SlideShare una empresa de Scribd logo
1 de 60
Descargar para leer sin conexión
///// Issue 27 - February 2015
Magazine Search Awards
On a mission
with a vision
Jackie Johns, Managing Partner,
Dubai Sotheby's International Realty
A LOOK AT THE NOMINEES
STEVEN MORGAN, CLUTTONS
Pg18
Pg8
Pg12
Pg36
PEOPLE'S CHOICE
REAL ESTATE
AWARDS 2015
TRENDS IN DUBAI
VILLA SECTOR
A REIDIN REPORT
EFFECT OF OIL
PRICE DROP
ON DUBAI
REALTY MARKET
Property Times eMagazine February 2015
OVER 3000 EXCLUSIVE PROPERTIES
8 EXCLUSIVE PROJECTS IN DUBAI
BUY, SELL AND RENT
PROPERTY MANAGEMENT
TEL: +971 (0)4 277 80 02 | E-MAIL: info@stockholmre.com | WEBSITE: www.stockholmre.com
February 2015 Issue -27 /// 4
propertyonline.ae
FROM THE EDITOR
CORRECTION?NOTHING
TOWORRYABOUT...
ItisoftensaidthatDubai’srealestatemarketissen-
timent-drivenandevenaslightcorrectioninprices
andrentssetsoffthepanicbutton.However,alook
at the reactions from real estate agency owners
over the past three months during which the mar-
ket has witnessed a correction in prices show that
the market is maturing and the members of the
industry along with buyers and investors believe
this period of correction is good for the market in
the long run. This trend is certainly encouraging.
In this issue, real experts from different companies
share with Property Times readers their thoughts
on the present and future of the market and their
opinion will certainly go a long way in proving
thousandsofbuyersandinvestorswithconfidence
to invest in one of the most lucrative real estate
markets in the world.
On the cover this month is Jackie Johns, who
used to head Dubai Luxury Homes which has now
merged with Sotheby’s International Realty and is
now the Managing Partner of the Dubai wing of
this firm. In an exclusive interview with Property
Times, Jackie sheds some light on her vision, tow-
eringambitions,herdreamofspreadingherwings
and reaching out to the global markets and why
she chose to partner with Sotheby’s International
Binesh Panicker
Editor-in-Chief & Co-Founder
P.O. Box: 76460, Dubai, UAE
MEDIA LAB PUBLISHERS LLC
Office 135, B Block, Al Shafar Investment
Building, Near 3rd Interchange
Sheikh Zayed Road, Dubai, UAE,
PO.Box: 235504, Tel: +971 4 33 86 724
Fax: +971 4 33 86 734
www.propertyonline.ae
info@propertyonline.ae
EDITORIAL
editor@propertyonline.ae
ADVERTISEMENT
advertise@propertyonline.ae
SUBSCRIPTION
subscribe@propertyonline.ae
Licensed by National Media Council
P.O. Box: 102817, Dubai, UAE
OUR TEAM
CONTRIBUTOR
PRINTER DISTRIBUTORS
PUBLISHER
Nicole Walter
Freelance Writer
P.O. Box: 485100, Dubai, UAE
Realty. In this issue, we also take a look at some
interesting upcoming projects in Dubai, which are
bound to attract a lot of attention from buyers in
thedaystocome,whileourcontributorNicoleWal-
tertakesusthroughAbuDhabi’sSirBaniYasIsland
andgivesusaninsideviewofthismajorattraction
for hundreds of tourists from across the globe.
On this occasion, I would like to thank all the
real estate agencies who nominated themselves
for the Property Times People’s Choice Real Estate
Awards2015.Thevotinglineswillbeopenedon1st
of March and closed on 31st of March, so I would
like to request all buyers, investors, sellers and ten-
ants to visit www.propertyonline.ae/awards and
cast their votes to choose the best in the industry
and make full use of their first ever chance in the
history of Dubai real estate market to voice their
opinion. I would also like to thank the industry for
the support they have given us during the nom-
ination period and let me assure you that the
awards will be conducted professionally and the
winners will be chosen by the people in a trans-
parent manner.
/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media- /+PropertyonlineAeweb/
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@propertyonline.ae
JATIN Deepchandani
Head of Sales, Marketing & PR
jatin@propertyonline.ae
SYED Ghayuor
Sales Manager
syed@propertytimes.ae
THINKAL Bhal
Manager - Special Operations & Events
thinkal@propertyonline.ae
RESHMI Raveendran
Sales, Marketing & PR Executive
reshmi@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
SRIKANTH Reddy
E-magazine support
srikanth@propertyonline.ae
MANAF CK
Admin Executive
manaf@propertyonline.ae
MARY Grace Antonio
Executive Assistant to Editor in Chief
grace@medialabpublishers.com
February 2015 Issue -27 /// 5
propertyonline.ae
U L T R A L U X U R I O U S
S E M I D E T A C H E D V I L L A S
Luxury living, delivered.
REALTY
Redefined to Reality
NOW SELLING
Live in Meydan’s first
Semi Detached Villa community
AED 1,250PER
SQFT
MEET US
AT THE
SALES
CENTER
CALL
millenniumsquare.ae
800-773
Semi Detached
Villas in Meydan
One of its kind
Each villa is designed to be an end unit and has
3 sides access around it with adequate space for
landscaping and a swimming pool.
70% on completion
On booking
After 6 months of booking
After 12 months of booking10%
RERA # 946 RERA #1021
Project RERA # 1612
4 & 5 Bedroom Semi Detached Villas
with Maids room, Size 3,479 sqft
A P P N O W A V A I L A B L E I N
MILLENNIUM SQUARE
12
NEWS AND ANALYSIS:
Dubai villa sector update by REIDIN.com
14MORTGAGE EXPERT:
Liam Griffiths, MortgageMe
16LEGAL EXPERT:
Legal expert: Jerry Parks, Taylor Wessing
24POLO HOMES
at Meydan from MAG Property Development
28Column by the Wolf of Real Estate
30
TIME TO DIVERSIFY:
Kunal Puri, La Capitale
36Column by Steven Morgan, Cluttons
38Exclusive interview with the partners
of Splendour Homes
40Dubai’s luxury real estate market:
Sanket Khanna, SNS Properties
48Foreign ownership of hotels:
Column by Jitheesh Thilak
52Exclusive property listings
People’s Choice Real Estate
Awards 2015 Nominees
A tactical
merger
Living Legends
set to open in 2015
Becomeonewithnature
at Sir Bani Yas Island8 18 34 42
February 2015 Issue -27 /// 7
propertyonline.ae
HISTORY
IN THE MAKING
IN DUBAI REAL ESTATE MARKET…
THE REGION’S ONE AND
ONLY REAL ESTATE AWARDS…
Winners chosen by buyers, investors, sellers and renters…
VOTING LINES OPEN ON 1ST
OF MARCH 2015
AND CLOSE ON 31ST
OF MARCH 2015
THE REAL GAME BEGINS NOW…
AWARDS
February 2015 Issue -27 /// 8
propertyonline.ae
THE NOMINEES
Muhammad Israr
Managing Director
in business
8 Years 13
Agents
Dounia Fadi
Managing Partner
in business
9 Years 23
Agents
Fadi Nwilati
CEO
in business
9 Years
John Stevens
Managing Director
in business
30 Years 28
Agents
Akylbek Akimov
Director
in business
2 Years 12
Agents
Kunal Puri
Managing Director
in business
4Years 4
Agents
Deepak Kaipa
Business Development Manager
in business
1 Year
Inderpal Singh
Managing Director
in business
1 Year 10
Agents
Sameer Adam
Managing Director
in business
7 Years
Hamir Asher
Managing Director
in business
10 Years 12
Agents
Jackie Johns
Managing Partner
in business
1.5 Years
Pawan Batavia
Managing Director
in business
3 Years 9
Agents
Dawn Draper
Managing Partner
in business
1 Years 10
Agents
Mohanad Alwadiya
Managing Director
in business
6 Years 21
Agents
Akash Kanjwani
Managing Director
in business
9 Years 7
Agents
Erfan Aslam
Managing Director
in business
1.5 Years
Zarah Evans
Managing Partner
Louise Heatley
Managing Director
in business
9 Years 21
Agents
Mario Volpi
Managing Director
in business
15 Years 30
Agents
Umar Bin Farooq
& Rouf Makroo
Managing Directors
in business
2.5 Years 13
Agents
Paula Enander
Managing Partner
in business
1 Year 2
Agents
The property experience...
Sales l Leasing l Management
Dubai UAE
AWARDS
February 2015 Issue -27 /// 9
propertyonline.ae
THE NOMINEES
Riyaz Merchant
Managing Director
in business
7 Years 11
Agents
Saleem Rafiq Ahmed
Managing Director
in business
7 Years 25
Agents
Alessia Sheglova
Managing Director
in business
10 Years 20
Agents
Ali Ashraf Tumbi CEO
Wakas Khan VP
Manish Khatri VP
in business
11 Years 45
Agents
Nick Grassick M D
Myles Bush CEO
in business
8 Years
Paul Christodoulou
CEO
in business
2 Years 20
Agents
Chris Whitehead
Managing Director
in business
8 Years
Faisal Baig
Managing Director
in business
5 Years 16
Agents
60
Agents
Niraj Masand
Managing Director
in business
2 Years
Shahid Hassan
Managing Director
in business
7 Years 12
Agents
15
Agents
Mahendra Singh
Managing Director
in business
10 Years 80
Agents
Klaus Hölscher
Managing Director
in business
10 Years
Your Trusted Real Estate Partner
Simply log-on to
www.awards.propertyonline.ae
Step 1: Click on VOTE
Step 2: Choose a category on your choice
Step 3: Vote for your agency of choice based on your experience
Step 4: Once you submit your votes, you are automatically enrolled
into a lucky draw to win a HOLIDAY TRIP this summer
VOTEVOTE
& WINA HOLIDAY TRIP
A HOLIDAY TRIP
& WIN
Rohan Raval
Managing Director
8 Years 7
in business Agents
AWARDS
February 2015 Issue -27 /// 10
propertyonline.ae
The moment of reckoning is here… From 1st of March 2015 till
31st of March, thousands of buyers, investors, sellers and tenants
from all over the world who invested in Dubai real estate market
will start voting for their favourite real estate agencies and
individual brokers. History is being made here… It never
happened before… And Media Lab Publishers is proud of this
initiative we have taken in a bid to empower the buyers and
investors in Dubai real estate market who usually don’t get an
opportunity to voice their opinion. My hearty congratulations to
all the nominees who have shown immense confidence in their
professionalism and customer service. By choosing to partici-
pate in the biggest awards for real estate in the history of Dubai,
these real estate agencies have shown how much they value
customer feedback so that they can continue to enhance the
level of customer service they provide their clients with. This is
the sign of a mature market wherein real estate agencies are
quite keen to know what exactly their clients think of them and
their service.
To make the process of voting easier, we have created a platform
on www.propertyonline.ae/awards wherein all the categories
and nominees in each of these categories are listed. It is an
extremely user-friendly interface and the entire process of voting
is expected to take less than 10 minutes. In order to keep the
system spam-free, we have created a fool proof back end and an
IP address tracking system, which will ensure all the votes are
genuine. Also a dedicated quality control web team will closely
monitor the voting process from start to end. Our independent
Advisory Panel will ensure a smooth and transparent voting
process, which will eventually determine the best in the industry.
Once the voting lines are closed, winners will be declared by the
Advisory Panel based on the number of votes each nominee
manages to secure. And all the winners will be honoured at a
glittering ceremony in April, to be attended by who’s who of
Dubai real estate market, Consulate Generals, etc.
I am also excited just like the rest of the market. And this is just
the beginning…
All the best to all the nominees…
Binesh Panicker
Editor in Chief and Co Founder
TIMETOCHOOSE
THEBEST
INTHEINDUSTRY…
GETSETGO…
AWARDS
February 2015 Issue -27 /// 11
propertyonline.ae
AHMET KAYHAN
CEO, REIDIN.com
VILLASECTOR:DUBAI
NEWS&ANALYSIS
D
uring the peak period of
September 2012 to October
2014, the villa prices rose by
33.15%, while in 2014, the
sales prices increased by 9.07% and
rents increased marginally by 3.22%.
“Villa segment has a bigger sensitivity
against macro indicators as the level of
yields and cost structures differ heav-
ily compared to apartments. Also villas
do attract a lower level of demand in
comparison to apartments. Certainly,
it will be a tougher year for villas espe-
cially in freehold areas,” says Ahmet,
adding that REIDIN expects villa prices
to drop more than apartment prices
and follow the same pattern as the
apartment segment.
Also, supply doesn’t seem to be an
issue in the villa segment anymore
considering 11% of the upcoming
supply in 2015 will be villas; that is
around 3,000 to 4,000 units.
February 2015 Issue -27 /// 12
propertyonline.ae
Source : REIDIN.com
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.comhelpsprofessionalsandindividualseasilyaccesstherealestateinformationtheyneedtomakemoreinformed
investment,purchase,sales,rent,mortgage,finance,developmentandmanagementdecisions.REIDIN.com‘Data&ResearchTeam’
together with a global network of information partners endeavours to provide high-end analysis and research support to its clients.
For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update in association with Property Times.
NEWS&ANALYSIS
30%
20%
10%
0%
-10%
VictoryHeights
-5%
-5%
0% 0% 0%
4%
8% 8%
26%
5%
2%
6%
1%
-5%-4%
-3%
-3%
-3%
-7% -7% -7%
AlFurjan TheLakes
Springs
andMeadows
TheJumeirah
Circle ArabianRanches
PalmJumeirah
Last3Months YeartoDateLast6Months
DubaiVillaCommunitiesSalesPriceChange
20%
15%
10%
5%
0%
-5%
-10%
0%
-3% -1% -1%-1%
-2%
-1%
-2%
-6%
-0%
-4%
9%
2%
-1%
9%
0%
Last3Months YeartoDateLast6Months
VictoryHeightsAlFurjan TheLakes Springs&Meadows TheJumeirahCircleArabianRanchesPalmJumeirah
-2% -2% -3% -1%-4%
DubaiVillaCommunities RentPriceChange
Villa prices rose by 33.15% during
Sept. 2012 - Oct. 2014.
Villa rents went up by 3.22% in 2014.
11% of the upcoming supply in 2015
will be villas.
Villa sales prices increased by 9.07% in 2014.
February 2015 Issue -27 /// 13
propertyonline.ae
If you have any mortgage related queries please email at editor@propertyonline.ae
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w i t h m o r t g a g e e x p e r t
The first step would always be to con-
tact a mortgage broker; a good mort-
gage broker will not only source the
most suitable mortgage for you, but also put
a plan in place, which will show you the most
costeffectivewayofrepayingyourmortgage,
accordingtoyourcircumstances.Onesizedoes
not fit all and your plan should be individual
to you. It is also important to check that your
broker covers the whole market so you have
thewidestrangeofproducts,asmanyadvisers
only offer mortgages from a limited panel of
lenders and are not regulated, thus you have
no recourse if bad advice is given.
I am planning to purchase a villa
on the Palm. I am looking at 20%
mortgage for this unit while I will
pay the rest in cash. I am a businessman
from Abu Dhabi. What is the procedure?
EXPERTADVICE
Liam Griffiths
MortgageMe.ae
Head of Mortgage
Middle East/Africa
Whenever changing your mortgage
lender for “a better deal” is not just
about the rate, all fees must be taken
into account as well. It is only advisable to
change your mortgage provider if you are
in a better position when all of the costs of
moving your mortgage including the fee
involved have been taken into the equa-
tion. Again, it is always advisable to seek
professional advice on this as all lenders
have different fee structures when you move
your mortgage.
I have a mortgage with a for-
eign bank, but a local bank has
approached me with a better
deal. My mortgage was taken two years
back. What is the procedure to transfer
the mortgage to another bank and how
much it will cost?
Lenders will offer 50% LTV max-
imum, but beware, buying off
plan is a minefield as certain lend-
ers will only deal with certain developers
and developments.
It is always prudent to seek advice, and
have your mortgage pre approval in place
before you start to look, and especially
before you sign any contract or hand over
any money. It is also important to note that
the fee with off plan mortgages can often
add up to as much as 12% on top of the
purchase price.
Do banks offer mortgages for
off plan properties? What is
the maximum LTV I can get for
an off plan property and what is the
eligibility criteria?
Dubai's skyline
February 2015 Issue -27 /// 14
propertyonline.ae
WE CAN MAKE YOUR
HOME EQUITY WORK FOR YOU!
Take advantage of the current low mortgage rates
and put your money towards a better use.
2.99%
WHY IS YOUR EQUITY JUST
SITTING THERE DOING NOTHING?
Investme Financial Services LLC, +971 (0) 4 453 4400
608, Dusseldorf Business Point, Al Barsha 1, Dubai info@mortgageme.ae
If you have any legal queries about buying or renting, please email at editor@propertyonline.ae
Our expert answers the legal queries about buying and renting properties.
w i t h l e g a l e x p e r t
RERA has the power to cancel any
real estate projects in Dubai if they
consider it appropriate to do so, usu-
ally due to its lack of progress. If yours is one
such project, you must register your interest.
Youcandothisinoneoftwoways:(1)attend
atDubaiCourtsbetweenthehoursof2.30pm
and 7.30 pm, go to the Central Services Hall
onthe1stfloorandcompletetheregistration
forms available there; or (2) register online by
going to www.dubaicourts.gov.ae , clicking
on your project in the list and completing the
online form.
RERA should appoint an auditor whose
job it will be to liquidate the project and
investigate the status of the escrow account.
The developer will be required to refund pur-
chasers their total payments to the date of
cancellation. In the event that full refunds are
not forthcoming, maybe due to a shortfall in
theescrowaccount,thenthedeveloperwillbe
requested to pay the balance amounts due.
If the developer does not pay, the case can
be referred to the Committee established to
oversee such matters.
The Committee can make an order
requiring the developer to pay, which can be
enforced directly by the Dubai Courts if the
developer fails to comply. In theory, a good
system. In practice, a cancelled project usu-
ally leads one to an insolvent developer. In
that case, there is little any investor can do,
with or without a Court order.
If the person you represent is not
planning to come to Dubai to
complete the transfer process for
each transaction, then he should appoint
someone under a Power of Attorney (POA)
to complete matters on his behalf. RERA has
recently refused to recognize POAs granted
to real estate brokers, and so the grantee
of the POA will have to be someone who
doesn’t hold a real estate brokerage card.
My advice would be for that authorized
person to be a lawyer. In that way, your
investor can be comforted by the fact that
the lawyer should be bound by a number of
codes of professional conduct, and should
also have in place professional indem-
nity insurance sufficient to reimburse him
against any loss suffered as a result of the
grantee’s negligence.
A lawyer experienced in the real estate
field can also conduct due diligence, advise
on suitable ownership structures, guide you
through applicable procedures, and receive,
hold and pay out funds on the investor’s
behalf. Although it’s curious how many
brokerage delivery guys one sees at transfers
these days...
Irecentlyreadanarticleaboutproj-
ect cancellations in Dubai. One of
the projects I invested in long back
is also a part of this list. How do I get my
money back and who do I approach?
Your 99year leaseholdinterestshould
be registerable with the Dubai Land
Department as a right in rem, which
is lawyer-speak for a property right rather
than just a contractual right. So this is to be
recommended.Youcantransferrightsinrem,
and so if you want to transfer your interest to
yoursonatalaterdate,youcandoso.It’snot
all good news though.
After the expiry of the 99 year term, the
property will revert to the landlord, usually
the freehold owner. Also, the fees payable for
registeringalongtermleaseofthisnatureare
currently4%ofthetotalvalueofthecontract.
So the 4% will be calculated on any premium
andanyrentalpaymentsdueundertheterms
of the lease.
I recently bought a property which
is on 99 years lease basis. What
happens after 99 years? I am not
based in Dubai. Will I be able to transfer
it to my son later?
IrepresentaninvestorfromaEuro-
peancountryandheisplanningto
investinsomepropertiesinDubai.
Whatistherightwaytoapproachthisand
will hiring a law firm ease the process?
Jerry Parks
Partner
Taylor Wessing
EXPERTADVICE
Greens, Dubai
February 2015 Issue -27 /// 16
propertyonline.ae
Property Times eMagazine February 2015
COVERSTORY
THETIMELY
TACTICALACQUISITION
Dubai Luxury Homes, a well-known real estate agency in Dubai, was recently acquired by Dubai Sotheby's International
Realty, the largest global brand in the luxury real estate industry. Jackie Johns, who is now the Managing Partner of
Dubai Sotheby's International Realty, talks to Property Times to shed some light on the acquisition and the company’s
future plans. By Binesh Panicker
February 2015 Issue -27 /// 18
propertyonline.ae
COVERSTORY
W
hen Dubai Sotheby's
International Realty
approached Jackie
Johns to purchase
Dubai Luxury Homes the synergy was
immediately apparent, it just clicked.
Sotheby's International Realty being
the largest luxury real estate company
in the world and operating since 1976
offered the opportunity Jackie had
envisaged. Combining the wealth of
global experience offered by Sothe-
by’s International Realty with an
established local company took the
Dubai Sotheby’s International Realty
operation to a whole new dimension,
offering established clients a new
global network yet with the same per-
sonal service they always expected.
This evolvement provided a great
solution to the growing demand
from local buyers and developers to
look globally.
Dubai Sotheby’s International
Realty has four divisions operating
in Dubai; a Local Sales and Leasing
Jackie Johns
The 118, Downtown, Dubai
February 2015 Issue -27 /// 19
propertyonline.ae
COVERSTORY
wide. We really can unite extraordi-
nary properties with extraordinary
lives wherever that maybe across
the globe.
THE TIMEFRAME
This was probably one of the quick-
est merger acquisitions ever. The talks
only started in November 2014 and
on January 4, 2015, relocating to the
Dubai Sotheby’s International Realty
offices in Downtown was complete. It
took about six weeks from start to fin-
ish. So the synergy was there from day
one and we knew that we could work
together. It’s only been three months
since we joined operations but it feels
like it has always been.
department working on the proper-
ties here in the UAE, a Project Sales
department who manage the sales
process of exclusive projects being
built in Dubai and offering them
global exposure, an International Sales
department managing our portfolio
of exclusive projects and properties
overseas and showcasing property
investment opportunities to clients
here, finally the Property Investment
department which looks after institu-
tional and individual investors again
offering them both local and interna-
tional opportunities.
For Jackie it is very important that
Sotheby’s International Realty is rec-
ognised for their global reach. With
over 760 offices in 55 countries world-
WE ARE MAINLY FOCUSING
ON OUR GROWTH POTENTIAL
IN OUR INTERNATIONAL AND
PROJECT SALES DEPARTMENT.
I HAVE A GREAT MANAGE-
MENT TEAM BEHIND ME AND
I WANT TO LET PEOPLE KNOW
THAT WE HAVE A WEALTH OF
REAL ESTATE KNOWLEDGE
AND EXPERIENCE BASED
HERE IN DUBAI.
Paris
February 2015 Issue -27 /// 20
propertyonline.ae
COVERSTORY
MARKETING STRATEGIES
Sotheby's International Realty are
revered for their sophisticated mar-
keting, we are not a mass marketing
company as that’s not what clients
expect from us. We have always been
a refined company when it comes to
presenting our properties for sale and
we produce a tailored plan for each
property to ensure we meet the tar-
get market.
Listening to our clients require-
ments is paramount and we show-
case their homes in a way that makes
them comfortable. If a client wants a
discrete campaign perhaps through
our members’ only site then that’s
what we deliver. Our expertise in
selling luxury homes globally via our
own Sotheby’s International Realty
networks offers a service beyond
the expected.
IMMEDIATE PLANS
We are mainly focusing on our growth
potential in our International and Proj-
ect Sales department. I have a great
management team behind me and I
want to let people know that we have
a wealth of real estate knowledge
and experience based here in Dubai.
Whether you are looking to build your
property portfolio overseas or you
need to take your Dubai development
globally to attract sales then we have
the expertise on hand to guide you
through all the processes.
THIS WAS PROBABLY ONE
OF THE QUICKEST MERGER
ACQUISITIONS EVER. THE TALKS
ONLY STARTED IN NOVEMBER
2014 AND ON JANUARY 4, 2015,
RELOCATING TO THE DUBAI
SOTHEBY’S INTERNATIONAL
REALTY OFFICES IN DOWN-
TOWN WAS COMPLETE.
