Property Times November 2015 eMagazine

///// Issue 36 - November 2015

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TIPS FOR FIRST TIME BUYERS KUNAL PURI, CEO, LA CAPITALE

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COMMUNITY TIMES DOWNTOWN & DISCOVERY GARDENS

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Expansion expansion and More expansion

Muhammad Binghatti AlJbori, CEO & Head of Architecture, Binghatti Developers

Magazine

Search

Awards

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DUBAI LAND DEPARTMENT LATEST NEWS & UPDATES Pg10

UPDATES FROM AJMAN REAL ESTATE REGULATORY AGENCY

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SRIKANTH Reddy

AN INEVITABLE SLOWDOWN BUT OPPORTUNITIES GALORE Historically, investors believe the best time to invest is when the market is going through a slowdown because the prices will be attractive and will give good returns once the market picks up again. Currently, Dubai's real estate market offers a plethora of opportunities to investors because of the unique situation it is in; falling prices and stable rents., which basically means high rental yields for investors. Dubai has always been a market that has been offering better yields than most of the markets across the globe, however now the yields are even better. With more investors and end users making use of the present scenario, the Dubai market is expected to see more transactions in the days to come.

Developers. We caught up with the CEO of the developer to find out what lies ahead and what their vision is for Dubai. Also in this issue are a number of highly informative articles and columns by experts which will certainly provide you with an insight into what is happening in the market and how it is expected to fare over the next few months. I hope this issue will help you all make informed decisions when it comes to buying and selling in Dubai.

Happy reading!

MANAF CK

Admin Executive manaf@propertyonline.ae

MARY Grace Antonio

Executive Assistant to Editor in Chief grace@medialabpublishers.com

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

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SUBSCRIPTION

In this issue of Property Times, the cover story focuses on a developer that has been focusing on the middle income market in Dubai; Binghatti

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subscribe@propertyonline.ae Licensed by National Media Council

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November 2015 Issue -36 /// 5

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FROM THE EDITOR

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30

NEWS AND ANALYSIS:

COLUMN BY

Green Deal

Nejoud Bassam Nasr, Meedar Real Estate

14

ASTECO IN FRANCHISE EXPOS

31

COLUMN BY

Robert Villalobos, Prestige Real Estate

16

MORTGAGE EXPERT:

Carol Monis, MortgageMe

36

18

COMMUNITY TIMES:

LEGAL EXPERT:

Jerry Parks, Taylor Wessing

COMMUNITY TIMES:

Abu Dhabi: Slowing down by REIDIN

26

COLUMN BY Wolf of Real Estate

27

COLUMN BY

Ahid Sheikh, Dejavu Real Estate

28

PRIME VILLAS BY Prescott

08

News and analysis: ARRA

Discovery Garden Vs Downtown Dubai

39

20

NEWS AND ANALYSIS:

Dubai Land Department

32

COLUMN BY Kunal Puri, La Capitale

10

The Jumeriah Lake Towers Specialists

42

INTERIOR TIMES: Product Watch

44

Indian Property Show

46

Exclusive Listings

Interview With:

Muhammad Binghatti AlJbori, CEO ,Binghatti Developers

22

Interior Times:

Interview With Ahmed Sultan,Finasi

November 2015 Issue -36 /// 7

40

propertyonline.ae Land Department, Dubai

NEWS & ANALYSIS

REAL ESTATE REGISTRATION FEE REMAINS THE SAME- DLD November 2015 Issue -36 /// 8

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NEWS & ANALYSIS

D

ubai Land Department reassures that the real estate registration fee remains the same and it will not be increased from the current 4%. DLD also informs that they will not be raising the charges collected from customers to complete their real estate transaction. It also underlines that the penalties will be applied on fees evasion according to resolution (30) from year 2013 issued by the Dubai Executive Council after the ending of the notice period (31 st October, 2015). “Until now we have no cases of fees evasions from real estate developers or investors, yet the DLD is foreseeing a great commitment from customers to save their rights,� says HE Sultan Butti Bin Mejren, Director General of Dubai Land Department.

HE further explains that if DLD notices that any party evaded payment of fee in cases specified by the Executive Council resolution No. 30 of 2013, such as the submission of incorrect data on the value of the real estate transaction, using any trick or way of whatever kind or nature to evade the payment of fees, then DLD will impose the penalties mentioned in Article (6) of the same resolution; DLD formed a committee headed by the Director General to respond to any complaints or concerns in this regard. HE Bin Mejren added that the

real estate market in Dubai is stable and is enjoying sustainable growth, meaning that there is no requirement to revisit the fees for various activities and servicing in the near future. HE also said that the Law (13) of 2008 for Real Estate Registry identified the need for full compliance with the registration of properties sold at the Department within 60 days from the date of signing of the sale or signing the booking form contract, stressing that the department violates the registration and payment, if it exceeds that period.

In September 2013, DLD implemented an increase in the real estate registration fees from 2% to 4%. The decision was instrumental in preventing speculators reap quick profits and threatening the interests of investors and the market in general.

The real estate market and investors welcomed the decision for its positive effect in increasing the attractiveness of property investment in Dubai.

In spite of the tax increase to 4%, it still remains less than 110 real estate markets around the world.

HE Bin Mejren adds that the real estate market in Dubai is stable and is enjoying sustainable growth, meaning that there is no requirement to revisit the fees for various activities and servicing in the near future.

November 2015 Issue -36 /// 9

propertyonline.ae Ajman

NEWS & ANALYSIS

H.E. YAFEA AL FARAJ ELECTED VICE PRESIDENT OF ARELLO DISTRICT 5 H.E. Yafea Al Faraj, Executive Director of the Real Estate Regulatory Agency-Ajman, said in an interview with Property Times Magazine about ARRA's participation in ARELLO. Compiled by Reshmi Raveendran

T

he Real Estate Regulatory Agency (ARRA) during its participation in ARELLO achieved a huge milestone.

It succeeded in harvesting a large number of votes for the position of district- Vice President. H.E. Yafea Al Faraj, ARRA Chife became the first Arab national to hold such a position in the Association of Real Estate License Law Officials “ARELLO”-one of the most prestigious state run authorities in the United States established in 1930. District-5 will include real estate regulatory institutions from the regional and Middle Eastern countries. The elections took place in the Washington, DC, during the 4-day

November 2015 Issue -36 /// 10

annual conference and celebrations of the establishment of ARELLO which was attended by a number of the Association’s members.“My selection for this position is an actual achievement of the ARRA’s tremendous efforts on both regional and international levels,” said H.E. Yafea Al Faraj, adding that “ I present this success to the Highnesses Sheikh Humaid bin Rashid Al Nuaimi, member of the Supreme Council, Ruler of Ajman and Crown Prince, Sheikh Ammar bin Humai Al Nuaimi, Chairman of the Executive Council as well as Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of ARRA and to ARRA Board of Directors.” Since 2009,

ARRA is an active member of several international real estate associations, including Asian and Pacific Real Estate Association (APREA), Federal Real Estate Association (FIABCI), Association of Real Estate License Law Officials (ARELLO) and Middle East and North Africa Real Estate Society(MENARES). ARELLO was established in 1928, comprising official governmental agencies and other organizations around the world that issue real estate licenses or registrations in addition to regulating real estate practice and enforcing real estate law. ARELLO stands to bring best practices in real estate sector around the world.

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MARKET Left to right: Ivano Iannelli, CEO, Dubai Carbon. Nada Jasim, Deputy Director & Sr. Manager, Policy & Planning, RTA. HE Ahmed Al Muhairbi, SG of DSCE. Eng. Abdulla Rafia, Assistant DG, Dubai Municipality. HE Fahad Al Gergawi, CEO, Dubai FDI. Marwan Abdulaziz, Executive Director, Dubai Science Park. Faisal Aqil, Deputy CEO, Emirates Islamic Bank. Khalid Al Boom, Deputy CEO, Dubai FDI

THE GREEN DEAL

G

reen Deal, online portal was launched by The Department of Economic Development (DED) in Dubai in partnership with the Dubai Green Economy Partnership (Dubai GEP) and Dubai Investment Development Agency (Dubai FDI), an agency of DED to focus on encouraging the residents to adopt green products. It was unveiled by His Excellency Sami Al Qamzi, Director General of DED, His Excellency Ahmad Butti Al Muhairbi, Chairman of Dubai GEP and Secretary General of the Dubai Supreme Council of Energy, and Fahad Al Gergawi, Secretary General of Dubai GEP and CEO of Dubai FDI. This initiative is also supported

by Emirates Islamic Bank, which will provide financial aid to the consumers to buy and sell energy products and services online. “A clear and cohesive green policy, which will make the

November 2015 Issue -36 /// 12

UAE a healthier and more sustainable country to live in. The Green Deal will reach the end users and decision makers, who will help in achieving the goal of transforming Dubai and the UAE into a green economy. The initiative is a new strategy to shape the next era of sustainability,” said HE Al Qamzi.

