Sunday, 30 March 2008

Gulf Projects touch 2 trillon Dollar - Meed

The MEED Projects index estimated that Gulf has reached a staggering $2 trillion worth of projects. The UAE remains the biggest projects market in the Gulf, accounting for 37% of the total project value. It has also registered the highest growth, with total project values in the federation rising by 46% over the past 12 months. Kuwait has the highest proportion of unawarded contracts, representing over 90% of all projects planned.

Only a quarter of all projects tracked by MEED Projects are actually construction implying that there is another 3-5 years of further intensive construction activity to come.

There have been a series of major real estate projects announced in recent months, reinforcing the sector's dominance of the projects market and pushing the overall value beyond $2 trillion. Major new real estate projects include; Sudair Industrial City in Saudi Arabia at $40bn, Masdar City, Abu Dhabi - $22bn, Dilmunia mixed use development in Bahrain worth $4.2bn and Limitless’ Al-Wasl development in Riyadh at $12bn.

MEED Projects current value of investment in the Gulf by sector:

1. Construction = $1,207 billion
2. Industry = $70 billion
3. Oil & Gas = $430 billion
4. Petrochemicals = $135 billion
5. Power = $134 billion
6. Water & Waste = $40 billion

Saturday, 29 March 2008

Reclamation of Nakheel's Dubai Promenade project complete

Nakheel has completed the reclamation of Dubai Promenade by placing the last rock on the project's breakwater. The breakwater, stretching 18kms, required 1 million tonnes of rock.

Dubai Promenade is Nakheel's sophisticated waterfront project, which will form a virtual peninsula along the Dubai shoreline, inclusive of a spectacular five-star wheel-shaped hotel.
The Promenade, surrounded by marina, sea and a natural beach will offer panoramic views, idyllic walkways, and well-planned architecture, which render a unique residential and commercial environment.

The first phase sale of the Dubai Promenade was launched on 24th January 2008.

Nakheel, being one of the largest private real estate developers in the world, is a major player contributing to realize the Dubai vision for the 21st century, by offering a world-class destination for living, business and tourism.

Dubai Properties to launch 50,000 low-budget homes

A top official of Dubai Properties yesterday revealed the launch of 50,000 low-budget homes during the coming years, to meet the growing housing problem among the emirate's middle-income groups.

These affordable housing units will be a true mix of freehold and rental units, announced Mohammad Bin Braik, Chief Executive, Dubai Property Group.

"Although we are involved mainly in built-to-sell business, rental units give a continuous flow of guaranteed returns and provide necessary stability. We are not only building assets, but also building values for Dubai," said Bin Braik.

Dubai Properties has already built a sizeable housing project in Al Quoz area, which will soon be open for rent, he said, but is yet to elaborate on his plans for various housing schemes.

This seems to be good news for the 1.44 million population of the emirate, large numbers of who, stay in Ajman and Sharjah seeking cheaper alternatives, as most of the current projects cater only to high-income groups, leading to imbalance in the emirate's housing market.

House rent and increasing population continues to dominate the list of worries in Dubai, which has prompted the government to cap rents during recent years. A sudden growth in freehold market since 2002, led major developers to shift their focus from rental market to freehold sector. On the other hand demand continued to soar, pushing rents sky-high.

In the meanwhile, large numbers of government-built colonies and low-cost housings were demolished, reducing housing options for the middle-income and low-income groups.
Nakheel, a government-owned developer, has set up 'International City', considered as affordable housing.

According to a top property broker, the high rents at prevailing currently, are good enough to prompt developers to return to rental market, once the income rises up to the same level as that of freehold market.

Friday, 21 March 2008

Amazing Night Shot of Dubai Metropolis

The Business Bay Executive Towers in Dubai.

Big speed bump in Dubai. Bonus: flying Lamborghini Gallardo

The government of Dubai installed a rather large speed bump on a street that locals had developed a habit of traveling on at very high speeds. Only one minor problem, the government didn't tell anyone it had installed the speed bump.

read more | digg story

Thursday, 20 March 2008

Burj Dubai Sunset

Any day now Burj Dubai will overtake Taipei 101 and become the world's tallest building. It's already significantly higher than the Chicago Sears Tower (not counting the spire), and is quickly approaching the title of the highest concrete free-standing structure. Skyscraperpage forum has been quick to announce: "Ladies and Gentleman, the next tallest structure EVER built by the humans race !!!!!", and judging by the following pictures of construction progress, it will be a matter of only a few days.