Emirates Hills, Dubai
MERGING OF VALUES
AND POLICIES
Sotheby’s International Realty is rec-
ognised worldwide for their quality
values and their strict due-diligence
policies. This is what sets them
apart from others. Dubai Luxury
Homes always worked within the
same parameters so the merge
was seamless.
Dubai Sotheby’s International
Realty will deliver the white-glove
service to all its clients irrespective of
the product or price range. This ser-
vice is why our well-regarded Global
Property Consultants develop lifelong
working and personal relationships
with their clients.
February 2015 Issue -27 /// 21
propertyonline.ae
COVERSTORY
Downtown, Dubai Apartment
INTERNATIONAL MARKETS
Sotheby’s International Realty oper-
ates in 55 countries but currently
we are focusing on markets that are
relevant to us in Dubai; London, Paris,
Hong Kong, Los Angeles, New York to
name a few. Recently we have taken
exclusive rights on an extraordinary
resort in the Maldives consisting of
85 freehold title villas. We will only
bring to the market the right projects
that offer the best opportunities to
our clients, be they property investor
or end-user.
BENEFITS FOR INVESTORS
INVESTING IN OVERSEAS
MARKETS
Each market is unique. That is why we
have dedicated teams in each market
that is relevant that will provide the
local knowledge and experience to
guide you to a successful transaction.
Our Dubai office is the first port of call
when looking to reach the overseas
markets as our dedicated team with
initiate the process for you, from the
comfort of your own home.
MORTGAGE VS CASH
BUYERS
We have a mix of both mortgage buy-
ers and cash buyers. If a client wants
to secure a local mortgage or an inter-
national mortgage then we would
direct them to our preferred partners
who have all be thoroughly checked
and approved by the Sotheby’s Inter-
national Realty network, therefore
again delivering specialised skills in
international markets.
FUTURE STRATEGY
FOR DUBAI SOTHEBY’S
INTERNATIONAL REALTY
In Dubai, we are looking to open dis-
cussions with all major developers
and offer the opportunity to take their
brand globally. With over 760 offices
worldwide and an experienced sales
force of 16,000 agents who work out
of 55 countries we truly can open up
the world to the exciting opportu-
nities and projects we have here in
the UAE.
February 2015 Issue -27 /// 22
propertyonline.ae
Property Times eMagazine February 2015
D
eveloper MAG has diverted
its overseas development
branch Invest Group Over-
seas (IGO)’s attention from
Syria to its Frisco project in the US and
Dubai, where its team is busy build-
ing the Polo Townhouses and Polo
Residence communities in Meydan.
While the two communities are sepa-
rated from each other, they are in the
same vicinity, with the Polo Residence
facing the Meydan Hotel and its
Tennis Academy.
Talal Al Gaddah, CEO of MAG
Property Development (MAG PD)
highlights the advantages of devel-
oping in Meydan. “The infrastructure,
roads and greenery are already there,
indeed the vision for Meydan is to
take advantage of the natural beauty
of the Nad Al Sheba area,” he says,
adding that the developer consoli-
dated its 30 plots, which were dotted
all over the master-development, into
these two sites.
We looked at the master-plan
again and decided to take the plots
all together in one place to be able
to develop one community, where
people can live without someone
else building next door with trucks
coming in and out. This is one
of the benefits our buyers have,”
he reasons.
Other benefits both communi-
ties would offer is an emphasis on
green spaces within, 60% have been
reserved for its landscape and ser-
vices, says Talal, as well another close
contact with nature, horses. Although
Meydan is rather about flat race than
polo, the name for the communities
was chosen as something people,
who may not be into horse racing,
would instantly associate with horse
sports. “We call our communities
‘Polo’ because they are next to the
race course, although we don’t have
polo but it’s a horsey neighbour-
hood and a name familiar to people,”
Talal explains.
WELL CONNECTED
The area may not have polo fields but
nevertheless, residents will still be able
to swing a club on the ground at the
nearby Meydan golf course. Yet, living
in nature doesn’t mean living discon-
nected from the hustle and bustle of
the city, residents will live very close to
public transport connections. Dubai
Metro is planning a Meydan station
and an Etihad Rail train station close
by. “It’s the best way to connect the
railway, which will connect the other
Emirates with the metro to Sheikh
Zayed Road, and the two airports,
Dubai International and DWC, which
will get busy by 2017,” remarks Talal.
“People usually want to be at the
centre of activity, however, the most
wanted locations in Dubai, such as
Dubai Marina, Downtown Burj Khalifa
HIGHPolo Townhouses and Polo Residence are rising
in Meydan By Nicole Walter/freelance writer
RIDING
MARKET
Meydan
February 2015 Issue -27 /// 24
propertyonline.ae
ORN- 2436
or Business Bay, have only few parks,
in Meydan they will have both, life in
nature and be close to town, only ten
minutes away by car or public trans-
port,” he adds. Facts, buyers into the
570,00 square feet community, worth
AED400 million, have been probably
ticking off their wish list, together
with the facilities offered a club house
with gym, spa and swimming pool,
children’s play areas, and plenty of
space for guest parking. All of the
106 three-and-four bedroom prop-
erties, the latter complete with their
own pool, have already been snapped
up, says Talal. “The Polo Townhouses
sold out within seven days when
we launched them at AED1,250 per
square foot. We have upgraded the
finishing without extra pay, such as
marble floors and solid-wood doors,
simply because we decided to deliver
an even more exceptional product,”
he adds.
THE DEVELOPMENT
Being built by Technical Architect
Contracting and designed by Archorp
Architectural Engineering, the charm
of these contemporary and spa-
cious Polo Townhouses lies in its
simplicity, coming in natural stone
colours, with large windows allow-
ing in plenty of light and views into
the green neighbourhood. The close
to 1.2 million square feet Polo Resi-
dence community, encompassing 29
WE CALL OUR COMMUNI-
TIES ‘POLO’ BECAUSE THEY
ARE NEXT TO THE RACE
COURSE, ALTHOUGH WE
DON’T HAVE POLO BUT
IT’S A HORSEY NEIGH-
BOURHOOD AND A NAME
FAMILIAR TO PEOPLE.
TALAL AL GADDAH,
CEO, MAG PROPERTY
DEVELOPMENT.
MARKETpropertyonline.ae
low-rise apartment buildings at G+4,
housing 873 apartments from one to
four bedrooms, come in an equally
modern and airy design fitting into
their green surroundings. “The mas-
ter developer Meydan prescribed
contemporary design as a guideline,
they have a new vision for Dubai, to
develop a new area with one concept,
one theme.
''The buildings are elegant and sim-
ple, we are using 50% white and blue
glass, and high-end quality material
inside compared to other projects in
Dubai,” Talal explains the looks. The
community boasts plenty of space
for the cars of the residents and their
guests, parks, play areas, a kindergar-
ten, and a small 4,000 square metres
mall with convenience stores and
cafés. “The vision was to create a liv-
ing place, where people don’t feel like
they are stuck in traffic cars, or waiting
for the lifts, we only need two eleva-
tors,” says Talal.
A DIFFERENT LIFESTYLE
One of the major points when creat-
ing the design was to create an envi-
ronment which guaranteed a sense
of calm, hence the developer went
for low-rise and keeping the number
of buildings low. “You need to offer
different lifestyles in Dubai; having
more low-rise building provides such
a change. There are only around 30
apartments in each building, so you
have only few neighbours, you don’t
have property management issues,
and it is a more chilled area yet far
away from Downtown,” Talal elab-
orates. While the town homes are
unfurnished, the developer decided
to sell half of the Polo Residence
apartments furnished. “We took this
decision because a lot of people were
talking about the Dubai Expo 2020 in
terms of expecting rents to increase
by 12% to 15%, and they wanted to
have hotel apartments. We didn’t
want to do that but instead decided
BECAUSE THE MARKET HAS
QUIETENED DOWN WE HAD
SOME PEOPLE WHO RETURNED
THEIR UNITS, ALTHOUGH THE
SALES WERE DONE. IN ANY CASE
WE ALWAYS KEEP AROUND 15%
FOR US AS A COMPANY AS AN
INVESTMENT, TO LEASE THEM
OUT LATER ON,
TALAL AL GADDAH,
CEO, MAG PROPERTY DEVELOPMENT.
MARKET
The Polo Residence at Meydan
The Polo Residence at Meydan
February 2015 Issue -27 /// 26
propertyonline.ae
We are specialized in providing
the following services:
 Property Management
 Building Management
 Sub Leasing
 Buying and Selling
 Leasing
 Property Investment and Asset
Management
info@alraea.com | www.alraea.com
NEW
BRANCH
OPENNING
SOON
at
JUMEIRAH
VILLAGE
CIRCLE (JVC)
BRANCH
JUMEIRAHJUMEIRAH
STRESS FREE
PROPERTY
MANAGEMENT
SOLUTION
Since 1994
AL RAEA REAL ESTATE, a
Management Company established
in 1994 a trusted name in UAE
provides 360 degree property
solution, We provide the most
professional, informative, loyal and
dedicated service in the industry
AL RAEA REAL ESTATE, a
Management Company established
in 1994 a trusted name in UAE
Leasing
NEW
BRANCH
Leasing
 Property Investment and Asset
Management
6 MONTHS FREE
PROPERTY MANAGEMENT
WITH ONE YEAR CONTRACT
Call: 04 3623856
055-9544366
Email: pm@alraea.com
www.alraea.com
Contact us for free consultation as an
opportunity to meet with our team
of experienced property managers.
ORN 1268
JUMEIRAHJUMEIRAHJUMEIRAH
SHOP # 4
PRIME BUSINESS CENTRE
C
M
Y
CM
MY
CY
CMY
K
to offer furnished apartments with the
same specs than hotel apartments,”
he explains. “We won’t lease them
out or manage them for you but you
can rent them out yourself, as last year
the authorities launched the holiday
home license, so people can rent their
homes out via specialist companies
who manage them,” he adds. There
are still some apartments available
at the AED1.5 billion Polo Residence,
which the developer says is around
75% to 80% sold out. “Because the
market has quietened down we had
some people who returned their
units, although the sales were done.
In any case we always keep around
15% for us as a company as an invest-
ment, to lease them out later on, for
example,” says Talal.
RIGHT PRICING
The developer studied the market
at the end of 2013 pricing them at
AED1,100 a square foot, but since
the pre-launch price has changed
to around AED1,350. “We didn’t sell
at the time of pre-launch and by the
time we opened the Escrow account
and started selling in July last year we
decided that prices should increase,
because land and construction
prices were going up as well,” Talal
explains. “We only sold 20 apartments
for around AED1,150, the rest went
between AED1,250 and AED1,425 for
one bedroom,” he adds. The payment
plan is a convenient 60/40 structure,
with a 10% down payment, 10% after
60 days, 40% linked to construction,
and 40% on completion. While 90%
of the infrastructure work at the Polo
Residence is done, and the main
contractor has started on the build-
ings this February, the infrastructure
work on the Polo Townhouses is
slated to be ready by mid-2015 and
the construction of the homes is
already underway.
“The completion for the Polo Town-
houses is Q1 2016, we have a guaran-
tee from the contractor to complete
them by end of 2015, and our sales &
purchase agreement (SPA) with our
clients is for the middle of 2016, but
99% we aim to hand over earlier. The
Polo Residence will take 24 months
from construction start to comple-
tion,” concludes Talal.
I
n 2011, the first real year of the post
global financial crash recovery in Dubai,
thetotalvalueofrealestatetransactions
reached AED143 billion. By the end of
2012,ithadreachedAED154billion,amod-
est,yetpromising8%increaseon2011.Year
2013 will long be remembered as Dubai’s
comeback year as the total value of real
estatetransactionsreachedAED234billion,
a 52% increase on the prior year which was
clearly unsustainable. Now we know that
in 2014 over AED218 billion worth of real
estate assets were sold in Dubai. These are
heady numbers indeed.
In the space of just three years, the total
value of transactions has grown by 152%
duetoacombinationofheightenedactivity
levels riding a powerful new wave of inves-
tor confidence and a sharp rise in values
as investors reevaluated just how lucrative
realestateinvestmentsintheEmiratecould
be. If I were to use an athletics analogy, the
market in 2013 had been sprinting when,
in actual fact, it needed to complete a mar-
athon. Therefore, a reduction in pace was
required to ensure there was not a melt-
down and the gains made were not relin-
quished. And a slowdown there has been,
a welcome change of pace attributed to a
number of factors, some of them deliberate
and appropriate: Capital inflows seeking a
safe haven were sure to weaken; alterna-
tive investment opportunities were sure to
emerge as prices started to rise; the imple-
mentation of the 4% transfer fee along
withdeveloper'sproactiveattemptstolimit
speculative practices had an initial effect;
thenewlawregardingrentalpriceincreases
has also had an effect; some investor ner-
vousness and trepidation has led to some
hesitancytobuyintoamarketthattheyfeel
is at its peak.
Addtothelisttheimplementationofthe
new mortgage laws and there is a pretty
compellingsuiteofprobablereasonsforthe
slowdown, notwithstanding the nervous-
ness, much of it unwarranted in my view,
surrounding the recent decline in oil prices.
So,willtheDubairealestatemarketof2015
providelucrativeinvestmentopportunities?
I believe yes and here is why …
First … the market will continue to benefit
from continued demand as the broader
economy continues to grow. Dubai’s econ-
omy is doing very well. Economic growth
is strong at around 4.5% and independent
bodiessuchastheIMFhaveforecasted5%+
economicgrowtheveryyearthroughtothe
endofthedecade.Withoilrepresentingonly
about 4% of GDP, the economy is being
driven by fundamentals such as tourism
and trade and a slew of new projects to
grow these important revenue generating
economicsegments. Dubaiexpectstohave
attracted over 12 million visitors in 2014,
continuingagrowthtrendofapproximately
9% per annum since 2010.
Second… when you are investing in real
estate, you are really investing into an
economy and the effect of the 2020 Expo
ontheUAEeconomycannotbeunderrated
in terms generating demand for real estate
assets. Hosting the World Expo will provide
additional impetus for the industry to enjoy
continuedgrowthandthepredictablesurge
in demand for accommodation and com-
mercialspaceofalltypes,fromlaborcamps
to offices to warehouses to apartments to
executive Villas, is sure to have a significant
effect on property values.
Third … Finance is still cheap but the low
mortgage rates of today will probably not
be available in two or three years. The like-
lihood of interest rate rises in the United
States as early in the latter part of this
year will make financing a UAE mortgage
increasingly more costly due, primarily to
the AED being pegged to the USD.
Fourth … The market itself is undergo-
ing structural changes to enable a greater
degree of stability and better support and
contribute to Dubai’s economic growth.
For example, reviews and recommenda-
tions have been completed and provided
to ensure that Dubai’s economic growth
is not inhibited by a shortage of affordable
housing. This demonstrates a desire to
ensure that the industry is in equilibrium
and can meet the demands of a burgeon-
ing population that will be characterized
by rapidly expanding lower to middle
income segments. The opportunities in sat-
isfying this growing need are immediate
and significant.
Fifth … 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 con-
sumer 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 shap-
ing an industry which exhibits sustainable
growth over the long term. The industry is
much more resilient in 2015 and investor,
not speculator, confidence has made a
big comeback.
And finally, if its superior yield with mini-
mal capital outlay that you are after, Dubai
real estate is still hard to beat. Affordable
properties in developments such as Queue
Point, Skycourts, International City, Dubai
Sports City, Discovery Gardens and JLT are
allbenefittingfromDubai’srecoveringecon-
omy and you can expect a rental return in
these areas of at least 7% with 10% rental
yields uncommon and both rental yields
andpropertyvaluesareexpectedtoincrease
as the 2020 World Expo draws nearer.
2015 will be remembered as a year of
renewed opportunity. Don’t miss out.
5REASONSTOINVESTINREALESTATEIN2015
Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official
training & certification arm of the Dubai Land Department
MARKET
February 2015 Issue -27 /// 28
propertyonline.ae
February 2015 Issue -27 /// 29
propertyonline.ae
O
nce an Individual has
invested in real estate; he/
she would always go back
and reinvest in it again. Yes;
this is the truth and the main reason
(over all the reasons) is; the ‘asset’
has a value and it’s a physical asset.
Moreover, it’s, any day, safer than
investment in commodity, shares,
bonds, and trades etc. So as we move
forward in 2015, we are standing at
a point where we can see that the
markets are maturing and getting
more stable. Markets are also showing
signs of slowing down and in certain
areas in Dubai, the property price has
come down.
Yes, Dubai will still enjoy property
price and rental value increases of
15% to 20% over the coming few
years and it’s clear that the inevitable
decline and cooling down in property
value growth coupled with a stalling
of increasing rental prices was exactly
what the market needed to remain
viable and in good shape for long-
term stability and security.
THE RIGHT WAY TO INVEST
Investing is about making money
and that’s what we need to focus on.
Chasing the big returns often carries
greater risks. One should prefer estab-
lished locations with strong economic
data and stats. The best view for 2015
is to keep it safe and stick to strong,
low risk markets. With stocks, shares
and most markets all heavily down
so far in 2015, the low oil price and
the uncertainty of gold, investing into
property will be the real winner this
year, as long as you do your research
and choose your investments smartly.
Property also gives you access to
leverage (mortgage finance), which
again will make your returns look even
more favorable relative to your initial
deposit outlay.
So the basic of investment strat-
egy says ‘diversify’; which is true; but
where? To answer these and other
questions we should look at other
global markets; i.e. outside Dubai and
the UAE. As we go into 2015 it is an
“TIMETODIVERSIFY”
Investing is about making money and that’s what we need to focus on. Chasing the big
returns often carries greater risks. One should prefer established locations with strong eco-
nomic data and stats. By Kunal Puri, Managing Director, La Capitale
SO THE BASIC OF
INVESTMENT STRATEGY
SAYS ‘DIVERSIFY’; WHICH
IS TRUE; BUT WHERE?
TO ANSWER THESE AND
OTHER QUESTIONS
WE SHOULD LOOK AT
OTHER GLOBAL MAR-
KETS; I.E. OUTSIDE DUBAI
AND THE UAE,
KUNAL PURI,
MANAGING DIRECTOR,
LA CAPITALE
MARKET
Berlin, Germany
February 2015 Issue -27 /// 30
propertyonline.ae
opportune time to look back at the
market during last year and analyze
the key statistics, trends and changes
that drove the behavior of both buy-
ers and sellers as well the economic
factors and attitude of owners/land-
lords that are likely to influence the
market in 2015.
LUCRATIVE
GLOBAL OPTIONS
Last year was quite an interesting one
in the global property market, with
the two power houses of the West,
London and New York, really under-
lining to investors the importance of
investing into strong currencies as
well as strong economies.
Both cities benefitted from price
growth in the central areas last year,
with some locations witnessing dou-
ble digit upside on residential prop-
erty values. The vacancy rates in these
central locations remain very low,
which is a strong indicator of a healthy
market, although with the rate at
which prices have risen over the
past few years, yields in the typically
favored parts of Central London and
Manhattan have suffered. However,
the real property stories of last year in
these markets were in the surround-
ing locations. A number of Outer
London locations firmly emerged
as worthy of investor consideration,
and a similar situation was seen across
the pond, with Brooklyn in particular
showing healthy growth and strong
potential to continue.
There are huge opportunities and
great value in certain locations; i.e. “in
and around Central London” as the
ripple effect of Prime London gathers
pace. When entering into a property
investment, the smart play is to enter
a location that is well positioned
(transport links and infrastructure
etc.), in a nice neighborhood; but a
location that hasn’t seen a huge
recent spike in prices. You don’t
want to be entering a market at the
top of its peak, you want to look for
locations of value and Greater Lon-
don currently has some very exciting
opportunities in areas which will go
up in price through 2015. Manchester
is now the second largest economy
within the UK, with London taking top
spot – there is such a good feel to the
city. Unemployment levels are drop-
ping and the appetite for residential
property is definitely increasing. You
cannot really compare London to
Manchester in terms of economy,
however, currently, there is potentially
huge value in Manchester in prime
city locations.
Quality one bedroom apartments
start from around GBP125,000
(around AED700,000) where the same
in London is likely to be eight to ten
times more expensive. Again, it’s not
a ‘like-for-like’ between London and
Manchester as they have very differ-
ent stories, however it’s important
to highlight the value proposition
currently in the UK’s second largest
economy. There is also a strong yield
opportunity in Manchester with yields
on offer of around 5.5% and with
occupancy levels dropping. There
are a lot of key indicators that will
drive both the property market and
the economy in 2015. In the U.S.A.,
they still like New York. While a lot
of the value has now gone in most
places in Manhattan, New Jersey and
Brooklyn should see steady growth
this year. Chicago and Miami will likely
strengthen further as these markets
continue to see strong activity and
strengthen. Both locations still offer
good value with residential prices
still a long way below the peaks of
2007. Keeping in Europe, but a dif-
ferent currency… Berlin is a market
one should look at. It is one of the
most undervalued property markets
in the whole of Europe. The average
property price through the city is
just over € 100,000 (AED420,000) for
a quality apartment. Berlin is a great
city which offers a fantastic lifestyle
to all walks of life regardless of age
or culture. There is also great rental
demand with over 50% of the pop-
ulation in Berlin renting the property
they live in. With low property prices
and a strong rental demand, this gives
a very strong yield opportunity in a
SUCCESS STORIES
CARLTON HOUSE
(GREATER LONDON, 2014)
90 UNITS SCHEME ON
CROSS RAIL LINE IN ILFORD
GDV ¤21.5MILLION
STARTING FROM
$ 283,818
ALL UNITS EXCHANGED
OR UNDER OFFER WITHIN 4WEEKS SUCCESS STORIES
K'STRASSE BERLIN 2014
20 UNITS BOUTIQUE
PROJECT IN SCHONEBERG
GDV ¤4.5MILLION
STARTING FROM
$ 138,000
ALL UNITS SOLD OUT IN 4DAYS
MARKET
London bridge
Gross Development Value
Gross Development Value
February 2015 Issue -27 /// 31
propertyonline.ae
city with very low unemployment lev-
els and a robust economy. With yields
of around 6% on offer in key locations
within the city, investing into resi-
dential property in certain locations
within Berlin will show good returns
for the mid-to-long-term. There are
also government incentives in place
which essentially result in no capital
gains taxes to be paid if you hold your
property for ten years or more. This is
very unique and extremely favourable
for investors.
THINGS TO THINK
OF BEFORE INVESTING
Now there are different questions
coming from the investors and to
look at the right possible solutions for
