///// Issue 38 - January 2016
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COMMUNITY MANAGERS’ WORKSHOP AND SOCIAL EVENING
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TIME FOR TENANTS TO REJOICE RENTS FALL IN DUBAI
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PROPERTY TIMES PEOPLE’S CHOICE DEVELOPERS AWARDS 2015
RIDING ON THE SUCCESS OF THE FIRST EDITION OF PEOPLE'S CHOICE REAL ESTATE AWARDS, PROPERTY TIMES AND PROPERTYONLINE.AE ARE PROUD TO ANNOUNCE THE LAUNCH OF THE MOST PRESTIGIOUS AWARDS FOR DUBAI REAL ESTATE DEVELOPERS.
For more info email: awards@propertyonline.ae
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Senior Graphic Designer nysam@propertyonline.ae Binesh Panicker Editor-in-Chief & Co-Founder
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SRIKANTH Reddy
NEW YEAR‌ MORE HOPES
E-magazine support srikanth@propertyonline.ae
While the last year didn't really end on a high note, the real estate industry members have so far shown a positive attitude since the beginning of this year. One big difference is that nobody is complaining and they are focusing more on customer service and keeping their costs to a minimum. It is a welcome trend as the market doesn't need panic-stricken agents or sellers. Currently, Dubai is showing the world how mature its real estate market has become in a short period of time. While the whole world is going through turmoil due a number of factors such as low oil prices, Dubai is still offering its investors a healthy return of about 8% (or more in some cases) on real estate investments. Prices aren’t falling drastically and rents have marginally come down in certain areas (read our cover story) and it clearly shows the Dubai real estate market is the place to invest in. An investor always looks for stability in any market he invests in and since the global financial downturn, Dubai has been a leading investment destination for investors from all across the globe as it offers more stability than many markets in the world, primarily
MARY Grace Antonio
because of the stringent rules and regulations introduced and implemented by government bodies such as Dubai Land Department and Real Estate Regulatory Agency (RERA). In this issue of Property Times, we take a look at project launches Damac and Danube, which is indicative of the fact that the developers are undeterred by the current slowdown and are extremely positive about the immediate future of Dubai property market. We do have our regular expert features and apart from that this month we feature two young and passionate ex banking professionals who got together to set up Uber Homes, which is already an award winning firm in just two years. Wolf of Real Estate tells our readers whether to hold on to their properties or sell, while Kunal Puri of La Capitale shares with us his thoughts on whether it is the best time to buy now. There are many other informative articles in this, which I am sure you will enjoy reading.
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January 2016 Issue -38 /// 5
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FROM THE EDITOR
Presenting
1
The Art Of Living
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High Standard Communal Areas, Gymnasium and Swimming pool, Children play areas, Ample parking spaces.
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COLUMN BY Cecilia D’Cunha ACS, LLB
11
NEWS AND ANALYSIS: Mada Residences
12
NEWS AND ANALYSIS: Ritz Launch
14
NEWS AND ANALYSIS:
Navitas Hotel and Residences
28
COLUMN BY Wolf of Real Estate
30
COLUMN BY Kunal Puri, La Capitale
34
INTERVIEW WITH
Managing Partners of Uber Homes
38
COMMUNITY TIMES:
Community Managers’ Social Evening
16
AN OPPORTUNITY
To Buy Five Star Hospitality
18
NEWS AND ANALYSIS: Commercial Sector
Review of 2015 by Reidin
40
COMMUNITY TIMES: Rainy Day Tips
42
INTERIOR TIMES:
An Inspiring Home Decor Destination
44
20
INTERNATIONAL TIMES: Products Watch
MORTGAGE EXPERT:
Katja Dammann, MortgageMe
46
22
Exclusive Listings
LEGAL EXPERT:
Jerry Parks, Taylor Wessing
Dubai Land Department
08
Cover Story:
Good News for tenants?
24
Heading In The Right Direction
32
Community Times:
Community Managers’ Workshop
January 2016 Issue -38 /// 7
36
propertyonline.ae Land Department, Dubai
NEWS & ANALYSIS
GOVERNMENT INNOVATION LEADERSHIP TRAINING LAUNCHED BY DREI
T
he educational arm of Dubai Land Department, the Dubai Real Estate Institute, commonly known as DREI has announced the “Government Innovation Leadership Training� a revolutionary training program dedicated to equip all government leaders, current and future management leaders the public service of United Arab Emirates by
January 2016 Issue -38 /// 8
integrating the virtually apposite strategies and tools to overcome challenges in developing innovative projects. Held on 24th and 25th of January 2016, the two-day course plan to target managers from the public sector and people with managerial roles in various sectors. "We are trying through these courses to translate the message that the Dubai Real Estate Institute stands for the
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NEWS & ANALYSIS deployment of real estate knowledge and ensure sustainability among all parties concerned, especially since the development of managers' skills in targeted sectors means eventually upgrading the prospects for the real estate sector, which is one of the elements of the economy in the Emirate of Dubai,” said HE Sultan Butti Bin Mejren, Director General of DLD. He also added that, "We have designed the content of the session to provide all participants from the government sector managers, and those candidates for advanced management positions in their organizations, with the tools and skills that will help them in completing their tasks highly efficient performance. The course will focus on providing positive strategies that help them overcome the challenges through their development of creative projects." During the course participants will have the chance to familiarize themselves with the crucial processes to be implemented in the unique urban innovations, enhance their analytical skills to incarnate innovative thinking and ideas to develop functional and innovative urban projects, implementing leadership best practices by personifying and regenerating creative ideas and innovation in their team, and master innovation and communication to exceed the stakeholders’ expectations. DREI assures the participants that those courses provided by Christopher
Hire, will help them to conduct an in-depth analytical study on other Governmental innovative strategies as a learning prototype, gain a deeper insight on the processes by investigating various technological amenities to support digital and social innovation work, and acquire the proactive approach to understand and be proactive on government
challenges for innovation. Christopher Hire is the Executive Director of Analysis; he is a specialist in the topic of Innovation Cities™, data analytics and modelling innovation processes, having modelled the historical and current innovation processes for clients. He established the Innovation Cities™ Program in 2007 from original 2005 research. January 2016 Issue -38 /// 9
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WHY IT MAKES SENSE TO BUY A PROPERTY VIA A COMPANY? By Cecilia D’Cunha ACS, LLB
S
etting up an offshore company in Dubai is fairly simple thanks to the initiatives of the government, which has permitted the setting up of such entities in the Jebel Ali Free Zone (JAFZA). A JAFZA company can be used for the ownership of properties developed by major real estate corporations, such as Dubai Properties, Nakheel, and Emaar Properties. However, they have to be approved by JAFZA and a No Objection Certificate (NOC) must also be obtained from the authorities. Offshore companies are used around the globe to keep real estate or investments in good hands and this is not a novel concept. In the majority of jurisdictions, there is an assurance of confidentiality and the beneficiaries’ details stay with the company’s registered agent. Companies are allowed to have a bank account with local banks as long as due diligence is observed. As such banks in the UAE facilitate such requests. It is also possible to receive commission for consultancy services offered offshore and to trade outside the UAE. Individuals, who want to purchase properties in Dubai for investment, leisure or retirement
January 2016 Issue -38 /// 10
purposes, can enjoy plenty of benefits by establishing a company here. For instance, they can address matters related to capital gains tax, inheritance and so on. As far as the inheritance tax and the succession of property are concerned, each country has a different set of rules and regulations. It is now common knowledge that wealthy individuals should always have a Last Will and Testament (will). If the person cannot make a will, he or she may want to turn to an offshore company for holding the property. Interestingly, the shareholder could be a global offshore company rather than a person. The company can also be one that allows joint ownership so as to pass the company assets onto the children or spouse without any problems. If you want to buy a property in Dubai, it is recommended that you consider doing it by setting up a company. Since companies stand the test of time, holding a property via a company can help address a lot of issues. Besides the ease of transfer of ownership becomes, the following are some of the other salient advantages: · Privacy and concealment of ownership
· Dividends · Asset preservation · Tax mitigation Properties in Dubai, therefore, can be owned as individuals or companies. Each circumstance is different and there are obviously pros and cons associated with it. However, if you have plans to sell, buy or rent property in Dubai, you should take into account all the factors and make this decision with the help of professionals. Regrettably, many investors buy real estate in Dubai personally without taking into account the possible consequences and as a result, they face complications later on. Therefore, it does make good sense to buy property via a company to reap many benefits, have some degree of control over your legacy and have peace of mind.
