Property Times May 2015 by Media Lab Publishers

///// Issue 30 - May 2015

INTERNATIONAL TIMES Cyprus & UK

Pg18

An Investor's Delight

Botanica In JVC by Myra offers attractive returns on investment

Magazine

Awards

RIDING ON THE SUCCESS OF THE FIRST EDITION OF PEOPLE'S CHOICE REAL ESTATE AWARDS, PROPERTY TIMES AND PROPERTYONLINE.AE ARE PROUD TO ANNOUNCE THE LAUNCH OF THE MOST PRESTIGIOUS AWARDS FOR DUBAI REAL ESTATE DEVELOPERS.

FOR MORE INFO EMAIL: AWARDS@PROPERTYONLINE.AE

TEL: +971 (0)4 277 80 02

E-MAIL: info@stockholmre.com

WEBSITE: www.stockholmre.com

OUR TEAM BINESH Panicker

Editor-in-Chief & Co-Founder binesh@medialabpublishers.com

JATIN Deepchandani

Business Head jatin@propertyonline.ae

THINKAL Bhal

Manager - Sales thinkal@propertyonline.ae

RESHMI Raveendran

Editorial Coordinator reshmi@propertytimes.ae

NYSAM K Shahul

Senior Graphic Designer nysam@propertyonline.ae

TOSEEF Ali Tidiwala

Accounts Executive ali@propertyonline.ae

Binesh Panicker

Editor-in-Chief & Co-Founder

KIRAN Reddy

THE BIGGEST AWARDS NIGHT EVER IN DUBAI REAL ESTATE MARKET May 12, 2015 was an absolutely unforgettable day for Dubai real estate industry members. The first ever edition of Property Times People’s Choice Real Estate Awards night was held on this day at The Address Dubai Marina in the presence of the who’s who of the industry including government officials from Dubai Land Department and Ajman Real Estate Regulatory Agency, developers, bank officials, real estate agency owners among others. The winners were honoured at this glittering ceremony and the excitement in the crowd was nothing less than sensational. On this occasion, on behalf of Team Property Times, I would like to thank each and everyone who turned up and supported this latest initiative from Media Lab Publishers. It was a new concept and naturally we were a bit apprehensive initially about how the market would respond to it, but the entire industry stood by us and made sure it was a night to cherish forever. Thanks to Team Property Times who put together a wonderful show under the guidance of the ever enthusiastic and passionate Jatin Deepchandani in association with Celebrations Event Management headed by Amr Oraibi and Ayah Halawani. In this issue, we are carrying a special feature on the awards night, which will provide an opportunity to those who missed the show to take a look at some of the highlights of the biggest awards night in the history of Dubai real estate market.

feel the time is right for Property Times People’s Choice Developers Awards 2015 and we will be soon announcing all the details about it.

Also, we have something exciting to share with you. After the successful awards night, we have been receiving requests from the developers fraternity to launch People’s Choice Awards for developers. We

Thanks for your support.. Happy reading!

PRINTER

P.O. Box: 485100, Dubai, UAE

DISTRIBUTOR

In this issue of Property Times, apart from all the event related coverage, we have got a number of interesting and informative articles. On the cover this month is a project in JVC called Botanica developed by Myra. The USP of the project is it is 50% ready and the buyers can get handovers by December this year. The cover story features all the details about this residential building. Other stories include Nicole Walter’s article on Al Zohra development, a close look at Cyprus in the International Times section, DSO vs IMPZ in the Community Times section which also includes some cool tips for summer from MPlus. Of course, all our regular columns by industry experts are there to educate you more about the current trends in the market. The May issue also carries an exclusive photo feature of residents annual parties at Burj Khalifa and Emirates Hills, organized by Emaar Community Management (ECM). I would like to congratulate ECM headed by Jeevan D'Mello for taking such initiatives to bring the residents together and enhance the concept of community living. Last but not the least, we have put together some of the most desirable properties in our listings section for those who are looking to buy.

E-magazine support kiran@propertyonline.ae

SRIKANTH Reddy

E-magazine support srikanth@propertyonline.ae

MANAF CK

Admin Executive manaf@propertyonline.ae

MARY Grace Antonio

Executive Assistant to Editor in Chief grace@medialabpublishers.com

CONTRIBUTOR Nicole Walter

Freelance Writer

PUBLISHER

MEDIA LAB PUBLISHERS LLC Office 135, B Block, Al Shafar Investment Building, Near 3rd Interchange Sheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae

EDITORIAL

editor@propertyonline.ae

advertise@propertyonline.ae

SUBSCRIPTION

subscribe@propertyonline.ae Licensed by National Media Council

P.O. Box: 76460, Dubai, UAE

May 2015 Issue -30 /// 7

propertyonline.ae

FROM THE EDITOR

HO OS IN GU S

KS N A TH

R FO

PEOPLE’S CHOICE

REAL ESTATE OVERALL (WINNERS) PEOPLE’S CHOICE

TOP REAL ESTATE BROKER EDITOR’S CHOICE

REAL ESTATE EXCLUSIVE PROJECT SALES & MARKETING (WINNERS)

info@spfrealty.com | spfrealty.com RERA ORN #1021

#227, Block B, Al Shafar Investment Bldg, Interchange 3, Sheikh Zayed Road, P.o. Box 213469, Dubai, UAE

04 339 6222 | 050 1597171 facebook.com/spfrealty

twitter.com/spfrealty

linkedin.com/company/spf-realty-llc

propertyonline.ae

NEWS AND ANALYSIS:

RP Heights by RP Global

NEWS AND ANALYSIS:

Indian Property Show

NEWS AND ANALYSIS:

DSO analysis by REIDIN.com

MORTGAGE EXPERT:

Feyisesan Ekundare, MortgageMe

Jerry Parks, Taylor Wessing

Al Zohra getting ready for handover

Expats in UAE take advantage of rising rents in the UK

INTERNATIONAL TIMES:

Q & A by Binayah Real Estate

Cool tips for summer!

Emirates Hills Annual Residents Get-together

Botanica in JVC

UAE vs rest of the world: Straight Talk by MP

PROJECT WATCH:

Serenia Residences & MAG 5 Boulevard

INTERVIEW: Ismail Al Hammadi,

MD, Al Ruwad Real Estate Consultants

NEW DIFC WILLS & PROBATE REGISTRY:

Nita Maru, TWS

COLUMN BY Wolf of Real Estate:

LEGAL EXPERT:

A perfect choice for investors:

Burj Khalifa Annual Residents Get-together

Mohanad Alwadiya, Harbor Real Estate

COLUMN BY

Chris Whitehead, MD, ERE Homes

Dubai hotels going green

HOSPITALITY COLUMN BY

Jitheesh Thilak

Exclusive Listings

CLASSY & ELEGANT

Latest Collection from Design Mobl

International Times: Cyprus

Community Times: DSO & IMPZ

May 2015 Issue -30 /// 9

propertyonline.ae

NEWS & ANALYSIS

RP GLOBAL BREAKS GROUND FOR RP HEIGHTS

P Global - part of RP Group of Companies, a global business conglomerate with an annual turnover of over US$4 billion broke ground on its new multi-storey residential tower project RP Heights marking its entry into the real estate market in Dubai. RP Global will initially develop two prestigious projects in the heart of the city with a total development value of over AED 5.5 billion (US$ 1.5 billion). RP Heights, the first project in Downtown Dubai is a multi-storey residential tower within two minutes walking distance from The Dubai Mall. It will feature 268 luxury residences in a mix of studio, 1, 2, and 3-bedroom apartments, in addition to luxurious penthouses on the upper floors. RP One, the second project, will be an iconic mixed-use development on Sheikh Zayed Road, which will be unveiled in the second half this year. This AED 4billion (US$ 1.1 billion) development is situated right behind the Business Bay Metro Station, and will feature a spectacular mixed-use tower, which will define the Dubai city skyline. “Our expansion to real estate development complements our core competencies in construction and infrastructure projects,” said Dr. Ravi Pillai, Chairman & Chief Executive Officer of RP Group of Companies. “The key differential of RP Global is our group’s ability to bring unmatched development synergies through our own construction firm, Gulf Asia Contracting. This will ensure strong economies of scale, the highest standards in construction and a firm delivery schedule. We will

RP Heights

pass on this additional value to our customers, who will become part of truly world-class developments built to the highest standards of quality and sustainability.” He added: “We are constructing RP Heights in Downtown Dubai on land owned by RP Global and using our own internal financial resources. This demonstrates our commitment to delivery and to establishing our distinct identity in Dubai’s property development sector.” The Group has executed projects worth over US$25 billion globally, and has 26 business entities in 20 cities across nine countries, with a track record in heavy civil and building works over the last 20 years. The group has executed over 130 projects for clients including Saudi Aramco and its affiliate SATORP,

SADARA Petrochemicals, YASREF, SABIC and its affiliates, Qatar Gas, Ras Gas, ADNOC, Abu Dhabi Oil Refining company, Sipchem, Shell, Exxon Mobil, Total Refinery, Dow Chemicals, Qatar Petroleum, Oryx GTL, Dolphin Energy and Kuwait National Petroleum. Dr. Ravi said that the Group’s decision to expand to property development in Dubai is led by the robust growth and economic fundamentals of the city. “With the current population of over 2 million expected to grow to 3 million by 2020, and the city’s status as a business and leisure hub, the property sector of Dubai has strong growth prospects. “The strategic growth initiatives announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has boosted international investor confidence. Today, Dubai is one of the world’s best investment destinations for property compared to Singapore or Mumbai,” he explained. RP Group of Companies has a strong presence in six highgrowth sectors including property development, construction & infrastructure development, education, healthcare, hospitality and trading. Their areas of expertise include oil and gas, petrochemicals, ferrous and non-ferrous plants, heavy industrial buildings, high-rise buildings and infrastructure facilities. With a presence of over 40 years in the GCC region, it is also further scaling up its hospitality business in the UAE with two new hotels in Dubai Marina and BurDubai.

RERA No: 2610 | 04 388 3001 | 050 8889 510 | admin@lacapitaledubai.com

propertyonline.ae

NEWS & ANALYSIS

INDIAN PROPERTY SHOW RETURNS

umansa Exhibitions’ flagship exhibition, Indian Property Show is all set to take place on 11th, 12th and 13th June 2015 at Dubai world Trade Centre. Hosting a wide array of the latest properties by over 150 real estate developers from India, the popular property exhibition will showcase the best of Indian real estate projects to over 17,000 potential investors in Dubai. The biannual realty expo will be featuring apartments, villas, row houses, commercials and plots. The 3-day property extravaganza will be open to visitors between 11:00 am to 8:00 pm every day with free entry and provision for free parking. “Today's changing real estate market dynamics and the volatile world in which the realty industry operates require knowledge and intelligence to create competitive advantage like never before. To bring the knowledge and update buyers on latest trends, policies, market dynamics, investments strategies etc, we

have partnered with dedicated real estate research services firm Jones Lang Lasalle (JLL) to help NRIs make informed decision for their property purchase. We at Sumansa always strive to bring the best of Indian real estate to Dubai, while providing the buyers, the tools to make that important choice”, said Sunil Jaiswal, President- Sumansa Exhibitions, organizers of Indian Property Show. The exhibitors at the show include best of the Indian real estate developers, construction companies, Banks and real estate agents. This year’s show will witness 3 distinct regional pavilions alongside a special CREDAI Maharashtra pavilion with properties from Pune, Nashik, Nagpur and other cities of Maharashtra. The exhibition is specially designed to meet the needs of NRIs in the Middle East featuring the latest projects in India and diverse offerings from India’s finest developers. The show brings you properties from Delhi, Noida, Greater Noida, Gurgaon, Jaipur,

Kolkata, Goa, Ahmedabad, Mumbai, Navi Mumbai, Pune, Chennai, Coimbatore, Hyderabad, Bengaluru, Mangalore and many more cities. Some of the best property and investment experts will be in attendance at the Expo, providing insights into the property trends and identifying the right opportunities in the Indian property market. Attend the Free Seminars that are designed to offer interesting insights and analysis for the attending delegates and are conducted by some of the most influential property industry gurus, legal advisers and Vaastu expert. Additionally, get free advice from top Indian Lawyers on any of your property related matter whether it’s for new property purchase, concerns related to existing property, tenancy laws or anything else. Moreover, the popular Know Your City seminars will educate the people on new developments in India's bigger cities while guiding buyers on the investment potential.