sify the portfolio of clients; La Capi-
tale is delighted to have established
channel partner relationship with
global property investment experts
IP Global.
Through access to some of the best,
most exclusive international projects
located in world renowned property
investment hubs such as London,
New York, Miami, Chicago and Mel-
bourne, La Capital will stay ahead of
their competition by offering IP Glob-
al’s services to their clients.
IP Global’s unique end-to-end
approach, delivered by an expe-
rienced team of international real
estate and investment professionals,
untangles the complexities and com-
plications of property investment. IP
Global pride themselves on the long-
term relationships they build with
preferred developers, to whom they
offer strong financial commitment
and overseas marketing support in
return for priority access to the best
global property investment opportu-
nities for their clients.
These opportunities are then put
through a rigorous process of due
diligence before being selected for
presentation to investors and dis-
tributors. IP Global provides compre-
hensive support throughout every
stage of the investment process
including, if required, the ongo-
ing management, rental and resale
of investments.
To date, the value of the property
IP Global’s clients have invested in
through us is over USD1.6 billion
across 29 markets worldwide.
UPCOMING
OPPORTUNITIES
GREATER LONDON (2015)
3 min walk to Ilford station.
Cross rail investment Case
opening up 'pockets of value.
Starting from $307,000
¤10m of regeneration being invested in
the area to improve local infrastructure.
long term growth. Below are the few
questions which one should look at in
2015 before investing.
-Where to invest?
-Which product to invest in?
-What are the factors which would influence
the growth?
-How much should I leverage?
-Are foreign people permitted to legally own
property in every country?
-Do the local banks lend on property (mort-
gage) to foreign investors?
-Is there a buoyant rental market?
-Is the economy strong and stable?
-What is the unemployment levels like?
-How will the currency devaluation affect
my asset?
-What’s my exit strategy?
-Who can assist me in my exit strategy?
To address these questions and
offer an unparalleled service to diver-
MARKET
London
Berlin, Germany
February 2015 Issue -27 /// 32
propertyonline.ae
February 2015 Issue -27 /// 33
propertyonline.ae
TEL: +971 4 34 67 660 | +971 4 33 86 724
advertise@airportandcityguide.ae
Published by
REACH OUT TO 70 MILLION
PASSENGERS PER YEAR
LIVINGLEGENDS
SETTOOPENIN2015
Project is on track to deliver first 150 villas in Q2 2015, as RERA
confirms phase one is 92.25% complete.
MARKET
February 2015 Issue -27 /// 34
propertyonline.ae
L
iving Legends is set to deliver
its first 150 villas in the second
quarter of 2015, under the lead-
ership of Delta International
Real Estate. With more than 4,000
workers on-site every day, the unique
residential and investment project
promises luxury villas and apartment
towers across 14,442,030.215 square
feet of prime Dubai real estate, located
near Dubai’s downtown area.
Following the 2008 financial crisis,
the project suffered delays along with
much of the Dubai real-estate indus-
try. Today, under the new manage-
ment of Tanmiyat Global, and with the
leadership of its CEO Mohammed Bin
Odah, Living Legends is committed to
finishing the project on-schedule and
with full transparency. “We want Liv-
ing Legends to epitomize our mission
and values,” Bin Odah said, “and that
means meeting investor expectations
that we meet our schedule for deliv-
ery on time, every time with visible
progress towards our future goals.”
Furthermore, Living Legends has now
opened a completed demonstration
villa for tours and encourages visits to
the project site. Customers are also
invited to utilise a customised interior
design service to personally choose
home furnishings before moving into
their new home.
The completed project, projected
for 2016, will comprise 500 villas and
12 apartment towers, along with a
community club house, shopping
mall, boutique hotel, schools, clin-
ics, and a world-class 9-hole golf
course. With dedicated gyms and
swimming pools for each building,
Living Legends will be a neighbour-
hood unlike any other. Living Leg-
ends offers luxury, community and
convenience, located in the heart of
Dubailand – a regional and global
tourism hub with exceptional sport,
leisure, entertainment and shopping
attractions, as well as more features
and amenities constantly in devel-
opment. Living Legends will deliver
cosmopolitan residential solutions
that match Dubai’s status as a global
city and that cater to its residents’
needs. From studio apartments, to
five bedroom villas, Living Legends
offers luxurious living for individuals
and families and a sound choice for
investment portfolios. With a return
on investment projected to beat the
rest of the Dubai property market,
Delta International has confirmed that
80% of units have already sold. Delta
International Real Estate has initiated
the communication with the own-
ers of the first phase, which is to be
delivered in the coming months. The
CEO of Delta International Real Estate,
Saleh Tabakh, confirmed: “The prog-
ress of the project is encouraging and
we have witnessed a vast increase in
demand over the past few months. As
we work hard to deliver the promised
lifestyle, we will be sharing exciting
new updates with owners over the
coming months.”
Starting at AED833 per square foot
for studio to three bedroom apart-
ments, Living Legends apartments
are more affordable than comparable
competitors, offering better amenities
at a better quality of service. With a
projected price on completion of
AED1,250 per square foot, and in a
revived Dubai property market, early
investors can expect fantastic returns.
Located 15 minutes from downtown
Dubai and 25 minutes from Dubai
International Airport, Living Legends
is perfectly situated for leisure, busi-
ness and travel. The Living Legends
residential development is on-track
for its scheduled completion date
in 2016.
“WE WANT LIVING LEGENDS TO EPITO-
MIZE OUR MISSION AND VALUES, AND
THAT MEANS MEETING INVESTOR EXPEC-
TATIONS THAT WE MEET OUR SCHEDULE
FOR DELIVERY ON TIME, EVERY TIME
WITH VISIBLE PROGRESS TOWARDS OUR
FUTURE GOALS.”
MOHAMMED BIN ODAH, CEO, LIVING LEGENDS
MARKET
February 2015 Issue -27 /// 35
propertyonline.ae
T
he key influencers in the per-
formance of the real estate
market at the moment are of
course the Federal Mortgage
Caps and the doubling of the Prop-
erty Registration Fee to 4%. These
measures were introduced in an
effort to curb growth following the
extraordinary house price rises in the
lead up to Dubai securing the rights
to hosting the 2020 World Expo and
thesehaveprovedtobeexceptionally
effective. This coupled with afford-
ability issues have reduced transac-
tion levels sharply and average resi-
dential values are expected to record
marginal declines this year; however,
there will of course be submarkets
wherevalueswillholdsteadyorclimb
slightly.Inanycase,thedropinvalues
will be more pronounced for the villa
marketasfamiliesadapttotheevolv-
ingfinancinglandscape.Theoilprice
plunge has no doubt irked global
markets and certainly put investors
around the world on edge as we
play the waiting game to see when,
if at all, OPEC takes a decision to cut
production. We haven’t recorded the
impactoftheslumpinoilpricesasyet;
it is of course still very early days and
any impact on real estate markets is
too early to assess. As with any com-
modity, things always over correct
and we have been accustomed to a
stable, but high oil price environment
EFFECTOFFALLINGOILPRICEON
PROPERTYMARKETANDOUTLOOKFOR2015
For Dubai, it is worth noting that the economy has matured since the financial crisis and in recent years
has focused on economic diversification, with only a fraction of the economy reliant on revenue from the
hydrocarbon sector. By Steven Morgan, Chief Executive, Cluttons Middle East
MARKET
Dubai Marina
February 2015 Issue -27 /// 36
propertyonline.ae
for a number of years. With chang-
ing global economic fundamentals,
itwasonlyamatteroftimebeforethe
priceofoilpricesresumeditsexpected
volatile behaviour. For Dubai, it is
worth noting that the economy has
matured since the financial crisis
and in recent years has focused on
economic diversification, with only
a fraction of the economy reliant on
revenuefromthehydrocarbonsector.
Thisremainsaliveissueandonethat
we are monitoring closely.
On the influence of Russian funds,
there has undoubtedly been a tem-
pering in the flow of capital out of
Russia as the economic sanctions
and devalued Rouble impact house-
hold finances. Fortunately for Dubai,
sinceCISfundsfirststartedappearing
in the early 1990’s, the economy has
maturedsignificantly,ashasthecity’s
international investor base. With
Dubai now having achieved the title
of housing the busiest international
airport in the world, coupled with
Emirates and Fly Dubai’s aggressive
expansion plans, access to this mar-
ket has never been easier. The Chi-
nese and West African markets are
of growing significance to the city’s
economy and any downturn in Rus-
sian buyers will be more than com-
pensated for by these new emerging
markets. It is also worth remember-
ing that the key nationalities driving
the city’s residential market remain
in the hands of Indian, British and
Pakistani buyers; a pattern that has
not changed in several years.
From an investor’s perspective,
those taking a longer term view will
inevitably benefit from a maturing
real estate market. We are in the
unique position of being able to take
stock of the extraordinary recovery
themarkethasbeenthroughoverthe
past two years, following the great
recession.Wehaveanadvancedreg-
ulatoryframeworkinplacetoprotect
investors and one that continues to
evolve,helpingDubaicementitsposi-
tion as the region’s most transparent
market, although more needs to be
done to being it in line with mature
global markets elsewhere.
Certainly the regulations intro-
duced to help control the rate of
growth recorded in the past 18
months has had the desired effect
and the IMF too has backed down
from concerns about the market
over-heating.Despitethewidespread
slowdown, off-plan sales continue
to demonstrate resilience, reflecting
maturing interests of investors who
are taking a longer term view on
the market.
We continue to record this at Villa
Lantana, for instance and Emaar
reportedly sold out its units in the first
toweratDubaiCreekHarbour,despite
resale restrictions until handover. Of
course, reputation and track record
have a significant part to play in this
equation, but it reflects a maturing
base of buyers and investors.
WITH DUBAI NOW HAVING ACHIEVED
THE TITLE OF HOUSING THE BUSIEST
INTERNATIONAL AIRPORT IN THE
WORLD, COUPLED WITH EMIRATES
AND FLY DUBAI’S AGGRESSIVE EXPAN-
SION PLANS, ACCESS TO THIS MARKET
HAS NEVER BEEN EASIER.
STEVEN MORGAN,
CHIEF EXECUTIVE, CLUTTONS MIDDLE EAST
MARKET
February 2015 Issue -27 /// 37
propertyonline.ae
People are talking about a slow-
down in the market. What is the
real scenario?
Parvez: A healthy market called for
a reduction in property price, as the
prices were on the way to becom-
ing unrealistic after the Expo2020
announcement. Since mid-2014, the
excitement of Expo 2020 bid wore off,
hence the prices started to cool down
and another major reason of the slow-
down was that a huge number of
units were released in the market. The
supply now outweighs the demand,
meaning that buyers have more
options and can dictate the property
price to a certain level.
While previous years experienced
the demand for high-end properties
in areas such as Palm Jumeirah, Ara-
bian Ranches and Downtown Dubai,
2014 year-end experienced more
demand in comparatively cheaper
areas such as JLT and Motor City.
There were also other factors such
as doubling of transfer fees and the
introduction of the mortgage cap that
impacted the market from overheat-
ing and creating another bubble, so
that prices grow steadily. The market
slowdown should not be reviewed
negatively since this is a positive
sign of Dubai market becoming a
steady and matured market. Hence,
I believe buyers should take a step
forward to invest in the property
market as there are many good
opportunities available, which will
fetch them good property appreci-
ation in the near future.
Do you expect the rents and
prices to go up in the first quar-
ter of the new year? Why?
Parvez: I expect first quarter of 2015
to see a slight reduction in the rents
and purchase prices due to huge sup-
ply of new units. However, later in the
year I believe the demand for prop-
erties will increase, which will result
in balancing the ratio of demand and
supply and this will lead to stabiliza-
tion of the property market. I expect
the Dubai property market to have
demand coming from end-users who
can still obtain mortgage at attractive
rates and long-term investors instead
of short term investors and flippers
solely dominating the market as expe-
rienced in the past years.
Do you expect more proj-
ect launches this year? Or do
you feel the ones announced
last year should be delivered
first before more projects are
launched?
Kamran: I believe new project
launches will continue in 2015 as well
and I don’t see any concerns with that.
Dubai government is investing heavily
on infrastructure which always makes
investing in Dubai attractive to the
“CORRECTIONISHEALTHY
FORTHEMARKET”
Property Times in conversation with Parvez Palekar and Kamran Ali,
Managing Partners of Splendour Homes Real Estate Brokers.
A HEALTHY MARKET CALLED
FOR A REDUCTION IN
PROPERTY PRICE, AS THE
PRICES WERE ON THE WAY
TO BECOMING UNREALIS-
TIC AFTER THE EXPO2020
ANNOUNCEMENT.
PARVEZ PALEKAR,
MANAGING PARTNER,
SPLENDOUR HOMES
MARKET
Parvez Palekar and Kamran Ali , Managing Partners of Splendour Homes Real Estate Brokers.
February 2015 Issue -27 /// 38
propertyonline.ae
investors. I predict developers to offer
flexible and attractive payment plans
this year to attract investors and end
users alike, post possession payment
plan would also be a good option to
make buying easier and attractive for
buyers. I am of the opinion that resi-
dential rents in the city still are quite
high, end-users are looking of ways
to get out of the rent trap and dream
of owning their own home. More and
more end-users are showing interest in
buying a property every passing day.
The existing inventory and upcoming
projects will only help these buyers
find their perfect home, which suites
their budget and choice.
The latest rental index by RERA
suggests an increase of 6% to
25% in master communities.
How has the rental market fared
over the past six months?
Kamran: If you look at year-on-
year rental increase, most areas will
show a double digit increase as sug-
gested by RERA index. But on a quar-
ter-on-quarter basis, rises are slowing.
The increase in rents dropped to 3%
from 7%. Rents were rising fast in
Dubai, with annual rates in areas such
as International City, Discovery Gar-
dens and Jumeirah Lakes Towers by
11% during the first quarter of 2014,
forcing some tenants to relocate to
more affordable rentals in Sharjah and
the Northern Emirates.
Rents started to fall after the third
quarter of 2014. In the last three
months, rents mostly remained stable
or dropped slightly in certain parts of
Dubai. Even areas like Discovery Gar-
dens, International City and Dubai
Sports City, which recorded particu-
larly steep rent hikes over the last year
saw slight declines in October and
November, 2014. Tenants can stop
worrying about increase in rent as we
expect residential rents to remain sta-
ble or fall slightly in 2015.
Please tell us about your com-
pany Splendour Homes.
Parvez: Splendour Homes is an
investment advisory and brokerage
firm providing services for clients
to invest in the ever growing Dubai
real estate market. We specialise
in all major freehold properties in
Dubai and our clients include UAE
residents as well as overseas nation-
als. All our agents are RERA-certified
and possess up-to-date knowledge
of the real estate market. We have
a committed team of professionals,
multilingual agents specialize in both
leasing and sales of residential and
commercial property.
Kamran: At Splendour Homes, we
are passionate about delivering
exceptional customer experiences.
By providing a complete collection
of real estate services, we ensure that
we meet our clients every need. Cur-
rently, we are working closely with
few private developers wherein we
advise them on the pricing of their
projects and other market analysis. In
future, we would act as their exclu-
sive agents for selling and marketing
their projects.
I BELIEVE NEW PROJECT
LAUNCHES WILL CONTINUE
IN 2015 AS WELL AND I DON’T
SEE ANY CONCERNS WITH
THAT. DUBAI GOVERNMENT
IS INVESTING HEAVILY ON
INFRASTRUCTURE WHICH
ALWAYS MAKES INVESTING IN
DUBAI ATTRACTIVE TO
THE INVESTORS.
KAMRAN ALI,
MANAGING PARTNER,
SPLENDOUR HOMES
MARKET
Sheikh Zayed Road
February 2015 Issue -27 /// 39
propertyonline.ae
Current situation
Worst hit in the recent slowdown is the
luxury apartment sector- the new rules
have impacted Dubai’s luxury homes
market comprising apartments and
villas worth AED10 million and over to
a much greater degree, with prices in
Q2 2014 rising by a relatively modest
6.3% y/y as reported by Knight frank.
Mainstream residential market has
been outperforming the prime (lux-
ury) segment in Dubai. So what are
the reasons for the mid-range part of
the market doing better?
First, established, mainstream loca-
tionssuchasPalmJumeirah,Downtown
andMarinaremainverypopularamong
expatriates and continue to see healthy
demand and thus price growth. That,
MAINSTREAM RESIDENTIAL MAR-
KET HAS BEEN OUTPERFORMING
THE PRIME (LUXURY) SEGMENT IN
DUBAI. SO WHAT ARE THE REA-
SONS FOR THE MID-RANGE PART
OF THE MARKET DOING BETTER?
DUBAILUXURYSERVICED
APARTMENTMARKET
FORECASTIN2015
While Dubai real estate market has been witnessing increased property values
since 2011 comeback, quarter 3 and 4 of 2014 have seen silent. The third quarter
saw more subdued growth levels in both the villa and apartment market while
Q4 has witnessed correction in most segments of Dubai real estate. By Sanket
Khanna, CEO and Founder, SNS Properties
in turn, has led some investors to look
elsewhere for value, including newer
developments such as JVC, Sports City
andDubaiSiliconOasis,wherepricesare
rising off a relatively low base. Therefore
with demand for residential property
remaining strong in both newer, as well
as more established mainstream loca-
tions in Dubai, prices in this segment
continue to post strong gains.
Second, the new mortgage rules
implemented by the UAE Central Bank
are stricter for those buying residential
property worth over AED5 million. For
example, if a first-time buyer was to
purchase a property above that value,
they would need to raise a 35% com-
pared to 25% in cases below AED5 mil-
lion(inbothcasesthough,thesizeofthe
deposit required is higher than earlier
years,whenapproximately15%wasthe
norm). Thus, while the new mortgage
caps have hit the residential market as
a whole, they have had a lesser impact
on the mainstream segment compared
to the luxury segment.
Third, after halving between 2008
and 2010, both mainstream and luxury
home prices have since largely reversed
their previous falls. However, rents in the
latter segment haven’t kept pace, which
unsurprisingly has led yields to harden.
By comparison, as a result of a stronger
recovery in rents, mainstreams yields
continue to look relatively attractive
to investors.
Market trends
Dubai luxury apartment market in the
recent past can literally be defined by
serviced hotel apartments, which find
a perfect balance for people with a kick
for opulent living as well as having an
option on making their asset earn a bril-
liantreturn,thankstothealwaysboom-
inghospitalitysectorofDubai.Hencewe
have seen little or very few routine high
end luxury apartment projects being
launched in the last few years, even the
ones launched are being marketed at a
very silent pace. Highlights of course are
top branded hotel/serviced residences
project like Address, Vida, Versace,
MARKET
Sheikh Zayed Road
Sanket Khanna,
CEO and Founder, SNS Properties
February 2015 Issue -27 /// 40
propertyonline.ae
Damac Maison, Anantara, Kempinski,
FairmontandrecentlyaddedHyatCreek
Residences, which give clients an option
tousetheapartmentforpersonalusefor
the tenure they stay in Dubai or a few
weeksinayearandrestcanbepassedto
hotelmanagementorannualhotelpool
giving brilliant returns.
This option has become very popular
in business travelers and top families
of the world who invest in Dubai as it
hedges the risk and addresses their con-
cerns of sudden price drop, because sta-
tistics prove that even in the worst reces-
sioninDubaiqualityservicedapartment
projects like The Address (Downtown),
Kempinski (Palm), Versace maintained
certain level of prices and hotel pools
have worked very well for some inves-
tors touching 8% to 10% net of charges
return on investment.
Big question, however, arises with
the number of new serviced apartment
luxuryprojectsbeinglaunchedbyestab-
lished players like Emaar (Address and
Vida) and Damac (Damac Maison and
Paramount) followed by other develop-
ers, “Are we doing it?”
Thisisanobviousquestionthatarises
in a common man’s mind when you
take a drive of Downtown Dubai and
Business Bay and see new hotel apart-
ment buildings popping up highlights
being Address and Vida by Emaar and
Damac Maison around Downtown and
Business Bay area.
Theanswer,whichstatisticssupport-
“All is well.”
As quoted by the two biggies in this
game: In an interview to a news portal,
Emaar chief Mohammed Alabbar was
quoted saying- “In 2013, things went
crazy because supply was limited. As a
long-term developer, this spike scares
me.Iamgladthatpeoplearesayingthat
'the market is cooling down’ and that is
healthy.” Hussain Sajwani, Chairman of
Damac was quoted as saying, “We are
in a very healthy phase in the property
cycle. After a 25% to 30% upswing in
prices and rentals in 2013 and 2014,
we are now in for two years of healthy
growth and market stabilization. If
we were looking for another period of
30% price growth, it would have led to
a bubble.”
ity serviced apartments is on the rise, the
Dubai real estate market is more than
ready to meet the challenge.
Handy Hints
• Most executives now opt for the luxury
of serviced apartments in Dubai.
•Demandforservicedapartmentsfuelled
by new players in region.
•Localdevelopershavejoinedthefrayby
launching similar projects.
Conclusion
After entering positive territory in mid-
2011, annual residential price growth
in Dubai’s mainstream segment has
been very strong indeed. After speaking
at 35% at the end of 2013, the growth
rate has been weakening. The deceler-
ation in price growth can be attributed
to a combination of higher transfer fees
and the mortgage caps, both of which
came into effect in the final quarter of
last year.
However, Dubai’s strong economic
conditions and buoyant labour market
continue to attract foreigners in their
droves. Since this rising population will
need decent (and not always luxurious)
accommodation, we expect demand to
outstrip supply in the short-term. All else
equal then, the mainstream residential
segment is anticipated to outperform
luxury segment segment over the next
12 months.
The positives
Dubai attracted 10 million tourists for
the first time in 2012, and the Depart-
ment of Tourism and Commerce Mar-
keting (DTCM) announced its aim to
attract 20 million annual tourists by
2020 as part of the Dubai Vision for
Tourism for 2020 plan. While Dubai’s
demand has begun to recover since the
economic downturn, 2012 year-end fig-
ures showed an 8.5% growth compared
to 2011. The upward trend continued in
2013-2014 at an average growth of 11%
per year.
The upscale and upper-upscale hotel
segments (4-star and 5-star hotels) has
dominated the graded supply and rep-
resented 69% of total inventory of hotel
rooms.The first half of 2014 saw a 30%
increase in the number of residency
visas issued compared with the same
period in 2013.There were 570,917 new
residency visas issued in the first half of
2014 as opposed to 436,993 in 2013.In