About the Author Cecilia D’Cunha ACS, LLB, Director of Zenesis Corporation is a qualified business incorporation expert who is one of the pioneers in the field of company formation in the Middle East. For more details visit www.zenesiscorp.com
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MARKET
MADA RESIDENCES BY ARTAR REAL ESTATE DEVELOPMENT
A
RTAR Real Estate Development, the property development arm of Saudibased Abdul Rahman Saad Al-Rashid & Sons Co. , announced the launch of its first luxury residential project in UAE- Mada Residences in Downtown Dubai. Mada Residences is seeking to offer a premium lifestyle with its 193 spacious units of various sizes. Designed with the prime use of floor- to- ceiling glass windows, each unit are styled to be light, airy and spacious. The project consists of luxury rooftop swimming pool, children’s pool and terrace lounge that offer stunning views across the city, as well as enjoy sauna and steam rooms, Jacuzzi, a state-ofthe-art gym and a multi purpose residents lounge. “Mada Residences has been launched to bring a new
standard of living to one of the most sought after addresses in the UAE, Downtown Dubai. Each apartment, whether one, two, three or the exclusive four-bedroom, is highly appointed and characterised by generous living areas and modern finishes. Our intelligent design focuses on a spacious, well-designed and crafted ‘livable’ property - this shines through in every apartment at Mada Residences,” said Sulaiman Abdulrahman Al Rashid, CEO of ARTAR Real Estate Development L.L.C. The luxurious apartment also has a very investor friendly payment plan, which requires 30% payment during the first one year and the rest 70% to be paid upon completion of the project. The company is also in the process of establishing agreements
with the local banks to facilitate a convenient terms for the customers. “ARTAR Real Estate Development is committed to providing exceptional workmanship to create well-crafted apartments. Mada Residences is the company’s first premium residential offering in Dubai and boasts all the hallmarks of our construction excellence that has made us such a force in Saudi Arabia. We are delighted to make Mada Residences available to investors – blending livability with a customer-friendly payment plan in a superior location in Downtown Dubai,” added Abdulrahman. ARTAR brings Mada Residences to Dubai with the hope to showcase its 50 years of experience in the construction and development sector. This is also its first step to becoming a global developer.
January 2016 Issue -38 /// 11
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NEWS & ANALYSIS
RITZ- AN AFFORDABLE HOME BY DANUBE
D
anube Properties, the developer of the much talked about Glitz project, returns with yet another affordable home project in Dubai. Ritz is a twin tower located in Al Furjan with an estimated value of AED300 million. The neighbourhood was carefully chosen keeping in mind its close proximity to the Dubai South that hosts the Al Maktoum International Airport and the World Expo 2020. The concept of Ritz upholds the ideals of maximum space utilization, which was conceptualized by Danube’s partnership with a Spanish home technology solution. The sofa-cum-bed in the living room with the bed tucked into the wall as part of the interior home décor with a sofa set is a very good example of it. The bed, when released from the
January 2016 Issue -38 /// 12
wall, gradually falls on the ground as a bed, ready to sleep in. Additionally, the collapsible doors provide quick and easy space division for privacy. The apartments are starting from AED430,000 with a 1% payment plan that allows the buyers to only pay 52% before possession and the rest 48% in convenient EMIs. “We are bringing the latest home technology to our customers at a time when consumers are looking for more with less – something that we have been doing for sometimes with our Glitz project,” Rizwan Sajan, Founder and Chairman of Danube Group, said while launching the project. “This takes our famous ‘One per cent monthly payment’ concept to the next level where we are doubling our offer with the same one per cent
payment. Ritz offers 450 apartments, including 180 studios, 135 onebedroom and 135 two-bedrooms with built-in modular kitchen, furniture and complete bathroom fittings by Milano – Danube’s Italian bath solutions. Ritz takes away the hassle of choosing the right furniture for your dream home and offers a well furnished apartment with world class products at very competitive price. “We believe, our new offerings will stimulate families with a household income of Dh15,00025,000 to buy homes as opposed to stay in rented apartments and insulate themselves from the rent-related inflation that might eat into their savings by the time Expo 2020 rush creeps in,” concludes Rizwan.
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The Andalusia Collection luxury villas are all upgraded with finishes and fixtures featuring world-leading premium brands like Villeroy & Boch, Grohe, and Bosch. The largest plots (14,300 - 30,341 sq. ft.) & built-up areas (8,117 - 8,392 sq. ft.) in the entire development Air-conditioned glass central courtyards Fully equipped designer kitchens & bathrooms Private overflow pools & decorative fencing External Drivers’ & Maid’s quarters Visit our stunning fully furnished show villa from Saturday to Thursday, 9am to 6pm
Very close to EXPO 2020 site & Al Maktoum International Airport Part of the dynamic & steadily developing “New Dubai” Large townhouses starting from 4,349 sq.ft. High-end finishes & fixtures Guaranteed capital appreciation pre- and post EXPO 2020 Fully landscaped with walkways & lush gardens Community clubhouse with pools & fitness facilities Shopping mall with cafés, restaurants & shops, hotels, schools & medical centers Visit our stand at The Market Mall at Green Community, Dubai Investments Park
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Great ROI up to 10% annual rent returns 10% Expected annual capital appreciation leading up to EXPO 2020 2 Car parking slots with every 2 B/R apartment The most affordable quality apartments in Dubai Quality maintenance & property management Duplex gyms in every tower, family & kids pools, playgrounds, courtyards, secure underground parking, high quality finishes & fixtures Long-term finance available by most banks Open House from Saturday to Thursday, 9am to 6pm
Ideally situated within walking distance to the Nakheel Metro Station, AUD, The Walk at JBR, Dubai Media City and Dubai Internet City with easy access to all key attractions in Dubai Unmatched rent ROI (53% in the first 3 three years) & steady capital appreciation (5-7% per annum) A selection of VACANT units READY to move in for end-users & RENTED units with high ROI for investors Impressive sea, SZR, Dubai Marina & DMC views Premium finishes and fixtures
info@harbordubai.com www.harbordubai.com Research, Valuation & Advisory I Property Asset Management Marketing, Sales & Rental I CRM, Handover & Project Management Snagging & Inspection
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NEWS & ANALYSIS
NAVITAS HOTEL & RESIDENCES LAUNCHED BY DAMAC
D
amac Properties unveiled its latest development to the AKOYA Oxygen golf course community. The Navitas Hotel and Residences offers a very attractive payment plan for four years with prices starting from AED440,000. The project offers its residences a quality lifestyle in a world class community, AKOYA Oxygen is home to the Tiger Woods designed international golf course, the Dubai Rainforest and high-end retail and entertainment district, Vista Lux. The estimated total value of the project is about AED850 million. The project consists five towers, one of which is the Navita Hotel tower managed by Damac Hotels and Resorts. The other
January 2016 Issue -38 /// 14
four towers will comprise of private residential units that overlooks the golf course. They will be set on a common podium and will offer their own retail element that will ensure that the residence has easy access to essential supplies. “The five, 14-storey towers are a real opportunity for those looking for investment properties,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “By investing in a hotel room in ‘Navitas Hotel & Residences’, you’ll benefit from Dubai’s flourishing hospitality industry, which will be a gateway to high annual returns. Everything will be taken care of in your luxury hotel room, starting with beautiful interior detailing and exquisite finishing. Each spacious room
is lavishly furnished and comes with separate living and dining areas,” said McLoughlin. He also added that, “The world-class amenities and our roundthe-clock staff members will ensure you enjoy premium service on a par with the world’s finest hotels.”Located off the Umm Suqeim Road extension and around 15 minutes from AKOYA by DAMAC giving the project its much deserved up market feel. DAMAC Properties has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Including than 13,000 hotel rooms and serviced hotel apartments under development, which will be managed by DAMAC Hotels & Resorts.
