Property Times May 2015

///// Issue 30 - May 2015
Magazine Search Awards
Botanica In JVC by Myra offers
attractive returns on investment
Pg18
INTERNATIONAL
TIMES
Cyprus & UK
An Investor's
Delight

RIDING ON THE SUCCESS OF THE FIRST EDITION OF PEOPLE'S CHOICE REAL ESTATE AWARDS,
PROPERTY TIMES AND PROPERTYONLINE.AE ARE PROUD TO ANNOUNCE THE LAUNCH OF THE
MOST PRESTIGIOUS AWARDS FOR DUBAI REAL ESTATE DEVELOPERS.

FOR MORE INFO EMAIL:
AWARDS@PROPERTYONLINE.AE

TEL: +971 (0)4 277 80 02 | E-MAIL: info@stockholmre.com | WEBSITE: www.stockholmre.com

FROM THE EDITOR
THEBIGGESTAWARDSNIGHT
EVERINDUBAIREALESTATEMARKET
May 12, 2015 was an absolutely unforgettable day
for Dubai real estate industry members. The first ever
edition of Property Times People’s Choice Real Estate
Awards night was held on this day at The Address
Dubai Marina in the presence of the who’s who of the
industry including government officials from Dubai
Land Department and Ajman Real Estate Regulatory
Agency, developers, bank officials, real estate agency
owners among others. The winners were honoured
at this glittering ceremony and the excitement in
the crowd was nothing less than sensational. On
this occasion, on behalf of Team Property Times, I
would like to thank each and everyone who turned
up and supported this latest initiative from Media
Lab Publishers. It was a new concept and naturally
we were a bit apprehensive initially about how the
market would respond to it, but the entire industry
stood by us and made sure it was a night to cherish
forever. Thanks to Team Property Times who put
togetherawonderfulshowundertheguidanceofthe
everenthusiasticandpassionateJatinDeepchandani
in association with Celebrations Event Management
headed by Amr Oraibi and Ayah Halawani. In this
issue, we are carrying a special feature on the awards
night, which will provide an opportunity to those
who missed the show to take a look at some of the
highlights of the biggest awards night in the history
of Dubai real estate market.
Also, we have something exciting to share with
you. After the successful awards night, we have been
receiving requests from the developers fraternity to
launch People’s Choice Awards for developers. We
Binesh Panicker
Editor-in-Chief & Co-Founder
P.O. Box: 76460, Dubai, UAE
MEDIA LAB PUBLISHERS LLC
Office 135, B Block, Al Shafar Investment
Building, Near 3rd Interchange
Sheikh Zayed Road, Dubai, UAE,
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Nicole Walter
Freelance Writer
P.O. Box: 485100, Dubai, UAE
feel the time is right for Property Times People’s
Choice Developers Awards 2015 and we will be soon
announcing all the details about it.
In this issue of Property Times, apart from all
the event related coverage, we have got a number of
interesting and informative articles. On the cover this
monthisaprojectinJVCcalledBotanicadevelopedby
Myra. The USP of the project is it is 50% ready and the
buyers can get handovers by December this year. The
coverstoryfeaturesallthedetailsaboutthisresidential
building. Other stories include Nicole Walter’s article
on Al Zohra development, a close look at Cyprus in
the International Times section, DSO vs IMPZ in the
Community Times section which also includes some
cool tips for summer from MPlus. Of course, all our
regular columns by industry experts are there to
educate you more about the current trends in the
market. The May issue also carries an exclusive photo
feature of residents annual parties at Burj Khalifa
and Emirates Hills, organized by Emaar Community
Management(ECM).IwouldliketocongratulateECM
headedbyJeevanD'Mellofortakingsuchinitiativesto
bringtheresidentstogetherandenhancetheconcept
of community living.
Last but not the least, we have put together
some of the most desirable properties in our listings
section for those who are looking to buy.
Thanks for your support.. Happy reading!
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@medialabpublishers.com
JATIN Deepchandani
Business Head
jatin@propertyonline.ae
THINKAL Bhal
Manager - Sales
thinkal@propertyonline.ae
RESHMI Raveendran
Editorial Coordinator
reshmi@propertytimes.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
May 2015 Issue -30 /// 7
propertyonline.ae

#227, Block B, Al Shafar Investment Bldg, Interchange 3, Sheikh Zayed Road, P.o. Box 213469, Dubai, UAERERA ORN #1021 facebook.com/spfrealty twitter.com/spfrealty linkedin.com/company/spf-realty-llc
info@spfrealty.com | spfrealty.com 04 339 6222 | 050 1597171
REAL ESTATE EXCLUSIVE PROJECT
SALES & MARKETING (WINNERS)
EDITOR’S CHOICE
PEOPLE’S CHOICE
TOP REAL ESTATE BROKER
REAL ESTATE OVERALL (WINNERS)
PEOPLE’S CHOICE
THANKS FORC
HOOSINGUS

10
NEWS AND ANALYSIS:
RP Heights by RP Global
11
NEWS AND ANALYSIS:
Indian Property Show
12
NEWS AND ANALYSIS:
DSO analysis by REIDIN.com
14
MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
16
LEGAL EXPERT:
Jerry Parks, Taylor Wessing
22
Al Zohra getting ready for handover
33
Expats in UAE take advantage
of rising rents in the UK
34
INTERNATIONAL TIMES:
Q & A by Binayah Real Estate
38
Cool tips for summer!
40
Emirates Hills Annual Residents
Get-together
Aperfectchoiceforinvestors:
Botanica in JVC
UAE vs rest of the world:
Straight Talk by MP
International Times:
Cyprus
Community Times:
DSO & IMPZ18 28 30 36
42
Burj Khalifa Annual Residents
Get-together
44
PROJECT WATCH:
Serenia Residences & MAG 5 Boulevard
46
INTERVIEW: Ismail Al Hammadi,
MD, Al Ruwad Real Estate Consultants
48
NEW DIFC WILLS & PROBATE REGISTRY:
Nita Maru, TWS
49
COLUMN BY Wolf of Real Estate:
Mohanad Alwadiya, Harbor Real Estate
50
COLUMN BY
Chris Whitehead, MD, ERE Homes
51
Dubai hotels going green
56
HOSPITALITY COLUMN BY
Jitheesh Thilak
58
Exclusive Listings
66
CLASSY & ELEGANT
Latest Collection from Design Mobl
May 2015 Issue -30 /// 9
propertyonline.ae

R
P Global - part of RP Group of
Companies, a global business
conglomerate with an annual
turnover of over US$4 billion -
broke ground on its new multi-storey
residential tower project RP Heights
marking its entry into the real estate
market in Dubai. RP Global will initially
develop two prestigious projects
in the heart of the city with a total
development value of over AED 5.5
billion (US$ 1.5 billion). RP Heights, the
first project in Downtown Dubai is a
multi-storey residential tower within
two minutes walking distance from
The Dubai Mall. It will feature 268
luxury residences in a mix of studio,
1, 2, and 3-bedroom apartments, in
addition to luxurious penthouses on
the upper floors. RP One, the second
project, will be an iconic mixed-use
development on Sheikh Zayed Road,
which will be unveiled in the second
half this year. This AED 4billion (US$
1.1 billion) development is situated
right behind the Business Bay Metro
Station, and will feature a spectacular
mixed-use tower, which will define
the Dubai city skyline.
“Our expansion to real estate
development complements our
core competencies in construction
and infrastructure projects,” said
Dr. Ravi Pillai, Chairman & Chief
Executive Officer of RP Group of
Companies. “The key differential of RP
Global is our group’s ability to bring
unmatched development synergies
through our own construction
firm, Gulf Asia Contracting. This will
ensure strong economies of scale,
the highest standards in construction
and a firm delivery schedule. We will
RP GLOBAL BREAKS
GROUND FOR RP HEIGHTS
NEWS&ANALYSIS
pass on this additional value to our
customers, who will become part
of truly world-class developments
built to the highest standards of
quality and sustainability.” He added:
“We are constructing RP Heights in
Downtown Dubai on land owned by
RP Global and using our own internal
financial resources. This demonstrates
our commitment to delivery and to
establishing our distinct identity
in Dubai’s property development
sector.” The Group has executed
projects worth over US$25 billion
globally, and has 26 business entities
in 20 cities across nine countries,
with a track record in heavy civil and
building works over the last 20 years.
The group has executed over 130
projects for clients including Saudi
Aramco and its affiliate SATORP,
SADARA Petrochemicals, YASREF,
SABIC and its affiliates, Qatar Gas,
Ras Gas, ADNOC, Abu Dhabi Oil
Refining company, Sipchem, Shell,
Exxon Mobil, Total Refinery, Dow
Chemicals, Qatar Petroleum, Oryx
GTL, Dolphin Energy and Kuwait
National Petroleum. Dr. Ravi said that
the Group’s decision to expand to
property development in Dubai is led
by the robust growth and economic
fundamentals of the city. “With the
current population of over 2 million
expected to grow to 3 million by 2020,
and the city’s status as a business and
leisure hub, the property sector of
Dubai has strong growth prospects.
“The strategic growth initiatives
announced by His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
UAE Vice President and Prime Minister
and Ruler of Dubai, has boosted
international investor confidence.
Today, Dubai is one of the world’s best
investment destinations for property
compared to Singapore or Mumbai,”
he explained.
RP Group of Companies has
a strong presence in six high-
growth sectors including property
development, construction &
infrastructure development,
education, healthcare, hospitality
and trading. Their areas of expertise
include oil and gas, petrochemicals,
ferrous and non-ferrous plants,
heavy industrial buildings, high-rise
buildings and infrastructure facilities.
With a presence of over 40 years in the
GCC region, it is also further scaling
up its hospitality business in the UAE
with two new hotels in Dubai Marina
and BurDubai.
RP Heights
propertyonline.ae
RERA No: 2610 | 04 388 3001 | 050 8889 510 | admin@lacapitaledubai.com