the first half of 2014, 21,865,088 pas-
sengers entered and exited the country,
compared with 20,219,288 in the first
half of 2013.There were 6,512,465
entry visas issued in 2014, 12.05%
more than the 5,812,465 visas in the
first half of 2013.
Major General Mohammed Ahmed
Al Marri said, “Overall, the GDRFA com-
pleted 31,032,662 applications in 2014,
which is 8.88% more than 2013, as per a
JLL report. And while demand for qual-
MARKET
Downtown, Dubai
February 2015 Issue -27 /// 41
propertyonline.ae
Sir Bani Yas Island guests can get pampered at the main resort Desert
Islands Resort & Spa, or the newer safari lodge-style Al Sahel Villa Resort
with views of the bush and salt-domed hilltops located in the wildlife park
itself. By Nicole Walter/freelance writer
WAKINGUPWITH
WILDLIFEANDTHESEA
ONYOURDOORSTEP
HOSPITALITY
February 2015 Issue -27 /// 42
propertyonline.ae
M
anyhavebeendiscovering
that there is no need to jet
off to a far away destina-
tion to become one with
nature, enjoying the fascination of a
wildlife lodge, and peaceful view of
azure waters, as new accommodation
and activity offerings on Abu Dhabi’s
Sir Bani Yas Island expand.
Sir Bani Yas Island guests can get
pampered at the main resort Desert
Islands Resort & Spa, or the newer
safari lodge-style Al Sahel Villa Resort
with views of the bush and salt-
domed hilltops located in the wild-
life park itself, and the eco-rustic, Al
Yamm Villa Resort overlooking the sea
and mangrove lagoons, all managed
by the luxury hotel operator Anantara
Hotels, Resorts & Spa.
PLENTY ON OFFER
Al Sahel offers a choice of one and
two bedroom villas, with or without
plunge pool and the larger one an
outdoor natural terrace with fireplace.
Dining in the ‘Boma’ is a romantic Afri-
can bush kind of experience, or one
could watch the sun going down at
the Savannah Grill & Lounge. A rest
by the infinity pool means enjoying
the reflections of the surrounding
nature. Al Yamm Villas offers the
same selection of accommodation
types but set in beach and man-
grove surroundings with an oppor-
HOSPITALITYpropertyonline.ae
Tel: 04 38 06 480 /
050 84 96 765
Email : sales@greenhouse.ae
tunity to spot flamingos, the shared
infinity pool of course overlooks the
sea. For culinary choices, dining by
design on the beach has its charm,
or pop into the Italian restaurant Olio.
Thanks to the size of the island guests
are not restricted to the offerings of
where they stay and can easily take
advantage of services anywhere on
the island, such as popping into the
variety of restaurants in the well-es-
tablished main resort, saviour its spa,
and families can try out the Teen’s and
Kid’s Club.
Anantara Sir Bani Yas General Man-
ager, Mark Eletr says adding Al Sahel
and Al Yamm Villa Resorts to the island
about a year ago has helped to attract
a different segment of guests.
“Certainly many past guests who
stayed in the Desert Island Resort are
now experiencing both Al Yamm and
Al Sahel but based on 2014, we saw
a slight growth for the existing resort
and substantial growth in each of the
new resorts, especially Anantara Al
Yamm,” he points out. Initial plans for
the island included five lodges, and
the Tourism Development & Invest-
ment Company (TDIC) as owners of
Sir Bani Yas, may come up with new
surprises in this respect. “We regu-
larly explore new opportunities that
could enhance our guest experience
on Sir Bani Yas, whether through our
internationally-recognised operators,
exciting activities or breath-taking
landscape and vibrant wildlife. As
the number of visitors to the island
grows, we will look at new hospitality
and leisure offerings on Sir Bani Yas in
order to meet that demand,” reveals
John Cole, Senior Asset Manager for
Sir Bani Yas (SBY) Corporate Opera-
tions at TDIC.
OVERWHELMING
RESPONSE
Sir Bani Yas has welcomed around
250,000 visitors over the last six years,
including day visitors and those stay-
ing overnight. Last year alone, hotel
arrivals exceeded 40,000 guests,
according to Eletr. “We are experienc-
ing steady and encouraging growth
year on year, with increases of up to
20% per year, even with the opening
of our new resorts. The Island has
much greater capacity and we expect
that existing facilities could cater to
80,000 per year if the midweek visi-
tation can increase especially,” he
says. Leisure visitors are still the main
guests at the hotels, although the
Desert Islands Resort also offers a
large conference centre, also avail-
able for weddings, and other more
private meeting venues. “The majority
of visitors are Hotel guests staying an
average of two nights, there are how-
ever many other visitors including
day guests from the western region,
schools and government agencies.
We also welcome corporate and MICE
visitors for the conference facility, but
the majority are indeed staying over-
night,” says Mark.
Neither the hotel operator, nor
TDIC are looking to swamp the island
with people, Sir Bani Yas is a destina-
tion, which excels at sustainability.
Indeed, it has been recognised for its
efforts in sustainability by the World
Travel Awards 2014 as the ‘World’s
Leading Sustainable Tourism Des-
tination’, nominated alongside
other famous destinations, such as
Chumbe Island Coral Park, Tanzania,
Tetepare, Solomon Islands, and Vamizi
Island, Mozambique.
CERTAINLY MANY PAST GUESTS
WHO STAYED IN THE DESERT
ISLAND RESORT ARE NOW
EXPERIENCING BOTH AL YAMM
AND AL SAHEL BUT BASED ON
2014, WE SAW A SLIGHT GROWTH
FOR THE EXISTING RESORT AND
SUBSTANTIAL GROWTH IN EACH
OF THE NEW RESORTS, ESPECIALLY
ANANTARA AL YAMM.
MARK ELETR
GENERAL MANAGER,
ANANTARA SIR BANI YAS
Desert Islands Resort entrance
HOSPITALITY
February 2015 Issue -27 /// 44
propertyonline.ae
READY APARTMENTS NEXT TO DUBAI MALL
LIST YOUR PROPERTY FOR QUICK RENT/ SALE
The Centre of Urban Living
The aesthetic residences at Central Park
create a perfect environment for a modern
and aspirational lifestyle. The generous
living spaces seamlessly blend beauty with
functionality while offering panoramic
vistasvistas of the city.
Podium-level landscaped courtyard
with swimming pools
Exclusive shopping and dining outlets
Ultra-modern facilities
Within a five-minute walk to
Financial Centre metro station
In close pIn close proximity to Downtown Dubai
The Dubai Mall, Emirates Towers and
Burj Khalifa
2 Br Duplex 1,782 sq. ft. AED 3,291,982
2 Br Duplex 1,782 sq. ft. AED 3,318,718
3 Br Duplex 2,539 sq. ft. AED 5,124,490
Unit Type | Size | Price
TYPE
E
2 Br Duplex 1,609 sq. ft. AED 2,843,155
2 Br Duplex 1,621 sq. ft. AED 2,865,156
3 Br Duplex 2,621 sq. ft. AED 5,368,054
Unit Type | Size | Price
TYPE
D
2 Br Duplex 1,602 sq. ft. AED 2,828,426
3 Br Duplex 2,474 sq. ft. AED 5,474,571
Penthouse 6,495 sq. ft. AED 24,059,740
Unit Type | Size | Price
TYPE
C
1 Bedroom 1,127 sq. ft. AED 1,943,299
2 Bedroom 1,848 sq. ft. AED 3,749,714
3 Br Duplex 2,474 sq. ft. AED 4,989,413
Unit Type | Size | Price
TYPE
B
1 Bedroom 1,275 sq. ft. AED 2,424,860
2 Br Duplex 2,039 sq. ft. AED 3,625,015
Penthouse 6,403 sq. ft. AED 15,001,433
Unit Type | Size | Price
TYPE
A
CENTRAL PARK at DIFC
WE ARE HIRING!!!
careers@snsprop.com
APPLY
NOW!
/SnsPropertiez
@SnsPropertiez
SNS Properties
SNSPROPERTIES
www.snsprop.com
M: +971 55 948 0495 | +971 56 144 9976
T: +971 4 3957593 | F: +971 4 3942533
DED Lic. No. 647941 | ORN 2576
Where Perception Meets Reality
“We are very proud to have been rec-
ognised by this prestigious award,
which reflects the successful devel-
opment of Sir Bani Yas into a desti-
nation for unique stays while also
maintaining its conservation legacy,”
says John. “Sir Bani Yas is renowned
for its unspoiled natural landscape,
which features a growing, vibrant
wildlife population, and the three
signature resorts that offer exclusive-
ly-tailored experiences based on our
guests’ stay preferences. In addition to
being pampered, guests can explore
the Island through a range of activi-
ties,” he adds.
A WIDE VARIETY OF
ACITIVITIES
Activities on the island are as varied
as its landscape, the sea offers the
opportunity to snorkel and scuba
dive and go deep-sea fishing or
paddle board, while the mangrove
lagoons allow for exploring some of
the wildlife by kayak. Guests can go on
walking excursions or grab a moun-
tain bike, and try their skills at archery.
The Sir Bani Yas Stables are a sure
magnet for horse lovers, who can go
for a ride along the mangroves by the
coast, or in the bush. The stable also
offers meet the horse activities and
riding lessons for beginners. While the
favourite remains the nature and wild-
life drives, according to Cole, for the
more adventurous land sailing, camp-
ing out overnight, have been added
to an ever expanding menu.
“We have now streamlined and
combined some activities to drive
their appeal, for example we now
offer the Falcon Show as part of our
Culture and History tour and this is
gaining popularity with both local
and international guest profiles,”
explains Mark.
Few know that the island once
played a strategic role finding itself
on the ancient sea trade route from
Mesopotamia, crossing the Arabian
Al Sahel Villas outdoor terrace
Gulf to south-eastern Arabia and
beyond, used for pearl trading. Testi-
mony is a monastery, dating back to
the late 6th century remaining on the
island. Fast forwarding into the future,
recreation on the island is of a rather
innovative nature.
“We are now experimenting with
the electric powered road and fat
bikes at the Al Yamm Villa Resort and
expect this to be very popular. All of
our activities will focus on showing
our guests the many beautiful faces
87 square metre large island, Sir Bani
Yas prides itself on protecting rare
species. Most recently the Arabian
Tahr, a mountain goat, indigenous to
the Hajar Mountains and classified as
endangered, was introduced.
Instead of mingling with the other
wildlife, 66 hectares have been
reserved exclusively for the Arabian
Tahr in the more mountainous area
of the island, where it prefers to live,
and can be bred and studied safely
to increase its numbers and in the
future bed re-introduced it into its
original habitat. While the introduc-
tion of other species in the future is
likely, it isn’t going to happen any
time soon. “The conservation team on
Sir Bani Yas Island is currently focus-
ing its efforts on the existing animals
to ensure that the animals are kept
safely and properly. There are plans
in the future to look at other species,
but in the next year it is very unlikely
that there will be any additions to
the animals currently on the island,”
says John.
ACCESS
Interestingly, more transport options
to reach the island, have emerged.
The island is an about 250 kilome-
tres drive from Abu Dhabi to the
Jebel Dhana Jetty, from where water
taxis pop over to the island, a short
15-minute journey. For a more exhil-
arating arrival landing on water, a sea-
plane can be booked from Dubai or
Abu Dhabi. However, the island also
has an airport. “Rotana Jet services
SBY daily, with five flights per week
from Abu Dhabi and more recently
3 flights per week from Dubai, this is
assisting to develop Dubai which is
a very critical market for the island,”
says Mark. The island also provides
the perfect opportunity for an excur-
sion destination with ones own boat,
which can be moored at the island
for a day or overnight visit. “The Royal
Bay moorings are still quite new, but
with the Off Shore Yacht race now
a firm feature on our annual event
calendar we expect this to become
much more popular. Hotel guests
and also those wishing to stay on
board overnight are most welcome,”
Mark concludes.
of Sir Bani Yas Island. However, the
Safari Drive is a clear winner for our
guests,” Mark details. The safari is, of
course, one of the most unique fea-
tures on the island, and indeed in the
UAE itself, visitors can see among
other wildlife, giraffes, ostrich, chee-
tah, warthogs and a variety of gazelles
and antelopes, including the indige-
nous Reem and Arabian Oryx.
As a conservation area with 13,000
animals, freely roaming the 4,100
hectares Arabian Wildlife Park, on the
Al Sahel Bedroom
Arabian Oryx
HOSPITALITY
February 2015 Issue -27 /// 46
propertyonline.ae
Brasilia
Visit: by appointement
Dubai, JLT Cluster N, Jbc 4 Tower 1302
P.O Box 309130 JLT Dubai, U.A.E
Showroom Mob: 050 4537375
Tel: +971 44286688, Fax: +971 44278833
E-mail: helen@designmobl.com
www.designmobl.com
Design Mobl @design_mobl DESIGN_MOBL
Follow us on:
HOSPITALITY
February 2015 Issue -27 /// 48
propertyonline.ae
Column
Jitheesh Thilak
BA, LLB (Hons). LLM (Int. Economic Law)
Solicitor (England & Wales),
Advocate (Supreme Court of India)
e: jthilak@gmail.com
D
ubai is home to more than
80,000 operational hotel
rooms and has an average
occupancy rate of nearly 80
per cent, the highest amongst all the
cities in the Middle East. Dubai’s suc-
cessful bid for the world expo trade
convention in 2020 is expected to
generate significant economic bene-
fits and attract more than 25 million
visitors. While Dubai is already home
to numerous hotels, the Department of
TourismandCommerceMarketingesti-
mates approximately 45,000 new hotel
rooms will require to be constructed by
2020. Dubai needs to build more mid-
scale properties and explore new feeder
markets to achieve its target of attract-
ing 20 million a year by 2020. With the
foreign hotel investors are flocking into
the ever booming Dubai market, it is
important for the investors to under-
stand the legal framework under which
they may invest.
Ownership of property was previ-
ously limited to UAE nationals and
nationals of GCC countries in Dubai,
Article 4 of Dubai Law No.7 of 2006
granted non-nationals the freehold
right or usufruct right of the prop-
erty or the right to lease the same for
a period not exceeding 99 years in
designated areas.
This allowed the foreign investors to
ownhotelswithindesignatedareas(the
new areas of Dubai that was demar-
cated by the law), but hotels operating
outside of such designated areas shall
be only owned by a UAE or other GCC
national.Foreignownershipofahotelin
LEGALASPECTSOFFOREIGNOWNERSHIP
OFHOTELSINNON-DESIGNATEDAREASINDUBAI
non-designated areas of Dubai requires
detailed legal structuring to ensure suf-
ficientcontroland protectionisprovided
to the foreign investor. A foreign inves-
tor (either a person or an entity) would
obtain the right to use the land through
either a musataha right or a usufruct
right or lease rights with the land owner
(UAE National or a GCC).
USUFRUCT RIGHTS
Article1333oftheCivilCodedefinesUsu-
fruct as a “property right in favor of the
usufructuary to use property of another
and to exploit it provided that it remains
in its original condition”. Thus, an owner
of a building, unit or plot is eligible to
enter into a usufruct agreement with a
tenant permitting the investor to use the
leased property provided such property
remains in its original condition subject
to fair wear and tear. The key rights and
obligations of the usufructuary have
beenlaiddowninArticles1337to1348of
theCivilCode.Mostoftherightsarestan-
dardtoleaseagreements(includingright
of enjoyment during the lease period,
regularmaintenanceresponsibilityupon
usufructuary and major works to be per-
formed by the land owner etc).
MUSATAHA RIGHTS
Article1353definesmusatahaasa“right
in rem” conferring upon the investor
thereof the right to build a building or to
plant on the land of another. Musataha
is very similar to usufruct, but grants an
additional development right to the
musataha holder. The maximum term
of a musataha is 50 years. Unless other-
wise agreed, either party has the right to
terminate the musataha by two years
prior notice in accordance with Article
1356 of the Civil Code. Article 1357 of the
Civil Code permits the musataha holder
to assign or transfer his musataha right
along with any improvements (such as
a building built over the leased land) to
a third party.
LEASE RIGHTS
Foreign investors are permitted to enter
into short term leases not exceeding 10
years in all areas of Dubai. Such leases
create a right “in personam” and must
be registered with Real Estate Regulatory
Authority in accordance to Dubai Law
No.26of2007regulatingtherelationship
between landlords and tenants in the
Emirate of Dubai. Dubai Administrative
ResolutionNo.134of2013definesalong
term lease as a lease for a term of more
than 10 years and up to 99 years. How-
ever, foreign investors are not permitted
to enter into a long term lease of prop-
erties located in non-designated areas
of Dubai.
All the above mentioned acquisi-
tion structures may vary according
to the specific characteristics, term,
business plan of the foreign investor.
However, a detailed analysis of the
specific routes of entry to acquire hotel
properties in non-designated areas
of Dubai requires clear-cut planning
and strategizing.
LISTINGS
RERA # 203
04 4308902
www.castlesplaza.com
SOPHIA | BRN # 11628 | 050 84 99 717
JUMEIRAH BEACH RESIDENCE
PENTHOUSE
4 Bedroom + maid’s | Duplex | Private S/pool & Terraces | BUA 550 sq.m.
Sea View | Upgraded | Vacant On Transfer SP: AED 9,000,000/- Net
RIMAL
4 Bedroom
Private S/pool | Marina & Sea View SP: AED 7,000,000/- Net
RIMAL
3 Bedroom
Middle Floor | Vacant SP: AED 2,800,000/- Net
SADAF
4 Bedroom
SP: AED 3,500,000/- Net
SADAF
Sea View | Middle Floor | Vacant In March 2015 SP: AED 2,500,000/- Net
SHAMS
4 Bedroom
Sea View | Rented SP: AED 5,400,000/- Net
AMWAJ
3 Bedroom
SP: AED 2,600,000/- Net
MURJAN
2 Bedroom |
Sea & Marina View | High Floor | Vacant SP: AED 2,200,000/- Net
COMMUNITYSPECIALIST
COMMUNITYSPECIALIST
JUMEIRAH VILLAGE
S P E C I A L I S T
Teddy (Brn: 25252) - Agent Jumeirah Village
+971 567295059 ah@spfrealty.com
A R A B I C V I L L A
 2 B E D S + M A I D S
 A R E A S Q F T : 7 0 5 0
 C O M M U N I T Y V I E W
A E D : 2,900,000
M E D S T Y L E
 2 B E D S + M A I D S
 AREA SQFT: 7100
 V I E W : E L E C T R I C I T Y C A B L E S
A E D : 2,800,000
A R A B I C S T Y L E
3 B E D S + M A I D S
AREA SQ FT: 74 5 9
E L E C T R I C I T Y C A B L E S
AED 3,100,000
A R A B I C S T Y L E
 2 B E D S + M A I D
 A R E A S Q F T : 6 9 4 0
 V I E W : B A S K E T B A L L C O U R T
A E D 3,000,000
M E D S T Y L E
 2 B E D S + M A I D
 A R E A S Q . F T : 7 2 0 0
 V I E W : C O M M U N I T Y
A E D 3 , 0 0 0 , 0 0 0
A R A B I C S T Y L E
 4 B E D S + M A I D S
 A R E A S Q . F T : 3 8 1 5
 V I E W : B A S K E T B A L L C O U R T
A E D 4 , 0 0 0 , 0 0 0
A R A B I C S T Y L E
 4 B E D S + M A I D S
 A R E A S Q . F T : 6 9 0 0
 C O M M U N I T Y
A E D 3 , 9 0 0 , 0 0 0
T O W N H O U S E
 1 B E D
 A R E A S Q . F T : 1 9 3 3
 C O M M U N I T Y
A E D 1 , 5 5 0 , 0 0 0
Tel +971 4 3396222 | www.spfrealty.com
COMMUNITYSPECIALIST
S P E C I A L I S T
AL BARARI
Tel +971 4 395 7593 | www.snsprop.com
SNS PROPERTIES
ORN - 2576
Deepak Arora | deepak@snsprop.com | +971 55 472 1400 | BRN 29002
BUILT UP AREATYPE PLOT SIZE UNIT TYPE PRICE
As Dubai grew and developed, so did the AL BARARI. This New way of living encouragement 217 wondrous villas, a gourmet
restaurant, a state-of-the art health club, and the region’s largest privately-owned plant nursery. Eighty percent of the 4.2-mil-
lion-square-foot development is made up of green, lush space, beautiful themed gardens, naturally landscaped lakes and fresh
water stream.
Situated on the edge of Dubailand, in the attractive Mad Al Sheba district, Al Barari is a highly exclusive area offering some-
thing just a little different, surrounded by landscaped gardens, tranquil lake and waterfalls. Nature lovers can buy not just a lush
haven of luxury, but can also access a 6-star boutique hotel, as well as nearby Cultural Island’s libraries and theatres.
TYPE A 16,448 SQ. FT. 16,404 SQ. FT. 6 BEDROOM AED 17M
TYPE B 14,918 SQ. FT. 13,186 SQ. FT. 6 BEDROOM AED 15M
TYPE C 13,858 SQ. FT. 11,834 SQ. FT. 5 BEDROOM AED 15M
TYPE D 12,713 SQ. FT. 11,373 SQ. FT. 5 BEDROOM AED 12.5M
Dorothy Biro
+971 55 5088258
dorothy@aquaproperties.com | BRN : 29200
Yasmin Mohammad
+971 557962787
yasmin@aquaproperties.com | BRN : 28107
Tel +971 4 3882220 | www.aquaproperties.com
COMMUNITYSPECIALIST
BURJKHALIFADISTRICT
S P E C I A L I S T
BURJ KHALIFA
2 BED APARTMENT
AREA 1,639 SQ FT | RENTED
SEA VIEW
AED 5,985,000
STANDPOINT TOWER B
2 BED APARTMENT
AREA 1,397 SQ FT | RENTED
 BURJ KHALIFA & FOUNTAIN VIEW
AED 4,150,000
STANDPOINT TOWER 4
2 BED APARTMENT
AREA 1,700 SQ FT | RENTED
 BURJ VIEWS
AED 4,100,000
29 BOULEVARD TOWER 1
2 BED APARTMENT
AREA 1,208 SQ FT
PARTIAL BURJ KHALIFA & FOUNTAIN VIEWS
AED 3,550,000
STANPOINT TOWER A
2 BED +MAID’S APARTMENT
AREA 1,489 SQ FT
SHEIKH ZAYED ROAD VIEW
AED 3,300,000
CLAREN TOWER 2
2 BED APARTMENT
AREA 1,187 SQ FT
BURJ KHALIFA & FOUNTAIN VIEWS
AED 3,100,000
BURJ VIEWS TOWER C
2 BED APARTMENT
AREA 1,299 SQ FT
PARTIAL BURJ KHALIFA VIEW
AED 2,400,000
BOULEVARD CENTRAL 2
1 BED +STUDY APARTMENT
AREA 780 SQ FT
BOULEVARD VIEWS
AED 1,900,000
29 BOULEVARD TOWER
2 BED APARTMENT
AREA 1,181 SQ FT
BURJ KHALIFA & FOUNTAIN VIEWS
AED 3,300,000
DOROTHY
DOROTHY
DOROTHY
YASMIN
YASMIN
YASMIN
YASMIN
YASMIN
DOROTHY
SOLUTIONS BEYOND REAL ESTATE
GENERALLISTINGS
EMAAR GOLD & DIAMOND PARK, BUILDING 3 (GROUND FLOOR) OFFICE 3007, DUBAI, UAE
admin@lacapitaledubai.com
www.lacapitaledubai.com
050 888 9510
AED 2,550,000 Ref: 52490
Stans
DUBAI MARINA
Bonaire | 2 BR + Study
1244 sq.ft. | Marina and Sea View
AED 2,550,000 Ref: 52490
Stans
DUBAI MARINA
Bonaire | 2 BR + Study
1244 sq.ft. | Marina and Sea View
OP 2,399,888 Ref: 53756
Stans
DOWNTOWN
Burj Vista | 2 BR with Huge Terrace | 1390 sq. ft. | Full Sea View
AED 2,200,000 Ref: 53166
Ravish
GREENS
Tanaro | 2 BR + Balcony + Store + Laundry
1414 sq. ft. | Golf course View
OP 2,577,888 Ref: 53236
Nick
HILLS
BLDG C1 | 3 BR + Balcony | 1775 sq.ft.
Full golf course View
7%
Prem
ium
17%
Prem
ium
HighFloor
ActualView
StanAED 4,920,000 Ref: 53498
Arpana
DOWNTOWN
Burj Khalifa | 2 BR + Study
1639 sq. ft. | Full Sea View
OP 1,717,888 Ref: 53788
Kunal
DOWNTOWN
BLVD Crescent 1 | 1 BR + Balcony
1001 sq.ft. | Burj View
M
inus2%
Prem
ium
AED 1,750,000 Ref: 51812
Stans
DUBAI MARINA
Al Majara 1 | 1 BR + Balcony
860 sq. ft. | Community View
Low
Peice
BestPrice
BRN 12509, 25799, 25854, 25970, 27809, 28162, 28163, 29161, 30070,30010 & 30662
OP 1,521,888 Ref: 53568
Ravish
MIRA
3 BR + Maid | Phase 4 | Type 3E | 2534 sq. ft. | On the pool and Park
OP 2,890,000 Ref: 53719
Kunal
DUBAI LAND
Mudon | 4 BR + Maid’s | Sector A8 | Type B
3786 sq.ft. | Single Row View
AED 1,250,000 Ref: 53729
Ravish
THE VIEWS
Mosela Waterside | 1 BR+ Balcony
784 sq. ft. | Race course View
Vacant
0%
Prem
ium
8%
Premium
AED 2,600,000 Ref: 53687
Arpana
SPRINGS
|Springs 5 | 3 BR + Study | Type 3E
2300 sq.ft. | Back To Back View
LargePlot
USD 499,350
FLEX HOUSE
Chicago | USA
3 BR | 2097 sq.ft. | Facing West View | ROI - 6.8%
USD 562,342
NINE
Miami | USA
2 BR | G + 33 Floors | 1173 sq. ft. | Facing North West View | ROI – 6.26%
INTERESTED IN PROEPRTIES IN USA
NEED HELP IN
CALL 050 888 9510
Wants to process for JAFZA Company
Investors visa process in 6 weeks
RERA # 203
04 4308902
www.castlesplaza.com
Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | oksana@castlesplaza.com
the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens
ARABIAN RANCHES - MIRADOR SP: AED 10,300,000/-
6 bedrooms + study with En-Suite + maid’s Room
1 Basement, Garage Spaces 3
Style D9, Vacant
ARABIAN RANCHES - ALBARARI SP: AED 13,500,000/-
GENERALLISTINGS
BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY
More Details Call 050 62 55 710
MARINA PLAZA
PRIME MEADOWS
Type 14 | 4 Bedroom + Maid’s
SP: AED 6,099,000/-
Call: Aman | BRN 6621 | Mob 050 46 99 519
DUBAI MARINA WHARF
2 Bedrooms | BUA 1,493.83
Sea View | High Floor
Sea and Marina view | Vacant
SP: AED 2,000,000
Call: Rajeev | BRN 24907 | Mob 050 81 06 767
Call: Amar | 050 625 5710
RERA # 203
04 4308902
www.castlesplaza.com
Shell & Core | Office Unit
Sheikh Zayed Road View
SP: AED 6,800,000/-
Shell & Core | Office 2 Unit
Full Marina View
SP: AED 6,900,000/- Each
ALBARARI
MIRADOR
6 Bedrooms + Study with En-Suite 1 + Maid’s
SP: AED 13,500,000
Call: Oksana | BRN 11556 | Mob 050 42 52 031
On the Cul De Sac | Upgrades done by Arabtec | 8 Bedrooms all Ensuite Upgraded
Play area | Vacant on transfer | SP: AED 10,300,000/-
Call: Oksana | BRN 11556 | 050 42 52 031
Property Times eMagazine February 2015
Property Times eMagazine February 2015
Property Times eMagazine February 2015