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EXCLUSIVE OPPORTUNITY TO BUY INTO FIVE-STAR HOSPITALITY AT LUXURY ANANTARA DUBAI RESORT Ready for rental from day one of handover, investors will be able to quickly realise ROI potential, which will be further bolstered by the appeal of the hotel’s luxury positioning and exceptional facilities. Compiled by Reshmi Raveendran
W
ith a guaranteed ROI of 10% per annum through to 2019 and the Anantara reputation for luxury hospitality, investors looking to expand their portfolios or enter the popular Dubai market have an exciting new opportunity with the release of a limited number of five-star hotel rooms for sale at the Anantara Dubai The Palm Residences. Handled exclusively by
January 2016 Issue -38 /// 16
Asteco, one of the region’s leading real estate consultancy and property management firms, the tranche of 73 hotel room units range in size from 530 square feet to 650 square feet, and come with a starting price of AED1.3 million up to AED1.76 million. Targeted towards the regional and international investment community, Seven Tides International is guaranteeing a return on investment (ROI) of 10% net per annum for three
years through the hotel managed rental scheme. This brand new investment opportunity follows the success of the Anantara Residences project, which saw 42% of total units in the prestigious North and South Towers snapped up within months. Available solely for investment purposes only, with interested purchasers also able
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Interior design and attention to detail is also a major hook for investors for whom quality is a key consideration, with the development inspired by Asian themed luxury blended with contemporary style. The Anantara Dubai The Palm Resort and Spa is set within a stunning, landscaped location and fronted by a private stretch of white sand beach with views out to the Arabian Gulf, Atlantis Hotel, Burj Al Arab and Dubai Marina skyline. A complete lifestyle experience is included with guests enjoying full access to the hotel’s exclusive facilities, which include a 4,000-square foot stateof-the-art gym, 107,600-square feet of temperature controlled lagoon pools, six world-class dining and entertainment venues and the Anantara Spa as well as housekeeping, at-home dining, laundry and childcare services. Asteco is also expanding its own
MARKET
to take advantage of a flexible payment plan option, handover is scheduled for March 2016. Ready for rental from day one of handover, investors will be able to quickly realise ROI potential, which will be further bolstered by the appeal of the hotel’s luxury positioning and exceptional facilities.
capabilities as it continues to take its unique franchise model to new markets. One of the fastest growing real estate franchises in the Middle East and one of the largest real estate franchises in the GCC, Asteco launched this new arm to its real estate business in late 2014, to offer small to mid-sized real estate brokerage companies, independent realtors and regional entrepreneurs looking to break in or diversify into the real estate sector access to the expertise of a 30-year old industry
leader. The licensing model also provides franchisees, with a high value referrals service, access to Asteco’s dedicated intranet with a comprehensive range of resources, regular communication and updates, as well as use of the industry-leading real estate software and CRM platform. It currently works with 10 licensed franchisees located in three key Middle East gateway cities, and this year will explore new opportunities further afield, with prospects in Europe and North Africa.
January 2016 Issue -38 /// 17
propertyonline.ae Sheikh Zayed Road, Dubai
NEWS & ANALYSIS
DUBAI COMMERCIAL SECTOR REVIEW 2015 Ahmet Kayhan, CEO of REIDIN tells us how the commercial market fared last year. By Binesh Panicker
W
hile the residential sector put up a decent performance last year, 2015 was a moderate year for the commercial real estate market. Prices witnessed a dip in some areas, however strong demand ensured the rentals were more or less stable. Property Times in association with REIDIN takes a detailed look at how this segment performed last year. What were the average sales and rental prices for the commercial sector in 2015? Commercial rent prices stayed unchanged while sales prices decreased 8.4% due to slightly lower occupier levels compared to last year. Global economic conditions and upcoming supply in this sector is likely to put more pressure on the Dubai commercial market in the near future. Which were the areas that saw the maximum transactions in 2015? When we look at the commercial sales
Ahmet Kayhan, CEO, REIDIN.com
COMMERCIAL RENT PRICE CHANGE 14% 12%
12.6%
10% 8% 6% 4% 2% 0%
-0.2%
-1%
-0.2%
Last 3 Months
Last 6 Months
Last 1 Year
-2%
Last 2 Years
COMMERCIAL SALES PRICE CHANGE January 2016 Issue -38 /// 18
8% 6% 4%
-6.7%
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2% 0%
-0.2%
-1%
-0.2%
Last 3 Months
Last 6 Months
Last 1 Year
-2%
Last 2 Years
COMMERCIAL SALES PRICE CHANGE 6%
NEWS & ANALYSIS
8% -6.7%
4% 2% 0% -2.4%
-2%
-4.3%
-4% -6%
-8.4%
-8%
Last 3 Months
Last 2 Years
2015 OFFICE TRANSACTIONS BY AREA 41%
40%
33% 30% 20%
2%
1% ina
ity
iM ba
to
1%
Ju
Du
Mo
ar
rC
ira De
-C Tra de Ce nt Do er wn to wn Du ba i
CO M
d
Du
TE
ba
iL an
JLT
ay sB es
1%
rs
3%
he
3%
Ot
3%
ge
5%
0%
illa
6%
m eir ah V
10%
Please give us a general comparison of the real estate market of 2014 and 2015 for this sector. When we compare commercial and residential price movements, similar market trends are observed with a lower rate for both sales and rental prices.
DUBAI OFFICE SUPPLY OVER YEARS (IN SQM) 12 10
0.3
0.3
8 Millions
REIDIN.com is widely used by real estate agents and investors for reliable, wellresearched 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 high-end analysis and research support to its clients.
Last 1 Year
Last 6 Months
50%
Bu
Please tell us about the supply and demand for 2015. Around 400,000 sq meter office space is delivered in 2015 and we are expecting 600,000 sq meter office space to enter the market until the end of 2017 if all the supplies are handed over within the promised date. The majority of upcoming supply is mainly located in Business Bay.
-10%
sin
transactions in Dubai freehold areas, Business Bay and Jumeirah Lakes Towers constitutes 75% of total transactions.
6 4
9
8
8
9
2 2012
2014
2013
Existing Supply
2015
2016 F
2017 F
Upcoming Supply
DUBAI MARKET Y-O-Y PRICE CHANGE (IN %) Apartment Sales
Apartment Rent
Office Sales
0%
Office Rent -0.2%
-2%
-2.0%
-4%
For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times.
-6% -8% -8.2%
-10%
Source : REIDIN.com
-12%
-11.6%
-14%
January 2016 Issue -38 /// 19
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EXPERT ADVICE
with mortgage expert Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
I’m renting a small office in Dubai, but I’m planning to expand my business and move to a retail space of my own. Is it possible to get a mortgage for a retail space and what will be the interest rates for it?
I’m a self employed person, I wish to own an apartment in Dubai therefore, while applying for a loan the lender will be considering my personal bank account or that of my company. Please explain.
