Property Times october 2014 by Media Lab Publishers

///// Issue 23 - October 2014

Column by Director of Dejavu Real Estate | Turn to page 36

Should I OR Should I Not ? 34 Pg

Working in Dubai and living elsewhere? Find out why it may not be a good idea. By Michael Waters

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FROM THE EDITOR

OUR TEAM BINESH Panicker

Editor-in-Chief & Co-Founder binesh@propertyonline.ae

JATIN Deepchandani

Head of Sales, Marketing & PR jatin@propertyonline.ae

NYSAM K Shahul

Senior Graphic Designer nysam@propertyonline.ae

TOSEEF Ali Tidiwala

Accounts Executive ali@propertyonline.ae

KIRAN Reddy

E-magazine support kiran@propertyonline.ae

Binesh Panicker

Editor-in-Chief & Co-Founder

CONTRIBUTOR

THE BUZZ IS BACK! As expected, Cityscape Global 2014 brought the buzz back into the Dubai market. The number of developments announced at the event by Dubaiâ&#x20AC;&#x2122;s top class developers is indicative of the exciting times in store. These have been announced to cater to the future demand fueled by the steady influx of people to Dubai from all over the world in the next three to four years. The question of oversupply is irrelevant as the market is clearly heading towards a positive future and given the current sentiment post Cityscape Global, the demand is set to grow in the years to come, especially because the Expo2020 is only six years away. With many big corporates on a hiring spree and a steady increase in population, the demand for residential units will only go up from now, which is expected to put some pressure on the existing supply. Most of the projects that have been announced over the past few months will take more than two to three years to complete, which may push up the prices till more supply comes into the market. All in all, the chance of yet another bubble is remote because of the increasing demand and stringent regulations to keep the speculators at bay. In this issue of Property Times, we have put together a wide variety of articles ranging from advice from legal, mortgage and interior experts to innovations in the community management field to evolving hospitality designs. Our cover story is an analysis on why Dubai residents

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From this issue, Property Times is launching a new segment dedicated to the thousands of real estate brokers in Dubai. We will carry profiles of some of the top performers as a token acknowledgment of their expertise and professionalism over the years. Last but not least, our ever-growing section featuring listings from the top agencies in Dubai will provide discerning buyers with plenty of options to choose from.

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P.O. Box: 485100, Dubai, UAE

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should not consider renting in other emirates to save money on rents in Dubai. Our contributor Michael Waters, Director of Studies (Real Estate)/ Assistant Professor, Institute for Social Policy, Housing, Environment & Real Estate (I-SPHERE), Heriot-Watt University Dubai Campus, sheds some light on how commuting expenses can offset your actual savings on rent by residing in other emirates and traveling to your workplace in Dubai everyday. This issue also carries an exclusive interview with the management team of Elysian Real Estate, which recently won an honorary award from Dubai Land Department as one of the top three real estate agencies in the emirate. Our contributor Nicole Walter catches up with the Italian architect Paolo Caputo, of Caputo Partnership International, the designer of Renaissance City, a unique development coming up in the UAE.

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October 2014 Issue -23 /// 5

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EVENTS: Networking Night By Rufi Developers

Column by Wolf of Real Estate, Mohanad Alwadiya

NEWS AND ANALYSIS: Emirates Living by REIDIN.com

Column by Nita Maru, TWS Legal Consultants

LEGAL EXPERT: Jerry Parks, Taylor

Wessing

MORTGAGE EXPERT: Feyisesan Ekundare, MortgageMe

Stay connected: MyCommunity

Column by Ahid Shaikh, Deja vu Real Estate

43 45 Column by Jitheesh Thilak: Uniform System Evolving hospitality design

of Accounts for the Lodging Industry

Exclusive property listings

INTERIOR EXPERT: Adam Riccio, Under One Roof

Meet the agents

RENAISSANCE CITY: Interview with the Italian architect Paolo Caputo, Caputo Partnership International

PT Readers' page

Interview with Elysian Management

Is it time to dispute the commute?

October 2014 Issue -23 /// 7

Eventns

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RUFI DEVELOPERS' NETWORKING NIGHT This glitzy private event, organized by Rufi Developers, was attended by some of the leading real estate professionals and media persons. Rufi is planning to launch a few projects in the next few months.

Nizar Markiz, Mirjam Mouna

Harry Conner, Linda Tall

Samir Munshi, Jatin Deepchandani, Thinkal Bhal, Binesh Panicker, Harmeek Singh, Naveed Pirzada, Mehroz Rufi October 2014 Issue -23 /// 8

GQ Bar, JW Marriott Marquis

INTRODUCING THE MOST OPULANT AND MULTILINGUAL TEAM OF REAL ESTATE PROFESSIONALS

Each SNS consultant is specially trained to focus in their areas

Aanya Aggerwal, Aakriti Kapur, Aamani Chopra, Yogini Sengupta

E N Q U I R Y

Iris Nibbering, Sophie Page, Harmeek Singh, Naveed Pirzada, Tina Singh

News & Analysis

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ALWAYS IN DEMAND

AHMET KAYHAN CEO, REIDIN.com

Property Times in association with REIDIN.com takes a look at three of the top performing villa communities in Dubai; Springs, Lakes and Meadows. By Binesh Panicker

October 2014 Issue -23 /// 10

Th e Springs, Dubai

illa units have always attracted buyers in Dubai and the segment witnessed rapid growth over the past few years thanks to the ever growing demand for villas. Leading developers have been announcing villa projects over the past few months in a bid to cater to the rising demand and fill the void between demand and supply. Despite these announcements, the established villa communities in Dubai continue to remain a hot destination for investors and end users alike for a number of reasons such as good infrastructure, amenities, facilities, better rental yields and property appreciation rates. Property Times, in this edition, in association with REIDIN.com, analyses why these communities are still performing well. Why do buyers and investors still prefer these villa communities? Villa properties are good investment assets while real estate is overall favoured as a good investment class. In Dubai, they are mostly spacious and better-settled

communities compared to most of the apartment buildings or communities. One of the main issues around apartments is the walkability of the environment while when it comes to villa communities; itâ&#x20AC;&#x2122;s quite the opposite. On top of all these points, of course, comes the affordability segment as villa communities match the higher end of the investor pyramid hence they always have their own investor base. Another important factor is that these communities also offer quite strong rental yield rates. From an investor's point of view, what kind of returns one can expect from these three communities in terms of rental yields and property appreciation? Due to rapid increase in the sales prices, villa communities offer a lesser yield percentage but most of them are still over mortgage rates with Arabian Ranches as the exception offering positive equity to its investors.

News & Analysis

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Yield Rates of the Villa Communities 8.0% 7.0% 6.0% 5.0% 4.0% 3.0%

2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 City Wide

The Springs and The Meadows

Jumeirah Park

Arabian Ranches

Sales Price Change of the Villa Communities 25%

21%

20%

17%

15%

12%

10%

0% -5%

19%

-2%

-1%

The Springs & The Meadows

7% 2%

5% 1%

0%-3% The Lakes

Jumeirah Islands

Arabian Ranches

Last 3 Months

Last 6 Months

Jumeirah Park

City Wide

Last 1 Year

Rent Price Change of the Villa Communities

How have these commuties been faring over the past one year and how do you look at the future of these communities? It looks like there is a lot of pressure on the villa communities price rates and some of them had already started their correction coming down from price points even above 2008 peaks. The Lakes and Arabian Ranches had –1% and –2% drop on median rent prices, which is very normal as the prices in these communities rapidly increased in the last 24 months. We presume the downward momentum will continue for couple of quarters more considering where the overall market has been heading towards in the last three 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 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.

16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4%

13% 10%

9% 5%

2% 2%

1% -1% 0%

The Springs & The Meadows

The Lakes

4% 2%

0% 1%

-2% Arabian Ranches Jumeirah Islands

Last 3 Months

Last 6 Months

Jumeirah Park

City Wide

Last 1 Year

The Springs- Villa Rent Prices 2 Bedroom Min Max 130K 160K

3 Bedroom Min Max 160K 220K

Min 190K

4 Bedroom Max 250K

The Meadows- Villa Rent Prices 3 Bedroom 4 Bedroom 230K 300K 250K 360K

270K

5 Bedroom 400K

6 Bedroom 300K 450K

The Lakes- Villa Rent Prices 4 Bedroom 3 Bedroom 250K 320K 200K 300K

300K

5 Bedroom 500K

6 Bedroom 500K 650K

Average Sales Prices (AED/Sqf) The Meadows The Springs The Lakes 1250 1550 1610 Source : REIDIN.com

October 2014 Issue -23 /// 11

Expert Advice

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PLANNING TODAY FOR TOMORROW Nita Maru LLB (Hons) UK Solicitor and Managing Partner TWS Legal Consultants

If your family is left behind sorrowed, stranded, and strapped for cash, it won’t be because you did something wrong. It will be because you did nothing. Nita Maru emphasises the need to plan for the distant death tomorrow, starting today.

ost of us indulge in the fairytale illusion that our lives will last a long time, and think it best not to dwell on the last chapter. It may sound morbid to discuss death, and it could be considered tedious to deliberate its effects, but it is not, and it should not be. Hence I refer to Richardson’s memorable quote, “When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened” As an expat in the UAE, you may be very concerned about creating wealth and using it wisely during your life here. But it is more important to protect it and your family - by deciding now what to do when faced with death and consider succession planning. Protecting your assets

The Government of Dubai’s official

website emphasises that ‘The UAE Courts will adhere to Sharia law in any situation where there is no will in place’. This means that if you die without having planned your family’s future, local authorities will examine your estate and distribute it according to Sharia law, which may differ greatly from what you intend. There are also many uncertainties regarding real estate inheritance issues under Sharia, unlike other jurisdictions, the UAE does not practice ‘right of survivorship’ (where property passes on automatically to a surviving joint owner upon death of the other), and again, the local courts will have a final say in the matter. Meanwhile, personal assets including bank accounts will be frozen until liabilities have been discharged. Shared assets will also be frozen until the issues of inheritance are determined, and family members are often left without access to money during this period.

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Expert Advice

Dying intestate could also leave debts unpaid; until the estate is finally dealt with by the courts, and your family’s ongoing financial requirements are met. Preserving your business

As a business owner, a significant portion of your wealth - and your family's main source of future income - will be tied up in your business. The success of your estate planning is dependent upon this business being transferred smoothly, or sold to a third party for a fair price. Either way, it takes considerable planning and preparation, and should be ranked high on a priority task list. If you do not have a proper business succession plan or estate planning in place, you simply cannot be sure what will happen after your death: whether your family will be provided for, who will look after your business, and when and how your beneficiaries will stand to gain from the investments you have made. All businesses - whether sole proprietor firms, partnerships, joint ventures, limited liability companies or free zone corporations - should plan for the transfer, succession, and/or sale of the business when faced with the death of the owner, or a partner. Safeguarding your family

If you are parents, a simple will in the UAE can be used to specify who must look after your young children after your deaths. The absence of a will may goad authorities to intervene in guardianship matters, especially when both parents die simultaneously, and there is a possibility that their care may be entrusted to those you may not want. If you are married, it is wrong to assume that your spouse will get/inherit

Dubai Skyline

everything you own. Sharia is based on a fixed share allocation system for the disbursement of assets, and a wife is entitled to receive only one-eighth of her deceased husband’s total estate if they have children. If you are in a second marriage, your Will can make provisions for children from previous relationships. You can also add exclusion clauses for ex-partners. If you are retired and made a will a long time ago, it ought to be updated to include grandchildren or to omit people you no longer wish to leave anything to. The first steps

Seek the advice of specialised lawyers

that are properly licensed to advise you on succession planning. Making proper arrangements will let your loved ones know that you care enough, and will save them considerable trouble. But more importantly, it ensures that you are in full control of what happens to your family even when you are not with them. Many expatriate families continue to harbour the notion that living and working in the Middle East is a treat, but they forget that it could easily turn into a tragedy in the event of unplanned death. While the concern of ‘securing’ lives is misguided at most times, secure planning for the future is most definitely a must.

