Save Home Insurance Money by Following These Steps while at Dubai

Most of the Dubai residents are paying more than they should on their home insurance. To save that money is possible by following simple steps when finding for home insurance. Before investing in a home insurance policy here, check if against below factors:-

  • Deduct the Value of Land

A certain part of the cost of the home is actually for the land. Meanwhile the insurance only covers the structure and the contents of the home. So give extra money to the provider, including the land when declaring the house value is what will happen. Ensure is involving the building cost of property while stating the word you want to be covered by the insurance.

  • Value Estimation of Personal Possessions

Home insurance covers personal possessions and home contents. Home content consists of items of the house like furniture, appliances whereas personal belongings are the items which we carry with us like mobiles and laptops.

home Insurance

Picture Courtesy: aainsuranceorlando.com

Since the latter is expensive than the former, select a limit which is not too high, but can cover what you always carry with you. Even if you carry a few around with yourself, state the value of only those things and not all of them in one cover and others will be involved in the other one.

  • Don’t Sign up for the Things You don’t Require

The add-ons and additional coverage are signed up sometimes which are not necessary and not requires as well. For instance, owners who are renting out only need building cover and not insurance cover for home contents, which is the responsibility of the tenant.

  • Compare the Quotations

The value of each home differentiates from one another and also significantly from insurer to insurer. Ensure is getting in touch with several companies for home insurance and get quotations in detail prior making any decision. Also ensure of the insurance policy that you are going to purchase matches with your needs exactly and understand the limits specified in it.

home-insurances

Picture Courtesy: gordon-fiddes-robertson.com

The home insurance quotes can be easily compared from multiple home insurance companies listed online on websites. Out of several Dubai insurance providers, choosing the right home insurance in Dubai can be a weary and ambiguous process. Service market features vetted insurers and make the process easier through allowance of comparison of home insurance quotes online for UAE residents.

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Categories: Dubai, News

“Less is More” Policy for Fastest Selling of Your Property

Owners believe, greater the number of middlemen and the stages where the property is listed, the easier and quicker it will be to make deals, but it is actually the opposite. Let’s know the reason:-

The Stain of being “Not So Good”

When you see same home being advertised almost everywhere you look, you get a feeling that there’s something wrong with it. Or you feel it is a must view property. Such a prolonged view and lack of interest visible all the time is a warning for future buyers, especially if it’s evident that the price is reduced many times. Scarcity is desirable whereas the ubiquity isn’t.

Dubai RealEstate

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Motivation for Agent

An exclusive listing given to an agent would result him working hard to sell or rent that property. Advertising with several agents would rather question their worth putting the time and effort when piped by rival and end up without commission instead of creating competition.

Multiple Agents

Additional and unscrupulous brokers are hard to stop when the property is listed with multiple platforms. They copy the advert and add it to their own listings without consulting their owners. Unsanctioned advertisements offer low prices than the market value, luring the customers who are told that the property got sold and instead are shown to others.

realestate agent

Picture Courtesy: operahouse.biz

Oversupply illusion

When properties get listed multiple times, there are more units for sale as it might appear. Oversupply can drive the selling prices low. This is another reason to reduce the chaos of duplicate advertisements.

Legality of Posting Adverts

Multiple listings are counterproductive as well as illegal in Dubai. The regulator of real estate in Dubai allows established sellers to have three agents at a time.

Trakheesi

This is an initiative made by Dubai Government in order to increase the transparency in the emirate’s real estate market. Now the real estate broker should have to first be trakheesi registered to be able to place an advertisement in the media which also involves specialist websites.  After it gets approved, a copy of the unit’s title deed gets submitted by them, which is a form, confirming that the owner agrees to broker advertising the property along with a letter from the broker saying about the type property to be promoted.

property market

Picture Courtesy: arabianbusiness.com

These rules are same for rental as well as for selling in which the brokers are required to include permit number in the advertisement. These requirements will spur the buyers to move to one agent one property listings.

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Categories: Dubai, News, Real Estate

Virtual Reality Can Help Going Real For Project Design

Framed with limited number of resources, project teams are constrained in the number of designs options they explore before going ahead. Considering half art and half science is a challenge for designing a successful estimate.

