where property is Valued.
THE PALM SPECIALISTS
Newsletter ISSUE 3 - AUTUMN
The Palm Jumeirah
WELCOME back to our 3rd newsletter, which is proving to be very popular with our clients and residents of the Palm Jumeirah. 2011 so far has been pleasantly busy with all properties on the Palm showing increased activity and generally firming in price. I reported last time that the villas were trading particularly well and in the last month the apartments are now also showing signs of growth. In fact the apartments that traditionally have been a little slower to rent or sell have seen increased activity. Marina Residence and ‘Left hand side’ Shoreline’s are both renting much better and investors are definitely showing enthusiasm. There is now activity on the ‘Golden Mile’ landscaping which I believe will translate into further activity on the Shoreline apartments, as this is evidence that Nakheel are getting their house in order and finishing off promised projects which will promote investor confidence . We will see a lot of Nakheel news in the next 3 months as they are going to be focusing on completing existing stalled projects like Jumeriah Village and Badrah. Again this is further evidence of Nakheel getting into better shape which will promote confidence across Dubai and more selfishly boost the Palm. All completed projects across dubai have seen a firming of prices this year and this theme will continue for some time as investors are reluctant to purchase ‘off plan’ projects. With this in mind it will be interesting to see how well the newly announced town houses sell on the old QE2 site when they are A note from our Sales Agent Anna Kirichenko launched. The final quarter of the year is traditionally busier for us as we see the Russians descend Anna Kirichenko is our Russian speaking agent on The Palm Jumeirah... on Dubai for their holidays, which usually means extra sales and over the past year we +971 50 953 9897 anna@edwardsandtowers.com have seen Chinese buyers enter the market too. All good news for the market as the THE end of 2010 and the first half of 2011 has given us some confidence population base spreads. It is testament to Dubai that it keeps attracting a new work force back in the Dubai Real Estate market. Judging from the demand of and as the job market improves we will see the rental market improve too. foreign investors, residents and the end users, there has been a It has been an interesting year so far with the ‘Arab Spring’ having a positive effect on significant increase in transactions. Dubai as residents of the more volatile countries looked to move or invest in a more Prices on the Palm Jumeirah have stabilized and have actually increased in some prime stable place. The final quarter should see the market Mark Towers, Managing Director locations, to the disappointment of some investors, who were looking forward to snapping carry on in a positive manner and let’s hope the wider up some bargains over the summer. economic issues we see in the World does not impact The announcement of the 3 year investor residency visa had a very positive reflection on too heavily on us. the market and gave a positive vibe to our Russian, Indian and Iranian investors alike. Emirates Living Lately, a significant amount of improvements have been made by the developer to the AFTER achieving an excellent response from the launch of Emirates Hills three months communal areas of the residential developments. ago, resulting in the sale of a villa and several exclusive listings, we are pleased to • For the Shoreline residents, the beach has been upgraded with permanent, ‘tiki’ style, announce our newest area, shade covers and lifeguard stands. Nakheel are now implementing new rules with The Lakes & Meadows. regards to the security guard’s responsibilities and a new system to apartment key handling. We have a new agent Carina • Recently opened is Subway retail outlet (open in Clubhouse 2) offering free delivery Parkinson, who will be very within the Palm, and a children’s nursery in building 10. happy to assist you, whether • In Tiara Residence, there have been increased access restrictions, which have given a you are looking to buy, sell or real feeling of privacy to the residents of this development. list your property to rent. • The Yacht marina is starting to fill up which makes the view from the Marina Residence and Tiara apartments more lively and has reflected in the firming up of the rentals in Please contact her on: these two developments. carina@edwardsandtowers.com These small changes are giving the Palm much more of a positive community feel. +971 (0) 503940774 The amount of short term rental enquiries proves the popularity of The Palm Jumeirah Агентство по недвижимости Edwards and Towers специализируется в продажах и аренде globally as many holiday makers choose the self-catering option when visiting. With addition to these positive changes, banks and mortgage companies have been very недвижимости на The Palm Jumeirah. proactive lately, offering different products and special offers to buyers and tenants. Мы будем рады Вам помочь купить, продать, снять или сдать виллу или квартиру в любом из проектов на The Palm Jumeirah. Current mortgage rates are between 4.99% and 5.99% and up to 85% Loan to Value of the Также предлагаем владельцам недвижимости профессиональную программу управления - мы property – this is one of the major factors that positively reflect on the market. возьмем на себя всю организацию арендного процесса от А до Я.для купли/продажи Finally, Rixos Hotels recently announced that Rixos Residences Palm Jumeirah, a Анна +971 (0)50 953 9897 anna@edwardsandtowers.com combined hotel and residence project, will open in December. The hotel section will для аренды/сдачи - Снежана +971 (0)50 914 1987 snezhana@edwardsandtowers.com consist of 204 rooms. Also slated to open its doors in December is Movenpick's 293-room Санат +971 (0)50 868 0068 sanat@edwardsandtowers.com А также Вы можете ознакомиться с различными предложениями на нашем вебсайте Royal Amwaj, which will offer water bungalows and be the first fully-inclusive resort in www.edwardsandtowers.ru Dubai. So with all these exciting changes to the Palm Jumeriah, we and investors alike are Офис: Palm Jumeirah, Shorline, пляжный клуб 5 Al Nabaa. certainly feeling much more confident!
