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Meraas Launches Port De La Mer, First Residential Community At La Mer

Meraas has unveiled Port de La Mer, a new residential neighbourhood at La Mer, a leisure area located next to Dubai Marine Beach Resort.

With a Mediterranean theme, the freehold development will include apartments and a 192-berth ‘superyacht’ marina.

La Mer includes a water park, shops and dining areas and retains part of the public beach that used to cover the area prior to its redevelopment. Port de la Mer will offer a mix of apartments, ranging from one to four bedrooms, with sea views.

“In line with a focus on developing enriching living experiences and environments, as outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in the Dubai Plan 2021, Meraas is committed to creating places where families can come together to share and enjoy more of the things that they love,” said HE Abdulla Al Habbai, Group Chairman of Meraas.

“This journey ultimately begins in communities where people have an opportunity to make a home and a life for themselves, and is essential for Dubai as the city strives to set a global benchmark for happiness and positivity.”

Work is already underway on the first properties at Port de La Mer in an area called La Côte, which will feature around 400 apartments.

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Dubai’s Real Estate Market Is Getting More Transparent

JLL has singled out Dubai for its improved level of market transparency in its latest JLL Global Real Estate Transparency Index.

The professional services firm, which publishes the index every two years, commended Dubai’s initiatives, such as its building classification project, improved regulatory procedures, new and enhanced online apps for managing contracts and broker information, and unified lease forms. While Dubai wasn’t individually ranked in the report, which looks at countries as a whole, the UAE moved up eight places to 40th out of 100 markets covered in the index.

“Transparency is increasingly important for commercial real estate, where investors are allocating ever more capital,” said Jeremy Kelly, Director, Global Research, JLL. “The availability and quality of information – from prices to ownership – is crucial when trying to make investment decisions, especially in new markets.”

Since the previous report was published in 2016, JLL noted that 85 of the 100 countries surveyed have improved real estate transparency. Technologies such as blockchain, along with brokerage apps and open data initiatives, the company added, could help to continue this positive trend.

Besides the UAE, JLL noted improvements in transparency in other emerging markets. India, it said, has introduced wide-reaching regulations in the last two years, ranging from rules that require brokers to be registered, to mechanisms to resolve disputes with developers.

Foreign investment into India’s real estate sector has risen in parallel with these changes, to USD 6.3 billion in 2017 from USD 2.2 billion in 2014, according to JLL data.

H.E. Sultan Butti bin Mejren, Director General at the Dubai Land Department, pledged to do more to further improve market transparency in Dubai.

“While significant progress has been made in recent years, we recognise that further initiatives are required to enhance the level of market transparency,” he said.

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Landlords Encouraged To Focus On Quality As Rents Continue To Fall

Rents continued to drop in Dubai in Q2, while sale prices of apartments and villas remained largely flat.

Average rental rates for apartments and villas fell 4% and 2% respectively quarter on quarter.

The average selling price of an apartment was down 1% quarter on quarter, while the average price of a villa remained the same across Dubai.

Chestertons, which revealed the figures in its quarterly Observer report, said that landlords seeking to shore up yields should focus on quality.

“The average decline in rental rates can be attributed to several factors, including greater choices at reduced prices,” said Ivana Gazivoda Vucinic, head of consulting and valuations and advisory operations, Chestertons MENA.

“The focus for developers and landlords going forward should be on quality, as tenants proactively seek out cheaper options or move to better quality units for the same price as their existing units.”

In terms of apartment sales values, Business Bay saw a 4% jump in prices following a 9% fall in Q1. Owners in Jumeirah Village Circle enjoyed a 6% increase in average sales value in Q2 following an 8% fall in Q1. International City saw the steepest decline, with average sale prices there down 7% over the previous quarter.

Palm Jumeirah was the only area of Dubai where villa sales values went up, by 4%.  Arabian Ranches, Jumeirah Park and The Lakes all saw small declines, while sales values in The Meadows and The Springs remained flat.

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Azizi’s Palm Jumeirah Project On Track

Azizi Developments’ AED780 million (USD 212 million) Azizi Mina project is on track for completion by the end of 2018, the developer has announced.

Mechanical and electrical work is underway on the Palm Jumeirah development with tiling work also reported to be ongoing.

“Palm Jumeirah is one of the most iconic locations in the world,” said Mirwais Azizi, chairman of Azizi Group. “The market is witnessing a high demand for projects on Palm Jumeirah and Azizi Mina was conceptualised to address this need.