Excellence. His Excellency Ahmad Buti Al Muhairbi said, “The Green Deal initiative is the best way to mitigate the rising energy and water consumption in UAE homes. The collective platform will allow users to view and buy pre-verified energy and water consumption products and services, with ease.”

It is also a marketing platform, which enables the users to view and purchase pre-verified energy and water consumption products and services. “The Green Deal Dubai (GDD) initiative is the Dubai Community and helping them make the right choices.

The use of crowdsourcing allows us to leverage the bargaining power of large groups while making the process of change easier. Green Deal Dubai is not only about products and services, but addressing all the bottlenecks and issues that may deter the individual from addressing change,” adds Ivanno Ianelli, CEO, Dubai Carbon Centre of

“Green deal is an energy efficiency measure that will maintain the trajectory to sustainable living.

This online marketplace will facilitate adoption of green technologies and products amongst UAE residents.

Internationally and nationally, crowdsourcing has been gaining immense popularity. Through the green deal website, we will provide a hassle free alternative for UAE residents, boosting a quicker adoption of green products in the region and inviting numerous new providers to the marketplace.” commented Fahad Al Gergawi.

propertyonline.ae

MARKET

FRANCHISE EXPOS TO HIGHLIGHT ASTECO’S UNIQUE BUSINESS MODEL Asteco to participate in franchise expos, interview with Omar Binder, Director – Licensing Services, Asteco. Compailed by Reshmi Raveendran

A

steco, the Middle East’s largest independent full service real estate company, is to build on growing industry interest in its franchising model with participation in five high profile local and international franchise expos in the GCC and Hong Kong.

The real estate services leader, one of the fastest growing real estate franchises in the Middle East and of the largest real estate franchises in the GCC, will attend the International Franchise Conference and Exhibition from 18-19 November at ADNEC, Abu Dhabi and the Hong Kong International Franchising Show

November 2015 Issue -36 /// 14

from 3-5 December at the Hong Kong Convention and Exhibition Centre and the World Franchise Associates Forum and Expo from 2-3 February at St Regis Hotel Doha, Qatar. The company has already participated in the Middle East Franchise Expo, Dubai as well as the Al Ain SME Expo. Asteco’s franchise model was created to offer small to mid-sized real estate brokerage companies, independent realtors and regional entrepreneurs looking to break in or diversify into the real estate sector access to the expertise of a 30-year old industry leader. Since launching in September 2014, a total of 10 franchisees in three countries have attained licenses from Asteco. In

Omar Binder Director – Licensing Services, Asteco

addition to the GCC market, Asteco, is also focusing on international franchising with several prospects in negotiation in Europe and North Africa. Thanks to the success of the business model, Asteco will be launching a Training Academy

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MARKET

dedicated to the franchisees early next year, another exclusively for the company.

“Franchising is a successful business strategy that is used in many industry sectors such as retail and has a proven track record. This is a first-of-its-kind opportunity in the region and successful franchisees will benefit from association with the Asteco brand and have the opportunity to create a bespoke alliance that will raise professionalism within the industry,” said Omar Binder, Director – Licensing Services, Asteco. Since launching in 1985 Asteco has built a strong regional presence with a network of offices complemented by a full suite of real estate services for owners, landlords and tenants including asset management, sales, leasing, valuation & advisory, sales management and owners association.

Organised by the World Franchise Associates Middle East and North Africa Franchise Association, the World Franchise Associates Forum and Expo in Doha will bring together high networth regional and international investors and franchisors for two days of productive one-to-one meetings. Organised by the Abu Dhabi Chamber and now in its third year, The International Franchise Exhibition and Conference (IFCE) is the region’s premier show for connecting show attendees with the leaders in the franchising industry. The free-to-attend event also includes a conference program with international speakers, networking and discussion panels.

our overall growth strategy, they are a unique platform to showcase a market-first for Asteco and for the industry in the region. We want to meet passionate, serviceorientated, commercially astute and credible business professionals.

Events of this calibre provide us with the means to do so,” remarked

Binder. The licensing model will also provide franchisees with a high value referrals service, access to Asteco’s dedicated intranet with a comprehensive range of resources, regular communication and updates, as well as use of the industry-leading real estate software and CRM platform.

The Hong Kong International Franchising show, organised by HKTDC, will bring together a global showcase of franchise opportunities and further underscores Asteco’s commitment to growth targets.

“All of these events are integral in establishing Asteco’s Licensing Services division and supporting

November 2015 Issue -36 /// 15

propertyonline.ae

EXPERT ADVICE

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

I’m planning to buy my first home in Dubai and my friend suggested that I get a pre-approval before looking for a home. Is pre-approval mandatory and what are the documents that I need to produce for the approval?

I had a personal loan with my bank, which was paid off completely, but I had a few late payments. Does this mean that my home mortgage request may be rejected? If yes, how can I get a loan?

Certain lenders may accept the loan application if the delay in payment is minor. However, if there is a huge gap between the due dates and the payments, then the lender might reject the application.

How does variable mortgage work and how can I use it to my advantage when I buy a house?

A variable mortgage works on two components - A fixed lender margin plus a variable rate. The variable rate can be either the Central Bank EIBOR or an internal bank lending rate. It is advisable to go with a lender that has a lower fixed margin and is linked to the EIBOR. The EIBOR can be tracked on the Central Bank website unlike the banks that use their internal rate which we cannot track.

Sheikh zayed Road

Pre-approvals are not mandatory, but it is advisable that you have one before you start the property search. It gives you an idea of the maximum you can borrow on your income.

Having a preapproval also puts you across as a serious buyer, which gives you better negotiating power with the seller. The documents required for pre-approval depend on the client's profile.

Carol Monis Client Relationship Manager M: +971 (0)56 3748248 E: carolm@Me-Group.ae

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

November 2015 Issue -36 /// 16

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EXPERT ADVICE

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

Jerry Parks Partner Taylor Wessing

I have a property that was co-owned by my brother, since he is moving back to the UK I would like to transfer to my name. What are the procedures for it and does he need to be in Dubai till the process is completed?

Your brother can transfer his share of the property to you. If it’s a gift and you can prove your family relationship to the Land Department, then a reduced rate of transfer fee (currently 0.125%) should apply.

If however, it’s an arm’s length commercial deal between you and your brother, and you are therefore paying for his share, the Land Department is likely to charge the full rate of the transfer fee (currently 4%) on the value of the share being transferred. You may want therefore to think about how you structure the deal before you complete the transfer. Your brother doesn’t need to be in Dubai for the transfer to take place.

He can grant a Power of Attorney to another individual (who could be you but ideally a third party) who can sign everything and attend at the Land Department on your behalf. The process would essentially involve an Agreement for Sale being signed, the NOC being obtained from the developer and the parties attending at the Land Department to effect the transfer.

I paid an advance to the landlord of the new house and informed him that we will be moving in within 2 weeks. But when I went to check the property a few days ago, he had rented it out to another family pointing out that we didn’t inform him about the delay and he is reluctant to return the advance, too. How should we proceed?

The answer to this unfortunately lies in the detail that we don’t have.

It’s all down to what was said, written and agreed between you. If you clearly communicated to the landlord that there would be a two week delay, and you can prove not only that, but also that the landlord agreed to it, then you have a strong prima facie case and you should claim damages through the Rental Disputes Settlement Centre.

If however, you are not able to prove that the two week delay was communicated to the landlord, then in the absence of any additional evidence it will be difficult to guarantee a win in any action taken. I would suggest that if the landlord has successfully rented out the property after a relatively short period of time, then a reasonable compromise would be for him to return your advance payment in full and final settlement of the matter.

My tenant wants to cancel the 1 year contract as he does not wish to pay the common area maintenance fee, which was specified in the contract as the tenant’s responsibility.

Please advise.

Although most leases specify that service charges are the responsibility of the landlord, it is perfectly legal for the tenant to agree to bear responsibility for these charges, as in this case. If the tenant then decides that he doesn’t like the terms of the lease that he has freely signed up to, that tenant can only terminate the lease in accordance with its terms. So in this case you need to see if the lease contains any provisions allowing the tenant to terminate the lease prior to the expiry date. If it does, the tenant must comply with those terms (usually a notice period for which rent must be paid). If it does not, and you have not breached the lease in any way, then legally the tenant is bound by the terms of the lease and liable for the rent for the entire remainder of the term. If I were to suggest a reasonable compromise, it would be for the outgoing tenant to pay rent for the period during which the premises are empty pending you find a new tenant, perhaps with a modest penalty amount payable as well. But then that kind of solution does depend on both sides being reasonable, which is not always the case.