For further information please contact: TWS Legal Consultants, Office Suite 3001, HDS Tower, Jumeirah Lakes Towers, Dubai. Tel: +971 4 448 4284, Email: info@willsuae.com Website: www.twslegal.ae and www.willsuae.com

Call: +9714-4484284 Email: info@willsuae.com Website: www.twslegal.ae www.willsuae.com

Expert Advice

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

I invested in a property before the recession but the development is still not complete. However, I have been portrayed as a defaulter by the developer as I stopped making payments when I saw no progress on the site. Now I am back in Dubai and would like to invest in a few properties but my concern is whether my 'defaulter' status will prevent me from buying properties in Dubai. Please advise. Developers will often suggest that they would have completed but for mass buyer default in payments. Buyers on the other hand are quick to point out that they would have continued to pay had progress been made on site. There is probably some merit on both sides of this argument, but a ‘chicken and egg’ debate doesn’t really help either party now. The good news is that although you may have ceased making payments to one developer on a particular project, that itself does not automatically debar you from investing in another project in the city. If you are not of the ‘once bitten twice shy’ mentality, then go ahead.

Jerry Parks

Partner Taylor Wessing

How do I evict my tenant who is refusing to pay the revised rent as per RERA rental calculator? How much will it cost me to file a complaint at Rental Dispute Settlement Centre? If the new rent has been approved by RERA, then the tenant is obliged to pay that rent. If the tenant refuses to pay, then you have grounds to terminate the tenancy under the applicable landlord and tenant laws. That will require you to give 30 days formal notice of your demand for payment, which must be served via the Notary Public or by registered post. If the tenant still doesn’t pay, then you can refer the matter to the Rental Disputes Settlement Centre (Rent Committee, as was) with a request that an eviction order be issued. The fee for filing a case with the Rental Dispute Settlement Centre is 3.5% of the annual rent for the premises in question, up to a maximum fee of AED 20,000.

I would like to set up a real estate company in Dubai. I have no background in real estate. Will you, as a law firm, be able to help me through the process? What are the costs involved for using your services? We can certainly advise and assist anyone wishing to establish a business in Dubai. There are many things to consider – a business plan, sourcing suitable premises, identifying a local sponsor to own the business, obtaining the necessary licenses from the Economic Department and from RERA, employing good staff, undergoing the necessary training in the area of real estate that the company will operate, to name but a few. The costs will include DED fees, RERA fees, visa fees, rent, and of course legal fees if you choose to retain a lawyer to help you. Those fees will usually be linked to the time that the lawyer is asked to spend on the matter, and the scope of the legal services you need. But remember, you can probably set up without incurring the expense of a lawyer, but it will cost you a lot more in legal fees to clean up the mess if it’s not done right the first time.

Palm Jumeirah

If you have any legal queries about buying or renting, please email at editor@propertyonline.ae October 2014 Issue -23 /// 14

Expert Advice

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

Feyisesan Ekundare What is the maximum LTV banks will offer for an off plan property? And what is the repayment plan like? In accordance with UAE Central Bank guidelines, the maximum mortgage LTV for an off plan property is 50%. The buyer pays the initial 50% of the cost in installments as agreed in the purchase contract while the lender finances the 50% balance. The loan, as with other types of mortgages, is repaid monthly over an agreed tenure. Ideally, respective lenders restrict the provision of off plan mortgage loans to a selected list of off plan projects. Your mortgage advisor will be able to advise you on which lender to use for your specific off plan purchase.

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

I am real estate professional with an average income of AED30,000 per month. Will I be eligible for a mortgage and what are the documents required? Most banks shy away from availing mortgage loans to real estate professionals due to stability of earnings and frequent job changes. However, we at MortgageMe, subject to a minimum salary requirement, now have a solution for interested real estate professionals. For enquiries, please contact us and we would be delighted to discuss with you further.

I am an investor based in Dubai. Do banks give mortgages for multiple properties at the same time? If yes, what is the procedure to apply for a mortgage for the properties I am planning to invest in? Yes, lenders do offer mortgages for multiple property purchase. Now, while these transactions are treated on a case-by-case basis, the process is made more seamless, if the said properties are within the same development project. The procedure is similar to other mortgage applications, but you should ask your mortgage adviser on the best lender to use. This is because some lenders have a maximum cap on mortgage loans, which your transaction may exceed, and some have mortgage products that cater specifically to these types of investment transactions. Ideally, the first property will be treated as a 1st time mortgage at 75%-85% LTV (if you have no existing mortgage liabilities) and the remaining properties will be treated as additional mortgages at 60%-70% LTV.

Dubai Marina

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

October 2014 Issue -23 /// 16

Expert Advice

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with interior expert Everything you need to know about property refurbishment, conversions and permissions.

Adam Riccio

I have a number of areas where the space is a small alcove or recess. I wanted to fill them with bespoke, tailor made fitted furniture such as cupboards, chest of drawers and so on. Is this something you can do? We do a lot of this with our clients now and it is a very popular request. We have our own designers who will work with you to create the exact look and feel you want and also that meets the functionality you require interms of number of shelves, drawers, etc as well as the style of finish you are looking for eg., distressed wood, natural oak look or high gloss. Once the design is signed off, we manufacture the bespoke pieces in our factory here in Dubai and supply and install. As we have our own factory we can usually supply and install within two weeks if required.

Operations director Under One Roof 04 323 2722 Is it possible to change the entire flooring of my villa from granite to wooden flooring? Do you need permissions? Have you successfully completed any similar projects recently? It is possible and generally approval is not required. We have undertaken a number of such projects and it does transform the look and feel of your home. We work with and recommend a number of different wooden floor suppliers who we trust and have good quality and after sales service. Often our clients choose the style of wooden floor and then get us to match the look in making fitted wardrobes and furniture for them.

Downtown, Dubai

I bought a plot and built a villa in a leading community. But now I feel I should make more structural changes to the villa such as reducing the number of bedrooms, getting rid of the maid's room etc. What kind of approvals is required for this and do you undertake such projects? We do undertake such projects all the time. It is a very popular request we get wherein home owners want to remodel their homes to create a space that works for them and their lifestyles. The first step in the process is to obtain your CAD drawings from your master developer, which will show all the technical aspects of your villa such as supporting walls, electrical plant and so on. This will be used as the basis for any alterations to ensure that the work you want to undertake is safe and will not affect the structural integrity of the property. We have our own in-house designers who will work with you to create the look and feel you want. We also have our own in-house engineer who will advise from the plans whether the alterations will be approved and are feasible. Once happy with the look, our engineer will submit the approval on-line and follow up with the relevant authorities, making changes to the design where required. Once we get the sign off on the proposal from the developer, we can then execute the project. At the start, various deposits have to be paid for the approvals by the homeowner – some are refundable at the end and some are a basic charge. Once the project is complete, we make an appointment with the developer’s engineers’ office to come and inspect and sign off the work. It is important to keep this approval with your house purchase documentation, as you will need it to be able to sell your property in the future.

If you have any queries about renovations or conversions, please email at editor@propertyonline.ae

October 2014 Issue -23 /// 18

MORE LEADS AT LESSER PRICES Be a part of the most comprehensive and user-friendly Property portal in Dubai

Market

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MEET THE AGENTS

Iryna Poladko: Ukrainian, Rocky Real Estate, Property Consultant, RERA no. 25085

Hanna Liatsko: Belarus Driven Properties, Senior Sales Negotiator, RERA 29110

When did you come to Dubai: November 2010. Previous profession: Marketing manager First sale in Dubai: My first sale was an office unit worth AED1.6 million located in Dubai Silicon Oasis. It was in 2011.

When did you come to Dubai: April 2011 Previous profession: Designer First sale in Dubai: It was a two-bedroom apartment in Jumeirah Beach Residences in 2012 and it was sold for AED1.6 million.

What you like about your profession: I love meeting new people and in my industry, I get to meet different people on a daily basis. I really enjoy helping my clients make the right choices. I am always on the look out for exciting opportunities in life. Hobbies: I love dancing and horse riding.

What you like about your profession: I love meeting a wide range of people from different walks of life.

Why you love Dubai: The turning point in my life took place about four years ago when I stumbled upon a picture of Burj Khalifa while browsing and immediately fell in love with it. Prior to that, I never even thought of moving out of Kiev but few months after this incident, I moved to Dubai. I am completely in love with this incredible city, because Dubai is always striving to become the best.

Hobbies: I love ballet dancing. I started doing it as kid and still enjoy doing it. Dancing also helps release stress from work and creates positive energy. I also love photography and anything to do with visual arts. Why you love Dubai: I love Dubai because of the opportunity it provides and its beautiful lifestyle. Also in Dubai, I get to meet many interesting people. I love the weather as well occasionally and of course the sea!

If you want to be featured on this page, contact us at editor@propertyonline.ae

October 2014 Issue -23 /// 21

Market

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THREE VITAL ELEMENTS ESSENTIAL FOR A FLOURISHING REAL ESTATE MARKET Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official training & certification arm of the Dubai Land Department

here are always three essential ingredients considered prerequisites for any real estate market to function effectively. For investors, potential owner occupiers, developers or another industry stakeholder, these ingredients are of paramount importance in ensuring long term profitable and sustainable growth in an industry which itself, is a key ingredient to long term economic growth. These ingredients can be summed up as the 3C’s or, more specifically, CAPITAL, CONFIDENCE and CLARITY. The 3 C’s are interdependent whereby a shift or change in any one element will affect the other two. The relationship between all 3 C’s can be either positive or negative and can lead to a multiplier effect on growth or can increase the rates of contraction or decline. The good news is that all three have been recovering strongly for the past two years in Dubai. The amount of CAPITAL being injected into Dubai’s real estate has been steadily increasing since midway through 2011. This capital has come from a number of sources. For a start, Dubai has been the welcoming recipient of new cash from countries around the region whose investors have been seeking a relative safe haven from economies that have been decimated by political turmoil. In addition, creditors, such as banks have been more willing to lend cash as global and local economies stabilized and eventually returned to a semblance of growth. In addition, an increase in confidence in the local real estate space saw cash, previously stockpiled awaiting an improved investment environment, found its way into property purchases. However, cash does not always flow unhindered by risk perceptions and, regardless of events elsewhere in the world, Dubai could not have attracted so much capital unless investor confidence was returning in the emirate. CON-