S
umansa Exhibitions’ flagship
exhibition, Indian Property
Show is all set to take place
on 11th, 12th and 13th June
2015 at Dubai world Trade Centre.
Hosting a wide array of the latest
properties by over 150 real estate
developers from India, the popular
property exhibition will showcase
the best of Indian real estate projects
to over 17,000 potential investors in
Dubai. The biannual realty expo will
be featuring apartments, villas, row
houses, commercials and plots. The
3-day property extravaganza will
be open to visitors between 11:00
am to 8:00 pm every day with free
entry and provision for free parking.
“Today's changing real estate market
dynamics and the volatile world in
which the realty industry operates
require knowledge and intelligence
to create competitive advantage like
never before. To bring the knowledge
and update buyers on latest
trends, policies, market dynamics,
investments strategies etc, we
NEWS&ANALYSIS
have partnered with dedicated real
estate research services firm Jones
Lang Lasalle (JLL) to help NRIs make
informed decision for their property
purchase. We at Sumansa always
strive to bring the best of Indian
real estate to Dubai, while providing
the buyers, the tools to make that
important choice”, said Sunil Jaiswal,
President- Sumansa Exhibitions,
organizers of Indian Property Show.
The exhibitors at the show
include best of the Indian real estate
developers, construction companies,
Banks and real estate agents. This
year’s show will witness 3 distinct
regional pavilions alongside a special
CREDAI Maharashtra pavilion with
properties from Pune, Nashik, Nagpur
and other cities of Maharashtra. The
exhibition is specially designed to
meet the needs of NRIs in the Middle
East featuring the latest projects
in India and diverse offerings from
India’s finest developers. The show
brings you properties from Delhi,
Noida, Greater Noida, Gurgaon, Jaipur,
Kolkata, Goa, Ahmedabad, Mumbai,
Navi Mumbai, Pune, Chennai,
Coimbatore, Hyderabad, Bengaluru,
Mangalore and many more cities.
Some of the best property
and investment experts will be in
attendance at the Expo, providing
insights into the property trends and
identifying the right opportunities in
the Indian property market. Attend
the Free Seminars that are designed to
offer interesting insights and analysis
for the attending delegates and are
conducted by some of the most
influential property industry gurus,
legal advisers and Vaastu expert.
Additionally, get free advice from
top Indian Lawyers on any of your
property related matter whether it’s
for new property purchase, concerns
related to existing property, tenancy
laws or anything else. Moreover, the
popular Know Your City seminars
will educate the people on new
developments in India's bigger
cities while guiding buyers on the
investment potential.
INDIAN PROPERTY SHOW RETURNS
propertyonline.ae
www.lacapitaledubai.com Real Solutions to Real Estate
WE SINCERELY APPRECIATE ALL
OUR CUSTOMERS FOR THEIR
CONTINUOUS SUPPORT & TRUST IN US.
"THANK YOU FOR MAKING US
THE PREFERRED BUYER’S AGENCY IN UAE."

AHMET KAYHAN
CEO, REIDIN.com
NEWS&ANALYSIS
A lot of developers are choosing
DSO for their new projects. Why do
you think DSO has become a hot
favourite destination?
One of the most important factors
driving developers to DSO is the
attractive land prices, under
developed sub-market and the
CedreVillasDubaiSiliconOasis
GROWINGINSTATURE
Dubai Silocon Oasis (DSO) is a hotbed of activity these days with a number of
new projects being announced by developers. By Binesh Panicker
W
ithquitealotofprojectsunderconstructionandanumberofprojectsthathave
been launched recently, DSO seems to be becoming one of the top investment
destinationsinDubai.InthisissueofPropertyTimes,REIDINCEOAhmetKayhan
takes a look at one of the most talked about communities in Dubai at the
moment: DSO.
location of the community. We are
expecting more developers to come
in the next quarters.
What is the current status of
developments in DSO?
Around 29% of the current stock in DSO
propertyonline.ae

Source : REIDIN.com REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector. REIDIN.com, founded in 2007, is a
leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN.com helps professionals and individuals easily access the real estate
information they need to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data & Research
Team’ together with a global network of information partners endeavours to provide high-end analysis and research support to its clients.
For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times.
NEWS&ANALYSIS
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-2%
-4%
-5% -5%
-3%
-10%
-5% -5%
-7%
0%
-4% -4%
2%
-7%
-4% -4% -4%
SALES PRICE CHANGE
Last 3 Months Last 6 Months Last 1 Year
International
Media Production
Zone (IMPZ)
Jumeirah Village
circle
International City
Dubai Sports City Dubai City WideDubai Silicon Oasis
-1%
12%
10%
8%
6%
4%
2%
0%
11.0%
9.5% 9.4% 9.4% 9.3%
7.6%
5.7%
GROSS RENTAL YIELDS
International
City
Jumeirah
Village Circle
International
Media
Production
Zone(IMPZ)
Dubai Sports
City
Dubai Silicon
Oasis
Dubai City
-Wide Apartment
Dubai City
Wide-Villa
11%
10%
9%
8%
7%
6%
5%
4%
GROSS RENTAL YIELD CHANGE
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
Dubai Silicon Oasis Dubai City Wide- Apartments
UPCOMING SUPPLY (END OF 2016)
DUBAI ALL VS. DUBAI SILICON OASIS
4,694
reas
onOasis
DUBAI SILICON OASIS UNIT SUPPLY
UnderConstruction(Endof2016)
Existing
4,694
11,535
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-2%
-4%
-5% -5%
-3%
-10%
-5% -5%
-7%
0%
-4% -4%
2%
-7%
-4% -4% -4%
SALES PRICE CHANGE
International
Media Production
Zone (IMPZ)
Jumeirah Village
circle
International City
-1%
12%
10%
8%
6%
4%
2%
0%
11.0%
9.5% 9.4% 9.4% 9.3%
7.6%
5.7%
GROSS RENTAL YIELDS
International
City
Jumeirah
Village Circle
International
Media
Production
Zone(IMPZ)
Dubai Sports
City
Dubai Silicon
Oasis
Dubai City
-Wide Apartment
Dubai City
Wide-Villa
11%
10%
9%
8%
7%
6%
5%
4%
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
4,694
54,370
iAllAreas
iSiliconOasis
Existing
4,694
11,535
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-2%
-4%
-5% -5%
-3%
-10%
-5% -5%
-7%
0%
-4% -4%
2%
-7%
-4% -4% -4%
SALES PRICE CHANGE
International
Media Production
Zone (IMPZ)
Jumeirah Village
circle
International City
-1%
12%
10%
8%
6%
4%
2%
0%
11.0%
9.5% 9.4% 9.4% 9.3%
7.6%
5.7%
GROSS RENTAL YIELDS
International
City
Jumeirah
Village Circle
International
Media
Production
Zone(IMPZ)
Dubai Sports
City
Dubai Silicon
Oasis
Dubai City
-Wide Apartment
Dubai City
Wide-Villa
11%
10%
9%
8%
7%
6%
5%
4%
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
4,694
54,370
ubaiAllAreas
ubaiSiliconOasis
Existing
4,694
11,535
-6%
-8%
-10%
-12%
-10%
-5%
-7%
4,694
54,370
DubaiAllAreas
DubaiSiliconOasis
Existing
4,694
11,535
4,694
54,370
DubaiAllAreas
DubaiSiliconOasis
UnderConstructio
Existing
11,535
PalaceTowerDubaiSiliconOasis
is under construction, which represents less than 8% of the overall
supply expected in Dubai by the end of 2016.
Is it a good time to invest in DSO considering the recent hike
in developments in this area?
We think it’s a good time to invest in DSO now, considering the
lowerpricesinthelastsixmonths,decreasingtransactionvolumes
andhigheryieldsastherentshaven’tgonedownasmuch.Allthese
factors make DSO a good choice for serious investors.
What is the expected gross rental return?
DSOisonthehigherendoftherentalyieldmarketandthisisoneof
themainreasonswhymoredevelopmentsarecomingupinthisarea.
For more information on DSO turn to page 36
propertyonline.ae
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TO OUR TEAM AND TO OUR
DISTINGUISHED CLIENTS WHO
TRUST US TO PERFORM AT EVERY
STAGE OF THE PROJECT LIFECYCLE.
THANK YOU."
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E: info@kaizenams.com
W: www.kaizenams.com

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
You could clear the outstanding, but
why would you want to do that? My
advice is to leave the execution to the
buying party. You will be required to send in
a liability letter from your current mortgagee
to the buyer’s lender highlighting your debt
position vis-à-vis your existing mortgage.
Upon the finalization of the transaction,
two payments will be made out by the
seller’s bank. One payment will be made to
your bank to settle your debt (with the title
documents transferred to the seller’s bank);
and a second payment made to you for the
balance of the selling price (less the amount
paid to settle your mortgage liability).
I bought a villa in Emirates Hills
and secured 30% mortgage on the
property. Now I would like to sell
it off. Should I clear the mortgage before
transfer or the buyer's bank will do it?
What’s the procedure?
EXPERTADVICE
Your Maximum mortgage loan
eligibility would be around AED2.6
million to AED2.7 million.
I am working with an oil and
gas company and my monthly
package is AED45, 000 per month.
I have a couple of credit cards with a
combined credit limit of AED100,000.
What is the maximum mortgage amount
I can secure?
Feyisesan Ekundare
MortgageMe.ae
Business Development
Middle East/Africa
M: +971 050 4168 548
The exact cost to you is determined
by the terms and condition being
offered by the refinancing bank, the
exit/settlement charges imposed by your
current lender and other ‘extraordinary’
conditions e.g. the current value of your
property in relations to both the outstanding
mortgage loan and the required maximum
LTV stipulated by the refinancing bank.
My property has been mortgaged
for the past three years and now
another mortgage provider is
offering me a much better deal. How do
I transfer my mortgage to another bank
and how much it will cost me?
Downtown, Dubai
May 2015 Issue -30 /// 14
propertyonline.ae

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EXPERTADVICE
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
The transfer of title to the apartment
has either happened or it hasn’t. It’s
like a binary thing. Or a pregnancy. It
has to be one of the other. If it’s still in
process, then it hasn’t happened. So assuming
that the transfer hasn’t completed, the apart-
ment remains in the name of your current land-
lord and it is he who is legally responsible for the
maintenance. You should point this out to him
andremindhimthathisintendedtransfertothe
buyer is of no concern to you (until it happens).
As at today’s date there is outstanding mainte-
nance and as at this date he is liable for those
issues. Your ultimate recourse is Dubai Rental
Dispute Settlement Centre.
Assuming you are buying the apart-
ment in your personal name, you
firstlyneedtoagreetermswiththeseller
(deposit, price, unit details, who pays
the transfer fee, agents fees, proportioning ser-
vicechargesetc).Onceagreed,theterms should
be recorded in writing in an Agreement for Sale
(often called a Memorandum of Understanding
(MOU)) and the Land Department’s standard
Form F (effectively a summary of the MOU). You
and the seller should sign that MOU, and you
would pay the agreed deposit, which would
usually be held by the agent pending comple-
tion. The seller and you then need to apply for
and obtain the No Objection Certificate (NOC)
from the developer, showing that there are no
outstanding service charges or fines due to the
developerrelatingtotheunit.OncetheNOChas
been issued you and the seller can proceed to a
completion meeting, held at the Land Depart-
ment(DLD)oranyoneofitsauthorizedofficesin
Dubai. Atthecompletionmeetingyouwillneed
toproveyouridentitybyproducingyouroriginal
passport. The seller will need to prove his iden-
tity and his title to the unit. You then hand over
the proceeds of sale in the form of a manager's
cheque, and the deposit is returned to you. You
paytheprorataserviceschargestotheseller.The
DLDtaketheoldtitledeedandissuethenewone
in your name. Et voila!
Note that this describes a simple transfer.
Where you have home finance involved on
either side, or a corporate seller or buyer, or
issues with the title, or Powers of Attorney for
parties who cannot attend in person, then
matters get a little more complicated.If the
person you represent is not planning to come
to Dubai to complete the transfer process for
My landlord sold my rented apart-
ment a month ago, but the process
is still not completed and neither
of them is taking the responsibilities of the
maintenance. Please advise what actions
should I take?
I’m buying a new apartment and I
wouldliketoknowtheprocedurefor
the transfer and what are the docu-
ments that I’m required to produce?
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
indemnity 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...
Your 99 year leasehold interest should be regis-
terable with the Dubai Land Department as a
rightinrem,whichislawyer-speakforaproperty
right rather than just a contractual right. So this
istoberecommended.Youcantransferrightsin
rem, and so if you want to transfer your interest
to your son at a later date, you can do so. It’s
not 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 registering a long term lease of
this nature are currently 4% of the total value of
thecontract. Sothe4%willbecalculatedonany
premium and any rental payments due under
the terms of the lease.
Jerry Parks
Partner
Taylor Wessing
propertyonline.ae
T: 04 34 33 256 | RERA No: 511 | E: info@oceanviewdubai.com | W: www.oceanviewdubai.com
WE WOULD LIKE TO THANK THE PROPERTY
SELLERS’ OF DUBAI FOR CHOOSING
OCEAN VIEW AS THE PREFERRED ESTATE AGENCY

