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Investors return to Dubai real estate market

Dubai’s real estate market is witnessing a strong recovery from a slowdown that started from the beginning of 2015. A significant increase in investments has been recorded in the first half of 2016 which clearly indicates towards the bottoming of sales prices. Dubai real estate brokers have recorded an increase in overseas inquiries including a large number from Russia. After a major fall in the value of ruble, Russian investors were regressed from Dubai’s property market, but now they seem to have returned and making large investments. Russians have been actively interested in buying luxury properties in Dubai for a number of reasons including prolific returns, sunny weather, ease of buying and renting a property and high rental yields. These factors have not only lured Russians but Indians, Pakistanis and British have been on the top of the list for investing in Dubai. After Britain’s decision to exit the European Union, there had been speculations of its effect on Dubai’s real estate market. After the decision the pound weakened which has made property expensive for British investors who were earlier taking advantage of a strong exchange rate. This is however a short term effect on the market as the market remains buoyant welcoming investors from GCC and other countries. In the past 2 and half years investors from Pakistan have bought properties worth 18 billion Dirham and they rank behind Indians who also have invested majorly in Dubai realty sector. Indians and Pakistanis have age old bonding with UAE and economic and political stability and high taxes in home countries attract these nationalities to invest in Dubai’s transparent market.

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There has been a mixed response from experts with some predicting the bottoming of the market while some argue of the slow down to continue for a little longer. Like any other real estate market Dubai property has seen a boom and slump, but the strong indication is the quick recovery that has been seen. Dubai’s diversified economy has cushioned the real estate market from external factors like the recent drop in global oil prices. The hosting of the EXPO 2020 is also a major factor that investors believe is going to give a boost to real estate in Dubai as catering to this mega event needs a lot of new infrastructure to be built and new manpower to be imported to make that happen. This new influx of manpower will give rise to increased demand for residential properties, thus pushing the sales price up and investors expect to reap benefits.


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Dubai villa communities

Dubai is a year round attraction for tourists providing pristine beaches, Golf courses and a world class hotels and resorts. Dubai is also famous for its exceptional shopping experience, home to the world’s largest mall and having more than 15 massive shopping destinations, Dubai is a preferred destination for holiday makers.

Over the years Dubai has also attracted people around the world to work and do Business in this fantastic city that offers a cosmopolitan culture and enormous opportunities. The city provides ample residential communities to absorb the influx of expatriates which include apartment and villa developments. The apartment communities include Dubai Marina, Jumeirah Beach Residence, Jumeirah Lake Towers, Downtown Dubai and many other communities that offer luxurious apartments with first class amenities.

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Among the villa communities are Arabian Ranches, The Villa, Jumeirah Park, Jumeirah Islands and Mudon. The Villa project and Mudon are located in Dubailand which is an exciting destination featuring shopping, adventure and shopping attractions. Dubailand is a massive development and includes communities like Al Barari, Al Waha Villas, Dubai Sports City, Motor City, Remraam are among the popular ones. The villa communities offer luxurious themed villas ranging from 2 to 6 plus bedrooms set amid lush landscapes and artificial lakes and outdoor activities which make them an ideal place for families. Buyers looking for Dubai villas for sale have options to choose from a wide variety of communities.  There are many other residential communities which are under development and will be handed over in the near future.


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Business Bay, the Region’s Business Capital

Dubai’s Business Bay is all set to become what it had been envisaged as, the Hub of Business in the region. A promising infrastructure to Businesses and an integrated lifestyle to residents Business Bay will deliver what it had promised. The Impetus can be felt in the iconic skyscrapers that showcase a wonderful work environment and a fantastic location.

Business Bay has a number of Towers that are as ideal for Businesses as Business Bay itself, with some of the towers still under construction; many have been completed and are providing Businesses with world class facilities.

Executive Towers: Consists of 12 Towers, with 10 of them as residential, 1 is commercial and 1 tower is a hotel. Executive towers are the first project in Business Bay to be completed and the residential towers had the first apartments for sale in Business Bay. Executive towers continued construction during the Real Estate Slump that occurred in 2009 as a result this project was the first to be delivered. The Apartments in Executive Towers, Business Bay are luxurious and range from studios to 3 bedroom apartments and 4 bedroom penthouses. Executive towers are located very near to the metro station and are serviced by off-site district cooling system. The two leveled shopping mall named Bay Avenue consisting of restaurants, cafes and retail stores compliments to the niceties of this amazing development.

