Dubai Property brokers’ commission settles at Dh1.5b previous year

According to DLD report, registered property brokers of Real Estate Regulatory Agency (RERA), the regulatory hand of Dubai Land Department’s (DLD), earned Dh1.5 billion commission last year.

It has been announced by DLD that the total value of the commissions of real estate brokers’ for previous year amounted over Dh1.5 billion which resulted from 32,932 transactions, although Dubai’s real estate market also attracted 5,933 active brokers and 2,285 registered brokerage offices.

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Picture Courtesy: bestagentdubai.com

Deputy CEO of RERA, Yousif Al Hashimi said that the brokers and real estate offices have a crucial role to play in the real estate market promotions in Dubai. DLD has made sure of the legality of their activities through issuing of legislations which guarantee all party rights and also through an introduction of numerous training courses. These training courses are designed with a view to helping brokers and real estate offices work so that they can operate on more efficient and transparent basis, providing excellent customer service and answers all the inquiries professionally.

DLD’s report also discloses that citizens of UAE are ranked first when it comes to a number of brokers in the market, followed by Indian nationals and Pakistani nationals, who are also excellent in this area. Other most active nationalities in descending order in this real estate market are United Kingdom, Egypt, Russia, Jordan, Lebanon & Philippines.

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Picture Courtesy: www.icssecurityforum.com

The growing presence of female brokers in Dubai’s real estate market is also confirmed in this report. Currently, there are 1,946 active female workers in this field, compared to 3,987 male ones, representing total 33% of the numbers of brokers.

High-income commissions were secured by the Brokers and real estate offices operating at Emirates through offering their services to the investors and real estate development companies around the world. Partnered, they performed 32,932 transactions valuing at Dh 1.52 billion.

Concluding, Al-Hashimi said that the high volume activity of brokerage in Dubai is the aftereffect of the really good health of the local real estate market. The market has attracted a large number of brokers with its incentive environment, from around the world, promoting Dubai real estate both locally and globally.

 

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Categories: Dubai, News, Real Estate

Alshaya Comes Together With Al Khail Avenue Thereby Nakheel Have More Brands On Its Shopping List

Nakheel Malls has commenced its growth plan of 2017 by signing Alshaya, the Middle East retail giant for 25 brands covering 100,000 square feet of shopping space at the forthcoming Al Khail Avenue mall at Jumeirah Village in Dubai.

Most famous fashion, lifestyle and food brands of Alshaya involves Debenhams, Muji, Foot Locker, well knownH&M, Mothercare, Eagle Outfitters, Boots, P.F. Chang’s American and IHOP, these will join Al Khail Avenue’s rapid developing collection of shops, restaurants, café and services.

This new collaboration will reinforce the long-term relationship of Nakheel’s with Alshaya, which has extensive retail space at Ibn Battuta Mall as of now and is still exploring for more opportunities at other retail developments of Nakheel.

Al Khail Avenue is currently under construction on the eastern edge of Nakheel’s Jumeirah Village Triangle community along Dubai’s Al Khail Road which has 1.2 million sq ft of retail space consisting of 350 shops, a wide range of dining outlets & a 14-screen cinema complex. The mall will be attached to a hotel of 256-room, expected for completion in 2018.

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Picture Courtesy: www.thenational.ae

More than 3/4th of shopping space at the Avenue is already booked for now, with more deals in the queue. The Al Tayer Group & Landmark Group and are also confirmed of Dubai, which will take 275,000 sq ft of space between brands like Home Centre, banana republic, Fun City, Gap, Centrepoint, Reiss, and Mamas & Papas. Waitrose and Reel Cinemas are also engaged.

The Director of Nakheel Malls says that they are pleased to cement their long-term partnership further with Alshaya by welcoming them to Al Khail Avenue.

Al Khail Avenue will prove to be a magnet for well-known brands of shopping, dining and entertainment, and their recent collaboration with Alshaya marks the retail space very much in demand by both perspectives, of an industry as well as of consumers.