I own a property in Dubai Marina and I would like to buy another one. How much LTV can I get for the second property and will there be a change in the interest rates because it’s a second property?
If you are self-employed and wish to apply for a mortgage, you will need to provide the lender with the bank statements of your personal account as well as your business account from at least the past six months. Those statements should also be signed and stamped by the bank.
In case you are applying for a second mortgage, the LTV will be lower compared to the first one. For expats, this means up to 60%, UAE nationals can apply for up to 65% of the property value. Interest rates on the other hand will stay the same, but do differ from bank to bank.
Dubai Skyline
It is indeed possible to get a mortgage for a retail space but the LTV (loan to value) will be slightly lower in most cases with 60% maximum and the rates are usually higher than residential rates, starting at 5.5% as opposed to 2.99%. It is also important to keep in mind that the loan tenure for retail spaces will be 10 to 15 years only. Either way, it does make sense to do some research and to compare different lenders as not all banks will offer mortgages for the commercial sector and their rates can differ greatly.
Katja Dammann MortgageMe Business Development Manager M: +971 55 588 3313
If you have any mortgage related queries, please email at editor@propertyonline.ae
January 2016 Issue -38 /// 20
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EXPERT ADVICE
with legal expert Our expert answers the legal queries about buying and renting properties. My neighbour keeps renting his empty apartment for weekend parties, which is causing a huge inconvenience to the neighbouring apartments. In spite of repeated complains there seems to be no improvement. How can I legally address this issue and where? There are a number of potential approaches to this understandably annoying issue (assuming you don’t get invited…). One, or a combination of a few of them, may solve the problem. 1. If the neighbour is himself a tenant, and subletting the apartment over the weekends, then you could contact the owner who may not have given consent to this kind of short-term letting. The owner can then take action to stop his tenant from doing this, including terminating the lease for breach. 2. If the behaviour of the short-term tenants over the weekends is sufficiently raucous that it is tantamount to a ‘nuisance’, it will almost certainly be in breach of the Owners Association regulations. As such you could complain to the (interim) Owners Association and ask them to take action against the neighbour for breach of the regulations. 3. If your neighbour is not registered with the Dubai Tourism and Commerce Marketing Department (DTCM), either directly or indirectly, as being permitted to undertake the activity of short-term rentals, then you could report him to that body. Anyone wishing to let his or her property in Dubai on a short-term basis must do so in compliance with the DTCM’s regulations, which are fairly onerous. If, as I suspect, your neighbour is not so registered, then the DTCM can take action against him, which can include imposing fines which, for repeat offences, can be up to AED 100,000.
Jerry Parks Partner Taylor Wessing
My father owns a property in Dubai and he passed away three months back. I’m his only child and I want to transfer the property to my mother’s name. Please advise. It’s difficult to advise specifically on this one in the absence of detailed information. I can however provide general guidance on the basis of certain assumptions. If your father was a Muslim, then the principles of sharia will be applied by the local courts and the property will pass accordingly. If your father was not a Muslim, then we need to consider whether he made a valid Will, and if so where. If he made a valid Will outside the UAE, then that Will together with a Grant of Probate and other supporting documentation could be produced to the Dubai courts with a request that the terms of the Will be respected and a Succession Certificate be issued accordingly. Whether the local courts would be minded to decide on the case in that way is entirely within their discretion and no particular outcome can be guaranteed. Because of this uncertainty, in many cases local lawyers advise non-Muslim families to submit to the application of sharia principles to facilitate the issue of a Succession Certificate, on the understanding that the family members can then restructure the ownership of the
estate privately at a later date, to reflect the intentions of the deceased. If your father made a Will and registered it with the DIFC Wills and Probate Registry, you can apply for a Grant of Probate from the DIFC Courts, which should reflect the wishes of the deceased and can been forced directly through the Dubai Courts. In any event the relevant court will issue an order stating who should be entitled to the property. If that heir is your mother, then the property can be transferred into her name. If that heir is you, then you can have the property transferred into your name and then transfer it into your mother’s name. I’m a UK citizen working in Dubai for the last three years. I would like to know if I buy a property in Dubai, would I be able to get a visa through my investment just in case my current employment visa is cancelled. It is now again possible to apply for a residency visa by virtue of ownership of freehold property. There are a few pre-conditions – for example the value of the property must be over AED1 million, you must have medical insurance, and you must prove an income outside the UAE of AED10,000 per month. You basically need to show that you can support yourself while in the UAE. However, you cannot obtain a property owner's visa if you have any other means of obtaining a visa. Therefore, you cannot be granted a property owner's visa if you are employed here and can therefore obtain a residency visa through employment. Only if you lose your job and therefore cease to be employed can you apply for the property ownership visa, subject to the aforementioned preconditions being satisfied.
If you have any legal queries about buying or renting, please email at editor@propertyonline.ae
January 2016 Issue -38 /// 22
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COVER STORY
GOOD NEWS FOR TENANTS? Recently released RERA rental index indicates rents in Dubai are beginning to go down. By Binesh Panicker
T
he latest RERA Rental Index for 2016 suggests rentals in various communities in Dubai have dropped by upto 10%, providing the tenants with something to cheer about. Dubai rents have remained stable over the past few months and the latest index is indicative of the current situation in the market. Phil. A, a resident of Dubai Marina where rents dropped by 8.3% says, “Although the drop is marginal, I am happy with it. For years rents have been going up and now we are beginning to witness a decrease. Before my next renewal, I hope rents go down further so that I can either save some money or move to a bigger apartment.”
Where and how much? The drop in rentals varies from community to community and it depends on a number of factors such as the location, facilities and amenities, quality of the building, accessibility etc. International City witnessed a dip of about 5% to 10% and the rent for a one-bedroom is now in the range of AED38,000 to AED45,000. The decline in Business Bay is slightly more than rest of the
January 2016 Issue -38 /// 24
areas in general. The development witnessed rents dropping by 4.55% to 11.11% and currently one-bedroom apartments can be rented for AED80,000 to AED105,000. Another development, which witnessed a decrease in rentals, is Jumeirah Lakes Towers where the rent for a onebedroom apartment now ranges from AED75,000 to AED90,000, down by 5% to 6.67% compared to last year. One of the most favoured destinations for tenants, Dubai has also seen a drop in rentals by 8.33%. “I am planning to move to Dubai Marina by March and the latest index is good news to me as I will have to shell out less money to rent an apartment in Dubai Marina, which has always been my dream,” says 40-year old Jamie. D, who now stays in Discovery Gardens, adding that a lot of people are now exploring various options in the market with rents coming down across various communities. While some tenants are happy that they can save some money on rents, some others with big family are looking for bigger apartments for more or less the same rent they are paying currently. A onebedroom apartment in Dubai Marina can now be rented for AED90,000 to AED110,000. Those who are looking to move to an apartment in Palm,
COVER STORY I AM PLANNING TO MOVE TO DUBAI MARINA BY MARCH AND THE LATEST INDEX IS GOOD NEWS TO ME AS I WILL HAVE TO SHELL OUT LESS MONEY TO RENT AN APARTMENT IN DUBAI MARINA, WHICH HAS ALWAYSBEEN MY DREAM. JAMIE. D, TENANT
you will have to now shell out about 3.125% to 7.69% less compared to last year and you can rent an apartment for about AED120,000 toAED150,000. However, there are some communities where rents continue to remain stable. (See box) Ashish. N, a resident of Dubai Silicon Oasis says he is disappointed that the rents in his community haven’t gone down while many other areas in Dubai witnessed rental drop. “I was expecting the rents to go down this year in DSO, but unfortunately it didn't happen. I hope there will be some correction in rents in the next few months.”
