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Deyaar launches residential project at Dubai Science Park

Deyaar has announced plans for a new 18-storey residential project in Dubai.

Bella Rose will be located in Dubai Science Park in Al Barsha South and will feature studio, one and two-bedroom apartments. The building will include a pool, gym, sports facilities and outdoor leisure areas

Early bird’ prices start at AED 449,777 and Deyaar will cover your 4% Dubai Land Department fees.

It costs AED 10,000 to reserve a unit at Bella Rose and there are several payment plans to choose from, including one that lets you pay up to 50% of the price post handover.

Gems World Academy is around five minutes away from the project site, according to the developer, and it will take residents 12 minutes to get to Mall of the Emirates by car.

 

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Rental rates stronger than sales values in Dubai in Q3

Now may be a good time to invest if you want to buy a property in Dubai and let it out.

According to Chestertons’ Q3 2018 Observer, average apartment and villa prices were down 6% from the previous quarter. Average rents declined at a lower rate, down 4% in Q3 compared with Q2.

The decline in values is a consequence of additional supply coming to the market, giving buyers and tenants more choice. Around 10,000 units are expected to be delivered before the end of the year and 70,000 units before Expo 2020. This pipeline of new supply should help to keep sales and rental rates under control.

The headline figures do, of course, disguise disparities between areas.

In terms of sales values, apartments in areas such as Dubai Silicon Oasis and Dubailand remained resilient, with only a 2% decline in price since the previous quarter. The highest declines have been seen in Dubai Marina at 10% and Discovery Gardens at 13%.

Villas in The Lakes and Palm Jumeirah witnessed the lowest price declines of all areas at 4% and 5% respectively. The biggest declines of 8% were witnessed in Arabian Ranches and Jumeirah Park.

If you are looking to buy, developers are trying to make it attractive, Chestertons notes, “with buyers enticed by attractive incentives including 5-year post-handover payment plans, rebates of registration fees and guaranteed rental returns amongst others”.

The biggest declines in apartment rental rates were seen in Discovery Gardens and DIFC at 7% and 6% respectively. If you own in established communities like Dubai Motor City, The Greens and Dubai Silicon Oasis, you’ll have seen smaller declines in rental values of 2-3%.

In the villa market, the biggest rental declines were seen in Al Furjan at 6% with Palm Jumeriah and Jumeirah Islands at 5%.

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Dubai property brokers made USD 229 million in the first nine months of 2018

Dubai Land Department (DLD) has announced that property brokers in Dubai made commissions worth USD 229 million (AED842 million) in the first nine months of 2018.

A total of 18,121 transactions were carried out during the period between January and September.

Research compiled by the Department of Real Estate Studies and Research of Dubai Land Department showed brokers making AED 429 million from land sales, AED 73 million from building sales, and AED 340 from residential sales.

Yousif Al Hashimi, deputy CEO of the Real Estate Regulatory Agency (RERA), said: “Brokers play an important role in attracting international investors to Dubai’s real estate market, highlighting the market’s unique characteristics.

“DLD developed a comprehensive system to protect the rights of brokers in every successfully concluded transaction between the selling and buying parties. Brokers are among our most important partners, especially as they exercise their duties with the highest degree of honesty and integrity while adhering to the procedures and standards set by DLD.”

The number of accredited permits issued by DLD to real estate brokers totalled 4,686.

Dubai’s property market has been softening recently, with sale prices and rental rates falling year on year.

According to Chestertons’ Q3 2018 Observer, average apartment and villa prices were down 6% in Dubai in Q3 compared with the previous quarter. Average rents declined at a lower rate, down 4% in Q3 compared with Q2.

The fall in values is a result of additional supply coming to the market, giving buyers and tenants more choice.

Around 10,000 units are expected to be delivered before the end of the year and 70,000 units before Expo 2020. This pipeline of new supply should help to keep sales and rental rates under control.

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Check Out RAK Properties’ Marbella Villas This Weekend

RAK Properties is holding a launch event for Marbella Villas, a new luxury residential project, on Friday, September 14.

Marbella Villas will be located on Hayat Island in Ras Al Khaimah and will offer a mix of two-, three-, four- and five-bedroom villas and townhouses.

According to the developer’s web site, Hayat Island will feature around 2,500 apartments, 238 townhouses and 521 luxury hotel rooms and this new development will presumably add more to that mix.

Two residential communities have already been announced on Hayat Island: Northbay Residences, offering beachfront apartments, and Verde, offering three and four-bedroom villas/townhouses.

The launch event for Marbella Villas takes place at Four Seasons Resort Jumeirah, Dubai and starts at 1.00pm.

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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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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.