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FIDENCE in Dubai has been steadily increasing since the world has slowly begun dragging itself from the mire of the global financial crisis. Confidence in any investment venture can be really distilled to the perceived predictability of future cash flows and capital growth and, with much of Dubai’s property returning increased cash flows and capital growth, confidence is on the rise again. When you are investing in real estate you are really investing into an economy and you must have confidence in its future. Dubai’s economy is doing very well. Economic growth is strong at around 4.5% and independent bodies such as the IMF are forecasting 5%+ economic growth every year through to the end of the decade. The economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue generating economic segments are a feature of Dubai’s growth outlook. Dubai’s expects 12 million visitors in 2014, continuing a growth trend of approximately 9% per annum since 2010, a statistic, which is the envy of many nations. And new initiatives such as the 2020 Expo are also important in building confidence in the emirate. The effect of the 2020 Expo on the UAE economy cannot be underrated in terms generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation and commercial space of all types, from labor camps to offices to warehouses to apartments to executive villas, is sure to have a significant effect on property values. The last ingredient, CLARITY or transparency, is arguably the most important. Investor confidence in and the level of understanding of their legal rights, the consistency in the application of the law, government economic and

social policy along with knowledge of developers track record in terms of quality, integrity and proficiency can be boosted by a proactive drive for clarity. Lawmakers have been working hard in Dubai to address the issues of CLARITY and CONFIDENCE in particular. Steps have been taken to introduce laws that better protect investor rights and standardize and clarify the relationship between developers and investors. The law is aimed at protecting investors in a variety of areas, from delays in the handing over of projects, changes specifications of properties, defects and any material departure from the contracts provisions. While the headlines regarding asset bubbles may make some predict impending gloom, they really highlight that there is an unprecedented level of governance, oversight and scrutiny that the industry is being subjected to. The ongoing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irresponsible speculative, predatory or unethical practices, reveals a mature and balanced approach to shaping an industry which exhibits sustainable growth over the long term. The industry is much more resilient in 2014 and investor, not speculator, confidence has been making a big comeback. These steps towards increased CLARITY, showing clear intent by the regulating authorities to develop a more sustainable and consistently profitable industry model has been essential in driving renewed CONFIDENCE in the industry resulting in massive injections of creditor’s and investor’s CAPITAL into Dubai’s real estate space. The recovery has been quite remarkable and is prominent among all the recoveries of nations worldwide.

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STAY CONNECTED!

MyCommunity helps residents and managers keep in touch. By Nicole Walter/freelance writer

s Dubai and Abu Dhabi (implementing their own version) are getting increasingly used to the concept of jointly owned property laws, and with that professional property management, more sophisticated technologies have been entering the market. While Emrill recently launched, what they termed a ‘Business Smart Model’, pulling together its mobile maintenance service, mobile work order solution, and intelligent low cost wireless monitoring system into one solution for more service and cost effective facilities management, My Strata came up with ‘Strataware’ and recently revamped its ‘MyCommunity’ portal to make property management a breeze in terms of keeping tabs on operations and communication.

Ensuring smooth operations With around 400 interim ‘home’ owners associations now registered with Dubai’s Real Estate Regulatory Agency (RERA) and new communities needing facility and property management in the emirate’s future, these kinds of innovations have certainly served to improve the market. Although the last piece of the puzzle to change the legal status of the

interim owners associations into owners associations, doesn’t seem to be firmly in place as of yet, it isn’t making any difference to the day-to-day operations. “I understand at least one Owners Association has been registered and that there are many more very close to being so. I don’t believe these delays are impacting the daily management of OA’s because they are still being run, in the majority, by professional management companies, as well as board members that are committed to looking after the affairs of their buildings,” comments David Bugden CEO of MyStrata. Many in charge of managing communities in the UAE are already using MyCommunity, including Aldar, Emaar Properties, Khidmah, Asteco, Wasl Properties, Jumeirah Living, as well as Place and Mace Macro. Deyaar had floated an OA management software procurement tender won by MyCommunity only recently. The developer has implemented it in properties it manages only but plans to roll it out in the near future in their own developments as well. “The choice to use this platform is primarily because it is compliant with Strata law and provides the facility of online payments in addition to Owners Association core functions,” says Saeed Al Qatami, CEO of Deyaar. “To date,

the overall experience was good due to the technical support and responsiveness from the team. The company is also regularly updating the software solution thereby enhancing user experience,” he adds. Aldar has been using the portal for its 15 communities under a customized umbrella portal linking into individual sites, for three years now. “We re-branded the product for Aldar – they call it “Aldar Connect”. We did the same for MAF. We used Aldar’s corporate colours and followed their brand guidelines,” David comments. According to Aldar, although it had other ‘off the shelf’ options, it chose the MyCommunity platform because its database is shared with Strataware, thus making it easy to keep residents up to date on developments. “Aldar has a policy of ‘paper-less communication’ across all our communities; therefore not having an online portal is not an option. Electronically-recorded communication can easily be issued to all residents in one community or across various communities with the click of a few buttons,” according to an Aldar official. An extremely useful system MyStrata has spent several years developing an effective property manageOctober 2014 Issue -23 /// 25

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propertyonline.ae ment system for strata managers in the ‘clouds’. David points out that the few other overseas systems being used have had less of an impact because they weren’t on the ground. “We have been here for over seven years, our servers are hosted in the cloud in Dubai Internet City and all our support is done by experts located in Dubai, this is a much larger investment than any others have done,” he claims. Novus Community Management offers MyCommunity to all its clients, as it allows for relaying real-time financial information to their Owners Associations, Unit Owners and Board Members, as well as acts a payment portal facility. “We are able to upload meeting notices and minutes for viewing by unit owners, along with general notices to both, owners and tenants, in our communities,” says Stephen Horner, Senior Community Manager at Novus Community Management Services, adding he was not aware of any other product available in Dubai that provided a complete integrated

“The choice to use this platform is primarily because it is compliant with Strata law and provides the facility of online payments in addition to Owners Association core functions.” Saeed Al Qatami, CEO, Deyaar.

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Emirates Hills

solution responding to the needs of specialist Owners Association management. “The MyStrata team are available locally in Dubai to provide support and training, and are continually working to improve their software based on our feedback,” he adds. The portal is also used regionally, such as by The Wave Muscat and The Pearl Qatar. “The system hosts over 450 communities on the platform in the Middle East, and there are over 50,000 registered users of the system. These users include owners, tenants, board members and property managers,” David adds. Not everyone knows about its existence because the software developer kept the system deliberately quiet as it is launching an upgraded version, with new features such as graphical reporting and a lobby screen system. “The new release will significantly improve the financial reporting through MyCommunity in visually appealing, easy-to-read reports,” says Stephen. Apart from the fact that the portal looks fresh and is easy to navigate, it saves property manager’s time by becoming a central point for all documents related to managing the property, including ledger accounting,

reports, and invoicing system, creating meeting documents and easily post them where needed, organizing procurement, as well as has its own e-mail and ‘SMS’ system. While the system cuts down valuable time on communication with all contacts in one place, access levels can also be set and its virtual reach goes way beyond a pin-board at a building reception. “The software covers the needs of our communities for posting notices, reports, community communication, lodging work requests and a community wall for owners and tenants to connect. Because the system is online it can be accessed from anywhere in the world, and now from mobile devices as well,” Stephen remarks. The portal can also highlight the facilities and property types in a community making it a great tool for those looking for a property. “MyCommunity is a great communication tool first and foremost. It also delivers efficiency for property managers, which helps save costs. It is also a great marketing tool, you will not find a better web site for information on buying, selling, living or working in a community or building than what you will find on MyCommunity,” David comments.

Positive feedback from owners Residents have been responding favourably, according to Aldar’s community managers, which lauded its ease of use and pointed out a healthy flow of traffic on a regular basis on the part of residents. “Most of our residents are happy with this channel of communication. Owners have the ability to view the financial statement for their unit and for the association they belong to. Residents appreciate that they can log in and raise job cards for maintenance and other issues, and view the status of their job card,” the Aldar official added. At the communities, which Novus manages, the response has been equally enthusiastic. “The usage by residents has steadily grown. Some of our community walls experience quite a volume of posts. Because it is an open forum, owners and tenants can communicate on any topic of interest,” says Stephen. “We ensure that we post all our communication on the MyCommunity portal so that our owners and tenants can access relevant documents and information anytime they wish,” he adds. In

addition, a business directory keeps the resident abreast of who’s there in terms of shops and services and could actually be a means of income to the owners. “Property managers and Board Members can create their own retail and service provider listings, so if they want to sell this service and earn income for their community, that is fantastic, that is exactly why we developed it this way,” David explains. The cost factor While larger clients get a discount, the cost, which is around AED100 per unit per year, including both Strataware and MyCommunity, including everything down to support, is well weighed out by the benefits, and shouldn’t scare smaller OAs off, David believes. “Let’s say you have a small building of 50 units, the most they will pay is AED5,000 per year, for this they get a great looking web site, plus access to their statements in real time, financial reports, a credit card gateway, communication tools, community documents, maintenance request system and so much more. What would your argument be, i.e. save money on arduous other ways of communicating between everyone

for example,” he emphasizes. Most of MyCommunity clients today are using ‘Strataware’ the property management software already, but David says it wasn’t a prerequisite to using ‘MyCommunity’. “Currently MyCommunity links to Strataware, which is a system the majority of OA management companies in Dubai and Abu Dhabi are using. That said it could be linked to any back-end property management system via an API. Soon, we will be launching a standalone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCommunity portal without any back-end system required,” he explains. Or an OA could simply just go for the MyCommunity software, in which case they pay a license fee, usually paid quarterly. “Most managers pass the cost on to their communities as it’s a very helpful tool for owners and residents. We set the system up for you, provide training and data migration, all of which is an easy process,” David concludes.

''Soon, we will be launching a stand-alone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCommunity portal without any back-end system required.” David Bugden, CEO, MyStrata.

Arabian Ranches

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Sheikzayed Road, Dubai

ACCOLADES GALORE Elysian Real Estate, founded in 2006, has been recently selected by Dubai Land Department as one of the top three real estate agencies in Dubai; a testimony to the consistent performance of the company over the years. By Binesh Panicker

stablished in 2006 with a small team of six, Elysian Real Estate has grown rapidly over the years to become one of the top three real estate agencies in Dubai (chosen by Dubai Land Department)

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with a team of over 150 staff including 120 real estate agents globally. Headed by Masood Naseeb, the Chairman and Dounia Fadi, the Managing Director, the company is on the right track to

scale new heights in the years to come. The young and dynamic Masood and Dounia tell Property Times readers about their journey, growth, expansion, the market and much more.

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Masood Naseeb, Chairman, Elysian Real Estate

Dounia Fadi, Managing Director, Elysian Real Estate

The company Elysian was founded as a real estate brokerage firm. We had a proper plan in mind right from day one. We didn't want to sell property as an investment, so we focused on selling homes to people. We focused on buyers from the Middle East and we always wanted to offer our clients the best available properties in the market whether itâ&#x20AC;&#x2122;s residential or commercial.

Award from DLD When we got the award from Dubai Land Department after nine years of outstanding and consistent performance, we were very excited and proud of being recognized as one of the top three real estate companies in Dubai. We look at it as an acknowledgment of the hard work we put in over the years. We take great pride in the fact that we take care of every client of ours and most of them continue to work with us because of our professionalism and expertise. Receiving this award now challenges us to maintain our current position and strive to become number one.