COVERSTORY
APERFECT
CHOICE
FOR
INVESTORS!Botanica in Jumeirah Village Circle, developed by Myra, offers an extremely attractive RoI and is set in lush green
surroundings, making it ideal for peaceful community living. By Binesh Panicker, compiled by Reshmi Raveendran
May 2015 Issue -30 /// 18
propertyonline.ae

COVERSTORY
O
ver the past few months,
Dubai real estate market
has been witnessing
project launches almost
every week and many of them are
in the affordable segment, targeting
mid-income groups and some
projects are planned, taking investors
into consideration. Botanica by Myra
is one of them. While the apartment
building, located in JVC, highlights
the concept of peaceful living,
the strategic pricing and growing
demand from tenants make it a dream
investment proposition for investors.
THE PROJECT
Botanica features 121 units, out of
which, three are commercial units and
118 are apartments. The residential
units comprise of studios, one-, two-
and three-bedroom apartments.
Akash Kanjwani, Director, Skyview Real
Estate, the company that bagged the
exclusive sales rights for this building,
says, “We have emphasized more on
studios, given the current market
situation wherein people are looking
for affordable properties, either to
live in or rent out and get attractive
rental returns. We are targeting those
investors who will buy the properties
and look for rental returns. Currently
the rent for a studio in JVC is between
AED45, 000 to AED55, 000, and we
decided to create more studios that
would cater to this income group. “
The size of a studio apartment
ranges from 426 square feet to 610
square feet. The larger studios are
strategically placed on the ground
floor and they have a private terrace
with direct access to pool and the
walkway area. “These large studios are
premium units and we get maximum
number of enquiries for these units
from investors who have long term
plans,” says Akash. Most of the one-
bedroom apartments have a study
room, which can be converted into
a laundry as well.
WE HAVE EMPHASIZED MORE ON
STUDIOS, GIVEN THE CURRENT
MARKET SITUATION WHEREIN
PEOPLE ARE LOOKING FOR
AFFORDABLE PROPERTIES, EITHER
TO LIVE IN OR RENT OUT AND GET
ATTRACTIVE RENTAL RETURNS.
AKASH KANJWANI,
DIRECTOR,
SKYVIEW REAL ESTATE
Botanica
May 2015 Issue -30 /// 19
propertyonline.ae

COVERSTORY
The two-bedroom units on the fourth
floor feature a private terrace and
pergola on the top. The apartment
units are unfurnished, as the
developer wants to give the buyers
the option of choosing furniture of
their choice. “The developer’s idea
was to focus more on the quality
of the construction. So they are
offering a completely unfurnished
apartment with great finish and
quality, which you can see, in the
sample apartment,” he adds. Botanica
also boasts lush green surroundings
as the developer was inspired by the
master plan of JVC, which has public
areas and greenery. “In Botanica, there
is a roof top terrace, which will have
a nice walkway and we will also have
a lawn around the pool,” says Akash,
adding, “The developer has tried
to incorporate as much greenery
as possible. The building has been
designed to have a green energy
certificate, which has been granted
by Dubai Municipality.”
THE LOCATION
JVC is a centrally located community
and it is surrounded by working
districts like TECOM, Dubai Media
City and Jebel Ali, which are just
15 to 20 minutes away. Botanica is
located centrally in JVC surrounded
by a lot of completed buildings. All
the necessary amenities are in close
proximity and access to JVC is well
planned and organized; it is very well
connected to all the major highways.
“The developer is trying to set up a
pharmacy and 24-hour supermarket
in the building. There are about ten
schools, which are just 15minutes
from JVC and three malls that are
coming up. It is a new community
and there are quite a lot of unfinished
WE HAVE A VERY NICE
PAYMENT PLAN FOR
THE PROJECT; 10%
UPON BOOKING, 10%
EVERY TWO MONTHS
AND 60% UPON
COMPLETION.
AKASH KANJWANI
May 2015 Issue -30 /// 20
propertyonline.ae

COVERSTORY
THE SKYVIEW-
MYRA ALLIANCE
Skyview Real Estate is the
exclusive sales agent for
BotanicabyMyra.Therealestate
company has been involved in
the project right from the early
days and was also involved in
theprocessofchoosingtheplots,
conceptualizing and putting
together the marketing strategy.
projects but the master plan of JVC is
beautiful. It is only a 20 minutes drive
from the Expo 2020 site and JVC is
expected to be close to Etihad Rail as
well,” says Akash.
PRICING & ROI
The developer’s primary target is
the mid-income group and the
pricing has been worked out taking
this into consideration. The prices
start from AED850 to AED1, 000 per
square foot. “This is the price range
for many projects that have been
announced recently and will only
be ready by 2017-18, however we
are offering the same price for our
project which is 50% completed and
will be handed over by December this
year,” says Akash, who also stresses on
the high rental return one can expect
from this project once it is ready in
December. “The studios are starting
from AED426, 000 and if one can rent
it out for AED45, 000, it will give you
a gross rental return of 10% to 11%.
Since Botanica is a small building, the
average annual maintenance charges
are not likely to go above AED4,300 at
AED10 per square foot. If you reduce
that from the rental returns, your net
rental return will be at least AED40,
000, which is about 9%. Also, we are
expecting a 7% to 8% return on one-
and two-bedroom units,” he explains.
The developer, who targets customers
with a salary package ranging from
AED15, 000 to AED20, 000 per month,
is offering a very attractive payment
plan. “We have a very nice payment
plan for the project; 10% upon
booking, 10% every two months and
60% upon completion,” says Akash.
FUTURE PLANS
Myra has already chalked out its plans
for the future in Dubai real estate
market. The company is all set to
launch a much bigger project in JVC
valued at AED160 million. “The new
development will be located right
behind Emirates buildings in District
11 and it will cater to end users with
more spacious one- and two-bedroom
units and studios. After that we have
yet another project coming up next
year in Arjan,” Akash concludes.
May 2015 Issue -30 /// 21
propertyonline.ae

AL ZORAH READIES FOR FIRST RESIDENTS
TO MOVE IN NEXT YEAR
The first residents of eventually 100,000, will also find a golf club and wellness centre, the latter developed
by Turkish-Saudi developer at their disposal. By Nicole Walter/freelance writer
MARKET
May 2015 Issue -30 /// 22
propertyonline.ae

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W
ith flamingos firmly established
as residents in the two square
kilometres of mangroves at
Al Zorah the focus today is on
creating human shelters, the luxury version of
course. The Al Zorah Golf villas will be shining
in pure white set against the lush green of
the 18-hole golf course by Nicklaus Design,
which is on course to be playable by the end
of this year.
The 42 homes come in three types
named aptly after the 50 plus bird species
frequenting the nearby mangroves and
lakes, the four-bedroom The Lark, and the
five-bedroom The Heron and The Dove. All
types feature semi-enclosed courtyards,
private pools and rooftop terraces beckoning
to spend time outdoors. The stunningly
light and tall design of these elegant villas
encourages interaction with nature, thanks
to floor-to-ceiling windows. Buyers can
choose from a lighter or darker look for their
contemporary interiors.
OVERWHELMING RESPONSE
The developer reports these homes have been
snapped up by local and international buyers
for around AED4 million to AED6.5 million,
whilst a second phase including around 60
more homes, divided between townhouses
and more villas, is in sight. A third phase could
house an exclusive mansion community.
Apartments are also in the plan.
Imad Dana, CEO of Al Zorah Development
Company attributes the enthusiasm to the
development’s unique points, nature and
proximity to Dubai. “Al Zorah is distinguished
by its exotic settings of natural mangroves and
1.6 km of pristine beachfront. The master-plan
is built around the natural resources offering
residents a human scale environment focused
on leisure and tourism, marking it as a refined
place for life,” he adds.
The fact that Al Zorah is designated
as freehold and free-zone, and offers an

MARKET
attractive payment plan of 5% on
booking 15% on signing the sales
contract, 10% after six months and
70% at handover, probably also helps
to move the properties. Ajman Bank
can be called upon for financing
options. “Most properties enjoy a
combination of mangroves, golf and
water views. We’ll complete these
villas by middle of next year, and
will be launching the remaining golf
villas, as well as a set of villas on the
beach, and serviced apartments for
sale around September this year,”
reveals Imad.
WHAT’S ON OFFER?
The first residents of eventually
100,000 will also find a golf club and
wellness centre, the latter developed
by Turkish-Saudi developer at their
disposal. A mangrove-based eco-
resort will be added in the future.
This would complete the picturesque
Fairways district readying by end next
year. However, there are four other
districts within this mammoth master
plan of 5.4 million square feet with 60
percent of public open spaces.
The Gate will become a
boulevard style entrance to Al Zorah,
whilst on The Peninsula, The Cove,
The Avenue and The Shores are being
developed. The Avenue houses the
development’s four marinas, of
which one will be ready in June this
year to receive 50 boats, featuring
restaurants along the quays. The Cove
will become a cosy neighbourhood
overlooking the mangroves.
The first phase related roads,
infrastructure and landscaping,
including the Linear Park separating
the beachfront, will be ready by the
year-end. In The Shores the first two
resorts of six, The Oberoi Al Zorah and
the Lux* Al Zorah, are at an advanced
construction stage to be complete by
next year as well.
“The resort sits on three
platforms, this is how we achieve the
majority of rooms to have sea view,”
says Wassim Rabah, Al Zorah’s Design
& Development Director. The mid-
rise residential building the Marina
Square will be serviced by Lux* and
the Linear Park by Oberoi. They will
both be complete in 2017 and as
AL ZORAH IS
DISTINGUISHED BY ITS
EXOTIC SETTINGS OF
NATURAL MANGROVES
AND 1.6 KM OF PRISTINE
BEACHFRONT. THE
MASTER-PLAN IS BUILT
AROUND THE NATURAL
RESOURCES OFFERING
RESIDENTS A HUMAN
SCALE ENVIRONMENT
FOCUSED ON LEISURE AND
TOURISM, MARKING IT AS A
REFINED PLACE FOR LIFE.
IMAD DANA
CEO OF AL ZORAH
DEVELOPMENT COMPANY
May 2015 Issue -30 /// 24
propertyonline.ae