The strategic location of the mall is amidst many established & rapidly-developing residential communities and is in close proximity to several commercial hubs involving JAFZA and Dubai World Central & thus making it the ideal destination to shop for people living in the area, and a new venue for more broad residential, business and tourism communities of Dubai.

Nakheel, according to Senior VP of one of Alshaya’s retail property have an excellent understanding and dynamics of the market. The scale and location of the avenue has great opportunity for them to extend their reach to the customers of UAE and they look forward to working with Nakheel to deliver more world class shopping and dining choices.

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Categories: Dubai, News

Masdar City Soon to Witness Eco Villa Prototype

The pilot project of Masdar City’s Eco-Villa, integrating water and energy-saving technologies, has completed. At Abu Dhabi Sustainability Week 2017, it was announced that UAE national family is ready to living in the prototype sustainable dwelling.

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Picture Courtesy: emirates247.com

It marked its launch in front of Sheikh Bin Mohammed Zayed Al Nahyan, UAE Energy Minister, Minister of State and Chairman of Masdar city. Energy Council head & Abu Dhabi’s Executive Council Member, CEO of Masdar, Abu Dhabi’s company of renewable energy.

According to Abu Dhabi’s urban Planning Council’s Pearl rating system, the 405 square meter eco villa is the first one to reach to 4 rating. Comparatively, it will use up to 72% less energy and 35% less water than a typical villa in Abu Dhabi, displacing an expected carbon dioxide of 63 tons per year.

The cost of a conventional home of the same size is as same as the cost of construction, the efficiency of its energy and water will also lower the running costs considerably.  A 97-kilowatt hour of electricity is expected to be consumed by a 4 bedroom property per square meter.

The prototype is adequate of supplying almost 40,000 KWH of electricity nationally, fully equipped with 87 rooftop solar panels. A further effect on the environment is reduced by a suite of passive energy and water saving design features.

The executive director of sustainable real estate sector of Masdar city, Yousef Baselaib says that the people assume the option of sustainable design to be costly but the eco-villa challenges this misconception.

The principles of sustainable urban development are in line with the eco-villa project i.e. in terms of cost efficiency, sensitivity to the environment and culturally appropriateness in its design and functionality. Because of its energy and water efficiency, residents will receive reduced bills power and water.

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Picture Courtesy: www.arabianbusiness.com

Once a household moves in, Masdar’s team monitors the villa’s energy, water, and waste management performance. It shows that the sustainable design can be implemented as per the environment, social and economic demands of the gulf region.

Masdar City, the most sustainable and home to almost 300 full-time students of the Institute of Science & Technology have 2000 apartments under construction by third-party investors. The residential population of Masdar city because of this will be more than 3,500 people in the coming 3 years span of time.

Around 2,000 apartments are either under construction or in design through Masdar or third-party investors. This will bring the residential population at Masdar City to more than 3,500 people over the next three years.

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Categories: Abu Dhabi, News, Real Estate

105km Cycle Tracks to be created by Nakheel by Investing Dh150m over Dubai

Nakheel, the master developer is investing Dh 150 million to create 105 km bicycle tracks to the communities created by it across Dubai, linking all the routes to the cycling master plan of the Government.

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Picture Courtesy: emirates247.com

Scenic and secure bike routes are being constructed to encourage recreational cycling and promoting health & well being across all the households of all ages. This is a part on Nakheel’s commitment for enhancing the developments with new services and facilities.

 The developer is also building a super loop of 10 km for experienced ones- as the part of cycle route web. The cycling Master plan of Nakheel communities mapped out on 18th Jan 2017 by their chairman and it is expected to get done by the next 2 years with phased delivery between now and 2nd quarter of 2019.

A series of subsequent bike tracks has been planned by Nakheel once 105 km are completed. One of the fastest growing activities in Dubai is cycling with an increasing number of events and group performing & promoting the sport and taking initiatives. Bike paths are required for allowing new and experienced cyclists to ride safely without the use of roads.