Green Community, Dubai
Leasehold areas While many freehold areas have been witnessing a decrease in rents, the trend has also been experienced in leasehold areas where a lot of expats are staying. The percentage of drop has been similar in leasehold areas with Karama, Al Barsha and Oud Metha witnessing a dip of upto 10%. “I moved to Karama three years back and since then the rents have been going up consistently, but now the updated RERA index is a small relief for tenants like me, who is trying to
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COVER STORY save every penny we can. I will talk to my landlord and see how I will benefit from this drop,� says Jumana F., a banking professional, adding that she is unsure whether the landlord will be ready to reduce the rent when she renews the contract next month. As per the current RERA index, one can rent a one-bedroom apartment in Karama ranges from AED55,000 to AED75,000, which is down by 6.25% to 8.33% compared to last year. While in Al Barsha, a one-bedroom is now available for AED65,000 to AED80,000 (down by 5.88% to 9.09% compared to 2015), Oud Metha rents have come down by 7.14% and a one-bedroom is now available for AED65,000 to AED80,000. Like in the freehold areas, rents in some locations such as Al Khail Gate and Al Satwa in the leasehold areas have remained stable due to high demand.
More drop expected in 2016? With more supply likely to hit the market this year, experts have predicted a further drop in rents across Dubai. Last year, one of the leading real estate firms Asteco
January 2016 Issue -38 /// 26
published a report, which indicated a possible fall in rentals in 2016. According to this report, supply will put pressure on the rentals and this year’s RERA index is corroborating this prediction. John Stevens, Managing Director, Asteco, said last year that a more significant drop in rental rates could be on the cards from 2016 onwards as the large number of projects announced in 2013/14 (an estimated 12,000 to 14,000 villa units) are completed. It remains to be seen how much more the rents will fall in the next few months.
If the rent of the unit is
Hike allowed
Less than 10% of the average rent of a similar unit
No hike
Between 11% and 20% of the average rent of a similar unit
5%
Between 21% and 30% of the average rent of a similar unit
10%
Between 31% and 40% of the average rent of a similar unit
15%
More than 40% of the average rent of a similar unit
20%
Dubai Silicon Oasis: AED50,000 to AED70,000 pa
Know the rules RERA has implemented a number of regulations to protect the interest of the tenants. The Decree No. 43 of 2013 ensures that rent increases upon renewal are regulated properly (See box for more details). Landlords and tenants often fail to reach an agreement as far as finalizing rent is concerned at the time of renewal. These guidelines set by RERA have been extremely helpful and useful for the tenants to rent a property at the right cost.
Dubai Investment Park: AED40,000 to AED50,000 pa Jumeirah Village: AED55,000 to AED70,000 pa Arjan: AED35,000 to AED45,000 pa Greens: AED80,000 to AED90,000 pa Dubai Sports City: AED60,000 to AED75,000 pa Tecom: AED70,000 to AED80,000 pa Sky Courts (Dubailand): AED45,000 to AED55,000 pa International Media Production Zone: AED50,000 to AED55,000 pa
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TIME TO HOLD ON, OR LET GO? Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official training & certification arm of the Dubai Land Department
T
he year 2016 has certainly made its entrance with a bang. By mid-January, the Royal Bank of Scotland’s dire warning to “sell everything except high quality bonds” had everyone’s tongues wagging, with some analysts saying that yes, 2016 could lead the US and European markets down a substantial plunge. On the other hand, a few critics of RBS’s dismal pronouncement have advised investors to stay calm, but keep a close watch on events as they unfold. Reflecting the property market slowdown, which became more marked in 2015, some distress sales had already begun creeping into the market which left me a little intrigued. It reminded me of a meeting I had with one of our most loyal clients. As the owner of a portfolio of apartments purchased in early 2011, the past few years had been an extremely lucrative time for this client, and his success has been a result of his astuteness, objectivity, and well-developed analytical and decision-making skills refined by years of experience in an exciting albeit sometimes-risky market. The topic of our conversation was whether or not to sell his property assets as the market has certainly slowed. I was surprised by the question as he had always held the view that owning property was an important part of his overall investment portfolio, and the assets he is holding are of excellent quality located in some of Dubai’s well-established or iconic areas. Rather than make a hasty decision that might be regrettable, I conducted a thorough review and constructed a recommendation for his consideration and eventual decision. When reviewing the portfolio, it became apparent to me that now, more than ever, property portfolios requir every careful management. While on the face of it, an easy decision would be to sell our client’s entire portfolio – not for a substantial profit, but simply for a “return of investment,” to quote RBS. But the question remained, if he were to sell part
January 2016 Issue -38 /// 28
of his property portfolio, where should the money be invested? There was no answer as there was no plan. As part of our analysis, we found that by retaining his portfolio, our client would continue to receive an average of 6.8% net rental returns per annum on the adjusted value of his properties over the next five years. In addition, notwithstanding the recent cooling of the market, we estimated that he could expect, on average, a capital growth of at least 6% per annum over the next five years for an estimated net total return of 12% per annum, a return we considered conservative. The review included careful analysis of current maintenance requirements, future capital works, market factors, regulatory developments, industry forecasts and trends, alternative opportunities, risk factors, and the likelihood of relevant future events, whether they be economic, political, regulatory or financial in nature. When I asked our client what alternative investment could provide the same return without taking on greater or excessive levels of risk or incurring new investment transaction costs, none could be identified. The example of our loyal client clearly illustrates that now, more than ever, property portfolios require very careful management. We all know the market has cooled, but this is hardly a reason to make rash decisions without looking forward and doing some proper analysis. Wherever you look around the globe, yield and total returns are getting harder to find, and the value of established property portfolios with good occupancy levels and good projected tenant retention are increasing in comparative value all the time. Those investors who hold and nurture their existing property asset portfolios will do very well over the next 5 years, particularly those who have diversified their holdings to include some of the more affordable asset types as well.
Conversely, rather than selling existing assets, the opportunity to use existing equity to take advantage of the current market slowdown and finance new acquisitions and expand portfolios is one strategy that we are working on with several clients now. Not everybody has the time or is comfortable with managing a property portfolio, especially in times of change. However, there is expertise available to help you, and you should consider engaging a good property manager who will ensure that you maximize returns from your property portfolio and enable your long-term portfolio strategy to be realized. Think of your investment as your business, a business that will be affected by many different factors and events. Proper management is essential, and you need to ensure your business is in capable hands – providing you with the returns you expect with as little hassle as possible. And even as other prominent financial institutions like Standard Chartered and JP Morgan have expressed somewhat similar sentiments in terms of oil prices and stocks respectively,those investors with sufficient liquidity, and who already enjoy ownership of a varied stock of high quality performing real estate assets may want to consider acquiring more property after proper due diligence. All knowledgeable investors know that, when all else fails, real estate is one type of asset that increases in value over time (capital appreciation), even after being subjected to market highs and lows. In sum, if you have what it takes to hold on to a good quality real estate portfolio, do not even consider selling at this stage. If market prices give you good reason to acquire more, why not? Remember the market cycle – right now, if you can still afford to purchase property, go right ahead and buy – but, as always, with eyes wide open.
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MARKET
''2016 IS THE BEST TIME TO BUY'' Kunal Puri, Managing Director, La Capitale advises prospective buyers and sellers on how to make informed decisions this year.
W
e are all at the start of a great year and I can feel the positive vibe in-spite of various news floating around the market. But yet there have been few repeated questions coming in most of my professional or personal gatherings; Is this a good time to buy? Has market bottomed? Do you have distress deals? Shall i sell now or later? I don’t want to pay more as After few months It will be cheaper?