Aspect Tower: The commercial tower among the Executive towers has already been occupied by major Businesses and has gained popularity for its strategic location and easy access to Downtown Dubai and the Metro station. The 135 Meters tall building consists of 166 offices ranging between 1000 to 3000 square feet, offices at higher floors are large and up to sizes of 6000 square feet. The tower has ample parking space in the basement parking’s and also a huge parking in front of the Executive Towers that caters to accommodate cars of visitors.

Burjside Boulevard: This 36 storey luxury serviced apartments also includes 3 levels of podium out of which 1 is dedicated to leisure. The tower is in icon of modern living and provides superb apartments ranging from one to three bedrooms with views of Burj Khalifa and the vibrant Business Bay. The apartments are being serviced with a 5 star standards and promise superior service every time you need it. The tower showcases magnificent amenities that include separate Gymnasiums for men and women, swimming pool, children’s play area, restaurant, lounge and Spa.

Iris Bay: One of the most awaited tower in Business Bay, Iris Bay has a unique Architecture. Iris Bay rises up to 32 levels from the ground, this tower can’t go unnoticed for its distinct edifice. Designed in the shape resembling an ovoid, the tower comprises of two similar double curved shells rotated over the podium. Located near the Metro Station this unique tower is designed by the famous design company Atkins.

Business Bay is a massive commercial development and comprises of numerous iconic buildings, please read the second part of this post to know about other towers in Business Bay.

 


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Dubai Sports City, the Epicenter of Sports

Dubai Sports City is a 50 Million square feet mixed use development in Dubai envisioned to be the world’s first integrated purpose built sports city. The concept of a city within a city is well presented by Dubai Sports City. It is a one of its kind multi -venue sports complex that will be hosting International and major sports events in different categories and will draw visitors and sports lovers to this fabulous destination from all around the world.

The project will include major sports academies that will nurture talent in all sports categories and will create a platform for the development of youth in the country and will also develop their interest in outdoor sports in an era when it’s most needed. The development also includes Schools, Hotels, Residential Towers that will include high class apartment buildings, medical centres, restaurants, cafes, supermarkets, community centres and major sporting brands in retail making Dubai Sporty City a self contained city.

The city is still under development and the ready part has been much appreciated, some of the sporting venues are operational while work is in full swing for the others. The Dubai International Cricket stadium is already a well known sports venue and has hosted some very anticipated cricketing events. The 18-hole Els Club Golf course is also operational and being eyed for major Golfing events. The other two multipurpose stadiums will have facilities for Rugby, Soccer and other Court games.

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Dubai Sports City includes meticulously planned residential areas like Canal Residence West, Victory and Gallery Villas. These projects offer Studios, one, two and three bedroom apartments and luxury villas. The apartments in Dubai Sports City are well appointed and the towers offer amenities one would expect in a world class development. Dubai Sports City is a major area of interest for investors who buy Dubai Apartments available for sale  to profit from this fruitful property market. Dubai has always been in news for unique and mega projects and Dubai Sports City is a feather in the cap.


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JBR Attractions

Jumeirah Beach Residence is fast luring expatriates to make this waterfront community their home; the reasons are clear, pristine waters, clean beach, outdoor activities, fun atmosphere and luxurious residential apartments. This fabulous development has an array of attractions making it a vibrant community for residents and is equally popular with visitors.

The Walk is one of the most famous attractions at the JBR, it is a place to be for shopping, dining or just a relaxing walk while looking at the hustle bustle. This 1.7 kilometer stretch of shops, restaurants, cafes and other retail stores is formed at the ground and the plaza of JBR. There are more than 330 retail outlets and you will find everything here from food to Gyms, salons to ATMS. The walk offers an array of restaurants serving different types of cuisines including the most in demand Indian, Arabic, Russian and Chinese and Italian food. The walk is never short of dining options. Looking at the popularity of the place and the number of growing visitors the developer has plans to increase the number of stores in the near future. The walk also offers fashion stores including some top brands in the industry. There are a number of stores selling gift items and have a good rush of visitors buying souvenirs.

