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
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
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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
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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
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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.
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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
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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
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.
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