Dubai’s Most Famous Housing Units Disclosed

Dubai’s leading home moving services, Service Market disclosed the trends of their annual moving reports recently which outline the neighborhoods having the highest inflow of new residents in the first quarter of 2017. Thousands of moving requests came each month and they tracked all of them to and from in order to monitor Dubai’s moving trends.

An evaluation of thousands of moving residential requests of Dubai revealed a major shift in the trends of the same. Many of them are moving to suburbs instead of high rise communities.

Housing Units

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This time last year, the data showed the inflow of residents into Downtown Dubai and Dubai Marina which contributed as 19% of the moves of Dubai. Dubailand emerged as the most popular destination having an inflow of 13% followed by Dubai Marina/JBR, Barsha Heights, Downtown and Silicon Oasis. These were the famous areas to move in the first quarter of 2017 along with Sports and Motor city.

Reason for sudden popularity of Dubailand

The year 2017 witnessed a shift in housing trends from dense high rise communities to developed areas like Silicon Oasis and Dubailand, the latter being located off sheikh Mohammed Bin Zayed road, which rised from 5th position (5%) to 1st place. While it’s still been under development, it looks like to be on the path of becoming one of Dubai’s most famous areas. The common most residence of Dubailand to move into is Mira Community and after that Reemram Mudon and The Villas.

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Picture Courtesy: sheratongranddubai.com

The reason behind this can be many like fluctuations in housing trend, involving cheap rents as compared to already established areas like Dubai Marina and downtown, less traffic and appearance of new shopping malls, and other amenities in these suburban areas. There are number of freehold properties ready to be sold in these areas at reasonable prices and lower than the areas of Dubai Marina.

Since last 3 years, areas like   Dubai Marina/JBR, Barsha Heights/The Greens & Downtown has constantly remained in the top 5 in terms popularity. Another suburban area is silicon Oasis which seems to be gaining popularity very soon, shifting from 11th place in first quarter last year to 5th place in first quarter this year. One third of people moved to another property in the same neighborhood they were moving out of. Around 60% of the moving in activities took place in just 10 Dubai areas.

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Categories: Dubai, News, Real Estate

Dubai’s Effort for Clear Real Estate Adjudication

Real estate plays a huge role in the economy of any nation and there’s no surprise in the legislation that this sector has been the most active across the world, having several other countries following suit regarding adaptation of Dubai’s principles for the protection of investors and developers. India’s case is the most notable in this regard. There established RERA which is an extrajudicial body which oversees the sector and expedites especially small investors brought claims before it.

In Dubai, arbitration role needs to be examined before either party goes for litigation. This process has been carried out and grown over the years thoroughly and because of this the conflict resolution has made effective considerably. Because of these measures taken at the right place, the disputes going over to the courts have dropped in considerable amount since last 3 years.

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Litigation is a lengthy process. Under normal circumstances, it is safe to estimate the period which it will take to issue a first instance verdict is being 6-10 months. A further 6 months is needed to issue a second verdict by the appeal court. All together it takes around one year or a year and a half to reach final step of the lawsuit of this nature under general situation. In certain cases however, the lawsuit enters a third stage which is Court of Causation.

Any bilateral contract entered between parties hence forms the crux of the issue. Form F issued by RERA declares the standardization of contracts which developers and investors enter into. Communication at the time of the event should be prompt and in written form clearly established along with documentation. These best practices already laid out aids the regulators as well as arbitrator in reaching a solution, therefore nullifying the need to resort to litigation. In the case of filing lawsuit, it is important to check for the judicial jurisdiction, which means it shall be either considered by courts or arbitration tribunal. This is decided by the developer & purchaser agreement as stated in the contract.

flats in dubaiPicture Courtesy: properties-dubai.ae

Besides, if the agreement states that arbitration shall be sought in dispute case and party applies for litigation with a court whereas other one doesn’t maintain the clause during first hearing, then the defendant’s right is considered forfeited to maintain the arbitration clause and he/she won’t be allowed to submit the invalid lawsuit because of this clause.