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Picture Courtesy: www.thenational.ae

 Nakheel’s new Nad Al Sheba community is already under construction of a 5 km track along with Bin Zayed road in Dubai. Other developments covered by first phase are Jumeirah Heights, Parks, Islands and Village, Al Furjan, Discovery, The Gardens and View Villas.

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 Picture Courtesy: emirates247.com

The chairman of Nakheel said, Cycling in Dubai has witnessed popularity hugely over the past few years with the government creating awareness with the sport having world class events such as Dubai Tour and by building hundred kilometers of bike paths over the city.

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Picture Courtesy: emirates247.com

Through the new cycling track, cycling will be more accessible and will inspire people to practice pedaling to get fit, socialize and help the environment. Under the plan, people will also travel to shop; go to school and at their friend’s house without getting into the car.

It will induce people to take up cycling as a sport and recreational activity in turn promoting health and fitness among all the age groups. It will also offer something for the experienced ones who are going to get benefitted from new routes linked with Dubai’s existing path and with 10 km super lap.

The new route will be along the Nakheel’s most prestigious communities and the cyclist’s journey will be enhanced by lush green scenery.

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Categories: Dubai, News, Sports

Reasons why Studio is preferred to live in Dubai?

A burning question that many residents of Dubai real estate sector keep on asking is that building an asset or live comfortably which continues to have endless opportunities for a wide cross-section of a population. For an increasing number of young ones coming to work and settle in Dubai, the answer appears to be a no-brainer and small units are picking momentums in this demographic.

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Picture Courtesy: www.ujjwalarya.com

It’s a logical choice for the residents to live in studios especially for those who want to build an asset but don’t have the means to purchase the large size apartments.

The strong demand on the other hand for studios in the rental market has also directed to high yield thereby propelling investors in this segment. A large number of studios and 1 BHK’s have been launched by the developers seeing the current market trends.

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Picture Courtesy: www.ujjwalarya.com

According to the founder and chairman of Danube Group- the land permit on each plot differs for each community. When generalizing the projects, however, over 50 buildings will comprise studios and the rest is split among creatively designed 1 BHKS’s which can get converted into 2 BHKS’s and conventional ones.

Dubai is continuously developing as a global destination, and as it does, the cost of living in the prime locations is also increasing sharply making the small accommodations that are competitively priced, more attractive. The smart solution is needed to get settled in these areas allowing fitting more in less space- says Sajan, the owner of Danube Properties, a real estate development arm, building projects of a sizeable amount of studios. Not only the studios but one and two BHK’s are also attracting good demand.

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Picture Courtesy: www.zabadani.ae

Studios when calculated on the basis of cost acquisition, comes at the highest price per square foot. However a significant part of the population involves bachelors who are working and couples without kids in the mid-segment category, demand remains strong.

Sajan further emphasizes that in mature markets, the affordable housing segment retains high demand. He further points out that it is quiet the challenging part of the market because consumers search for extra value for their money which can be difficult for the developers that are trying to keep the costs low.

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Categories: Dubai, Life Style

Dubai’s Third Largest Hotel- the Westin Opens

The third-largest hotel in Dubai is now ready to do business. The Westin hotel in the city of Al Habtoor, not The Westin Mina Seyahi, has 1,004 rooms in 40 floors. It ranks 3rd after Atlantis, The Palm with 1,539 rooms and JW Marriott Marquis Dubai of 1,608 rooms.

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Picture Courtesy: www.cntravellerme.com

Hotel Westin is beside fellow Starwood Hotels W Dubai with 356 rooms & St. Regis Dubai of 234 rooms, and also three residential buildings and future aquatic theater named La Perle. The complex ignores the upcoming Dubai Canal in Al Wasl.

If one of The Westin’s rooms is booked for Eid, you can get the deal done for Dh660 per night which involves breakfast. Don’t wait if the thought is provoking.

The heavenly suite of Westin is still under construction and will be until the end of this year. It spans the entire top floor and costs around Dh35,000 a night when the season is low.