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The other most bustling area at the JBR is the Beach; the Beach project has added new dimensions to this amazing and popular community. The open air cinema is one of its kind in Dubai and has residents and visitors enjoy watching their favorite movies. Watching under the stars in this open air cinema is an amazing experience. Australian artist Jenny Rossen has added four sand sculptures to the Beach celebrate Dubai’s landmarks. The sand sculptures are huge and can be seen from a distance, the amazing sculptures are made from compresses sand so they last for an extended period that sculptures done in other countries.


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The Self Contained Vibrant Community

The most sought after residential address for families, entrepreneurs or Businesses, JLT has been the ideal choice to live and work within a community. Jumeirah Lake Towers provides sumptuous living spaces and an easy commute to work; the residents here also enjoy quick access to other important areas in Dubai.

Jumeirah Lake towers has all the reasons to lure people to make this their Home, work place or both.

The towers at JLT

Jumeirah Lake Towers is a mixed use development and there are 64 towers around the man-made lakes providing residential units and commercial spaces. All the towers have their individual identity which adds to the diversity of this community. The residential towers provide studio, 1 and 2 and 3 bedroom apartments with all the facilities and amenities one would expect from a world class development. The residents who buy JLT apartments come from different backgrounds and cultures and enjoy living in this cosmopolitan environment.

The Park and playgrounds

The Park at JLT is the busiest area during the afternoon, the 55,000 square meters of greenery was created by filling one of the lakes to make space for the park. The residents welcomed this transformation after the park was announced open for public. There are four children’s play areas as well in the community for kids to enjoy their outdoor time after school.

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Connectivity

JLT has superb connectivity via the Dubai Metro which has 2 stations serving the community. The community enjoys a strategic location and has quick access to Jabel Ali, Airport and other areas of Dubai. Residents enjoy shopping at nearby smalls like the Ibn Battuta mall, Mall of the Emirates and Marina Mall using the metro and without having to worry about traffic and parking hassles. The community has major supermarkets within catering to the daily needs to the residents; there are other small grocery stores with home delivery option making to convenient for residents to meet their daily grocery requirements. There a restaurants cafes, SPA.’s salons laundries, pharmacies s and clinics making JLT a self contained community. There is ample parking for to accommodate vehicles of visitors and residents.


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Dubai, still a popular choice for investors

Dubai is still proving to be a popular choice for investors. There are a lot of clues to suggest this. Investor confidence has been restored in Dubai real estate market; competition between developers is higher than ever with real importance on design and lifestyle not to mention bringing more green landscapes to the city.

Real estate transactions in Dubai rose by 4.6 per cent to Dh113 billion in the first six months of 2014 to Dh108 billion during the same period last year.

The overall result is that the real estate market in Dubai is able to regenerate and offer a variety of products to attract investors. We believe that Dubai can sustain this level of attraction and build on the momentum that is developing from the increased demand.

Dubai Marina continues to remain the most favorite area among investors with 2,576 sale transactions being registered, worth AED 5.87 billion.
Real estate (land, apartments, villas) sales accounted for 54% of the total transactions equaling 22,096 deals worth AED 61.5 billion, Dubai Land Department (DLD) said in a statement.
Mortgages consisted 42 per cent of the dealings, with a total of 6,922 transactions worth AED 47.3 billion being recorded. The total number of transactions for Q1 and Q2 was 30,380 as reports suggests.

The developer community is now far more advanced and mature than during the last property boom and it really is essential for buildings to be part of a community that offers everything from shops, to gyms to education.

The level of careful planning which is going into projects to ensure they are genuinely viable in the long-term is one of the most pleasing aspects of the current real estate market revival. It’s obvious there is a keen eye on creating a vibrant public realm around buildings which encourage people to lead active, healthy lifestyles. Plus the new regulations focusing on environmentally friendly procedures, green architecture is becoming an increasingly popular option for developers.

Cityscape Global which is supported by the Dubai Land Department is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.

Also running in tandem with the exhibition is the Cityscape Awards for Emerging Markets. The awards program has attracted hundreds of entries from developers and architects behind real estate developments across emerging markets globally. Submissions are now being reviewed by an independent judging panel with the winners announced at an elaborate ceremony taking place at the Armani Hotel, Burj Khalifa on 22 September in Dubai.

All indications confirm that the market is being buoyed by momentum that is sustaining demand. In this picture, the city will maintain its leadership particularly as it provides higher returns on investments.

So whether investing in a ready property or any one of the incredible projects that are in the making, Dubai is a lucrative and exciting choice.

Source: Safura Abas

General Manager, Aston Pearl Real Estate