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

November 2015 Issue -36 /// 18

binghatti views

STARTING AED

450,000

• Spacious Studios, 1, 2, 3 Bedroom Apartments

• World-Class Amenities

• Prime Location in Dubai Silicon Oasis

• Financing Available

04 33 3 4 4 4 0 / 050 963 4096 binghatti.com

Developer ID: 1051 | Project Name: Binghatti Views | Project ID: 1689 Escrow Bank Name: Sharjah Islamic Bank | Escrow Account Number: 0030-370621-088 Expected Completion Date: September 2016 | Expected Service Charge: AED 9 per sq. ft.

10 minutes from Downtown Dubai

propertyonline.ae Abu Dhabi

NEWS & ANALYSIS

ABU DHABI: SLOWING DOWN REIDIN in association with Property Times brings you an exclusive review on the capital’s real estate market. By Binesh Panicker Ahmet Kayhan, CEO, REIDIN.com

A

bu Dhabi’s real estate market is different from that of Dubai in many ways. Both markets do not always pass through ups and downs simultaneously.

However, currently both Abu Dhabi and Dubai realty sectors are experiencing a slowdown. In this edition of Property Times, REIDIN's CEO Ahmet Kayhan tells us what exactly is going on in the capital’s market.

Please give us the ROI comparison of some of the major area. What contributed to the fluctuation in the rates?

Abu Dhabi apartment rental yields are between 7-9%, while Abu Dhabi villa yields are between 4-6%.

What are the trends that you observed in villa and apartment prices in Abu Dhabi?

Both apartment and villa prices are down in Abu Dhabi at the moment. Apartment rental prices are also down, but villa

Please tell us about the upcoming projects in Abu Dhabi.

Unfortunately Abu Dhabi has a very steady trend of delaying projects and we estimate the supply numbers provisioned will be discounted based on the historical trend.

November 2015 Issue -36 /// 20

rental prices continues to be stable and more resilient to the downward trend lately.

propertyonline.ae

ABU DHABI APARTMENT YIELDS 9% 8.9%

8% 7% 6%

7.4%

7.1%

Al Raha Beach

Shams Gate District

7.8%

7.3%

7.9%

5% 4% 3% 2% 1% 0% Al Muneera

Al Reem Island

Marina Square

Al Reef Downtown

ABU DHABI VILLA YIELDS 10% 9% 8% 7%

7.5%

6%

6.3%

6.8%

5% 4%

5.7% 4.3%

3% 2% 1% 0% Saadiyat Island

Al Raha Gardens

Al Raha Beach

Al Reef Villas

Khalifa City

ABU DHABI RESIDENTIAL SUPPLY 2015-2016

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 leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN. com helps professionals and individuals easily access the real estate information they need to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data & Research Team’ together with a global network of information partners endeavours to provide highend analysis and research support to its clients.

Source : REIDIN.com

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.

7,058 Under Construction

7,518 Completed

ABU DHABI SALES AND RENT PRICE -4.0% Apartment Price Change (Y-O-Y)

-2.0% Apartment Rental Change (Y-O-Y)

-1.0% Villa Price Change (Y-O-Y)

0% Villa Rental Change (Y-O-Y)

November 2015 Issue -36 /// 21

NEWS & ANALYSIS

10%

propertyonline.ae

COVER STORY

Muhammad Binghatti AlJbori The CEO of Binghatti Developers

In an exclusive interview with Property Times, Muhammad Binghatti AlJbori, the CEO of Binghatti Developers, gives us an insight into the company, its projects and long term plans.

Written by Binesh Panicker; compiled by Reshmi Raveendran

M

uhammad Binghatti AlJbori is young, suave and articulate and as the CEO and Head of Architecture at Binghatti Developers, he has led the company’s dynamic growth with more than 12 completed and upcoming projects. AlJbori believes the recent government initiatives to curb speculation in the market have provided stability and maturity in the Dubai Real Estate Sector. In this exclusive interview with Property Times, AlJbori sheds some light on his mission and vision for Binghatti Developers future growth and expansion.

Could you please tell us about Binghatti Developers?

Binghatti Developers emanated from Binghatti Holding as the real estate development branch of the Binghatti Holding group of companies. The company’s operations focus on Dubai, however, we have rapidly expanded November 2015 Issue -36 /// 22

to other Emirates with upcoming projects in Abu Dhabi and Sharjah.

We began operations in 2014 and currently have a portfolio of more than 12 projects. We mainly focus on the mid segment of the market in areas like Dubai Silicon Oasis and Jumeirah Village Circle. However, we have ensured diversity in our projects with high-end luxury projects such as the Swarovski Sparkle Towers in Dubai Marina, a joint venture with Tebyan Real Estate Development, a project worth over AED 1 Billion.

What are the design elements that you have included in your projects that makes them unique?

As an architect, I believe the design of the building should reflect the designer’s soul. This is the reason I choose to personally design all Binghatti Developers buildings, as I firmly feel that every great brand should reflect the passion and vision

propertyonline.ae

COVER STORY November 2015 Issue -36 /// 23

propertyonline.ae

COVER STORY

ABB Switchgears, and a Health Club by Technogym. We focus on providing these world class brands to distinguish ourselves from the developers in the market overlooking these details.

Please tell us about the payment plans that are on offer.

Our payment plan for Binghatti Views consists of a down payment of 10% and a 5% payment every month until 50% of the purchase price is paid, the remaining 50% payment is due upon completion and handover of the building.

ST OF IN MO VS W O L FOL RITY HAT I GULA PHY T EPT OF SIN ACE WHERE Y. O S O PL PHIL HE CONC UNIT G IS A ESIGN T COMM THE D ILDINGS IS E, A BUILDIN E AS ONE ENTS, AND MY BU IVITY. TO M THER TO LIV UAL ELEM U CREATE CT GE IVID YO COLLE S COME TO UP OF IND OGETHER, L E .

ST A D Y T U A IT N T M ID E D EN ELEM INDIV MUNITY IS IE E IF S N O H ,U A COM U BRING T GAMATED YO AL N M E A H W AN

of its founder. As a car enthusiast, I often refer to the leviathans of automobile history, such as Enzo Ferrari and Ferruccio Lamborghinitheir brands and products still carry the souls and passion of their founders today. The design philosophy that I follow in most of my buildings is the concept of singularity vs collectivity.

To me, a building is a place where individuals come together to live as one community. A community is made up of individual elements, and when you bring those elements together, you create an amalgamated, unified entity. In Binghatti Apartments the individual element was cubes, but when it came to Binghatti Views, the cubes evolved to take a shape where they seem to be cut and positioned

November 2015 Issue -36 /// 24

at different angles to provide a truly unique design.

What can you tell us about the finish of Binghatti Views?

Whether it’s Binghatti Views, Binghatti Apartments, or any other Binghatti Developers project, we have ensured that only the highest standards are associated with our buildings. In all our projects, we feature world class materials from distinguished international suppliers.

Some examples are our sanitary fixtures from Grohe and Villeroy & Boch, Handcrafted marble imported from Italy, high quality ceramics from RAK Ceramics, Mitsubishi Lifts,

Which income segment are you targeting?

We are focused on providing high quality homes for middle class families in the UAE, most of our buyers are taking home a salary in the bracket of AED15,000 to AED30,000. We offer the best quality in the mid segment and our strong reputation for timely delivery is crucial to end users and investors who want to avoid the delays that have plagued the Dubai Real Estate Sector in the past. Our projects consistently yield their investors more than 10% net returns, making the decision for investors very simple. The brands and materials that we use in our projects are rarely found in mid segment properties, and the designs of our buildings offer a unique home that people are proud to live in. Our aim in this segment is to offer people what they dream of in a home at a reasonable price. Instead of paying AED130,000 in rent every year with no investment return, a client can purchase and own their own home which can provide capital gains and a solid rental yield for investors.

You can now pay a reasonable price and get a product that has hitherto not been offered in this niche.

What were some of the earlier projects of Binghatti Developers?