Más contenido relacionado

Destacado (16)

Policy Accomplishments 2000-14
Policy Accomplishments 2000-14Policy Accomplishments 2000-14
Policy Accomplishments 2000-14
 
Tree of Business
Tree of BusinessTree of Business
Tree of Business
 
Bab15 analisis sistem
Bab15 analisis sistemBab15 analisis sistem
Bab15 analisis sistem
 
E learning
E learningE learning
E learning
 
Property Times May 2015
Property Times May 2015Property Times May 2015
Property Times May 2015
 
6 prime science-2
6 prime science-26 prime science-2
6 prime science-2
 
Blueraydisc 110913143007-phpapp01
Blueraydisc 110913143007-phpapp01Blueraydisc 110913143007-phpapp01
Blueraydisc 110913143007-phpapp01
 
Slide SIDANG Inggar FIX
Slide SIDANG Inggar FIXSlide SIDANG Inggar FIX
Slide SIDANG Inggar FIX
 
Bab13 sis pakar
Bab13 sis pakarBab13 sis pakar
Bab13 sis pakar
 
Real Estate Awards 2015
Real Estate Awards 2015Real Estate Awards 2015
Real Estate Awards 2015
 
Neuro anaesthesia opd work flow
Neuro anaesthesia opd work flowNeuro anaesthesia opd work flow
Neuro anaesthesia opd work flow
 
tej final doc
tej final doctej final doc
tej final doc
 
Training for the Professional Football Association and Football Coaches
Training for the Professional Football Association and Football CoachesTraining for the Professional Football Association and Football Coaches
Training for the Professional Football Association and Football Coaches
 
Nuclear medicine opd
Nuclear medicine opdNuclear medicine opd
Nuclear medicine opd
 
Identitatealuipascal1
Identitatealuipascal1Identitatealuipascal1
Identitatealuipascal1
 
Bab9 prosedur
Bab9 prosedurBab9 prosedur
Bab9 prosedur
 

Similar a Property Times eMagazine February 2015

Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realty
Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian RealtyHorizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realty
Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realtyhorizonconcept1
 
Real estate investment 2015
Real estate investment 2015Real estate investment 2015
Real estate investment 2015umangestates
 
Marvin Arrieta-Presentation
Marvin Arrieta-PresentationMarvin Arrieta-Presentation
Marvin Arrieta-PresentationMarvin Arrieta
 
Land Investments Expo 2014, KICC Nairobi Kenya
Land Investments Expo 2014, KICC Nairobi KenyaLand Investments Expo 2014, KICC Nairobi Kenya
Land Investments Expo 2014, KICC Nairobi KenyaSam Morara
 
MissBeez - NOAH16 London
MissBeez - NOAH16 LondonMissBeez - NOAH16 London
MissBeez - NOAH16 LondonNOAH Advisors
 
The Address - Oct 2015
The Address - Oct 2015The Address - Oct 2015
The Address - Oct 2015Square Yards
 
Middle east real estate forum post event brochure
Middle east real estate forum post event brochureMiddle east real estate forum post event brochure
Middle east real estate forum post event brochureMichael Clark
 

Similar a Property Times eMagazine February 2015 (20)

Property Times eMagazine January2015
Property Times eMagazine January2015 Property Times eMagazine January2015
Property Times eMagazine January2015
 
Property Times eMagazine January 2014
Property Times eMagazine January 2014Property Times eMagazine January 2014
Property Times eMagazine January 2014
 
Property Times April 2015
Property Times April 2015Property Times April 2015
Property Times April 2015
 
Property Times October 2014
Property Times October 2014Property Times October 2014
Property Times October 2014
 
Property Times eMagazine March 2014
Property Times  eMagazine March  2014Property Times  eMagazine March  2014
Property Times eMagazine March 2014
 
Property Times November 2015 eMagazine
 Property Times November 2015 eMagazine  Property Times November 2015 eMagazine
Property Times November 2015 eMagazine
 
Property Times July 2015 eMagazine
Property Times July 2015 eMagazineProperty Times July 2015 eMagazine
Property Times July 2015 eMagazine
 
Property Times eMagazine November 2014
Property Times eMagazine November 2014Property Times eMagazine November 2014
Property Times eMagazine November 2014
 
Property Times eMagazine march 2015
Property Times eMagazine march 2015Property Times eMagazine march 2015
Property Times eMagazine march 2015
 
Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realty
Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian RealtyHorizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realty
Horizon Concept Pvt. Ltd: Heralding Trust and Innovation in Indian Realty
 
Property Times elite 2014
Property Times  elite 2014Property Times  elite 2014
Property Times elite 2014
 
Real estate investment 2015
Real estate investment 2015Real estate investment 2015
Real estate investment 2015
 
Buying A Home Essay
Buying A Home EssayBuying A Home Essay
Buying A Home Essay
 
Marvin Arrieta-Presentation
Marvin Arrieta-PresentationMarvin Arrieta-Presentation
Marvin Arrieta-Presentation
 
Land Investments Expo 2014, KICC Nairobi Kenya
Land Investments Expo 2014, KICC Nairobi KenyaLand Investments Expo 2014, KICC Nairobi Kenya
Land Investments Expo 2014, KICC Nairobi Kenya
 
MissBeez - NOAH16 London
MissBeez - NOAH16 LondonMissBeez - NOAH16 London
MissBeez - NOAH16 London
 
Property Management Prospect
Property Management ProspectProperty Management Prospect
Property Management Prospect
 
The Address - Oct 2015
The Address - Oct 2015The Address - Oct 2015
The Address - Oct 2015
 
Middle east real estate forum post event brochure
Middle east real estate forum post event brochureMiddle east real estate forum post event brochure
Middle east real estate forum post event brochure
 
RE/MAX Realty Review- August 2013
RE/MAX Realty Review- August 2013RE/MAX Realty Review- August 2013
RE/MAX Realty Review- August 2013
 