Well, we all know that we are going through a price correction, but that doesn’t mean that every seller will drop the price and start selling. Yes, the price will be a bit better in the coming months; but a lower price doesn’t guarantee that it will be the kind of property you are looking to buy; i.e. a good property.
January 2016 Issue -38 /// 30
Kunal Puri CEO, La Capitale Real Estate
I always tell all my buyers (whether investors or end users) a good property with more than four USP never stays in the market for long and it always demands a bit more than the lowest price in the market. In the first twenty days of January; wherein we were expecting the market to be stand still, the realtors across Dubai have seenmore buyers than what they have seen in December 2015. Enquires have gone up and this is
due to the increase in availability of attractively priced properties currently available. So now the question comes with all the variables currently discussed around (i.e. oil price, bank announcements over layovers, certain currency devaluations, stock market performance) why are we seeing this kind of trend? The main reason is that the genuine sellers who want to exit the market by attracting the serious buyers are now accepting that they have to sell at a realistic current market price. This is creating the opportunity for mid to long-term buyers to park their money in the right property. So “Is this a good time to buy?” and the answer is yes. During most part of 2016, we will see price correction in different areas and it will make property more affordable to all. We also have to keep in mind that not everything in Dubai is on a correction spree. There are some projects, which will even see a price rise in coming months (e.g. Mira, Nshama Town
“Do you have distress deals?” Oh yeah! We do. But what is a distress sale? 5-7% lower than current market price or 20% lower than peak. So you are only looking to buy Distress Deals? Then you are ready to buy any property in two days with cash, irrespective of its condition, view or challenge accompanying as it’s all about the price. Don’t expect to get a full fountain and full Burj Khalifa view property to be 10-20% lower than current market price, as the seller
For Downtown High Rise: Look for a good or uninterrupted view of Burj Khalifa (now and for future), not because it’s the World Icon, but it will take minimum USD1.5 billion to make another one and a master plan like current Downtown to recover that money. For Villa Community: - Look for good view or an upgraded property or bigger plot, as these properties will always stand out from the crowd and gain more as compared to others.
“I don’t want to pay more as after few months it will be cheaper”. Yes, it will be cheaper, but at what cost. Buying a right property is like grabbing the right opportunity, as it should be in the right price with right USP at the right time. We all have to realize, we are talking about buying a house, doesn’t matter, it’s a studio or a mansion; spend some time to look in to all the potential areas even if it’s 10% more than your budget price; you will be surprised how many options will come in front of you. Another thing, which everyone needs to keep in mind, is that if you are buying a property to move into; then keep minimum two months additional in your hand, as you would
For JLT: - Look for proximity to the metro station, ease in entry and exit, size of the apartment and then the perfect view. For JBR and Marina: - Look for size of the apartment, the perfect view, the amenites around the building, proximity to the metro station, ease in entry and exit. So when you start your search for your home; focus on right property rather than price. Focus on what you want in your home, as you won’t be able to buy another one in next few years. If you are confused, speak to a professional realtor; I’m very confident they will go miles to help you as selling property is a passion. Have a great year ahead and don’t delay to buy your dream home in 2016 as good properties won’t stay in market for long.
W: www.lacapitaledubai.com E: admin@lacapitaledubai.com T: 04 38 83 001 | RERA No: 2610
January 2016 Issue -38 /// 31
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require that to detail the property to your liking and taste. If you are looking to buy now (by now I mean in next 30 days); then all you should focus is the USP of the property, few example:
Sheikh Zayed Road, Dubai
Houses, Wind Tower, Giovanni, etc.) this is either due to closer handover date or scarcity of similar products. And “Has market bottomed”? No, not yet. Currently different areas are performing in different ways, e.g. if we take the past four months in Emirates Living (Springs) price is fluctuating (going up; as well as down); this is due to the availability of the product. If we take Downtown, the fluctuation is comparatively less; whereas Dubai Marina is seeing constant correction and Palm is at standstill.
also knows whats his/her property is worth currently. “Shall i sell now or later”? This is the biggest question every seller is asking and it has a very simple answer. If you can sustain your property until 2018 then don’t sell, but if you can’t then exit today. Don’t base your answer on “Return on Investment (ROI)” you are getting today; as it will go down in coming years. Your ROI must be higher now (based on the price you had purchased), but it will go down sooner than you think. Rather base your answer on your cash flow. Analyse the ROI being in the buyer’s shoes, as that’s what matters while selling a property.
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HEADING IN THE RIGHT DIRECTION Binghatti Developers plans to move forward aggressively following the success of Binghatti Views, the company’s 7th building in Dubai Silicon Oasis.
January 2016 Issue -38 /// 32
B
inghatti Developers is an innovative Dubai based property developer led by CEO and Head of Architecture Muhammad Binghatti Aljbori. The dynamic company offers iconic properties with groundbreaking architectural designs, timely delivery, and unrivaled lifestyle amenities. Empowered by experience in the MENA region since1875, the brand seeks to redefine the norms of the industry by introducing world class construction materials and quality finishing, paired with iconic, modern design and aesthetics. The company’s vision is to cultivate Binghatti Developers into a premier development brand in the region by establishing an architectural tour de force focusing on quality, unmatched attention to detail, and timely delivery.
In addition to the buildings’ groundbreaking design, Binghatti Views’ prime location in the emerging community of Dubai Silicon Oasis has been one of the main factors for the projects’ success. The community has recently experienced a surge of interest for its central location, master planned infrastructure, and attractive rental yields between 10% and 12%. The area is home to a variety of schools, parks, shopping centers, and international restaurants while hosting a number of world class companies in its commercial areas. The quality and finishing of
The company has recently announced bold plans to invest over one billion AED in upcoming projects over the next two years. Balancing the key factors of quality, price, timeliness, and location, Binghatti Developers has established a strong foundation for a successful future in the Dubai real estate market.
The company’s focus on providing world class architectural design persists despite the higher cost of construction and solidifies our commitment to providing iconic homes that exceed the expectations of the sophisticated buyers and investors throughout the Dubai real estate market. All Binghatti Developers buildings are designed and built in a way that is simply unmistakable. The company’s intention is to ensure each and every resident is proud to tell their friends and family that they live in an iconic Binghatti building. The company has committed itself to these values and developed a solid reputation in the market built on a strong portfolio of completed projects throughout the UAE. Whether it is the value-
January 2016 Issue -38 /// 33
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the building also appears promising, featuring materials from distinguished international suppliers including Grohe, Villeroy & Boch, Mitsubishi, ABB, Rheem, RAK Ceramics, and Technogym. Sharing his thoughts on the company’s achievement, Muhammad Binghatti Aljbori, CEO and Head of Architecture at Binghatti Developers said, “We are very pleased and grateful for the response we have received for Binghatti Views. The project has given us the support and confidence to move forward with our plan of launching a myriad of premium properties in Dubai’s upper mid-segment market. The iconic building will prove to be a great asset for investors and its residents are set to become part of a thriving community.” Demonstrating Binghatti Developers focus on timely delivery and execution, the Binghatti Views project is set to be completed in November of 2016, just one year after its groundbreaking.
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driven ideas brought to life, the unmatched attention to detail, or the commitment to exceptional quality, the company is a reflection of all the great things Dubai has to offer. Binghatti Developers plans to move forward aggressively following the success of Binghatti Views, the company’s 7 th building in Dubai Silicon Oasis. The project experienced unprecedented demand with nearly all of the 174 units sold out shortly after the project launch. With the price of a studio apartment starting at just AED420,000, the project experienced overwhelming interest from both end users and investors attracted to the company’s commitment to quality, value, and timely delivery.
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ON THE RIGHT TRACK... Property Times catches up with Pavan Lalvani and Yogesh Verma, the driving force behind Uber Homes. by Reshmi Raveendran
H
eaded by Pavan Lalvani and Yogesh Verma, the Managing Partners, the company is making waves in the market already. Pavan and Yogesh started Uber Homes in November 2013 both with their background in banking and finance.