Binghatti Residences has an interesting story behind it, the proposed design for it was very rich and classical, and

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COVER STORY

when I came on board, I suggested a change in the design to something more fresh, chic, and modern. Within one week, I changed the design of the entire building to something completely different. The first week after completion witnessed an avalanche of enquiries from end users in the community, however, we had already finalized an agreement with a Class A hotel operator for the full building. When we realized that there was strong demand for our exclusively designed and innovative product, we decided to launch something for end users, rather than just focusing on institutional investors, and that’s why we launched the Binghatti Apartments project. It was a great success for the company and we were blessed that it exceeded our expectations. We conducted a survey regarding what attracted buyers to our project the most, and it showed that our design and architecture was the number one reason. The feedback that we received is what encouraged us to push forward with more projects. At Binghatti Developers, we focus on giving our clients something to be proud of, we ensure that they live in a building that is truly iconic and representative of our brand.

Please tell us about the current state of the real estate market and how it may affect the sales of Binghatti Views.

Anytime I hear concerns about the health of the Dubai Real Estate market, I smile, because I see it as the perfect time to buy. Today it is undeniable that Dubai is a mature Real Estate market, any mature market should experience corrections. These corrections occur to prevent a repeat of the 2008 downturn. Furthermore, the leadership of the UAE Government has ensured that the country remains a stable and secure safe haven for investors throughout the MENA region. Under the prudent vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Dubai government has wisely introduced new regulations through the Real Estate

Regulatory Authority. We support the government’s initiatives to stabilize the market from any volatility and we feel that it is best for the long term sustainability of the Dubai and UAE Real Estate Market.

What are the future plans of Binghatti Developers?

Our strategy is very clear; expansion, expansion, and more expansion. We are aiming for 300% growth over the next 2 years. We’re planning our growth in other Real Estate sectors including commercial buildings and the hospitality and industrial sector.

Binghatti has just recently broken ground on a manufacturing facility in Khalifa Industrial Zone, Abu Dhabi covering nearly half a million square feet.

Do you have any new projects in the pipeline?

We are planning to launch a signature Binghatti project in a prime location of Dubai Silicon Oasis within the next couple of months.

The modern architectural concept is inspired by the rich heritage and culture of the UAE. We’ll be sure that Property Times is the first to hear news of the launch.

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CAPITALIZATION RATE …

WHY IT’S IMPORTANT ?

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

I

n the post GFC period, yields from any type of investments became increasingly harder to find and without doubt, the post global recession environment saw investors having to take greater levels of risk to generate acceptable and goal satisfying yields. Dubai’s rental yields have always been strong, particularly when compared to countries where rental income is taxed at high marginal tax rates. With a market that boasts an Average Gross Yield of around 7.0%, it has for some time stood as a beacon for those who appreciate the significant structural and regulatory development that the market has undertaken which, in reality, decreases the risk perception associated with investing in the market.

But really, what is the true meaning of Gross Yield? Gross Yield is the income on an investment prior to expenses being deducted expressed as a percentage.

Simple. But Gross Yield only measures the income as a percentage of the original purchase price and does not reflect the effects of significant underlying fluctuations in underlying asset values such as those that have been witnessed in Dubai during the past 5 years.

Nevertheless, the ration has its uses. It can provide a retrospective view or learning opportunity by revealing how accurately market factors were comprehended, analyzed, forecasted and modelled when planning a particular development; it can highlight inefficient and costly construction methods and techniques; it can highlight future price / revenue adjustment opportunities, new segment or geographic concentration opportunities; it can reveal superior (or inferior) sales, branding and marketing techniques or superior product attributes;

November 2015 Issue -36 /// 26

it can highlight impending revenue and eventual margin pressure where yields appear a little too extravagant when compared to the market or even highlight where an industry is with regards to its cycle. Gross Yields can also highlight inefficiencies because inefficiencies, unless corrected, must be eventually supported by either Gross Yield or margin reduction.

Logically, expectations of Net Yield will always pressure Gross Yield and the cost of resources required to generate that Gross Yield. In times of tight supply, inefficiencies in construction, administration, maintenance and operating methodologies are hidden because elevated Gross Yields driven by excessive market demand are more likely to drive acceptable Net Yields for investors. However, the real test as to effective Yield management is when supply exceeds demand.

At Harbor, we are also interested in the Capitalization Rate (or Cap Rate) of an existing property. Capitalization rate is the rate of return on a real estate investment property based on the income that the property is expected to generate.

The capitalization rate is used to estimate the investor's potential return on his or her investment. The capitalization rate of an investment may be calculated by dividing the investment’s net operating income (NOI) by the current market value of the property, where NOI is the total revenue derived from renting or leasing the property less all operating costs. Put simply, the Cap Rate = Net Operating Income / Current Market Value Given that the capital values of property in Dubai has, in many cases, shown significantly greater volatility than the income being derived from

the property, we need to look at the Net Operating Income being generated from the property at today’s value. This allows us to see whether the property’s wealth generating performance is improving or declining by referring to the Cap Rate.

If the Cap Rate is declining, it may lead us to conclude that to sell the property and reinvest elsewhere would generate greater income and/or overall wealth even if the Gross or Net Yield still looks impressive. We also use Cap Rates as part of our suite of objectives when establishing a client’s property portfolio.

We will determine the lowest cap rate that the client should accept in order to make the investment worthwhile.

Typically, we will suggest a Cap Rate of between 5% and 10%, depending on expectations of asset value fluctuations going forward. As revenues are typically locked in courtesy of rental contracts for at least 12 months or, in the case of Commercial leases anywhere up to 5 years, the ability to accurately forecast the potential and likely shifts in property asset values will be essential to establishing realistic and achievable Cap Rates and forming longer term property portfolio strategies.

There is another useful application of the Cap Rate. When you divide 100 by the estimated Cap Rate you arrive at an estimate, expressed in years, which will provide an indication of the payback period of the investment. For example, an investment with a cap rate of 7% will have an estimated payback period of 20 years. Caution must be used when using this ratio, however, and it must be reviewed periodically as the underlying asset value and the revenues generated from the asset will always exhibit different rates of volatility.

propertyonline.ae

TENANTS TURNING TO HOMEOWNERS: ANALYZING THE TREND Ahid Sheikh, Director, Dejavu Real Estate

T

he shift from being a tenant to a homeowner is an achievement many yearn for, however not many manage to do this easily.

In the Dubai real estate market, more and more are striving to achieve this momentous milestone, and are able to reach this ambitious objective.The reason for this can be broken down into several categories.

The first one is the increase in rent. In early 2015, rents increased by as much as 5.74%. As rents have increased, sales prices have stagnated and in many areas declined. These shifts have made logical tenants invest their money in an appreciating asset as opposed to paying rent.

A large factor contributing to the shift from tenancy to ownership is a decrease in interest rates, with some banks giving as low as 3.5% on home loans, access to money has become much easier, leading to an increase in home owners.

Payment plans have also become more flexible, certain developers are even providing interest free payment plans post hand over,

for example, you can move in and pay 2% per month for three years with certain developers; such opportunities have been highly successful as the payments are extremely reasonable. Along with payment plans, a lot more affordable communities have been launched, such as Nshama’s Town Square and Deyaar’s Midtown, both these projects have targeted first time buyers, meaning there will be a further increase in homeowner’s as opposed to tenants.

There are many benefits to being a homeowner rather than a tenant, as a homeowner you receive some protection from inflation. Many people view their home investment as a hedge against inflation. The house price index breaks down the changes by region and areas.

If prices rise in a specific area, you are locked in to your buying price, but when you rent you can face rent increases as much as 5% per annum. In Dubai, there is a common complaint amongst expats, they came here to save money, however the cost of living has led them to spending

all of their income, and in some cases taking personal loans to fund their lavish lifestyles. Buying a property can be considered as forced savings, if you rent an apartment, the money is considered gone forever. When buying, your money is going towards an appreciating asset, when you sell, all the money you have put into the property can be liquidated, providing you with a large sum of money in savings.

In conclusion, there have been several factors that have converted tenants into homeowners. It is not for everyone, but in the current market it makes a lot more sense to buy an apartment due to flexible payment plans and low interest rates available, while combating increasing rental prices. This shift is a sign of a maturing market, when comparing Dubai with the London market and other mature markets, approximately 80% of residents are home owners, as apposed to approximately 20% being renters. Dubai is heading in the right direction of being an established mature market.

November 2015 Issue -36 /// 27

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propertyonline.ae

MARKET Shafi Tabani, Director Tabani Real Estate

PRIME VILLAS BY PRESCOTT Shafi Tabani, Director, Tabani Real Estate

P

rescott Developers recently launched its flagship project named Prime Villas located in the heart of Dubai Sports City.