The suite is 425-square-metre with two bedrooms, a game room, two living rooms and a dining table for 10 people. A club lounge is under construction situated just beneath it.

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Picture Courtesy: 7days.ae

The Presidential, being a second-most luxurious suite, is on the 38th floor. There are four Grand Suites on floors 34-37. After which, you have the Executive Suites & the Family ones where children’s play room is there with a tepee and bowling pins which can be switched out as a desk or gym equipment. 14 percent of the hotel’s inventory is suites & that’s total of 142 rooms.

Westin Hotels & Resorts has its headquarters located in Connecticut. It was founded back in 1930. The motto/ slogan is, ‘Leave better than you came’. They operate & believe on six pillars: move well, eat well, play well sleep well, feel well and work well. All of those are explained below:-

Move well: The hotel has an area for a gym and a program of gear-lending, where one can rent out sneakers and workout clothes while your stay. A “run concierge” is also available, full of maps and routes of the best places to run.

Eat well: 26 super foods consisting of ingredients good for one’s well-being & energy are included in the hotel’s recipes. It’s not boring, one can still have a chocolate croissant, but rather with dark chocolate.

Play well: The meaning of play can be different to different people — there’s Kids Club for children with the variety of food, entertainment or exercise options for adults.

Sleep well: The beds are made up of 10 layers, built in a way that if a glass is placed on one corner and being jumped on the other, the glass wouldn’t topple. A sleep well menu, with several herbal teas, can aid in relaxation.

Feel well: Apart from the spa, the rooms have calm with white tea amenities.

Work well: If space allows, a desk can be placed in the suite, except the meeting rooms, which can be booked over the phone or online.

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Categories: Dubai, Real Estate

Dubai Land Department’s 2016 Media Report Disclosed Real Estate Transactions of Dh259b

The annual report of Dubai Land Department’s (DLD) has unveiled the total value of real estate transactions tracked in the Emirate in the year 2016 as Dh259 billion.

Opining on DLD’s annual report, The Director General of DLD, Sultan Butti Bin Merjen says that the findings in the report certify that the real estate market in Dubai has reached a point of the phase where maturity and stability shows and that it is heading towards sustainable growth.

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Picture Courtesy: takticalrealty.com

He predicts that the real estate market of Dubai will further gain momentum in this year, signifying an upward trend with sustained growth in the run-up to Expo 2020.Real Estate Research and Studies Department at DLD issued the annual report which shared the news.

It involves a detailed insight into the real estate scene of Dubai, the infrastructure and preparations of mega-projects, for Expo 2020 which also discloses that the market is forecasted to gain from this new wave of activity and development this year.

Developers have raised the standard to meet the challenges of this new growth phase, by launching new projects valued at around Dh100 billion, also by completing mega-projects and development of new services to meet increasing demands from various real estate sectors.

New Phase

DLD’s annual report also shows that a total of 60,595 real estate transactions in 2016 are recorded by the Emirates, which went beyond Dh259 billion in worth.

Around 41,776 sales transactions happened which represented a total value of Dh103 billion, while the 15,000 transactions of the mortgage were equivalent to a value of Dh128 billion.

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Picture Courtesy: emirates247.com

Last year, land sales and mortgage transactions depicted a total value of Dh193 billion from over 15,994 transactions which resolve down to mortgages bringing in around Dh114 billion via 5,145 transactions, while sales were insured of Dh55 billion from 9,892 transactions.

Commercial land (already built on) in terms of value, claimed the biggest share, representing 30 percent of the total worth got safe by transactions in 2016.

By segmenting sales and mortgage transactions down with buildings and units, DLD’s report identifies that around 44,602 transactions took place, representing a total amount of Dh66 billion.

Building sales were recorded as 2,626 transactions of Dh7 billion, while the units handled 29,258 transactions of Dh51 billion. In addition to this, the report testifies 1,391 building mortgage transactions of Dh3.4 billion, and 8,000 unit mortgage transactions of Dh10.5 billion.