PALM OFFICE : Palm Jumeirah, Clubhouse ‘Al Nabaa’ (B9 & B10 Shoreline)
HEAD OFFICE : Villa 22, Street 25, Umm Suqeim 3, P.O.Box: 51785
Sales : 04 422 1291
Sales : 04 348 8680
Rentals : 04 422 1293
www.edwardsandtowers.com
Rentals : 04 348 5548
www.edwardsandtowers.com
SALES PROPERTIES Tiara Residence
Shoreline
Shoreline
Garden Home
Tanzanite View : Sea View Type : B Type Bed : 3 Beds Size : 2,288 sq.ft. Price: AED 3,850,000 NET Call Anna : 050 953 9897
Al Hamri View : Community View Type : B Type Bed : 1 Bed Size : 1,184 sq.ft. Price: AED 1,050,000 NET Call Anna : 050 953 9897
Al Nabat View : Sea View Type : B Type Bed : 1 Bed Size : 1,184 sq.ft. Price: AED 1,750,000 NET Call Anna : 050 953 9897
O Frond View : Marina View Type : Arabic 3 story Atrium Entry Bed : 4 Beds Size : 6,000 sq.ft. BUA Price: AED 9,750,000 NET Call Anne : 050 551 8705
Shoreline
Garden Home
Garden Home
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Al Hasser View : Sea View Type : Type - D Bed : 2 Beds Size : 1,582 sq.ft. BUA Price: AED 2,650,000 NET Call Richard : 050 376 5192
A Frond View : Atlantis View Type : Med. Central Rotunda Bed : 4 Beds Size : 5,000 sq.ft. BUA Price: AED 7,500,000 NET Call Richard : 050 376 5192
C Frond View : Atlantis view – High number Type : Med atrium entry – Upgraded Bed : 4 Beds Size : 5,000 sq.ft. BUA Price: AED 10,000,000 NET Call Richard : 050 376 5192
E Frond View : Burj Al Arab/Full Sea View Type : European Gallery View (Ex.) Bed : 6 Beds Size : 11,800 sq.ft. BUA Price On Request Call Anne : 050 551 8705
Shoreline
Oceana
Marina Residences
Garden Home
Al Tamr View : Partial Sea View Type : C Type Bed : 3 Beds Size : 2,260 sq.ft. BUA Price: AED 2,350,000 NET Call Bren-Marie : 050 524 6795
Baltic View : Sea View Type : C Type Bed : 3 Beds Size : 1,743 sq.ft. BUA Price: AED 2,650,000 NET Call Bren-Marie : 050 524 6795
Building 3 View : Sea View Type : A Type Bed : 3 Beds Size : 4,233 sq.ft. BUA Price: AED 3,850,000 NET Call Bren-Marie : 050 524 6795
F Frond View : Burj Al Arab View Type : Med atrium entry Bed : 4 Beds Size : 5,000 sq.ft. BUA Price: AED 8,400,000 NET Call Anne : 050 551 8705
Tiara Residence
Tiara Residence
Tiara Residence
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Diamond View : Sea View Type : C Type Bed : 2 Beds Size : 1,712 sq.ft. BUA Price: AED 2,900,000 NET Call Steve : 050 503 1090
Tanzanite View : Sea View Type : B Type Bed : 3 Beds Size : 2,288 sq.ft. BUA Price: AED 3,800,000 NET Call Steve : 050 503 1090
Diamond View : Sea View Type : D Type Bed : 1 Bed Size : 1,309 sq.ft. BUA Price: AED 2,290,000 NET Call Steve : 050 503 1090
E Frond View : Sea View Type : Grand Courtyard Bed : 6 Beds Size : 7,000 sq.ft. Price: AED 20,000,000 NET Call : 04 348 8680
Emirates Hills
Emirates Hills
Emirates Hills
Emirates Living
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H Sector View : Community View Type : Villa Bed : 5 Beds Size : 10,400 sq.ft. Plot Price: AED 25,000,000 NET Call Bella : 050 379 5018
E Sector View : Community View Type : Villa Bed : 5 Beds Size : 17,418 sq.ft. Plot Price: AED 17,500,000 NET Call Bella : 050 379 5018
L Sector View : Golf Course View Type : Villa Bed : 6 Beds Size : 47,000 sq.ft. Plot Price On Request Call Bella : 050 379 5018
Springs 7 View : Community View Type : 2E Type Bed : 3 Beds Size : 4,434 sq.ft. BUA Price: AED 2,500,000 NET Call Carina : 050 394 0774
PALM OFFICE : Palm Jumeirah, Clubhouse ‘Al Nabaa’ (B9 & B10 Shoreline)