Ajman top foreign investments in UAE

Ajman has overshadowed UAE emirates when it comes to drawing foreign investments to UAE, reveal statistics.

According to the latest statistics by the Ajman Chamber of Commerce and Industry, foreigners in Ajman own 33 percent of development projects in the booming city, as against 11 percent in other emirates.

Ajman's annual investment growth rate has been estimated at 6.7 percent on an average by the economic analysts. This economic success has been attributed to the all-encompassing plan adopted by the government there.

The Ajman Marina project General Manager, Azad Nouri, says "The rapid economic growth witnessed by Ajman is the result of distinguished services and incentives that the government provides to draw foreign investments."

Ajman is second to Dubai in adopting a free-hold status, which is an excellent law to draw in huge numbers of investors from both local and international markets. Hence numerous investors have been arriving at the emirate to launch their major projects, as they also get to avail the incentives facilitating issuance of licenses, statistics of interest to developers and businessmen and feasibility studies, he added.

Morever, the investments in Ajman enjoy complete legal and legislative protection, with constantly updated laws that benefit investors. These laws foretell a good future for Ajman, where there are various kinds of investment projects, particularly that of Ajman Marina, which will have a positive influence on the real estate and tourism market.

Ajman Marina will witness the transformation of the emirate into an impressive commercial and residential seaside haven. The project gives the emirate a competitive edge and is likely to create an attractive residential and commercial environment.

The Ajman Marina, with its waterfront lifestyle, spreading across a space of 240,000 square meters, is a luxurious retreat, comprising residential, commercial buildings, five star restaurant, international food chains, sea-view cafes, signature yacht club and extensive shopping mall, apart from various entertainment and leisure amenities.

Wednesday, 19 March 2008

Dubai house prices to top UK property prices in 2008?

Indeed, the divergence in outlook between the UK and UAE property sectors for 2008 could hardly be more vivid. In the UAE, high economic growth rates fuelled by a five-year surge in oil and gas prices is being inflated further by a currency and interest rate regime pegged to the US dollar; and as the Fed cuts rates in the US home loans will also cost less in the emirates.

For local property this means cheap finance is available to buyers whose only alternative is to pay inflated annual rents. One study put the cost of renting a one-bedroom apartment at Dhs10,000 per month compared with Dhs7,500 to buy.

In this atmosphere further increases in house prices look inevitable, with 10-20% appearing a conservative estimate for 2008. And at the same time the UAE mortgage sector is only just really opening for business. EFG Hermes estimates the local mortgage market is presently worth a tiny Dhs16bn and could grow 10-fold over the next five years; and the availability of finance will definitely be a factor in local house prices.

Falling mortgage costs
There is indeed mounting pressure on Emirates mortgage providers to lower their interest rates. Currently market rates stand around 7.5% whereas the newest market entrant Commercial Bank of Dubai offers risk-assessed home loans from a little over 5% to customers with the best credit profiles.

Market competition among the 23 lenders should mean that local home loan rates go lower this year, with US interest rates set to fall further and the dirham's peg to the dollar still firmly in place.

By contrast in the UK a 10-year housing bubble has just burst courtesy of the credit crunch that started last August, and caused the first run on a UK bank for more than a century. Mortgage conditions are now tougher for borrowers, rates have risen and transactions have fallen steeply. House price have been falling for the past four months.

UK boom over
Many economists have pointed out that on any valuation technique UK house prices have become overvalued by anything from 20-50%. In a market correction it is normal for prices to move to an over-correction before reverting to the long term average.

This is the main reason for expecting the gap between UAE and UK house prices to close in 2008: prices stand to fall sharply in the UK while in the UAE house prices still have a lot of upside.

However, there is one final factor that will close the gap: currency devaluation in the UK. The pound sterling has been riding high against the US dollar - due to the well known problems of the US economy - and has therefore made dirham-denominated property cheap in the UK and UK property that much more valuable in dirham terms.