Property Times eMagazine February 2015

  • 1. ///// Issue 27 - February 2015 Magazine Search Awards On a mission with a vision Jackie Johns, Managing Partner, Dubai Sotheby's International Realty A LOOK AT THE NOMINEES STEVEN MORGAN, CLUTTONS Pg18 Pg8 Pg12 Pg36 PEOPLE'S CHOICE REAL ESTATE AWARDS 2015 TRENDS IN DUBAI VILLA SECTOR A REIDIN REPORT EFFECT OF OIL PRICE DROP ON DUBAI REALTY MARKET
  • 3. OVER 3000 EXCLUSIVE PROPERTIES 8 EXCLUSIVE PROJECTS IN DUBAI BUY, SELL AND RENT PROPERTY MANAGEMENT
  • 4. TEL: +971 (0)4 277 80 02 | E-MAIL: info@stockholmre.com | WEBSITE: www.stockholmre.com February 2015 Issue -27 /// 4 propertyonline.ae
  • 5. FROM THE EDITOR CORRECTION?NOTHING TOWORRYABOUT... ItisoftensaidthatDubai’srealestatemarketissen- timent-drivenandevenaslightcorrectioninprices andrentssetsoffthepanicbutton.However,alook at the reactions from real estate agency owners over the past three months during which the mar- ket has witnessed a correction in prices show that the market is maturing and the members of the industry along with buyers and investors believe this period of correction is good for the market in the long run. This trend is certainly encouraging. In this issue, real experts from different companies share with Property Times readers their thoughts on the present and future of the market and their opinion will certainly go a long way in proving thousandsofbuyersandinvestorswithconfidence to invest in one of the most lucrative real estate markets in the world. On the cover this month is Jackie Johns, who used to head Dubai Luxury Homes which has now merged with Sotheby’s International Realty and is now the Managing Partner of the Dubai wing of this firm. In an exclusive interview with Property Times, Jackie sheds some light on her vision, tow- eringambitions,herdreamofspreadingherwings and reaching out to the global markets and why she chose to partner with Sotheby’s International Binesh Panicker Editor-in-Chief & Co-Founder P.O. Box: 76460, Dubai, UAE MEDIA LAB PUBLISHERS LLC Office 135, B Block, Al Shafar Investment Building, Near 3rd Interchange Sheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae EDITORIAL editor@propertyonline.ae ADVERTISEMENT advertise@propertyonline.ae SUBSCRIPTION subscribe@propertyonline.ae Licensed by National Media Council P.O. Box: 102817, Dubai, UAE OUR TEAM CONTRIBUTOR PRINTER DISTRIBUTORS PUBLISHER Nicole Walter Freelance Writer P.O. Box: 485100, Dubai, UAE Realty. In this issue, we also take a look at some interesting upcoming projects in Dubai, which are bound to attract a lot of attention from buyers in thedaystocome,whileourcontributorNicoleWal- tertakesusthroughAbuDhabi’sSirBaniYasIsland andgivesusaninsideviewofthismajorattraction for hundreds of tourists from across the globe. On this occasion, I would like to thank all the real estate agencies who nominated themselves for the Property Times People’s Choice Real Estate Awards2015.Thevotinglineswillbeopenedon1st of March and closed on 31st of March, so I would like to request all buyers, investors, sellers and ten- ants to visit www.propertyonline.ae/awards and cast their votes to choose the best in the industry and make full use of their first ever chance in the history of Dubai real estate market to voice their opinion. I would also like to thank the industry for the support they have given us during the nom- ination period and let me assure you that the awards will be conducted professionally and the winners will be chosen by the people in a trans- parent manner. /blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media- /+PropertyonlineAeweb/ BINESH Panicker Editor-in-Chief & Co-Founder binesh@propertyonline.ae JATIN Deepchandani Head of Sales, Marketing & PR jatin@propertyonline.ae SYED Ghayuor Sales Manager syed@propertytimes.ae THINKAL Bhal Manager - Special Operations & Events thinkal@propertyonline.ae RESHMI Raveendran Sales, Marketing & PR Executive reshmi@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 SRIKANTH Reddy E-magazine support srikanth@propertyonline.ae MANAF CK Admin Executive manaf@propertyonline.ae MARY Grace Antonio Executive Assistant to Editor in Chief grace@medialabpublishers.com February 2015 Issue -27 /// 5 propertyonline.ae
  • 6. U L T R A L U X U R I O U S S E M I D E T A C H E D V I L L A S Luxury living, delivered. REALTY Redefined to Reality NOW SELLING Live in Meydan’s first Semi Detached Villa community AED 1,250PER SQFT MEET US AT THE SALES CENTER CALL millenniumsquare.ae 800-773 Semi Detached Villas in Meydan One of its kind Each villa is designed to be an end unit and has 3 sides access around it with adequate space for landscaping and a swimming pool. 70% on completion On booking After 6 months of booking After 12 months of booking10% RERA # 946 RERA #1021 Project RERA # 1612 4 & 5 Bedroom Semi Detached Villas with Maids room, Size 3,479 sqft A P P N O W A V A I L A B L E I N MILLENNIUM SQUARE
  • 7. 12 NEWS AND ANALYSIS: Dubai villa sector update by REIDIN.com 14MORTGAGE EXPERT: Liam Griffiths, MortgageMe 16LEGAL EXPERT: Legal expert: Jerry Parks, Taylor Wessing 24POLO HOMES at Meydan from MAG Property Development 28Column by the Wolf of Real Estate 30 TIME TO DIVERSIFY: Kunal Puri, La Capitale 36Column by Steven Morgan, Cluttons 38Exclusive interview with the partners of Splendour Homes 40Dubai’s luxury real estate market: Sanket Khanna, SNS Properties 48Foreign ownership of hotels: Column by Jitheesh Thilak 52Exclusive property listings People’s Choice Real Estate Awards 2015 Nominees A tactical merger Living Legends set to open in 2015 Becomeonewithnature at Sir Bani Yas Island8 18 34 42 February 2015 Issue -27 /// 7 propertyonline.ae
  • 8. HISTORY IN THE MAKING IN DUBAI REAL ESTATE MARKET… THE REGION’S ONE AND ONLY REAL ESTATE AWARDS… Winners chosen by buyers, investors, sellers and renters… VOTING LINES OPEN ON 1ST OF MARCH 2015 AND CLOSE ON 31ST OF MARCH 2015 THE REAL GAME BEGINS NOW… AWARDS February 2015 Issue -27 /// 8 propertyonline.ae
  • 9. THE NOMINEES Muhammad Israr Managing Director in business 8 Years 13 Agents Dounia Fadi Managing Partner in business 9 Years 23 Agents Fadi Nwilati CEO in business 9 Years John Stevens Managing Director in business 30 Years 28 Agents Akylbek Akimov Director in business 2 Years 12 Agents Kunal Puri Managing Director in business 4Years 4 Agents Deepak Kaipa Business Development Manager in business 1 Year Inderpal Singh Managing Director in business 1 Year 10 Agents Sameer Adam Managing Director in business 7 Years Hamir Asher Managing Director in business 10 Years 12 Agents Jackie Johns Managing Partner in business 1.5 Years Pawan Batavia Managing Director in business 3 Years 9 Agents Dawn Draper Managing Partner in business 1 Years 10 Agents Mohanad Alwadiya Managing Director in business 6 Years 21 Agents Akash Kanjwani Managing Director in business 9 Years 7 Agents Erfan Aslam Managing Director in business 1.5 Years Zarah Evans Managing Partner Louise Heatley Managing Director in business 9 Years 21 Agents Mario Volpi Managing Director in business 15 Years 30 Agents Umar Bin Farooq & Rouf Makroo Managing Directors in business 2.5 Years 13 Agents Paula Enander Managing Partner in business 1 Year 2 Agents The property experience... Sales l Leasing l Management Dubai UAE AWARDS February 2015 Issue -27 /// 9 propertyonline.ae
  • 10. THE NOMINEES Riyaz Merchant Managing Director in business 7 Years 11 Agents Saleem Rafiq Ahmed Managing Director in business 7 Years 25 Agents Alessia Sheglova Managing Director in business 10 Years 20 Agents Ali Ashraf Tumbi CEO Wakas Khan VP Manish Khatri VP in business 11 Years 45 Agents Nick Grassick M D Myles Bush CEO in business 8 Years Paul Christodoulou CEO in business 2 Years 20 Agents Chris Whitehead Managing Director in business 8 Years Faisal Baig Managing Director in business 5 Years 16 Agents 60 Agents Niraj Masand Managing Director in business 2 Years Shahid Hassan Managing Director in business 7 Years 12 Agents 15 Agents Mahendra Singh Managing Director in business 10 Years 80 Agents Klaus Hölscher Managing Director in business 10 Years Your Trusted Real Estate Partner Simply log-on to www.awards.propertyonline.ae Step 1: Click on VOTE Step 2: Choose a category on your choice Step 3: Vote for your agency of choice based on your experience Step 4: Once you submit your votes, you are automatically enrolled into a lucky draw to win a HOLIDAY TRIP this summer VOTEVOTE & WINA HOLIDAY TRIP A HOLIDAY TRIP & WIN Rohan Raval Managing Director 8 Years 7 in business Agents AWARDS February 2015 Issue -27 /// 10 propertyonline.ae
  • 11. The moment of reckoning is here… From 1st of March 2015 till 31st of March, thousands of buyers, investors, sellers and tenants from all over the world who invested in Dubai real estate market will start voting for their favourite real estate agencies and individual brokers. History is being made here… It never happened before… And Media Lab Publishers is proud of this initiative we have taken in a bid to empower the buyers and investors in Dubai real estate market who usually don’t get an opportunity to voice their opinion. My hearty congratulations to all the nominees who have shown immense confidence in their professionalism and customer service. By choosing to partici- pate in the biggest awards for real estate in the history of Dubai, these real estate agencies have shown how much they value customer feedback so that they can continue to enhance the level of customer service they provide their clients with. This is the sign of a mature market wherein real estate agencies are quite keen to know what exactly their clients think of them and their service. To make the process of voting easier, we have created a platform on www.propertyonline.ae/awards wherein all the categories and nominees in each of these categories are listed. It is an extremely user-friendly interface and the entire process of voting is expected to take less than 10 minutes. In order to keep the system spam-free, we have created a fool proof back end and an IP address tracking system, which will ensure all the votes are genuine. Also a dedicated quality control web team will closely monitor the voting process from start to end. Our independent Advisory Panel will ensure a smooth and transparent voting process, which will eventually determine the best in the industry. Once the voting lines are closed, winners will be declared by the Advisory Panel based on the number of votes each nominee manages to secure. And all the winners will be honoured at a glittering ceremony in April, to be attended by who’s who of Dubai real estate market, Consulate Generals, etc. I am also excited just like the rest of the market. And this is just the beginning… All the best to all the nominees… Binesh Panicker Editor in Chief and Co Founder TIMETOCHOOSE THEBEST INTHEINDUSTRY… GETSETGO… AWARDS February 2015 Issue -27 /// 11 propertyonline.ae
  • 12. AHMET KAYHAN CEO, REIDIN.com VILLASECTOR:DUBAI NEWS&ANALYSIS D uring the peak period of September 2012 to October 2014, the villa prices rose by 33.15%, while in 2014, the sales prices increased by 9.07% and rents increased marginally by 3.22%. “Villa segment has a bigger sensitivity against macro indicators as the level of yields and cost structures differ heav- ily compared to apartments. Also villas do attract a lower level of demand in comparison to apartments. Certainly, it will be a tougher year for villas espe- cially in freehold areas,” says Ahmet, adding that REIDIN expects villa prices to drop more than apartment prices and follow the same pattern as the apartment segment. Also, supply doesn’t seem to be an issue in the villa segment anymore considering 11% of the upcoming supply in 2015 will be villas; that is around 3,000 to 4,000 units. February 2015 Issue -27 /// 12 propertyonline.ae
  • 13. Source : REIDIN.com 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.comhelpsprofessionalsandindividualseasilyaccesstherealestateinformationtheyneedtomakemoreinformed investment,purchase,sales,rent,mortgage,finance,developmentandmanagementdecisions.REIDIN.com‘Data&ResearchTeam’ together with a global network of information partners endeavours to provide high-end analysis and research support to its clients. For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update in association with Property Times. NEWS&ANALYSIS 30% 20% 10% 0% -10% VictoryHeights -5% -5% 0% 0% 0% 4% 8% 8% 26% 5% 2% 6% 1% -5%-4% -3% -3% -3% -7% -7% -7% AlFurjan TheLakes Springs andMeadows TheJumeirah Circle ArabianRanches PalmJumeirah Last3Months YeartoDateLast6Months DubaiVillaCommunitiesSalesPriceChange 20% 15% 10% 5% 0% -5% -10% 0% -3% -1% -1%-1% -2% -1% -2% -6% -0% -4% 9% 2% -1% 9% 0% Last3Months YeartoDateLast6Months VictoryHeightsAlFurjan TheLakes Springs&Meadows TheJumeirahCircleArabianRanchesPalmJumeirah -2% -2% -3% -1%-4% DubaiVillaCommunities RentPriceChange Villa prices rose by 33.15% during Sept. 2012 - Oct. 2014. Villa rents went up by 3.22% in 2014. 11% of the upcoming supply in 2015 will be villas. Villa sales prices increased by 9.07% in 2014. February 2015 Issue -27 /// 13 propertyonline.ae
  • 14. If you have any mortgage related queries please email at editor@propertyonline.ae Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai. w i t h m o r t g a g e e x p e r t The first step would always be to con- tact a mortgage broker; a good mort- gage broker will not only source the most suitable mortgage for you, but also put a plan in place, which will show you the most costeffectivewayofrepayingyourmortgage, accordingtoyourcircumstances.Onesizedoes not fit all and your plan should be individual to you. It is also important to check that your broker covers the whole market so you have thewidestrangeofproducts,asmanyadvisers only offer mortgages from a limited panel of lenders and are not regulated, thus you have no recourse if bad advice is given. I am planning to purchase a villa on the Palm. I am looking at 20% mortgage for this unit while I will pay the rest in cash. I am a businessman from Abu Dhabi. What is the procedure? EXPERTADVICE Liam Griffiths MortgageMe.ae Head of Mortgage Middle East/Africa Whenever changing your mortgage lender for “a better deal” is not just about the rate, all fees must be taken into account as well. It is only advisable to change your mortgage provider if you are in a better position when all of the costs of moving your mortgage including the fee involved have been taken into the equa- tion. Again, it is always advisable to seek professional advice on this as all lenders have different fee structures when you move your mortgage. I have a mortgage with a for- eign bank, but a local bank has approached me with a better deal. My mortgage was taken two years back. What is the procedure to transfer the mortgage to another bank and how much it will cost? Lenders will offer 50% LTV max- imum, but beware, buying off plan is a minefield as certain lend- ers will only deal with certain developers and developments. It is always prudent to seek advice, and have your mortgage pre approval in place before you start to look, and especially before you sign any contract or hand over any money. It is also important to note that the fee with off plan mortgages can often add up to as much as 12% on top of the purchase price. Do banks offer mortgages for off plan properties? What is the maximum LTV I can get for an off plan property and what is the eligibility criteria? Dubai's skyline February 2015 Issue -27 /// 14 propertyonline.ae
  • 15. WE CAN MAKE YOUR HOME EQUITY WORK FOR YOU! Take advantage of the current low mortgage rates and put your money towards a better use. 2.99% WHY IS YOUR EQUITY JUST SITTING THERE DOING NOTHING? Investme Financial Services LLC, +971 (0) 4 453 4400 608, Dusseldorf Business Point, Al Barsha 1, Dubai info@mortgageme.ae
  • 16. If you have any legal queries about buying or renting, please email at editor@propertyonline.ae Our expert answers the legal queries about buying and renting properties. w i t h l e g a l e x p e r t RERA has the power to cancel any real estate projects in Dubai if they consider it appropriate to do so, usu- ally due to its lack of progress. If yours is one such project, you must register your interest. Youcandothisinoneoftwoways:(1)attend atDubaiCourtsbetweenthehoursof2.30pm and 7.30 pm, go to the Central Services Hall onthe1stfloorandcompletetheregistration forms available there; or (2) register online by going to www.dubaicourts.gov.ae , clicking on your project in the list and completing the online form. RERA should appoint an auditor whose job it will be to liquidate the project and investigate the status of the escrow account. The developer will be required to refund pur- chasers their total payments to the date of cancellation. In the event that full refunds are not forthcoming, maybe due to a shortfall in theescrowaccount,thenthedeveloperwillbe requested to pay the balance amounts due. If the developer does not pay, the case can be referred to the Committee established to oversee such matters. The Committee can make an order requiring the developer to pay, which can be enforced directly by the Dubai Courts if the developer fails to comply. In theory, a good system. In practice, a cancelled project usu- ally leads one to an insolvent developer. In that case, there is little any investor can do, with or without a Court order. If the person you represent is not planning to come to Dubai to complete the transfer process for each transaction, then he should appoint someone under a Power of Attorney (POA) to complete matters on his behalf. RERA has recently refused to recognize POAs granted to real estate brokers, and so the grantee of the POA will have to be someone who doesn’t hold a real estate brokerage card. My advice would be for that authorized person to be a lawyer. In that way, your investor can be comforted by the fact that the lawyer should be bound by a number of codes of professional conduct, and should also have in place professional indem- nity insurance sufficient to reimburse him against any loss suffered as a result of the grantee’s negligence. A lawyer experienced in the real estate field can also conduct due diligence, advise on suitable ownership structures, guide you through applicable procedures, and receive, hold and pay out funds on the investor’s behalf. Although it’s curious how many brokerage delivery guys one sees at transfers these days... Irecentlyreadanarticleaboutproj- ect cancellations in Dubai. One of the projects I invested in long back is also a part of this list. How do I get my money back and who do I approach? Your 99year leaseholdinterestshould be registerable with the Dubai Land Department as a right in rem, which is lawyer-speak for a property right rather than just a contractual right. So this is to be recommended.Youcantransferrightsinrem, and so if you want to transfer your interest to yoursonatalaterdate,youcandoso.It’snot all good news though. After the expiry of the 99 year term, the property will revert to the landlord, usually the freehold owner. Also, the fees payable for registeringalongtermleaseofthisnatureare currently4%ofthetotalvalueofthecontract. So the 4% will be calculated on any premium andanyrentalpaymentsdueundertheterms of the lease. I recently bought a property which is on 99 years lease basis. What happens after 99 years? I am not based in Dubai. Will I be able to transfer it to my son later? IrepresentaninvestorfromaEuro- peancountryandheisplanningto investinsomepropertiesinDubai. Whatistherightwaytoapproachthisand will hiring a law firm ease the process? Jerry Parks Partner Taylor Wessing EXPERTADVICE Greens, Dubai February 2015 Issue -27 /// 16 propertyonline.ae
  • 18. COVERSTORY THETIMELY TACTICALACQUISITION Dubai Luxury Homes, a well-known real estate agency in Dubai, was recently acquired by Dubai Sotheby's International Realty, the largest global brand in the luxury real estate industry. Jackie Johns, who is now the Managing Partner of Dubai Sotheby's International Realty, talks to Property Times to shed some light on the acquisition and the company’s future plans. By Binesh Panicker February 2015 Issue -27 /// 18 propertyonline.ae
  • 19. COVERSTORY W hen Dubai Sotheby's International Realty approached Jackie Johns to purchase Dubai Luxury Homes the synergy was immediately apparent, it just clicked. Sotheby's International Realty being the largest luxury real estate company in the world and operating since 1976 offered the opportunity Jackie had envisaged. Combining the wealth of global experience offered by Sothe- by’s International Realty with an established local company took the Dubai Sotheby’s International Realty operation to a whole new dimension, offering established clients a new global network yet with the same per- sonal service they always expected. This evolvement provided a great solution to the growing demand from local buyers and developers to look globally. Dubai Sotheby’s International Realty has four divisions operating in Dubai; a Local Sales and Leasing Jackie Johns The 118, Downtown, Dubai February 2015 Issue -27 /// 19 propertyonline.ae
  • 20. COVERSTORY wide. We really can unite extraordi- nary properties with extraordinary lives wherever that maybe across the globe. THE TIMEFRAME This was probably one of the quick- est merger acquisitions ever. The talks only started in November 2014 and on January 4, 2015, relocating to the Dubai Sotheby’s International Realty offices in Downtown was complete. It took about six weeks from start to fin- ish. So the synergy was there from day one and we knew that we could work together. It’s only been three months since we joined operations but it feels like it has always been. department working on the proper- ties here in the UAE, a Project Sales department who manage the sales process of exclusive projects being built in Dubai and offering them global exposure, an International Sales department managing our portfolio of exclusive projects and properties overseas and showcasing property investment opportunities to clients here, finally the Property Investment department which looks after institu- tional and individual investors again offering them both local and interna- tional opportunities. For Jackie it is very important that Sotheby’s International Realty is rec- ognised for their global reach. With over 760 offices in 55 countries world- WE ARE MAINLY FOCUSING ON OUR GROWTH POTENTIAL IN OUR INTERNATIONAL AND PROJECT SALES DEPARTMENT. I HAVE A GREAT MANAGE- MENT TEAM BEHIND ME AND I WANT TO LET PEOPLE KNOW THAT WE HAVE A WEALTH OF REAL ESTATE KNOWLEDGE AND EXPERIENCE BASED HERE IN DUBAI. Paris February 2015 Issue -27 /// 20 propertyonline.ae
  • 21. COVERSTORY MARKETING STRATEGIES Sotheby's International Realty are revered for their sophisticated mar- keting, we are not a mass marketing company as that’s not what clients expect from us. We have always been a refined company when it comes to presenting our properties for sale and we produce a tailored plan for each property to ensure we meet the tar- get market. Listening to our clients require- ments is paramount and we show- case their homes in a way that makes them comfortable. If a client wants a discrete campaign perhaps through our members’ only site then that’s what we deliver. Our expertise in selling luxury homes globally via our own Sotheby’s International Realty networks offers a service beyond the expected. IMMEDIATE PLANS We are mainly focusing on our growth potential in our International and Proj- ect Sales department. I have a great management team behind me and I want to let people know that we have a wealth of real estate knowledge and experience based here in Dubai. Whether you are looking to build your property portfolio overseas or you need to take your Dubai development globally to attract sales then we have the expertise on hand to guide you through all the processes. THIS WAS PROBABLY ONE OF THE QUICKEST MERGER ACQUISITIONS EVER. THE TALKS ONLY STARTED IN NOVEMBER 2014 AND ON JANUARY 4, 2015, RELOCATING TO THE DUBAI SOTHEBY’S INTERNATIONAL REALTY OFFICES IN DOWN- TOWN WAS COMPLETE. Emirates Hills, Dubai MERGING OF VALUES AND POLICIES Sotheby’s International Realty is rec- ognised worldwide for their quality values and their strict due-diligence policies. This is what sets them apart from others. Dubai Luxury Homes always worked within the same parameters so the merge was seamless. Dubai Sotheby’s International Realty will deliver the white-glove service to all its clients irrespective of the product or price range. This ser- vice is why our well-regarded Global Property Consultants develop lifelong working and personal relationships with their clients. February 2015 Issue -27 /// 21 propertyonline.ae
  • 22. COVERSTORY Downtown, Dubai Apartment INTERNATIONAL MARKETS Sotheby’s International Realty oper- ates in 55 countries but currently we are focusing on markets that are relevant to us in Dubai; London, Paris, Hong Kong, Los Angeles, New York to name a few. Recently we have taken exclusive rights on an extraordinary resort in the Maldives consisting of 85 freehold title villas. We will only bring to the market the right projects that offer the best opportunities to our clients, be they property investor or end-user. BENEFITS FOR INVESTORS INVESTING IN OVERSEAS MARKETS Each market is unique. That is why we have dedicated teams in each market that is relevant that will provide the local knowledge and experience to guide you to a successful transaction. Our Dubai office is the first port of call when looking to reach the overseas markets as our dedicated team with initiate the process for you, from the comfort of your own home. MORTGAGE VS CASH BUYERS We have a mix of both mortgage buy- ers and cash buyers. If a client wants to secure a local mortgage or an inter- national mortgage then we would direct them to our preferred partners who have all be thoroughly checked and approved by the Sotheby’s Inter- national Realty network, therefore again delivering specialised skills in international markets. FUTURE STRATEGY FOR DUBAI SOTHEBY’S INTERNATIONAL REALTY In Dubai, we are looking to open dis- cussions with all major developers and offer the opportunity to take their brand globally. With over 760 offices worldwide and an experienced sales force of 16,000 agents who work out of 55 countries we truly can open up the world to the exciting opportu- nities and projects we have here in the UAE. February 2015 Issue -27 /// 22 propertyonline.ae
  • 24. D eveloper MAG has diverted its overseas development branch Invest Group Over- seas (IGO)’s attention from Syria to its Frisco project in the US and Dubai, where its team is busy build- ing the Polo Townhouses and Polo Residence communities in Meydan. While the two communities are sepa- rated from each other, they are in the same vicinity, with the Polo Residence facing the Meydan Hotel and its Tennis Academy. Talal Al Gaddah, CEO of MAG Property Development (MAG PD) highlights the advantages of devel- oping in Meydan. “The infrastructure, roads and greenery are already there, indeed the vision for Meydan is to take advantage of the natural beauty of the Nad Al Sheba area,” he says, adding that the developer consoli- dated its 30 plots, which were dotted all over the master-development, into these two sites. We looked at the master-plan again and decided to take the plots all together in one place to be able to develop one community, where people can live without someone else building next door with trucks coming in and out. This is one of the benefits our buyers have,” he reasons. Other benefits both communi- ties would offer is an emphasis on green spaces within, 60% have been reserved for its landscape and ser- vices, says Talal, as well another close contact with nature, horses. Although Meydan is rather about flat race than polo, the name for the communities was chosen as something people, who may not be into horse racing, would instantly associate with horse sports. “We call our communities ‘Polo’ because they are next to the race course, although we don’t have polo but it’s a horsey neighbour- hood and a name familiar to people,” Talal explains. WELL CONNECTED The area may not have polo fields but nevertheless, residents will still be able to swing a club on the ground at the nearby Meydan golf course. Yet, living in nature doesn’t mean living discon- nected from the hustle and bustle of the city, residents will live very close to public transport connections. Dubai Metro is planning a Meydan station and an Etihad Rail train station close by. “It’s the best way to connect the railway, which will connect the other Emirates with the metro to Sheikh Zayed Road, and the two airports, Dubai International and DWC, which will get busy by 2017,” remarks Talal. “People usually want to be at the centre of activity, however, the most wanted locations in Dubai, such as Dubai Marina, Downtown Burj Khalifa HIGHPolo Townhouses and Polo Residence are rising in Meydan By Nicole Walter/freelance writer RIDING MARKET Meydan February 2015 Issue -27 /// 24 propertyonline.ae
  • 25. ORN- 2436 or Business Bay, have only few parks, in Meydan they will have both, life in nature and be close to town, only ten minutes away by car or public trans- port,” he adds. Facts, buyers into the 570,00 square feet community, worth AED400 million, have been probably ticking off their wish list, together with the facilities offered a club house with gym, spa and swimming pool, children’s play areas, and plenty of space for guest parking. All of the 106 three-and-four bedroom prop- erties, the latter complete with their own pool, have already been snapped up, says Talal. “The Polo Townhouses sold out within seven days when we launched them at AED1,250 per square foot. We have upgraded the finishing without extra pay, such as marble floors and solid-wood doors, simply because we decided to deliver an even more exceptional product,” he adds. THE DEVELOPMENT Being built by Technical Architect Contracting and designed by Archorp Architectural Engineering, the charm of these contemporary and spa- cious Polo Townhouses lies in its simplicity, coming in natural stone colours, with large windows allow- ing in plenty of light and views into the green neighbourhood. The close to 1.2 million square feet Polo Resi- dence community, encompassing 29 WE CALL OUR COMMUNI- TIES ‘POLO’ BECAUSE THEY ARE NEXT TO THE RACE COURSE, ALTHOUGH WE DON’T HAVE POLO BUT IT’S A HORSEY NEIGH- BOURHOOD AND A NAME FAMILIAR TO PEOPLE. TALAL AL GADDAH, CEO, MAG PROPERTY DEVELOPMENT. MARKETpropertyonline.ae
  • 26. low-rise apartment buildings at G+4, housing 873 apartments from one to four bedrooms, come in an equally modern and airy design fitting into their green surroundings. “The mas- ter developer Meydan prescribed contemporary design as a guideline, they have a new vision for Dubai, to develop a new area with one concept, one theme. ''The buildings are elegant and sim- ple, we are using 50% white and blue glass, and high-end quality material inside compared to other projects in Dubai,” Talal explains the looks. The community boasts plenty of space for the cars of the residents and their guests, parks, play areas, a kindergar- ten, and a small 4,000 square metres mall with convenience stores and cafés. “The vision was to create a liv- ing place, where people don’t feel like they are stuck in traffic cars, or waiting for the lifts, we only need two eleva- tors,” says Talal. A DIFFERENT LIFESTYLE One of the major points when creat- ing the design was to create an envi- ronment which guaranteed a sense of calm, hence the developer went for low-rise and keeping the number of buildings low. “You need to offer different lifestyles in Dubai; having more low-rise building provides such a change. There are only around 30 apartments in each building, so you have only few neighbours, you don’t have property management issues, and it is a more chilled area yet far away from Downtown,” Talal elab- orates. While the town homes are unfurnished, the developer decided to sell half of the Polo Residence apartments furnished. “We took this decision because a lot of people were talking about the Dubai Expo 2020 in terms of expecting rents to increase by 12% to 15%, and they wanted to have hotel apartments. We didn’t want to do that but instead decided BECAUSE THE MARKET HAS QUIETENED DOWN WE HAD SOME PEOPLE WHO RETURNED THEIR UNITS, ALTHOUGH THE SALES WERE DONE. IN ANY CASE WE ALWAYS KEEP AROUND 15% FOR US AS A COMPANY AS AN INVESTMENT, TO LEASE THEM OUT LATER ON, TALAL AL GADDAH, CEO, MAG PROPERTY DEVELOPMENT. MARKET The Polo Residence at Meydan The Polo Residence at Meydan February 2015 Issue -27 /// 26 propertyonline.ae