HEAD OFFICE : Villa 22, Street 25, Umm Suqeim 3, P.O.Box: 51785
Sales : 04 422 1291
Sales : 04 348 8680
Rentals : 04 422 1293
www.edwardsandtowers.com
Rentals : 04 348 5548
www.edwardsandtowers.com
PALM RENTAL PROPERTIES Fairmont Palm Residence
Fairmont Palm Residence
Garden Home
Garden Home
North View : Community View Type : G Type Bed : 1 Bed Size : 1,368 sq.ft. BUA Price: AED 90,000 PA Call : 04 422 1291
North View : Partial Sea View Type : E Type Bed : 2 Beds Size : 1,810 sq.ft. BUA Price: AED 175,000 PA Call : 04 422 1291
M Frond View : Sea View Type : Grand Foyer Bed : 4 Beds Size : 5,000 sq.ft. BUA Price: AED 370,000 PA Call : 04 422 1291
F Frond View : Sea View Type : Atrium Entry Bed : 4 Beds Size : 5,000 sq.ft. BUA Price: AED 400,000 PA Call : 04 422 1291
Marina Residences
Oceana
Shoreline
Shoreline
Building 1 View : Marina View Type : C Type Bed : 2 Beds Size : 1,800 sq.ft. BUA Price: AED 140,000 PA Call : 04 422 1291
Baltic View : Partial Sea View Type : D Type Bed : 1 Bed Size : 1,237 sq.ft. BUA Price: AED 155,000 PA Call : 04 422 1291
Abu Keibal View : Park View Type : B Type Bed : 1 Bed Size : 1,184 sq.ft. BUA Price: AED 90,000 PA Call : 04 422 1291
Al Basri View : Sea/Burj Al Arab View Type : B Type Bed : 1 Bed Size : 1,184 sq.ft. BUA Price: AED 115,000 PA Call : 04 422 1291
Shoreline
Shoreline
Shoreline
Tiara Residence
Al Hallawi View : Garden View Type : E Type Bed : 2 Beds Size : 1,646 sq.ft. BUA Price: AED 120,000 PA Call : 04 422 1291
Al Habool View : Park View Type : F Type Bed : 2 Beds Size : 2,055 sq.ft. BUA Price: AED 140,000 PA Call : 04 422 1291
Al Anbara View : Park View Type : A Type Bed : 3 Beds Size : 2,184 sq.ft. BUA Price: AED 150,000 PA Call : 04 422 1291
Diamond View : Sea/Burj Al Arab View Type : D Type Bed : 1 Bed Size : 1,309 sq.ft. BUA Price: AED 150,000 PA Call : 04 422 1291
Meet our team! Anna Catchpole Property Manager annac@edwardsandtowers.com +971 4 348 8680
Charlotte Rhodes Palm Office Manager charlotte@edwardsandtowers.com +971 4 422 1291
Hayley Rudland Business Development Manager hayley@edwardsandtowers.com +971 4 348 8680
Clare Reymond Palm Sales Specialist clare@edwardsandtowers.com +971 50 501 2962
Bren Kleinert Palm Sales Specialist bren@edwardsandtowers.com +971 50 524 6795
Richard Pemberton Palm Villa Sales Specialist richard@edwardsandtowers.com +971 50 376 5192
Anna Kirichenko Palm Sales Specialist anna@edwardsandtowers.com +971 50 953 9897
Steve Clews Tiara Sales Specialist steve@edwardsandtowers.com +971 50 503 1090
Anne Ogilvie Palm Villa Sales Specialist anne@edwardsandtowers.com +971 50 551 8705
Bella Legard Head of Valuations & Investments bella@edwardsandtowers.com +971 50 379 5018
Carina Parkinson Sales & Leasing Emirates Living carina@edwardsandtowers.com +971 50 394 0774
Snezhana Zhekova Long & Short Lerm Leasing snezhana@edwardsandtowers.com +971 50 914 1987
Sanat Pemberton Palm Long–term Leasing sanat@edwardsandtowers.com +971 50 868 0068
Hedieh Taheri Palm Long–term Leasing hedieh@edwardsandtowers.com +971 50 429 2842
James Bennett Palm Long–term Leasing james@edwardsandtowers.com +971 56 798 9178
PALM OFFICE : Palm Jumeirah, Clubhouse ‘Al Nabaa’ (B9 & B10 Shoreline)
HEAD OFFICE : Villa 22, Street 25, Umm Suqeim 3, P.O.Box: 51785
Sales : 04 422 1291
Sales : 04 348 8680
Rentals : 04 422 1293
www.edwardsandtowers.com
Rentals : 04 348 5548
www.edwardsandtowers.com
Where property is valued.