It previously delivered two projects named Prime Residency 1 and 2 and Prime Business Centre in 2009 and 2010 respectively. Prime Residency 1and 2 enjoys the vicinity of 328 families with their covered car parking facility and secured access to their homes. Prime Business Centre offers 170 commercial offices overlooking Dubai Cricket Stadium and Sheikh Mohammed Bin Zayed Road. Prime Villas’ community overlooks the lush green and beautiful Els Golf Club. It will be a community within a community located next to the only mosque in Dubai Sports City’s vicinity.

Prime Villas will be fully secured gated community comprising of 31 units which are segregated into 19 five bedrooms and 12 four bedroom semi-detached villas. Prime Villas will house its own community centre which will have swimming pool, latest fully equipped gym, sauna, barbecue area and a small party hall. Prime Villa community will ensure that their residents stay fit, hence provided its own jogging track and garden facility too. All villas are tastefully decorated with Pergola along with the block tiles at their entrances. Its floor plan is designed in such a way that even a family of large number of

occupants can enjoy the space. All villas will be equipped with a central air conditioning system by York and solar panel system for water heating facility. Entrance foyer decorated with high finishing marble along with a storage area and daylight feature, which ensures brightness and tranquility in the villa.

Prime Villas have two living areas for its residents as one will be decorated with a covered glass door which is interconnecting with en-suite bedroom located on the ground floor with a size constraint sliding door shows ample space in the vicinity. The main living area has 12 foot ceiling, which complements huge windows for bright sunlight. The dining area is well connected with open kitchen equipped with Bosch appliances along with Hacker’s Cabinetry and safety alarm system for gas leakage and maid’s room. The staircase leads up to all four en-suite bedrooms with high ceiling and ample storage spaces.

Each bedroom will host a balcony and a window to ensure the occupant feels fresh and airy throughout their stay.

Sleek furnishings and modern décor will provide a cozy base for families and relatives. Bathed in light from the huge windows, the rooms offer Els Golf Course and community views. The project is expected to be delivered in the first half of 2016.

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NEW TRENDS IN COMMERCIAL SPACE Nejoud Bassam Nasr,CEO, Meedar Real Estate Brokers

F

or the past ten months, there is confusion when it comes to investing due to the fluctuating market situation. The buzz words making rounds these days are recession, bubble, and bust. It is a general consensus that the market in Dubai is in trouble and things may be on the way to getting worse. This is, of course, the buzz and what the majority of the general public does not realize is that the Government has plans and steps in place to provide the right boost needed, at the right time. Expo 2020 is just four short years away and Dubai is busy, working towards making this a fantastic success.

There are development projects underway and more in the planning stages.

services, eateries and more all this in a city within the city of Dubai. Another noteworthy project is the Al Maktoum Airport. Once this airport is completed, it will be the world’s largest global gateway with the capacity of more than 160 million passengers per year. It will also serve as a multi-modal logistics hub for 12 million tons of freight. Due to these developments, there is news of investors coming from the East and the West. With them will come, in parts, cultural and traditional influences – sticky rice from the orient, pizza waffles from the Americas. The mix of cultures, which is so prominent in the UAE and also endearing about it, will once again be further enhanced.

Dubai South is one such ongoing project. It is designed to be a completely self-reliant city - with shops, malls, medical

Experienced real estate professionals in Dubai have opined that business owners in Dubai have preferred to

November 2015 Issue -36 /// 30

rent commercial space for their business rather than buying. However, trends are now showing that businessowners are moving towards buying a commercial property for operating through, and as a form of investment. Statistics show that currently 25% of commercial properties in Dubai are for sale while 75% are for rent. A similar trend is being witnessed in the market for residential properties. Where individuals could only rent due to lack of financials previously, are now able to invest towards buying property with the help of mortgages and loans.

So, is this the right time to start a business, to set up a shop?

It is! The future seems bright, rife with opportunities and things are one the upswing; however, the voice of experience advises to be prepared for teething problems.

propertyonline.ae

HIGH DEMAND AREAS IN DUBAI AND WHY Robert Villalobos, Managing Director, Prestige Real Estate

T

here are still reasons to be extremely positive regarding the Dubai property market as we head into Q4 2015. Although the decrease in the number of transactions and price drops are a current fact of life, demand remains strong in prime locations such as Palm Jumeirah and Dubai Marina along with less desirable locations like Dubai Sports City and Jumeirah Village Circle.

Although prices have dropped significantly, The Palm Jumeirah is still very much in demand with end-users and investors due to the ever-evolving additions of local amenities and superb location. With the current development of retail in Golden Mile and Nakheel’s plans to link the Shoreline and Golden Mile with walkways, retails and cafés this will add to the excellent infrastructure which are already in place.

Dubai Marina continues to be very popular with investors, end-users and renters due to the wide variety of amenities available on their doorstep, excellent local transport links with the new Tram line and

Metro, wide selection of availability for most budgets and stunning Marina View location. An endless selection of restaurants and shops will keep the interest constant for buyers and tenants. Looking outside the prime areas is also highly recommended due to the improving infrastructure, higher return on investment and excellent price points. Jumeirah Village Circle sees continued demand, more and more properties are being handed over and the infrastructure is improving all the time. Although it’s still considered a building site, looking beyond that is very much recommended. There are some exciting projects planned along with some fantastic value apartments and villas available.

The addition of supermarkets, improving transport links and proximity to major roads make this a location that is seeing more and more interest. Sports City has an excellent value even though there are parts that are still under construction, but you can still receive a very healthy return on investment, as it’s very popular with renters due to affordability, improving

amenities and location. Studios and one-bedroom apartments still offer an exciting and costeffective alternative to prime Dubai areas. Along with the varied selection of sport facilities and local amenities, Sports City will continue to attract strong investment. Although we’re in a cooling off period Investors from the GCC and subcontinent region will continue to purchase in prime Dubai and surrounding locations due to the continued financial and political stability, it’s still seen as a safe haven in the Middle East. I think we’ll certainly see an increase in Iranian investment due to the nuclear deal, which is imminent with the USA. More and more developments are being launched with attractive payment plans, giving buyers more choice than ever before.

The current price correction is a natural step on the way to a more sustainable market, longevity and is also helping to evolve business practice as companies are changing the way they work to move with this evolving, educated and rapidly maturing market.

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MARKET Business Bay

STEPS TO YOUR

FIRST HOME

Kunal Puri, CEO, La Capitale takes Property Times readers through the whole process of buying a home in Dubai for the first time.

B

uying the first property is always an exciting and overwhelming experience.

Exciting, as we put all our wants, needs and desires in a bag and then we go out for shopping.

Then while our shopping spree is on, we are overwhelmed by the available options, which lead to doubts. These doubts lead to questions like whether I’m taking the right decision or is it the right thing to do. Suddenly, the process, which one should enjoy the most becomes an extremely daunting task. Yet millions of people have been there before you and have gotten their first property with a smile in the end. Buying a property is just like any other task, it’s just that the first time buyers have to do a bit of homework beforehand and once that homework is done, you'll have the best possible chance of finding a place you can afford for a price you can handle and call home. We have given below a simple yet very effective process; at La Capitale we call it “7 Steps to your first HOME.” This is highly recommended

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Kunal Puri CEO, La Capitale Real Estate

for any first time buyer. The steps will assist you to understand the process and will also make the entire process very feasible.

1. REVIEW YOUR FINANCES Before clicking through pages of online listings or seeing different homes and falling in love with your dream home, do a serious audit

of your finances. First look at your savings. Don't even consider buying a home before you have an emergency savings account with minimum three to six months of living expenses.

Then look at how much is left over in your savings, investments, funds, accounts, etc. that could go toward a down payment of the property.

Next, review exactly how much you’re spending every month, this will tell you how much you can allocate to a mortgage payment.

Make sure you account for every Dirham you spend on current rent of your apartment, utilities, kids' activities, food, car maintenance and payments, clothing, entertainment, retirement savings, regular savings, miscellaneous little items, etc., to know how and where a new mortgage payment fits into your budget. Don’t forget how moving would change your transportation costs to work.

In Dubai as per Central Bank rule for any expat (without extremely few exceptions) a bank will finance 75% of the property value and a UAE national

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2. NEIGHBORHOODS Once you have your budget set, the best way is to first choose the top two localities in your mind. Remember; don’t exceed more than two localities as that will only delay your process of buying and it will increase your frustrations in the process. Buyers who opt for over two locations have most of the time ended up buying a property which is higher than market price, as with your daily work and family commitment; practically one can’t track market trends of three to four localities. Once you have chosen the top two localities, look for the realtors who specialize in that area. This will save a lot of your time and effort.

Realtors do a lot of your groundwork; so it’s always better to meet at least four to five realtors and then narrow it down to your No. 1 option.