Now that the UK economy faces a series of challenges not unlike those in the US and the pound sterling has fallen in value below two dollars to the pound. HSBC predicts a decline to 1.75 over the next 15 months as the pound devalues to offset the impact of a UK slowdown or recession.

Devaluation bonus
For UK owners of UAE property that will provide a nice gain in value in sterling terms. But at the same time the price differential between UK and UAE real estate will be eroded in dirham terms.

For instance, take the Dhs5.7m price of a five-bedroom villa in New Dubai. To obtain a house of similar size in the UK Home Counties might cost around Dhs9m today. Now factor in a 10% rise in Dubai prices to Dhs6.3m and a 20% decline in UK house prices bringing the comparable home to Dhs7.2m. Then adjust for a fall in the value of the pound sterling and you have cheaper homes in the UK than the emirates.

This is a remarkable phenomenon: When Dubai house sales to foreigners first started in spring 2002 prices were at around a quarter of comparable UK prices in the Home Counties. A little more than five years later and the tables are set to turn.

Friday, 14 March 2008

Dubai real estate - second most expensive in world

Continued housing supply shortages and unprecedented price hikes in 2008 will make Dubai’s real estate market the second most expensive in the world, after the West End of London, HC Securities Brokerage said on Sunday.

“Accelerating growth rates have equipped expatriates with the means to rent houses at high rates, and the situation is least likely to be resolved in 2008 as the market is expected to be in short supply of housing units,” the Egypt-based brokerage said in its Economy Watch Bulletin.

Government caps have done little to address surging inflation caused by rapidly increasing rents across the region, HC Securities said, with GCC rents forecast to increase by a further 20% this year.

Wednesday, 12 March 2008

Dubai Property Mortgages - There are plenty of options

If you are looking to buy property, most of us will require a mortgage. It also makes sense to use borrowed money to maximize your position in the property market and to avoid large sums of capital being locked up. The mortgage market in Dubai is still very much in its infancy and I stress that you consider all the options open to you. By contrast, the UK has over 7000 mortgage options so most UK property investors seek the help of a Broker to present all the best possible solutions before embarking on a purchase. Mortgage Brokers are here in Dubai - they are just a bit more difficult to find. Here are some of the financial points you should consider before buying property in Dubai.

Can you afford it!

A relatively straightforward point but one that many overlook. The careful balance between buying your dream home and then being able to pay for it is crucial. Banks do not like repossessing property and facing the trauma of losing your home, penniless and possibly still in debt, is one we would rather not contemplate. Certainly in the UK, many house owners faced this dilemma when interest rates rose significantly in the '80's. It is widely recognized globally that interest rates are due to rise so one should be aware that being able to afford it now and possibly if rates raise should be a serious consideration.

Getting your budget right should be your prime objective before you start picking out curtains. Interest rates in the United Arab Emirates have already fluctuated and many local mortgage providers have the ability to alter interest (sometimes referred to as profit rates) as they wish. Interest rates not only vary between the local providers but can do so depending on what project you are purchasing.

Check all avenues of finance and be aware of Banks offering you too much lending. It may sound nice that a Bank is willing to lend you lots of money based on your present income (salary multiple) but what happens if you lose your job. Regardless of being fired or worse through serious injury, illness or death, you will still have to pay back the money you have borrowed. Unfortunately your bills do not die with you so it would be prudent to get some form of Loan Protection to ensure this issue is covered in the event of the unthinkable.

Loan Protection

Some local banks offer some form or indeed demand Loan Protection. Once again, this is an opportunity to engage the services of a Broker who may identify existing insurances you may already have acceptable to the Bank or indeed offer a policy that is more cost effective and internationally secure than that presented to you initially. Moreover, there are policies that can cover your Mortgage issues and at the same time deal with the importance of securing the protection of yourself and your loved ones overall.

Be mindful that if you have no cover and the bank demand repayment in full for whatever event, it could be that your property has not gained sufficient value to cover the loan amount or indeed cannot be sold for some period of time. Get yourself covered and remove the uncertainty.