  • 27. We are specialized in providing the following services:  Property Management  Building Management  Sub Leasing  Buying and Selling  Leasing  Property Investment and Asset Management info@alraea.com | www.alraea.com NEW BRANCH OPENNING SOON at JUMEIRAH VILLAGE CIRCLE (JVC) BRANCH JUMEIRAHJUMEIRAH STRESS FREE PROPERTY MANAGEMENT SOLUTION Since 1994 AL RAEA REAL ESTATE, a Management Company established in 1994 a trusted name in UAE provides 360 degree property solution, We provide the most professional, informative, loyal and dedicated service in the industry AL RAEA REAL ESTATE, a Management Company established in 1994 a trusted name in UAE Leasing NEW BRANCH Leasing  Property Investment and Asset Management 6 MONTHS FREE PROPERTY MANAGEMENT WITH ONE YEAR CONTRACT Call: 04 3623856 055-9544366 Email: pm@alraea.com www.alraea.com Contact us for free consultation as an opportunity to meet with our team of experienced property managers. ORN 1268 JUMEIRAHJUMEIRAHJUMEIRAH SHOP # 4 PRIME BUSINESS CENTRE C M Y CM MY CY CMY K to offer furnished apartments with the same specs than hotel apartments,” he explains. “We won’t lease them out or manage them for you but you can rent them out yourself, as last year the authorities launched the holiday home license, so people can rent their homes out via specialist companies who manage them,” he adds. There are still some apartments available at the AED1.5 billion Polo Residence, which the developer says is around 75% to 80% sold out. “Because the market has quietened down we had some people who returned their units, although the sales were done. In any case we always keep around 15% for us as a company as an invest- ment, to lease them out later on, for example,” says Talal. RIGHT PRICING The developer studied the market at the end of 2013 pricing them at AED1,100 a square foot, but since the pre-launch price has changed to around AED1,350. “We didn’t sell at the time of pre-launch and by the time we opened the Escrow account and started selling in July last year we decided that prices should increase, because land and construction prices were going up as well,” Talal explains. “We only sold 20 apartments for around AED1,150, the rest went between AED1,250 and AED1,425 for one bedroom,” he adds. The payment plan is a convenient 60/40 structure, with a 10% down payment, 10% after 60 days, 40% linked to construction, and 40% on completion. While 90% of the infrastructure work at the Polo Residence is done, and the main contractor has started on the build- ings this February, the infrastructure work on the Polo Townhouses is slated to be ready by mid-2015 and the construction of the homes is already underway. “The completion for the Polo Town- houses is Q1 2016, we have a guaran- tee from the contractor to complete them by end of 2015, and our sales & purchase agreement (SPA) with our clients is for the middle of 2016, but 99% we aim to hand over earlier. The Polo Residence will take 24 months from construction start to comple- tion,” concludes Talal.
  • 28. I n 2011, the first real year of the post global financial crash recovery in Dubai, thetotalvalueofrealestatetransactions reached AED143 billion. By the end of 2012,ithadreachedAED154billion,amod- est,yetpromising8%increaseon2011.Year 2013 will long be remembered as Dubai’s comeback year as the total value of real estatetransactionsreachedAED234billion, a 52% increase on the prior year which was clearly unsustainable. Now we know that in 2014 over AED218 billion worth of real estate assets were sold in Dubai. These are heady numbers indeed. In the space of just three years, the total value of transactions has grown by 152% duetoacombinationofheightenedactivity levels riding a powerful new wave of inves- tor confidence and a sharp rise in values as investors reevaluated just how lucrative realestateinvestmentsintheEmiratecould be. If I were to use an athletics analogy, the market in 2013 had been sprinting when, in actual fact, it needed to complete a mar- athon. Therefore, a reduction in pace was required to ensure there was not a melt- down and the gains made were not relin- quished. And a slowdown there has been, a welcome change of pace attributed to a number of factors, some of them deliberate and appropriate: Capital inflows seeking a safe haven were sure to weaken; alterna- tive investment opportunities were sure to emerge as prices started to rise; the imple- mentation of the 4% transfer fee along withdeveloper'sproactiveattemptstolimit speculative practices had an initial effect; thenewlawregardingrentalpriceincreases has also had an effect; some investor ner- vousness and trepidation has led to some hesitancytobuyintoamarketthattheyfeel is at its peak. Addtothelisttheimplementationofthe new mortgage laws and there is a pretty compellingsuiteofprobablereasonsforthe slowdown, notwithstanding the nervous- ness, much of it unwarranted in my view, surrounding the recent decline in oil prices. So,willtheDubairealestatemarketof2015 providelucrativeinvestmentopportunities? I believe yes and here is why … First … the market will continue to benefit from continued demand as the broader economy continues to grow. Dubai’s econ- omy is doing very well. Economic growth is strong at around 4.5% and independent bodiessuchastheIMFhaveforecasted5%+ economicgrowtheveryyearthroughtothe endofthedecade.Withoilrepresentingonly about 4% of GDP, the economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue generating economicsegments. Dubaiexpectstohave attracted over 12 million visitors in 2014, continuingagrowthtrendofapproximately 9% per annum since 2010. Second… when you are investing in real estate, you are really investing into an economy and the effect of the 2020 Expo ontheUAEeconomycannotbeunderrated in terms generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continuedgrowthandthepredictablesurge in demand for accommodation and com- mercialspaceofalltypes,fromlaborcamps to offices to warehouses to apartments to executive Villas, is sure to have a significant effect on property values. Third … Finance is still cheap but the low mortgage rates of today will probably not be available in two or three years. The like- lihood of interest rate rises in the United States as early in the latter part of this year will make financing a UAE mortgage increasingly more costly due, primarily to the AED being pegged to the USD. Fourth … The market itself is undergo- ing structural changes to enable a greater degree of stability and better support and contribute to Dubai’s economic growth. For example, reviews and recommenda- tions have been completed and provided to ensure that Dubai’s economic growth is not inhibited by a shortage of affordable housing. This demonstrates a desire to ensure that the industry is in equilibrium and can meet the demands of a burgeon- ing population that will be characterized by rapidly expanding lower to middle income segments. The opportunities in sat- isfying this growing need are immediate and significant. Fifth … 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 con- sumer 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 shap- ing an industry which exhibits sustainable growth over the long term. The industry is much more resilient in 2015 and investor, not speculator, confidence has made a big comeback. And finally, if its superior yield with mini- mal capital outlay that you are after, Dubai real estate is still hard to beat. Affordable properties in developments such as Queue Point, Skycourts, International City, Dubai Sports City, Discovery Gardens and JLT are allbenefittingfromDubai’srecoveringecon- omy and you can expect a rental return in these areas of at least 7% with 10% rental yields uncommon and both rental yields andpropertyvaluesareexpectedtoincrease as the 2020 World Expo draws nearer. 2015 will be remembered as a year of renewed opportunity. Don’t miss out. 5REASONSTOINVESTINREALESTATEIN2015 Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official training & certification arm of the Dubai Land Department MARKET February 2015 Issue -27 /// 28 propertyonline.ae
  • 29. February 2015 Issue -27 /// 29 propertyonline.ae
  • 30. O nce an Individual has invested in real estate; he/ she would always go back and reinvest in it again. Yes; this is the truth and the main reason (over all the reasons) is; the ‘asset’ has a value and it’s a physical asset. Moreover, it’s, any day, safer than investment in commodity, shares, bonds, and trades etc. So as we move forward in 2015, we are standing at a point where we can see that the markets are maturing and getting more stable. Markets are also showing signs of slowing down and in certain areas in Dubai, the property price has come down. Yes, Dubai will still enjoy property price and rental value increases of 15% to 20% over the coming few years and it’s clear that the inevitable decline and cooling down in property value growth coupled with a stalling of increasing rental prices was exactly what the market needed to remain viable and in good shape for long- term stability and security. THE RIGHT WAY TO INVEST Investing is about making money and that’s what we need to focus on. Chasing the big returns often carries greater risks. One should prefer estab- lished locations with strong economic data and stats. The best view for 2015 is to keep it safe and stick to strong, low risk markets. With stocks, shares and most markets all heavily down so far in 2015, the low oil price and the uncertainty of gold, investing into property will be the real winner this year, as long as you do your research and choose your investments smartly. Property also gives you access to leverage (mortgage finance), which again will make your returns look even more favorable relative to your initial deposit outlay. So the basic of investment strat- egy says ‘diversify’; which is true; but where? To answer these and other questions we should look at other global markets; i.e. outside Dubai and the UAE. As we go into 2015 it is an “TIMETODIVERSIFY” Investing is about making money and that’s what we need to focus on. Chasing the big returns often carries greater risks. One should prefer established locations with strong eco- nomic data and stats. By Kunal Puri, Managing Director, La Capitale SO THE BASIC OF INVESTMENT STRATEGY SAYS ‘DIVERSIFY’; WHICH IS TRUE; BUT WHERE? TO ANSWER THESE AND OTHER QUESTIONS WE SHOULD LOOK AT OTHER GLOBAL MAR- KETS; I.E. OUTSIDE DUBAI AND THE UAE, KUNAL PURI, MANAGING DIRECTOR, LA CAPITALE MARKET Berlin, Germany February 2015 Issue -27 /// 30 propertyonline.ae
  • 31. opportune time to look back at the market during last year and analyze the key statistics, trends and changes that drove the behavior of both buy- ers and sellers as well the economic factors and attitude of owners/land- lords that are likely to influence the market in 2015. LUCRATIVE GLOBAL OPTIONS Last year was quite an interesting one in the global property market, with the two power houses of the West, London and New York, really under- lining to investors the importance of investing into strong currencies as well as strong economies. Both cities benefitted from price growth in the central areas last year, with some locations witnessing dou- ble digit upside on residential prop- erty values. The vacancy rates in these central locations remain very low, which is a strong indicator of a healthy market, although with the rate at which prices have risen over the past few years, yields in the typically favored parts of Central London and Manhattan have suffered. However, the real property stories of last year in these markets were in the surround- ing locations. A number of Outer London locations firmly emerged as worthy of investor consideration, and a similar situation was seen across the pond, with Brooklyn in particular showing healthy growth and strong potential to continue. There are huge opportunities and great value in certain locations; i.e. “in and around Central London” as the ripple effect of Prime London gathers pace. When entering into a property investment, the smart play is to enter a location that is well positioned (transport links and infrastructure etc.), in a nice neighborhood; but a location that hasn’t seen a huge recent spike in prices. You don’t want to be entering a market at the top of its peak, you want to look for locations of value and Greater Lon- don currently has some very exciting opportunities in areas which will go up in price through 2015. Manchester is now the second largest economy within the UK, with London taking top spot – there is such a good feel to the city. Unemployment levels are drop- ping and the appetite for residential property is definitely increasing. You cannot really compare London to Manchester in terms of economy, however, currently, there is potentially huge value in Manchester in prime city locations. Quality one bedroom apartments start from around GBP125,000 (around AED700,000) where the same in London is likely to be eight to ten times more expensive. Again, it’s not a ‘like-for-like’ between London and Manchester as they have very differ- ent stories, however it’s important to highlight the value proposition currently in the UK’s second largest economy. There is also a strong yield opportunity in Manchester with yields on offer of around 5.5% and with occupancy levels dropping. There are a lot of key indicators that will drive both the property market and the economy in 2015. In the U.S.A., they still like New York. While a lot of the value has now gone in most places in Manhattan, New Jersey and Brooklyn should see steady growth this year. Chicago and Miami will likely strengthen further as these markets continue to see strong activity and strengthen. Both locations still offer good value with residential prices still a long way below the peaks of 2007. Keeping in Europe, but a dif- ferent currency… Berlin is a market one should look at. It is one of the most undervalued property markets in the whole of Europe. The average property price through the city is just over € 100,000 (AED420,000) for a quality apartment. Berlin is a great city which offers a fantastic lifestyle to all walks of life regardless of age or culture. There is also great rental demand with over 50% of the pop- ulation in Berlin renting the property they live in. With low property prices and a strong rental demand, this gives a very strong yield opportunity in a SUCCESS STORIES CARLTON HOUSE (GREATER LONDON, 2014) 90 UNITS SCHEME ON CROSS RAIL LINE IN ILFORD GDV ¤21.5MILLION STARTING FROM $ 283,818 ALL UNITS EXCHANGED OR UNDER OFFER WITHIN 4WEEKS SUCCESS STORIES K'STRASSE BERLIN 2014 20 UNITS BOUTIQUE PROJECT IN SCHONEBERG GDV ¤4.5MILLION STARTING FROM $ 138,000 ALL UNITS SOLD OUT IN 4DAYS MARKET London bridge Gross Development Value Gross Development Value February 2015 Issue -27 /// 31 propertyonline.ae
  • 32. city with very low unemployment lev- els and a robust economy. With yields of around 6% on offer in key locations within the city, investing into resi- dential property in certain locations within Berlin will show good returns for the mid-to-long-term. There are also government incentives in place which essentially result in no capital gains taxes to be paid if you hold your property for ten years or more. This is very unique and extremely favourable for investors. THINGS TO THINK OF BEFORE INVESTING Now there are different questions coming from the investors and to look at the right possible solutions for sify the portfolio of clients; La Capi- tale is delighted to have established channel partner relationship with global property investment experts IP Global. Through access to some of the best, most exclusive international projects located in world renowned property investment hubs such as London, New York, Miami, Chicago and Mel- bourne, La Capital will stay ahead of their competition by offering IP Glob- al’s services to their clients. IP Global’s unique end-to-end approach, delivered by an expe- rienced team of international real estate and investment professionals, untangles the complexities and com- plications of property investment. IP Global pride themselves on the long- term relationships they build with preferred developers, to whom they offer strong financial commitment and overseas marketing support in return for priority access to the best global property investment opportu- nities for their clients. These opportunities are then put through a rigorous process of due diligence before being selected for presentation to investors and dis- tributors. IP Global provides compre- hensive support throughout every stage of the investment process including, if required, the ongo- ing management, rental and resale of investments. To date, the value of the property IP Global’s clients have invested in through us is over USD1.6 billion across 29 markets worldwide. UPCOMING OPPORTUNITIES GREATER LONDON (2015) 3 min walk to Ilford station. Cross rail investment Case opening up 'pockets of value. Starting from $307,000 ¤10m of regeneration being invested in the area to improve local infrastructure. long term growth. Below are the few questions which one should look at in 2015 before investing. -Where to invest? -Which product to invest in? -What are the factors which would influence the growth? -How much should I leverage? -Are foreign people permitted to legally own property in every country? -Do the local banks lend on property (mort- gage) to foreign investors? -Is there a buoyant rental market? -Is the economy strong and stable? -What is the unemployment levels like? -How will the currency devaluation affect my asset? -What’s my exit strategy? -Who can assist me in my exit strategy? To address these questions and offer an unparalleled service to diver- MARKET London Berlin, Germany February 2015 Issue -27 /// 32 propertyonline.ae
  • 33. February 2015 Issue -27 /// 33 propertyonline.ae TEL: +971 4 34 67 660 | +971 4 33 86 724 advertise@airportandcityguide.ae Published by REACH OUT TO 70 MILLION PASSENGERS PER YEAR
  • 34. LIVINGLEGENDS SETTOOPENIN2015 Project is on track to deliver first 150 villas in Q2 2015, as RERA confirms phase one is 92.25% complete. MARKET February 2015 Issue -27 /// 34 propertyonline.ae
  • 35. L iving Legends is set to deliver its first 150 villas in the second quarter of 2015, under the lead- ership of Delta International Real Estate. With more than 4,000 workers on-site every day, the unique residential and investment project promises luxury villas and apartment towers across 14,442,030.215 square feet of prime Dubai real estate, located near Dubai’s downtown area. Following the 2008 financial crisis, the project suffered delays along with much of the Dubai real-estate indus- try. Today, under the new manage- ment of Tanmiyat Global, and with the leadership of its CEO Mohammed Bin Odah, Living Legends is committed to finishing the project on-schedule and with full transparency. “We want Liv- ing Legends to epitomize our mission and values,” Bin Odah said, “and that means meeting investor expectations that we meet our schedule for deliv- ery on time, every time with visible progress towards our future goals.” Furthermore, Living Legends has now opened a completed demonstration villa for tours and encourages visits to the project site. Customers are also invited to utilise a customised interior design service to personally choose home furnishings before moving into their new home. The completed project, projected for 2016, will comprise 500 villas and 12 apartment towers, along with a community club house, shopping mall, boutique hotel, schools, clin- ics, and a world-class 9-hole golf course. With dedicated gyms and swimming pools for each building, Living Legends will be a neighbour- hood unlike any other. Living Leg- ends offers luxury, community and convenience, located in the heart of Dubailand – a regional and global tourism hub with exceptional sport, leisure, entertainment and shopping attractions, as well as more features and amenities constantly in devel- opment. Living Legends will deliver cosmopolitan residential solutions that match Dubai’s status as a global city and that cater to its residents’ needs. From studio apartments, to five bedroom villas, Living Legends offers luxurious living for individuals and families and a sound choice for investment portfolios. With a return on investment projected to beat the rest of the Dubai property market, Delta International has confirmed that 80% of units have already sold. Delta International Real Estate has initiated the communication with the own- ers of the first phase, which is to be delivered in the coming months. The CEO of Delta International Real Estate, Saleh Tabakh, confirmed: “The prog- ress of the project is encouraging and we have witnessed a vast increase in demand over the past few months. As we work hard to deliver the promised lifestyle, we will be sharing exciting new updates with owners over the coming months.” Starting at AED833 per square foot for studio to three bedroom apart- ments, Living Legends apartments are more affordable than comparable competitors, offering better amenities at a better quality of service. With a projected price on completion of AED1,250 per square foot, and in a revived Dubai property market, early investors can expect fantastic returns. Located 15 minutes from downtown Dubai and 25 minutes from Dubai International Airport, Living Legends is perfectly situated for leisure, busi- ness and travel. The Living Legends residential development is on-track for its scheduled completion date in 2016. “WE WANT LIVING LEGENDS TO EPITO- MIZE OUR MISSION AND VALUES, AND THAT MEANS MEETING INVESTOR EXPEC- TATIONS THAT WE MEET OUR SCHEDULE FOR DELIVERY ON TIME, EVERY TIME WITH VISIBLE PROGRESS TOWARDS OUR FUTURE GOALS.” MOHAMMED BIN ODAH, CEO, LIVING LEGENDS MARKET February 2015 Issue -27 /// 35 propertyonline.ae
  • 36. T he key influencers in the per- formance of the real estate market at the moment are of course the Federal Mortgage Caps and the doubling of the Prop- erty Registration Fee to 4%. These measures were introduced in an effort to curb growth following the extraordinary house price rises in the lead up to Dubai securing the rights to hosting the 2020 World Expo and thesehaveprovedtobeexceptionally effective. This coupled with afford- ability issues have reduced transac- tion levels sharply and average resi- dential values are expected to record marginal declines this year; however, there will of course be submarkets wherevalueswillholdsteadyorclimb slightly.Inanycase,thedropinvalues will be more pronounced for the villa marketasfamiliesadapttotheevolv- ingfinancinglandscape.Theoilprice plunge has no doubt irked global markets and certainly put investors around the world on edge as we play the waiting game to see when, if at all, OPEC takes a decision to cut production. We haven’t recorded the impactoftheslumpinoilpricesasyet; it is of course still very early days and any impact on real estate markets is too early to assess. As with any com- modity, things always over correct and we have been accustomed to a stable, but high oil price environment EFFECTOFFALLINGOILPRICEON PROPERTYMARKETANDOUTLOOKFOR2015 For Dubai, it is worth noting that the economy has matured since the financial crisis and in recent years has focused on economic diversification, with only a fraction of the economy reliant on revenue from the hydrocarbon sector. By Steven Morgan, Chief Executive, Cluttons Middle East MARKET Dubai Marina February 2015 Issue -27 /// 36 propertyonline.ae
  • 37. for a number of years. With chang- ing global economic fundamentals, itwasonlyamatteroftimebeforethe priceofoilpricesresumeditsexpected volatile behaviour. For Dubai, it is worth noting that the economy has matured since the financial crisis and in recent years has focused on economic diversification, with only a fraction of the economy reliant on revenuefromthehydrocarbonsector. Thisremainsaliveissueandonethat we are monitoring closely. On the influence of Russian funds, there has undoubtedly been a tem- pering in the flow of capital out of Russia as the economic sanctions and devalued Rouble impact house- hold finances. Fortunately for Dubai, sinceCISfundsfirststartedappearing in the early 1990’s, the economy has maturedsignificantly,ashasthecity’s international investor base. With Dubai now having achieved the title of housing the busiest international airport in the world, coupled with Emirates and Fly Dubai’s aggressive expansion plans, access to this mar- ket has never been easier. The Chi- nese and West African markets are of growing significance to the city’s economy and any downturn in Rus- sian buyers will be more than com- pensated for by these new emerging markets. It is also worth remember- ing that the key nationalities driving the city’s residential market remain in the hands of Indian, British and Pakistani buyers; a pattern that has not changed in several years. From an investor’s perspective, those taking a longer term view will inevitably benefit from a maturing real estate market. We are in the unique position of being able to take stock of the extraordinary recovery themarkethasbeenthroughoverthe past two years, following the great recession.Wehaveanadvancedreg- ulatoryframeworkinplacetoprotect investors and one that continues to evolve,helpingDubaicementitsposi- tion as the region’s most transparent market, although more needs to be done to being it in line with mature global markets elsewhere. Certainly the regulations intro- duced to help control the rate of growth recorded in the past 18 months has had the desired effect and the IMF too has backed down from concerns about the market over-heating.Despitethewidespread slowdown, off-plan sales continue to demonstrate resilience, reflecting maturing interests of investors who are taking a longer term view on the market. We continue to record this at Villa Lantana, for instance and Emaar reportedly sold out its units in the first toweratDubaiCreekHarbour,despite resale restrictions until handover. Of course, reputation and track record have a significant part to play in this equation, but it reflects a maturing base of buyers and investors. WITH DUBAI NOW HAVING ACHIEVED THE TITLE OF HOUSING THE BUSIEST INTERNATIONAL AIRPORT IN THE WORLD, COUPLED WITH EMIRATES AND FLY DUBAI’S AGGRESSIVE EXPAN- SION PLANS, ACCESS TO THIS MARKET HAS NEVER BEEN EASIER. STEVEN MORGAN, CHIEF EXECUTIVE, CLUTTONS MIDDLE EAST MARKET February 2015 Issue -27 /// 37 propertyonline.ae
  • 38. People are talking about a slow- down in the market. What is the real scenario? Parvez: A healthy market called for a reduction in property price, as the prices were on the way to becom- ing unrealistic after the Expo2020 announcement. Since mid-2014, the excitement of Expo 2020 bid wore off, hence the prices started to cool down and another major reason of the slow- down was that a huge number of units were released in the market. The supply now outweighs the demand, meaning that buyers have more options and can dictate the property price to a certain level. While previous years experienced the demand for high-end properties in areas such as Palm Jumeirah, Ara- bian Ranches and Downtown Dubai, 2014 year-end experienced more demand in comparatively cheaper areas such as JLT and Motor City. There were also other factors such as doubling of transfer fees and the introduction of the mortgage cap that impacted the market from overheat- ing and creating another bubble, so that prices grow steadily. The market slowdown should not be reviewed negatively since this is a positive sign of Dubai market becoming a steady and matured market. Hence, I believe buyers should take a step forward to invest in the property market as there are many good opportunities available, which will fetch them good property appreci- ation in the near future. Do you expect the rents and prices to go up in the first quar- ter of the new year? Why? Parvez: I expect first quarter of 2015 to see a slight reduction in the rents and purchase prices due to huge sup- ply of new units. However, later in the year I believe the demand for prop- erties will increase, which will result in balancing the ratio of demand and supply and this will lead to stabiliza- tion of the property market. I expect the Dubai property market to have demand coming from end-users who can still obtain mortgage at attractive rates and long-term investors instead of short term investors and flippers solely dominating the market as expe- rienced in the past years. Do you expect more proj- ect launches this year? Or do you feel the ones announced last year should be delivered first before more projects are launched? Kamran: I believe new project launches will continue in 2015 as well and I don’t see any concerns with that. Dubai government is investing heavily on infrastructure which always makes investing in Dubai attractive to the “CORRECTIONISHEALTHY FORTHEMARKET” Property Times in conversation with Parvez Palekar and Kamran Ali, Managing Partners of Splendour Homes Real Estate Brokers. A HEALTHY MARKET CALLED FOR A REDUCTION IN PROPERTY PRICE, AS THE PRICES WERE ON THE WAY TO BECOMING UNREALIS- TIC AFTER THE EXPO2020 ANNOUNCEMENT. PARVEZ PALEKAR, MANAGING PARTNER, SPLENDOUR HOMES MARKET Parvez Palekar and Kamran Ali , Managing Partners of Splendour Homes Real Estate Brokers. February 2015 Issue -27 /// 38 propertyonline.ae
  • 39. investors. I predict developers to offer flexible and attractive payment plans this year to attract investors and end users alike, post possession payment plan would also be a good option to make buying easier and attractive for buyers. I am of the opinion that resi- dential rents in the city still are quite high, end-users are looking of ways to get out of the rent trap and dream of owning their own home. More and more end-users are showing interest in buying a property every passing day. The existing inventory and upcoming projects will only help these buyers find their perfect home, which suites their budget and choice. The latest rental index by RERA suggests an increase of 6% to 25% in master communities. How has the rental market fared over the past six months? Kamran: If you look at year-on- year rental increase, most areas will show a double digit increase as sug- gested by RERA index. But on a quar- ter-on-quarter basis, rises are slowing. The increase in rents dropped to 3% from 7%. Rents were rising fast in Dubai, with annual rates in areas such as International City, Discovery Gar- dens and Jumeirah Lakes Towers by 11% during the first quarter of 2014, forcing some tenants to relocate to more affordable rentals in Sharjah and the Northern Emirates. Rents started to fall after the third quarter of 2014. In the last three months, rents mostly remained stable or dropped slightly in certain parts of Dubai. Even areas like Discovery Gar- dens, International City and Dubai Sports City, which recorded particu- larly steep rent hikes over the last year saw slight declines in October and November, 2014. Tenants can stop worrying about increase in rent as we expect residential rents to remain sta- ble or fall slightly in 2015. Please tell us about your com- pany Splendour Homes. Parvez: Splendour Homes is an investment advisory and brokerage firm providing services for clients to invest in the ever growing Dubai real estate market. We specialise in all major freehold properties in Dubai and our clients include UAE residents as well as overseas nation- als. All our agents are RERA-certified and possess up-to-date knowledge of the real estate market. We have a committed team of professionals, multilingual agents specialize in both leasing and sales of residential and commercial property. Kamran: At Splendour Homes, we are passionate about delivering exceptional customer experiences. By providing a complete collection of real estate services, we ensure that we meet our clients every need. Cur- rently, we are working closely with few private developers wherein we advise them on the pricing of their projects and other market analysis. In future, we would act as their exclu- sive agents for selling and marketing their projects. I BELIEVE NEW PROJECT LAUNCHES WILL CONTINUE IN 2015 AS WELL AND I DON’T SEE ANY CONCERNS WITH THAT. DUBAI GOVERNMENT IS INVESTING HEAVILY ON INFRASTRUCTURE WHICH ALWAYS MAKES INVESTING IN DUBAI ATTRACTIVE TO THE INVESTORS. KAMRAN ALI, MANAGING PARTNER, SPLENDOUR HOMES MARKET Sheikh Zayed Road February 2015 Issue -27 /// 39 propertyonline.ae