Palm Jumeirah

However before finalizing your No.1 choice of realtor, -Define a timeline for them.

-Educate him / her towards your requirements, -Clear your expectation with them.

-Make them accountable for their actions.

-Make them aware of the consequences on non-delivery.

Never go into the market with two realtors at a time; as this will hit you back. Sellers will think there are many buyers in the market. Eventually you will never get the right price for the property. Always remember one thing, the realtor who will say YES for all your requirements, will waste your time; so never work with them (as 100% is never possible in this world).

approval. That's why – if you don't have all cash; your next step is talking to a lender and/or mortgage broker.

In Dubai, buyers have an advantage.

Since most of the realtors work with different banks; it’s always better to ask the realtor first, as they will give an unbiased opinion on the different banks' Interest rates, so you can opt for the best for you. Don’t be bound by loyalty when seeking a pre-approval or searching for a mortgage. Never hesitate to take a mortgage from a new bank even if you have never worked with them in the past. Meet at least two lenders and then get your pre-approval.

Choosing a mortgage advisory firm is also a good option; however, this option comes with an extra cost.

4. RIGHT TIMING 3. BANK / MORTGAGE PRE-APPROVAL Many specialized and senior realtors will not spend time with clients who haven't had a bank pre-approval. And in most instances, sellers will not even entertain an offer seriously, that’s not accompanied with a mortgage pre-

Experts recommend to choose the right time to buy the property. By RIGHT TIME, experts mean; avoid times like – when you have just renewed the tenancy contract or when your child's school session has just started or closer to holiday season or when you are planning an annual

Dubai Marina

will receive 80% of the property value.

So one should keep 25% as a down payment towards the property. One should also calculate your cash flow the Dubai Land Department fee, which is 4% of property Selling Price and Agency Commission, which is 2% property Selling price, bank processing fee 1% loan amount, personal life insurance, property evaluation fee, pre-approval cost, NOC charges, transaction fee, etc. No matter which way the negotiations goes, eventually one should keep 32% to 33% as immediate cash of the property selling price towards any renovation or move-in cost. “If you find great security in owning your house, save more money for a large down payment and find a loan that works for you.''

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BEFORE CLICKING THROUGH PAGES OF ONLINE LISTINGS OR VIEWING DIFFERENT HOMES AND FALLING IN LOVE WITH YOUR DREAM HOME, DO A SERIOUS AUDIT OF YOUR FINANCES.

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MARKET

don’t forget to get an independent home inspection report for the house you are purchasing. Spending even extra AED5,000/- can educate you about the house and the possible areas of challenge expected in a particular community. It will also help you to know if you are expecting any huge maintenance bill for any un-expected repairs. You can also leverage your offer depending on the results of the inspection report and make the seller is financially responsible for all or some of the repairs. vacation or closer to one’s marriage or any big financial planning. Remember home buying experience is supposed to be a positive stress-free process.

Don’t make it a nightmare for you and your family.

5. RIGHT PROPERTY When finalizing the property; always compare the mortgage installment to your rental, which you are currently paying. The industry specialists say that for a comfortable purchase allow a maximum of 10 to 15% above your rental monthly installment. This will give you same lifestyle and joyfulness towards owning a home. Many first time buyers look for their dream house; however, the focus should be on the “Right Property”. We all know that we can never get 100% from our desired list, so while searching the main focus should be on below list (this can vary on individuals): Daily commuting to your Home from: Office School Airport Highways Friends & other Family members house, etc.

Dubai Sheikh Zayed Road View

Accessibility of different facilities like Hospital School Shopping Malls No of lifts in building

November 2015 Issue -36 /// 34

Community amenities  Restaurants  Beach  Supermarkets, Parks Recreation AreaCommunity Club, Town Centers / Community Markets  Infrastructure

of Community (No of exit from the community), etc.

Family Size Current & Future Family Size Guest Accommodation Security Property Up-keep Cost Annual Maintenance Fee Chiller Fees Property Insurance Fee Expected Utility Charges Municipality Fee Expected Major & Minor maintenance, etc.

Off-Plan / Ready.  Payment plan option on Under Construction Property Which are the top developers. Look for Value for MONEY. When do you really NEED not want to move into the property. Use current RENT to make an asset Property View & Location Sea, Community, Lake, Neighbor’s, etc. Sun-rise / Sun-set Noise from nearby roads Corner / End Unit, etc.

6.HOME INSPECTION After your offer has been accepted,

7. EXIT STRATEGY Purchasing your first home is perhaps the biggest financial decision you’ll ever make. Once you have pinpointed the Right Property as per your needs and requirements; you should always RE-THINK one last time before you make an offer or take any decision.

Remember; “Keep a door open for Exit before you Enter”. Don't take on more financial obligation than you can handle. A small stretch may be worth, but a big one could haunt you if life gets temporarily bumpy.

ALWAYS

Redo your numbers on property  Relook at your EMERGENCY funds. Relook at your CASH FLOW. Ask the magical question, “DO I NEED

THIS NOW?”

If your answer is YES to the magical question; go ahead and secure the DEAL for your HOME & this will be the best decision you would have ever taken in your LIFE. Happy Home Search.

W: www.lacapitaledubai.com E: admin@lacapitaledubai.com T: 04 38 83 001 | RERA No: 2610

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AREA 2 sq.km AED 2,308/SQ.FT. (SALES PRICE) AED 10.9/SQ.FT. RENT/ MONTH

AED 2,700,000

The Address Boulevard 1 Bed Apartment Sq Ft : 918 View: DIFC View

AED 1,800,000

29 Boulevard Tower 2

5 5

84.02%

AED 4,500,000 29 Boulevard Tower 1

HOTELS

1 Bed Apartment Sq Ft : 906 View: Burj Khalifa & Fountain View

SCHOOLS

Occupancy

100

+

+

COMMUNITY

2 Beds Apartment Sq Ft : 1440 View: Fountain View

+

RETAIL OUTLETS

Restaurants / Fashion brands / Super markets

10

AED 2,900,000

MINS

22ND FLOOR, ARENCO TOWER SHEIKH ZAYED ROAD, DUBAI | ORN 422 T: +9714 365 7700, F: + 971 4 430 5291 W: WWW.CLUTTONS.COM/AE/DUBAI/

TO PARK

JOGGING TRACK / YOGA CENTERS

CONNECTIVITY

5

MINS

TO CITY CENTER

15

MINS

TO AIRPORT

10

MINS

TO METRO STATION

USMAN LATIF SENIOR PROPERTY CONSULTANT M: +971 56 174 1866 | BRN 27899

E: usman.latif@cluttons.com

29 BOULEVARD TOWER 2

3 BEDSAPARTMENT | SQ FT : 1,543 VIEW: FULL FOUNTAIN VIEW

AED 5,800,000

BURJ KHALIFA ROOM: 3 BEDS APARTMENT + MAID’S ROOM SQ FT : 2,333 VIEW: SEA AND DIFC | AED 6,420,000 APARTMENT WITH A HUGE PRIVATE TERRACE IN 29 BOULEVARD TOWER 1 2 BEDS | SQ FT : 3,200 | VIEW: N/A

AED 4,700,000

COMM CO

COMMUNITY TIMES

DEVENDRA PANCHOLI enquiries@canaryrealty.com BRN - 27190

Mob: +971 55 62 60844 ORN 12063 www.canaryislandproperties.com

JLT

COMMERCIAL

THE JUMERIAH LAKE TOWERS SPECIALISTS In conversation with Rohan Raval, the Director of Canary Island Properties . By Reshmi Raveendran

J

umeriah Lake Towers developed by DMCC is a prime and exciting location in Dubai. With well conceptualized buildings, JLT is definitely an ultra modern community. Rohan Raval, the Director of Canary Island Properties tells us how they became the specialists in JLT.

Please tell us about Canary Island Properties.

Canary Island Properties has been in the Dubai market since 2007, during which we focused on capturing areas like JLT, Marina, Jumeirah Beach Residence, Downtown, Business Bay, etc. With over 20 brokers, we are growing aggressively in the market.

The company is jointly directed by me and Devendra Pancholi. We have a huge client base and we are in the process of expanding internationally.

What made you focus on JLT? JLT was one of the most promising communities, as it was in close proximity to all the major areas like Palm, JBR, Marina and Emirates Living. With regards to the commercial sector, it provided free zone license as DMCC, attracting large foreign

companies and investments. It is the only community that had both freehold and free zone options making it unique. You can get a free zone licensed office to work in, and own a freehold apartment in the same community. Canary Island Properties is majorly specializing in commercial properties and 60% of our sales is obtained from JLT including residential, commercial and retails. We specialize in commercial Tower like Al mas, Gold Tower (AU Tower), Silver Tower (AG Tower). We also have selected a team that focuses only in JLT area.