Getting the right mortgage

A good Mortgage Broker has access to all the local providers of finance plus a wide range of mortgage and finance solutions with the top International Banks and Building Societies around the world. They can arrange finance in various currencies and secure the lowest interest rates for their Clients. For example, the typical borrowing rate in Dhs is about 6.5% which equates to nearly 9% in Ј terms. Since the base rate in the UK is about 4.75% it is clearly cheaper to finance your Dubai property purchase from the UK is possible. Moreover, a Broker can locate the most competitive fee structures and help select the right mortgage for you. You might need help determining whether you need interest only, capital and repayment, buy to let or other forms of mortgage in various currencies.

Presently, locally offered mortgage options are quite limited and few investors realize they can go overseas for alternative options. An investor may end up financing a project part locally and the other from international sources. At present, securing international financing can only be achieved if you retain assets outside of the United Arab Emirates. These assets for consideration can be other property, alternative income sources, offshore investment portfolios or similar securities. Typically, an investor can borrow up to 80% of the value of their overseas property (less any outstanding debt) to finance a project in Dubai. This is particularly popular with investors from the UK since the Ј/Dh is very much in their favour and they have the ability to rebase their capital gain threshold and mitigate their Inheritance Tax issues. If you do not know how this could affect you then a Broker (worth his salt!) should be able to guide you accordingly since you are unlikely to be offered this information from local lending sources.

Similarly, be aware that your Mortgage Broker back at home is duty bound to report to his Regulator (which in turn goes to the Revenue Authority) the capital raising/equity release work he has just done for you. If indeed you believe that just sending this money overseas to buy property away from the gaze of the taxman is OK - think again. In order to effect a tax efficient property purchase in another country like Dubai, you need to consider the correct uses of offshore Company Structures and Trusts.

Using Offshore Companies

International Banks are familiar with the uses of Offshore Structures when purchasing property. Typically terms are offered on a corporate basis but the savings for preserving wealth far exceed the additional fees to arrange such structures. SO apart form the potential tax savings, in the United Arab Emirates there are further considerations with regards to the costs involved in property transfer fees and how an offshore company can circumvent this issue. Moreover, the legal framework in the Emirates is that based on Islamic principles and one must be aware how Sharia Law can affect your property in the event of death. Regardless of your own religious beliefs or if you have a Will, in the event of your demise the UAE Courts will disseminate your estate here as per Sharia.

Presently, UAE based lenders will not offer loan terms to offshore entities but it is hoped this may change in future since so many overseas investors are demanding this facility before investing into the Dubai Property market. Clearly, the local Bank that offers such a service first will be inundated with business.

Get help...

Since buying property is probably the largest investment most people will make, it is financially prudent to seek the best advice and expertise. Property has shown steady returns for a number of years and it is a key element in your overall financial planning strategy. However, making avoidable mistakes in your property portfolio can have disastrous consequences.

Get as much information as possible from the likes of a Mortgage Broker and not just the first bank you bump into or that has a logo on a website. Similarly, speak to various realtors on the suitability of your purchase, Lawyers for the legal position when purchasing in Dubai, Surveyors to ascertain the true value of your home, Insurance types to protect your abode plus Tax & Financial fellows to make sure you have structured your purchase the most effective way.

Choose the right budget that allows you to comfortably afford your property, the repayments you will have to make (even in the event of an interest rate hike) and to fund the protection measures essential in house purchase. Hopefully you will still have some left over so you can pick out those curtains!

HSBC mortgages in Dubai

Provider HSBC
Available to UAE and Non - UAE residents.
Mortgage Tenor Up to 20 yrs. subject to repayment by 60th birthday.
20 yrs for villas and townhouse, 15 yrs for apartments.
Interest rate Up to 70% = 6.75% variable, > 70-80% = 7% variable. HSBC can help with stage payments rqd. By approved developers using a Construction Finance Account, charged at 1.25% above the mortgage rate. Less 0.15% if salary transferred. Special rates offered for Phase 2 of Green Community.
Maximum loan amount Depends on individual financial status. Standard precompletion properties is 80% of developer price, completed properties is 80% of market value as determined by an appointed valuer. (Valuation will be charged).
Insurance requirements Mortgage protection policy & Buildings Insurance required.
Minimum salary (AED) Depends on financial status.
Charges Details can be viewed on 1% of the loan amount is levied as arrangement fee for the mortgage.
Properties financed Al Hamra Village in RAK, Marina Heights Tower, JBR, Al Nakheel, Green Community, Emaar Villa's & Townhouses (but not apartments).
Documentation required Passport, Current salary certificate, six month's bank statements, credit card statement, other income documents, copy of sale/purchase agreement.