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Categories: Dubai, News, Real Estate

Saadiyat Island is all Set for Construction of Economic Homes

On Saadiyat Island, around 800 and more cheap and affordable residential units are going to be constructed for the middle income groups. This announcement was made on 18th April, 2017 at Cityscape Abu Dhabi. Tourism and Investment Development Company and the master developer of the major tourism cultural and residential places in Abu Dhabi declared the premier launch of housing units over 3 projects on Saadiyat Island under a new flexible transaction schedule.

Mamsha Al Saadiyat, a Dh 1.2 billion valued apartment’s project in the cultural district of Saadiyat will be included and also the home for the only largest assortment of cultural assets involving Zayed national museum, Manarat Al Saadiyat, Guggenheim Abu Dhabi & Louvre Abu Dhabi.

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Picture Courtesy: saadiyat.ae

Jawaher Saadiyat golf course facing villas is the second project which comprises of 83 units and its estimated value is Dh 370 million. Its Lagoons townhouse is the third one consisting of 823 affordable residential units of one to three bedroom apartments. The construction work on two of the projects have already been started which are Mamsha Al Saadiyat (30% completion) and Jawaher Saadiyat (22% completion) respectively, according to CEO of TDIC. Both the projects will be completed by the year end of 2018.

The building and construction work of the mid market projects and affordable residential units will start soon and is estimated to be completed by the year 2019. The market trends have been changed and now more demand lies in the cheap residential units.

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Picture Courtesy: 10design.co

The CEO of TDIC says that they have thought of constructing these cheap housing units 2 years ago so that the demand of the market can be met by them. They were of the belief that the townhouse apartments situated few meters from the New York University will serve as a benefit for many middle income group workers consisting of teachers, doctors and others. The apartments for mid market project will be on sale between Dh 2.5 million and Dh 3 million, according to him.

The developers says that the potential investors as well as the end users can benefit from the flexible payment method which allows them the security of their unit by a deposit of 2.5% on the sale price.

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Categories: Abu Dhabi, News, Real Estate

Questions to Ask Your Mortgage Advisor before Filling Home Application Form

Purchasing a property is never complete without mortgage finding. But ensure with your mortgage adviser some questions before adding your signature to the home application form. Following is the list:-

  • Have you reviewed the entire market? Is there any availability of better deals?
  • Why an upfront fee of one per cent charged by the bank?
  • Are there any other possible hidden costs?
  • Is the salary transfer the bank is insisting upon, necessary?
  • What will be the demerits of having a mortgage which requires a salary transfer?
  • Can a life insurance provider of own choice be chosen?
  • What if I want to break my loan in between? What will be the conditions?
  • What if I want to leave the city?
  • What happens after the fixed period is expired?
  • Can additional payments be made? Do they consist of fees and what are the limits?

 

Comparison of the Market

Comparison of the Market

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Lowest advertised interest rate mortgage ends up being the most expensive. In Australia and the UK, which are mature mortgage markets, advertising rules imposes that banks and mortgage providers have to quote the annual interest and the annual comparison rate both which takes into consideration all fees like establishment, break, starting and ongoing interest rates and charges over the tenure of the loan so that the customers can compare the real total cost.

Salary Transfer

Once the situation changes for employment, loan requires a salary transfer otherwise it becomes hugely expensive. If you leave the country, lenders will keep your end of service and switch you to a more expensive non-resident interest rate. So avoid mortgages which needs a salary transfer.

Life Insurance

Life Insurance

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Life insurance policies and fees differ hugely between lenders in UAE. Ensure your understanding of life insurance cost, irrespective of you whether you can choose your own life insurance policy or not.

Break Costs

UAE Central Bank regulation imposes 1% of break cost at the maximum of the loan amount covered at Dh10,000 but your bank can charge more during the period fixed. If you want to sell or if you want to refinance with another mortgage provider, ensure you understand the implications of the same.