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+971 4 3882220
aquaproperties.com
RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties
LOCATED IN ONE OF THE ONLY FREEHOLD COMMUNITIES IN JUMEIRAH
MAGNIFICENT VIEWS OF BURJ AL ARAB & THE ARABIAN GULF
WELCOME TO J5 - AL SUFOUH
PAYMENT PLAN
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75% ON HANDOVER
ESCROW NO. : 001582067022501 PROJECT NO : 1568 DEVELOPER : AQUA REAL ESTATE DEVELOPMENT LLC
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T: 04 32 34 545 | RERA No: 619 | E: info@elysianrealestate.com | W: www.elysianrealestate.com
1st
PLACE RENTERS’ & SELLERS’ CHOICE
WE WOULD LIKE TO EXTEND OUR THANKS AND
APPRECIATION TO ALL OUR LOYAL CUSTOMERS FOR
PUTTING THEIR TRUST IN US BY GRANTING US THEIR VOTES.
WE WILL NEVER BREAK YOUR TRUST.
mentioned will go on sale soon. The
Boardwalk and Beach Club serve as
entertainment destinations, while
the set of beachfront villas have been
elevated on a platform with gardens
and courtyards thus affording better
views. Still in the design stage, they
will complete alongside and villas go
on sale soon, as hinted earlier by Imad.
Meanwhile the developer is also
readying the infrastructure of sub-
developer plots, and expects to start
handing them over this year. Driving
up to the rather futuristic looking
Al Zorah Pavilion housing the sales
centre, as well as a Shakespeare &
Co. café one could get confused
by spotting villas built directly on
the road, named Zora, which don’t
belong to the Al Zorah development.
The names simply hail from the
name of this Ajman area. “The sales
centre will become a communal
educational and exhibition place
when the development is finished,
we may hold exhibitions even
during development,” says Wassim.
The Pavilion itself is a worthwhile
visit to get a feel for what is to come
while having a bite overlooking the
mangroves, and reflecting in its roof.
Al Zorah Development Company,
being half Solider and half the Ajman
Government, also got involved in
building new access roads, such as the
one to the E-311. “The strategy, is to
design a destination with international
quality real estate connected to the
rest of the UAE,” Al Dana described
the developer’s intentions. The land
next door is still empty, and while
the developer reserves first rights to
purchase it remains simply an option
for now, as does the right to reclaim
an island. “The first phase alone has
a development value of AED2billion,
and AED60 billion for the entire
project, we revised the master-plan to
focus more on nature and hospitality,”
concludes Imad.
THE BOARDWALK AND
BEACH CLUB SERVE
AS ENTERTAINMENT
DESTINATIONS, WHILE
THE SET OF BEACHFRONT
VILLAS HAVE BEEN
ELEVATED ON A PLATFORM
WITH GARDENS AND
COURTYARDS THUS
AFFORDING BETTER VIEWS.
MARKET
May 2015 Issue -30 /// 27
propertyonline.ae

Manoj Prasad, Executive Vice
Chairman & CEO, Que Capital Limited
(DIFC) Investment Banking
W
e all know that in
the past century, the
greatest global cities
were generally the
largestandcentresoftheworld’sgreat
empires like London, Paris, New York
and Tokyo, but I think now size is not
so important, rather, what matters
today is the kind of global impact a
city manages to make. According to
several studies, London and New York
are still the leaders and ranked first
and second respectively on Forbes list
of The World’s Most Influential Cities.
Even after more than a century of
imperial decline and losing the status
of “the hegemonic powers” that it had
throughout much of the 20th century,
London still ranks No.1 for Asian
investors and is considered as a global
financial capital. Compared to New
York, it also has time-zone advantage
for doing business with Asia, and has
thesecondbestglobalairconnections
in any city after Dubai, with nonstop
flights at least three times a week to
89%ofglobalcitiesoutsideofitshome
region of Europe. London is always a
preferred domicile for the global rich
and famous. The main competitors of
London and New York are now largely
from outside Europe.
Tokyo is still the world’s largest
city, with the largest overall GDP.
China’s share of the world economy
has grown from 5% in 1994 to
over 15.60% in 2014.The combined
volume of trading in the Shanghai
and Shenzhen stock exchanges
already exceeds that of Tokyo, and
Shenzhen’s volume is approximately
three times that of nearby Hong Kong,
whichstillenjoysgreaterfreedomthan
the rest of China and remains the
largest financial centre in the Asia-
Pacific region, ranking third in the
world after London and New York.
The vast majority of the world’s major
investment banks, asset managers,
and insurance companies maintain
their Asia-Pacific headquarters in the
former British colony.
According to World Bank
Singapore is the leading global city
in East Asia, which is ranked fourth
on the Forbes list. With a relatively
small population of just over 5 million,
Singapore’s basic infrastructure is
among the best on the planet. Like
Hong Kong, it also benefits from a
tradition of British governance and
law.Singapore’s justice system is
ranked 10th in the world in The Rule
ofLawIndex.Itsbusinessclimateisthe
world’s best. Singapore is placed first
among global cities for foreign direct
investment,withafive-yearaverageof
about 359 Greenfield transactions. It’s
afavouredlocationinmanyindustries
for Asia-Pacific headquarters.
Dubai is ranked seventh on
Forbes list of The World’s Most
Influential Cities. Dubai’s globalization
strategy and its expanding airport
include the world’s largest terminal
and an even larger airport under
construction. It is ranked first in the
world in air connectivity, with nonstop
flights at least three times a week
to 93% of global cities outside of its
home region. Its central location and
business-friendly climate have made
it a favourite for companies looking to
establish a Middle East headquarters
or point of presence. Dubai is
unparalleled among global cities for
its diversity. According to Forbes, 85%
of its residents are foreign born; most
of them are investors.
Dubai has become a travel hub
connecting the Western world to Asia
and Africa throughEmirates Airlines
and Etihad Airways. It’s also home
to the world’s tallest building (Burj
Khalifa). Dubai has been the paradise
for architects from all over the world,
where many of them have made their
dreams come true. This is where artsy
engineers are building opera houses
and museums, lifestyle properties and
resort Island. The second biggest real
estate developer in the UAE is Abu
Dhabi-based Aldar Properties. Aldar
runs Yas Island located in Abu Dhabi.
It’s the home of Ferrari World, water
BY MPTALK
STRAIGHT
UAE Vs REST OF THE WORLD
Dubai has become a travel hub connecting the Western world to Asia and Africa through Emirates
Airlines and Etihad Airways.
COLUMN
May 2015 Issue -30 /// 28
propertyonline.ae

theme parks and golf courses. Aldar also
owns a number of large development
properties in the city, including the new
Aviation Towers, a sort of Love Boat-
inspiredcondominiumfortheirjet-setting
airline workers.
The U.A.E. real estate market
expanded quickly in the early to mid-
2000s. Dubai became the centre of this
expansion, turning patches of desert
into towers of steel and glass. Many
internationalbankswereinvitedtosetup
theirofficesinthecity.DubaiInternational
FinancialCentrewasconceptualizedand
later it was established to accommodate
all the top financial institutions and
investment banks. The real estate market
boomed for a while and then it corrected
in 2008 with the global financial crisis.
Many foreign employees left the country
andmanybusinesseswereforcedtoclose
down. Since April 2014, after joining the
MSCI Emerging Markets Index, the
U.A.E. continues to see an increase in
portfolio inflows. Becoming part of the
index means the country is attracting
more equity capital from global market.
Portfolio investors holding the iShares
MSCI Emerging Markets (EEM) and the
Vanguard Emerging Markets (VWO)
Exchange Traded Funds (ETF) are directly
taking exposure on U.A.E. banking and
real estate. We might have seen about
20% declines in the ETF since April 2014
but I see this as a buying opportunity.
Short term, the story line may have
changed because of the oil price decline
but the improving real estate market has
been no match for falling oil price. I still
like the real estate investment portfolio
and believe in a positive growth story of
theUAE. TheUAEgovernmenthastaken
corrective regulatory measures to secure
the investors’ interest. The UAE Central
Bank introduced mortgage caps of 75%
LTV (Loan to Value ratio) for expatriates
and 80% for UAE nationals. Also in
October 2013, the Dubai Land
Department doubled the transfer
fee from 2% to 4%. As a result, a
considerable proportion of buyers
face the prospect of much higher
property purchase costs than they
did 18 months ago, resulting in
the stabilization of property prices
and limiting speculation. Tighter
regulatory steps have slowed
down investment but overall it
will result in the betterment of the
industry and the market.
According to the Dubai
Statistics Centre, between 2006 -
08, real estate accounted for 40%
of Dubai’s total investment but
between2011-13,itdroppedto19%.
However, as I mentioned before,
looking at the current stability in
the market, investors will feel a lot
more confident about investing in
the UAE than ever before.
COLUMN
T: 04 38 82 921 | RERA No: 11922 | E: info@kendal.ae | W: www.kendal.ae
KENDAL & CO WOULD LIKE TO THANK ALL OF
THOSE WHO VOTED FOR US AND
CONGRATULATE ALL THE PARTICIPANTS.
Your Trusted Real Estate Partner
Dubai skyline
propertyonline.ae

INTERNATIONAL TIMES
INTERINT
MARKET
CYPRUS: THE ULTIMATE
MEDITERRANEAN DESTINATION!
Cyprus, the birthplace of Aphrodite, is strategically located at the crossroads of Europe, Asia and Africa.
May 2015 Issue -30 /// 30
propertyonline.ae