Jumeirah Lake Towers has always been our favorite to work with, due to its plotting of the buildings and the quality lifestyle it offers, which makes a catchy impression on customers.

Which are the other areas that you specialize in?

We specialize In Jumeirah Beach Residences, Dubai Marina and Emirates Living majorly, but now we are expanding to Downtown, Jumeirah Golf Estate, Business Bay and Palm Jumeirah. We have highly qualified agents, working specifically and specializing in these areas and our team has always shown great performance in their dedicated areas.

GOLD TOWER 1,200 SQ.FT. | HIGHER FLOOR AED 1,100 /SQ.FT. | SHELL & CORE. EMIRATES LIVING VIEW SILVER TOWER 1,118 SQ.FT. | MID FLOOR AED 1,000 /SQ.FT. SHELL & CORE. | LAKE VIEW AL MAS TOWER 800 SQ.FT. | HIGHER FLOOR AED 2,100 /SQ.FT. | FITTED LAKE VIEW, DUBAI MARINA & JLT SKYLINE. AL MAS TOWER 1,600 SQ.FT. | HIGHER FLOOR AED 2,150 /SQ.FT. | SEMI FITTED. LAKE VIEW, DUBAI MARINA & JLT SKYLINE.

RESIDENTAIL CONCORDE TOWER 2BEDROOM DUPLEX AREA: 2,353 SQ.FT. VIEW: EMIRATES LIVING VIEW RENTED AT AED 153,000 SELLING PRICE: AED2.1M. MADINA TOWER 2BEDROOM + MAID AREA: 2,046 SQ.FT. VIEW: EMIRATES LIVING VIEW & SZR RENTED AT AED 160,000 SELLING PRICE: AED 2.15M. AL SEEF TOWER 3 BEDROOM + MAID AREA: 2,860 SQ.FT. VIEW: DUBAI MARINA SKYLINE + SEA VIEW | VACANT SELLING PRICE: AED 3.1M. LAKE POINT TOWER 1 BEDROOM | VACANT. AREA: 900 SQ.FT. VIEW: DUBAI MARINA SKYLINE + SEA VIEW EXPECTED ROI 7-7.5% SELLING PRICE: AED 1M. INVESTOR DEAL

propertyonline.ae

INTER INT

INTERIORS

INTERIOR TIMES

distinguished interior companies with over 85 employees.

INTRODUCING THE BRANDS: Ahmed says that, “ Most of the firms and projects that used our products were specialists and they knew our brands well, but the challenge was to educate the direct customers on the brand and the quality of the product. “ He also believes that it is an evolving process and that buying a branded couch is like buying an expensive car where the customer requires accept the quality and the craftsmanship of the product.

Ahmed Sultan, General Manager of Finasi

FROM ITALY TO DUBAI In conversation with Ahmed Sultan, General Manager of Finasi. By Reshmi Raveendran

F

inasi is an all Italian fit-out specialist in Dubai. Its portfolio includes world-class luxury brands like Armani CASA, Molteni & C, Dada, Gandia Blasco, Colombini and many more. Property Times caught up with Ahmed Sultan, the General Manager of Finasi to learn more about these products and about the process through which these beautiful masterpieces are born.

FINASI’S BIRTH IN DUBAI: The company was started in 2008 during the much talked about recession. Ahmed says, “ We started November 2015 Issue -36 /// 40

in 2008, the time when many were leaving the market, we decided to come in though it was a bit of a bullish move. But it clearly gave us the time to catch up with the terrain and ground when the market was a bit slow and also gave us the time to understand the market. We took that opportunity to grow as a company to where we are now. “ Ahmed was given the opportunity to create and establish Finasi in Dubai using his passion for interiors and design as his companion. He decided to start Finasi with just five employees and then trained them and created a foundation that today makes it one of the most

“A large scale of people are here on a temporary basis, so we do understand that our market is limited to people who really appreciate that quality. I must say that there is a niche market, which we built over the years,” adds Ahmed. He also thinks that the local component is very strong; some of them are very classical in their taste, but the younger generation is enthusiastic about the quality that they offer.

INTERIORS

propertyonline.ae

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LOVE FOR DESIGN: Ahmed also explains about his true passion for the designs and interiors.

“I always loved art and design, though it was not my profession. My mother was in the same business so I got accustomed to quality and nice designs in your home and around me. Also from the projects that she undertook I got a sense of understanding and love for it. What I have now is nearly a path that was paved for me and I absolutely love doing this. I love delivering quality and executing the projects with the same passion.” His personal design style is also a reflection of this. “I have always loved modern contemporary designs, high walls, shadow gaps and now skirtings with whites and grays and a touch of flashy colours where

they are required with lots of open spaces,” explains Ahmed.

FUTURE PLANS FOR FINASI: Finasi is on its way to take its rightful place in the design capital of Dubai the D3, “Our headquarters and showrooms will be moved there and we are scheduled to open by June 2016, so that’s going to be an interesting move and we are going to work on our new office and showroom. We are happy to be a part of that community and it is also a very important investment for us.

We are also in negotiations with some new brands that can bring more colour and vibrancy to our collection, which we should finalize by the end of this year,” concludes Ahmed with a high- tone.

November 2015 Issue -36 /// 41

propertyonline.ae

INTERIORS

INTER INT Lively & charming INTERIOR TIMES

collection Al Huzaifa Furniture:

1

The new sofa collection of Al Huzaifa definitely speaks loud of its Italian artistry and brings the essential contemporary feel. Comfort and style come together in this collection, they were designed as statement pieces that can keep your living room on fleek.

2

(Available at Al Huzaifa Furniture)

3

Burgundy Designs:

The Blanche Couture collection from Burgundy Designs is a French artisan inspired lace pattered look that adds glamour and elegance to your dĂŠcor.

(Available at Burgundy Designs)

5

4

6

November 2015 Issue -36 /// 42

7

1. Al Huzaifa- Magdalena- AED 42,000 | 2. Al Huzaifa- Maxine Set - AED44,425 | 3. Al Huzaifa-Merlinda Sofa - AED29,900 | 4. Burgundy Designs- Vintage Setee- AED8,000 | 5. Burgundy- High Arms Settee- AED 9,500 | 6. Burgundy- Indian Cove SofaAED 13,500 | 7. Burgundy- Settee Sofa - AED 9,500

INTERIORS

propertyonline.ae

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9

Minotti:

The fine Italian design philosophy of Minotti is clearly visible in its latest collection. The simple yet elegant design was created with a touch of gold or metallic hue to bring out its true charm.

(Available at Aati)

10

11

13

12

Wardé by Trevi Design:

14

Born from the region Wardé by Trevi Design brings someunique and timeless pieces in this collection. Its latest collection boasts about its extravagant and luxurious fabrics with large iconic images and bright colors. These pieces are sure to give your home the ultra modern look.

(Available at Wardé by Trevi Design)

15

16

17 8. Ethan Allen- Georgetown Bed Queen - AED 18,110 | 9. Ethan Allen-Georgetown Dresser - AED 19,670 | 10. Ethan Allen-Georgetown Wardrobe - AED 48,400 | 11. Minotti- Benson- AED 39,100 | 12. Minotti- Kirk Bench- AED 17,300 | 13. Minotti- Lang Bar Cabinet- AED 51,900 | 14.MinottiLang Living- AED 43,200 | 15. Warde by Trevi Design- Rubies of Regale Throne- AED3,750 | 16. Warde by Trevi Design- Very British Loveseat Throne- AED7,000 | 17. Warde by Trevi Design-The Audrey Throne- AED4,000

November 2015 Issue -36 /// 43

propertyonline.ae

MARKET

17TH EDITION OF INDIAN PROPERTY SHOW To be held at World Trade Centre Dubai, Hall 2, from 1st to 3rd December

T

he Indian Property Show is all set to for its 17th edition of biannual Indian Real Estate expo in Dubai. This edition of IPS will be featuring over 170 developers and is expected to welcome over 15,000 potential visitors. It is to be held at World Trade Centre, Hall 2, from 1st to 3rd December and will be enriched with the presence of major developers like India bulls, Lodha Group, Kanakia, Kalpataru, Wadhwa Group, L&T, Ozone Group, Mantri Developers, Sobha Developers, Goel Ganga, Rachana Lifestyle, Saarthi Group and many more. The exhibitors will be exhibiting their latest projects and diverse offering to over 15,000 NRIs. The show will be an excellent opportunity for NRIs in Dubai to meet with developers from across India and to learn more about the latest market trends and best practices. The show also offers a unique opportunity to November 2015 Issue -36 /// 44

converse with real estate agencies from India for the ones who are interested in selling a property back home.