Growth, expansion, way ahead We grew with the market and continued to focus on good customer service and professionalism. In nine years, we grew to more than 150 staff from six. We launched Elysian International in 2008, which is now doing extremely well. Our focus is to be Number 1 in this segment. In two to three years, we will be selling properties in prime locations such as London, New York, Australia etc. We will be targeting buyers from the MENA region, as they prefer to invest in other countries as well apart from the regional markets such as Dubai. By the end of this year, we will be launching a luxury division to cater to the growing demand in this segment, which needs an entirely different kind of customer service and expertise. Going forward, we want to further enhance our reputation as a trusted real estate company, servicing each and every client as per their individual requirements. The goal for us in the next ten years is to gain more knowledge about the market so that we can offer properties at the exact market price to our buyers. End-users Right now the demand for properties from end users is witnessing a steady rise. In the early days of freehold era, nobody was selling ready built property; property was considered as an investment. When we started in 2006, we were actually selling off-plan houses to our clients based on their preferences and we were recommending units as per their budget and requirements. Dubaiâ&#x20AC;&#x2122;s future We are all lucky to be here in Dubai. In the next five years, we will see a huge influx of people coming to live and work in Dubai. The trend has already begun. With increasing population, the demand for homes will keep rising. The new projects that have been announced will be absorbed by this population growth and investors as well. Those who are looking for homes are already finding it difficult to locate a property of their choice in some of the more desirable areas.

Advice to end-users If you have long term plans for Dubai, I would advise you to buy now rather than continuing to rent. Home buyers choosing Dubai as their residence should consider buying based on their current needs and comfort. Real estate markets across the globe experience the cycle of highs and lows. In the current scenario in Dubai, prices are expected to increase modestly but steadily based on population increase. There will be sufficient buyers even for the new developments that have been announced recently, so I strongly recommend that people should not wait any longer. If they find a home within their budget, one should consider buying in established communities such as Dubai Marina, Downtown, Palm Jumeirah etc as they are ideal for families with good infrastructure and community ambience. People moving to Dubai from Arab countries prefer to have spacious homes, so they should consider purchasing a villa in areas such as Jumeirah Village, The Villa Project or Jumeirah Park to name a few. Off plan vs ready properties? If a mortgage buyer purchases an off-plan property, he or she will have to continue to rent till the property is ready to move in, so they will have to consider three separate payments; the down payment to secure the unit plus the monthly mortgage installment plus their rent. If you can afford to pay the down payment required to buy a ready property, itâ&#x20AC;&#x2122;s always better for end users to go for a ready property so that they can move in immediately and don't need to pay rents anymore. However, some developers do offer really attractive payment schedules, which many end users will be able to afford. One has to look at all options before taking a decision.

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Renaissance City Museum

BRINGING ITALY TO THE UAE Renaissance City is an urban fabric spun out of the deeper meaning of city life. By Nicole Walter/freelance writer

fascinating city could be gracing the horizons of Abu Dhabi or Dubai, if Stile Italiano Real Estate Industry (SIREI) gets its way. Backed by American-Chinese capital and the expertise of its members, ranging from urban planners to Italian cultural, science and sporting organizations, the real estate platform has been presenting the concept here in the UAE to ideally co-develop around three to four square kilometres city at an estimated cost of around $US30 billion. Massimo Mazzi, President of SIREI, said Renaissance City is a smart city, which will bring to life an Italian lifestyle in the UAE telling an urban story which developed over centuries, an urban fabric fostering a vibrant economy and quality of life. Property Times delved deeper into the concept, consulting the Italian architect Paolo Caputo, of Caputo Partnership International, SIREIâ&#x20AC;&#x2122;s design partner for Renaissance City.

As far as I understand, Renaissance City intends to express both Italian and Islamic renaissance, how are you

integrating the two concepts into a homogenous one? The goal of the project is not to integrate the most "epidermal" figurative and formal traits of the "Renaissance" of the two cultures. It aims to merge the principles and the deeper meanings of Islamic and Italian culture. Many architectural examples, and cities, in the Middle East and around the Mediterranean are already witnesses to this historical process. Italy and the West have learned a lot from Arab culture and vice versa "merging" knowledge, techniques and cultures without "confused" identities. This is very relevant currently seen in relationship with the processes of globalization. How do you express the original â&#x20AC;&#x201C; historic architecture in the more modern buildings? The architectural language fully expresses our modern and current events. At the same time, however, the structure of the buildings, the composition of architectural and urban space in the project follow the same rules of historic places and buildings that

created an optimal response to functional needs, and, above all, to the deep meaning of "inhabiting the world." It makes no sense to play with a fragment, a glimpse, of Venice. There is a lot more power in the tangle between streets, arcades, squares and waterways to evoke the quality of space and urban landscape of Venice. The cityâ&#x20AC;&#x2122;s fabric seems to respond to both the Italian and traditional Arab city urban design, how did you merge them? There is a common identity to the centres of Islamic cities and Italian villages and how they grew from the middle ages onwards. The urban plan is based on substantive rationality and its goal is an efficient and easy mobility. The research of the merger between Arab and Western models, or Italian, is the integration of a chessboard layout, typically of Roman origin, to a more complex system: fractionated, attentive to local connections, to the functional scale of the step (walking) and not to that of the mechanized mobility, closer to the Arab spatial sensitivity.

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the unique structure of the Penthouse Hotel, which will house spacious luxury residences coming in the most sophisticated Italian interior design and with hotel services.

Renaissance City shopping - Galleria How are you managing the traffic flow versus pedestrians? The design allows for the movement of cars on the main road axes, although it aims to facilitate the circulation of ecocars (electric and hydrogen), as well as the use of public transport that connects the main functional and "monumental" centres in the city. At the same time the compactness of the urban fabric and mutual proximity of the main central points are designed to encourage pedestrian mobility: the distances can be covered in five to seven minutes walking, like going in Florence from Piazza Signoria to Ponte Vecchio, or in Rome from the Trevi Fountain to Piazza Navona. The needs of pedestrians have been considered within all urban sectors, the roads, paths within the blocks and walking promenades are designed in a way to obtain the best results in terms of comfort and perception of the urban landscape. In this respect you have designed a lot of cultural and art spaces to connect the city? Yes, my dream is to create places, which can communicate with each other, and represent the best of Italian art and Islamic art. The first centrality is the main mosque. I have imagined it as a place of prayer, but at the same time as a social October 2014 Issue -23 /// 32

space for spirituality, meditation and encounters between cultures, a place of individual and collective peace. The second central point is the Piazza Grande with restaurants and a museum? Yes, it will be shaped as a large square, punctuated by the volume of the Museum of Renaissance that hovers on the open space, the pavilions that surround it, and the area of the Museum Hotel. Really, it is the area the expresses the greatest representation of historical Italian cities. A third central point is marked by a pattern that emulates the Galleria Vittorio Emanuele in Milan. A real "archetype" of today’s shopping centres, opposed to the model of a closed shopping mall estranged from the urban fabric. The Gallery will be the epicentre of shopping for the products of excellence ‘Made in Italy’ but will also allow for continuity weaving through the commercial space at ground floor of all the buildings of Renaissance City, especially within the Ring. A hotel complements The Gallery, as well as residential accommodation and the Performing Arts Centre, which bring us to the fourth central point. Here a set of theatres, auditoriums, event spaces, have been designed to make Renaissance City a new capital of the Italian theatre and opera tradition, binding together

How do you make sure the city feels open and light, yet stays cool considering the climate here? Will one be able to walk the city in the summer heat? The concept is designed so that beyond a short walk there is always plenty of the shade available along the way and within the blocks. Depending on the final location, the urban chessboard of Renaissance City will be orientated in an optimal manner with respect to the "solar path" and will include meshed or closed canopies to cover roads and open spaces. The relationship between shady and sunny spaces supported the adoption of chimneys for the upward movement of hot air to favour natural ventilation of open spaces. The vegetation will be rich along the streets and in the garden courts, and the water (in the form of channels, ponds and fountains) will work together to create microclimate mitigating the heat during the warmer season. You are integrating a golf course and labyrinth botanical gardens into the city, the latter makes sense, the former a bit unusual for a ‘city’ but more of a typical residential community master plan in the UAE, what was the reasoning behind it? The two themes have different reasons. The Botanical Garden is one of the facets of the Renaissance. I think for the first time ever we will create an "Italian Garden" with botanical species of the desert belonging to UAE latitudes, although not all necessarily native. I don’t know of any large maze designed with cacti or parterre whose rigorous geometry is drawn from succulent plants anywhere in the world. The Botanical Garden of the desert would be a real world “curiosity”. The golf course’s particular role in Renaissance City is to offer a conversation between the compact city and the garden city. The residential villas generate this dialect in continuity with the urban villas provided in the city’s quarters closest to the golf course. In the final design that will be implemented, the golf course’s area will represent the mean-

scale" buildings in the plan, without distorting the underlying principles of Renaissance City.

Renaissance City Performing Arts Centre ing of expansion towards the wonderful green and typical nature, which can be experienced in Italian Renaissance: Palazzo Te in Mantua, Palazzo Pitti and the Boboli Gardens in Florence. Did you place The ‘Cittadella’ arts & crafts centre close to the business district to make sure it stays lively when offices close? “La Cittadella” is thought as an alternative commercial hub with respect to the Gallery. It is a “destination” of an urban route, unlike the gallery that is fully integrated into the fabric of the city. It is not a closed structure but, covered by a photovoltaic macrostructure, and has the form of a "small town" that is related, through the open garden spaces, to the buildings of the business district. Nowadays offices working with the world are open almost 24/7, therefore I think a business district does not close completely by mid-afternoon. In any case, the "Cittadella" will bring life to this urban sector with great intensity. It's the place where one will get the best products in the market, and Italian artisan textiles, leather, ceramics, wood, precious stones, and a treasure chest in design and the highest level of ‘Enogastronomy’.

How large is the footprint of the city and the different districts? Renaissance City in its compact structure covers an area of about three million square metres. The plan defines a square of 1,700 metres on each side: walking distance about twenty minutes. The geometric shape can adapt to the shape of the area of development, reformulated by reducing or enlarging. Likewise, the "expansion zones" (Citadella, Campus etc.) are subject to possible modifications, such as for example to become partially reabsorbed inside the compact geometry. The nature of the city aims to strike a balance between its various districts functionally integrated into a single structure in the mixed fabric that characterizes much of the urban plan. What will be the average and maximum be in terms of height of buildings? The city’s trend is horizontal with blocks of buildings between five and seven floors. Of course, exceptions are made for both residential buildings and for special features. The highest is the one housing the Hotel Galleria at 160 metres with 30 populated levels. However, special requests from developers could introduce a new design theme, such as the insertion of one or more "out of

Will you keep residential and offices completely separate or mix them as in ‘normal’ city? Renaissance City is based on a principle of total morphological-functional integration. The residences and offices merge, follow and stratify within urban blocks whose ground floor is largely intended for small and medium scale businesses and service providers. In modulating the urban variety richness in terms of the number of offers and opportunities that the historical Italian urban models successfully represent, the project also proposes urban clusters, primarily residential or for office buildings. The business district intentionally is almost exclusively functional in character. Similarly, residential is based on a variety of solutions including villas, mixed within the urban fabric, or isolated at the golf course. All of these aspects will be subject to in-depth discussions with the technical board when we will sit with the developers and real estate marketing strategists. Why are the schools, hospitals etc. along the Ring Road and not mixed into the more central parts of the city? The project includes all the numerous required service facilities to guarantee the optimal function of the social, administrative, cultural and economic structures of the city. These structures are integrated into the urban fabric but look outwards placed like a necklace along the ring, because the latter important element of the composition of the design of the city itself represents a real exchange system between the inner part of the town and the urban contour. The services are easily accessible to pedestrians and via public transport that runs along the Ring.