WE SINCERELY APPRECIATE ALL OUR CUSTOMERS FOR THEIR CONTINUOUS SUPPORT & TRUST IN US. "THANK YOU FOR MAKING US THE PREFERRED BUYER’S AGENCY IN UAE." www.lacapitaledubai.com

Real Solutions to Real Estate

propertyonline.ae

Cedre Villas Dubai Silicon Oasis

NEWS & ANALYSIS

GROWING IN STATURE Dubai Silocon Oasis (DSO) is a hotbed of activity these days with a number of new projects being announced by developers. By Binesh Panicker

ith quite a lot of projects under construction and a number of projects that have been launched recently, DSO seems to be becoming one of the top investment destinations in Dubai. In this issue of Property Times, REIDIN CEO Ahmet Kayhan takes a look at one of the most talked about communities in Dubai at the moment: DSO. A lot of developers are choosing DSO for their new projects. Why do you think DSO has become a hot favourite destination? One of the most important factors driving developers to DSO is the attractive land prices, under developed sub-market and the

location of the community. We are expecting more developers to come in the next quarters. What is the current status of developments in DSO? Around 29% of the current stock in DSO

AHMET KAYHAN CEO, REIDIN.com

-7%

-8% -10%

-10%

-12%

Last 3 Months

UPCOMING SUPPLY (END OF 2016) DUBAI ALL VS. DUBAI SILICON OASIS

Last 6 Months

Is it a good time to invest in DSO considering the recent hike in developments in this area? We think it’s a good time to invest in DSO now, considering the lower prices in the last six months, decreasing transaction volumes and higher yields as the rents haven’t gone down as much. All these factors make DSO a good choice for serious investors. What is the expected gross rental return? DSO is on the higher end of the rental yield market and this is one of the main reasons why more developments are coming up in this area.

For more information on DSO turn to page 36

DUBAI ALL VS. DUBAI SILICON OASIS

Dubai Silicon Oasis

12% 12% 11.0% 10% 11.0% 12% 10% 8% 11.0% 10% 8% 6% 8% 6% 4% 6% 4% 2% 4% 2% 0% 2% International 0% City International City 0% International City

Dubai City Wide- Apartments Dubai City Wide- Apartments

Dubai All Areas

Sep-14 Sep-14Sep-14 Nov-14 Nov-14 Nov-14 Jan-15 Jan-15Jan-15

Mar-14 Mar-14 Mar-14 May-14 May-14 May-14 Jul-14 Jul-14 Jul-14

Sep-13 Sep-13Sep-13 Nov-13 Nov-13 Nov-13 Jan-14 Jan-14Jan-14

Dubai Silicon Oasis Dubai Silicon Oasis

May-13 May-13 May-13 Jul-13 Jul-13Jul-13

Jan-13 Jan-13Jan-13 Mar-13 Mar-13 Mar-13

Jul-12 Jul-12Jul-12 Sep-12 Sep-12Sep-12 Nov-12 Nov-12 Nov-12

Jan-12 Jan-12Jan-12 Mar-12 Mar-12 Mar-12 May-12 May-12 May-12

Jul-11 Jul-11Jul-11 Sep-11 Sep-11Sep-11 Nov-11 Nov-11 Nov-11

54,370

Dubai Silicon Oasis Mar-15 Mar-15 Mar-15

4,694

Dubai City Wide- Apartments

GROSS RENTAL YIELDS GROSS RENTAL YIELDS GROSS RENTAL YIELDS 9.5% 9.5% 9.5%

9.4% 9.4%

9.4%

9.3% 9.3%

9.4%

9.3%

7.6% 7.6% 7.6%

5.7% 5.7% 5.7%

Jumeirah Village Circle Jumeirah Village Circle Jumeirah Village Circle

International Dubai Sports Dubai Silicon Dubai City Dubai City Media City Oasis Apartment Wide-Villa International Dubai Sports Dubai Silicon -Wide Dubai City Dubai City Production Media City Oasis -Wide Apartment Wide-Villa Zone(IMPZ) Production International Dubai Sports Dubai Silicon Dubai City Dubai City Zone(IMPZ) Media City Oasis -Wide Apartment Wide-Villa Production Zone(IMPZ)

SALES PRICE CHANGE 4% SALES PRICE CHANGE 4% SALES PRICE CHANGE 2% 2% 4% 2% 0% International Jumeirah Village International2% City -1% 0% 2% Media Production circle 0% International Jumeirah Village International City City Dubai Silicon0% Oasis Dubai City Wide 2% Dubai Sports-1% Zone (IMPZ) -2% Media Production circle -2% Dubai Sports City Dubai Silicon Oasis Dubai City Wide Zone (IMPZ) 0% International -2% Jumeirah -3% Village International City -1% 0% -2% Production Media circle -4% -4% -4% City -4% -4%(IMPZ) -4% Dubai Sports City Dubai-4% Silicon Oasis Dubai Wide Zone -3% -2% -4% -2%-4% -5% -5%-4% -4% -4% -4% -4% -5% -5% -6% -3% -5% -5% -5% -5% -4% -6% -4%-7% -4% -4%-7% -4% -4% -4% -8% -5% -5% -5% -5% -7% -7% -6% -8% -10% -10% -7% -7% -8% -10% -10% -12% Last 3 Months Last 1 Year Last 6 Months -10% -12% -10% Last 3 Months Last 1 Year Last 6 Months -12% Last 3 Months Last 1 Year Last 6 Months

REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector. REIDIN.com, founded in 2007, is a DUBAI SILICON OASIS UNIT SUPPLY leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN.com helps professionals and individuals easily access the real estate DUBAI SILICON OASIS UNIT SUPPLY information they need to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data & Research Team’ together with a global network of information partners endeavours to provide high-end analysis DUBAI SILICON OASISand UNIT research SUPPLY support to its clients.

For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times. 4,694 4,694 4,694

11,535 11,535 11,535

UPCOMING SUPPLY (END OF 2016) DUBAI ALL VS. DUBAI(END SILICON OASIS UPCOMING SUPPLY OF 2016) DUBAI ALL VS. DUBAI SILICON OASIS UPCOMING SUPPLY (END OF 2016) DUBAI ALL VS. DUBAI SILICON OASIS 4,694 4,694 4,694

54,370 54,370

ubai i Silicon Silicon Oasis Oasis on Oasis ubai i All Areas All Areas reas

"WE DEDICATE THIS AWARD TO OUR TEAM AND TO OUR DISTINGUISHED CLIENTS WHO TRUST US TO PERFORM AT EVERY STAGE OF THE PROJECT LIFECYCLE. THANK YOU."

T: 04 4534917 | RERA No: 210 E: info@kaizenams.com W: www.kaizenams.com

NEWS & ANALYSIS

Under Construction (End of 2016)

Existing

GROSS RENTAL YIELD CHANGE UPCOMING SUPPLY (END OF 2016)

Existing Existing Existing Under Construction Construction (End (End of 2016) of 2016) UnderUnder Construction (End of 2016)

Source : REIDIN.com

11,535

GROSS RENTAL YIELD CHANGE GROSS RENTAL YIELD CHANGE

Jan-11 Jan-11Jan-11 Mar-11 Mar-11 Mar-11 May-11 May-11 May-11

Palace Tower Dubai Silicon Oasis

is under construction, which represents less than 8% of the overall supply expected in Dubai by the end of 2016.

Dubai All Areas

Dubai Silicon Oasis

4,694

11% 11% 10% 11% 10% 9% 10% 9% 8% 9% 8% 7% 8% 7% 6% 7% 6% 5% 6% 5% 4% 5% 4%

Last 1 Year

DUBAI SILICON OASIS UNIT SUPPLY

4,694

54,370

propertyonline.ae

-5%

-6%

Under Constructio

Existing

11,535

propertyonline.ae

EXPERT ADVICE

with mortgage expert Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.

I bought a villa in Emirates Hills and secured 30% mortgage on the property. Now I would like to sell it off. Should I clear the mortgage before transfer or the buyer's bank will do it? What’s the procedure? You could clear the outstanding, but why would you want to do that? My advice is to leave the execution to the buying party. You will be required to send in a liability letter from your current mortgagee to the buyer’s lender highlighting your debt position vis-à-vis your existing mortgage. Upon the finalization of the transaction, two payments will be made out by the seller’s bank. One payment will be made to your bank to settle your debt (with the title documents transferred to the seller’s bank); and a second payment made to you for the balance of the selling price (less the amount paid to settle your mortgage liability).

Feyisesan Ekundare MortgageMe.ae Business Development Middle East/Africa M: +971 050 4168 548

I am working with an oil and gas company and my monthly package is AED45, 000 per month. I have a couple of credit cards with a combined credit limit of AED100,000. What is the maximum mortgage amount I can secure? Your Maximum mortgage loan eligibility would be around AED2.6 million to AED2.7 million.

My property has been mortgaged for the past three years and now another mortgage provider is offering me a much better deal. How do I transfer my mortgage to another bank and how much it will cost me? The exact cost to you is determined by the terms and condition being offered by the refinancing bank, the exit/settlement charges imposed by your current lender and other ‘extraordinary’ conditions e.g. the current value of your property in relations to both the outstanding mortgage loan and the required maximum LTV stipulated by the refinancing bank.

Downtown, Dubai

If you have any mortgage related queries, please email at editor@propertyonline.ae

May 2015 Issue -30 /// 14

.ae

Is your home equity underutilized? Take advantage of the current low mortgage rates and put your money towards a better use.

2.99%

We can make your home equity work for you!

InvestMe Financial Services LLC, 608, Dusseldorf Business Point, Al Barsha 1, Dubai

+971 (0) 4 453 4400

info@mortgageme.ae

propertyonline.ae

EXPERT ADVICE

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

My landlord sold my rented apartment a month ago, but the process is still not completed and neither of them is taking the responsibilities of the maintenance. Please advise what actions should I take? The transfer of title to the apartment has either happened or it hasn’t. It’s like a binary thing. Or a pregnancy. It has to be one of the other. If it’s still in process, then it hasn’t happened. So assuming that the transfer hasn’t completed, the apartment remains in the name of your current landlord and it is he who is legally responsible for the maintenance. You should point this out to him and remind him that his intended transfer to the buyer is of no concern to you (until it happens). As at today’s date there is outstanding maintenance and as at this date he is liable for those issues. Your ultimate recourse is Dubai Rental Dispute Settlement Centre. I’m buying a new apartment and I would like to know the procedure for the transfer and what are the documents that I’m required to produce? Assuming you are buying the apartment in your personal name, you firstly need to agree terms with the seller (deposit, price, unit details, who pays the transfer fee, agents fees, proportioning service charges etc). Once agreed, the terms should be recorded in writing in an Agreement for Sale (often called a Memorandum of Understanding (MOU)) and the Land Department’s standard

Jerry Parks Partner Taylor Wessing Form F (effectively a summary of the MOU). You and the seller should sign that MOU, and you would pay the agreed deposit, which would usually be held by the agent pending completion. The seller and you then need to apply for and obtain the No Objection Certificate (NOC) from the developer, showing that there are no outstanding service charges or fines due to the developer relating to the unit. Once the NOC has been issued you and the seller can proceed to a completion meeting, held at the Land Department (DLD) or any one of its authorized offices in Dubai. At the completion meeting you will need to prove your identity by producing your original passport. The seller will need to prove his identity and his title to the unit. You then hand over the proceeds of sale in the form of a manager's cheque, and the deposit is returned to you. You pay the pro rata services charges to the seller. The DLD take the old title deed and issue the new one in your name. Et voila! Note that this describes a simple transfer. Where you have home finance involved on either side, or a corporate seller or buyer, or issues with the title, or Powers of Attorney for parties who cannot attend in person, then matters get a little more complicated.If the person you represent is not planning to come to Dubai to complete the transfer process for

each transaction, then he should appoint someone under a Power of Attorney (POA) to complete matters on his behalf. RERA has recently refused to recognize POAs granted to real estate brokers, and so the grantee of the POA will have to be someone who doesn’t hold a real estate brokerage card. My advice would be for that authorized person to be a lawyer. In that way, your investor can be comforted by the fact that the lawyer should be bound by a number of codes of professional conduct, and should also have in place professional indemnity insurance sufficient to reimburse him against any loss suffered as a result of the grantee’s negligence. A lawyer experienced in the real estate field can also conduct due diligence, advise on suitable ownership structures, guide you through applicable procedures, and receive, hold and pay out funds on the investor’s behalf. Although it’s curious how many brokerage delivery guys one sees at transfers these days... Your 99 year leasehold interest should be registerable with the Dubai Land Department as a right in rem, which is lawyer-speak for a property right rather than just a contractual right. So this is to be recommended. You can transfer rights in rem, and so if you want to transfer your interest to your son at a later date, you can do so. It’s not all good news though. After the expiry of the 99 year term, the property will revert to the landlord, usually the freehold owner. Also, the fees payable for registering a long term lease of this nature are currently 4% of the total value of the contract. So the 4% will be calculated on any premium and any rental payments due under the terms of the lease.

If you have any legal queries about buying or renting, please email at editor@propertyonline.ae

WE WOULD LIKE TO THANK THE PROPERTY SELLERS’ OF DUBAI FOR CHOOSING OCEAN VIEW AS THE PREFERRED ESTATE AGENCY T: 04 34 33 256 | RERA No: 511 | E: info@oceanviewdubai.com | W: www.oceanviewdubai.com

COVER STORY

propertyonline.ae

PERFECT CHOICE FOR INVESTORS! Botanica in Jumeirah Village Circle, developed by Myra, offers an extremely attractive RoI and is set in lush green surroundings, making it ideal for peaceful community living. By Binesh Panicker, compiled by Reshmi Raveendran

May 2015 Issue -30 /// 18

propertyonline.ae

COVER STORY Botanica

ver the past few months, Dubai real estate market has been witnessing project launches almost every week and many of them are in the affordable segment, targeting mid-income groups and some projects are planned, taking investors into consideration. Botanica by Myra is one of them. While the apartment building, located in JVC, highlights the concept of peaceful living, the strategic pricing and growing demand from tenants make it a dream investment proposition for investors.