RNATIONALTERNATION
C
yprus has evolved over its ancient
history into a vibrant, cosmopolitan
cultural place where warm
hospitality and relaxing lifestyle
come naturally. Encircled by the eternal blue
of the Mediterranean, the island basks in
sunshine for more than 320 days of the year
and beneath the cloudless skies, it’s a land
of many colours and contrasts. Elite Real
Estate shares with Property Times readers
the processes and procedures of buying a
property in Cyprus.
BUSINESS IN CYPRUS
Cyprus offers unique advantages to foreign
investors utilising the island as a base for
conductingtheirbusinessactivitiesworldwide.
AccordingtoForbes,Cyprusis33rd onthelistof
Best Countries for Business 2015, while World
Bank ranked Cyprus 39th out of 185 for the
‘’Ease of Doing Business’’ 2014.
MAIN ADVANTAGES:
·Strategiclocationasameetingpointbetween
3 continents
· European Union member state since 2004
· Lowest EU corporate tax rate
· Lowest property taxes in Europe & zero
inheritance tax
· Efficient legal, accounting and banking
services
· Highly qualified & multilingual workforce
· Advanced telecommunication network &
infrastructure
· Lowest crime rate In Europe and worldwide
·Fast&easyprocedureofobtainingPermanent
Residency/Citizenship
· Large natural gas discovery in 2010
CYPRUS PROPERTIES
Buying a property in Cyprus is a very simple
procedure compared to many other countries.
Cyprusoffersalargeselectionofbothresidential
and commercial properties to choose from like:
Apartments,villas,townhouses,offices,hotels&
resorts, located by the sea, downtown or in the
mountainousareas.
· All properties are freehold with 100%
ownership.
· There are Five Districts in Cyprus – Nicosia,
Larnaca, Limassol, Famagusta & Pafos.
· Except Nicosia, all other Districts are
located by the sea.
· The designs of the properties vary from
typical Mediterranean to ultramodern
styles.
· Construction cycle in Cyprus is quite
fast with a duration of 12 to 18 months.
· Investors have the option of entering
into joint venture structure for both
residential and commercial projects.
· Title deeds are issued by the concerned
DistrictLandDepartmentinashort time.
· Leading world architects have been
involved with main residential and
commercial projects.
ADVANTAGES OF OWNING A
PROPERTY IN CYPRUS
· High return on investment (ROI) due to
being an important tourist destination
· A stopping station between Europe
and Asia
· Easy payments for the off-plan
properties
· Cyprus Permanent Residency Program
· The only European Residency with
lifetime duration
· Permanent Residency granted within
6-8 weeks
· Permanent Residency to the entire
family
· Mandatory to visit Cyprus once every
two years only
· Easy access to other European
countries
· Free education in public schools
· Lowest property taxes in Europe and
zero inheritance tax
· Cyprus Citizenship Program
· Accelerated procedure, issue of
European passport in 3 months after
submission of documents
· Passport for family members
· Dual Citizenship is applicable
· Free movement of people capital,
services and goods
· Cyprus passport holders have access to
28 EU countries and other 170 countries
worldwide
· Free higher education in Cyprus ,
Public Universities and in the EU
MARKET
May 2015 Issue -30 /// 31
propertyonline.ae

B
ritish expats living in the UAE
are taking advantage of rising
rents in the UK to purchase
investment properties– and
while some joined the surge for
London’s opportunities, others are
now taking advantage of rental
increases elsewhere in the country.
Offshore bank, Skipton International
has seen a lot of interest from expats
living in the UAE since launching a
range of mortgages for Brits living
and working abroad who want to
purchase a buy-to-let property.
New research from Homelet,
a British property management
agency, shows that UK rental prices
for the three months to April, rose
by 10%, but it’s the regions which
are outstripping London with their
Offshore bank, Skipton International has seen a lot of interest from expats living in the UAE since launching a range of
mortgages for Brits living and working abroad who want to purchase a buy-to-let property.
growth. The west midlands, East
Anglia and South West all saw greater
rent increases than London in the
three months to April.
Managing Director of Skipton
International, Jim Coupe said,
‘We’ve had interest from all over
the world, but particularly the UAE.
Our customers are showing they
are making the most of the buy-
to-let opportunity and with many
now viewing the London property
market as overheated, demand is
set to increase for properties in other
areas of the UK where rental yields are
looking far more attractive for buy-to-
let investors.’
Skipton launched their range
of Buy-to-Let mortgages for British
expats last year. As an offshore bank,
based in Guernsey, Skipton has been
serving British expats across the globe
for nearly 20 years with their range of
competitive savings products. They
launched the mortgages in response
to the difficulties expats can face in
obtaining a suitable loan. For further
information or interviews please
contact Gwyn Garfield-Bennett at
Direct Input. Telephone 44 (0)1534
715411 or email gwyn@directinput.je
Skipton International offers a
range of offshore savings accounts
and is one of the Channel Islands’
leading mortgage lenders. In 2014
Skipton International launched a
range of mortgages for British expats
looking to purchase a Buy-to-let
property in the UK.
EXPATS IN UAE TAKE ADVANTAGE OF
RISING RENTS IN THE UK
INTERNATIONAL TIMES
INTERIN
MARKET
May 2015 Issue -30 /// 33
propertyonline.ae

If you have any UK investment related queries, please email at editor@propertyonline.ae
Everything you need to know about investing in the UK
w i t h t h e U K e x p e r t
Londonhasalwaysbeenasafehaven
forpropertyinvestmentswithproperty
prices doubling every seven to ten
years if you go with the statistics for the last
50 years. The time to invest could not have
been better in London. During the last five
years, the economy has bounced back and
since the current government has been pro-
development, it has introduced many rules
and measures that made the market more
attractive for investors the world over. Now
with the re-election of the conservative party,
the market is set for another boom over the
next five years due to the continuity factor.
Since May 7, 2015, as soon as the election
results were announced, all investors started
flocking to the market with the market
seeing its best day of sales in years. Some of
the reasons for this renewed interest in the
market is :
-The mansion tax proposal will be abolished
under the current government, which would
haveimposedtaxesonhomesvaluedatmore
than GBP2 million
Is it a good time to invest in
London
EXPERTADVICE
Binayah has been active in the
London market over the last one
and a half years and is currently
handling a multi million pound portfolio for
What is Binayah offering in
London
Hassan Salman
Director
Binayah Real Estate -UK
its investors that ranges from prime assets in
central London that have been acquired for
refurbishment and for long term holding as
well as venturing into developments in east
and west London seeing the potential in the
affordable end of the market.
We have onboard with us the right
solicitors, sourcing agents, architects and
contractorstoensurethatweareofferingthe
bestdealsinthemarketandallofourprojects
are executed on time.
BeingintheMiddleEast,weareperfectly
placedasmostofourHNWIclienteleisbased
in the Middle East on behalf of whom we
are currently negotiating a handful of deals
including a GBP 35 million development in
ParkLaneandaGBP72millionredevelopment
in Knightsbridge.
- The current conversion rates for pound are
low hence overseas investors are benefiting
from this as they see upside to the pound
apartfromtheappreciationinpropertyvalues
- The dwindling property prices in China and
theeconomicrecessioninRussiahasbrought
in a flurry of Chinese and Russian investors to
the market making them one of the largest
buyers in the market.
Anyone looking to diversify their
portfolio and targeting 10%+ capital
appreciation per annum should be looking
at London as their first option.
UK
INTERNATIONAL TIMES
INTERIN
May 2015 Issue -30 /// 34
propertyonline.ae

Binayah Real Estate
Suite:1607 | Executive Heights | Tecom C | PO Box 487303 | Dubai - UAE
Tel : +971 4 447 5430 | Mob : +971 52 999 4111 | Email : info@binayah.com | Website : www.binayah.co.uk
Your Local Experts in London Properties
2 Bed Apartments Starting £625,000 | 3 Bed Penthouse Starting £1,150,000
Location in South Woodford - Termed as “Park Lane of East London”
Exclusive Release in UAE
- Ready to move in security controlled building with access control
- 20 Minutes From Central London
- Private parking with all apartments
- High speed elevators
- Heated wooden ﬂooring
- Mood lighting in all apartments
- Smart home features
- Miele kitchens
- Gesture controlled kitchen lighting and motorized cabinets
- 55’ HD TVs in all apartments concealed in customized mirror frames
- Auto retracting shower enclosures
- Portable shower controls with Jacuzzis and rain showers
- Marble ﬁnishes in all washrooms
- Long lease of 250 years
- Terraces with frameless retractable sliding doors
- Carpeted bedrooms
- Provision for home theatre systems in all apartments
OUR SERVICES
Investments
Development
Property Sourcing
Property Management
CONTACT
052 999 4111
055 106 3291
RNATIONALNTERNATION

AG E N T S
COMMUNITY TIMES
C
Occupancy
DUBAISILICONOASIS
Dubai Silicon Oasis was established in 2004,
as an integrated residential and commercial
community wholly owned by the
Government of Dubai. DSO is a FreeZone
Authority and provides free trade zone
incentives and benefits to companies
operating within this area. DSO has a wide
range of residential and lifestyle facilities
which include schools, universities, hospitals,
community centers, shopping complexes,
swimming pools and tenniscourts. Creating
a great community for people who prefer to
live close their work place yet enjoy the
comfort and luxury of a community living. It
also has lushes parks, courtyards and
children’s play area along with 24 hours
security, daily maintenance and good road
network.
AED 889/SQ.FT. (SALESPRICE)
AED 6.5/SQ.FT. RENT/ MONTH
AREA 7.2 sq.km
COMMUNITY
CONNECTIVITY
90.29%
Restaurants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
SCHOOLS
5
TO CITY CENTER
12
HOTELS
3
100 RETAIL
OUTLETS
TO PARK
+
10
MINS
TO AIRPORT
22MINS
TO METRO STATION
20MINS
MINS
+
+
CORAL RESIDENCE
2 BR+MAID AREA 1201 SQFT
AED 950,000/-
IMPERIAL RESIDENCE
STUDIO AREA 415 SQFT
AED 415,000/-
READY PROPERTIES
WITH 5 YEARS
PAYMENT PLAN
(ONLY 5% BOOKING)
2 BR+MAID
AREA 1201 SQFT
AED 1,36,2000/-
IT PLAZA (COMMERCIAL)
SHOP 625 SQRFT
AED 580,000/-
3 YEARS PAYMENT PLAN
AFTER COMPLETION
(ONLY 5% BOOKING)
1 BR AREA 820 SQFT
AED 780,000
BINGHATTI APARTMENTS
3 BR DUPLEX AREA
2265 SQFT
AED 140,0000/-
AXIS RESIDENCES
1 BR AREA 800 SQFT
AED 570,000/-
Tel +971 4 36 95 383
www.aimproperties.ae
RERA No: 12454
HUSSAIN
SENIOR PROPERTY CONSULTANT
+971 55 100 7969
+971 55 100 7971
abid@aimproperties.ae
RERA 29761
DUBAI SILICON OASIS
*within 25 kilo metres of the community

