 3 , 6 00,000

E S T E L L A , T Y P E C 25 B E D S V I L L AA R E A S Q . F T : B U A 3 4 5 8PA R K V I E W SA E D 5 , 9 9 5 , 0 0 0

M O R E L L A , T Y P E S PA N I S H C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 6800G O L F C O U R S E V I E W SA E D 6 , 4 5 0 , 0 0 0

N O V E L I A , T Y P E C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 6800G O L F C O U R S E V I E W SA E D 6 , 5 0 0 , 0 0 0

O L I VA , T Y P E C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 8000F U L L G O L F C O U R S E V I E W SA E D 6 , 6 0 0 , 0 0 0

M O R E L L A , T Y P E B 15 B E D S V I L L AA R E A S Q . F T : B U A 5 1 7 6G O L F C O U R S E V I E W SA E D 7, 5 0 0 , 0 0 0

E S M E R A L D A , T Y P E B 15 B E D S V I L L AAREA SQ.FT: BUA 5176 PLOT 9800G O L F C O U R S E V I E W SA E D 8 , 0 0 0 , 0 0 0

Tel +971 4 3958996 | www.dubailuxuryhomes.com

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Jackie Johns - Victory Heights Agent

+971 50 394 4914 | [email protected]

BRN: 10025 | ORN: 529

E S T E L L A , T Y P E T H 14 B E D S T O W N H O U S EA R E A S Q . F T : B U A 2 4 0 0 C O M M U N I T Y V I E W SA E D 3 , 2 0 0 , 0 0 0

O L I VA , T Y P E T H 24 B E D S T O W N H O U S E + MAID’S A R E A S Q . F T : BUA 3500 PLOT 2500GOLF COURSE V IEWSAED 3 ,600,000

E S T E L L A , T Y P E C 25 B E D S V I L L AA R E A S Q . F T : B U A 3 4 5 8PA R K V I E W SA E D 5 , 9 9 5 , 0 0 0

M O R E L L A , T Y P E S PA N I S H C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 6800G O L F C O U R S E V I E W SA E D 6 , 4 5 0 , 0 0 0

N O V E L I A , T Y P E C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 6800G O L F C O U R S E V I E W SA E D 6 , 5 0 0 , 0 0 0

O L I VA , T Y P E C 15 B E D S V I L L AAREA SQ.FT: BUA 4334 PLOT 8000F U L L G O L F C O U R S E V I E W SA E D 6 , 6 0 0 , 0 0 0

M O R E L L A , T Y P E B 15 B E D S V I L L AA R E A S Q . F T : B U A 5 1 7 6G O L F C O U R S E V I E W SA E D 7, 5 0 0 , 0 0 0

E S M E R A L D A , T Y P E B 15 B E D S V I L L AAREA SQ.FT: BUA 5176 PLOT 9800G O L F C O U R S E V I E W SA E D 8 , 0 0 0 , 0 0 0

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Send later

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Manish Khatri - Vice President Business Development

+971 55 254 9950 | [email protected]

RERA 27819 | ORN 303

S H O R E L I N E A PA R T M E N T S 1 B E D A PA R T M E N TA R E A S Q F T : 1 , 1 6 3 | T Y P E BH I G H E R F L O O R | S E A V I E WA E D 1 , 9 5 0 , 0 0 0

S H O R E L I N E A PA R T M E N T S3 B E D + M A I D A PA R T M E N TA R E A S Q F T : 2 , 1 9 8 | T Y P E AF U R N I S H E D | S E A V I E WA E D 3 , 6 0 0 , 0 0 0

S H O R E L I N E A P A R T M E N T S4 B E D + M A I D A PA R T M E N TAREA S Q F T : 4,900 & 5,300 | TYPE G,HVA C A N T | S E A V I E WA E D 7, 2 0 0 , 0 0 0 & 7, 7 0 0 , 0 0 0

G O L D E N M I L E A PA R T M E N T S2 B E D A PA R T M E N TA R E A S Q F T : 2 , 3 0 0 | T Y P E CL A R G E T E R R A C E | PA R K V I E WA E D 2 , 8 5 0 , 0 0 0

OCEANA RESIDENCE (CARIBBEAN & BALTIC) 1 B E D A PA R T M E N TA R E A S Q F T : 1 , 2 3 7A M A Z I N G A M E N I T I E S | S E A V I E WA E D 3 , 2 5 0 , 0 0 0

T I A R A R E S I D E N C E ( TA N Z A N I T E )3 B E D + S T U DY A PA R T M E N TAREA SQ FT : 2,350 | T Y P E AF U L L S E A V I E WA E D 7, 5 0 0 , 0 0 0

G A R D E N H O M E S4 B E D + M A I D V I L L AA R E A SQ FT : B U A 5,500 PLOT 7,000 F U L LY U P G R A D E D | B E A C H V I E WA E D 1 5 , 5 0 0 , 0 0

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G O L D E N M I L E A PA R T M E N T S3 B E D A PA R T M E N TA R E A S Q F T : 2 , 5 0 0 | T Y P E BH I G H E R F L O O R | PA R K V I E WA E D 3 , 2 5 0 , 0 0 0