THE PROJECT Botanica features 121 units, out of which, three are commercial units and 118 are apartments. The residential units comprise of studios, one-, twoand three-bedroom apartments. Akash Kanjwani, Director, Skyview Real Estate, the company that bagged the exclusive sales rights for this building,

says, “We have emphasized more on studios, given the current market situation wherein people are looking for affordable properties, either to live in or rent out and get attractive rental returns. We are targeting those investors who will buy the properties and look for rental returns. Currently the rent for a studio in JVC is between AED45, 000 to AED55, 000, and we decided to create more studios that would cater to this income group. “ WE HAVE EMPHASIZED MORE ON STUDIOS, GIVEN THE CURRENT MARKET SITUATION WHEREIN PEOPLE ARE LOOKING FOR AFFORDABLE PROPERTIES, EITHER TO LIVE IN OR RENT OUT AND GET ATTRACTIVE RENTAL RETURNS. AKASH KANJWANI, DIRECTOR, SKYVIEW REAL ESTATE

The size of a studio apartment ranges from 426 square feet to 610 square feet. The larger studios are strategically placed on the ground floor and they have a private terrace with direct access to pool and the walkway area. “These large studios are premium units and we get maximum number of enquiries for these units from investors who have long term plans,” says Akash. Most of the onebedroom apartments have a study room, which can be converted into a laundry as well.

May 2015 Issue -30 /// 19

propertyonline.ae

COVER STORY The two-bedroom units on the fourth floor feature a private terrace and pergola on the top. The apartment units are unfurnished, as the developer wants to give the buyers the option of choosing furniture of their choice. “The developer’s idea was to focus more on the quality of the construction. So they are offering a completely unfurnished apartment with great finish and quality, which you can see, in the sample apartment,” he adds. Botanica also boasts lush green surroundings as the developer was inspired by the master plan of JVC, which has public areas and greenery. “In Botanica, there is a roof top terrace, which will have a nice walkway and we will also have a lawn around the pool,” says Akash, adding, “The developer has tried to incorporate as much greenery as possible. The building has been designed to have a green energy May 2015 Issue -30 /// 20

certificate, which has been granted by Dubai Municipality.”

THE LOCATION JVC is a centrally located community and it is surrounded by working districts like TECOM, Dubai Media City and Jebel Ali, which are just 15 to 20 minutes away. Botanica is located centrally in JVC surrounded by a lot of completed buildings. All the necessary amenities are in close proximity and access to JVC is well planned and organized; it is very well connected to all the major highways. “The developer is trying to set up a pharmacy and 24-hour supermarket in the building. There are about ten schools, which are just 15minutes from JVC and three malls that are coming up. It is a new community and there are quite a lot of unfinished

WE HAVE A VERY NICE PAYMENT PLAN FOR THE PROJECT; 10% UPON BOOKING, 10% EVERY TWO MONTHS AND 60% UPON COMPLETION. AKASH KANJWANI

PRICING & ROI The developer’s primary target is the mid-income group and the pricing has been worked out taking this into consideration. The prices start from AED850 to AED1, 000 per square foot. “This is the price range for many projects that have been announced recently and will only be ready by 2017-18, however we are offering the same price for our project which is 50% completed and will be handed over by December this year,” says Akash, who also stresses on the high rental return one can expect from this project once it is ready in December. “The studios are starting from AED426, 000 and if one can rent it out for AED45, 000, it will give you a gross rental return of 10% to 11%. Since Botanica is a small building, the average annual maintenance charges

FUTURE PLANS Myra has already chalked out its plans for the future in Dubai real estate market. The company is all set to launch a much bigger project in JVC valued at AED160 million. “The new development will be located right behind Emirates buildings in District 11 and it will cater to end users with more spacious one- and two-bedroom units and studios. After that we have yet another project coming up next year in Arjan,” Akash concludes.

propertyonline.ae

are not likely to go above AED4,300 at AED10 per square foot. If you reduce that from the rental returns, your net rental return will be at least AED40, 000, which is about 9%. Also, we are expecting a 7% to 8% return on oneand two-bedroom units,” he explains. The developer, who targets customers with a salary package ranging from AED15, 000 to AED20, 000 per month, is offering a very attractive payment plan. “We have a very nice payment plan for the project; 10% upon booking, 10% every two months and 60% upon completion,” says Akash.

COVER STORY

projects but the master plan of JVC is beautiful. It is only a 20 minutes drive from the Expo 2020 site and JVC is expected to be close to Etihad Rail as well,” says Akash.

THE SKYVIEWMYRA ALLIANCE

Skyview Real Estate is the exclusive sales agent for Botanica by Myra. The real estate company has been involved in the project right from the early days and was also involved in the process of choosing the plots, conceptualizing and putting together the marketing strategy.

May 2015 Issue -30 /// 21

propertyonline.ae

MARKET

AL ZORAH READIES FOR FIRST RESIDENTS TO MOVE IN NEXT YEAR The first residents of eventually 100,000, will also find a golf club and wellness centre, the latter developed by Turkish-Saudi developer at their disposal. By Nicole Walter/freelance writer

May 2015 Issue -30 /// 22

SNS

PROPERTIES

Where Perception Meets Reality www.snsprop.com M: +971 55 948 0495 | +971 56 144 9976 T: +971 4 3957593 | F: +971 4 3942533 DED Lic. No. 647941 | ORN 2576

ith flamingos firmly established as residents in the two square kilometres of mangroves at Al Zorah the focus today is on creating human shelters, the luxury version of course. The Al Zorah Golf villas will be shining in pure white set against the lush green of the 18-hole golf course by Nicklaus Design, which is on course to be playable by the end of this year. The 42 homes come in three types named aptly after the 50 plus bird species frequenting the nearby mangroves and lakes, the four-bedroom The Lark, and the five-bedroom The Heron and The Dove. All types feature semi-enclosed courtyards, private pools and rooftop terraces beckoning to spend time outdoors. The stunningly light and tall design of these elegant villas encourages interaction with nature, thanks to floor-to-ceiling windows. Buyers can choose from a lighter or darker look for their contemporary interiors.

OVERWHELMING RESPONSE The developer reports these homes have been snapped up by local and international buyers for around AED4 million to AED6.5 million, whilst a second phase including around 60 more homes, divided between townhouses and more villas, is in sight. A third phase could house an exclusive mansion community. Apartments are also in the plan. Imad Dana, CEO of Al Zorah Development Company attributes the enthusiasm to the development’s unique points, nature and proximity to Dubai. “Al Zorah is distinguished by its exotic settings of natural mangroves and 1.6 km of pristine beachfront. The master-plan is built around the natural resources offering residents a human scale environment focused on leisure and tourism, marking it as a refined place for life,” he adds.

EMAAR

DUBAI HILLS

LUXURY GOLF COURSE PLOTS

We offer the finest collection of DUBAI HILLS PLOTS with best locations on the green next to the DUBAI HILLS golf course.

PLOT price starting at AED 4,000,000++ NO PREMIUM | NO COMMISSION

EXCLUSIVE LUXURY VILLAS

Huge plots ranging from 25,000 - 50,000 sq. ft. Options of contemporary,modern,or arabesque

BUA sizes ranging from 22,000 - 30,000 sq. ft.

Type 3 BUA: 24,900 sq. ft. PLOT: 37,386 sq. ft. AED 38,717,888

Type 4 BUA: 31,900 sq. ft. PLOT: 37,386 sq. ft. AED 40,821,888

NO PREMIUM | NO COMMISSION

EMAAR - MAPLE TOWNHOUSES

Tucked away to the west of Dubai Hills Estate, Maple is a unique community designed along an integrated network of lush, green corridors. Conveniently located between Sheikh Mohammad Bin Zayed Road and Al Khail Road, residents are mere minutes away from Downtown Dubai and other business,financial,retail and tourism landmarks.

3, 4, 5 BEDROOM TOWNHOUSES

Ranging between 2,200 to 2,700 sq. ft. 4 types of townhouses all include maid’s room

VIP ACCESS WITH NO RESTRICTION TO SELL PHASE 1 SOLD OUT, LAST FEW UNITS ON PHASE 2

/SnsPropertiez @SnsPropertiez SNS Properties

The fact that Al Zorah is designated as freehold and free-zone, and offers an APPLY NOW!

WE ARE HIRING!!! careers@snsprop.com

propertyonline.ae

MARKET attractive payment plan of 5% on booking 15% on signing the sales contract, 10% after six months and 70% at handover, probably also helps to move the properties. Ajman Bank can be called upon for financing options. “Most properties enjoy a combination of mangroves, golf and water views. We’ll complete these villas by middle of next year, and will be launching the remaining golf villas, as well as a set of villas on the beach, and serviced apartments for sale around September this year,” reveals Imad.

WHAT’S ON OFFER? The first residents of eventually 100,000 will also find a golf club and wellness centre, the latter developed by Turkish-Saudi developer at their disposal. A mangrove-based ecoresort will be added in the future. This would complete the picturesque Fairways district readying by end next year. However, there are four other districts within this mammoth master plan of 5.4 million square feet with 60 percent of public open spaces.

May 2015 Issue -30 /// 24

The Gate will become a boulevard style entrance to Al Zorah, whilst on The Peninsula, The Cove, The Avenue and The Shores are being developed. The Avenue houses the development’s four marinas, of which one will be ready in June this year to receive 50 boats, featuring restaurants along the quays. The Cove will become a cosy neighbourhood overlooking the mangroves. The first phase related roads, infrastructure and landscaping, including the Linear Park separating the beachfront, will be ready by the year-end. In The Shores the first two resorts of six, The Oberoi Al Zorah and the Lux* Al Zorah, are at an advanced construction stage to be complete by next year as well. “The resort sits on three platforms, this is how we achieve the majority of rooms to have sea view,” says Wassim Rabah, Al Zorah’s Design & Development Director. The midrise residential building the Marina Square will be serviced by Lux* and the Linear Park by Oberoi. They will both be complete in 2017 and as

AL ZORAH IS DISTINGUISHED BY ITS EXOTIC SETTINGS OF NATURAL MANGROVES AND 1.6 KM OF PRISTINE BEACHFRONT. THE MASTER-PLAN IS BUILT AROUND THE NATURAL RESOURCES OFFERING RESIDENTS A HUMAN SCALE ENVIRONMENT FOCUSED ON LEISURE AND TOURISM, MARKING IT AS A REFINED PLACE FOR LIFE. IMAD DANA CEO OF AL ZORAH DEVELOPMENT COMPANY

WORRIED AbOUT HOW TO MAKE THE MOST OF YOUR pROpERTY INVESTMENT?

INVESTMENT MADE EASY WITH THE AMLAK ADVANTAGE

AMLAK is here to help with ISTITHMARI! Providing you with a tailor-made solution that will give you the best financing option and maximize your investment ENJOY A VARIETY OF pRIVILEGES WITH ISTITHMARI! With up to 65% financing at competitive finance rates and a complementary Property Management Services package, Istithmari provides a complete one-stop-shop solution guaranteeing a smooth experience to all investors.

• Ease of Financing • Hassle-free Repayments • Ease of Repayments 3-month payment holiday upon commencement! • Property Management Services • Residential Management Services • Property Registration Assistance • Property Investment Advisory • Home Improvement Financing • Platinum Lifestyle Takaful SO WHAT ARE YOU WAITING FOR? Consult one of our AMLAK Istithmari experts and be on your way to making your most profitable and successful investment scheme ever!

For more information on AMLAK products, call 800 26525 (AMLAK) or visit www.amlakfinance.com *Terms and conditions apply.

Contact Harbor Real Estate on 04 325 1616 or 050 916 6543 for exclusive investment opportunities through AMLAK ISTITHMARI

ONE-OF-A-KIND

PROPERTY FINANCE PRODUCT UP TO 65%

FINANCING

READY RESIDENTIAL & COMMERCIAL PROPERTY STRESS-FREE

PROCESSING BUILT-IN

pROpERTY MANAGEMENT SERVICES PACKAGE*

+971 4 3882220 aquaproperties.com

S IT N G U IN W AIN FE EM R

WELCOME TO J5 - AL SUFOUH THIS BUILDING SERVES AS THE QUINTESSENCE OF LUXURIOUS LIVING CONSIST OF 1, 2 & 3 BEDROOM APARTMENTS

PAYMENT PLAN 25% DOWN TODAY 75% ON HANDOVER

BOOK YOUR APPOINTMENT TODAY TO SEE THE SHOW APARTMENT

LOCATED IN ONE OF THE ONLY FREEHOLD COMMUNITIES IN JUMEIRAH MAGNIFICENT VIEWS OF BURJ AL ARAB & THE ARABIAN GULF ARABIAN GULF PALM JUMEIRAH

DUBAI MARINA

AL SU FO U H RO AD MEDIA CITY

INTERNET CITY

AL SU FO U H RO AD

SHEIKH ZAYED ROAD EMIRATES GOLF CLUB

ESCROW NO. : 001582067022501

JUMEIRAH HOTEL

AL SUFOH

SHEIKH ZAYED ROAD

RERA ORN # 303

BURJ AL-ARAB

ARABIAN GULF

TECOM PROJECT NO : 1568

Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai

MALL OF THE EMIRATES DEVELOPER : AQUA REAL ESTATE DEVELOPMENT LLC

facebook.com/aquaproperties

propertyonline.ae

MARKET mentioned will go on sale soon. The Boardwalk and Beach Club serve as entertainment destinations, while the set of beachfront villas have been elevated on a platform with gardens and courtyards thus affording better views. Still in the design stage, they will complete alongside and villas go on sale soon, as hinted earlier by Imad. Meanwhile the developer is also readying the infrastructure of subdeveloper plots, and expects to start handing them over this year. Driving up to the rather futuristic looking Al Zorah Pavilion housing the sales centre, as well as a Shakespeare & Co. café one could get confused by spotting villas built directly on the road, named Zora, which don’t belong to the Al Zorah development. The names simply hail from the name of this Ajman area. “The sales centre will become a communal

educational and exhibition place when the development is finished, we may hold exhibitions even during development,” says Wassim.