T: 04 395 75 45 F: 04 395 75 46 www.candourproperty.com info@candourproperty.com

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Sheikh Zayed Road, Dubai

IS IT TIME TO DISPUTE THE COMMUTE?

By Michael Waters MRICS – Director of Studies in Real Estate/Chartered Surveyor, Heriot-Watt University Dubai Campus

ommuting is an important aspect of daily life in most modern cities. In Dubai, residents now faced with higher rents and other heightened costs of living are looking at cheaper alternatives and question whether commuting in from neighbouring Emirates is the key. What does the economic theory tell us about commuting? “Households will seek maximum utility of a locality over cost of travel”. So what does that mean in real terms? Accessibility and values (rents) have been a study of economists for hundreds of years. Theorists denote that premiums will be paid for land in close

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proximity to central markets as the time forfeited to travel to the market place from further afield has an intrinsic value. With the development of transport networks and growth in car ownership this is far less of a concern in modern day life. However, the principles no doubt are still relevant today. Studies have shown that there are broadly three main determinants of land use that include: 1. Accessibility; 2. Environmental characteristics; and 3. Rent Consumers will trade off 1 and 2 against 3. A consumer will try to choose an ‘optimum’ denoted in real terms by an income budget.

Why do we commute? For commuting to be economically viable, we need to be compensated for the commuting costs through lower rents. People tend to support their decisions to commute in terms of the money saved on housing. However, commuting is a time consuming process and often many overlook the opportunity cost of intangible aspects, such as the psychological burden or stress derived from longer daily commuting patterns. The challenge exists when consumers are unable to correctly assess the true cost of commuting for their well-being. How much does commuting cost in Dubai? Let’s say the cost of gasoline is AED6.50

this example to AED11,340. A traditional assumption about the value of someone’s time spent on an activity is equivalent to their wage rate. We can apply commuting time in terms of earnings foregone per hour travelling. According to UBS, the average Dubai expat earns Dh59.50 per hour. So a 1-hour daily commute adds another AED9,996 to the annual cost of commuting. Let us now look at some more real time commuting patterns and earning assumptions (see Table 1). So if we take the average Dubai working resident they would need to see a cost saving of at least AED46,452 per annum on rent if they faced a 100-km daily commute each way, assuming all Dubai residents face a 20 minute daily commute (the global average). However if we adjust the average salary to a more modest range, a middle manager/professional earning at AED150 per hour, the cost saving would need to be at least AED76,860. That is without any consideration to the extra time foregone sat in traffic, time spent away from family and the negative health implications of long-term commuting, reported as being “…the longer

the commute, the higher the levels of one's obesity, cholesterol, pain, fatigue and anxiety”. Concluding remarks The analysis of asking rents did show that the rental savings from residing further afield are negligible. In some instances, rental ranges show residents further afield could be in a deficit position once the true cost of commuting is taken into account. All else being equal the numbers support residents remaining within the global average of a 25-30 minute one-way commute. The reasons people choose to live further afield are wide-ranging and typically defined by an income budget and a propensity to allocate a limit to annual housing costs. One also expects to get more space for their money towards the city boundaries, so commuting often suits larger households and families. Without the presence of rail transit systems where one can be more productive during their commuting time, it seems economics is telling us to stay within a shorter commuting pattern in Dubai.

TABLE 1: THE COST OF COMMUTING Commuting distance (km)

Annual commuting distance (km)

Cost of vehicle (In AED)

Earnings forgone (In AED)

Total annual cost (In AED)

21 working Average resident days/mth = 252 commuting days

AED 0.75 per km

Av = 59.50/hour

Single commuter

Michael Waters

30km each way (20 minutes)

15120

11340

9996

21,336

per gallon and the typical 4x4 is working at 30km to the gallon. A full-time employee in Dubai typically works 21 days per month culminating into 252 annual commuting days. So if we assume the average resident in Dubai commutes 30km each way per day that is an annual total distance of 15,120km or AED3,276 on the cost of gasoline alone. However, we need to consider that the cost of gasoline is not the only cost. If we include a typical business mileage claim of AED0.75 per km it gives us a better account of depreciation and vehicle maintenance, increasing cost in

70km each way (40 minutes)

35280

26460

19992

46,452

100 km each way (1 hour)

50400

37800

29988

67,788

Professional

21 working days/mth = 252 commuting days

AED 0.75 per km

Av = 150/hour

Single commuter

30km each way (20 minutes)

15120

11340

25200

36,540

70km each way (40 minutes)

35280

26460

50400

76,880

100 km each way (1 hour)

50400

37800

75600

113,400

October 2014 Issue -23 /// 35

Market

propertyonline.ae

NARROWING IN ON YOUR OFF-PLAN INVESTMENT … Ahid Shaikh, Director of Déjà vu Real Estate, winner of the RERA Honorary award for 2014 speaks about the factors to consider when planning your off-plan investment.

ubai winning the Expo 2020 has been a major catalyst for the Dubai Real Estate growth. Increase in off-plan investments has been seen across the board in the last year, with many developments selling out within 48 hours of release. Off-plan property is one of the main investment options for foreign investors and draws in a large portion of local investors as well. In the current market, the challenge for investors and end-users is in selecting the best option from the array of off-plan projects available. Investors should exercise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move. Investing in an off-plan property can be a daunting proposition for some- where

October 2014 Issue -23 /// 36

to buy, which developer, payment plan, price and location are just some of the factors to keep in mind while selecting your off-plan investment product. In a rapidly growing market like the UAE it is important to take a deeper look and identify which product would stand out from the rest and make the best investment in the long term. LOCATION Selecting the location of where to buy is one of the first factors to consider while investing. Often buying an average property in a great location can be one of the best investment ideas. Some of the important factors to consider while selecting the location of where to buy are- Convenient access to popular places, shops and restaurants; Everyone wants to be near the best commer-

''Investors should exercise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move.''

propertyonline.ae

HISTORY OF THE DEVELOPER UAE offers a wide selection of properties and different kind of developments to choose from. Selecting a developer carefully is an important aspect in planning your investment. Keeping in mind the history of the developer is one of the main points to consider. Many developments in the UAE were plagued by late handovers or from being shelved; millions of dirhams were lost as people invested in developers with no reasonable financial backing. It is the developerâ&#x20AC;&#x2122;s obligation to handover the property on time and as per the schedule agreed and signed by the buyer. Another aspect to consider would be the quality of the construction and final product previously handed over by the developer. When buying an offplan property, we mostly rely on artistic impressions and computer simulations of the final product, knowing what the quality of the projects previously delivered by the developer will give us a good insight into what to expect from the investment. PAYMENT PLAN Buying on a payment plan is often one of the most attractive points while buying an off-plan property. Investors have the benefit of paying a small percentage of 10-20% as deposit to purchase the property and the rest over a period of two to three years depending on completion of the development. The safest kind of payment plan would be one linked to the construction progress of the development. Another type of payment plan to consider is one where

Market

cial districts. The closer you are to the center of town, the better the location and higher the price of the property. It also ensures proximity to the business areas where most of the offices are located. This is a phenomenon proven by decades of real estate sales across the world. In Dubai, one of the best addresses to own a property is Downtown Dubai, location being one of the key factors for this along with many others. Proximity to water or other iconic landmarks is another important factor. No matter where in the world you are based, someone will always pay for a great view or to be close to water.

Downtown Dubai

an initial deposit of 10-20% is paid and the rest is paid on completion of the development. Escrow accounts are another important factor to consider. The escrow accountâ&#x20AC;&#x2122;s aim is to regulate the functioning of the construction process of units sold off-plan, thus safeguarding the rights of investors. PRICE FACTORS Price may often be said to be one of the most important factors while purchasing any kind of property anywhere in the world. Purchasing early is one of the key factors in keeping your investment to as minimum as possible. As construction of an off-plan project progresses, the prices begin to rise steadily

as well. Investing earlier on in a development also gives you the option to select and often purchase some of the Best units in the project. It allows you to choose the most sought after properties which are more likely to offer a higher return on investment in the long run or even the best rental income upon completion. Investing in off-plan developments is an extremely lucrative option for all kinds of investors. Careful selection of your investment will not only reap you financial benefits in the long term but also allows you to purchase your dream home. Reducing risks and enhancing returns is the major consideration while investing in any property. October 2014 Issue -23 /// 37

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Hospitality

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Bulgari Hotels & Resorts Dubai Artist Impression

DESIGNING IT RIGHT! These are exciting times ahead for hotel designers in Dubai. By Nicole Walter/freelance writer

ith forecasts of around 250 hotels, equalling around 80,000 rooms, including hotel apartments, shooting out of the ground by 2020, there is plenty of room for architects and interior designers to apply the latest trends in hospitality design. Expectations are that Dubai, which has welcomed 5.8 million visitors in the first half of this year, the highest figure ever for this yearly period, and they are staying a little longer than before averaging close to four days, will be welcoming 20 million by Dubai Expo 2020. “Our ambitious vision, means the opportunity is now, while the Expo is an important milestone on Dubai’s timeline, it certainly is not the end of a journey. We must offer visitors unrivalled long-term sustainable facilities

and experiences, there are plenty more tourism projects in the pipeline for people to experience Dubai to keep coming back,” Issam Abdul Rahim Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing, said at the Vision Conference, taking place recently in Dubai. To speed up development, Dubai’s Department for Tourism and Commerce Marketing (DTCM), is closely liaising with the hotel industry stakeholders to get things done, offering incentives to build three and four stars faster, as well as working with Dubai Municipality to shorten the time for design approvals to as little as two months. “Just as important is to maintain the high standards of hospitality for which Dubai has become known for, be it a luxury resort, three-star city, or a cosy boutique hotel, it’s the standard

of services that will be remembered. Cheaper doesn’t mean lower standards but low cost-high quality hotels,” Issam emphasizes. “We need to continue to diversify the hotel sector, steps have already been taken to broaden the offering so we can match the full spectrum of visitors, requirements, as well as tastes,” he adds. The design element This is where the hospitality designers come in, which are increasingly looking to social media to identify the trending tastes. “Social media has a big influence on design, everyone these days can write a review on the various booking sites and travel advisors. As a designer you should go through these web pages, look at the images of the

October 2014 Issue -23 /// 39

Hospitality

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“Our ambitious vision, means the opportunity is now, whilst the Expo is an important milestone on Dubai’s timeline it certainly is not the end of a journey. We must offer visitors unrivalled longterm sustainable facilities and experiences, there are plenty more tourism projects in the pipeline for people to experience Dubai to keep coming back,” Issam AbdulRahim Kazim, CEO , Dubai Corporation for Tourism and Commerce Marketing

hotels people prefer when you’re going to develop a similar kind of product. Checking out the look of the building, interior design and so on is one of the key things to do,” says Bart Ledercq, Head of Structures Design at WSP. Chris Brown, VP and Practice Leader at HOK, wasn’t too sure if social media changed the firm’s design ideas. “In terms of driving the design forward we do engage with social media before the opening but I am not convinced if it alters how we design,” he says, adding that Facebook for example may be a great place to seek out hotels but the danger was that once arrived guests, with their nose stuck in the virtual world, wouldn’t take the place in. “You rather engage in the design of a unique experience,” he explains, citing the trend to have large lobbies, which integrate the traditional reception, business centre etc. into one open shared space.

