Weekly Dubai real estate news digest. Issue 12

22.09.2013
    Realty buying frenzy
Welcome to the twelfth issue of Market Insight, your weekly guide to what's happening in the Dubai real estate market.
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MARKET INSIGHT. Weekly guide to Dubai's property scene
Issue 12 |  September 22, 2013

Realty buying frenzy

Despite the fact that property prices have been skyrocketing, buyers haven't been deterred in the least. In fact, most developers agree that their new developments are fast-moving, especially those in prime locations.

More than Dhs100 million has been invested in a new Downtown Dubai real estate development project during a two-day pre-launch sales event. Dubai-based Sherwoods and property development company Pacific Ventures said it recorded strong demand from investors in the Burj Pacific project. Over half of the apartments in the development have already been sold. Prices for a one-bedroom apartment start at Dhs1 million. 

At Palm Jumeirah, Dubai-based real-estate firm SKAI Holdings has announced that 98% of its units at Viceroy Palm Jumeirah have been sold and that it has secured Dhs2.4 billion following the sales. Arady Developments said that units at its Central Park Residences has sold out following a two-day sales event. The project, located in Dubai International Financial Centre, consists of 426 apartments across 527,000 sq. ft. 


Property is attracting regular investors in the region but also celebrity investments. Major Bollywood stars have reportedly purchased new realty in Dubai, making the property value of these developments all the more higher. Movie stars like Aishwarya Rai Bachchan and Sohail Khan are among some of the names local media have been focusing their attention on. 

Interested investors should keep their eyes peeled for some of the new projects that have been announced. Shaikh Holdings has announced that it is in the final phase of villas at its Sanctuary Falls development in Jumeirah Golf Estates with prices ranging from Dhs8.9 million to Dhs22 million (payment plan includes 40% payable during construction and 60% on completion). The market is preparing to welcome 20,000 apartments and 3,500 villas this year, according to a research report by the National Bank of Abu Dhabi. 


Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Dubai's realty sector is truly thriving and it is an exciting period for the industry as well as for interested investors. We hope that our round-up of stories and expert opinions has helped you get a better idea of where the market is heading. Be sure to catch our next issue to know more about the latest in industry trends. 

 

Sincerely,

Pashma Manglani

Editor


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Over 20,000 housing units expected by year-end 


Dubai's property market is expecting to see an expansion in availability in the remaining part of the year.

The market is preparing to welcome 20,000 apartments and 3,500 villas, which will be delivered in this year, says a research report by National Bank of Abu Dhabi.

In June 2013, Dubai had approximately 400,000 apartments and 60,000 villas. 

 

Read more on Khaleej Times

Mortgage middlemen in demand


Mortgage middlemen are cashing in as property transactions boom and homeowners attempt to generate better terms on their property deals.

Banks say referrals from mortgage brokers and consultants are accounting for an increasing share of their business. This has convinced many mortgage intermediaries to increase staff numbers, even at a time when cash buyers account for the majority of transactions.

Before 2008, customers were less concerned about the small print of their mortgages. "Customers now, [however], are looking for better value for money," said Jean-Luc Desbois, managing director, Home Matters, a mortgage consultancy. "Not just lower interest rates but better terms and conditions and exit fees," he explained. 

 

Read more on The National

Downtown property selling rapidly


Over Dhs100 million has been invested in a new Downtown Dubai real estate development during a two-day pre-launch sales event.

Sherwoods and property development company Pacific Ventures said that it had recorded strong demand for the Burj Pacific project. Half of the 140 apartments have now been sold ahead of the general sales release.

Situated less than 500 metres away from the Burj Khalifa, the 20-storey tower consists of 140 one, two and three-bedroom duplexes.

 

Read more on Arabian Business

Changes in Dubai's realty scene

Experts advise buyers to take precautions before investing heavily in realty. While the market seems to be picking up now, there have been projects that have under-delivered in the past and it's essential to learn from the problems that happened there to avoid them in the present.

The Lakes in Emirates Living was essentially supposed to be a 900 villas and townhouses project but in the end,
only 100 villas were delivered.

Meanwhile, in Jumeirah Heights, 2,300 apartments were delivered with 84 townhouses in Jumeirah Islands - none of which was in the original masterplan of the project. Many residents in the area have voiced complaints that the changes made were without their consent.

Work is also currently underway at Jumeirah Beach Residence's 'The Beach.' Most agree that it has been a struggle for them since the project is being constructed on the JBR coastline, one of the attractions in the area. 


Read more on Gulf News

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