THE BOARDWALK AND BEACH CLUB SERVE AS ENTERTAINMENT DESTINATIONS, WHILE THE SET OF BEACHFRONT VILLAS HAVE BEEN ELEVATED ON A PLATFORM WITH GARDENS AND COURTYARDS THUS AFFORDING BETTER VIEWS.

The Pavilion itself is a worthwhile visit to get a feel for what is to come while having a bite overlooking the mangroves, and reflecting in its roof. Al Zorah Development Company, being half Solider and half the Ajman Government, also got involved in building new access roads, such as the one to the E-311. “The strategy, is to design a destination with international quality real estate connected to the rest of the UAE,” Al Dana described the developer’s intentions. The land next door is still empty, and while the developer reserves first rights to purchase it remains simply an option for now, as does the right to reclaim an island. “The first phase alone has a development value of AED2billion, and AED60 billion for the entire project, we revised the master-plan to focus more on nature and hospitality,” concludes Imad.

1st P L AC E R E N T E R S ’ & S E L L E R S ’ C H O I C E

WE WOULD LIKE TO EXTEND OUR THANKS AND APPRECIATION TO ALL OUR LOYAL CUSTOMERS FOR PUTTING THEIR TRUST IN US BY GRANTING US THEIR VOTES.

WE WILL NEVER BREAK YOUR TRUST.

May 2015 Issue -30 /// 27

T: 04 32 34 545 | RERA No: 619 | E: info@elysianrealestate.com | W: www.elysianrealestate.com

propertyonline.ae

COLUMN

STRAIGHT TALK BY MP

Manoj Prasad, Executive Vice Chairman & CEO, Que Capital Limited (DIFC) Investment Banking

UAE Vs REST OF THE WORLD Dubai has become a travel hub connecting the Western world to Asia and Africa through Emirates Airlines and Etihad Airways.

e all know that in the past century, the greatest global cities were generally the largest and centres of the world’s great empires like London, Paris, New York and Tokyo, but I think now size is not so important, rather, what matters today is the kind of global impact a city manages to make. According to several studies, London and New York are still the leaders and ranked first and second respectively on Forbes list of The World’s Most Influential Cities. Even after more than a century of imperial decline and losing the status of “the hegemonic powers” that it had throughout much of the 20th century, London still ranks No.1 for Asian investors and is considered as a global financial capital. Compared to New York, it also has time-zone advantage for doing business with Asia, and has the second best global air connections in any city after Dubai, with nonstop flights at least three times a week to 89% of global cities outside of its home region of Europe. London is always a preferred domicile for the global rich and famous. The main competitors of London and New York are now largely from outside Europe. Tokyo is still the world’s largest city, with the largest overall GDP. China’s share of the world economy

May 2015 Issue -30 /// 28

has grown from 5% in 1994 to over 15.60% in 2014.The combined volume of trading in the Shanghai and Shenzhen stock exchanges already exceeds that of Tokyo, and Shenzhen’s volume is approximately three times that of nearby Hong Kong, which still enjoys greater freedom than the rest of China and remains the largest financial centre in the AsiaPacific region, ranking third in the world after London and New York. The vast majority of the world’s major investment banks, asset managers, and insurance companies maintain their Asia-Pacific headquarters in the former British colony. According to World Bank Singapore is the leading global city in East Asia, which is ranked fourth on the Forbes list. With a relatively small population of just over 5 million, Singapore’s basic infrastructure is among the best on the planet. Like Hong Kong, it also benefits from a tradition of British governance and law.Singapore’s justice system is ranked 10th in the world in The Rule of Law Index. Its business climate is the world’s best. Singapore is placed first among global cities for foreign direct investment, with a five-year average of about 359 Greenfield transactions. It’s a favoured location in many industries for Asia-Pacific headquarters.

Dubai is ranked seventh on Forbes list of The World’s Most Influential Cities. Dubai’s globalization strategy and its expanding airport include the world’s largest terminal and an even larger airport under construction. It is ranked first in the world in air connectivity, with nonstop flights at least three times a week to 93% of global cities outside of its home region. Its central location and business-friendly climate have made it a favourite for companies looking to establish a Middle East headquarters or point of presence. Dubai is unparalleled among global cities for its diversity. According to Forbes, 85% of its residents are foreign born; most of them are investors. Dubai has become a travel hub connecting the Western world to Asia and Africa throughEmirates Airlines and Etihad Airways. It’s also home to the world’s tallest building (Burj Khalifa). Dubai has been the paradise for architects from all over the world, where many of them have made their dreams come true. This is where artsy engineers are building opera houses and museums, lifestyle properties and resort Island. The second biggest real estate developer in the UAE is Abu Dhabi-based Aldar Properties. Aldar runs Yas Island located in Abu Dhabi. It’s the home of Ferrari World, water

propertyonline.ae

COLUMN Dubai skyline

theme parks and golf courses. Aldar also owns a number of large development properties in the city, including the new Aviation Towers, a sort of Love Boatinspired condominium for their jet-setting airline workers. The U.A.E. real estate market expanded quickly in the early to mid2000s. Dubai became the centre of this expansion, turning patches of desert into towers of steel and glass. Many international banks were invited to set up their offices in the city. Dubai International Financial Centre was conceptualized and later it was established to accommodate all the top financial institutions and investment banks. The real estate market boomed for a while and then it corrected in 2008 with the global financial crisis. Many foreign employees left the country and many businesses were forced to close down. Since April 2014, after joining the MSCI Emerging Markets Index, the

U.A.E. continues to see an increase in portfolio inflows. Becoming part of the index means the country is attracting more equity capital from global market. Portfolio investors holding the iShares MSCI Emerging Markets (EEM) and the Vanguard Emerging Markets (VWO) Exchange Traded Funds (ETF) are directly taking exposure on U.A.E. banking and real estate. We might have seen about 20% declines in the ETF since April 2014 but I see this as a buying opportunity. Short term, the story line may have changed because of the oil price decline but the improving real estate market has been no match for falling oil price. I still like the real estate investment portfolio and believe in a positive growth story of the UAE. The UAE government has taken corrective regulatory measures to secure the investorsâ&#x20AC;&#x2122; interest. The UAE Central Bank introduced mortgage caps of 75% LTV (Loan to Value ratio) for expatriates and 80% for UAE nationals. Also in

October 2013, the Dubai Land Department doubled the transfer fee from 2% to 4%. As a result, a considerable proportion of buyers face the prospect of much higher property purchase costs than they did 18 months ago, resulting in the stabilization of property prices and limiting speculation. Tighter regulatory steps have slowed down investment but overall it will result in the betterment of the industry and the market. According to the Dubai Statistics Centre, between 2006 08, real estate accounted for 40% of Dubaiâ&#x20AC;&#x2122;s total investment but between 2011-13, it dropped to 19%. However, as I mentioned before, looking at the current stability in the market, investors will feel a lot more confident about investing in the UAE than ever before.

KENDAL & CO WOULD LIKE TO THANK ALL OF THOSE WHO VOTED FOR US AND CONGRATULATE ALL THE PARTICIPANTS. T: 04 38 82 921 | RERA No: 11922 | E: info@kendal.ae | W: www.kendal.ae

Your Trusted Real Estate Partner

MARKET

propertyonline.ae

INTER INT

INTERNATIONAL TIMES

CYPRUS: THE ULTIMATE MEDITERRANEAN DESTINATION! Cyprus, the birthplace of Aphrodite, is strategically located at the crossroads of Europe, Asia and Africa.

May 2015 Issue -30 /// 30

MARKET

propertyonline.ae

RNATIONAL TERNATION C

yprus has evolved over its ancient history into a vibrant, cosmopolitan cultural place where warm hospitality and relaxing lifestyle come naturally. Encircled by the eternal blue of the Mediterranean, the island basks in sunshine for more than 320 days of the year and beneath the cloudless skies, it’s a land of many colours and contrasts. Elite Real Estate shares with Property Times readers the processes and procedures of buying a property in Cyprus. BUSINESS IN CYPRUS Cyprus offers unique advantages to foreign investors utilising the island as a base for conducting their business activities worldwide. According to Forbes, Cyprus is 33rd on the list of Best Countries for Business 2015, while World Bank ranked Cyprus 39th out of 185 for the ‘’Ease of Doing Business’’ 2014. MAIN ADVANTAGES: · Strategic location as a meeting point between 3 continents · European Union member state since 2004 · Lowest EU corporate tax rate · Lowest property taxes in Europe & zero inheritance tax · Efficient legal, accounting and banking services · Highly qualified & multilingual workforce · Advanced telecommunication network & infrastructure · Lowest crime rate In Europe and worldwide · Fast & easy procedure of obtaining Permanent Residency/Citizenship · Large natural gas discovery in 2010 CYPRUS PROPERTIES Buying a property in Cyprus is a very simple procedure compared to many other countries. Cyprus offers a large selection of both residential and commercial properties to choose from like: Apartments, villas, townhouses, offices, hotels & resorts, located by the sea, downtown or in the mountainous areas. · All properties are freehold with 100% ownership. · There are Five Districts in Cyprus – Nicosia, Larnaca, Limassol, Famagusta & Pafos.

· Except Nicosia, all other Districts are located by the sea. · The designs of the properties vary from typical Mediterranean to ultramodern styles. · Construction cycle in Cyprus is quite fast with a duration of 12 to 18 months. · Investors have the option of entering into joint venture structure for both residential and commercial projects. · Title deeds are issued by the concerned District Land Department in a short time. · Leading world architects have been involved with main residential and commercial projects. ADVANTAGES OF OWNING A PROPERTY IN CYPRUS · High return on investment (ROI) due to being an important tourist destination · A stopping station between Europe and Asia · Easy payments for the off-plan properties · Cyprus Permanent Residency Program · The only European Residency with lifetime duration · Permanent Residency granted within 6-8 weeks · Permanent Residency to the entire family · Mandatory to visit Cyprus once every two years only · Easy access to other European countries · Free education in public schools · Lowest property taxes in Europe and zero inheritance tax · Cyprus Citizenship Program · Accelerated procedure, issue of European passport in 3 months after submission of documents · Passport for family members · Dual Citizenship is applicable · Free movement of people capital, services and goods · Cyprus passport holders have access to 28 EU countries and other 170 countries worldwide · Free higher education in Cyprus , Public Universities and in the EU

May 2015 Issue -30 /// 31

ORN: 12312

MARKET

propertyonline.ae

INTER IN

INTERNATIONAL TIMES

EXPATS IN UAE TAKE ADVANTAGE OF RISING RENTS IN THE UK Offshore bank, Skipton International has seen a lot of interest from expats living in the UAE since launching a range of mortgages for Brits living and working abroad who want to purchase a buy-to-let property.

ritish expats living in the UAE are taking advantage of rising rents in the UK to purchase investment properties– and while some joined the surge for London’s opportunities, others are now taking advantage of rental increases elsewhere in the country. Offshore bank, Skipton International has seen a lot of interest from expats living in the UAE since launching a range of mortgages for Brits living and working abroad who want to purchase a buy-to-let property. New research from Homelet, a British property management agency, shows that UK rental prices for the three months to April, rose by 10%, but it’s the regions which are outstripping London with their

growth. The west midlands, East Anglia and South West all saw greater rent increases than London in the three months to April. Managing Director of Skipton International, Jim Coupe said, ‘We’ve had interest from all over the world, but particularly the UAE. Our customers are showing they are making the most of the buyto-let opportunity and with many now viewing the London property market as overheated, demand is set to increase for properties in other areas of the UK where rental yields are looking far more attractive for buy-tolet investors.’ Skipton launched their range of Buy-to-Let mortgages for British

expats last year. As an offshore bank, based in Guernsey, Skipton has been serving British expats across the globe for nearly 20 years with their range of competitive savings products. They launched the mortgages in response to the difficulties expats can face in obtaining a suitable loan. For further information or interviews please contact Gwyn Garfield-Bennett at Direct Input. Telephone 44 (0)1534 715411 or email gwyn@directinput.je Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders. In 2014 Skipton International launched a range of mortgages for British expats looking to purchase a Buy-to-let property in the UK. May 2015 Issue -30 /// 33

EXPERT ADVICE

propertyonline.ae

INTER IN

INTERNATIONAL TIMES

with the

expert

Everything you need to know about investing in the UK

Is it a good time to invest in London London has always been a safe haven for property investments with property prices doubling every seven to ten years if you go with the statistics for the last 50 years. The time to invest could not have been better in London. During the last five years, the economy has bounced back and since the current government has been prodevelopment, it has introduced many rules and measures that made the market more attractive for investors the world over. Now with the re-election of the conservative party, the market is set for another boom over the next five years due to the continuity factor. Since May 7, 2015, as soon as the election results were announced, all investors started flocking to the market with the market seeing its best day of sales in years. Some of the reasons for this renewed interest in the market is : -The mansion tax proposal will be abolished under the current government, which would have imposed taxes on homes valued at more than GBP2 million

Hassan Salman Director Binayah Real Estate -UK

- The current conversion rates for pound are low hence overseas investors are benefiting from this as they see upside to the pound apart from the appreciation in property values - The dwindling property prices in China and the economic recession in Russia has brought in a flurry of Chinese and Russian investors to the market making them one of the largest buyers in the market. Anyone looking to diversify their portfolio and targeting 10%+ capital appreciation per annum should be looking at London as their first option. What is Binayah offering in London Binayah has been active in the London market over the last one and a half years and is currently handling a multi million pound portfolio for

its investors that ranges from prime assets in central London that have been acquired for refurbishment and for long term holding as well as venturing into developments in east and west London seeing the potential in the affordable end of the market. We have onboard with us the right solicitors, sourcing agents, architects and contractors to ensure that we are offering the best deals in the market and all of our projects are executed on time. Being in the Middle East, we are perfectly placed as most of our HNWI clientele is based in the Middle East on behalf of whom we are currently negotiating a handful of deals including a GBP 35 million development in Park Lane and a GBP 72 million redevelopment in Knightsbridge.