Additional Repayments

loan

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Most of the lenders allow you to make additional repayments and some will allow at least 20% of the outstanding loan amount, annually without charge.

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Now is an Apt Time to Buy and Rent Homes in Abu Dhabi

Abu Dhabi witnessed a further decrease in residential and rental sale prices in 1st quarter of 2017 as compared yesteryear; also a decline in commercial and retail property prices is forecasted to continue throughout the year.

This is the steepest per year decline in the sale prices of villa projects. Golf garden villa, al raha beach, al reef and al zeina villa prices recorded a decline by 11, 8, 6 and 4% resp.

The continuous reduction in number of transactions and sentiment in the capital witnessed property sale price decline in last year which continued in the first quarter of this year. Further decrease is also expected in fragmented nature, in certain communities and property types to be impacted more than others in the capital.

Abu dhabi apt

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Residential rents within main locations will continue to decline due to high vacancy rates because of challenges within some industries like petrochemical and financial services sectors in 2016, particularly affecting the high-end segments and huge residential units.

The report discloses that rents for three-bedroom villas in Al Zeina, Al Raha and Al Reef locations are decreased by 8 to 12% compared to last year. Two-bedroom villas were the most searched for rental properties in Al Reem Island area, which witnessed the shallowest low in its prices (7%), while one-bedroom apartments stoop low to the most (15 per cent).

abu dhabi villa

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Around 3,100 residential units were finished in Abu Dhabi last year, especially within Reem Island, Saraya, Danet and Rawdhat. Because of this the total property stock comes to 2, 48,000 units in capital.

Since last to last year, the supply completions have dropped annually to a long-term low. As the market adjusted, liquidity got tightened, and developers became more careful because of the impact of tight & strict planning policy and new real estate rules. This reduction is welcomed at a time of poor demand in annual supply completions. While the decline in the oil prices have resulted in the large reduction in demand & the resultant effect on government spending, low supply completions have lighten the extent of over-supply.

abu dhabi home

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As of now, there are around 5,000 units scheduled for completion this year, although, dubizzle and JLL expect a significant part of this is likely to be delayed at the final stages of handovers and approvals.  Future residential supply is anticipated to shift to the New Island Communities, especially Al Raha Beach, Reem Island, Yas Island & Saadiyat Island.

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New Project of Aldar is Targeting Mid-Market Housing

Aldar Properties are planning to focus on middle income sector with new projects coming in demand in Abu Dhabi.

The company disclosed residential projects of 600-unit in mid-market last month in Al Reem Island, and is all prepared to announce another upcoming project in Abu Dhabi Cityscape, which is going to start next week. The company’s first project, Meera is aiming on middle income segment (the salary of which ranges between Dh10,000 to Dh25,000) and is more than 90% sold, the CDO of Aldar Properties, told in an interview.

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Picture Courtesy: www.thenational.ae

Strong demand exists for mid-market housing. For example, 90% of the project Meera is already sold. People are searching for affordable housing with good facilities and they are robust in that aspect. Project Meera in Al Reem Island has one, two and three-bedroom apartments with range starting from Dh915,000, Dh1.35 million and Dh1.65 million resp.

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Picture Courtesy: www.aldar.com

Expatriates from Arab & from West have purchased majority of flats in Meera. The company in future will launch an effective development at the same location next week and it’s going to be mid-market as well as quite affordable. Further details have not yet disclosed.

Abu Dhabi’s property sector has been getting impacted because of people losing their jobs but improvement is being seen as the government is spending largely on new projects, and companies setting up their businesses there in the new financial market called the Abu Dhabi Global Market.

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Projects valuing $37 billion are in line with Abu Dhabi including a new airport, nuclear power plant and other infrastructure related projects. There are also new companies that are being set up at the same location’s newest financial centre in ADGM, which will serve as a boost to mid-market housing. Financing of the new projects is not a major concern as they have enough cash and low debt to finance future projects. They have Dh6 billion of debt and some cash. Their business will remain funded for the next four to five years and will have no problems in this aspect.