“This beachfront project will offer a stunning waterfront view, community amenities and beach access, making it a prized option for residents and investors alike.”

Azizi Mina will feature 174 residential apartments, including 120 one-bedroom and 54 two-bedroom units, as well as four penthouses.

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Damac’s First Sharia-Compliant Tower, Ghalia, Nears Completion

Damac Properties is on the verge of completing its first-ever Sharia-compliant tower, which it calls Ghalia.

The luxury, 727-apartment tower in Jumeirah Village Triangle has entered the final stages of completion, with units ready for handover by the end of 2018, according to Damac.

“Ghalia is a special project for Damac, as the tower offers residents the option to have their furnished apartments fully serviced,” said Ali Sajwani, general manager of operations at Damac Properties.

“Furthermore, Ghalia caters to our growing Muslim customers who are seeking luxury living that also complies with Sharia laws… we are thrilled to be completing the tower in 2018, with handover of units starting near the end of the year.”

Indeed, Ghalia offers separate leisure amenities for men and women. There are men’s and women’s dining facilities, men’s and women’s gyms, and men’s and women’s swimming pools.

In terms of the actual apartments on offer, Ghalia will contain one-, two- and three-bedroom apartments. All are expected to be generously sized, given this is a luxury development. The building’s total floorspace covers over 1 million square feet.

The building comes in response to growing demand among Muslims for Shaira-compliant real estate developments.

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Signature Is Looking For London Buyers For The 118 In Dubai

If you’re in London over the next week, you may be interested in this event focused on a new luxury Dubai property development.

Signature Developers has appointed Wetherell to market The 188, its luxury high-rise development in Downtown Dubai, at an event in Mayfair, London on May 9-10.

In contrast to previous offerings of Dubai real estate in London, which have mostly been off-plan, buyers can actually purchase and move into their units immediately. The 118 is being launched complete with finished residences and dressed show-units by international design houses Fendi and Roberto Cavalli.

The 118 is a USD 175 million, 44-storey residential tower skyscraper providing bespoke, full-floor, 4-6 bedroom residences, including two duplex penthouses. For the launch in Mayfair, residences on the fourteenth to 44th floors are being released for sale.

The 118 residences were designed by Sarah Hamid, project director at Hirsch Bedner Associates (HBA) which specialises in luxury hospitality, hotel and resort projects for brands including Raffles, Shangri-La, Ritz-Carlton and Four Seasons.

The multi-purpose club lounge at The 118 was designed by Shalini Misra, director of Shalini Misra Ltd (SML), the landscape architects are Cracknell and the lighting scheme was devised by Illuminate.

The 118 residences offer a choice of two styles; ‘Signature Classic’ or ‘Signature Contemporary’. Prices range from GBP 4.55 million to GBP 5.3 million for a lateral residence, with driver’s/staff room/quarters. The penthouses are priced at GBP 10.73 million and GBP 11.875 million.

Peter Wetherell, chief executive of Wetherell, expects an enthusiastic response from global citizens with a base in Mayfair.

“The subcontinental buyers in Mayfair typically have a home for banking and family education in London, a family home in the city and homes for business and leisure in either Dubai, Monaco, Manhattan or Los Angeles,” he said.

“They will spend anything from GBP 2 million to GBP 20 million on purchasing a home in Mayfair, with 70% buying an apartment or penthouse and the balance acquiring a mansion, townhouse or mews property. Providing value-on-investment, a world-class destination and a low tax environment, The 118 in Dubai is a logical choice for these multi-national residents.”

The Mayfair exhibition is being held on the 9th and 10th May 2018 (9am to 5pm daily) at the Four Seasons Hotel on Park Lane, London.

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Emaar Is Tempting Property Buyers With Discounts On Fees

Emaar is offering you the chance to save some money if you buy property in one of of six developments before May 10.

The developer will give you 50% off Dubai Land Department fees and the same amount off the first year’s service charge if you buy in Downtown Dubai, Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront, Emaar South and Arabian Ranches before the deadline.

The range of units on offer is diverse, from flats in Emaar South starting at AED 599,888 to villas in Arabian Ranches starting at AED 4,520,888.

Emaar is also offering a two-year, post-handover payment plan (subject to each project’s remaining percentage, paid every six months).

Mortgages are available through Emaar’s partner banks, including Emirates NBD, Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank (ADCB), and HSBC.