UK If you have any UK investment related queries, please email at editor@propertyonline.ae

May 2015 Issue -30 /// 34

NTERNATION RNATIONAL Binayah Real Estate

Your Local Experts in London Properties

Exclusive Release in UAE

Location in South Woodford - Termed as “Park Lane of East London” 2 Bed Apartments Starting £625,000 | 3 Bed Penthouse Starting £1,150,000 -

Ready to move in security controlled building with access control 20 Minutes From Central London Private parking with all apartments High speed elevators Heated wooden flooring Mood lighting in all apartments Smart home features Miele kitchens Gesture controlled kitchen lighting and motorized cabinets 55’ HD TVs in all apartments concealed in customized mirror frames Auto retracting shower enclosures Portable shower controls with Jacuzzis and rain showers Marble finishes in all washrooms Long lease of 250 years Terraces with frameless retractable sliding doors Carpeted bedrooms Provision for home theatre systems in all apartments

OUR SERVICES Investments Development Property Sourcing Property Management

CONTACT 052 999 4111 055 106 3291

COMMUNITY TIMES AG E N T S DUBAI SILICON OASIS

HUSSAIN

SENIOR PROPERTY CONSULTANT +971 55 100 7969 +971 55 100 7971

DUBAI SILICON OASIS Dubai Silicon Oasis was established in 2004, as an integrated residential and commercial community wholly owned by the Government of Dubai. DSO is a FreeZone Authority and provides free trade zone incentives and benefits to companies operating within this area. DSO has a wide range of residential and lifestyle facilities which include schools, universities, hospitals, community centers, shopping complexes, swimming pools and tenniscourts. Creating a great community for people who prefer to live close their work place yet enjoy the comfort and luxury of a community living. It also has lushes parks, courtyards and children’s play area along with 24 hours security, daily maintenance and good road network.

abid@aimproperties.ae RERA 29761

Tel +971 4 36 95 383 www.aimproperties.ae RERA No: 12454 CORAL RESIDENCE 2 BR+MAID AREA 1201 SQFT AED 950,000/AXIS RESIDENCES 1 BR AREA 800 SQFT AED 570,000/IMPERIAL RESIDENCE STUDIO AREA 415 SQFT AED 415,000/BINGHATTI APARTMENTS 3 BR DUPLEX AREA 2265 SQFT AED 140,0000/READY PROPERTIES WITH 5 YEARS PAYMENT PLAN (ONLY 5% BOOKING) 2 BR+MAID AREA 1201 SQFT AED 1,36,2000/3 YEARS PAYMENT PLAN AFTER COMPLETION (ONLY 5% BOOKING) 1 BR AREA 820 SQFT AED 780,000 IT PLAZA (COMMERCIAL) SHOP 625 SQRFT AED 580,000/-

AREA 7.2 sq.km AED 889/SQ.FT. (SALES PRICE) AED 6.5/SQ.FT. RENT/ MONTH COMMUNITY

90.29% Occupancy

3 5

HOTELS

SCHOOLS

100

RETAIL OUTLETS

Restaurants / Fashion brands / Super markets

MINS TO PARK

JOGGING TRACK / YOGA CENTERS

CONNECTIVITY

12 22 20 MINS

TO CITY CENTER

*within 25 kilo metres of the community

MINS

TO AIRPORT

MINS

TO METRO STATION

COMMUNITY COMMUNI INTERNATIONAL MEDIA PRODUCTION ZONE International Media Production Zone (IMPZ) was launched to cater to the global media production industry. It also facilitates the printing, publishing and packaging industries. The zone offers a full service environment to support the industry’s growth and development. IMPZ now houses about 170 companies. The rules governing media production have been simplified to facilitate ease of operation for companies in this zone. IMPZ also provides great housing and accommodation facilities that are tailor-made to accommodate employees working multiple or night shifts to meet tight production deadlines. All the infrastructure and facilities meet international standards for safety and environment specific to the industry.

AREA 4 sq.km AED 954/SQ.FT. (SALES PRICE) AED 6.9/SQ.FT. RENT/ MONTH

2 3

COMMUNITY

92.2%

HOTELS

AG E N T S

INTERNATIONAL MEDIA PRODUCTION ZONE

Bilal Adil

Client Manager 00971 564083565 00971 557279785 Bilal.adil@irp.ae BRN-31492

+971 4 4278064 | www.irp.ae ORN No. 12866

LAKE SIDE TOWER STUDIO AREA 380 SQFT 35K-38K (RENT) LAKE SIDE TOWER 1BED AREA 610 SQFT 55K-58K (RENT) LAGO VISTA STUDIO AREA 500 SQFT 480K (SALE) CRESENT STUDIO AREA 515 SQFT 480K (SALE) LAKE SIDE TOWER 1BED AREA 750 SQFT 700K (SALE)

Occupancy

SCHOOLS

100

RETAIL OUTLETS

Restaurants / Fashion brands / Super markets

TO CITY CENTER *within 25 kilo metres of the community

TO PARK

JOGGING TRACK / YOGA CENTERS

CONNECTIVITY

MINS

25 13 MINS

TO AIRPORT

MINS

TO METRO STATION

Yulia Oreshkina

+971 55 352 8167 | yulia@areb.ae RERA No. 32414

+971 4 45 33 315 | www.areb.ae RERA No: 12366

CRESCENT BY DAMAC AT IMPZ STUDIO WITH 1 CAR PARKING SIZE: 513 SQF AED 530,000 OAKWOOD RESIDENCY BY DEYYAR 1 BEDROOM  SIZE: 583 SQF AED 580,000

propertyonline.ae

COMMUNITY

COMM CO

COMMUNITY TIMES

COOL TIPS FOR SUMMER! As summer approaches, you’re probably finding ways to beat the heat both indoors and outdoors. While it’s easy to escape the heat outside, the last thing you’d want is for your own home, your little escape from the furnace, to be stuffy and uncomfortable. Here are some quick, cool and effective tips from MPLUS+ to make sure your home is well maintained throughout this sweltering season!

Conditioning the air-conditioner This one should top your home maintenance checklist for summer! The last thing you need is to bake like bread! 1. Make sure you turn on the air conditioning before summer begins in all its glory, to see if it’s working properly, and to prevent that first blast of warm and dusty air. 2. Have an AC tune up done in advance. This helps ensure the refrigerant levels are normal, and your AC is running smoothly, which in turn prevents any hike in your electricity bills. 3. Be Patient! Keep the temperature of your AC unit at 24 degrees and allow a little bit of time for it to cool the room. 4. To keep your utility bill stable have your AC filters cleaned three times per year. High heat, low bills This may be the most basic tip, but

it’ll be sure to save you a good amount of money! The heat can be quite a blessing if you use it to your advantage. Take the time to install a clothing line to dry your clothes outside the house instead of using a dryer, and save on all that energy and money! This is feasible for those living in villas as well as apartments. What’s better; let the energy efficient method earn you brownie points for being environmentally conscious! Dirt no more! For those living in villas, a rather frequent problem tends to be the dust and dirt that enters your home along with your guests. An effective tip to prevent that is to keep two doormats outside the entrance instead of one. Make sure to have one course mat on the outside and one soft mat on the inside to form a formidable twosome to keep the dust and dirt at bay. Cool tip! Reduce energy within the home by replacing standard light bulbs with energy saving light bulbs, which will not only reduce energy and cost but it will reduce the heat radiated from the light bulbs in your home.

EDITORS’ CHOICE- NEW ENTRANTS THANKING OUR CLIENTS, DEVELOPERS AND EMPLOYEES FOR THEIR SUPPORT AND CONFIDENCE. T: 04 33 80 088 | RERA No: 12108 | E: enquiries@banke.ae | W: www.banke.ae

Opening the right door for you!

Call us now

800-MODELUX

P.O. Box: 213624, Dubai United Arab Emirates Tel.: +971 4 329 8298 Fax: +971 4 329 6900 Email: info@modeluxproperties.com RERA Reg. No.: 1898

www.modeluxproperties.com

COMMUNITY

propertyonline.ae

COMM CO

COMMUNITY TIMES RESIDENTS ANNUAL PARTY: EMIRATES HILLS Organized by Emaar community Management

Nasser Watar, Rula Watar, Loma Janabi, Ahmed Janabi

Freddy Sidhwa, Freny Sidhwa,

Riz Khan with Cecilia & Jeevan D'Mello

Niran Singh, Mrs Rajpal Kaur & Raman Singh

Geraldine Clark, Summaira Saad, Dessy Poursafar & Michae

May 2015 Issue -30 /// 40

l Chahine

Sahiba Narang

Ms Amala Prinja

COMMUNITY

propertyonline.ae

OMMUNITY MUNITY TIM Bharti Soni, Nidhi Gupta

Pinaz Lakdawala & Bayhaan Lakdawala

Riyaz Suterwalla & Sanjay Narang

Andrea Jafar

Amanda & Joe Osawaye

Deepak Arora, Ritu Arora & Kirit Pathak

Adil & Trude Toubia

Ellen & Joe Giblin with Prem Prinja

May 2015 Issue -30 /// 41

COMMUNITY

propertyonline.ae

COMM CO

COMMUNITY TIMES RESIDENTS ANNUAL PARTY: BURJ KHALIFA Organized by Emaar community Management

Pari Seeber, Dolly Siddik & H.E. Consul (US) General Robert Waller

Shaima, Guest & Kaveh Dashti

Jeremy Green, Annika Dreeshann, Bjorn Gehle, Martin Kohn

Vivian Lua & Clinton Lo Lau

May 2015 Issue -30 /// 42

Indira George, Cecilia D'Cunha & Duleep George

Dr. Hannes Keller, Rashidi Omraini, Ali Reza & Karan Soni

Mr & Mrs Umar Khan, Sairah Khan Mr and Mrs Bajaj

COMMUNITY

propertyonline.ae

OMMUNITY MUNITY TIM Poras Dhakan & Cynthia Trench

Kirk & Nancy Watilo

Capt. Mazen Khourdaji & Sabine Khourdaji

Bill & Katrina Milburn

Mr & Mrs Cantonnet

Mrs Bacai, Mr & Mrs Ali, Mr Faqhihi with guests

Dr Ting Ting Tang & Yi Yao

Asma & Ishaq

May 2015 Issue -30 /// 43

propertyonline.ae

PROJ PR

MARKET

PROJECT WATCH

SERENIA RESIDENCES

alma Developmentâ&#x20AC;&#x2122;s recent premium development is called Serenia Residences, designed by Hazel Wong on the Palm Jumeirah Crescent. Designed with the theme of tranquil luxury living, Serenia will give its residence uncanny beach front apartments with unobstructed views of the Arabian ocean. The 85,000 sq. ft. development consists of 250 units. Planned solely as a residential development on the Palm, Serenia ensure maximum privacy to its residences. It consists of one- to four-bedroom apartments and penthouses with exclusive beach access. Palm Developments specializes in creating prime boutique real estate projects across Dubai such as Infinity- Cayan Tower, Silveren Towers and The Jewel to name some. These past projects will assure any investor the quality and the luxury of Serenia Residences.