January 2016 Issue -38 /// 34
“Having worked in lending side of the business, we often realized that there wasn’t enough time being spent on understanding the clients’ reasons for investing in a property or to explain the cash flow the client would need to keep in mind before finalizing a property. The one size
fits all approach certainly doesn’t work,” says Pavan. He also adds that “We constantly endeavour to bring transparency and clarity on the end to end process of a property transaction, expected ROI and cash flows that helped our clients make a more informed decision.” Yogesh
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MARKET says, “Our company was set up with the primary idea of being a bespoke real estate agency that gave our clients information and research that was tailor made to their needs.” About the Uber Homes team, Yogesh says, “While putting a team together we were careful to choose professionals with both real estate and financial background.” Pavan adds, “We look forward to a steady growth and we intend to keep our core values intact while creating a more satisfied client base. We will remain bespoke,”At Uber Homes they understand that buying and selling a home is a very personal and emotional decision, therefore they insist that their sales agents
gather as much information about the client’s needs and finances before recommending them a real estate proposition. Uber Home’s unique take on buying and selling properties has won them a few awards including “Top Agent Award 2015” by Dubai Properties (DP) in only their second year of being in business. They closely work with all the major developers like Emaar, Meeras, Dubai Properties, AlWasl, etc. The company’s strategy is not to focus on one community or a particular area. They want to go with the trends and return on investment (ROI) to choose the best value options for their clients. Pavan’s take on the 2016 real estate market is, “We feel this
will be a challenging year. However, there will be a lot of opportunities to pick good real estate deals. The UAE attracts people and companies from around the world owing to the high standard of living, security and infrastructure. The property market in the UAE is a very attractive and a great place to invest in because at the current price levels, most real estate investments will give an investor around 7% to 9% net return on their investment.” “We believe that now is the time to buy. In real estate and life, it is almost always best to act opposite to the herd,” concludes Yogesh. January 2016 Issue -38 /// 35
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COMM CO
EVENTS
COMMUNITY TIMES DUBAI COMMUNITY MANAGER’S WORKSHOP
T
he Dubai Community Manager’s Workshop organised by Plan3Media with endorsement of Community Associations Institute and in association with Novus Community Management, Saga International Owners Association Management and Land Sterling on 10th of December 2015 was a unique platform for community managers to come together to discuss the best practices and issued faced by them. The workshop was attended by dignitaries from the US-based Community Associations Institute (CAI) and the Real Estate Regulatory Agency (RERA). The dignitaries from CAI comprised David I. CaplanPresident, Lincoln Hobbs- Chair, Board of Governers, College of Community Association Lawyers and Thomas M. Skiba- CEO of the Institute. During the workshop, spokespersons and pioneers from related sectors spoke about the values and best practices required to manage communities in a professional manner. Alan Rowlands, CEO of Novus, Samer Ganni, Managing Director of Saga International, Hamza Betraoui, Managing Partner of Land Sterling, Gaurav Bajaj, Senior Vice President of Orient Insurance Campany and Nabeel A. Ahmad, General Manger of CG spoke about various aspects of community management. The workshop helped managers better understand and tackle the everyday problems faced by owners and community managers.
January 2016 Issue -38 /// 36
Alan Rowlands, NOVUS
Ahmed Hamdani, RERA
Samer Ganni, SAGA
Tom Skiba, CAI
EVENTS
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OMMUNITY MUNITY TIMT
Nabeel Ahmad, Citytec
Gaurav Bajaj, Orient
Jeevan D'Mello & Tom Skiba
January 2016 Issue -38 /// 37
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EVENTS
COMMUNITY TIMES
DUBAI COMMUNITY MANAGER’S SOCIAL EVENING
T
he eventful day did not just end at the Community Manager’s Workshop. Plan3 Media arranged an entertaining Social Evening for the attendees and the guests at Burj Club, Burj Khalifa. Along with the workshop attendees, the event had officials from Dubai Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) and the Egyptian movie star Samer Al Masri. The event was sponsored by Emrill, CG, Orient Insurance and Reflexion CAFM software solutions. January 2016 Issue -38 /// 38
Mahmoud Al Burai, DREI
Abdul Betraoui (Land Sterling) & Kirk Watilo
EVENTS
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OMMUNITY MUNITY TIMT
Samer Al Masri, Tarik Ismail, Jeevan D'Mello
Evelyn Chacko, ECM
Andrew Mansour (Citytec group) & Tom Skiba
Dave Caplan & Job Verghese Tholath
Tom Skiba & Jason Reuland
Dave Caplan & Jeevan D'Mello
January 2016 Issue -38 /// 39
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COMM CO
COMMUNITY TIMES TIME TO CASH IN THAT RAINCHECK : WE’VE GOT SOME RAINY DAY TIPS FOR YOU! Mplus experts share some special tips for the rainy season with Property Times readers It’s raining, it’s pouring’! We’re in for a treat as this is the season the UAE residents witness glorious yet sporadic rainfall, and while it makes the weather cooler and outdoor activities more joyful, it also means a lot of grime and germs coming into your home and in its vicinity when you live in a desert. MPLUS+ brings you 5 top tips to keep your home sparkling clean and splash-free!
BEWARE OF SLOPPY SHOES In weather like this, sometimes all you can think of is getting home and getting cosy under a blanket. Watch out for the mud and dirt that you, and your family and guests, might track into the house in a hurry! Keep door mats ready and why not have a small shoe rack near your front door where people can safely and cleanly store their shoes when they are in your lovely home?
KEEPING UP WITH THE CAR When the rain comes, the roads inevitably flood. And if you’ve got a sloped parking lot or garage, take care to ensure that your vehicle is in a safe driving condition. Tyres that work well in dry conditions may not work on the winter waterlogged roads. Make sure the treads of the tyres are at least 3-4 mm deep. Anything less and your car could skid.
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MARKET
propertyonline.ae
OMMUNITY MUNITY TIMT KEEP THE FURNITURE DRY
FRESHEN UP THE PAINT Years of exposure to the harsh desert sunrays and the annual downpours can make the exterior of your home dull, stained and possibly, cracked. Regularly touching up the paintjob, at least once in five years, can keep your house looking trim and in top shape. Fresh layers of paints are also helpful in preventing severe exterior damage by the elements.
Rainwater is sneaky! It can ooze in through tiny cracks and spoil your wooden furniture or flooring by ruining the shape and quality of the wood. Try to keep your wooden furniture for indoor use or make sure to varnish key pieces of furniture or hardwood floors with ideal wax or polish in order to protect them from moisture and damage. Another option is to get covers for outdoor furniture. Stay dry and stay healthy!
SHOCKPROOF YOUR ELECTRICAL FITTINGS Wires can catch fire! And rhymes won’t put them out. Make sure any electrical switches and cables on your porch or balcony are kept dry or covered to stop moisture and rainwater from seeping in. This will also reduce the possibility of unwanted electric shocks when you least expect it.
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propertyonline.ae
INTER INT
INTERIORS
INTERIOR TIMES
AN INSPIRING HOME DÉCOR DESTINATION This month we got an opportunity to take a close look at the Abu Dhabi based luxury boutique Bits and Pieces. By Reshmi Raveendran
B
its & Pieces started out as a onestop wonder for home décor products with a promise to create beautiful and inspiring homes around the region it features products from
brands like Armani Casa, Vietrie, Amanda Brisbane, Penitti, Silsal and many more in its beautiful store on the Abu Dhabi Muroor Road. Based in the region Bits & Pieces has over 78 regional and international designers working with them to create breath taking products and also representing the culture and traditions of over 19 counties. The extraordinary approach taken by them can be easily noticed throughout the store where mundane home décor istransformed into breathtaking pieces of art. The 250sq.m showroom houses everything from beautifully crafted kitchenware and tabletop accessories
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to exotic candle and sumptuous textiles. Bits & Pieces also is home to the Amina Gallery which has art inspired wearable accessories to home décor, promising artistic gifts and products. In addition to winning multiple awards Amina Gallery has points of sales all over the GCC countries and itspresence in Harrods, London.