Burj Al Arab, Dubai

“We are redesigning public spaces, where people can engage. Fully integrated technology distracts the guest. Our aim is to engage them in the experience instead of living virtually. We want people to take in their surroundings, and at the same time not have too many things to confuse guests,” Chris describes. Karim Benkirane, Head – Design & Development at Meraas Holding would concur that the future trend is about transformational space. “We don’t just have a lobby but a whole raft of other spaces, millennium travellers look for something more like their own living room, where everything is integrated instead of different spaces,” he says. “From a developer’s perspective it is more efficient, as well. The hotel becomes a smaller building increasing

the revenue per room. In terms of architecture we look for authentic, tangible and honest design in which we’re using local and regional materials, much more earthy,” Karim adds. Influx of more brands Chris says more tailored brands are coming to the market these days. “They have more of a timeless classic look, less extravagance, as well as seamless

T: 04 395 75 45 F: 04 395 75 46 www.candourproperty.com info@candourproperty.com

October 2014 Issue -23 /// 41

Hospitality

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Atlantis, Dubai

integration instead of a dynamic tension between the interior and exterior designs,” he explains. Meraas is bringing the first Bulgari Hotel in a contemporary stylish design to Dubai. Karim reckons there is some confusion when it comes to what the words luxury and opulence actually mean. “The trend in Asia for example is barefoot luxury, you don't see that yet in Dubai but you will see more of that in the coming years,” he highlights. Bart points to another trend, boutique hotels to address the need for more bespoke experiences, as well as increasing requests to design threeand-four star hotels. “Emaar is developing the Dubai Inns and there are more ibis hotels under development. We also

October 2014 Issue -23 /// 42

see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover. The way people want hotels to look like is ever changing,” he adds. The increase in appetite to develop mid-market hotels has been confirmed by DTCM, which has received 51 applications from hotel developers since the start of this year for its incentive initiative, which waves the 10% municipality fee for several years for this type of hotel. At the other end of the scale are the iconic hotels. Ledercq believes architecture is crucial here to make them stand out. “They attract a lot of people, the very first step is to get them into the doors so the design of the building needs to be iconic. From the moment they enter the lobby its up

“Emaar is developing the Dubai Inns and there are more ibis hotels under development. We also see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover.'' Bart Ledercq, Head of Structures Design, WSP

Hospitality

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“In terms of driving the design forward we do engage with social media before the opening but I am not convinced if it alters how we design.” Chris Brown, VP and Practice Leader, HOK.

to the operator to provide the experience. Therefore the operator needs to be involved in the design process, so we can take the brand and guest experience into consideration when designing,” he explains. Karim concurs: “The iconic nature of a hotel means that the Bulgari for example needs to differentiate itself from the other iconic hotels Armani, Burj al Arab etc. the design is not the sole driver, but repeat market is gained through bespoke customer service.” Chris alerts to some complications with design quirks when developers try and make their hotels stand out physically. “Operators need to make the room matrix work. For example, we are in discussions with operators on a hotel, which has slight curves, the rooms, which drive rates cannot be forgotten. You have to clearly understand what your clients want, so there is no disconnect between design and operation,” he says. HOK would also carry out specific market studies, such as for the F&B outlets. “Restaurants are seen as destinations in itself these days,” Chris says. Marcos Cain Director & Founder at Stickman Design is calling for this kind of synergy between food and design. “Large operators’ brand guidelines are becoming a little bit archaic and could be reviewed, there is a lot more we could do. For example we looked at a herb garden feature growing under lights but were told we aren’t farmers,” he describes.

Address Downtown, Dubai

Standing out from the rest Differentiation, with so many new hotels coming up, is the name of the game to stay competitive, and create a cityscape, which visitors can admire. “Around 250 hotels are needed, so if we all start to do the same thing it won’t be interesting anymore. It is the enormous variety of themes we have on offer at the moment, with all the different architectural firms envisioning what hospitality projects should look like, that spices things up. We should encourage this diversity,” remarks Bart. While it was important to find a way to connect with a place in some shape or form, Benkirane doesn’t believe everything had to mimic traditional

Arabic architecture. “We can’t transform all developments to look like the Al Qasr Fort, there are other ways of bringing local culture into the resorts or hotels,” he says. HOK is currently working on the Msheireb Downtown Doha project. Chris highlights that it was about a well thought through contemporary interpretation of the ‘old’. “We have to work harder to integrate historical precedence and modern aspects, producing a contemporary interpretation of existing Qatari architecture, rather than a paper idea on what a culturally relevant building is, such as simply adding an arch here and a mashrabiya there. Developers need to challenge architects to get the design idea right,” he concludes. October 2014 Issue -23 /// 43

Brasilia

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Column

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

CHANGES IN THE UNIFORM SYSTEM OF ACCOUNTS

he American Hotel & Lodging Association (AHLA) issued the new 11th edition of the Uniform System of Accounts for the Lodging Industry (“Uniform System” or “USALI”) in July 2014. The edition reflects the first time that ownership interests were included in the Financial Management Committee that previously comprised only operators, industry consultants, CPAs and educators. This article addresses what owners and operators need to evaluate to understand the impact of the 11th edition on manager fees and performance tests. It is considered to be the guide for hotel owners, managers and other interested parties for reporting and presenting their property’s financial statements. The standardization established by this system permits internal and external users of financial statements to compare the financial position and operational performance of a particular property with similar types of properties in the lodging industry. The 11th Edition was published to keep up with changes brought by recent updates to generally accepted accounting principles in the United States of America (US GAAP), and to International Financial Reporting Standards (IFRS). It also addresses new technology-related items and developments and new terminologies used in the industry. Some of the significant changes are as follows: 1. Hotel Operating Revenues- It requires that hotel operating revenues should only consist of revenues that are controlled or directed by hotel operations. In the past, revenues earned from commercial leases, even if not directly associated with the operation of the hotel and not managed or maintained by hotel operator, were reported as part of rentals and other income. It requires that such items, which include among others, billboards or cell towers, be recorded as part of Non-Operating Income and Expenses, a line item below Gross Operating Profit, and which was previously

referred to as Fixed Charges. The term rentals and other income were also changed to Miscellaneous Income. 2. Service Charges- A service charge is a mandatory amount billed to a guest’s or customer’s account for which the guest or the customer has no discretion as to payment, the amount of the charge, or its distribution to employees. Service charges must be accounted for as revenue and any corresponding payment of service charge to employees is treated as a wage expense. Although the previous edition of the Uniform System addressed the accounting for service charges in the Food & Beverage department, it did not address similar or sometimes related charges in other operated departments. The 11th Edition has addressed service charges on each operated department and has included this on all operated departments for consistency. 3. Information and Telecommunication Systems- A new line item referred to as Information and Telecommunication Systems was added, which should include administrative and complimentary phone and internet connectivity costs, and other telecommunications-related expenses. System costs which were previously reported on specific departments should now be reported as part of Information and Telecommunication Systems. Among other various costs, system costs include the cost for point-of-sale reservation systems, accounting and property management system licenses and maintenance, and related fees. The changes related to the creation of the Information and Telecommunication Systems line item has the most impact. Careful evaluation and analysis should be made for Information and Telecommunication Systems related costs to ensure compliance with the 11th Edition. 4. Non-Operating Income and Expenses- In addition to moving revenues from billboards, cell towers, etc. into this subsection, the 11th Edition requires owner-directed expenses that are not associated with hotel operations (e.g., asset management fees, receiver fees, owner directed market studies or

audits) to be charged to Other, a line item within Non-Operating Income and Expenses. 5. Gross Versus Net Reporting- An entire section in the 11th Edition was added addressing the accounting for certain revenues as either gross or as net. Management must determine whether the hotel is acting as an agent or as a principal and to review various indicators. Some of the indicators which dictate reporting revenues either at gross or at net include agreements between the hotel and the supplier in addition to the standards of service and prices charged to the guest, as well as who assumes the risk of collection. The determination to report revenue on a net or gross basis further influences the classification of a revenue source as Miscellaneous Income or an Other Operated Department. 6. Mixed-Ownership Lodging Facilities- Over the past few years, existing hotel properties were built or converted into residential units, in essence, created mixed-ownership entities like time shares, rental pool arrangements etc. The operation of the mixed use projects does not in and of itself qualify the revenue stream to be recorded in the rooms department. The Management should first consider whether the arrangement should be reported as gross or net, once the revenue treatment is determined, the party who bears the predominant economic risks, whether short term or long term risk has to be considered as well. The consideration of such dictates the accounting for the various expenses incurred by the property to rent and service the units, such as labour cost and related expenses and operating expenses. 7. Rent for Staff Accommodation - Payroll cost will no longer have the cost of accommodation. However the amount paid as allowance would still be shown as accommodation allowance in the Salary and wages section. Added clarification that rent of buildings used for employee housing should be included herein. However, rent reimbursement to employees and the cost of operating employee housing is a Payroll Related Benefit. Due to the standardization provided by the USALI, most, if not all, mortgage/loan agreements, franchise agreements and hotel management contracts contain specific provisions that require hotel owners and operators to prepare their financial statements in conformity with the Uniform System. Changes required by the Uniform System may also affect the basis for management incentive compensation amounts which are based on departmental results. Therefore, it is important that the hotel owners become knowledgeable of the changes as soon as possible. Although the 11th Edition is not effective until January 1, 2015, hotel owners and operators should start evaluating the potential impact of the changes required by the 11th Edition.

October 2014 Issue -23 /// 45

LISTINGS

COMMUNITY SPECIALIST

PALM JUMEIRAH

S P E C I A L I S T

Tel +971 4 3882220 | www.aquaproperties.com

J U M E I R A H Z A B E E L S A R AY 4 & 5 B E D V I L L A  A R E A S Q F T 6 , 3 4 7 - 7, 0 8 7  F U L LY F U R N I S H E D | S E A V I E W Starting @AED 26,000,000 D R E A M PA L M R E S I D E N C E 4 B E D V I L L A  A R E A S Q F T 7, 6 8 3  SEA VI EW | PR I VATE POOL & GAR DEN AED 25,000,000 VI CER OY HOTEL B ED VI LLA  AR EA SQ FT 3 , 2 6 9  PR I VATE POOL, TER R ACE & GAR DEN AED 1 2, 81 2, 500 FAIRMONT RESIDENCE  2 BED + M A I D A P A R T M E N T  AREA 1 , 8 2 0 | T Y P E E  SEA VIEW AED 4,800,000 SHOR ELI N E APAR TMEN TS - AL AN B AR A 2 B E D + M A I D A PA R T M E N T A R E A S Q F T 1 , 6 4 6 PA R T I A L S E A V I E W AED 2,650,000 GOLDEN MILE 1 B E D A PA R T M E N T A R E A S Q F T 1 , 3 5 0 | T Y P E F CO M M U N I T Y V I E W AED 2,200,000 TIARA AQUAMARINE 1 B E D A PA R T M E N T A R E A S Q F T 1 , 3 5 9 | T Y P E F P O O L V I E W AED 2,301,555 MARINA RESIDENCE 1 B E D A PA R T M E N T  AREA SQ FT 1 , 0 7 1 | R E N T E D CO M M U N I T Y V I E W AED 1,700,000 4

Dorothy Biro

+971 56 1053655 Dorothy@aquaproperties.com BRN : 29200

Antonina Turdalieva +971 55 4226575 Antonina@aquaproperties.com BRN : 28442

S P E C I A L I S T

Tel +971 4 3396222 | www.spfrealty.com

PLOT: G+1 A R E A S Q F T: B UA . 4 4 0 0 N O R M A L V I E W AED: 275AED PER SQ.F PLOT : G+4 SQFT: B UA 67,000 PLOT. 24000 V I E W : PA R K AED: 180AED PE.FT  AR EA