PRICES STARTING FROM AED2 MILLION

AREA: PALM JUMEIRAH

COMPLETION DATE: NOT DECLARED

PROJECT: SERENIA RESIDENCES

May 2015 Issue -30 /// 44

SCHOOL

HOSPITAL

9.9 KM 9.7 KM

RESTAURANT

1.8 KM

MAG 5 BOULEVARD

AG 5 Property Development is a dedicated real estate development company which focuses on affordable housing sector by employing the highest of standards, with a particular focus on projects that deliver long-term benefits to medium-income investors and end-users.

MAG Property Development and MBM holdings jointly launched a new residential community called MAG 5 Boulevard in Dubai World Central (DWC). With an estimated construction value of AED700 million, the project will comprise over 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities. MAG 5 Boulevard will be a low-rise residential development offering extensive landscaping, pools, outdoor leisure spaces, childrenâ&#x20AC;&#x2122;s areas and a community centre. It was meticulously planned to cater to the need of middle income earners and their families who prefer tostay close to their respective places of work, yet still enjoy the benefits and quality of a fully integrated modern community.

SCHOOL

PRICES STARTING FROM NOT DECLARED

AREA: DUBAI WORLD CENTRAL

COMPLETION DATE:

PHASE 1 IN FIRST QUARTER OF 2018

HOSPITAL

25.2KM

23.6 KM

RESTAURANT PROJECT: MAG 5 BOULEVARD

7.5 KM May 2015 Issue -30 /// 45

MARKET

propertyonline.ae

ROJECT JECT WATCH WA

propertyonline.ae

MARKET

DRIVEN BY PASSION AND A VISION In conversation with Ismail Al Hammadi, Managing Director, Al Ruwad Real Estate Consultants By Binesh Panicker

hese are times when everyone talks about stability in Dubai real estate market and most of them are happy about the current scenario, which opens up opportunities for end-users and investors alike. Given the present state of the market, it is not surprising that a lot of new real estate companies are opening up and some of them are here with a clear vision and well-thought-out strategies. Property Times catches up with one such real estate industry member, Ismail Al Hammadi, who is the Managing Director of Al Ruwad Real Estate Consultants, which was launched in January 2015.

Kindly tell us more about Al Ruwad Real Estate Consultants? Al Ruwad is a newly established UAE National company that is at an ascent stage of its growth. This company is fast emerging on the strength of our nation, and its goal is to stand tall among the best establishments in the world. Al Ruwad draws its inspiration from the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, which is to pursue relentlessly towards a culture of innovation and excellence. Al Ruwad has always had a focused goal. Ever since its inception, the company concentrated its energies in the property industry, which included the industrial, hospitality, commercial, residential, educational and health sectors delivering key solutions to all its property customers. The one-stop-destination for all investors, Al Ruwad attends to its clients’ timely needs by providing appropriate and accurate information based on researches, studies and analysis of the daily property transactions taking place in the market.

May 2015 Issue -30 /// 46

This efficiency of the company have led many regional and local companies and real estate developers to tie up with Al Ruwad. Most recently, companies from the Gulf Cooperation Countries (GCC) entered into exclusive agreements with Al Ruwad.

With over 16 years of experience in the real estate industry, you have witnessed the growth of the Dubai property sector along with its ups and downs. In your opinion, where is the market heading in the future? In the real estate industry, there are always ups and downs. However, this is a common phenomenon and is healthy for its growth. In my opinion, I would say that the outlook of Dubai’s real estate sector for the coming five to seven years is one of sustained growth and stability despite the decrease of oil price in the world. This trend has been a feature of the city’s property market since the year 2012, with the growth in the market being met by demand from local, regional and global property investors. Furthermore, the investors have a renewed confidence and thus the market has been witnessing transactions across freehold and leasehold sectors with the introduction of new projects across residential, hospitality, retail and commercial. Over the years, we can say that Dubai’s real estate sector has come a long way right up to a developed stage where its growth and decline will go through a cyclic order based on the economic conditions. Despite the sudden surge of rents for freehold properties in 2014 shooting to higher levels, the prices and rents later on showed a decline to a more realistic level. The bottom-line is that the market

will respond to the demand-supply curve and prices and rents will shift according to these factors. Additionally, the hospitality real estate market is continuing to grow at an equally steady rate with the government supporting the introduction of more mid-range hotels and accommodations leading up to the year 2020 and beyond.

When will Expo 2020 have a positive impact on the market? The property sector in the Emirate isn’t only driven by the Dubai Expo 2020. In fact, it is the major real estate developments, including Burj Khalifa, Dubai Mall and others developments by Tecom member of Dubai Holding along with the Emirate’s modern infrastructure and airports that have facilitated in Dubai’s prestigious win of Expo 2020. Factors such as Dubai's increasing popularity as a tourist destination, business and aviation hub play a major role in fueling the global investor’s demand for real estate. Another point to take note of is the growing importance of airports, which is shaping the real estate investment. Dubai’s growing popularity as an aviation hub has also supported the city’s rise as a staging post for international real estate investment. However, this big global event will definitely aid in steering this Emirate’s real estate sector towards increased growth pre and post 2020.

What are the plans for the future? And as part of the expansion strategy, Al Ruwad is expanding its activities into other Emirates too. All this so that it can meet the clients’ ever increasing demand for Al Ruwad services. Our aim is to become a holding company in a short span of time.

propertyonline.ae

MARKET

NEW DIFC WILLS AND PROBATE REGISTRY By Nita Maru, Managing Partner of TWS Legal Consultants

n a landmark move, the Dubai International Financial Centre (‘DIFC’) has set the ball rolling for the introduction of new rules relating to succession and inheritance matters of non-Muslims owning assets in the Emirate. On November 16th 2014, the DIFC’s Dispute Resolution Authority launched a month-long consultation with the public UAE legal community on a new English language DIFC Wills and Probate Registry (‘DIFC WPR’).

The DIFC WPR has begun to register Wills on 30th April 2015 and the much anticipated rules and procedures will provide certainty to non-Muslims in passing their assets in Dubai to their chosen heirs. This will avoid the need for an appointed executor or their heirs to be involved in complicated, costly and uncertain proceedings often encountered in the Dubai Courts. The DIFC will become the first jurisdiction in the region where a nonMuslim individual can register a will under the internationally-recognized Common Law principles. Currently, the distribution of assets of a deceased is guided by UAE federal laws such as the Personal Status Law, Civil Transactions Code and by public order.

The background to the rules: Currently the dilemma of the contradictory legislation where inheritance matters are concerned, coupled with the legal uncertainty of expatriate wills and the Courts discretion in applying Sharia Law (when they consider it appropriate), will welcome such a move. Inorder to avoid lengthy and costly probate battles at the Dubai Court, the risk of estates being contested and the conflicting inheritance laws, many expatriates transfer

May 2015 Issue -30 /// 48

their assets into offshore structures. Such a shift is common where property is purchased as there is no right of survivorship concept in the UAE (that is property passing onto the surviving joint owner upon the death of the other owner) and this is a serious concern for many investors. Guardianship issues for those parents that have minor children residing in Dubai is also a common fear. The fixed distribution of assets as per UAE law and the freezing of bank accounts, for example, tend to make expatriates uncomfortable in retaining funds leading them to transferring funds offshore and out of the jurisdiction. This naturally affects the economic growth and further investment in Dubai and the surrounding emirates. Brief details of the upcoming DIFC Will and Probate Rules: 1.The DIFC WPR will mark the introduction of a new set of rules relating to succession and inheritance matters for non-Muslims with assets in Dubai. 2. The DIFC WPR will provide a mechanism for non-Muslims with assets in Dubai only to pass on their estates according to their wishes. 3. The testator must have reached the UAE age of legal majority (21 years) to prepare a Will and must be non-Muslim. 4. The testator must own assets in the Emirate of Dubai but there is noresidency requirement - non-Dubai residents can register a DIFC Will. 5.The assets dealt with under a DIFC Will are limited to Dubai assets. Those assets held in any other Emirate, and outside of the UAE, cannot be dealt with under a DIFC Will. 6. A DIFC Will can also cover guardianship if the testator has minor children living with

them in Dubai. 7. The rules governing the DIFC WPR will complement existing UAE laws on inheritance for non-Muslims, and provide non-Muslims with the option and right to choose the way in which their estates are distributed. 8. The DIFC WPR will be within the DIFC jurisdiction and will work with the DIFC Courts for the production of grants and Court orders for the distribution of assets. As the grant is issued by the DIFC Court, it will be directly enforceable in Dubai without the need to go through the Dubai Courts. 9. The DIFC will be the first jurisdiction in the MENA region, where non-Muslims can register a Will under internationally-recognized common law principles. Due to our established Wills and Inheritance Department at TWS, we are pleased to have participated in the working group involved in formulating and contributing to the DIFC WPR Rules. The current thought is that the DIFC WPR would register the Wills of non-Muslims and, upon receipt of evidence of death, issue the necessary Court orders to allow for the distribution of the deceased’s Dubai based assets (as well as Court orders relating to Guardianship) in accordance with the registered Will. Also, as a “common law” jurisdiction, the use of the DIFC procedure would allow for testamentary freedom for dispositions for non-Muslim expatriates and a speedy and orderly administrative process of a deceased non-Muslim’s estate in Dubai. Once the Registry is in place, precedents would organically evolve and providing a greater degree of certainty in the handling of such inheritance cases in the future.

propertyonline.ae

MARKET

SELECTING THE RIGHT MORTGAGE… Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official training & certification arm of the Dubai Land Department

ow that the market has entered its correction phase, the time has come to consider whether you should take advantage of value opportunities that are starting to appear and benefit from the capital appreciation that is likely to accumulate over the coming five to seven years. For those who don’t have the cash readily available, the first step is to organise a pre-approved home mortgage. It’s always best to be in a position to make an offer for a house with your mortgage pre-approval in place rather than expect to arrange your mortgage once heavily involved in a negotiation process. So, how to go about selecting the right mortgage for you? You must first envisage your economic circumstances at least two years into the future and ask yourself the question … “Given my projected earning capability and desired lifestyle, what mortgage payment will be financially feasible and acceptable to me in two years’ time?” Why two years’ time? … because most mortgages interest rates on offer at the moment are locked in for two years, after which you will be subject to likely interest rate increases as after an initial two year period of fixed interest rates, the mortgage reverts to a variable rate.

First of all, estimate your projected earning capability. Be real. We all hope to progress rapidly in our professional (a.k.a. financial) pursuits but there are generally more people disappointed than delighted with their achievements. And, notwithstanding the latest reports of 5% salary increases for Dubai employees in 2015, history has shown that salary increases generally tend to lag cost of living increases so conservatism in estimating future cash-flows is a must. Then there is lifestyle. Is there a new baby planned in the near future? … a new car perhaps? What effect will significant family or lifestyle events have on disposable income? Are there existing children

who will need to start school in that time frame? All these events will have an effect on disposable income and thereby decrease the financial flexibility to address interest rate shocks. And finally, what is financially feasible may not be acceptable to you or your spouse. How much sacrifice are you and your partner willing to make to service your mortgage? What are you willing to do without and what lifestyle changes are you prepared to make? Once again, being honest with oneself is paramount. So, notwithstanding correcting markets, value opportunities and cheap finance, cautious financial planning based upon realism and self-honesty is key when planning the purchase of your dream home. Your future happiness could well depend on it. As a general guide, we recommend that not more than 40% of your household disposable income be devoted towards paying down your mortgage. So once you have determined what type of repayment you are willing to commit to, then it’s a case of determining the mortgage amount you can actually afford. This will be determined by the Loan to Value ratio (LTV) you are prepared to accept, the amount of your own cash savings you are prepared to put towards the property, the tenure of the loan and the interest rate that you expect to be paying initially and well into the future. When talking to mortgage providers, they will help you assess what mortgage is best for you by looking at a number of specific factors such as other debts (including credit cards) you may have, reliability of current and future income streams, the Loan to Value ratio that you would be seeking, the type of mortgage you prefer, your true disposable income and what other assets that you may own. Don’t be surprised if different mortgage providers suggest significantly different mortgage solutions for your requirements including repayment options. These will include the most common type of mortgage known as the Capital and Interest (Reducible Balance) Repayment Mortgage but you may

also consider interest-only payments, part repayment and part interest-only mortgages although these types of mortgages are usually used for very specific investment purposes. Then it’s a case of deciding if you wish to undertake a fixed rate, variable rate or fixed/variable combination mortgage. Once again you need to think long term. If you think that mortgage rates are likely to rise and you would like to lock in a fixed rate of interest for the foreseeable future as long as you understand that once the fixed interest rate term comes to an end, a variable interest rate will apply. In many cases, the variable rate will be greater so planning is essential. If however, you expect interest rates to fall in the near future, a variable interest rate mortgage would make better financial sense as long as you have the flexibility to handle an increase in mortgage payments if interest rates do not follow your predictions and unexpectedly rise. There are a number of items which you should pursue as part of your mortgage negotiations. Try and have the mortgage establishment fees waived. Depending on the institution, this may save you up to AED3, 000. Also request that you are not penalised for paying the mortgage down faster or in its entirety. By law, the mortgage provider cannot charge you more than 1% of the outstanding amount or a maximum of AED10, 000, but you should try to have this stipulation dropped from your mortgage contract. And finally, make sure your mortgage provider will allow you to utilise the equity being built up in your home as you diligently pay down your mortgage. This equity will compound if the value of your property is increasing due to favourable economic or market factors. Some lenders will allow you to use this equity as security for further borrowing. This can be very handy if you want to make some major home improvements, buy a new car or perhaps invest in another property . When selecting a mortgage, the key is to know what you need and pick the one that best suits you over the long term.