They are expected to blend together the quantities along with hard and subjective data, forecast the up and down in prices of materials, levels of output for a particular subcontractor, identifying the bitter weather conditions, size risk premium, judging the amount of profit to target, etc.

If the projects have unlimited time to build same estimate, an ideal forecast for each factor which affects the cost, how would this change the success of their bid? Such reality might not be that far, delivered through a mix of below mentioned trends of technology.

1 – Infinite computing in the cloud

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Picture Courtesy: wayerclouds.com

Cloud computing is capable to rent on-demand and huge amounts of processing power which is known as Infinite Computing. With a power like this, the number of design possibilities that can be tried in a given time span increases vastly.

Project teams can use this as an example for getting closer to the real estate client, the business plan of whom identifies the chance to allow 15,000 square meters of high end office spaces.

2 – Generative design

Through the use of smart algorithms, generative designs imitate the natural approach to design. These algorithms provide a radical approach to solve the issues since they are unbiased about good design. To begin with end results, these tools support the designers to explore solutions and how they optimize.

3 – Big data and predictive analytics

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Picture Courtesy: greenzoneinc.com

Big data is being used extensively in finance and retail sector. In current scenario, construction is happening to a large amount of highly structured, high-integrity information, especially through the BIM process which creates a new discipline ‘Construction Intelligence’ to predict the future. Exploring for patterns across projects, together with other data channels can help a contractor to look for early signs of worry in supply chain till the better way to optimize cash flows and other things.

Wise investment

Augmented and virtual reality (AR/VR) are forcing those designs back out in to the real-world for evaluation regarding to committing before, with several evaluations to showcase the affect of a proposed design. Spending time to understand the affects of this new era and watching out for practical and feasible ways to harness these trends of technology is likely to be a wise investment.

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Categories: Real Estate VR

Climatic Change affect on UAE’s Real Estate & Construction Market

The results of climate change will directly impacts the real estate markets in UAE, as per the latest released study by the Emirates Wildlife Society. The infrastructure of UAE right now is most advanced in the GCC area which has well integrated transport system as well as assembly of iconic structures.

This year, UAE has been ranked 16th universally in world economic forum’s report of top class infrastructure and has been offered the standpoint of most attractive places from investing point of view in the region. The rising risk and flexibility put up by extreme weather conditions as well as slow phenomena’s like sea level rising can put the country’s real estate industry at risk in coming years.

dubai realestatePicture Courtesy: hdwallsbox.com

UAE has taken steps regarding this mitigation in recent years which are reflected by the establishment of ministry of federal change for climate. They remain committed to develop a country’s climate change plan.  The experts claim that an increase of 2 Celsius globally will result in rise in the sea level by 50 cm by the turn of the century.

The real estate and construction values of coastal areas  gets impacted by this rising of sea levels, and all it takes just half a degree to make quite a significant difference. UAE has 85% of the population holding coastal areas including hotels, resorts and other real estate developments situated in low lying zones.

Dubai has urban areas tripled in last two decades with artificial expansion of city surface because of Palm Islands and world archipelago projects, whereas major developments and industrial infrastructure of Abu Dhabi are also built along the islands of the emirate.

abu dhabi propertyPicture Courtesy: www.smeadvisor.com

Coastal cities are at increasing risk from sea level rise, flooding and storms. However, the implications for UAE are still not certain. The change in the climate is likely to impact the development of housing and real estate market through making the coast more costly and less secured. It also negatively affects construction time and high costs. Hot & humid weather reduces the productivity of workers and precipitation makes flood protection and structures necessary.

Most of the new buildings built in recent years were constructed with selection of materials as per the designs in less extreme weather instead of atmospheric performances which suit the region. A considerable rise in the weather would further affect the thermal performance of buildings and would also increase their consumption of water and electricity to an extent where it gets troublesome.