Amlak (Sharia'h compliant mortgage)

Provider Amlak (Sharia'h compliant)
Available to UAE nationals, GCC residents, UAE residents and non-UAE residents.
Mortgage Tenor Upto 15 yrs for GCC, UAE & non-residents, 25 yrs for UAE nationals from 01/08/05
Amlak offers all new UAE resident customers upto 20 years on villas and townhouses.
Interest rate Variable rate (residents): 6.75% for 70% and below 6.95% for 80% finance, 7.25% for 90%, (Non-residents 7.50%)
Fixed rate (residents): 7-15 yrs 10.50%; 5 - 7yrs. 8.75% Upto 5 yrs. 8.00% (Non-residents add 0.50%).
Maximum loan amount Depends on salary.
Insurance requirements Not compulsory, can provide Islamic insurance solutions. Property insurance is compulsory, family protection is not.
Minimum salary (AED) N/A
Charges No early settlement charge. No partial repayment charges, 1% processing fee- Min. AED 5,000,Non-resident-1.25%- Min. -AED 5,000, Valuation fee upto 3,000.
Properties financed Emaar, JBR, Al Fattan, Nakheel, Palm Developments.
Documentation required Passport, Labour Card, Khulasat Qaid (ID card), salary certificate, 6 months bank statements, other income documents, copy of sale/ purchase agreement, proof of
downpayments, cheque for loan processing fee.

Dubai Mortgage & Property Financing

Amlak Finance

Originally established in 2000, Amlak was the first to offer mortgages in the UAE. The company was conceived to provide longer-term financing to Emaar customers, unable to meet more traditional short term mortgage payment schedules. “The recent announcement of the freehold ownership for expatriates has further boosted investor confidence in Dubai's real estate sector and sparked growth in the uptake of mortgage products offered by Amlak Finance. In line with this, we at Amlak Finance have created a truly value-packed offer at very competitive interest rates," said the general manager of Amlak Finance.

Amlak announces 25-year mortgage: Amlak Finance, announced a new home financing scheme in which UAE nationals as well as foreign investors can take advantage of 90 per cent finance of the property value with a maximum of 25 years. The maximum loan per individual has been capped at Dh 5 million. In addition, the maximum debt service coverage ratio (ie, the monthly mortgage payment) is 55 per cent of your monthly salary; and you also have to have been in full-time employment in the UAE, with the same employer, for a minimum of three years. Although Amlak naturally complements Emaar’s business by providing prospective homeowners with long-term financing, it will provide mortgages to a wide range of developers.

Tamweel Home Finance

Upto 70% Finance Arranged
Tamweel brings together the legacy of two great organizations - Dubai Islamic Bank, the first Islamic Bank in the world, and Istithmar, which is part of the corporate group (including the Dubai Ports, Customs and Free Zone Corporation, Nakheel, Dubai Metals and Commodities Centre and Tejari), and is one of the fastest growing real estate developers, with a dominant presence in trade and commerce in the region. Tamweel aim to be the most admired leader amongst finance companies in the UAE.

In essence, Tamweel are a blend of financial stability and ethics, a fusion of traditional values and progressive outlook, providing world class service, cutting edge technology and unparalleled professionalism. Tamweel are a one billion dirham company dedicated exclusively to the provision of home finance.

Dubai Islamic bank
The Dubai Islamic Bank that functions on the principles of the Islamic finance techniques, buys the property on behalf of the customer and is the legal owner of the property. The customer will then lease it from Dubai Islamic Bank for a period mutually agreed upon and on complete repayment of the loan, the transfer of the property to the name of the owner is then effected.
Here the mortgage technique is not used, but a contract referred to as ‘Ijara’ that is very similar to the conventional leasing is applied. Since the project that they finance is in the name of the bank till complete repayment of the loan amount, they eliminate the risk factor totally.