The asset management business last year generated Dh1.6 billion of net operating income which provided cash flow with addition to the cash generated from the housing unit’s sales. The company experienced a net profit of Dh2.8 billion in 2016, up to 8 per cent of the previous year. They remain confident of performing fairly well this year and will continue to invest.

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Categories: Abu Dhabi, News, Real Estate

Dubai Housing Market Heading Towards An Unsuccessful Start

Residential sales market of Dubai is going to be softer as the year grows; according to a new residential research note. Currently the market is undergoing a false start. The sale prices of the apartment are declined nominally for this quarter and volume will be increased which can be mistaken by the forthcoming recovery, but the fundamentals of the market won’t support this in the short term.

Over the past year, the cost of debt has increased and will continue to rise with the rise of interest rates of federal open market committee this year. Recent stability signs for apartment sale price is not sustainable because ret prices will continue to go down. If these both don’t match, then the yields erode without justification in the current market. Moreover, the cost of debt is increasing which should push yields up and the demands low, thereby pushing the prices down.

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In the first quarter of this year, apartment leasing rates went down by 2.5% while the sale prices declined by 0.5%. Lease rates for single family homes (SFH), also known as villas, decreased by 2.9% and sales price with 5.4%.

Rents will go on declining because of weak demand and changes in the housing budgets. This will impact on high income housing. The decline in rent is due to regional economic stagnation & reiteration, poor job growth and moderate supply growth in Dubai.

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Dubai’s business prospects are linked with regional economic performance and are stable, Dubai being the regional hub which restricts the short term growth potential for businesses thereby impacting job growth and demand for housing. Meanwhile the risk appetite is still tempered & increasing rates of interest must push up return expectations so that the investors stay different and expect more.

Short-term capital inflows, particularly foreign investment from main countries like India, Pakistan, can push up the number, but it will likely to be a temporary trend with nominal effect.

In first quarter, Dubai’s Real Estate Investment Demand Index (REIDI) went down by 20.4% compared to last year, driven by fluctuations in exchange rate and decreasing revisions in GDP predictions. The US dollar, in the very same quarter, and the UAE dirham got strong against 9 out of 14 floating currencies included in the REIDI, compared to last quarter of 2016.

To have yield erosion in between of rising debt cost and liquidity constraints is unsustainable. As interest rates rises, banks will likely impose strict lending standards, residential volume and prices should decrease.

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Categories: Dubai, News, Real Estate

Are Robots going to Transform and Rule the Future Construction?

Robotics, with its application, has evolved over the years in industries like manufacturing, packaging, etc. Surprisingly, its use is growing significantly and the time when we will finally see them in every industry is just a matter of “when” and not “if”.

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In industries like hospitality or greeting customers in a restaurant & in the banks to get them started, robotics is being used. They may be complex but can do simple tasks like box packing and selling tickets.

In construction industry also, the robots are making big difference. While it has been faced with much technological advancement, it has rapidly increased the productivity, cost and reduced the risk of minor and fatal injuries. Robotics has enough scope in construction industries to handle complex tasks and cut down construction time and quality. It will prevent labors falling from high floors, send real-time project updates and they’ll be well utilized to solve issues on the site.

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 Typical tasks done by humans are undertaken by robots in construction industry like demolishing, scaffolding and many others. It improves the quality, increases productivity and speed. Countries with high or low temperature, it gets difficult for humans because of health risks which slow down productivity. Providing mandatory facilities are not required as robots do the work. However, the work will be limited to repetitive tasks and for decision making, humans can’t be replaced.

The aging population is not been able to provide enough workforces to the construction industry which builds a large gap between the supply and demand of skilled workers effectively handling heavy and sensitive equipment with precision.

Construction companies handling huge and complex projects will use semi-autonomous and autonomous robotic systems eventually in the future which will solve construction issues, increases productivity & safety at the sites and also minimizes cost. Rapid growth is expected in coming 5 to 10 years.