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Categories: Dubai, News, Real Estate

Easy Payment Plans for “Mirdif Hills” by DIRC

The real estate arm of Dubai Investments PJSC and Dubai Investments Real Estate Company (DIRC), has announced that ‘Mirdif Hills’ project will have easy and flexible payment plans for all of its property purchases.

The payment plan consists of 30% payment while the construction is not completed and still going on and the balance amount which is 70% payment while handing over in the 4th quarter of the year 2018, making the whole process easier for buyers with extended payment terms.

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Picture Courtesy: vizible3d.com

According to the plan, 10 percent of down payment is to be made while booking, which will be followed by 5% payment when signing the sale and purchase agreement during the following 30 days, 5% of it in six months from the date of booking, 5% within a year of booking, and 5% within a year and a half of the booking date.

The balance payment of 70% can be made when handing over.

The General Manager of DIRC, Obaid Mohammed Al-Salami, said that the payment plan for Mirdif Hills is targeted as offering customers added flexibility and feedback resulted from prospective buyers for easier payment terms. There has been encouraging demand for Mirdif Hills which is very flexible & these payment plans are expected to make the process of purchase even more seamless.

The Mirdif Hills valued at Dh3 billion, is the only freehold project in Mirdif right now & is a mixed-use commercial, residential, and retail development stretched across 3.9 million square feet equipped with 1,054 flats  consisting of studio, one, two, three-bedroom apartments & duplex units, 230-bed hospital, a four-star hotel with 116 rooms and 128 serviced apartments.

Being constructed in two phases, Mirdif Hills, is expected to be completed by the start of the 4th quarter of the year 2018.

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Categories: Dubai, News, Real Estate

One Central Project bags Dh725m Contract by Dubai World Trade Centre

Dh725 million worth of contract was awarded to Al Futtaim Carillion by Dubai World Trade Centre to carry out phase 1A6 of One Central which is a major development situated in the heart of the city’s Central Business district between current Dubai International Convention and Exhibition Centre and Emirates Towers.

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Picture Courtesy: emirates247.com

This recent phase of One Central has a built up area of 182,500 square meters and involves two, Grade A office buildings of 12 and 8 story.

The contract will commence from this month and is due for completion at the end of the year 2018.

Al Futtaim Carillion is already done with the earlier phase of 1A2 of the same development, which is now out for lease and currently delivering the contract for Phase 1A5, awarded back in October 2015. The recent contract takes place of the company’s overall value contracts for one central development to Dh 1.8 billion.

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Picture Courtesy: www.venturesonsite.com

According to Gurjit Singh, senior vice president – Real Estate, Dubai World Trade Centre, they are pleased to continue the work with Al Futtaim Carrilion, which successfully have delivered the phase 1 of offices that are fully leased and are operational too. Their current relationship will mark Grade A office properties of a world class standard in Dubai’s commerce corridor.

The chief executive of Carillion Richard Howson added that they are pleased to have got selected for phase 1A6 which is the third one of the One Central Development where they will further witness worthy opportunities coming to the market for which their capabilities and reputations for delivering high-quality standards, safety and reliability will be crucial to the customers. They look forward to continuing their relationship with Dubai World Centre to deliver this growth so important.

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Categories: Dubai, Real Estate

Getting Affordable Housing Bygone in Dubai

Well known UAE-based real estate developers have revealed its business mantra which revolves mostly around delivering high-ended residential units and apartments to the buyers looking for ultimate luxuries. A new trend is coming into the picture of the Emirates’ real estate market which makes aware about affordable living units.

Recently, Dubai is leading in this area. Dubai’s real estate developers can be seen going after the idea of “getting affordable” the results of the move can be shown in new residential development started across the emirates.