COMMUNITYCOMMUNIINTERNATIONAL MEDIA
PRODUCTIONZONE
International Media Production Zone
(IMPZ) was launched to cater to the global
media production industry. It also
facilitates the printing, publishing and
packaging industries. The zone offers a full
service environment to support the
industry’s growth and development. IMPZ
now houses about 170 companies. The
rules governing media production have
been simplified to facilitate ease of
operation for companies in this zone. IMPZ
also provides great housing and
accommodation facilities that are
tailor-made to accommodate employees
working multiple or night shifts to meet
tight production deadlines. All the
infrastructure and facilities meet
international standards for safety and
environment specific to the industry.
AED 954/SQ.FT. (SALESPRICE)
AREA 4 sq.km
AED 6.9/SQ.FT. RENT/ MONTH
Occupancy
COMMUNITY
CONNECTIVITY
92.2%
Restaurants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
SCHOOLS
3
TO CITY CENTER
4
HOTELS
2
100RETAIL
OUTLETS
TO PARK
+
6
MINS
TO AIRPORT
25MINS
TO METRO STATION
13MINS
MINS
+
+
AG E N T S
LAKE SIDE TOWER
35K-38K (RENT)
LAKE SIDE TOWER
1BED AREA 750 SQFT
700K (SALE)
LAGO VISTA
480K (SALE)
LAKE SIDE TOWER
1BED AREA 610 SQFT
55K-58K (RENT)
CRESENT
480K (SALE)
+971 4 4278064 | www.irp.ae
ORN No. 12866
Bilal Adil
Client Manager
00971 564083565
00971 557279785
Bilal.adil@irp.ae
BRN-31492
CRESCENT
BY DAMAC AT IMPZ
STUDIO WITH
1 CAR PARKING
SIZE: 513 SQF
AED 530,000
+971 4 45 33 315 | www.areb.ae
RERA No: 12366
Yulia Oreshkina
+971 55 352 8167 | yulia@areb.ae
RERA No. 32414
OAKWOOD RESIDENCY
BY DEYYAR
1 BEDROOM
 SIZE: 583 SQF
AED 580,000
INTERNATIONAL MEDIA
PRODUCTION ZONE
*within 25 kilo metres of the community

As summer approaches, you’re probably finding ways to beat the heat both indoors and outdoors.
While it’s easy to escape the heat outside, the last thing you’d want is for your own home, your little
escape from the furnace, to be stuffy and uncomfortable. Here are some quick, cool and effective
tips from MPLUS+ to make sure your home is well maintained throughout this sweltering season!
Conditioning the air-conditioner
This one should top your home
maintenance checklist for summer! The last
thing you need is to bake like bread!
1. Make sure you turn on the air
conditioning before summer begins
in all its glory, to see if it’s working
properly, and to prevent that first
blast of warm and dusty air.
2. Have an AC tune up done in
advance. This helps ensure the
refrigerant levels are normal,
and your AC is running
smoothly, which in turn
prevents any hike in your
electricity bills.
3. Be Patient! Keep the
temperature of your AC
unit at 24 degrees and
allow a little bit of time for
it to cool the room.
4. To keep your utility
bill stable have your AC
filters cleaned three
times per year.
High heat, low bills
This may be the
most basic tip, but
COMMUNITY TIMES
COMMCO
COOL TIPS FOR SUMMER!
COMMUNITY
it’ll be sure to save you a good amount of
money!
The heat can be quite a blessing if
you use it to your advantage. Take the
time to install a clothing line to dry your
clothes outside the house instead of using
a dryer, and save on all that energy and
money! This is feasible for those living in
villas as well as apartments. What’s better;
let the energy efficient method earn you
brownie points for being environmentally
conscious!
Dirt no more!
For those living in villas, a rather frequent
problem tends to be the dust and dirt that
enters your home along with your guests.
An effective tip to prevent that is to keep
two doormats outside the entrance instead
of one. Make sure to have one course mat
on the outside and one soft mat on the
inside to form a formidable twosome to
keep the dust and dirt at bay.
Cool tip!
Reduce energy within the home by
replacing standard light bulbs with
energy saving light bulbs, which will not
only reduce energy and cost but it will
reduce the heat radiated from the light
bulbs in your home.
propertyonline.ae
T: 04 33 80 088 | RERA No: 12108 | E: enquiries@banke.ae | W: www.banke.ae
THANKING OUR CLIENTS, DEVELOPERS
AND EMPLOYEES FOR THEIR SUPPORT
AND CONFIDENCE.
EDITORS’ CHOICE- NEW ENTRANTS

Opening the
right door for you!
P.O. Box: 213624, Dubai
United Arab Emirates
Tel.: +971 4 329 8298
Fax: +971 4 329 6900
Email: info@modeluxproperties.com
RERA Reg. No.: 1898
www.modeluxproperties.com
800-MODELUX
C a l l u s n o w

COMMUNITY TIMES
COMMCOCOMMUNITY
Organized by Emaar community Management
RESIDENTS
ANNUAL PARTY:
EMIRATES HILLS
Ms Amala Prinja
Geraldine Clark, Summaira Saad, Dessy Poursafar & Michael Chahine
Niran Singh, Mrs Rajpal Kaur & Raman Singh Sahiba Narang
Freddy Sidhwa, Freny Sidhwa,
Nasser Watar, Rula Watar, Loma Janabi, Ahmed Janabi
Riz Khan with Cecilia & Jeevan D'Mello
May 2015 Issue -30 /// 40
propertyonline.ae

MUNITY TIMOMMUNITY
COMMUNITY
Adil & Trude Toubia
Ellen & Joe Giblin with Prem Prinja
Andrea Jafar
Riyaz Suterwalla & Sanjay Narang
Amanda & Joe Osawaye
Deepak Arora, Ritu Arora & Kirit Pathak
Pinaz Lakdawala & Bayhaan Lakdawala
Bharti Soni, Nidhi Gupta
May 2015 Issue -30 /// 41
propertyonline.ae

COMMUNITY TIMES
COMMCO
COMMUNITY
Organized by Emaar community Management
RESIDENTS
ANNUAL PARTY:
BURJ KHALIFA
Jeremy Green, Annika Dreeshann, Bjorn Gehle, Martin Kohn Dr. Hannes Keller, Rashidi Omraini, Ali Reza & Karan Soni
Vivian Lua & Clinton Lo Lau
Pari Seeber, Dolly Siddik & H.E. Consul (US) General Robert Waller
Indira George, Cecilia D'Cunha & Duleep GeorgeShaima, Guest & Kaveh Dashti
Mr & Mrs Umar Khan, Sairah Khan Mr and Mrs Bajaj
May 2015 Issue -30 /// 42
propertyonline.ae

MUNITY TIMOMMUNITY
COMMUNITY
Poras Dhakan & Cynthia Trench
Mr & Mrs Cantonnet Bill & Katrina Milburn
Mrs Bacai, Mr & Mrs Ali, Mr Faqhihi with guests
Kirk & Nancy Watilo Capt. Mazen Khourdaji & Sabine Khourdaji
Dr Ting Ting Tang & Yi Yao Asma & Ishaq
May 2015 Issue -30 /// 43
propertyonline.ae

PROJECT WATCH
PROJPR
MARKET
SERENIA RESIDENCES
P
alma Development’s recent premium development is called Serenia Residences,
designed by Hazel Wong on the Palm Jumeirah Crescent. Designed with the
theme of tranquil luxury living, Serenia will give its residence uncanny beach
front apartments with unobstructed views of the Arabian ocean. The 85,000 sq.
ft. development consists of 250 units. Planned solely as a residential development on the
Palm,Sereniaensuremaximumprivacytoitsresidences. Itconsistsofone-tofour-bedroom
apartments and penthouses with exclusive beach access. Palm Developments specializes
in creating prime boutique real estate projects across Dubai such as Infinity- Cayan Tower,
Silveren Towers and The Jewel to name some. These past projects will assure any investor
the quality and the luxury of Serenia Residences.
COMPLETION DATE:
NOT DECLARED
PROJECT: SERENIA RESIDENCES
PRICES STARTING FROM
AED2 MILLION
AREA: PALM JUMEIRAH SCHOOL
RESTAURANT
HOSPITAL
9.9KM
1.8KM
9.7KM
May 2015 Issue -30 /// 44
propertyonline.ae

JECT WATCHROJECT WA
MARKET
COMPLETION DATE:
PHASE1INFIRSTQUARTEROF2018
PRICES STARTING FROM
NOT DECLARED
AREA: DUBAI WORLD CENTRAL
SCHOOL
RESTAURANT
25.2KM
7.5KM
MAG 5
BOULEVARD
M
AG 5 Property Development
is a dedicated real estate
development company which
focuses on affordable housing
sectorbyemployingthehighestofstandards,
withaparticularfocusonprojectsthatdeliver
long-term benefits to medium-income
investors and end-users.
MAG Property Development and MBM
holdings jointly launched a new residential
community called MAG 5 Boulevard in
Dubai World Central (DWC). With an
estimated construction value of AED700
million, the project will comprise over
1,000 residential units complemented by
anarrayofretail,dining,leisureandentertainmentamenities.
MAG 5 Boulevard will be a low-rise residential development
offering extensive landscaping, pools, outdoor leisure spaces,
children’s areas and a community centre. It was meticulously
planned to cater to the need of middle income earners and
their families who prefer tostay close to their respective
places of work, yet still enjoy the benefits and quality of a fully
integrated modern community.
PROJECT: MAG 5 BOULEVARD
HOSPITAL
23.6KM
May 2015 Issue -30 /// 45
propertyonline.ae