May 2015 Issue -30 /// 49

propertyonline.ae

MARKET

CONFLICTING REPORTS: BUT WHAT’S THE REALTY? Chris Whitehead, Managing Director, ERE Homes

Dubai Marina

s we enter the second quarter, there seems to be no end to the continuous stream of new developer releases, launches of world record breaking super projects and confidence boosting articles hitting the headlines almost daily. In reality however, all may not be as it seems and although Dubai is still experiencing an active property market stimulation from the Expo 2020 announcement last year, calmer waters with reduced property transactions are being experienced across the Emirate.

May 2015 Issue -30 /// 50

With many communities continuing to decline in price and the average sq.ft. in Dubai being traded for at least 10% less than it was three months ago, the introduction of increased transfer fees and reduced loan to value percentage has most certainly now made a noticeable impression on the property markets. As is the case with most countries around the world, injecting confidence is always at the forefront in boosting any city’s economy and helps to ensure that the steady stream of investors’ monies continues.

Although Dubai can never be accused of being shy and with a track record of copycat behavior, a reluctance to create any negativity should be considered calculated. Although this may be deemed biased and is possibly based on protecting Dubai's investor confidence, ERE views this as an extremely prudent decision. With the property market experiencing a healthy and anticipated correction and with pockets of growth still remaining strong in many developments, to put a cat amongst the pigeons is indeed a wise choice.

propertyonline.ae

A global study found that 80% of travellers would choose a green hotel over one that is not, and 40% were prepared to pay more, if they trusted the certification. By Nicole Walter/freelance writer

s environmental consciousness is blooming among travellers, hotel operators and developers simply can’t afford not to follow the trend. While green practices among operators are on the increase, hotels on the drawing board are catching up,hospitality experts concur. “More travellers are becoming environmentally

conscious and will choose a ‘green’ hotel over one that isn’t. This is a trend, which is only going to become stronger in the future,'’ remarks Amelie Zegmout, Board Member of Emirates GBC. EmiratesGBC has been looking after the international ‘Green Key’, an eco label since 2013 here in the UAE. Up to date 2,400 hotels in 48 countries have been labelled, including 24 hotels in the emirates. The organisation is also creating a ‘green’ benchmark report for hotels to measure themselves against. Amelie says many more hotels have been applying for the label. Guests, she believes, would appreciate the label but more awareness needed to be created. “It is all about education, making green a socially acceptable behavioural trend. We cooperate with UAE tourism authorities, as well

as Dubai Municipality to promote the Green Key programme, engage hoteliers in green initiatives and raise awareness among end-users,” Amelie explains. Gerry Rogers, Senior Associate at Galadari Advocates & Legal Consultants, feels an opportunity for creating guilt free stays, despite rampant consumerism, exists, naming Banyan Tree as an example. Ahmed

MORE TRAVELLERS ARE BECOMING ENVIRONMENTALLY CONSCIOUS AND WILL CHOOSE A ‘GREEN’ HOTEL OVER ONE THAT ISN’T. THIS IS A TREND, WHICH IS ONLY GOING TO BECOME STRONGER IN THE FUTURE.AMELIE ZEGMOUT BOARD MEMBER, EMIRATESGBC.

HOSPITALITY

HOTELS ENCOURAGE GUESTS TO WALK THE GREEN PATH TOGETHER

propertyonline.ae

HOSPITALITY

Sofitel Dubai the Palm Resort & Spa

AlMahmoud, Head of Strategic Planning at the Ajman Tourism Development, which is working on its own green framework, points out some challenges faced in this region. “If people thought like in Europe, then we wouldn’t need to implement rules, but our Arab culture is different we need to teach to change, wasting food for example is very normal in my culture,” he says. Sandrine Le Biavant, Director - Consultancy at Farnek, which has been advising hotels on green strategies, is rather upbeat about current initiatives taken by hotels in the region and guest responses. A global study, she pointed out, found that 80% of travellers would choose a green hotel over one that is not, and 40% were prepared to pay more, if they trusted the certification. She highlights TIME Hotels, as a shining example. Its carbon-offset programme offset 320

May 2015 Issue -30 /// 52

IF PEOPLE THOUGHT LIKE IN EUROPE, THEN WE WOULDN’T NEED TO IMPLEMENT RULES, BUT OUR ARAB CULTURE IS DIFFERENT WE NEED TO TEACH TO CHANGE, WASTING FOOD FOR EXAMPLE IS VERY NORMAL IN MY CULTURE. AHMED ALMAHMOUD, HEAD OF STRATEGIC PLANNING, AJMAN TOURISM DEVELOPMENT

tonnes of carbon within nine months at its two busiest properties. Guests were asked to contribute AED15 per stay, 1,200 participated, and the money was sent to ‘myclimate’ - supported projects in Africa, according to the operator. “It proves bonding with customers , around 70 percent of their customers are Arabic, everyone wants to feel good. Other hotel groups have also shown interest,” Sandrine emphasizes. In the meantime, TIME Hotels has gone a step further committing to using homemade products and local sourcing whenever possible, and is now also asking AED10 from every delegate at conferences it hosts. “Equally, event planners want to offset their travel carbon emissions, green meetings are good business,” remarks Sandrine, lamenting that not enough hotels in the UAE offer this option.

Not everyone is following the green path when developing hotels either. The key sticking point remains cost versus profits. “Owners want to know how much value it is going to add to their asset and return on investment (RoI), while hotel operators are driven by their CSR and their own green guidelines,” says Mike Wakefield Senior Associate at Galadari Advocates & Legal Consultants. To international operators it seems a non-brainer, building sustainable hotels cuts operational costs and that has a positive effect on the bottom line. “We have implemented a lot of sustainability elements and our owners are happy that we’re saving, not only water and reducing our carbon emissions, but on the bottom line of their property as soon as after six months of operations,” says Rohit Salunke, Director of Engineering at Sofitel The Palm.

propertyonline.ae

HOSPITALITY

THE COST OF GOING GREEN

OWNERS WANT TO KNOW HOW MUCH VALUE IT IS GOING TO ADD TO THEIR ASSET AND RETURN ON INVESTMENT (ROI), WHILE HOTEL OPERATORS ARE DRIVEN BY THEIR CSR AND THEIR OWN GREEN GUIDELINES. MIKE WAKEFIELD SENIOR ASSOCIATE, GALADARI ADVOCATES & LEGAL CONSULTANTS

The decisive action has garnered the hotel a Green Globe label, another international certification for sustainable tourism, an important achievement also in view of attracting guests. “It is socially responsible and we know that customers are getting more focused on green,” concurs Mark Willis, VP Middle East and sub-Saharan Africa at the Rezi-

EmiratesGBC hosts Green Hospitality in the UAE

May 2015 Issue -30 /// 53

propertyonline.ae

HOSPITALITY TIME Oak Hotel & Suites

dor Group, which is ‘Green Keying’ its properties in the region. However, for the green concept to work best everyone, owner, operators, architects and consultants, have to gel at the drawing board. “We’re on board from the design stage, then you can really have an impact. Often there is a slight cost increase but you can put the longterm financial gain for the investor on the table. We haven’t had one owner who didn’t say this wasn’t a good idea,” Mark adds. Rohit says, though, this was the ideal scenario, yet often operators arrived too late in the development process. “To add green elements at a later stage is expensive,” he says, suggesting a DTCM classification link to green labels could serve as encouragement. Marco Vucinic, VP MEA at JLL Hotels & Hospitality Group, points out not all owners, nor travellers, are on the same wavelength as of yet, more

May 2015 Issue -30 /// 54

ALTHOUGH WE’RE WORKING ON PROPOSALS TO ‘GREEN’ EXISTING PROPERTIES, OWNERS’ PERCEPTION REMAINS IT IS MORE COSTLY TO BUILD AND ARE RETICENT TO SPEND. CONSUMERS WON’T SPEND MORE TO STAY AT A GREEN HOTEL. MARCO VUCINIC VP MEA, JLL HOTELS & HOSPITALITY GROUP

awareness was required. “Although we’re working on proposals to ‘green’ existing properties, owners’ perception remains it is more costly to build and are reticent to spend. Consumers won’t spend more to stay at a green hotel,” he remarks. “Having said that, trends in the UAE tend to follow those in the West by five years, so not being green will eventually become socially unacceptable here as well. So any hotel being built today should follow this trend,” he adds. As far as Bill Leeman, Property Project & Facility Manager at Premier Inn, as an owner and operator, is concerned, it actually didn’t cost more to build an environmentally friendly hotel. “Indeed, we do, there is a potential of increasing efficiency by 25% meaning savings for building owners from the start,” he points out, calling on the law to enforce green hotels.

Visit: by appointement Dubai, JLT Cluster N, Jbc 4 Tower 1302 P.O Box 309130 JLT Dubai, U.A.E Showroom Mob: 050 4537375 Tel: +971 44286688, Fax: +971 44278833 E-mail: helen@designmobl.com www.designmobl.com Follow us on: Design Mobl

@design_mobl

DESIGN_MOBL

propertyonline.ae

HOSPITALITY

Column

Jitheesh Thilak BA, LLB (Hons). LLM (Int. Economic Law) Solicitor (England & Wales) Advocate (Supreme Court of India) E: jthilak@gmail.com

MULTI-BRAND HOTELS: A GROWING TREND IN THE MIDDLE EAST

erging two brands from the same brand family under one roof is an emerging trend in the Middle East, especially in the mass religious tourist markets like Makkah, Madina and compacted tourist destinations like Dubai, Doha, where the land costs are relatively higher. The first dual-branded hotel originated in the 1980s in the West, when the owner of a 600-room hotel concluded that offering two brand names targeting separate price markets was the only way to reposition the hotel economically. In order for a multibranded hotel property to succeed, the pooled brands must be able to blend and function harmoniously.Most multi-branded hotel developments try to combine a select-service brandwith an extended-stay brand from the same brand family. It is imperative for the different hotel components to maintain their own brand identities, separate entrances, lobbies as well as dissimilar guestroom configurations and in-room amenities are needed to keep each brand identity distinct and independent. Hotel guests at each brand are generally able to benefit from the shared facilities and amenities, which can include on-site food and beverage facilities, fitness rooms, meeting rooms, and swimming pools. For example, guests at the limited-service or extendedstay component have access to facilities that would otherwise not be available at the otherwise standalone property, such as a luxury restaurant, potentially larger facilities, such as more meeting space, a larger exercise room, or more restaurants. A multi-branded, onebuilding project is attractive because it maximizes the value of the land and the allotted development potential for a site, minimizes construction and operational expenses, and reduces risk by appealing to a broader range of potential

May 2015 Issue -30 /// 56

guests. The cost of land is rising, and site availability is a significant challenge for developers, particularly in urban markets. Building more than one brand on a single, larger site cancreate more feasible economies-of-scale and increase the revenue potential of the project. Substantial economic and operational benefits come from having the hotels occupy the same building. Initial construction costs are diminished from sharing areas thatwould otherwise need to be duplicated for two stand-alone hotels, such as meeting space, recreation facilities, parking, food and beverage outlets, and back-of-the-house areas. In addition to the lower construction costs, shared services (such as housekeeping and maintenance) and a centralized staff under one general manager result in reduced operating costs and greater efficiency. Hotels owners are always looking for new ways to minimize their exposure to risk. By accommodating two different brands thatappeal to a greater number of demand segments, developers are offered a more flexible business operation that is more adaptable to changing market conditions. Multi-branded hotels come with their own unique challenges that must be carefully considered, weighed, and chosen. Having more than one brand family under a single roof is very difficult to work out because of the competitive environment and the resulting confusion of identities. Hotel owners need to be aware that a multi-branded hotel has more limited future branding options. Brand families do not mix well due to its distinct lineage and service ethics, the operator only has the option of re-branding within the existingfamily when one component of a multi-branded property is struggling in the market. Even within the same brand family, challenges arise when trying to create a harmonious operation between

two brands. This is also why extendedstay and select-service developments are the most popular combination, as it is relatively easy to match class while targeting distinct demand segments. A multi-branded property may also be more difficult to sell than a stand-alone hotel. If a developer is debating whether to build a multi-branded hotel or two stand-alone properties, the exit strategy must be taken into account. It is not possible to sell off one component of a multi-branded property as the property must be sold in its entirety. This could potentially limit the number of potential purchasers and create a restraint, especially if one brand significantly underachieve the others. The rise of the multi-brand hotel in the Middle East is an innovative response to the demands of the increasingly complex hotel marketenvironment. Land is expensive and not readily available in primary locations, building costs continue to rise, return requirements for hotel projects are on the increase, and the competitive hotel supply is ever growing, maximum utilization of economies of scale. Multi-branded properties are a cost-effective, high-return solution that tailors a more personalized product to multiple demand segments. As attractive as they sound, multi-brand developments will not work in every market. For a multi-brand hotel to work, it must be the best possibleproduct for that particular market, and more traditional forms of hotel development must be given equal consideration in making the determination of the best possible product for a given location. Irrespective of the brands being of same family or multi families, it is important to clinically dissect the legal agreements and accounting arrangements between the brands in order to ensure the sharing of facilities by maintaining the individual brand essence and quality.