Another brand that attracts a lot of attention in Bits & Pieces is the Arabic calligraphy inspired Silsal Collection. Bits & Pieces is the exclusive distributor Silsal in Abu
Dhabi. It hosts some of the iconic Islamic and regional motif inspired collections Bits & Pieces is a unique, luxurious and elegant destination for every interior enthusiast and designer in the region. It is a must visit for homeowners looking to find exquisite and inspiring products for their home.
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RIOR TERIOR TIMES TIM
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propertyonline.ae
INTERIORS
INTER INT Winter Trends INTERIOR TIMES
Homes r Us:
The latest collection of Homes r Us brings a very colourful yet classy look to home décor. Created with an undertone of soft colours and a pop of bright hues the products are definitely all about welcoming the spring. (Available at Homes r Us)
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Atmosphere Furnishings: Atmosphere, a luxury boutique of all things beautiful,presents two of its newest collection. Atmosphere steals the show with its valentine’s collection and its latest modern minimalist collection. (Available at Atmosphere Furnishings)
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1.Homes r Us -Table Lamp- AED395 | 2. Homes r Us -Blue Cushion Cover- AED25 | 3.Homes r Us -Blue Mosaic Bath set - AED75 | 4. Homes R Us- Fleurdelis Canister- Price on request | 5. Homes R Us- Vanilla Basket- AED25 | 6. Atmosphere- Cupid CathedranAED 3,800 | 7. Atmosphere- Dainty Aphrodite- AED 2,100 | 8. Atmosphere- Marsala Magic- AED 9,000 | 9. Atmosphere- Sweetheart Sofa- AED 11,400
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Pan Emirates Home Furnishing: The local luxury destination for the finest interiors in the region, brings its Rustic Revolution collection this Spring-Summer as an innovative contrast to the usual floral pattern-work akin to the season with its fresh new take. (Available at Pan Emirates Home Furnishing)
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10. Atmosphere- The Eros- AED 4,300 | 11. Atmosphere- Aniseed L-Shaped CouchAED14,900 | 12. Atmosphere- Muta Leather seat- AED5,200 | 13. Atmosphere- Rustica couch- AED8,450 | 14. PAN Emirates- Erlend Three Seater Sofa - AED1,995 | 15. PAN Emirates- Hammer Table Lamp- AED399 | 16. PAN Emirates- Orchid Pot- AED99 | 17. PAN Emirates- Realize Accent Chair- AED595 | 18. PAN Emirates- Talar Tub Chair- AED895
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COMMUNITY SPECIALIST
04 4308902 RERA # 203
www.castlesplaza.com
Agent Oksana | BRN: 11556| Mobile: 050-4252031 | oksana@castlesplaza.com
AL BARARI Camellia Type C13 5 Bed +2 Study+maids+drivers BUA :13853 | PLOT : 12744 | Swimming Pool SP: 11,200,000 NET
Dahlia Type D9 6 Bed +maids+study+drivers BUA : 12676 | PLOT: 10907 Swimming Pool SP: 12,000,000 NET
Bromelia Type B2 7 Beds+maids+drivers BUA; 13,800|PLOT : 14,800 sq.ft Swimming Pool SP: 15,000,000 NET
Tel +971 4 3396222 | www.spfrealty.com
S P E C I A L I S T
TOWER B 1 BEDROOM LARGE BUA 1,356 SQ.FT AED 1,600,000/TOWER M 2 BEDROOM BUA 1,425 SQ.FT LAKE VIEW RENTED AED 1,900,000/
TOWER J 2 BEDROOM 1,441 SQ.FT LAKE VIEW VACANT AED 1,850,000/TOWER J 2 BEDROOM + MAID'S BUA 1,690 SQ.FT RENTED AED 2,500,000/-
GARDEN APARTMENT 4 BEDROOM + MAID’S BUA 5,832 SQ.FT SHEIKH ZAYED ROAD VIEW AED 5,200,000/
TOWER K 3 BEDROOM + MAID’S BUA 2,200SQFT COMMUNITY VIEW VACANT AED 2,700,000
TOWER J 4 BEDROOM + MAID’S BUA 3,350 SQ FT HIGH FLOOR VACANT AED 3,900,000
IMRANN NAWAB (BRN : 12258)
SENIOR PROPERTY CONSULTANT - SALES & LEASING
+971 50 428 9220 | im@spfrealty.com
COMMUNITY SPECIALIST
EXECUTIVE TOWERS
GENERAL LISTINGS
04 4308902 www.castlesplaza.com
RERA # 203
ARABIAN RANCHES
SP : AED 5,000,000/Terranova TYPE 15 5 Beds+ Maids | BUA : 4389 sq. . | 2 Addi nal Rooms Outside | Excellent Loca on |Plot Size : 7580 sq. .|VACANT
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D !!! UCE
Call: OKSANA|BRN 11556 | Mob 050 425 2031
PRIME MEADOWS
SP : AED 6,399,999/TYPE 14 | 4 Bedrooms | Maids BUA : 4099 sq.ft. | Plot : 7900 sq.ft. Private Swimming pool| Full Lake View Park Facing | VACANT
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RED
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Call: AMAN |BRN 6621 | Mob 055 291 0944
SPRINGS 2
SP : AED 3,099,999/TYPE 3 | 3 Beds + Study | BUA : 2246 sq.ft | Plot : 3781 sq.ft. Corner Unit & Backing To Park & Pool Rented till November 2016 with vacancy notice served ..
RENT : AED 173,250 /Call: AMAN |BRN 6621 | Mob 055 291 0944
Enlist you Properties for Sale/ Rent / More Details Call 050 62 55 710
RERA # 203
TAJ GRANDEUR
SP : AED 3,200,000/-
2 Bedrooms + Maids | Size : 1464 sq.ft | The Property comes eqipped with an array of amenities such as spa , swimming pools , health club , restaurants , helipad , tennis court & 24- hour security and a concierge Call: MARIA|BRN 25888| Mob 056 206 9897
Call: MARIA|BRN 25888| Mob 056 206 9897
GENERAL LISTINGS
04 4308902
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T AR AP
16 20
M T EN
Y AD RE
1, 2 & 3 BEDROOM FREEHOLD APARTMENTS IN JUMEIRAH BREATHTAKING VIEWS OF PALM JUMEIRAH AND BURJ AL ARAB EASY ACCESS ON AND OFF OF SHEIKH ZAYED RD
A PROJECT BY: ARABIAN GULF
BURJ AL-ARAB
PALM JUMEIRAH 8
ARABIAN GULF
+971 4 388 2220 J8@AQUAPROPERTIES.COM
DUBAI MARINA
AL SU FO U H RO AD MEDIA CITY
INTERNET CITY
SHEIKH ZAYED ROAD
PROJECT NO. : 1693 ESCROW NO. : 00110748880019 DEVELOPER NAME : AQUA REAL ESTATE DEVELOPMENT LLC
EMIRATES GOLF CLUB
RERA ORN # 303 SUITE 1601, BOULEVARD PLAZA TOWER 1, BURJ KHALIFA DISTRICT, DUBAI
AL SU FO U H RO AD
8
SHEIKH ZAYED ROAD EMIRATES MALL
JUMEIRAH HOTEL