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Dubai Land Department Develops Portal For Property Transactions

Dubai Land Department (DLD) is developing an online platform that can be used to rent out and sell properties. Known as ‘REST’, it is scheduled to be operational by the first quarter of 2020.

According to a statement, the platform will avoid, ‘the need for property management and service agents’, suggesting that it may allow owners and buyers to get around agent commissions.

“By enabling customers to directly manage all elements of the real estate transaction process online,  the platform helps them save considerable time and effort,” said Sultan bin Mejren, director general, Dubai Land Department.

“By removing many traditional limitations in the real estate transaction process, the smart real estate system allows landlords to trade and sell their properties anytime and from anywhere in the world.”

Besides acting as a transaction engine, REST is also expected to include links to mortgage services, utilities and even maintenance companies. In theory, most of the sales process, including applying for and being granted a mortgage, could be carried out online.

The platform is being developed as part of the Dubai 10x initiative, which urges government entities to embrace disruption and leverage technology to place Dubai ten years ahead of other cities around the world.

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SE7EN CITY JLT’s First Phase Sells Out In One Week

The first phase of SE7EN CITY JLT, a mixed-use development in Jumeirah Lakes Towers, sold out within one week of going on the market, according to developer Seven Tides.

A total of 661 apartments were sold, at a combined value of AED 301,863,775 million.

“To sell out phase one of our project in less than one week is remarkable and due to that success, we are now launching phase two of the project,” said Abdulla Bin Sulayem, CEO, Seven Tides.

“Furthermore, this underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment…”

Bin Sulayem believes that investors were also attracted by a simple payment plan made up of a 5% deposit, followed by payments equal to 6% of the unit value every quarter until the planned completion date of Q3 2021.

The bulk of the units sold, 572 in total, were studios, which Bin Sulayem believes should yield 12% per annum to owners.

SE7EN CITY JLT will include 2,635 residential apartments when complete, along with 150,000 square feet of retail space, a hotel and restaurants.

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Al Mahra Resort Will Let You Buy Units With Bitcoin

Units at Al Mahra Resort by Cristal in Ras Al Khaimah can now be bought using Bitcoin and other digital currencies.

This is one of the first times investors have been able to to buy regional real estate using crytpocurrency. Last year, a property development in Dubai called the Aston Plaza and Residences made headlines by accepting payment for units in Bitcoin.

“Some of the biggest names worldwide are warming up to cryptocurrency; therefore, it is logical for us to offer people the opportunity to pay in Bitcoin or similar currency rather than just [normal] currency,” said Dr Faisal Ali Mousa Al Naqbi, owner and chairman of FAM Holding, the owner of Al Mahra Resort by Cristal.

“Cryptocurrency has radically improved the transparency, speed and security of property transactions with smart contracts; hence, it is really ground-breaking to do what we are doing. Of course, paying in Bitcoin for this development is just an option. At the same time, we are very pleased to be working with the Cristal Group to open this resort. We believe that Cristal’s premium service and brand will add exceptional value to our property.”

Located in the heart of Al Marjan Island in Ras Al Khaimah, the AED 350 million resort is scheduled to open by 2020.

It will feature 548 rooms, suites and villas, with units available under strata title. Prices start at AED 532,000 and investors are guaranteed an 8% return for the first three years.

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PROPERTY Buying Property In Dubai Costs Less Than You Might Think

If you’re looking to buy property in Dubai, now could be the best time. New data from Dubizzle suggests that there is a big difference between the prices that are advertised on property portals and the actual prices that buyers pay.

RELATED: Tired of renting? Start owning! Click here to compare UAE mortgages

So, what does that mean? In essence, it means that, if you’re a potential home-owner, you could pay a lot less than the asking price advertised online.

The areas in Dubai with the largest gaps are Discovery Gardens, Jumeirah Village Circle and Dubai Sports City. Research noted that some property buyers were purchasing properties for 20% less than their advertised sales price.

Mahmoud Hesham El Burai, CEO of the Dubai Real Estate Institute, said, “I believe this is a healthy gap that allows buyers bargaining power and allows sellers room to reach a more realistic print point to transact at.”

With recent news about the UAE property market heavily relying on buyers, it seems that you don’t necessarily have to accept the first price that is given to you.

SEE ALSO: Five Dubai Apartments To Buy For Less Than AED 1 Million

Tenants and buyers are in control in the current property market, so now is the time to start the negotiations. But before you start, make sure you understand the market properly. This will give you leverage when it comes to getting what you want.

If you want to negotiate a lower property price, think reasonably. You want to achieve the end goal of paying a lower asking price, so make sure you provide leeway in a situation, and hopefully the buyer will have the same mentality.

And if the buyer doesn’t appear to be budging then you can always search the market for better offers.