  • 40. Current situation Worst hit in the recent slowdown is the luxury apartment sector- the new rules have impacted Dubai’s luxury homes market comprising apartments and villas worth AED10 million and over to a much greater degree, with prices in Q2 2014 rising by a relatively modest 6.3% y/y as reported by Knight frank. Mainstream residential market has been outperforming the prime (lux- ury) segment in Dubai. So what are the reasons for the mid-range part of the market doing better? First, established, mainstream loca- tionssuchasPalmJumeirah,Downtown andMarinaremainverypopularamong expatriates and continue to see healthy demand and thus price growth. That, MAINSTREAM RESIDENTIAL MAR- KET HAS BEEN OUTPERFORMING THE PRIME (LUXURY) SEGMENT IN DUBAI. SO WHAT ARE THE REA- SONS FOR THE MID-RANGE PART OF THE MARKET DOING BETTER? DUBAILUXURYSERVICED APARTMENTMARKET FORECASTIN2015 While Dubai real estate market has been witnessing increased property values since 2011 comeback, quarter 3 and 4 of 2014 have seen silent. The third quarter saw more subdued growth levels in both the villa and apartment market while Q4 has witnessed correction in most segments of Dubai real estate. By Sanket Khanna, CEO and Founder, SNS Properties in turn, has led some investors to look elsewhere for value, including newer developments such as JVC, Sports City andDubaiSiliconOasis,wherepricesare rising off a relatively low base. Therefore with demand for residential property remaining strong in both newer, as well as more established mainstream loca- tions in Dubai, prices in this segment continue to post strong gains. Second, the new mortgage rules implemented by the UAE Central Bank are stricter for those buying residential property worth over AED5 million. For example, if a first-time buyer was to purchase a property above that value, they would need to raise a 35% com- pared to 25% in cases below AED5 mil- lion(inbothcasesthough,thesizeofthe deposit required is higher than earlier years,whenapproximately15%wasthe norm). Thus, while the new mortgage caps have hit the residential market as a whole, they have had a lesser impact on the mainstream segment compared to the luxury segment. Third, after halving between 2008 and 2010, both mainstream and luxury home prices have since largely reversed their previous falls. However, rents in the latter segment haven’t kept pace, which unsurprisingly has led yields to harden. By comparison, as a result of a stronger recovery in rents, mainstreams yields continue to look relatively attractive to investors. Market trends Dubai luxury apartment market in the recent past can literally be defined by serviced hotel apartments, which find a perfect balance for people with a kick for opulent living as well as having an option on making their asset earn a bril- liantreturn,thankstothealwaysboom- inghospitalitysectorofDubai.Hencewe have seen little or very few routine high end luxury apartment projects being launched in the last few years, even the ones launched are being marketed at a very silent pace. Highlights of course are top branded hotel/serviced residences project like Address, Vida, Versace, MARKET Sheikh Zayed Road Sanket Khanna, CEO and Founder, SNS Properties February 2015 Issue -27 /// 40 propertyonline.ae
  • 41. Damac Maison, Anantara, Kempinski, FairmontandrecentlyaddedHyatCreek Residences, which give clients an option tousetheapartmentforpersonalusefor the tenure they stay in Dubai or a few weeksinayearandrestcanbepassedto hotelmanagementorannualhotelpool giving brilliant returns. This option has become very popular in business travelers and top families of the world who invest in Dubai as it hedges the risk and addresses their con- cerns of sudden price drop, because sta- tistics prove that even in the worst reces- sioninDubaiqualityservicedapartment projects like The Address (Downtown), Kempinski (Palm), Versace maintained certain level of prices and hotel pools have worked very well for some inves- tors touching 8% to 10% net of charges return on investment. Big question, however, arises with the number of new serviced apartment luxuryprojectsbeinglaunchedbyestab- lished players like Emaar (Address and Vida) and Damac (Damac Maison and Paramount) followed by other develop- ers, “Are we doing it?” Thisisanobviousquestionthatarises in a common man’s mind when you take a drive of Downtown Dubai and Business Bay and see new hotel apart- ment buildings popping up highlights being Address and Vida by Emaar and Damac Maison around Downtown and Business Bay area. Theanswer,whichstatisticssupport- “All is well.” As quoted by the two biggies in this game: In an interview to a news portal, Emaar chief Mohammed Alabbar was quoted saying- “In 2013, things went crazy because supply was limited. As a long-term developer, this spike scares me.Iamgladthatpeoplearesayingthat 'the market is cooling down’ and that is healthy.” Hussain Sajwani, Chairman of Damac was quoted as saying, “We are in a very healthy phase in the property cycle. After a 25% to 30% upswing in prices and rentals in 2013 and 2014, we are now in for two years of healthy growth and market stabilization. If we were looking for another period of 30% price growth, it would have led to a bubble.” ity serviced apartments is on the rise, the Dubai real estate market is more than ready to meet the challenge. Handy Hints • Most executives now opt for the luxury of serviced apartments in Dubai. •Demandforservicedapartmentsfuelled by new players in region. •Localdevelopershavejoinedthefrayby launching similar projects. Conclusion After entering positive territory in mid- 2011, annual residential price growth in Dubai’s mainstream segment has been very strong indeed. After speaking at 35% at the end of 2013, the growth rate has been weakening. The deceler- ation in price growth can be attributed to a combination of higher transfer fees and the mortgage caps, both of which came into effect in the final quarter of last year. However, Dubai’s strong economic conditions and buoyant labour market continue to attract foreigners in their droves. Since this rising population will need decent (and not always luxurious) accommodation, we expect demand to outstrip supply in the short-term. All else equal then, the mainstream residential segment is anticipated to outperform luxury segment segment over the next 12 months. The positives Dubai attracted 10 million tourists for the first time in 2012, and the Depart- ment of Tourism and Commerce Mar- keting (DTCM) announced its aim to attract 20 million annual tourists by 2020 as part of the Dubai Vision for Tourism for 2020 plan. While Dubai’s demand has begun to recover since the economic downturn, 2012 year-end fig- ures showed an 8.5% growth compared to 2011. The upward trend continued in 2013-2014 at an average growth of 11% per year. The upscale and upper-upscale hotel segments (4-star and 5-star hotels) has dominated the graded supply and rep- resented 69% of total inventory of hotel rooms.The first half of 2014 saw a 30% increase in the number of residency visas issued compared with the same period in 2013.There were 570,917 new residency visas issued in the first half of 2014 as opposed to 436,993 in 2013.In the first half of 2014, 21,865,088 pas- sengers entered and exited the country, compared with 20,219,288 in the first half of 2013.There were 6,512,465 entry visas issued in 2014, 12.05% more than the 5,812,465 visas in the first half of 2013. Major General Mohammed Ahmed Al Marri said, “Overall, the GDRFA com- pleted 31,032,662 applications in 2014, which is 8.88% more than 2013, as per a JLL report. And while demand for qual- MARKET Downtown, Dubai February 2015 Issue -27 /// 41 propertyonline.ae
  • 42. Sir Bani Yas Island guests can get pampered at the main resort Desert Islands Resort & Spa, or the newer safari lodge-style Al Sahel Villa Resort with views of the bush and salt-domed hilltops located in the wildlife park itself. By Nicole Walter/freelance writer WAKINGUPWITH WILDLIFEANDTHESEA ONYOURDOORSTEP HOSPITALITY February 2015 Issue -27 /// 42 propertyonline.ae
  • 43. M anyhavebeendiscovering that there is no need to jet off to a far away destina- tion to become one with nature, enjoying the fascination of a wildlife lodge, and peaceful view of azure waters, as new accommodation and activity offerings on Abu Dhabi’s Sir Bani Yas Island expand. Sir Bani Yas Island guests can get pampered at the main resort Desert Islands Resort & Spa, or the newer safari lodge-style Al Sahel Villa Resort with views of the bush and salt- domed hilltops located in the wild- life park itself, and the eco-rustic, Al Yamm Villa Resort overlooking the sea and mangrove lagoons, all managed by the luxury hotel operator Anantara Hotels, Resorts & Spa. PLENTY ON OFFER Al Sahel offers a choice of one and two bedroom villas, with or without plunge pool and the larger one an outdoor natural terrace with fireplace. Dining in the ‘Boma’ is a romantic Afri- can bush kind of experience, or one could watch the sun going down at the Savannah Grill & Lounge. A rest by the infinity pool means enjoying the reflections of the surrounding nature. Al Yamm Villas offers the same selection of accommodation types but set in beach and man- grove surroundings with an oppor- HOSPITALITYpropertyonline.ae Tel: 04 38 06 480 / 050 84 96 765 Email : sales@greenhouse.ae
  • 44. tunity to spot flamingos, the shared infinity pool of course overlooks the sea. For culinary choices, dining by design on the beach has its charm, or pop into the Italian restaurant Olio. Thanks to the size of the island guests are not restricted to the offerings of where they stay and can easily take advantage of services anywhere on the island, such as popping into the variety of restaurants in the well-es- tablished main resort, saviour its spa, and families can try out the Teen’s and Kid’s Club. Anantara Sir Bani Yas General Man- ager, Mark Eletr says adding Al Sahel and Al Yamm Villa Resorts to the island about a year ago has helped to attract a different segment of guests. “Certainly many past guests who stayed in the Desert Island Resort are now experiencing both Al Yamm and Al Sahel but based on 2014, we saw a slight growth for the existing resort and substantial growth in each of the new resorts, especially Anantara Al Yamm,” he points out. Initial plans for the island included five lodges, and the Tourism Development & Invest- ment Company (TDIC) as owners of Sir Bani Yas, may come up with new surprises in this respect. “We regu- larly explore new opportunities that could enhance our guest experience on Sir Bani Yas, whether through our internationally-recognised operators, exciting activities or breath-taking landscape and vibrant wildlife. As the number of visitors to the island grows, we will look at new hospitality and leisure offerings on Sir Bani Yas in order to meet that demand,” reveals John Cole, Senior Asset Manager for Sir Bani Yas (SBY) Corporate Opera- tions at TDIC. OVERWHELMING RESPONSE Sir Bani Yas has welcomed around 250,000 visitors over the last six years, including day visitors and those stay- ing overnight. Last year alone, hotel arrivals exceeded 40,000 guests, according to Eletr. “We are experienc- ing steady and encouraging growth year on year, with increases of up to 20% per year, even with the opening of our new resorts. The Island has much greater capacity and we expect that existing facilities could cater to 80,000 per year if the midweek visi- tation can increase especially,” he says. Leisure visitors are still the main guests at the hotels, although the Desert Islands Resort also offers a large conference centre, also avail- able for weddings, and other more private meeting venues. “The majority of visitors are Hotel guests staying an average of two nights, there are how- ever many other visitors including day guests from the western region, schools and government agencies. We also welcome corporate and MICE visitors for the conference facility, but the majority are indeed staying over- night,” says Mark. Neither the hotel operator, nor TDIC are looking to swamp the island with people, Sir Bani Yas is a destina- tion, which excels at sustainability. Indeed, it has been recognised for its efforts in sustainability by the World Travel Awards 2014 as the ‘World’s Leading Sustainable Tourism Des- tination’, nominated alongside other famous destinations, such as Chumbe Island Coral Park, Tanzania, Tetepare, Solomon Islands, and Vamizi Island, Mozambique. CERTAINLY MANY PAST GUESTS WHO STAYED IN THE DESERT ISLAND RESORT ARE NOW EXPERIENCING BOTH AL YAMM AND AL SAHEL BUT BASED ON 2014, WE SAW A SLIGHT GROWTH FOR THE EXISTING RESORT AND SUBSTANTIAL GROWTH IN EACH OF THE NEW RESORTS, ESPECIALLY ANANTARA AL YAMM. MARK ELETR GENERAL MANAGER, ANANTARA SIR BANI YAS Desert Islands Resort entrance HOSPITALITY February 2015 Issue -27 /// 44 propertyonline.ae
  • 45. READY APARTMENTS NEXT TO DUBAI MALL LIST YOUR PROPERTY FOR QUICK RENT/ SALE The Centre of Urban Living The aesthetic residences at Central Park create a perfect environment for a modern and aspirational lifestyle. The generous living spaces seamlessly blend beauty with functionality while offering panoramic vistasvistas of the city. Podium-level landscaped courtyard with swimming pools Exclusive shopping and dining outlets Ultra-modern facilities Within a five-minute walk to Financial Centre metro station In close pIn close proximity to Downtown Dubai The Dubai Mall, Emirates Towers and Burj Khalifa 2 Br Duplex 1,782 sq. ft. AED 3,291,982 2 Br Duplex 1,782 sq. ft. AED 3,318,718 3 Br Duplex 2,539 sq. ft. AED 5,124,490 Unit Type | Size | Price TYPE E 2 Br Duplex 1,609 sq. ft. AED 2,843,155 2 Br Duplex 1,621 sq. ft. AED 2,865,156 3 Br Duplex 2,621 sq. ft. AED 5,368,054 Unit Type | Size | Price TYPE D 2 Br Duplex 1,602 sq. ft. AED 2,828,426 3 Br Duplex 2,474 sq. ft. AED 5,474,571 Penthouse 6,495 sq. ft. AED 24,059,740 Unit Type | Size | Price TYPE C 1 Bedroom 1,127 sq. ft. AED 1,943,299 2 Bedroom 1,848 sq. ft. AED 3,749,714 3 Br Duplex 2,474 sq. ft. AED 4,989,413 Unit Type | Size | Price TYPE B 1 Bedroom 1,275 sq. ft. AED 2,424,860 2 Br Duplex 2,039 sq. ft. AED 3,625,015 Penthouse 6,403 sq. ft. AED 15,001,433 Unit Type | Size | Price TYPE A CENTRAL PARK at DIFC WE ARE HIRING!!! careers@snsprop.com APPLY NOW! /SnsPropertiez @SnsPropertiez SNS Properties SNSPROPERTIES www.snsprop.com M: +971 55 948 0495 | +971 56 144 9976 T: +971 4 3957593 | F: +971 4 3942533 DED Lic. No. 647941 | ORN 2576 Where Perception Meets Reality “We are very proud to have been rec- ognised by this prestigious award, which reflects the successful devel- opment of Sir Bani Yas into a desti- nation for unique stays while also maintaining its conservation legacy,” says John. “Sir Bani Yas is renowned for its unspoiled natural landscape, which features a growing, vibrant wildlife population, and the three signature resorts that offer exclusive- ly-tailored experiences based on our guests’ stay preferences. In addition to being pampered, guests can explore the Island through a range of activi- ties,” he adds. A WIDE VARIETY OF ACITIVITIES Activities on the island are as varied as its landscape, the sea offers the opportunity to snorkel and scuba dive and go deep-sea fishing or paddle board, while the mangrove lagoons allow for exploring some of the wildlife by kayak. Guests can go on walking excursions or grab a moun- tain bike, and try their skills at archery. The Sir Bani Yas Stables are a sure magnet for horse lovers, who can go for a ride along the mangroves by the coast, or in the bush. The stable also offers meet the horse activities and riding lessons for beginners. While the favourite remains the nature and wild- life drives, according to Cole, for the more adventurous land sailing, camp- ing out overnight, have been added to an ever expanding menu. “We have now streamlined and combined some activities to drive their appeal, for example we now offer the Falcon Show as part of our Culture and History tour and this is gaining popularity with both local and international guest profiles,” explains Mark. Few know that the island once played a strategic role finding itself on the ancient sea trade route from Mesopotamia, crossing the Arabian Al Sahel Villas outdoor terrace
  • 46. Gulf to south-eastern Arabia and beyond, used for pearl trading. Testi- mony is a monastery, dating back to the late 6th century remaining on the island. Fast forwarding into the future, recreation on the island is of a rather innovative nature. “We are now experimenting with the electric powered road and fat bikes at the Al Yamm Villa Resort and expect this to be very popular. All of our activities will focus on showing our guests the many beautiful faces 87 square metre large island, Sir Bani Yas prides itself on protecting rare species. Most recently the Arabian Tahr, a mountain goat, indigenous to the Hajar Mountains and classified as endangered, was introduced. Instead of mingling with the other wildlife, 66 hectares have been reserved exclusively for the Arabian Tahr in the more mountainous area of the island, where it prefers to live, and can be bred and studied safely to increase its numbers and in the future bed re-introduced it into its original habitat. While the introduc- tion of other species in the future is likely, it isn’t going to happen any time soon. “The conservation team on Sir Bani Yas Island is currently focus- ing its efforts on the existing animals to ensure that the animals are kept safely and properly. There are plans in the future to look at other species, but in the next year it is very unlikely that there will be any additions to the animals currently on the island,” says John. ACCESS Interestingly, more transport options to reach the island, have emerged. The island is an about 250 kilome- tres drive from Abu Dhabi to the Jebel Dhana Jetty, from where water taxis pop over to the island, a short 15-minute journey. For a more exhil- arating arrival landing on water, a sea- plane can be booked from Dubai or Abu Dhabi. However, the island also has an airport. “Rotana Jet services SBY daily, with five flights per week from Abu Dhabi and more recently 3 flights per week from Dubai, this is assisting to develop Dubai which is a very critical market for the island,” says Mark. The island also provides the perfect opportunity for an excur- sion destination with ones own boat, which can be moored at the island for a day or overnight visit. “The Royal Bay moorings are still quite new, but with the Off Shore Yacht race now a firm feature on our annual event calendar we expect this to become much more popular. Hotel guests and also those wishing to stay on board overnight are most welcome,” Mark concludes. of Sir Bani Yas Island. However, the Safari Drive is a clear winner for our guests,” Mark details. The safari is, of course, one of the most unique fea- tures on the island, and indeed in the UAE itself, visitors can see among other wildlife, giraffes, ostrich, chee- tah, warthogs and a variety of gazelles and antelopes, including the indige- nous Reem and Arabian Oryx. As a conservation area with 13,000 animals, freely roaming the 4,100 hectares Arabian Wildlife Park, on the Al Sahel Bedroom Arabian Oryx HOSPITALITY February 2015 Issue -27 /// 46 propertyonline.ae
  • 47. Brasilia Visit: by appointement Dubai, JLT Cluster N, Jbc 4 Tower 1302 P.O Box 309130 JLT Dubai, U.A.E Showroom Mob: 050 4537375 Tel: +971 44286688, Fax: +971 44278833 E-mail: helen@designmobl.com www.designmobl.com Design Mobl @design_mobl DESIGN_MOBL Follow us on:
  • 48. HOSPITALITY February 2015 Issue -27 /// 48 propertyonline.ae Column Jitheesh Thilak BA, LLB (Hons). LLM (Int. Economic Law) Solicitor (England & Wales), Advocate (Supreme Court of India) e: jthilak@gmail.com D ubai is home to more than 80,000 operational hotel rooms and has an average occupancy rate of nearly 80 per cent, the highest amongst all the cities in the Middle East. Dubai’s suc- cessful bid for the world expo trade convention in 2020 is expected to generate significant economic bene- fits and attract more than 25 million visitors. While Dubai is already home to numerous hotels, the Department of TourismandCommerceMarketingesti- mates approximately 45,000 new hotel rooms will require to be constructed by 2020. Dubai needs to build more mid- scale properties and explore new feeder markets to achieve its target of attract- ing 20 million a year by 2020. With the foreign hotel investors are flocking into the ever booming Dubai market, it is important for the investors to under- stand the legal framework under which they may invest. Ownership of property was previ- ously limited to UAE nationals and nationals of GCC countries in Dubai, Article 4 of Dubai Law No.7 of 2006 granted non-nationals the freehold right or usufruct right of the prop- erty or the right to lease the same for a period not exceeding 99 years in designated areas. This allowed the foreign investors to ownhotelswithindesignatedareas(the new areas of Dubai that was demar- cated by the law), but hotels operating outside of such designated areas shall be only owned by a UAE or other GCC national.Foreignownershipofahotelin LEGALASPECTSOFFOREIGNOWNERSHIP OFHOTELSINNON-DESIGNATEDAREASINDUBAI non-designated areas of Dubai requires detailed legal structuring to ensure suf- ficientcontroland protectionisprovided to the foreign investor. A foreign inves- tor (either a person or an entity) would obtain the right to use the land through either a musataha right or a usufruct right or lease rights with the land owner (UAE National or a GCC). USUFRUCT RIGHTS Article1333oftheCivilCodedefinesUsu- fruct as a “property right in favor of the usufructuary to use property of another and to exploit it provided that it remains in its original condition”. Thus, an owner of a building, unit or plot is eligible to enter into a usufruct agreement with a tenant permitting the investor to use the leased property provided such property remains in its original condition subject to fair wear and tear. The key rights and obligations of the usufructuary have beenlaiddowninArticles1337to1348of theCivilCode.Mostoftherightsarestan- dardtoleaseagreements(includingright of enjoyment during the lease period, regularmaintenanceresponsibilityupon usufructuary and major works to be per- formed by the land owner etc). MUSATAHA RIGHTS Article1353definesmusatahaasa“right in rem” conferring upon the investor thereof the right to build a building or to plant on the land of another. Musataha is very similar to usufruct, but grants an additional development right to the musataha holder. The maximum term of a musataha is 50 years. Unless other- wise agreed, either party has the right to terminate the musataha by two years prior notice in accordance with Article 1356 of the Civil Code. Article 1357 of the Civil Code permits the musataha holder to assign or transfer his musataha right along with any improvements (such as a building built over the leased land) to a third party. LEASE RIGHTS Foreign investors are permitted to enter into short term leases not exceeding 10 years in all areas of Dubai. Such leases create a right “in personam” and must be registered with Real Estate Regulatory Authority in accordance to Dubai Law No.26of2007regulatingtherelationship between landlords and tenants in the Emirate of Dubai. Dubai Administrative ResolutionNo.134of2013definesalong term lease as a lease for a term of more than 10 years and up to 99 years. How- ever, foreign investors are not permitted to enter into a long term lease of prop- erties located in non-designated areas of Dubai. All the above mentioned acquisi- tion structures may vary according to the specific characteristics, term, business plan of the foreign investor. However, a detailed analysis of the specific routes of entry to acquire hotel properties in non-designated areas of Dubai requires clear-cut planning and strategizing.
  • 50. RERA # 203 04 4308902 www.castlesplaza.com SOPHIA | BRN # 11628 | 050 84 99 717 JUMEIRAH BEACH RESIDENCE PENTHOUSE 4 Bedroom + maid’s | Duplex | Private S/pool & Terraces | BUA 550 sq.m. Sea View | Upgraded | Vacant On Transfer SP: AED 9,000,000/- Net RIMAL 4 Bedroom Private S/pool | Marina & Sea View SP: AED 7,000,000/- Net RIMAL 3 Bedroom Middle Floor | Vacant SP: AED 2,800,000/- Net SADAF 4 Bedroom SP: AED 3,500,000/- Net SADAF Sea View | Middle Floor | Vacant In March 2015 SP: AED 2,500,000/- Net SHAMS 4 Bedroom Sea View | Rented SP: AED 5,400,000/- Net AMWAJ 3 Bedroom SP: AED 2,600,000/- Net MURJAN 2 Bedroom | Sea & Marina View | High Floor | Vacant SP: AED 2,200,000/- Net COMMUNITYSPECIALIST
  • 51. COMMUNITYSPECIALIST JUMEIRAH VILLAGE S P E C I A L I S T Teddy (Brn: 25252) - Agent Jumeirah Village +971 567295059 ah@spfrealty.com A R A B I C V I L L A  2 B E D S + M A I D S  A R E A S Q F T : 7 0 5 0  C O M M U N I T Y V I E W A E D : 2,900,000 M E D S T Y L E  2 B E D S + M A I D S  AREA SQFT: 7100  V I E W : E L E C T R I C I T Y C A B L E S A E D : 2,800,000 A R A B I C S T Y L E 3 B E D S + M A I D S AREA SQ FT: 74 5 9 E L E C T R I C I T Y C A B L E S AED 3,100,000 A R A B I C S T Y L E  2 B E D S + M A I D  A R E A S Q F T : 6 9 4 0  V I E W : B A S K E T B A L L C O U R T A E D 3,000,000 M E D S T Y L E  2 B E D S + M A I D  A R E A S Q . F T : 7 2 0 0  V I E W : C O M M U N I T Y A E D 3 , 0 0 0 , 0 0 0 A R A B I C S T Y L E  4 B E D S + M A I D S  A R E A S Q . F T : 3 8 1 5  V I E W : B A S K E T B A L L C O U R T A E D 4 , 0 0 0 , 0 0 0 A R A B I C S T Y L E  4 B E D S + M A I D S  A R E A S Q . F T : 6 9 0 0  C O M M U N I T Y A E D 3 , 9 0 0 , 0 0 0 T O W N H O U S E  1 B E D  A R E A S Q . F T : 1 9 3 3  C O M M U N I T Y A E D 1 , 5 5 0 , 0 0 0 Tel +971 4 3396222 | www.spfrealty.com
  • 52. COMMUNITYSPECIALIST S P E C I A L I S T AL BARARI Tel +971 4 395 7593 | www.snsprop.com SNS PROPERTIES ORN - 2576 Deepak Arora | deepak@snsprop.com | +971 55 472 1400 | BRN 29002 BUILT UP AREATYPE PLOT SIZE UNIT TYPE PRICE As Dubai grew and developed, so did the AL BARARI. This New way of living encouragement 217 wondrous villas, a gourmet restaurant, a state-of-the art health club, and the region’s largest privately-owned plant nursery. Eighty percent of the 4.2-mil- lion-square-foot development is made up of green, lush space, beautiful themed gardens, naturally landscaped lakes and fresh water stream. Situated on the edge of Dubailand, in the attractive Mad Al Sheba district, Al Barari is a highly exclusive area offering some- thing just a little different, surrounded by landscaped gardens, tranquil lake and waterfalls. Nature lovers can buy not just a lush haven of luxury, but can also access a 6-star boutique hotel, as well as nearby Cultural Island’s libraries and theatres. TYPE A 16,448 SQ. FT. 16,404 SQ. FT. 6 BEDROOM AED 17M TYPE B 14,918 SQ. FT. 13,186 SQ. FT. 6 BEDROOM AED 15M TYPE C 13,858 SQ. FT. 11,834 SQ. FT. 5 BEDROOM AED 15M TYPE D 12,713 SQ. FT. 11,373 SQ. FT. 5 BEDROOM AED 12.5M
  • 53. Dorothy Biro +971 55 5088258 dorothy@aquaproperties.com | BRN : 29200 Yasmin Mohammad +971 557962787 yasmin@aquaproperties.com | BRN : 28107 Tel +971 4 3882220 | www.aquaproperties.com COMMUNITYSPECIALIST BURJKHALIFADISTRICT S P E C I A L I S T BURJ KHALIFA 2 BED APARTMENT AREA 1,639 SQ FT | RENTED SEA VIEW AED 5,985,000 STANDPOINT TOWER B 2 BED APARTMENT AREA 1,397 SQ FT | RENTED  BURJ KHALIFA & FOUNTAIN VIEW AED 4,150,000 STANDPOINT TOWER 4 2 BED APARTMENT AREA 1,700 SQ FT | RENTED  BURJ VIEWS AED 4,100,000 29 BOULEVARD TOWER 1 2 BED APARTMENT AREA 1,208 SQ FT PARTIAL BURJ KHALIFA & FOUNTAIN VIEWS AED 3,550,000 STANPOINT TOWER A 2 BED +MAID’S APARTMENT AREA 1,489 SQ FT SHEIKH ZAYED ROAD VIEW AED 3,300,000 CLAREN TOWER 2 2 BED APARTMENT AREA 1,187 SQ FT BURJ KHALIFA & FOUNTAIN VIEWS AED 3,100,000 BURJ VIEWS TOWER C 2 BED APARTMENT AREA 1,299 SQ FT PARTIAL BURJ KHALIFA VIEW AED 2,400,000 BOULEVARD CENTRAL 2 1 BED +STUDY APARTMENT AREA 780 SQ FT BOULEVARD VIEWS AED 1,900,000 29 BOULEVARD TOWER 2 BED APARTMENT AREA 1,181 SQ FT BURJ KHALIFA & FOUNTAIN VIEWS AED 3,300,000 DOROTHY DOROTHY DOROTHY YASMIN YASMIN YASMIN YASMIN YASMIN DOROTHY
  • 54. SOLUTIONS BEYOND REAL ESTATE GENERALLISTINGS EMAAR GOLD & DIAMOND PARK, BUILDING 3 (GROUND FLOOR) OFFICE 3007, DUBAI, UAE admin@lacapitaledubai.com www.lacapitaledubai.com 050 888 9510 AED 2,550,000 Ref: 52490 Stans DUBAI MARINA Bonaire | 2 BR + Study 1244 sq.ft. | Marina and Sea View AED 2,550,000 Ref: 52490 Stans DUBAI MARINA Bonaire | 2 BR + Study 1244 sq.ft. | Marina and Sea View OP 2,399,888 Ref: 53756 Stans DOWNTOWN Burj Vista | 2 BR with Huge Terrace | 1390 sq. ft. | Full Sea View AED 2,200,000 Ref: 53166 Ravish GREENS Tanaro | 2 BR + Balcony + Store + Laundry 1414 sq. ft. | Golf course View OP 2,577,888 Ref: 53236 Nick HILLS BLDG C1 | 3 BR + Balcony | 1775 sq.ft. Full golf course View 7% Prem ium 17% Prem ium HighFloor ActualView StanAED 4,920,000 Ref: 53498 Arpana DOWNTOWN Burj Khalifa | 2 BR + Study 1639 sq. ft. | Full Sea View OP 1,717,888 Ref: 53788 Kunal DOWNTOWN BLVD Crescent 1 | 1 BR + Balcony 1001 sq.ft. | Burj View M inus2% Prem ium AED 1,750,000 Ref: 51812 Stans DUBAI MARINA Al Majara 1 | 1 BR + Balcony 860 sq. ft. | Community View Low Peice BestPrice
  • 55. BRN 12509, 25799, 25854, 25970, 27809, 28162, 28163, 29161, 30070,30010 & 30662 OP 1,521,888 Ref: 53568 Ravish MIRA 3 BR + Maid | Phase 4 | Type 3E | 2534 sq. ft. | On the pool and Park OP 2,890,000 Ref: 53719 Kunal DUBAI LAND Mudon | 4 BR + Maid’s | Sector A8 | Type B 3786 sq.ft. | Single Row View AED 1,250,000 Ref: 53729 Ravish THE VIEWS Mosela Waterside | 1 BR+ Balcony 784 sq. ft. | Race course View Vacant 0% Prem ium 8% Premium AED 2,600,000 Ref: 53687 Arpana SPRINGS |Springs 5 | 3 BR + Study | Type 3E 2300 sq.ft. | Back To Back View LargePlot USD 499,350 FLEX HOUSE Chicago | USA 3 BR | 2097 sq.ft. | Facing West View | ROI - 6.8% USD 562,342 NINE Miami | USA 2 BR | G + 33 Floors | 1173 sq. ft. | Facing North West View | ROI – 6.26% INTERESTED IN PROEPRTIES IN USA NEED HELP IN CALL 050 888 9510 Wants to process for JAFZA Company Investors visa process in 6 weeks
  • 56. RERA # 203 04 4308902 www.castlesplaza.com Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | oksana@castlesplaza.com the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens ARABIAN RANCHES - MIRADOR SP: AED 10,300,000/- 6 bedrooms + study with En-Suite + maid’s Room 1 Basement, Garage Spaces 3 Style D9, Vacant ARABIAN RANCHES - ALBARARI SP: AED 13,500,000/- GENERALLISTINGS
  • 57. BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY More Details Call 050 62 55 710 MARINA PLAZA PRIME MEADOWS Type 14 | 4 Bedroom + Maid’s SP: AED 6,099,000/- Call: Aman | BRN 6621 | Mob 050 46 99 519 DUBAI MARINA WHARF 2 Bedrooms | BUA 1,493.83 Sea View | High Floor Sea and Marina view | Vacant SP: AED 2,000,000 Call: Rajeev | BRN 24907 | Mob 050 81 06 767 Call: Amar | 050 625 5710 RERA # 203 04 4308902 www.castlesplaza.com Shell & Core | Office Unit Sheikh Zayed Road View SP: AED 6,800,000/- Shell & Core | Office 2 Unit Full Marina View SP: AED 6,900,000/- Each ALBARARI MIRADOR 6 Bedrooms + Study with En-Suite 1 + Maid’s SP: AED 13,500,000 Call: Oksana | BRN 11556 | Mob 050 42 52 031 On the Cul De Sac | Upgrades done by Arabtec | 8 Bedrooms all Ensuite Upgraded Play area | Vacant on transfer | SP: AED 10,300,000/- Call: Oksana | BRN 11556 | 050 42 52 031