Rental Update WITH a quiet Ramadan now over with, the office is once again abuzz with agents organizing viewings, making offers and writing contracts. Starting on a high note, we won the ‘Gold Award’ from Justrentals website for our accurate and most clicked on listings, of which we are so proud, we have put up the award in our Palm office! Prices have stayed roughly the same over the summer, only dropping in cases where Landlords are eager to get their properties let quickly, to avoid the dreaded ‘empty property’ where one could end up losing more money than renting it for less. The majority of rentals over August have been renewals, as tenants are keen to avoid moving in the summer heat and Landlords are willing to re-negotiate the rent in order to keep their occupiers in place. That being said, now the market is busying up again we are on the look out for any availabilities for rent or sale – as we have too many clients and not enough properties! With the addition of yet another new agent for Emirates Living, we can now offer a wider range of properties to our clients, and we are constantly on the lookout for new staff to join our ever-growing team! For a more thorough insight into rent estimates please look at our website www.edwardsandtowers.com for a full list of all areas on the Palm. Shorelines (Left Side)
Shorelines (Right Side) From AED 180,000
From AED 140,000
A Type - 3 Bed
B Type - 1 Bed
From AED 75,000
B Type - 1 Bed
C Type - 3 Bed
From AED 150,000
C Type - 3 Bed
From AED 155,000
D Type - 2 Bed
From AED 110,000
D Type - 2 Bed
From AED 160,000
E Type - 2 Bed
From AED 115,000
E Type - 2 Bed
From AED 120,000
F Type - 2 Bed
From AED 130,000
F Type - 2 Bed
From AED 180,000
A Type - 3 Bed
In Other Property Management News: Service Charges In positive news to Garden Home and Signature villa owners, the Nakheel Service charges have decreased as many of you may have noticed by now. Also, facilities on the Shoreline are looking up, with new sun-loungers being delivered to the clubhouses and various maintenance issues resolved. Shoreline Beach Club Access Some of the residents in the Shoreline may have noticed that the access to the beach has now been restricted to only the clubhouse entrances. This is due to a tightening of security on the Shoreline, to stop non-members from using the amenities. In due course, the clubhouse fee’s paid for the Beach access will need to be negotiated between Landlord and Tenant. Ejari After Ejari came in to place earlier this year, we are now pleased to report that all of our ‘Managed’ properties with title deeds are now successfully registered with Ejari. Since we began registering at the beginning of July, all of the tenants living in E&T Property Managed homes will be receiving their Ejari tenancy contract shortly.
From AED 110,000
Find us on!
AED 200,000
AED 200,000
AED 150,000
AED 150,000
AED 100,000
AED 100,000
AED 50,000
AED 50,000
*Please note that E&T offer these figures as an indicative price only based on our experience and present market knowledge. There are exceptions to every rule but these rents reflect largely what is happening on the Palm in the month of June. These figures should not be used as fact and as such E & T will not be held responsible for any misrepresentations made by a third party. Should you wish to discuss matters further and need true comparable evidence the reader should refer directly to E&T valuation department.