The amount of money you’d save by taking up the offer will depend on where and what you’re buying.

Annual service fees are based on the unit’s square footage. For villas, the fee can typically run up to several thousand dirhams per year.

Dubai Land Department charges buyers 2% of the unit’s sale price, along with a AED 5,000 registration fee on all properties sold for more than AED 500,000.

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Tamouh Completes 924-Unit Horizon Towers On Reem Island

Tamouh Investments has announced the completion of its latest project, the 924-unit Horizon Towers on Reem Island.

Consisting of the 57-floor Tower A and 38-floor Tower B, the mixed-use Horizon Towers has been completed and handed over to the property management company Three60 Communities.

Horizon Towers features a mix of townhouses and one- to three-bedroom apartments as well as a range of retail outlets, restaurants, a swimming pool, sport pitches, gym and yoga terrace. Residents can enjoy views of Abu Dhabi’s mangroves, Reem Island and the city’s skyline.

Ghanem Al Mansoori, CEO of Tamouh, said: “Tamouh prides itself on delivering projects that meet the highest of standards and provide residents with an optimal standard of living.

“Residents living in Horizon Towers on Reem Island will be able to enjoy the very best in accommodation coupled with an easy access to a host of outdoor activities in one of Abu Dhabi’s newest developments.”

One bedroom apartments in Tower A are currently listing online for around AED 1 million, with 3 bedroom units going for around AED 1.85 million.

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Oriental Pearls To Use Luxury Italian Brand For Its Dubai Projects

Oriental Pearls has signed an agreement to use the upscale Tonino Lamborghini brand across its real estate developments in Dubai.

Royal Pearls is currently working on a large planned community in Dubai’s Meydan One district. The 4.6 million-square-foot development is designed to feature more than 7,500 freehold apartments positioned at the premium end of the market.

Tonino Lamborghini brings a lifestyle experience brand covering luxury products and high-end hospitality projects, including cafes, hotels, residences and apartment hotels. The partnership gives Oriental Pearls exclusive rights to use the Tonino Lamborghini brand in Dubai in the real estate sector for a minimum period of 10 years.

“It gives us great pleasure to be able to partner with Tonino Lamborghini for our upcoming projects in Dubai, beginning with Royal Pearls. Joining hands with Tonino Lamborghini enables us to offer our customers the ultimate bespoke living spaces, customised and fitted to designer premium standards that haven’t been seen yet in Dubai,” said Ma Guolong, CEO of Oriental Pearls.

“After four 5-star hotels and the recent launch of a luxury Tonino Lamborghini Real Estate project in China, I am delighted to start a new partnership in this highly developing sector in Dubai with the Oriental Pearls developer. For the next years to come, our combined efforts will be focused on bringing a new upscale concept of total living to this extraordinary city and country,” declared Mr Lamborghini.

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Emaar Grande Residences Are On Sale This Week

Sales of 1, 2, 3 and 4-bedroom residences in the Emaar Grande project in Downtown Dubai begin this week.

Emaar is hyping up the sale, describing this as the last chance to buy homes with the closest direct views of The Dubai Fountain in Downtown Dubai. The 78-storey residential tower is located in the heart of The Opera District, meaning you’ll also be close to Dubai Mall and the iconic Burj Khalifa.

The building features a substantial podium level with an infinity swimming pool and expansive deck that opens to spectacular views of The Dubai Fountain. The tower also has a children’s playground and barbeque areas, fitness centre and health club.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Downtown Dubai is today one of the most sought-after residential destinations in the city, offering great value for investors, and a world-class lifestyle for residents. Grande is a spectacular addition to Downtown Dubai, which will add to the skyline of the nation. Residents become part of a thriving cultural and lifestyle hub with spectacular views of Burj Khalifa and The Dubai Fountain, and effortless proximity to Dubai Opera and The Dubai Mall.”

Potential buyers can visit the Emaar Sales Centre in Downtown Dubai, the Dubai Hills Estate Sales Pavilion located on Umm Suqeim Road, the Dubai Creek Harbour Sales Centre in Ras Al Khor, the Emaar South Sales Centre on the DWC Peripheral Road in Dubai South and the Abu Dhabi Sales Centre on the ground floor of Al Nahda Tower on 4th Street, Al Muroor Road. The centres are open from Saturday to Thursday, 8.30am to 6pm.