T
hese are times when everyone
talks about stability in Dubai real
estate market and most of them
are happy about the current
scenario, which opens up opportunities
for end-users and investors alike. Given
the present state of the market, it is not
surprising that a lot of new real estate
companies are opening up and some
of them are here with a clear vision and
well-thought-out strategies. Property
Timescatchesupwithonesuchrealestate
industrymember,IsmailAlHammadi,who
is the Managing Director of Al Ruwad Real
Estate Consultants, which was launched
in January 2015.
Kindly tell us more about Al Ruwad
Real Estate Consultants?
Al Ruwad is a newly established UAE
National company that is at an ascent
stage of its growth. This company is fast
emerging on the strength of our nation,
anditsgoalistostandtallamongthebest
establishments in the world. Al Ruwad
draws its inspiration from the vision of
His Highness Sheikh Mohammed bin
Rashid Al Maktoum, UAE Vice President
and Prime Minister and Ruler of Dubai,
which is to pursue relentlessly towards a
culture of innovation and excellence. Al
Ruwad has always had a focused goal.
Ever since its inception, the company
concentrated its energies in the property
industry, which included the industrial,
hospitality, commercial, residential,
educational and health sectors delivering
key solutions to all its property customers.
The one-stop-destination for all investors,
Al Ruwad attends to its clients’ timely
needs by providing appropriate and
accurateinformationbasedonresearches,
studies and analysis of the daily property
transactions taking place in the market.
This efficiency of the company have led
many regional and local companies and
real estate developers to tie up with Al
Ruwad.Mostrecently,companiesfromthe
Gulf Cooperation Countries (GCC) entered
into exclusive agreements with Al Ruwad.
With over 16 years of experience in
the real estate industry, you have
witnessed the growth of the Dubai
property sector along with its ups and
downs. In your opinion, where is the
market heading in the future?
In the real estate industry, there are
always ups and downs. However, this is
a common phenomenon and is healthy
for its growth. In my opinion, I would say
that the outlook of Dubai’s real estate
sector for the coming five to seven years
is one of sustained growth and stability
despite the decrease of oil price in the
world. This trend has been a feature of the
city’s property market since the year 2012,
with the growth in the market being met
bydemandfromlocal,regionalandglobal
property investors.
Furthermore, the investors have
a renewed confidence and thus the
market has been witnessing transactions
across freehold and leasehold sectors
with the introduction of new projects
across residential, hospitality, retail and
commercial. Over the years, we can say
that Dubai’s real estate sector has come
a long way right up to a developed
stage where its growth and decline will
go through a cyclic order based on the
economic conditions.
Despite the sudden surge of rents
for freehold properties in 2014 shooting
to higher levels, the prices and rents later
on showed a decline to a more realistic
level. The bottom-line is that the market
will respond to the demand-supply
curve and prices and rents will shift
according to these factors. Additionally,
the hospitality real estate market is
continuing to grow at an equally steady
rate with the government supporting the
introduction of more mid-range hotels
and accommodations leading up to the
year 2020 and beyond.
When will Expo 2020 have a positive
impact on the market?
ThepropertysectorintheEmirateisn’tonly
driven by the Dubai Expo 2020. In fact, it
is the major real estate developments,
including Burj Khalifa, Dubai Mall
and others developments by Tecom -
member of Dubai Holding along with
the Emirate’s modern infrastructure and
airports that have facilitated in Dubai’s
prestigious win of Expo 2020. Factors
such as Dubai's increasing popularity
as a tourist destination, business and
aviation hub play a major role in fueling
the global investor’s demand for real
estate. Another point to take note of is the
growing importance of airports, which
is shaping the real estate investment.
Dubai’sgrowingpopularityasanaviation
hub has also supported the city’s rise as a
staging post for international real estate
investment.However,thisbigglobalevent
will definitely aid in steering this Emirate’s
real estate sector towards increased
growth pre and post 2020.
What are the plans for the future?
And as part of the expansion strategy, Al
Ruwad is expanding its activities into other
Emirates too. All this so that it can meet the
clients’everincreasingdemandforAlRuwad
services. Our aim is to become a holding
company in a short span of time.
DRIVEN BY PASSION AND A VISION
In conversation with Ismail Al Hammadi, Managing Director, Al Ruwad Real Estate Consultants By Binesh Panicker
MARKET
May 2015 Issue -30 /// 46
propertyonline.ae

I
n a landmark move, the Dubai
International Financial Centre (‘DIFC’)
has set the ball rolling for the introduction
of new rules relating to succession and
inheritance matters of non-Muslims owning
assets in the Emirate. On November 16th
2014, the DIFC’s Dispute Resolution Authority
launched a month-long consultation with
the public UAE legal community on a new
English language DIFC Wills and Probate
Registry (‘DIFC WPR’).
The DIFC WPR has begun to register
Wills on 30th April 2015 and the much
anticipatedrulesandprocedureswillprovide
certainty to non-Muslims in passing their
assetsinDubaitotheirchosenheirs. Thiswill
avoid the need for an appointed executor or
theirheirstobeinvolvedincomplicated,costly
anduncertainproceedingsoftenencountered
in the Dubai Courts.
The DIFC will become the first
jurisdiction in the region where a non-
Muslim individual can register a will under
the internationally-recognized Common
Law principles. Currently, the distribution of
assets of a deceased is guided by UAE federal
laws such as the Personal Status Law, Civil
Transactions Code and by public order.
The background to the rules:
Currently the dilemma of the contradictory
legislation where inheritance matters are
concerned,coupledwiththelegaluncertainty
of expatriate wills and the Courts discretion
in applying Sharia Law (when they consider
it appropriate), will welcome such a move.
Inorder to avoid lengthy and costly probate
battles at the Dubai Court, the risk of
estates being contested and the conflicting
inheritance laws, many expatriates transfer
their assets into offshore structures. Such a
shift is common where property is purchased
as there is no right of survivorship concept in
the UAE (that is property passing onto the
surviving joint owner upon the death of the
other owner) and this is a serious concern for
manyinvestors. Guardianshipissuesforthose
parents that have minor children residing in
Dubai is also a common fear.
The fixed distribution of assets as per
UAE law and the freezing of bank accounts,
for example, tend to make expatriates
uncomfortable in retaining funds leading
them to transferring funds offshore and out
of the jurisdiction. This naturally affects the
economic growth and further investment in
Dubai and the surrounding emirates.
Brief details of the upcoming DIFC Will
and Probate Rules:
1.The DIFC WPR will mark the introduction of
a new set of rules relating to succession and
inheritance matters for non-Muslims with
assets in Dubai.
2. The DIFC WPR will provide a mechanism
for non-Muslims with assets in Dubai only to
passontheirestatesaccordingtotheirwishes.
3.ThetestatormusthavereachedtheUAEage
of legal majority (21 years) to prepare a Will
and must be non-Muslim.
4.ThetestatormustownassetsintheEmirate
ofDubaibutthereisnoresidencyrequirement
-non-DubairesidentscanregisteraDIFCWill.
5.The assets dealt with under a DIFC Will are
limited to Dubai assets. Those assets held in
any other Emirate, and outside of the UAE,
cannot be dealt with under a DIFC Will.
6. A DIFC Will can also cover guardianship
if the testator has minor children living with
them in Dubai.
7. The rules governing the DIFC WPR will
complementexistingUAElawsoninheritance
for non-Muslims, and provide non-Muslims
with the option and right to choose the way
in which their estates are distributed.
8. The DIFC WPR will be within the DIFC
jurisdictionandwillworkwiththeDIFCCourts
for the production of grants and Court orders
for the distribution of assets. As the grant is
issued by the DIFC Court, it will be directly
enforceable in Dubai without the need to go
through the Dubai Courts.
9. The DIFC will be the first jurisdiction in
the MENA region, where non-Muslims can
registeraWillunderinternationally-recognized
common law principles.
Due to our established Wills and
Inheritance Department at TWS, we
are pleased to have participated in the
working group involved in formulating and
contributing to the DIFC WPR Rules. The
current thought is that the DIFC WPR would
register the Wills of non-Muslims and, upon
receiptofevidenceofdeath,issuethenecessary
Courtorderstoallowforthedistributionofthe
deceased’sDubaibasedassets(aswellasCourt
ordersrelatingtoGuardianship)inaccordance
with the registered Will.
Also, as a “common law” jurisdiction,
the use of the DIFC procedure would allow
for testamentary freedom for dispositions
for non-Muslim expatriates and a speedy
and orderly administrative process of a
deceased non-Muslim’s estate in Dubai.
OncetheRegistryisinplace,precedentswould
organically evolve and providing a greater
degree of certainty in the handling of such
inheritance cases in the future.
NEW DIFC WILLS AND PROBATE REGISTRY
By Nita Maru, Managing Partner of TWS Legal Consultants
MARKET
May 2015 Issue -30 /// 48
propertyonline.ae

N
ow that the market has entered its
correctionphase,thetimehascome
toconsiderwhetheryoushouldtake
advantage of value opportunities
thatarestartingtoappearandbenefitfromthe
capitalappreciationthatislikelytoaccumulate
over the coming five to seven years. For those
who don’t have the cash readily available, the
first step is to organise a pre-approved home
mortgage.It’salwaysbesttobeinapositionto
make an offer for a house with your mortgage
pre-approval in place rather than expect to
arrange your mortgage once heavily involved
in a negotiation process.
So, how to go about selecting the right
mortgage for you?
You must first envisage your economic
circumstances at least two years into the
future and ask yourself the question … “Given
my projected earning capability and desired
lifestyle, what mortgage payment will be
financially feasible and acceptable to me in
two years’ time?”
Why two years’ time? … because
most mortgages interest rates on offer at the
moment are locked in for two years, after
which you will be subject to likely interest rate
increases as after an initial two year period of
fixed interest rates, the mortgage reverts to a
variable rate.
First of all, estimate your projected
earning capability. Be real. We all hope to
progress rapidly in our professional (a.k.a.
financial) pursuits but there are generally
morepeopledisappointedthandelightedwith
their achievements. And, notwithstanding the
latest reports of 5% salary increases for Dubai
employees in 2015, history has shown that
salary increases generally tend to lag cost of
living increases so conservatism in estimating
future cash-flows is a must. Then there is
lifestyle.Isthereanewbabyplannedinthenear
future? … a new car perhaps? What effect will
significant family or lifestyle events have on
disposable income? Are there existing children
whowillneedtostartschoolinthattimeframe?
Alltheseeventswillhaveaneffectondisposable
income and thereby decrease the financial
flexibility to address interest rate shocks. And
finally, what is financially feasible may not be
acceptable to you or your spouse. How much
sacrifice are you and your partner willing to
make to service your mortgage? What are you
willingtodowithoutandwhatlifestylechanges
are you prepared to make? Once again, being
honest with oneself is paramount.
So, notwithstanding correcting
markets, value opportunities and cheap
finance, cautious financial planning based
upon realism and self-honesty is key when
planning the purchase of your dream home.
Your future happiness could well depend on
it. As a general guide, we recommend that not
more than 40% of your household disposable
incomebedevotedtowardspayingdownyour
mortgage.Soonceyouhavedeterminedwhat
typeofrepaymentyouarewillingtocommitto,
then it’s a case of determining the mortgage
amount you can actually afford. This will be
determined by the Loan to Value ratio (LTV)
you are prepared to accept, the amount of
yourowncashsavingsyouarepreparedtoput
towardstheproperty,thetenureoftheloanand
the interest rate that you expect to be paying
initially and well into the future.
When talking to mortgage providers,
they will help you assess what mortgage is
best for you by looking at a number of specific
factors such as other debts (including credit
cards) you may have, reliability of current
and future income streams, the Loan to Value
ratio that you would be seeking, the type of
mortgage you prefer, your true disposable
income and what other assets that you may
own. Don’t be surprised if different mortgage
providers suggest significantly different
mortgage solutions for your requirements
including repayment options. These will
include the most common type of mortgage
known as the Capital and Interest (Reducible
Balance) Repayment Mortgage but you may
also consider interest-only payments, part
repayment and part interest-only mortgages
although these types of mortgages are usually
usedforveryspecificinvestmentpurposes.Then
it’s a case of deciding if you wish to undertake
a fixed rate, variable rate or fixed/variable
combination mortgage. Once again you need
to think long term. If you think that mortgage
rates are likely to rise and you would like to lock
in a fixed rate of interest for the foreseeable
future as long as you understand that once
the fixed interest rate term comes to an end,
a variable interest rate will apply. In many
cases, the variable rate will be greater so
planning is essential. If however, you expect
interest rates to fall in the near future, a
variable interest rate mortgage would make
better financial sense as long as you have the
flexibility to handle an increase in mortgage
payments if interest rates do not follow your
predictions and unexpectedly rise. There are a
number of items which you should pursue as
part of your mortgage negotiations. Try and
have the mortgage establishment fees waived.
Dependingontheinstitution,thismaysaveyou
up to AED3, 000. Also request that you are not
penalisedforpayingthemortgagedownfaster
or in its entirety. By law, the mortgage provider
cannot charge you more than 1% of the
outstandingamountoramaximumofAED10,
000, but you should try to have this stipulation
dropped from your mortgage contract.
And finally, make sure your mortgage
provider will allow you to utilise the equity
being built up in your home as you diligently
pay down your mortgage. This equity will
compound if the value of your property is
increasing due to favourable economic or
market factors. Some lenders will allow you to
usethisequityassecurityforfurtherborrowing.
This can be very handy if you want to make
some major home improvements, buy a new
car or perhaps invest in another property .
When selecting a mortgage, the key is to know
what you need and pick the one that best suits
you over the long term.
SELECTING THE RIGHT MORTGAGE…
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
May 2015 Issue -30 /// 49
propertyonline.ae