Other local and foreign banks have stepped into the Dubai property mortgage / finance market, like Barclays and HSBC bank, and more are expected over time.

Sunday, 9 March 2008

Omniyat launches Octavian, twin-tower at Business Bay

Omniyat Properties has announced the launch of 19-storey modern office twin-tower, Octavian, in Business Bay, which happens to be the eighth project by the company in the prestigious downtown business hub of the city.

Octavian, is another 'intelligent' development by Omniyat that reflects futuristic technologies, and is named after 'Galius Julius Caesar Octavianus', the first emperor of Rome and the man behind the most significant developments of the eternal city.

The President and CEO of Omniyat Properties, Medhi Amjad, said "Emperor Octavianus is remembered for his dynamic and inspirational approach to development, the qualities, which we believe are reflected in the unique structure of Octavian, a modern interpretation of a three-dimensional ornament."

The Octavian, which has received approval of RERA (Real Estate Regulatory Authority in Dubai), is a joint-venture between Omniyat and Investate, a Bahrain-based real estate investment company in which Omniyat has a 40 percent stake.

Even before its public launch, 13 floors out of the 19 floors of Octavian were sold within two days. According to a company official, the mad rush is due to the confidence that customers posses in the Omniyat brand name coupled with the strong international appeal of Business Bay.

The Octavian is a unique form of two-transparent towers, connected by a black center-piece, which is so designed that it sparkles in sunlight, emanating lightness and strength. The interior is designed in a manner so as to deliver easy maintenance and operation, along with a classic touch. Both towers of the Octavian has three podiums and four basement parking levels with 1250 bays and hi-tech security as a part of the facility. The ground floor of the building will be alive with 60,000 square feet of land set aside for retail space including restaurants, shops and other outlets.

Located in close proximity to Dubai International Convention and Exhibition Center and the Dubai International Financial Center, the Octavian is designed by Kling Consult, a renowned German Engineering. Enabling work of the project will begin in the third quart this year, and will be complete by 2011.

The Dh.1.2bn project will be the first project of Omniyat this year, and is one of the eight developments which will quadruple the value of the company's Dubai property portfolio to Dh.21bn this year.

Last year the company had doubled its sales and tripled its profits compared to that achieved during the year 2006.

rices of Abu Dhabi homes likely to shoot-up by 20 percent

The price of homes in Abu Dhabi is likely to shoot-up by at least 20 percent in the current year, states a report from Sorouh Real Estate.

The report indicated that demand surpasses supply, and negative real interest rates are contributing to more investments. The Europeans are investing in the UAE, with an intention to make better use of their Euros, while the dollar is declining, taking the UAE dirham with it.

The five-fold increases in oil prices during the past six years have boost Abu Dhabi's economy and the low interest rates have led to more investments in real estate.

The Chief Property Development Officer of Sorouh, Gurjit Singh, said "We easily notice a growth of 20 percent this year. We are seeing the growth phase and it is still very early on the clock."

He said that the average prices for residential sectors range between Dh.1300 and Dh.1700 per square foot. The numbers of Europeans investing in Abu Dhabi residential sector falls between 8 and 12 percent, and the numbers are on the rise due to the strength of Euro and the Pound.

Sorouh is also developing realty projects worth Dh.40bn, Singh revealed.

Monday, 3 March 2008

Rents for commercial properties in Dubai continue to soar

As per reports, Dubai continued to witness huge demand for office space last year, with the emirate reflecting one of the highest global rental yields for commercial premises, ranging 17 to 18 percent.

Asteco, in its quarterly market research, reported that there was a huge increase in capital values, particularly, in locations where the new buildings were nearing completion.

The rents for office space grew by five percent on an average in comparison to the last quarter. The highest rent rates were noticed in Oud Metha and Sheikh Zayed Road, with 6 and 12 percent respectively, as per the fourth quarter report of Asteco.