A look at Global Real Estate Markets ACCORDING to the Daily Mail, a few weeks ago, a new record for Britain’s most expensive real estate has been set, after a Russian billionaire paid £140 million (840,000,000AED) for an 18th century country house. Amongst its features are a helipad, spa complex, fully planned cinema and rolling grounds. Set in 200 acres of parkland in the Berkshire countryside, it beats the previous record sale of a Penthouse at One Hyde Park, Knightsbridge, for £136million (816,000,000AED) earlier this year. In these recessionary times we are still seeing high net worth individuals indulge in top end property. Just last month, according to Nakheel records, a Palm Jumeriah Signature villa sold for AED28,000,000, while over in Emirates Hills we are seeing trends of around AED30-40 million being sold on an almost regular basis. Does this mean the market is picking up? Or is it just the top end of the market that is holding firm? With a ‘double dip’ in the US and European economies looking like a possibility we are all nervously watching the Dubai property market to see if it is robust enough to weather the potential storm. Jones Lang LaSalle’s quarterly report tells us there is a ‘more cautious attitude amongst real estate investors and corporate occupiers’. Recently capital markets have taken a knock around the world with the main bourses looking fragile. Against this backdrop Dubai is still attracting high net worth individuals to its shores and a look around the globe shows us that despite this economic uncertainty the ‘rich’ are still active in the property sector and continue to purchase trophy assets in prime locations. Here are few examples to illustrate the point. • UK – as per Savills, for a mere 40,000,000AED you could own a beautiful manor house outside of London, featuring 3 reception rooms, cinema, 6 b/r, swimming pool & gym, all set in 7,000SQFT of land in close proximity to central London. • Europe – France, Côte d’Azur. For 33,600,000AED you could have the former home of Edith Piaf, a stunning stone house, built on a private plot with 53,800SQFT of tranquil, landscaped gardens, heated pool, tennis court and the obligatory ‘boules’ lawn. Italy, Zermatt. Set in the heart of the elite ski-resort of Zermatt, you could own a 5 ensuite b/r chalet, with panoramic views, spa & gym, games room and cinema, overlooking the 4,478m Matterhorn (one of the highest in the Alps). This property would set you back a cool AED51,520,000! • United States – a turn of the century summer cottage set in 3.5 landscaped acres, isn’t really much of a cottage, being a huge 8000SQFT, with 6 b/r, 6.5 baths and all beautifully restored and renovated. The ‘cottage’ has an asking price of AED33,814,800. • St Lucia, the Belle Helène is a spectacular 2.2 acre property located in “probably the best piece of real estate in the world” (as described by Newsweek) it is a UNESCO world heritage site. Built in traditional Caribbean style, the guide price is around AED68,000,000. These luxury properties are in some of the best known and sought after global locations and have been in demand as destinations for many investors who like the idea of choice and are not worried about the price tag. In our own back yard, Dubai, we can see that it has the price tag to compete with these more established destinations and a typical competitor for luxury real estate may include a villa we have listed which is set in the heart of Emirates Hills, surrounded by a golf course and lakes, with 10 b/r, gym, swimming pool, cinema, underground parking for 14 cars and set on a plot of approx 40,000 sq.ft. What, you may be asking is the attraction to buy in Dubai compared to say the UK? The answer is of course complex and unique to each individuals needs but will certainly be influenced by the weather, the tax free status and also the proximity of Dubai top the regions major cities.. The UAE is one of the few tax-free countries in the world, making it a prime location to invest in superb real-estate portfolios. The luxury market has seen a revival in 2011 with villas on the Palm rising in value by up to 25%. Dubai may not have the lush green landscapes of Berkshire, or the snow-capped mountains of Zermatt, but it does offer safe high octane city life on the ocean front and a lifestyle equivalent or comparable to many of the more ‘renowned and famous’ locations the jetset frequent. Dubai is on the map as a place where residents can live a safe and tax free lifestyle and now we are seeing the real estate to match. Hayley Rudland
Business Development Manager hayley@edwardsandtowers.com
For all editorial enquiries please contact hayley@edwardsandtowers.com
PALM OFFICE : Palm Jumeirah, Clubhouse ‘Al Nabaa’ (B9 & B10 Shoreline)
HEAD OFFICE : Villa 22, Street 25, Umm Suqeim 3, P.O.Box: 51785
Sales : 04 422 1291
Sales : 04 348 8680
Rentals : 04 422 1293
www.edwardsandtowers.com
Rentals : 04 348 5548
www.edwardsandtowers.com