A
s we enter the second
quarter, there seems to be
no end to the continuous
stream of new developer
releases, launches of world record
breaking super projects and
confidence boosting articles hitting
the headlines almost daily. In
reality however, all may not be as
it seems and although Dubai is still
experiencing an active property
market stimulation from the Expo
2020 announcement last year,
calmer waters with reduced property
transactions are being experienced
across the Emirate.
CONFLICTINGREPORTS:BUTWHAT’STHEREALTY?
Chris Whitehead, Managing Director, ERE Homes
With many communities continuing
to decline in price and the average
sq.ft. in Dubai being traded for at
least 10% less than it was three
months ago, the introduction of
increased transfer fees and reduced
loan to value percentage has most
certainly now made a noticeable
impression on the property markets.
As is the case with most countries
around the world, injecting
confidence is always at the forefront
in boosting any city’s economy and
helpstoensurethatthesteadystream
of investors’ monies continues.
Although Dubai can never be accused
of being shy and with a track record
of copycat behavior, a reluctance
to create any negativity should be
considered calculated. Although
this may be deemed biased and is
possibly based on protecting Dubai's
investor confidence, ERE views this as
an extremely prudent decision. With
the property market experiencing a
healthyandanticipatedcorrectionand
with pockets of growth still remaining
strong in many developments, to put
a cat amongst the pigeons is indeed a
wise choice.
Dubai Marina
MARKET
May 2015 Issue -30 /// 50
propertyonline.ae

A
s environmental con-
sciousness is blooming
among travellers, hotel
operators and devel-
opers simply can’t afford not
to follow the trend. While
green practices among
operators are on the
increase, hotels on the
drawing board are
catching up,hos-
pitality experts
concur. “More
travellers are
becoming
environ-
men-
tally
as Dubai Municipality to promote
the Green Key programme, engage
hoteliers in green initiatives and raise
awareness among end-users,” Amelie
explains. Gerry Rogers, Senior Asso-
ciate at Galadari Advocates & Legal
Consultants, feels an opportunity for
creating guilt free stays, despite ram-
pant consumerism, exists, naming
Banyan Tree as an example. Ahmed
HOTELS ENCOURAGE GUESTS
TO WALK THE GREEN PATH TOGETHER
A global study found that 80% of travellers would choose a green hotel over one that is not, and 40% were prepared
to pay more, if they trusted the certification. By Nicole Walter/freelance writer
conscious and will choose a ‘green’
hotel over one that isn’t. This is a
trend, which is only going to become
stronger in the future,'’ remarks Ame-
lie Zegmout, Board Member of Emir-
ates GBC.
EmiratesGBC has been looking
after the international ‘Green Key’, an
eco label since 2013 here in the UAE.
Up to date 2,400 hotels in 48 coun-
tries have been labelled, including 24
hotels in the emirates. The organi-
sation is also creating a ‘green’
benchmark report for hotels to
measure themselves against.
Amelie says many more
hotels have been applying
for the label. Guests, she
believes, would appreci-
ate the label but more
awareness needed to
be created. “It is all
about education,
making green a
socially acceptable
behavioural trend.
We cooperate
with UAE tour-
ism authori-
ties, as well
MORE TRAVELLERS ARE BECOMING
ENVIRONMENTALLY CONSCIOUS
AND WILL CHOOSE A ‘GREEN’
HOTEL OVER ONE THAT ISN’T. THIS
IS A TREND, WHICH IS ONLY GOING
TO BECOME STRONGER IN THE
FUTURE.AMELIE ZEGMOUT
BOARD MEMBER, EMIRATESGBC.
HOSPITALITYpropertyonline.ae

AlMahmoud, Head of Strategic Plan-
ning at the Ajman Tourism Develop-
ment, which is working on its own
green framework, points out some
challenges faced in this region. “If
people thought like in Europe, then
we wouldn’t need to implement rules,
but our Arab culture is different we
need to teach to change, wasting
food for example is very normal in
my culture,” he says.
Sandrine Le Biavant, Director
- Consultancy at Farnek, which has
been advising hotels on green strat-
egies, is rather upbeat about current
initiatives taken by hotels in the region
and guest responses. A global study,
she pointed out, found that 80% of
travellers would choose a green hotel
over one that is not, and 40% were
prepared to pay more, if they trusted
the certification. She highlights TIME
Hotels, as a shining example. Its car-
bon-offset programme offset 320
tonnes of carbon within nine months
at its two busiest properties. Guests
were asked to contribute AED15
per stay, 1,200 participated, and the
money was sent to ‘myclimate’ - sup-
ported projects in Africa, according to
the operator. “It proves bonding with
customers , around 70 percent of their
customers are Arabic, everyone wants
to feel good. Other hotel groups have
also shown interest,” Sandrine empha-
sizes. In the meantime, TIME Hotels
has gone a step further committing to
using homemade products and local
sourcing whenever possible, and is
now also asking AED10 from every
delegate at conferences it hosts.
“Equally, event planners
want to offset their travel carbon
emissions, green meetings are
good business,” remarks Sandrine,
lamenting that not enough hotels in
the UAE offer this option.
IF PEOPLE THOUGHT
LIKE IN EUROPE, THEN
WE WOULDN’T NEED
TO IMPLEMENT RULES,
BUT OUR ARAB CULTURE
IS DIFFERENT WE NEED
TO TEACH TO CHANGE,
WASTING FOOD FOR
EXAMPLE IS VERY NORMAL
IN MY CULTURE.
AHMED ALMAHMOUD,
HEAD OF STRATEGIC PLANNING,
AJMAN TOURISM DEVELOPMENT
HOSPITALITY
Sofitel Dubai the Palm Resort & Spa
May 2015 Issue -30 /// 52
propertyonline.ae

THE COST OF GOING GREEN
Not everyone is following the green
path when developing hotels either.
The key sticking point remains cost ver-
sus profits. “Owners want to know how
much value it is going to add to their
asset and return on investment (RoI),
while hotel operators are driven by their
CSR and their own green guidelines,”
says Mike Wakefield Senior Associate at
Galadari Advocates & Legal Consultants.
To international operators it seems a
non-brainer, building sustainable hotels
cuts operational costs and that has a
positive effect on the bottom line. “We
have implemented a lot of sustainabil-
ity elements and our owners are happy
that we’re saving, not only water and
reducing our carbon emissions, but on
the bottom line of their property as soon
as after six months of operations,” says
Rohit Salunke, Director of Engineering
at Sofitel The Palm.
The decisive action has garnered
the hotel a Green Globe label, another
international certification for sustainable
tourism, an important achievement
also in view of attracting guests. “It is
socially responsible and we know that
customers are getting more focused on
green,” concurs Mark Willis, VP Middle
East and sub-Saharan Africa at the Rezi-
OWNERS WANT TO KNOW
HOW MUCH VALUE IT IS
GOING TO ADD TO THEIR
ASSET AND RETURN ON
INVESTMENT (ROI), WHILE
HOTEL OPERATORS ARE
DRIVEN BY THEIR CSR
AND THEIR OWN GREEN
GUIDELINES.
MIKE WAKEFIELD
SENIOR ASSOCIATE,
GALADARI ADVOCATES & LEGAL
CONSULTANTS
HOSPITALITY
EmiratesGBC hosts Green Hospitality in the UAE
May 2015 Issue -30 /// 53
propertyonline.ae

dor Group, which is ‘Green Keying’ its
properties in the region. However, for
the green concept to work best every-
one, owner, operators, architects and
consultants, have to gel at the draw-
ing board.
“We’re on board from the design
stage, then you can really have an
impact. Often there is a slight cost
increase but you can put the long-
term financial gain for the investor
on the table. We haven’t had one
owner who didn’t say this wasn’t a
good idea,” Mark adds. Rohit says,
though, this was the ideal scenario,
yet often operators arrived too late
in the development process. “To
add green elements at a later stage
is expensive,” he says, suggesting
a DTCM classification link to green
labels could serve as encouragement.
Marco Vucinic, VP MEA at JLL Hotels
& Hospitality Group, points out not
all owners, nor travellers, are on the
same wavelength as of yet, more
awareness was required. “Although
we’re working on proposals to ‘green’
existing properties, owners’ percep-
tion remains it is more costly to build
and are reticent to spend. Consumers
won’t spend more to stay at a green
hotel,” he remarks.
“Having said that, trends in the
UAE tend to follow those in the West
by five years, so not being green will
eventually become socially unaccept-
able here as well. So any hotel being
built today should follow this trend,”
he adds.
As far as Bill Leeman, Property
Project & Facility Manager at Pre-
mier Inn, as an owner and operator,
is concerned, it actually didn’t cost
more to build an environmentally
friendly hotel. “Indeed, we do, there
is a potential of increasing efficiency
by 25% meaning savings for build-
ing owners from the start,” he points
out, calling on the law to enforce
green hotels.
ALTHOUGH WE’RE
WORKING ON PROPOSALS
TO ‘GREEN’ EXISTING
PROPERTIES, OWNERS’
PERCEPTION REMAINS
IT IS MORE COSTLY TO
BUILD AND ARE RETICENT
TO SPEND. CONSUMERS
WON’T SPEND MORE TO
STAY AT A GREEN HOTEL.
MARCO VUCINIC
VP MEA, JLL HOTELS
& HOSPITALITY GROUP
HOSPITALITY
TIME Oak Hotel & Suites
May 2015 Issue -30 /// 54
propertyonline.ae

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