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Although these technological advancements are still at the penetration stages, one of the main debates against introducing robots in construction is will they eradicate humans use entirely?

This might not be the case as robots usage will create employments for monitoring, repairing and programming these machines. Robots can’t replicate the innovation and decision-making ability of humans and there are certain jobs that can only be done by humans. They will be seen working along with humans, side by side building safe construction sites and better developed real estate.

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Categories: Real Estate

How VAT will Effect on UAE Property Market

Although the new tax is not welcomed by the end users, there is no escaping from the fact that VAT (Value Added Tax) will be levied from 1st January 2018. The VAT framework has details and sectors that will remain exempted or zero rated lies in the details.

Property market affects all citizens and expatriates through house and rent prices. It is known that commercial properties are subjected to standard rate of VAT at 5% and residential properties are exempted from this. There is exception of first sale of newly purchased property (residential) and bare land.

property marketPicture Courtesy: blog.dubizzle.com

Commercial property developers, sellers and landlords will be accountable for VAT at 5% rate on all the property transactions. The VAT will be chargeable additionally on the normal selling price or rent. The developer, seller or landlord will not suffer any cost because of this. However, this may increase the cost of purchasing or renting commercial real estate. Given that the buyer or tenant is VAT registered, and is capable of recovering the VAT charges, the obligation must not build an additional cost.

The sale and renting out of all properties which include commercial retail outlets are likely to be subjected to VAT. Some businesses such as banks and financial institutions are not likely capable of recovering from VAT on their purchases and hence if the prices go up because of this applicability, it will be a direct cost for them.

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The valuation of commercial properties and prices will also increase. Commercial and retail units must be more expensive by 5% with respect to their rental pricing. Their valuations and prices will consequently increase by 2-5%, which is an assumption.

First sale of residential property is subjected no rate of VAT. The developer treats the new residential accommodation sale as zero rated for VAT because he is able to recover the VAT incurred on the developing cost of property. The resale of residential units will most likely be without VAT which will encourage activity in the secondary market.

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Even though the introduction of VAT increases property costs, there are also positive effects because it can help ease, the boom-bust cycles, which can be hugely disruptive.

It is favorable because it will presumably fund important government services, like infrastructure and public safety, all those things which help augment the quality of life and value proposition of Dubai city.

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25% Cheaper Value for Homes at Burj Khalifa

Whether you are planning to move home with the objective of capitalizing on cheaper rents or you are simply looking to buy a home in Dubai, your wait has ended. Dubai rates for sales and rents are slowing and it is expected that the market will hit the low before the end of this year.

An average residential price is moderated in the first quarter of this year by 0.9%, according to a real estate consultancy. With Burj Khalifa apartments leading, luxury property is witnessing substantial decrease in the prices. A correction 25% value over the past 12 months and -6.9% in this year’s first quarter has been witnessed.

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Top 4 weakest performing markets since last one year are Hattan Villas at lakes and Arabian ranches, Palm Jumeirah villas and apartments. Right now, the residential prices of Dubai is at 28.7% cheaper than it was in 3rd quarter of 2008.

The reason for decrease is due to increase in the availability of homes and more constrained demand. Large units feel the pressure of the price more. Landlords have become more flexible with rent and tenants are negotiating.

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While local economic drivers might look strong, regional and global economic ambiguity has cut back the domestic growth. Irrespective of this, the off plan residential sales market has remained flexible and accounts for 53% of all deals last year. This has been aided by some favorable payment methods which are applied beyond handover.

Future supply levels in Dubai will keep on increasing as developers make a coordinated push in Expo 2020. This is pushing annual deliveries above 5 years on average, expecting that the number will keep on rising in short to medium term when the new plan comes. Dubai’s average rent value dropped 9.9 per cent last year.

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Creation rate of senior level executive positions has droppedand is reflected up on the lower level of enquiries and budgets. Planned introduction of VAT on January 1, 2018 is causing nervousness in Dubai office market, among existing tenants.