LISTINGS

COMMUNITY SPECIALIST

DUBAI SPORTS CITY S P E C I A L I S T

Tel +971 4 3882220 | www.aquaproperties.com

ELI TE 1  STUDI O  AR EA 456 SQ. FT.  COMMUN I TY VI EW | R EN TED @37K AED 500,000 GI OVAN N I B OU TI QU E SU I TES  STUDI O  AR EA 532 SQ. FT.  COMMUN I TY VI EW | VACAN T AED 51 0,000 ELI TE 4  MULTI PLE STUDI O  AR EA 460 SQ. FT.  GOLF & COMMUN I TY VI EW AED 550,000 ELI TE 1  1 B ED APARTMEN T  AR EA 770 SQ. FT.  COMMUN I TY VI EW | VACAN T AED 750,000 OLY MPI C PAR K 2  1 B ED APARTMEN T  AR EA 1 ,050 SQ. FT.  PARTI AL GOLF VI EW | VACAN T AED 750,000 ELI TE 7  1 B ED APARTMEN T  AR EA 793 SQ. FT.  COMMUN I TY VI EW | R EN TED @75K AED 850,000 OLY MPI C PAR K 2  2 B ED APARTMEN T  AR EA 1 , 600 SQ. FT.  GOLF VI EW | R EN TED AED 1 , 250,000 B LOOMI N GDALE VI LLAS  5 B ED VI LLA  B UA 3, 303 SQ. FT. | PLOT 2, 820 SQ. FT.  COMMUN I TY VI EW STARTI N G @AED 3,700,000

Abdul Razak Kayali BRN: 28441 +971 50 3048467

Javed Nathani BRN: 27521 +971 52 9227799

Tel +971 4 3396222 | www.spfrealty.com

S P E C I A L I S T

SPRINGS 2  TYPE 1E  VIEW: FULL LAKE VIEW  AED 3,900,000/- VACANT SPRINGS 14  TYPE 1E VIEW: LAKE VIEW, FULLY UPGRADED VACANT JUNE 1, 2015 (EXCLUSIVE) HOT OFFER AED 3,850,000/SPRINGS 14 2E  AREA SQ FT: PLOT 3800  VIEW: BIG LAKE VIEW RENTED @ 225K TILL JUNE-15. AED 3,500,000/ TYPE

SPRINGS 4  TYPE 3E  VIEW: LAKE, POOL, PARK VIEW VACANT SEPTEMBER 2015. HOT OFFER. AED 2,850,000/SPRINGS 2  TYPE 3M  VIEW: BACK TO BACK AED 2,800,000/SPRINGS 4  TYPE: 4E VACANT JUNE 30, 2015  UPGRADED  LANDSCAPED BEAUTIFUL VILLA AED 2,175,000/SPRINGS 2 4M VIEW: PARK VIEW RENTED 135K. AED 2,400,000/ TYPE:

SPRINGS 12  TYPE 2E  3 BEDS + STUDY+ MAID’S  AREA SQ.FT: BUA 2700 , PLOT 5000 BIG LAKE & FOUNTAIN VIEW, BEAUTIFULLY LANDSCAPED AUTOMATED IRRIGATION, WELL MAINTAINED WITH A.M.C RENTED @ AED 205K (EXCLUSIVE) AED 4,200,000/-

Erick Knaider

(BRN: 30303) +971 55 51 59 715

Kalpesh Sampat (BRN: 11874) +971 50 3424421

COMMUNITY SPECIALIST

SPRINGS

COMMUNITY SPECIALIST

04 4308902 www.castlesplaza.com

MARINA PLAZA PLAZA TOP TOP VIEW VIEW MARINA

VIEW FROM OFFICE

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

Enlist you Proper es for Sale/ Rent More Details Call 050 62 55 710

S P E C I A L I S T

Tel +971 4 395 7593 | www.snsprop.com ORN - 2576

Talha (RERA ID – 28747)

Azas Tabi Judith

+971 55 6431582 talha@snsprop.com

+971 55 33 68 286 tabi@snsprop.com

RESIDENTIAL PROPERTIES BUILDING

SQ.FT

SALE PRICE (ONWARDS)

BEDROOM

EXECUTIVE BAY

450

750K

STUDIO

EXECUTIVE TOWER

910

1.1 MILLION

STUDIO

CHURCHILL RESIDENCY

813

1.35 MILLION

1 BR

UBORA

930

1.45 MILLION

1 BR

EXECUTIVE TOWER

1250

1.5 MILLION

1 BR

EXECUTIVE TOWER

1345

1.9 MILLION

2 BR

MAYFAIR RESIDENCY

1150

1.98 MILLION

2 BR

CAPITAL BAY

1350

2.1 MILLION

2 BR

CHURCHILL RESIDENCY

1450

2.25 MILLION

2 BR

EXECUTIVE TOWER

1860

3 MILLION

3 BR

CHURCHILL RESIDENCY

2100

3.7 MILLION

3 BR

MAYFAIR RESIDENCY

1640

2.8 MILLION

3 BR

COMMERCIAL PROPERTIES BUILDING

SQ.FT

TAMANI ARTS

406

SALE PRICE (ONWARDS)

TYPE

485,000

SHELL & CORE

METROPOLIS TOWER

660

880000

SHELL & CORE

BINARY TOWER

808

970,000

SHELL & CORE

DAMAC BUSINESS TOWER

1130

1.1 MILLION

SHELL & CORE

REGAL TOWER

1580

1.6 MILLION

SHELL & CORE

BINARY TOWER

1948

2.34 MILLION

SHELL & CORE

BAY SQUARE

1985

2.1 million

SHELL & CORE

SOBHA SAPPHIRE

3950

4.5 MILLION

SHELL & CORE

EMPIRE HEIGHTS

2650

2.3 MILLION

SHELL & CORE

CLOVER BAY

6200

1150 AED/SQFT

SHELL & CORE

8856

900 AED/SQFT

SHELL & CORE

17200

1250 AED/SQFT

SHELL & CORE

EMPIRE HEIGHTS BAY SQUARE

(FULL FLOOR)

WE HAVE GOT WIDEST VARIETY OF OFF PLAN OFFICES IN BUSINESS BAY, FROM 425,000 AED ONWARDS.

COMMUNITY SPECIALIST

BUSINESS BAY

GENERAL LISTINGS

050 888 9510 admin@lacapitaledubai.com www.lacapitaledubai.com REAL SOLUTIONS TO REAL ESTATE

SOLUTIONS BEYOND REAL ESTATE

Ref:54009

Ref: 53479

Hills-Vida B2

Downtown-Vida Residences

2 BR + Balconies, 1,006 sq. ft. Golf Course View, More Units are Available

2 BR + Balconies, 1,650 sq. ft. Partial Fountain View, Handover 2018

Nick

O.P.

1,965,888

AED

O.P.

AED

Kunal

4,030,888 M

Ref: 53668

Ref: 53740

Dubai land-Mudon

Dubailand-Mira Oasis

4 BR + Maid, Type B, 3,786 sq. ft. Single Row View, Handover Jan 2016

Phase 2, 3 BR + Maid, 2,565 sq. ft., Type J Back to Back View Ravish

O.P.

Kunal

3,050,000

AED

O.P. AED 2,079,888 Ac Ref: 54034 tu al Vi ew

Ref: 53765

1 BR + Balcony, 850 sq. ft. AED Pool View 1,600,000

2 BR + Study, 1,357 sq. ft. Community View AED 2,000,000

Caroline

Vivian

Ref: 53906

Dubai Land-Queue Point

1 BR + Balcony, 591 sq. ft. Community View AED 510,000

2 BR + Balcony, 1,780 sq. ft. JLT View O.P. AED

Phase 1, 3 BR + Maid, Type 3M, 2180 sq. ft. Ravish Single Row View O.P. AED 993,888 Pr

53747 5% Ref: 53977 Pr em iu m

Hills-A1 Tower Shah

Ref: 54022

Dubailand-Mira

Downtown-Standpoint

The Views-Panaorama Tower

Ref: Ref:54032 XXXX

Downtown-Burj Vista 1 Nick

1,938,888

Kunal 2 BR + Balcony, 1,167 sq. ft. Full Sea View AED 2,399,888 Above 55th Floor O.P.

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

WINNERS

WE HAVE CASH BUYER’S FOR BELOW PROPERTIES Ref: 52956

Dubai Land Mira Phase 1 Type 3E OP AED 1,300,000 Sellers Call Ravish 050 8889437 Ravish

JLT

Nshama - Townsquare

1 Bedroom in Gold Creast View, Budget is AED 1 to 1.1 M 2 Bedroom 1.350 to 1.4 M Pankaj Call Pankaj on 050 8880317

Studio, 1, 2, 3 Bedroom Apartments and 3 and 4 Bedrooms Townhouses 3 Bedrooms – 2146 – 2235 sq. ft. 4 Bedrooms – 2356 – 2423 sq. ft. Irfan 10

Business Bay-Park lane Tower

Greens & Views

Business Bay

1 Bedroom in Tanaro Tower, Budget is AED 1,220,000 Call Caroline 050 8889302 Caroline

1, 2 & 3 BR in Executive Tower Call Kapil 050 8889510

Hotel Appartment Starting from 369 -763 sq. ft., Close to Oberoi Hotel, Five Minutes’ Walk from Burj Khalifa 85% Completed as Per RERA Completion is Nov 2015 Very Flexible Payment Plan Nick AED

Kunal

811,000 – 1,495,000

INDIAN BEST PROPERTY

Dubai Investment Park-Royal Estate By Shah Rukh Khan Why Rent When You Can Buy

India Gujrat-Zinnia and Dahej 3 Bed Room Fully Furnished, Town houses. Finance Available from Leading Banks Axis, IDBI. Project ROI Capital Appreciation 10%* ( JLL, India) Rental Yield Expected 6.0%* ( JLL, India) Gujarat CM inaugurates 1000 Cr BASF Plant at Dahej Fortune Park Hotels Opens Their 45th Hotel at Dahej in Gujarat AED

2,350,000

Studio and 1 Bedroom Apartments Studio - 490-546 sq.ft., 1 Bedroom - 810-836 sq.ft. Royal Estate is situated close to EXPO 2020, and something that the market has been seeking. Completion is end 2017 Pankaj

PAY AED 3,419 MONTHLY

BRN 12509, 27809, 28163, 29161, 30070, 30010, 30662, 33404, 33288 & 33225

TEE

ETU

RERA # 203

04 4308902 www.castlesplaza.com

MARINA RESIDENCE

SP : AED 25,000,000/-

Type H | 5 B/R Penthouse + Triplex with Private Elevator Size : 13,095.47 sq. . Rented Panoramic Sea, Palm, Atlan s, Marina View

Call: Geetu | BRN 25209 | Mob 055 1126979

ALBARARI

PRIME MEADOWS

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

Type 14 | 4 Bedroom + Maid’s

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

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

DUBAI MARINA WHARF

SPORTS CITY

SP: AED 1,100,000/SP: AED1,650,00/SP: AED 832,000/SP: AED 1,352,700/SP: AED 1,201,536/-

Call: Pavi | BRN 9821 |Mob 050 30 66 767

2 Bedrooms | BUA 1,493.83 Sea View | High Floor Sea and Marina view | Vacant

SP: AED 2,000,000 Call: Rajeev Rajeev| |BRN BRN24907 24907| |Mob Mob0508106767 050 81 06 767

BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY

Enlist you Proper es for Sale/ Rent More Details Call 050 62 55 710

PROPERTY SEARCH... JUST GOT BETTER...

FOR MORE LISTINGS

Be a part of the most comprehensive and user-friendly Property portal in Dubai

propertyonline.ae

INTERIORS

CLASSY & ELEGANT Latest Collection from Design Mobl

ELLA is Edraâ&#x20AC;&#x2122;s new collection of unique and sinuous chairs which resembles a tulip with blue and green mixed body and black stem.

Abs

ol It cor u by Fran respo cesco nd provid B es. Th s to a clas infarĂ¨ is th sic liv e sma e late ing st rt pillo w is v , with ext addition t ersat r ile as aordinary o the colle it can c c be us omfort th tion of Ed ra so ed as at the fa an ar mres smart pil s. lo t or a back w rest.

May 2015 Issue -30 /// 66

GILDA B. is a timeless chair, elegant and flowing. Mimicking the Murano glass but with strong irregularities and wooden legs that makes GILDA B a rare specimen.

PROPERTY FEATURES 4 ENSUITE BEDROOMS + MAID’S OPEN KITCHEN CONCEPT SPACIOUS PRIVATE BASEMENT ROOFTOP POOL AND BBQ AREA

r A u O ILL t i V Vis W O SH

Where Simplicity

Meets Luxury

primevillas@prescottuae.com

Prime Villas A Spanish Gated Community of 31 Villas in Dubai Sports City

+971 55 9817253

Marketing Agent:

Dubai, U.A.E Tel: +971 4 3792565 E: info@prescottuae.com | www.prescottuae.com