VILLA : INDEPENDENT MEDITERRANEAN STYLE

 2B EDS+MAI D  AR EA

SQ FT:2690 PLOT. 2690

 COMMUN I TY

AED 3,000,000 VILLA :ARABIC STYLE 4 B E D S A R E A S Q F T: 37 1 8 V I E W: CO M M U N I T Y A E D 4 ,1 0 0,0 0 0 VILLA : MEDITERRANEAN STYLE

4BEDS A R E A

SQ.FT: 3175 COMMUNITY AED 3,500,000

V I E W:

VILLA :ARABIC STYLE

2BEDS+MAID A R E A

S Q . F T : 2 6 9 0 P L O T 74 0 0 COMMUNITY AED 3,200,000

V I E W:

TOWNHOUSE BEDS A R E A S Q . F T: 2 9 9 2 CO M M U N I T Y AED 2,700,000 2

TOWNHOUSE BED A R E A S Q . F T: 1 6 3 6 CO M M U N I T Y AED 1,650,000 1

Teddy (Brn: 25252)

- Agent Jumeirah Village +971 567295059 ah@spfrealty.com

COMMUNITY SPECIALIST

JUMEIRAH VILLAGE

COMMUNITY SPECIALIST

THE LAKES

S P E C I A L I S T Tel +971 4 422 5750 | www.exclusive-links.com

DEEMA TYPE 4  4 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 7000, BUA 3,703  VIEW: PARK & POOL AED 6.45 MILLION GHADEER TYPE 1E  3 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 6,800, BUA 3,105  VIEW: PARK & POOL AED 5 MILLION GHADEER TYPE 2E  3 BEDS + STUDY & MAIDS  AREA SQ.FT: PLOT 5,600 BUA 2,788  VIEW: PARK & POOL AED 4.9 MILLION GHADEER – TYPE 3M  3 BEDS + STUDY  AREA SQ.FT: PLOT 3,122 BUA 2,485  VIEWS: COMMUNITY AED 4 MILLION MAEEN TYPE 17  4 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 6,500 BUA 3,950  VIEWS: COMMUNITY AED 6.5 MILLION MAEEN TYPE C END UNIT (EXTENDED)  3 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 4,200 BUA 3000  VIEW: PARK & POOL AED 4.2 MILLION ZULAL TYPE C MIDDLE  3 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 3,200 BUA 2,552  VIEW: COMMUNITY AED 3.7 MILLION DEEMA TYPE 5  3 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 4,921 BUA 3,628  VIEWS: PARK & POOL AED 5.65 MILLION DEEMA TYPE 4  4 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 5,190 BUA 3,703  VIEW: PARK & POOL AED 5.85 MILLION DEEMA TYPE 2 CORNER  4 BEDS + MAIDS & STUDY  AREA SQ.FT: PLOT 6,200 BUA 4,019  VIEW: PARK & POOL AED 6.8 MILLION

Christina Steinhoff -Client Manager Cornelia Gould - Client Manager +971 50 768 0533 | christina@exclusive-links.com BRN: 29137

+971 56 115 9043 | cornelia@exclusive-links.com BRN. 26800

Tel +971 4 4537375 | www.pennington.ae info@pennington.ae | ORN No. 12512

S P E C I A L I S T

FO R SA L E LE G ACY  3 - B E D A PA RT M E NT  A R E A : 3 , 50 0 SQ . FT.  M A ID ’ S R O O M A E D : 4 ,70 0,0 0 0 (P N- S -1485 ) LE G ACY  4 - B E D A PA RT M ENT  A R E A : 4 , 3 35 SQ . FT.  M A ID ’ S R O O M A E D : 5, 9 0 0,0 0 0 (P N- S -15 02) REGIONAL  4 - B E D A PA RT M ENT  A R E A : 3 , 50 0 SQ . FT.  M A ID ’ S R O O M A E D : 5, 8 50,0 0 0 (P N- S -1520 ) LE G ACY SM A L L  3 - B E D A PA RT M E NT  A R E A : 3 ,0 63 S Q . FT.  P R IVAT E SW IM M ING P O O L A E D : 4 ,0 0 0,0 0 0 (P N- S -1488 ) J U M E I R A H PA R K  3 - B E D A PA RT M E NT  A R E A : 3 , 527 S Q . FT.  M A ID ’ S R O O M A E D : 3 , 9 0 0,0 0 0 (P N- S -1523 ) FO R R E N T LE G ACY SM A L L  3 - B E D A PA RT M E NT  A R E A : 3 ,0 63 S Q . FT.  H U G E L IV IN G R O O M A E D : 2 2 0,0 0 0 ( P N- R-15 14) R E G I O N A L S M A LL  3 - B E D A PA RT M E NT  A R E A : 3 ,0 63 S Q . FT.  B R IG H T WA L L S & INTERIO RS A E D : 2 2 0,0 0 0 ( P N- R-15 13 ) LE G ACY L A R G E  3 - B E D A PA RT M E NT  A R E A : 3 , 50 0 SQ . FT.  P R IVAT E SW IM M ING P O O L A E D : 2 6 0,0 0 0 ( PN- R-15 10 ) LE G ACY  4 - B E D A PA RT M ENT  A R E A : 4 , 3 35 SQ . FT.  H U G E L IV IN G R O O M A E D : 3 0 5,0 0 0 ( P N- R-15 17 )

Adam Mahdoul

Jumeirah Park Specialist +971 55 139 9866 | adam@pennington.ae

COMMUNITY SPECIALIST

JUMEIRAH PARK

BUSINESS BAY

S P E C I A L I S T

Tel +971 4 395 7593 | www.snsprop.com

Talha (RERA ID – 28747) +971 55 6431582 | talha@snsprop.com

RESIDENTIAL EXECUTIVE TOWERS  TYPE: 1BR, 2BR, 3BR & 4BR  AREA SQ.FT: 1288 ONWARDS AED 1200/ SQFT ONWARDS

COMMERCIAL BAY SQUARE  TYPE: OFFICE  AREA SQ.FT: 1579-4466  TYPE: OFFICE AED 1150/SQFT ONWARDS

EXECUTIVE BAY  TYPE: STUDIO  AREA SQ.FT: 483 AED 750,000 AED

BAYSWATER  TYPE: OFFICE  AREA SQ.FT: 750 AED 1,050,000

EXECUTIVE BAY  TYPE: 2BR (FULLY FURNISHED)  AREA SQ.FT: 1020 AED 1,725,000

EMPIRE HEIGHTS (FULL FLOOR)  TYPE: OFFICE  AREA SQ.FT: 10,305 AED 940/ SQFT

PLOTS WE HAVE THE WIDEST VARIETY OF PLOTS (MIXED USE, RESIDENTIAL, COMMERCIAL) ON THE LAKE AND MEYDAN FACING.

COMMUNITY SPECIALIST

SNS PROPERTIES

COMMUNITY SPECIALIST

RERA # 203

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

Tel +971 4 430 8902 | www.castlesplaza.com pawittar@castlesplaza.com

OLYMPIC PARK  1 BED  AREA SQ.FT: 987  VIEW: GOLF COURSE AED 1,100,000 | RENTED ROYALE RESIDENCE 1  2 BEDS  AREA SQ.FT: 2052 Duplex  VIEW: FULL GOLF COURSE AED 1,650,00 | VACANT ROYALE RESIDENCE 1  1 BED  AREA SQ.FT: 1040  VIEW:SWIMMING POOL AED 832,000 | VACANT ROYALE RESIDENCE 1  2 BEDS  AREA SQ.FT: 1503  VIEWS: FULL GOLF COURSE AED 1,352,700 | VACANT ROYALE RESIDENCE 1  2 BEDS  AREA SQ.FT: 1502  VIEWS: GOLF COURSE, COMMUNITY AED 1,201,536 | VACANT GOLF VIEW RESIDENCE  1 BED  AREA SQ.FT: 900  VIEW: GOLF COURSE + EMIRATES ROAD AED 1,250,000 | RENTED CHAMPION TOWER  3 BEDS  AREA SQ.FT: 1500  VIEW: COMMUNITY VIEW AED 1,400,000 | HANOVER AFTER A MONTH

Pavi (BRN 9821) +971 50 30 66767

- Agent Sports city

Prestigious Villas for Sale VI KE A L

Emirates Hills E Sector

A stunning 5 bedroom, plus study, villa in Emirates Hills benefitting from a fantastic location facing the lake. With a built up area of approximately 9,500 sq. ft., this family home offers modern living with 3 reception areas and dining room. Downstairs there is also a separate kitchen, a maidâ&#x20AC;&#x2122;s room, storage, a powder room plus guest bedroom with en-suite. Upstairs boasts four en-suite bedrooms, a study also with en-suite as well as a good-size family area. The garden is tastefully landscaped with a large heated/chilled pool. The pool includes water features plus 2 separate seating areas, one with a bar. This property also has 2 additional staff quarters outside of the property.

5 Bedrooms Plot: 21,000 sq. ft. Fully Furnished

AED 35,500,000/Mohamad 050 903 4245 BRN. 6240

Palm Jumeirah

Gallery View Signature Villa This villa offers an abundance of space, natural light and elegant finishing. Offering over 7,000 sq. ft. of living space and an almost 14,000 sq. ft. plot size this is an exceptional 6 bedroom family home, in immaculate condition. There is an opportunity to purchase the villa fully furnished, making it the perfect turn-key solution for the right buyer. All the marble flooring, wood work, lighting and cabinets have been polished, revelled, re-stained and are all in perfect order. The interior design includes antique furniture, lighting and remote operated curtains and blinds. The kitchen has been upgraded to offer a contemporary finish with all the mod-cons.

RA DE D

6 Bedrooms Plot: 13,400 sq. ft. approx. Stunning Sea and Burj Al Arab views

AED 34,000,000/Sammi 050 672 8766

BRN. 7256

GENERAL LISTINGS

REAL ESTATE

I EV N I YL

The Lakes Hattan L2

This 6 bedroom stunning villa is spread over 3 floors, each with its own balcony or terrace. A sprawling courtyard entrance adds to the grandeur of the property. On entering you will be welcomed by a huge open plan living and dining area. A superbly equipped kitchen will offer you all the room you need for culinary entertaining. The bedrooms are well presented with fitted wardrobes and en-suite bathrooms. The large terrace on the third floor, offers a great alternative for an entertainment area. The landscaped gardens make way for a generous swimming pool, with Jacuzzi, coupled with the sublime vista of Emirates Golf Course and the imposing Dubai skyline in the background. This is truly a property with a view.

6 Bedrooms Plot: 12,400 sq. ft. Golf course view

AED 18,999,955/Alastair 055 106 6926 BRN. 23169

Real Properties from Real Estate Agents

For Sales and Rental Enquiries

04 306 9999

REAL ESTATE

www.espace.ae

Exclusive with Espace I EV K LA

Meadows Hattan L1

One of the most unique and spectacular homes in the whole of The Meadows community. Located on a larger than average plot of approximately 12,000 sq. ft., this excellent family home comprises 5 bedrooms plus maids room and study as well as a swimming pool and outdoor area with breathtaking panoramic views across the lake. This is genuinely one of the best and longest lake views available in Dubai and at over half a kilometer, this is a view only available to a few villas. The property boasts a double garage to the left with a large landscaped driveway leading to the front door. Upon entering the villa, you will notice the fantastic finishing throughout, including dark wood flooring and paneling. Immediately to the right is a large bedroom with en-suite, and if you look at floor plans for other L1's you will see the connecting patio area.