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Gareth Pierce

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RERA 28041 | ORN 12019

B AY C E N T R A L W E S TS T U D I O A PA R T M E N TA R E A S Q . F T : 4 6 0M A R I N A V I E WA E D 9 5 0 , 0 0 0

E L I T E R E S I D E N C E 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 1 , 0 0 0M A R I N A V I E WA E D 1 , 4 0 0 , 0 0 0

PA R K I S L A N D 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 7 0 9S E A V I E WA E D 1 , 4 0 0 , 0 0 0

PA R K I S L A N D 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 9 2 2M A R I N A V I E WA E D 1 , 7 0 0 , 0 0 0

E L I T E R E S I D E N C E 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 1 , 0 0 0F U L L S E A V I E WA E D 1 , 8 0 0 , 0 0 0

T H E A D D R E S S D U B A I M A R I N A 1 B E D R O O M A PA R T M E N TA R E A S Q F T : 1 , 8 6 7M A R I N A V I E WA E D 5 , 5 9 0 , 0 0 0

A L S A H A B 22 B E D S A PA R T M E N TA R E A S Q . F T : 1 , 5 3 5M A R I N A V I E WA E D 2 , 8 0 0 , 0 0 0

A L S A H A B 13 B E D S A PA R T M E N TA R E A S Q . F T : 2 , 1 8 0M A R I N A V I E WA E D 4 , 2 0 0 , 0 0 0

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Manish Khatri - Vice President Business Development

+971 55 254 9950 | [email protected]

RERA 27819 | ORN 303

S H O R E L I N E A PA R T M E N T S 1 B E D A PA R T M E N TA R E A S Q F T : 1 , 1 6 3 | T Y P E BH I G H E R F L O O R | S E A V I E WA E D 1 , 9 5 0 , 0 0 0

S H O R E L I N E A PA R T M E N T S3 B E D + M A I D A PA R T M E N TA R E A S Q F T : 2 , 1 9 8 | T Y P E AF U R N I S H E D | S E A V I E WA E D 3 , 6 0 0 , 0 0 0

S H O R E L I N E A P A R T M E N T S4 B E D + M A I D A PA R T M E N TAREA S Q F T : 4,900 & 5,300 | TYPE G,HVA C A N T | S E A V I E WA E D 7, 2 0 0 , 0 0 0 & 7, 7 0 0 , 0 0 0

G O L D E N M I L E A PA R T M E N T S2 B E D A PA R T M E N TA R E A S Q F T : 2 , 3 0 0 | T Y P E CL A R G E T E R R A C E | PA R K V I E WA E D 2 , 8 5 0 , 0 0 0

OCEANA RESIDENCE (CARIBBEAN & BALTIC) 1 B E D A PA R T M E N TA R E A S Q F T : 1 , 2 3 7A M A Z I N G A M E N I T I E S | S E A V I E WA E D 3 , 2 5 0 , 0 0 0

T I A R A R E S I D E N C E ( TA N Z A N I T E )3 B E D + S T U DY A PA R T M E N TAREA SQ FT : 2,350 | T Y P E AF U L L S E A V I E WA E D 7, 5 0 0 , 0 0 0

G A R D E N H O M E S4 B E D + M A I D V I L L AA R E A SQ FT : B U A 5,500 PLOT 7,000 F U L LY U P G R A D E D | B E A C H V I E WA E D 1 5 , 5 0 0 , 0 0

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G O L D E N M I L E A PA R T M E N T S3 B E D A PA R T M E N TA R E A S Q F T : 2 , 5 0 0 | T Y P E BH I G H E R F L O O R | PA R K V I E WA E D 3 , 2 5 0 , 0 0 0

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ST DUBAI MARINAS P E C I A L I S T

Gareth Pierce

+971 50 559 1322 | [email protected]

RERA 28041 | ORN 12019

B AY C E N T R A L W E S TS T U D I O A PA R T M E N TA R E A S Q . F T : 4 6 0M A R I N A V I E WA E D 9 5 0 , 0 0 0

E L I T E R E S I D E N C E 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 1 , 0 0 0M A R I N A V I E WA E D 1 , 4 0 0 , 0 0 0

PA R K I S L A N D 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 7 0 9S E A V I E WA E D 1 , 4 0 0 , 0 0 0

PA R K I S L A N D 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 9 2 2M A R I N A V I E WA E D 1 , 7 0 0 , 0 0 0

E L I T E R E S I D E N C E 1 B E D R O O M A PA R T M E N TA R E A S Q . F T : 1 , 0 0 0F U L L S E A V I E WA E D 1 , 8 0 0 , 0 0 0

T H E A D D R E S S D U B A I M A R I N A 1 B E D R O O M A PA R T M E N TA R E A S Q F T : 1 , 8 6 7M A R I N A V I E WA E D 5 , 5 9 0 , 0 0 0

A L S A H A B 22 B E D S A PA R T M E N TA R E A S Q . F T : 1 , 5 3 5M A R I N A V I E WA E D 2 , 8 0 0 , 0 0 0

A L S A H A B 13 B E D S A PA R T M E N TA R E A S Q . F T : 2 , 1 8 0M A R I N A V I E WA E D 4 , 2 0 0 , 0 0 0

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