When compared to the rates during the corresponding period in 2006, the office rents in Dubai last year saw a considerable increase of 44 percent, and the occupancy rates continued to touch 97 to 99 percent, the report revealed.

The Director at the Research Valuation and Consultancy at Asteco, John Allen, says "The increase in prices indicate the fact that the commercial sector of Dubai does not have a liquid secondary market at present. The limited delivery of new office premises over the last couple of years has brought about an undersupply in the market, resulting in strong surge in office rents and sales prices."

Asteco anticipates that the commercial units would witness another surge in prices, as the buildings near completion next year. However, according to Asteco, a shortfall in supply of of nearly 18million square feet of office space would be experienced next year due to delay in construction.

"We expect that landlords would get more competitive with increase in supply. More high quality finishes that are being offered, will be tailor-made to suit the requirement of tenants, and most important, the rents will stabilize reflecting true market values," Allen said.

A new factor that will have a major impact in the commercial property market during this year, will be, the implementation of the new 'green rules', which would become effective this year.

Luxury Villas, much in demand in Dubai

The exciting response for Polo Homes developed by Emaar Properties, one again strongly highlights the need for luxury lifestyles and exclusive living in Dubai.

Villas being more sought-after, the elite Polo Homes, recorded unprecedented home-owner interest, the company mentioned in their statement.

Located within the Arabian Ranches, the Polo Homes, which are just 71 in number, is one of the most luxurious residential communities, ever launched by Emaar. It is a true reflection of the vast range of home options that the company offers to satisfy customer requirements. The owners of Polo Homes get to enjoy various membership privileges at the Dubai Polo and Equestrian Club, inclusive of access to modern clubhouse with specialty restaurants and spa, international equestrian events, an array of leisure and recreational facilities, and two polo fields.
The Sales Director of Emaar, Saif Al Mansoori says "Villas sell like hot cakes in Dubai, and the overwhelming customer response for Polo Homes, highlights the demand for exclusive homes with distinctive lifestyles. Polo Homes signify Emaar's competency to deliver fresh perspective to property development. The development has been created focusing on the requirements of residents, who enjoy being linked to the current equestrian-related events at their doorstep."
Apart from the leisure facilities at the Equestrian Club, the residents also get easy access to the Arabian Ranches Golf Course, schools, retail outlets, children play areas, and health and fitness amenities, located in close proximity within the Arabian Ranches development.

The two-storey villas of the Polo Homes remain detached, and comprise five to six bedrooms that reflect Andalusian architecture with every minute detail being taken care off. The villas possess spacious central courtyards, terracotta roof tiles and are spacious enough for unique and inspirational landscaping opportunities.

Polo Homes can be accessed from three ring roads that lead to Sharjah and Abu Dhabi. It is located in close proximity to the main centers of Dubai, including, the Dubai Internet City, Dubai Media City, and the Jebel Ali Free Zone.

Real estate sales peaked to Dh 1.16bn last week

Real Estate Sales in Dubai last weeks peaked to Dh.1.16bn, reveals Dubai Land Department.

Al Warsan First recorded the highest sale for a plot with Dh.39,500,500 followed by Al Farsan First at Dh.35,000,000 for the sale of a building.

The villa sales for the week were done at Emirates Hills Third. The total value of land sales recorded, was the highest on 27th February 2008, Wednesday, at Dh.279,475,904.

The combined value of plot sales, flat-sales and villa-sale for the period was Dh.715.9mn, Dh.114.8mn and Dh.18.36mn respectively.

The Construction sector in Dubai, in the meanwhile, is well up-to-the mark, and is on par with the surging demand for space in the emirate.

Trakhees, the Civil Engineering Department of Ports, Customs and Free Zone Corporation has issued an average of 250 permits per day for construction of buildings in Dubai last year.

The Managing Director of Trakhees, Nazek Al Sabbagh, said "The growth in construction sector of Dubai, is ahead of demand, and recorded significant growth last year. Dubai is a world-class city which will see numerous state-of-the-art buildings in days to come."

Also, with the maturing markets of Dubai real estate and construction sectors, the emirate witnessed a considerable drop (from 30% in 2006 to 10% in 2007) in number of construction violations during the past year.