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Dubai’s real estate records a robust Dh132b in first half deals

July 30 - ORE Blog

Palm Jumeirah was top spot in value terms while Marina had the volumes

Dubai Marina and Business Bay retained their status as investor hotspots as overall property transactions in Dubai totalled Dh132 billion in the first half of 2017. This was done through 35,571 deals, and the amount represents a significant gain from the Dh113 billion recorded in the first six months of 2016, based on data from Dubai Land Department released Sunday.

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Home is where smart(phone) is

July 29 - ORE Blog

Though social media dominates the revolution of Internet in our daily lives, there are new domains such as search for cars, gadgets and movie reviews that are catching up fast.

The new trend evolving quite fast among UAE residents is online search for properties as well as for areas where to live.

Nearly seven out of 10 buyers in the UAE search for available properties online and also check the value of their current home on different property portals using their mobiles and emails. While 65 per cent go online to search for areas where to live and information about taxes and regulations, according to a new research by HSBC.

Despite the fact that the UAE residents are lagging in terms of buying and renting properties through online property portals as compared to other developed markets, but this trend is catching up fast and they are increasingly becoming comfortable to buy and rent a home through "property technology" (PropTech) revolution which has now arrived in the UAE.

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Emaar launches Golf Links development in Dubai South

July 26 - ORE Blog Golf Links

Image Credits to Emaar

Emaar Properties has launched the Golf Links community in a joint venture with Dubai South, located along an 18-hole golf course within the Emaar South development.

The development will only offer four and five-bedroom golf villas overlooking the golf course, a recreation centre, and family park within a gated community.

The G+1 four-bedroom villas in Golf Links have a built-up area of nearly 275m2 while the five-bedroom homes have approximately 356m2 of space.

Ahmad Al Matrooshi, managing director of EmaarProperties, said: “Golf Links in Emaar South is one of the prestigious villa developments tailored for families and golf enthusiasts.

“As the new hub for aviation and logistics, Dubai South is set to become a thriving residential and commercial district, and we are offering a truly special lifestyle experience with Golf Links.”

Amenities also include fitness areas, swimming pool, children’s play area, barbeque area and a multipurpose room, as well as 24x7 security and maintenance support.

Emaar South is a 7 sq km development only minutes away from Al Maktoum International Airport

Golf Links homes go on sale on July 25, 2017.

 

Abdel-Razzaq, J. (2017, July 26). Emaar launches Golf Links development in Dubai South. ConstructionWeeklyOnline.com. Retrieved from http://www.constructionweekonline.com/article-45559-emaar-launches-golf-links-development-in-dubai-south/

Ride along: Nakheel opens monorail station on The Palm

July 5 - ORE Blog

Station accessible to tenants in Golden Mile, other residences on The Palm Jumeirah

Dubai: Residents and visitors at The Palm Jumeirah will now have better public transportation service, with one major station just opening up.

The facility provides easy access to residents at the Golden Mile and Shoreline Apartments, some of the popular residential locations at the man-made island. It is also within easy reach of the Golden Mile Galleria mall and Palm Jumeirah’s central park.


“Passengers using The Palm Monorail in Dubai can now board and alight at the newly-opened Al Ittihad Park station for easy access to Palm Jumeirah’s central park, thousands of residences [among others],” Nakheel said in a statement issued on Monday.

The monorail spans along the trunk of  The Palm and connects the island with Dubai mainland. It opened on 30th April 2009, mainly transporting passengers who visit the Atlantis hotel.

The property developer said that around a million people already use the public transportation system every year.

The number of users is expected to increase, with more attractions on the island scheduled to open up soon.

In May, Nakheel signed a construction contract worth Dh1.5 billion for The Palm Gateway, a new three-tower residential, retail and beach club complex.

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Dubai rental law: a timely refresh?

June 21 - ORE Blog

Experts weigh in on Dubai’s proposed ‘smart rental index’

The Dubai Land Department (DLD) announced a new rental law in the works that will enhance transparency in real estate leases. Calling the new regulation a smart rental index, the DLD is making the switch from a one-size-fits-all index to a more specific benchmark for each type of asset class, whether residential, office, retail, health care or schools. The index will also include sub-categories based on how a property is maintained or built.

“The Dubai Land Department considered new law a necessity for keeping abreast of the continuous development of Dubai’s rental market, where rental dispute claims have increased in recent years,” says Mohammad Ahmad Yahya, deputy executive director of the Rental Affairs Sector of the DLD, tells PW. “However, these claims only make up 2 per cent of total registered rental contracts. We are working on a smart rental index that will focus on a number of aspects and include different characteristics and specifications of the rented property in Dubai. The new law is currently under discussion with the relevant authorities for final approval. It will further regulate the rental relationship between landlords and tenants and guarantee their rights, ultimately reinforcing the stability of Dubai’s real estate sector and attracting investments.”


Current regulation

Law No. 26 of 2007, as amended by Law No. 33 of 2008, regulates the relationship between landlords and tenants of all types of real estate in Dubai. The rental dispute settlement centre (RDC) was established in 2013 as a judicial arm of the DLD to resolve rental disputes.

The RDC and the introduction of a rental cap and rental index has been quite revolutionary in the existing relationship between a tenant and a landlord, says Philip Sequeira, head of property regulatory at Hadef and Partners.

“Dubai is a unique market with a high proportion of renters when compared to owner-occupiers, and historically there have been shortages in supply,” says Sequeira. “Therefore, there was a requirement to regulate landlords and provide more protection for tenants. The landlord-tenant [LT] Law and RDC have achieved these goals.”

Sequeira says the present law covers all leases in Dubai, except specific free zones. However, there still exists confusion on several issues such as the rental index, application of certain provisions vis-à-vis commercial leases, malls, schools, industrial facilities and so on. Therefore, the authorities have moved to clarify the treatment of different types of leases, which will eliminate the ambiguity that currently exists in several provisions in the law, says Sequeira. He also believes it would also be good to see more regulation applied in respect of security deposits, while establishing a central authority that could hold and regulate these.

The rental market benefits from the index, which is updated yearly using information from the Ejari registration, as it allows both tenants and landlords to determine the correct rental value of a property, while preventing excessive increases, says Laura Anderson, leasing manager at Exclusive Links Real Estate.

Anderson says that the unified lease contract recently introduced has also helped enhance transparency in the market as agents and landlord will have to use same contract. She says the contract format could still be improve further by creating unified template for any addendum on the contract.

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