5 Bedrooms Plot: 12,000 sq. ft. Close to park & pool

AED 13,500,000/John 052 774 2223 BRN. 25393

L GO

Arabian Ranches

Mirador La Coleccion â&#x20AC;&#x201C; Type 17

OU RSE VIE

Set on a quiet edge of the Ranches Golf Course, this luxury villa is also positioned at the end of the cul de sac of the avenue, guaranteeing little traffic. The visual appeal of the high vaulted living room ceilings is significant and with it the palpable cooling effect of the open space. The Type 17 enjoys; 5 bedrooms, one of which is a spacious downstairs guest bedroom with adjacent bathroom, perfect for elderly family members who come to stay or easily transformable into a private study. This villa is nestled on a comfortable, well aired, plot of almost 8,200 sq. ft. with a beautiful private pool enjoying great privacy.

5 Bedrooms Plot: 8,200 sq. ft. Cape reed pergola

AED 6,750,000/Patrick 050 940 0865

ION

BRN. 8810

AT LOC E RIM

Springs 2 Type 3M

This villa is meticulously maintained within the prestigious and most desired Springs 2 community. The property offers 3 bedrooms, a contemporary kitchen and double parking. The main floor has a spacious living area with access to the yard and enjoys natural lighting. This villa has been well kept and offers an ideal location in the upper Springs. It offers 2,455 sq.ft. of luxury Dubai living. Make use of a landscaped garden that is perfect for entertaining. The villa is conveniently located close to pool and park and also offers easy access to all the amenities customary to this well-established area.

3 Bedrooms Plot: 2,778 sq. ft. Near park & pool

AED 3,250,000/Andre 055 395 5288 BRN. 29164

ORN: 936

GENERAL LISTINGS

Jumeirah Golf Estates

Offered for sale is this luxury 5 bedroom brand new family villa located at Sienna Lakes, Jumeirah Golf Estates. The development nestles on the edge of the 18 hole Fire golf course and offers spectacular lake and golf course views. Sienna Lakes offers only 68 exclusive luxury villas offering 4,5 and 6 bedrooms of exceptionally high specification including Versace floor tiling, Poggenpohl kitchens with fitted Miele appliances, burglar alarm, fire alarm and CCTV are all standard. All villas come with private pools and fully landscaped gardens as standard and these delightful homes are ready to move into straight away. We proudly offer this lovely key ready Sonoma villa described as follows: Basement : Suitable for gymnasium or home cinema Ground floor with a guest bedroom and en-suite , large family room with access to the outside courtyard , dining area, separate living room with views to the rear of the property and golf and lake, kitchen with Poggenpohl fitted kitchen, Miele appliances throughout with central island cooking station, laundry room with Miele washer and dryer. First floor offers a further 4 good sized bedroom including master suite with dressing room, en-suite and balcony overlooking the courtyard. A further three bedrooms all en-suite with bedroom 3 offering small adjoining room ideal for small study or further dressing area. All bedrooms are fitted with high quality wardrobes. High specification floor tiling and wooden flooring throughout the villa, plus carpets to the dressing room areas. Externally there is a two car garage with electric up and over doors, off road parking, external entrance to maids room, private swimming pool to the rear with views overlooking the lake and golf course of the Fire Course in Jumeirah Golf Estates.

Selling Price: AED 11.5M net *Mortgages are available on this property

PAUL BENNETT (BRN 29192) +971 55 417 1195 paul.b@pbredubai.com

Dubai's Boutique Agency

+971 4 442 5434 | ORN 11959 Valencia, Lime Tree Valley

Tarragona, Lime Tree Valley

5 Bed | Lake and Park View | AED 12,000,000

6 Bed | Lake Views | AED 12,500,000

Sienna, Sienna Lakes

Mirabella, Sienna Lakes

5 Bed | Golf Views | AED 13,500,000

5 Bed | Community Views | AED 11,950,000

Granada, Lime Tree Valley

Plots for Sale

5 Bed | Golf Views | AED 10,100,000

Golf Views | AED 3,875,000

Almeria, Lime Tree Valley

Girona, Lime Tree Valley

4 Bed | Golf Views | AED 7,700,000

5 Bed | Landscape Views | AED 8,800,000

info@pbredubai.com | www.pbredubai.com

toll free

800773 S

RUSTIC GLAMOUR

PORTO FINO REAL ESTATE DEVELOPMENT INTRODUCES THE FIRST OF IT’S SERIES OF DEVELOPMENTS, DESIGNED AND INSPIRED BY THE MEDITERRANEAN COAST. MONTE CARLO, KNOWN FOR IT’S CHIC TASTE AND FINE LIVING IS NOW ACCESSIBLE THROUGH THE DESIGN OF THIS TRIPLE BAND FAÇADE, ADORNED WITH STRIATIONS OF GLISTENING GLASS, TEXTURED STONE, AND ORNAMETAL BOUGAINVILLEA. THE DEVELOPMENT TRANSPORTS YOU FROM SOFT, LIGHT TONES TO WARM, DEEPER HUES. TEXTURES AND COLOURS OF MATERIALS HAVE BEEN CAREFULLY SELECTED TO DELIVER AN ENVIRONMENT OF GLAMOUR, WHILE ENHANCING PEACE AND SERENITY.

LOCATION - JVC

CONCEPT FRENCH RIVIERA

DEVELOPERS

THE NEW CENTRE OF DUBAI

APARTMENTS WITH 1, 2 & 3 BEDS

WITH A HAUTE DESIGN CULTURE

STARTING AT

CONSTRUCTION STARTED

AED 872,355/WITH 30/70 PAYMENT PLAN* *Only For 2 and 3 Bedroom Units COMPLETION SEPTEMBER 2015

montecarloresidences.com Developer (ORN: 1021)

+971 4 3882220 SERENITY LAKES - JVC

OLGANA TOWER - AL SUFOUH S IT G UN IN W AIN FE EM R

FREEHOLD APARTMENTS AVAILABLE FOR SALE UNRIVALED PAYMENT PLAN

1,2,3 & 4 BEDROOMS SIMPLEX AND DUPLEX

5% BOOKING

STUNNING VIEWS OF PALM JUMEIRAH, THE ARABIAN GULF & BURJ AL ARAB

5% 30 DAYS 40% CONSTRUCTION LINKED MILESTONES

PRESTIGE PROPERTY IN A GATED COMMUNITY

10% ON COMPLETION

ESCROW NO. : 001582348323101 PROJECT NO : 138 DEVELOPER : ABYAAR REAL ESTATE DEVELOPMENT

40% PAYABLE IN 2 YEARS AFTER POSSESSION

G IN LL ST SE FA

BEST OFF PLAN OPPORTUNITY JVC

CONSTRUCTION LINKED PAYMENT PLAN BEAUTIFULLY FINISHED STUDIO, 1 & 2 BEDROOM APARTMENTS

INVEST NOW TO GAIN OVER 12% RENTAL RETURN

OPTIMUM LOCATION EASY ACCESS TO AL KHAIL ROAD

STUDIO STARTING @ AED 362,000/-

RESIDENCE AMENITIES & SERVICES CLUB HOUSE, SPA, FITNESS CENTER, POOL & JACUZZI

1 BEDROOM STARTING @ AED 691,000/-

ESCROW NO. : 0016204988951 PROJECT NO : 1555 DEVELOPER : GULF LAND PROPERTY DEVELOPERS LLC

2 BEDROOM STARTING @ AED 1,418,000/-

ARABIAN RANCHES

CULTURE VILLAGE

DUBAILAND

MIRADOR LA COLLECCION TYPE 14

D1 TOWER

THE VILLA - MAZAYA TYPE A1

4 BED+MAID, 5 BATHS, WELL PLANNED,

MOST DEMANDED LAYOUT "01" 3 BED+ MAID,

5 BED+MAID, 3,600 SQ.FT. BUA,

3,809 SQ.FT. BUA & 7,400 SQ.FT. PLOT, VACANT,

2,018 SQ.FT. FULL CREEK & WATER VIEWS

6,000 SQ.FT. LANDSCAPED PLOT,

Johnny (BRN 31388)

MOVE IN TODAY

056 6967268

AED 5,400,000/-

AED 5,250,000/-

Dorothy (BRN 29200)

056 1053655

HIGHLY SOUGHT AFTER LOCATION

AED 3,850,000/-

Khusro (BRN 27523)

DUBAI MARINA

DOWNTOWN

DUBAI SILICON OASIS

MAG 218

BURJ VIEWS TOWER A

LA VISTA 1

SPACIOUS 1,558 SQ.FT. 2 BED APT,

789 SQ.FT. 1 BED + 1.5 BATHS,

725 SQ.FT. 1 BED APT, 1.5 BATHS,

2.5 BATHS + FULL VIEWS, POOL FACILITIES &

POOL, GREAT FACILITIES & SHOPPING,

TRAM STOP AT DOORSTEP

AED 2,400,000/-

Sofiene (BRN 31373)

056 7559188

PARTIAL FOUNTAIN & B.BAY VIEWS

AED 1,625,000/-

055 8992429

POOL & PARKING FACILITIES

Yasmine (BRN 28107)

050 3544377

GREAT INVESTOR DEAL

AED 695,000/-

Abdul Razak (BRN 28441)

050 3048467

Contact us for multiple listings in your area of choice for sale and rent, or list your properties by emailing us at info@aquaproperties.com You can also subscribe to receive information via email for our upcoming developments in strategic locations launching soon! RERA ORN # 303

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

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GENERAL LISTINGS

aquaproperties.com

From Our Readers

propertyonline.ae

READERS' PAGE

Compiled by Reshmi Raveendran

When did you land in this ‘Land of Dreams’ called Dubai? I was born here ... so all my life.

Where do you stay? I live in Sharjah.

Which are the top three places in Dubai you love to hang out in? My favourite areas in Dubai are Jumeirah, Burj Khalifa and Dubai Mall.

Abdelkhaliq Abdalla - Emirati Head of Engineering and Development, Sharjah Airport Services

When did you land in this ‘Land of Dreams’ called Dubai? I came to Dubai in May 2014. Where do you stay? I am staying currently in Dubai Silicon Oasis. Which are the top three places in Dubai you love to hang out in? I usually go to the Dubai Mall area, Palm Jumeirah and Jumeirah Beach.

Akram Barhoush - Jordanian Admin and Finance Manager, Greenland Co. LLC

When did you land in this ‘Land of Dreams’ called Dubai? In 2005, I came to Dubai looking for a job.

Where do you stay?

I am now living in Al Nahda, Sharjah.

Which are the top three places in Dubai you love to hang out in? I love greenery so I frequently visit Nad Al Sheba. I also love Downtown Dubai and Palm Jumeirah.

Santhosh Kumar - Indian

Sales Manager, Al Zayan Auto Parts LLC

If you wish to be featured on this page, contact us at editor@propertyonline.ae

October 2014 Issue -23 /// 66

PROPERTY EVALUATION

LEASING INVESTMENT ADVICE

SALES INVESTMENT ADVICE

INVESTMENT ADVICE

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LEASING LEASING

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