Many international occupiers will be able to take their stride, assumed that they are well aware of the taxation regimes in their own home markets. Although, for UK’s international occupiers, or from Europe’s, the prospect of 5% tax on rental payments, mixed with high operational costs due to strong US dollar, might dampen the take up activity in short or medium term.

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Categories: Dubai, News, Real Estate

Mudon Views: New Apartment Project Launched in Dubailand

Mudon Views, the launch of new project of Dubai Properties (DP) recently got announced. It is a lively, vibrant and dynamic apartment complex, within the famous Mudon residential community in Dubailand.

This launch came in the midst of growing demand for real estate investments with high return in the expanding Dubailand districts of Dubai. The initial phase of the launch has fully integrated residential communities with villas and townhouses consisting of one, two and three bedroom apartments in two buildings.

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The developers of Mudon view projects at the recently organized Dubai property show registered great response and success.  The show took place at Shanghai World Expo Exhibition and Convention Centre from 24th to 26th March. A company led by Mudon Views was the platinum sponsor of the show, received a positive and great response from property investors from China. They were particularly interested in the wide range of Dubai’s investment developments in the Dubailand’s district.

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Mudon is popular for its green and family friendly atmosphere which offers an active and healthy lifestyle. This is the very reason that it is one of the most sought after developments.

The chief commercial officer of Dubai Properties, Masood Al Awar says that communities like Mudon Views will remain a crucial investment category for the buyers of properties, especially families who are searching for comprehensive or fully integrated living within self reliant communities which are already done with all the amenities and luxuries. The success of Mudon and other projects that have been launched by Dubai Properties in the same district which involves Arabella 1 and Arabella 2, serves as the testimony to the investor’s interest in its finest capacity of housing in new and emerging parts of the emirate.

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Factors That Help You Invest in Dubai Property

Below are some reasons that some investors might consider while committing to the Dubai real estate sector:-

Expo 2020

Dubai is the host for next World Expo 2020 in October. It will attract 25 million investors from 180 countries. The announcement of expo 2020 has created a spur in off plan property sector. Investors that will be buying will receive a high return on investment. The duration is of 6 months and millions will rent the property. The rental demand will be high thus landlords will have the flexibility to increase rents.

Happiness Ministry

Happiness MinistryPicture Courtesy: thenational.ae

The ministry of happiness was created last year. The duty of this ministry is to develop policies and programmes to improve the Dubai residents’ happiness level.

High ROI

The population of Dubai is rising every year and simultaneously the real estate market is maturing. To supply the boost in rent demand, investors that are aware about the situation are purchasing the properties wisely.

Tourism Sector

Tourism Sector

Picture Courtesy: sputniknews.com

The economy of Dubai consists of business, trade, tourism and other industries. Infrastructure of new hotels and real estate projects will result in the growth of tourism industry.

Museum of Future

Museum of Future Picture Courtesy: flashydubai.com

Visitors experience the future through cutting edge simulations and interactive exhibits here which also includes science conferences and also provide scientific achievement courses and trends. The museum aims on solutions for challenges erupting from climate change i.e. Food security & water supply.

Low Crime Rate

Safety is major benefit of buying property anywhere. In Dubai, minor crimes like stealing wallet are highly unlikely.

Transportation

Hyperloop one has created a faster route from Dubai to Abu Dhabi. It prepares to launch operational Hyperloop system which would be world’s first to allow passengers to travel between the emirates in pods at 1,200 km per hour. Main aim is to provide transportation for this route in 12 minutes.

Tax Free

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Buying any commercial or residential property doesn’t incur taxes and also additional taxes are nil for the future.

Rising Population

Projects of Property in Dubai will increase because of the growing population every year. According to Dubai Statistics, the demography in January last year was 2.4 million and will reach 5.2 million by 2030.

Entertainment Zones and Restaurants

Unique experiences like desert safari, beaches and luxury spas, skydiving, water parks and yatch communities are offered in Dubai/ wide selection of gourmet restaurants from each region is also what the city offers.

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Picture Courtesy: avonmorepa.org
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