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Categories: Dubai, News, Real Estate

Debt and Risk Lowered by Dubai Developers

Many master developers of Dubai have lowered their debts relatively compared to pre crisis levels, offering flexibility to consistent weather market.  According to ratings of Fitch, authorities in the city took action for reducing the risk involving increased registration tax for restricting speculation thus making developers deposit a part of construction costs as security and also reducing maximum loan to value ratio on residential property transactions.

Transparency and regulations of market have improved in past few years which are more advanced than other GCC members but are still behind developed markets. The prices for residential properties decreased by 8.8% since last year and 0.9% this year in the first quarter, while the average residential property prices of rents lowered down by 9.9% in 2016 and 4.7% in the first quarter this year.dubai home

Factors like depreciation of other major currencies as against the dollars are reflected by this, reducing the purchasing power in neighboring nations. The repetition in the oil and gas finance streams has also reduced the demands for office space.

Although it has not resulted in blanket price reduction with restrained affects on prices and yields on prime assets at prime locations. The fragmented performance is expected to continue this year. Office rentals will continue to be pressurized however they are still beneath the pre crisis peak and some new space will be available in coming term.  The commercial as well as residential real estate supply is likely to go at a fast pace after 2017 for the preparation of Expo 2020 and market capability to take in the new supply will be main challenge. N next 24 months, more than 56,000 residential units are due for completion but the projects can be delayed or can be cancelled thereby reducing the pipeline.

dubai apartmentsPicture Courtesy: www.3villaz.com

Dubai real estate and rentals prices are likely to be pressurized for rest of this year, though the performance is likely to be fragmented having the main assets displaying resilience as lower tier properties outside the center will be having price and rental declines.

The risk of a shock property is less because of strong market regulations, lower financing transactions and strong non oil sector growth resulting in flexible residential and office segments. The analysis of DLD figures display fast paced activity in second half of last year after a slow start to the year.  Last year the value of deals fell about 2% and number of transactions dropped 8% compared to last to last year.

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Categories: Real Estate

Emaar Malls Receives 34m Worth Visitors in First Quarter

Emaar Malls on 7TH May, Sunday said that they recorded net profit valued at Dh539 million in the first quarter of this year, which is an increase of 19 per cent over the last quarter of previous year’s net profit of Dh452 million and equal to the net profit of Dh529 million during first quarter of the same year.

Dubai Marina Mall, The Dubai Mall, Gold & Diamond Park, Souk Al Bahar, and the community shopping centres are all the assets of Emaar Malls. Together they welcomed around 34 million visitors in the first quarter of the year which is an increase of 10 per cent over the similar period in previous year. The occupancy levels of gross leasable area (GLA) across Emaar Malls’ assets averaged to 96% during Q1 2017.

DubaiMarina malllPicture Courtesy: www.meinhardtgroup.com

At the Emaar properties’ second annual general meeting happened in April, the malls approved a cash dividend worth Dh 1.301 billion which is similar to 10% of the share capital for the second consecutive year.

The chairman of Emaar Malls and Properties, Mohamed Alabbar, said that the growth recorded by the Malls displays the credibility of Dubai being one of the top retail and tourism hub, led by the vision of Vice-President and Prime Minister of the UAE and Ruler of Dubai his Highness Sheikh Mohammed bin Rashid Al Maktoum.

Retail industry is the robust contributor for the country’s economy and also supports the diversification strategy of the leaders. They are committed to drive the growth of malls and retail sector with the help of their assets and provide customer based experiences through leveraging digital technologies. With the ongoing expansion of malls and establishing new retail subdivisions, they are not only targeted towards a creation of long-term value for the stakeholders but also providing memorable experiences for the residences and visitors to UAE.

shopping_mallPicture Courtesy: destinations.com.ua

Emaar malls right now have the gross leasable area of around 6 million sq. ft in Dubai. With the current expansion of The Dubai Mall’s fashion avenue, another 1 million square feet of built-up area will be added, which will further add more than 150 international brands and also new leisure choices & F&B.

New retail addition and a Boulevard establishment are going on with Emmar malls under it souk concept in spring village having around 245000 square feet GLA. The souk concept is expanding to Emmar’s integrated developments.