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Picture Courtesy: www.thenational.ae

Dubai residents are figuring out new ways to cut down on their rental outgo, because of slight up and downs in the job market. Expat workers in Dubai are taking certain measures for stable remittances and are reducing on rental costs. It has become an obvious & understood way to deal with the issue. Though, several new launches by known and established developers do not only promise low rents, but it may actually allow a chance to tenants to become homeowners.

Flight to affordability

The signs seen in Dubai’s real estate market reveal that a large number of residents are either moving towards affordable areas of the emirate or are entirely moving to a new emirate seeking affordable residential. Most of them, unable to take the decision of migrating to another emirate are leaving behind their large & high-end units for affordable residences. Because of this trend, there has been a rise in vacancy rates for super luxury units, thereby leading to a marked increase in rents for mid-market affordable units that are available in desirable buildings.

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Picture Courtesy: www.propsearch.ae

This has also led to a problem. Mid-market housing units’ high demand is not being properly balanced out by a supply mechanism. Acting instantly to fulfill this demand, Dubai has managed to add 2,000 new mid-market apartments which involve Siraj Tower at Arjan (Dubailand) and 400 units in Dubai Silicon Oasis. Other developments include mid-range Ajmal Sarah Tower and Dubai Sports City, together with Canal Residence West.

Bright side for Owners

Most mid-level units in Dubai are undergoing softening of prices in the past 1 year. In certain most sought-after locations like Discovery Gardens, Bur Dubai, Jumeirah Village, and Al Ghusais, landlords are asking for a rise in rental because of contract renewal. For the relief of middle-income residents, these properties have not entirely left the affordability bracket, even after this.

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Picture Courtesy: www.thenational.ae

Demand for affordable housing units in Dubai will probably continue to be strong. The current shift of Dubai’s real estate sector towards affordability is the good news & it is not only proving beneficial for landlords but is also good news for the tenants.

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Categories: Dubai, Real Estate

Dubai Investments Commences Project ‘Mirdif Hills’

The leading and diversified investment company Dubai Investments PJSC also listed on the Dubai Financial Market has manifested the foundation layout of the Mirdif Hills project, developed by Dubai Investments Real Estate Company (DIRC), its real estate subsidiary.

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Picture Courtesy: www.arabianbusiness.com

Mirdif Hills, the project of Dh3 billion, is the only freehold one in Mirdif right now. It is a mixed-use residential, retail and commercial development extended around 3.9 million square feet and furnished with 1,054 apartments consisting of a combination of studio, one, two & three-bedroom flats, duplex units, a four-star hotel with 116 rooms and 128 serviced apartments and also a 230-bed hospital.

In the presence of Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments and Chairman of DIRC, Obaid Al Salami, who is the General Manager of DIRC, the groundbreaking ceremony was held onsite with company officials and representatives from the project contractors and consultants.

Khalid Bin Kalban, the MD and CEO says that the sales of Mirdif Hills were launched in December, which received exceptional response from investors and end customers, which is a great achievement for the project and it is also an endorsement of not only the featured project but also of Dubai Investments and DIRC’s track record. The launches of Janayen and Nasayem Avenues for sales are at the initial stage.

With the ceremony of groundbreaking, the Company is looking forward to driving the project into completion within the set time limit.

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Picture Courtesy: www.zawya.com

Mirdif Hills built in 2 phases is forecasted to be completed within the 4th quarter in the year 2018.

The real estate company of Dubai has on the offer of attractive payment plans for the project, where the investors can pay up to half during the construction phase and the remaining on its completion.

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Categories: Dubai, Real Estate

Dubai Harbour: New Megaproject revealed by Sheikh

Meeras, the local holding company has been chosen to build the Dubai harbour which is a 20 million sq. feet of megaproject located in the area between Jumeirah beach residence and palm Jumeirah.

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Picture Courtesy: arabianbusiness.com

This will be featured with 1400 berth marina- the largest in the Middle East and North African region as well as a cruise ship port, shopping mall of 3.5 million sq feet, an event area, residential apartments, hotels, offices, retail fronts, restaurants, cafes, public services and “Dubai Lighthouse”.