Sunil Jaiswal, President of Sumansa Exhibitions, organizers of the event said, “With every edition, we have tried to bring something new to the Indian Property Show, but essentially the Indian Property Show is designed to fulfill the needs of NRIs looking for their dream home or an ideal investment in India. The show presents the choicest properties from across India including Delhi, Noida, Greater Noida, Gurgaon, Jaipur, Kolkata, Goa, Ahmedabad, Mumbai, Navi Mumbai, Pune, Chennai, Coimbatore, Hyderabad, Bengaluru, Mangalore and Kochi, among others.”

Stressing on the importance of the show, he added “The basic idea is to bring together the biggest possible display of the latest properties in India for the NRIs living in the UAE. This year is more exciting in a sense that we are hosting such a huge number of exhibitors which automatically translates into a wide choice of projects for investors. Combined with free seminars that provide a wealth of knowledge on current realty trends in India, investors will be able to make informed decisions.”

A recent survey published by Sumansa Exhibitions, shows that young NRI population own a large percent of the property investments in India. The study demonstrates the importance that Indian community gives to the idea of owning a dream home in India and also sheds light into the long standing fact, the strength of Indian economy.

The next exciting event is the free seminar with a hand-picked lineup of industry experts addressing some of the hottest topics of the day, including investment gurus, property consultants, legal advisors and banking experts will all be conducting seminars on a number of related subjects ranging from Vaastu to know your city and property investment among others.This year, visitors can also look forward to a new seminar on Taxation to be conducted by an expert chartered accountant from India.

LABOR CAMP AL QOUZ 2 G+2 Labor Accommodation 166 Rooms Holds 660 Tenants 2 Kitches 2 Dining Halls 80 Toilets and Showers 2500 sq ft.

SELLING PRICE OVER 30 MILLION BUILDING FOR SALE AL BARSHA 1 Premise Residential Building with retail shops G+5 No of Units - 12 - 2BHK 16 - 1BHK 02 out let parking 28

TWO SHOPS RENTED AT AED 1.6 MILLION HANDOVER AFTER 1 MONTH SELLING PRICE AED 57 MILLION+ TRANSFER +COMMISSION

BUILDING FOR SALE IN INTERNATIONAL CITY B+G+10+HC Plot Area 23602 sqft BUA 188000 sqft 1 Bhk 84 Units 2 Bhk 40 Units 3 Bhk 08 Units 02 Retail | Gym 02 | Pool

PARTY HALL +KITCHEN FOR PARTY HALL ROI AED 10 MILLION SELLING PRICE AED 130 MILLION + TRANSFER + COMMISSION

Mob

: +971 50 202 0117 +971 55 807 2244 Tel : +971 4 443 3737 Toll Free : 800 777 -333 BRN: 3457, ORN: 1048 3910 Citadel Tower, Business Bay Sheikh Zayed Road

COMMUNITY SPECIALIST

RERA # 203

04 4308902 www.castlesplaza.com

Agent Sophia | BRN: 11628 | Mobile: 050-8499717 | sophia@castlesplaza.com

EMAAR ORIGINAL SIX TOWERS SP: AED 4,300,000 NET MARINA PROMENADE SP: 2,500,000 NET MAJARA Marina View, Vacant S.P. 2,650,000 NET PARK ISLANDS Panoramic Marina View, Rented SP: 2,750,000 NET AZZURE TOWER Marina View, Vacant SP: 2,200,000 NET MARINA PROMENADE Full Marina View, Vacant SP: 4,500,000 NET PARK ISLANDS S.P. 1.6M NET MARINA PROMENADE SP: 1,750,000 NET MARINA QUAYS Marina & Pool View, Rented SP: 2,300,000 NET AL SAHAB Full Marina View, Vacant SP: 3,350,000 NET

Tel +971 4 3396222 | www.spfrealty.com

S P E C I A L I S T

JUMEIRAH ISLANDS MANSION 5 BEDS VILLA  BUA 8,452 SQFT | PLOT 12,250 SQFT  THE BEST MANSION LOCATION FACING LAKE AND SKYLINE  VACANT & READY TO MOVE IN AED 16,999,999/

ENTERTAINMENT FOYER, MEDITERRANEAN CLUSTER,  4 BEDS VILLA  BUA 5,242 SQFT  RENTED UNTIL DEC ’15 (VACATING NOTICE ISSUED)  CLOSE TO ENTRANCE AED 7,300,000 MASTERVIEW 5 BEDS VILLA  BUA 6,013 SQFT | PLOT APPROX. 14,000 SQFT  EUROPEAN CLUSTER  ON THE MAIN LAKE  BEAUTIFULLY UPGRADED.  POTENTIAL TO BUY LAND EXTENSION, MUST BE VIEWED TO BE APPRECIATED. CALL FOR PRICE 

GARDEN HALL BEDS VILLA  BUA 5,382 SQFT  LAKE VIEW VACANT | AED 7,600,000 4

ENTERTAINMENT FOYER STYLE | MAMLUKI STYLE  4 BEDS VILLA  BUA 5,242 SQFT  VACANT  FULL LAKE VIEW | AED 7,600,000  ISLAMIC

GARDEN HALL  4 BEDS VILLA  BUA 5,382 SQFT  LAKE VIEW VACANT | AED 7,600,000 ENTERTAINMENT FOYER  4 BEDS VILLA  OASIS CLUSTERS  BUA 5,242 SQFT  VACANT  FULL LAKE VIEW AED 7,300,000 ENTERTAINMENT FOYER  ISLAMIC STYLE | MAMLUKI STYLE  4 BEDS VILLA  BUA 5,242 SQFT  VACANT ON TRANSFER  GARDENS AND SKYLINE VIEW  STUNNING UPGRADED INTERIORS CALL FOR PRICE

CRAIG HUTCHINS (Brn: 11469)

PROPERTY CONSULTANT - SALES & LEASING

+971 56 7282806 | ch@spfrealty.com

COMMUNITY SPECIALIST

JUMEIRAH ISLAND

GENERAL LISTINGS

04 4308902 RERA # 203

Call: OKSANA|BRN 11556 | Mob 050 425 2031

CALL AMAR 050 625 5710 Enlist you Properties for Sale/ Rent / More Details Call 050 62 55 710

RERA # 203

JUMEIRAH GOLF ESTATE

Sadaf 2, 4 BR+maids, BUA 3,144 sq.ft.

Bahar, 3 BR+maids, BUA 1,966 sq.ft.

Vacant

SP: AED 3,500,000/- Net

SP: AED 2,600,000/- Net

CALL SOPHIA 050 849 9717

Call: GEETU|BRN 25209 | Mob 055 112 6979

GENERAL LISTINGS

04 4308902

aquaproperties.com

FEATURE D PR OPE R TY T R EN FO & R LE SA

GENERAL LISTINGS

+971 4 3882220

J5 - AL SUFOUH READY TO MOVE IN (FINANCING AVAILABLE)

J5 SERVES AS THE QUINTESSENCE OF LUXURIOUS LIVING CONSIST OF 1, 2 & 3 BEDROOM APARTMENTS. SAAD (BRN 31375) 055 3934342

ATIF (BRN 29715) 050 3895677

DEA LS OF T HE M ON TH G IN N N U IEW ST V

CANAL COVE - PALM JUMEIRAH

E

IT

IS

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JUMEIRAH ZABEEL SARAY - PALM JUMEIRAH

4 BED+MAID, 5 BATH, 6,347 SQ.FT. LAGOON VIEW AED 25,800,000/-

DOROTHY (BRN 29200) 056 1053655

HANNA (BRN 31369) 050 1738201

PG

U

AL BASRI - PALM JUMEIRAH

R ED

D

A

T ES E B RIC P

OCEANA SOUTHERN - PALM JUMEIRAH

3 BED, 4 BATH, 3,800 SQ.FT. SEA & GARDEN VIEW AED 7,800,000

2 BED, 3 BATH, TYPE C, 1,709 SQ.FT. FULL SEA & MARINA AED 3,995,000

BRENDAN (BRN 32045) 056 1168803

3 BED+MAID, 3 BATH, TYPE A, 2,184 SQ.FT. FULL SEA AND MARINA VIEW AED 3,100,000

BRENDAN (BRN 32045) 056 1168803

CONTACT FOR ALL YOUR DUBAI REAL ESTATE BUYING, SELLING AND INVESTMENT OPTIONS RERA ORN # 303

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

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