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Categories: News, Real Estate

Apartments at Ras Al Khaimah’s Beach Valued Low, 85% Sold Out

If you have your heart set on owning a property, you expect to disburse a huge amount of capital, particularly if the house search is carried out in Dubai or any other part of UAE. Real estate is one among the most expensive in the world in this country. The latest report of Core Savills says that Dubai is leading among the top cities that have the costly real estate having an ultra-prime property valued at Dh 44,435 per square meter which is as much as what one is expected to pay to rent a studio every year.

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Picture Courtesy: gulfnews.com

As the developer recognizes the importance of promoting an affordable housing, investors find the properties which are less of a burden, financially, which is good news. A budget friendly option is being developed and it’s already selling fast when compared to others.

Ras Al Khaimah’s own adaptation of Dubai’s Palm Jumeirah, situated on Al Marjan Island, the pacific residential apartments has 1,440 waterfront developments spread over 6 buildings, few of which have studio units being sold for as affordable as Dh 350,000 (around 94,500).

Many of these properties allow uninterrupted views of the gulf and residents have to access to a private beach, tennis courts and rooftop swimming pools. A British owned spokesperson for the select property who is the developer of the project said that the units in Al Marjan are sold out already by 85%.

Customers purchasing homes who invested Dh1.1 billion in this project can look ahead for the delivery of the first phase of units in the second quarter of this year.  Select properties have released the final phase of sales in the project which involves an assortment of top floor units. This was said by the company in an email.

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Picture Courtesy: tripadvisor.com

Investors that haven’t got their hands on this project still have time to catch some of the affordable units that are left. Buyers who are interested need to pay 10% deposit, 40% on the completion and remaining 50% over the next 12 months to be paid every quarter. Pacific is situated on the tip of man-made Al Marjan Island located in Ras Al Khaimah which is less than an hour;s drive from the international airport of Dubai.

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Categories: Dubai, News, Real Estate

Dubai Dwellers trying hard for Settling down House Rent Rates

Rent rates of apartments in Dubai dropped 3% in the first 4 months of 2017, and 8% annually, as per the real estate constants. Palm Jumeirah’s high-end properties were most affected noticing 7% of the decrease in rent and 14% annually. In DIFC, there was no reduction in quarterly rates however annually it dropped to 9%. Mid-market apartments are following this decline of 3 and 12% in Business Bay and 2 & 4% in Jumeirah Lake Towers. The only area to witness an increase in a cheap sector with an annual rise of 3% is Discovery Gardens.

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Picture Courtesy: www.dipark.com

New supplies and tenants together are taking advantage of competitive rates which resulted in landlords giving flexible terms and condition by increasing the amount of cheques or giving rent-free periods. This has been amalgamated with the 3,600 apartments in the first quarter which is estimated to top 17,000 thereby putting more pressure on the rents.

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Picture Courtesy: www.snyar.net

Tenants have become budget-conscious, taking benefit of the additional supply and competitive rates to relocate to new properties or settling down for existing contracts. For the rents on villas, ongoing trend is the same like apartments with a decline of 3% per quarter and 8% annually. Tenants are taking advantage of the rising availability of competitively rated properties.

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Picture Courtesy: res.cloudinary.com

Rents will further decline as 4,000 villas are due to get finished by the end of this year, which will be rented below the already existing rates to improve take up. Over 650 villas were released in the first quarter this year.

In many communities, the sales prices are fluctuating and not stable. They aren’t expected to stabilize until the rents are reduced, which are not likely to happen until late this year or early next year. Communities having amenities, infrastructure and restricted future supply potential have recorded marginal increases in the sale prices. The sale prices of the villa in the Meadows and The Springs rose up to 8% from 5% from first quarter of 2016.

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Picture Courtesy: www.phrealestate.ae

The apartments saw a decline across the board from a sales perspective, although the upper end of the market felt the impact with Downtown and Dubai Marina witnessing per year decrease of 7%. The villa got along well than some of the established communities with good transport links and within proximity to media city and also with those having good amenities like shops & restaurant and felt increased demands resulted in price growth.

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Source: Property Find

 

Categories: Dubai, Real Estate