Sheikh Mohammad Bin Rashid, the Vice President and Prime Minister of UAE revealed the new waterfront destination in front of group chairman of Meeras.

To be developed in phases, the Dubai Harbour project will get completed in four years once started. Sheikh said that he is happy about this new project which represents a different and innovative add-on to the region’s tourism landscape and is also an opener for new opportunities to investors. Dubai Harbour will be a ground which creates a venue for new investments that supports the government’s mission and promises to accelerate the tourism expansion in UAE, already growing rapidly.

He is confident about this project that it will have a very positive impact on the whole tourism sector of the region. They just need to be keen about new projects and promote investments that will contribute to bringing the region’s tourists in experiencing this part of the world.

The project is inspired by the gulf tradition of long maritime which is linked with the evolution of trade and commerce in the area. It is also anticipated to be responsible for the creation of new employment opportunities and attract investments. The destination is also expected to have an incremental effect on the value of neighboring properties.

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Picture Courtesy: emirates247.com

It will be linked with RTA to deliver infrastructure connecting to the surrounded areas providing multi-mode transport system through the development. This involves a bridge connecting Sheikh Zayed road and monorail system thereby linking metro to both Palm Jumeirah and Bluewaters Island. A pedestrian bridge will also be there.

The project will also consist of 3 helipads and several water stations. It will tap vast development opportunities in the maritime tourism industry with building attractive destination for GCC yacht owners possessing one-third of world’s largest yachts.

The project will be having a full equipped port to welcome global cruise liners and full serviced state of the art of 1,50,000 sq feet passenger terminal accommodating 6000 people at a time. Meeras has initiated discussions with four leading global cruise liners.

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Categories: Dubai, Real Estate

Prime Homes in Dubai getting Big Bucks

Established communities are witnessing several buyers lined up for buying properties in Dubai. The buyers still are the king in the property market of Dubai. However, this is true for upcoming community properties where sellers lower the asking price to meet the buyer’s expectations.

Earlier in 2016, several sellers had to accept offers below the price of property marketing rate as the gap widened between what they were demanding and how much the potential buyers were willing to pay. Multiple buyers were lined up with offers with prime communities bucking up this trend.

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Picture Courtesy: www.khaleejtimes.com

Examples are there where a property is at an attractive location, with facilities and amenities, pulling the potential buyers resulting in the offers being increased to secure the home.

Specific communities’ villas such as Arabian Ranches, Emirates Living, The Villa Project and Victory Heights witnessed a slender increase in the actual sale agreed to prices over the subsequent part of the year. Some of the sub-communities, however still require lowering their marketing price to drive buyers for viewing.  The property agency mentions a certain instance in earlier December where an Arabian Ranches homes were sold for Dh 50,000 over the marketing price because the buyer did not want to lose the villa to others.

The locations which experienced price appreciation during 2016 were International City (about 10.3%), Discovery Gardens (up to 6.1%), Motor city (8.1%) and Dubai Production City (4.7%).

Easy Recovery

The above locations were forecasted to continue an easy process of recovery towards 2017. Other freehold locations are to witness prices to remain flat during the 2nd half of 2017, according to research manager, Haider Tuaima.

Homes well maintained in Downtown Dubai, Dubai Marina and Sports City, Palm Jumeirah have also revealed multiple buyers interest during the subsequent part of the year.

Apartments were in good conditions which are furnished; enjoy an amazing view within a demandable sub-community, not near construction or civil infrastructure work, more in demand by the buyers.

Meanwhile, tenants are reluctant to pay the advertised rent across all locations in the leasing market. According to Sanjay Chimnani, the MD of Raine & Horne Dubai, it was a fair correction of rents in 2016, especially in the high end of the residential real estate. Things are established now and there is not much supply which is likely to hit the market there. Strong demand can be seen in the budget housing all over 2016. Rents in the segment will rise up to 2-3 % in 2017, irrespective of good supply coming into the market.

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Categories: Dubai, Real Estate