Weekly Dubai real estate news digest. Issue 66

05.10.2014
Readying for change 
Welcome to the sixty-sixth 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 66 |  October 5, 2014

Readying for change 

Preparations for the World Expo 2020, which will be held in Dubai, are progressing well, according to Helal Al Merri, CEO of the Dubai World Trade Centre (DWTC).

A wide range of projects are in development for the big event, whether it be in the retail sphere or roads & transport. Work on many of these developments has already begun, giving investors new options when it comes to Dubai property. In fact, Dubai's success in recovering from the crash has been touted by prominent individuals across the globe. "The way Dubai has been able to rebound is just incredible and it's a great example for the world," said Donald Trump Jr., executive vice president, The Trump Organisation. 

When it comes to improving general infrastructure, Mattar Al Tayer, chairman of the Board and Executive Director of RTA, announced recently that around 35 projects worth AED30 billion will be completed in the next few years including a 15km extension of Dubai Metro Red Line to the Expo 2020 site.

Meanwhile, developers have launched over 40 projects, including 17 focused on villas and townhouses. Separately, Dubai Land Department said it has registered a total of 6,636 properties across the emirate in the first six months of the year.

However, there is still much more that needs to be done in preparation for the event. In the coming months, we expect more announcements to come through about other exciting projects in Dubai, all catering to the rush of investors that will come in as a result of the Expo. 

Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Projects valued at AED30 billion will be built in Dubai to boost the emirate's infrastructure as it gears up to host the Expo 2020. Developers across the city are already readying themselves for increased visitors, need for commercial space and retail venues. In this time of flux, the emirate's residential property market is also undergoing changes with new developments coming up every day. It's an exciting time to get involved in real estate to see the new heights the market is bound to reach in the coming years. 


Sincerely,

Pashma Manglani

Editor


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UAE has to invest more as it gears up for 2020 

With megaprojects being announced each day, Dubai is set to transform itself for the Expo 2020. However, the huge infrastructure undertakings – like the Expo site, the new Dubai Al Maktoum airport, the Mall of the World development and the Dubai Canal– present challenges.

Mark Langley, chief executive, Project Management Institute, provides his tips on what he thinks the emirates should do to confront these problems. 

“At some stage, all big projects come up against the triple constraints of time, budget and scope. You may not be able to meet the demands of all three. Dubai is on a schedule defined largely by 2020, so it may have to spend more to get there by the set time,” he says. Time and budget are self-explanatory, but by scope he means the reality of the projects themselves, that is the building, road, bridge or airport planned. That too can change in the course of the project, he says.

And to these variables, you must add the ever present threat of “black swan” events like another downturn in the global economic cycle, or socio-political threats. 

 

Read more on The National

Learn from Dubai's rebound: Trump Jr.

Dubai’s rebound story is incredible and a great example to the world, a senior executive of US-based The Trump Organisation told Emirates24|7. 

“The way Dubai has been able to rebound is just incredible and it’s a great example for the world,” Donald Trump, Jr., executive vice-president, The Trump Organisation, told this website on the sidelines of the Dubai International Project Management Forum on Monday. 

Asked if the company was planning to build iconic buildings such as Trump Towers in the emirate, Trump Jr said: “I have been coming here for over a decade… we feel very strongly about the market here. Dubai has done an incredible job and so we looking at building everything in Dubai.” 

Currently, The Trump Organisation has tied up with Damac Properties, a Dubai-based developer, to build two international golf courses in Akoya developments in Dubailand. 

 

Read more on Emirates 24/7

Boardwalk project at the Palm

Nakheel has awarded an AED150 million project to the Dubai-based contractor Overseas AST to build an 11-kilometre boardwalk at the Palm Jumeirah as it attempts to draw more tourists to the manmade island.

According to an article in The National, the six-metre wide walkway will be built over the rocks on the outer edge of the crescent around the Palm . This will double the width of the existing crescent path which runs past the luxury resorts Atlantis and Rixos.

Construction is due to start before the end of the year and is expected to be completed in 2016.

 

Read more on The National

Swarovski-themed towers open for registration

Dubai has made a place for itself on the global map with its focus on ultra luxury buildings and its latest jewel-inspired tower is no different.

Sparkle Towers in Dubai Marina is open for registrations ahead of its launch later this month, The National reported. Registered customers will have top priority when the sales launch takes place.

In a statement the Dubai developer Teyban said the “resort-style towers” are “marvelled in crystal ornaments by Swarovski.” The two towers consist of 29 and 14 floors and a four-floor residential podium with “panoramic views of Dubai Marina, Jumeirah Beach Residence and the sea”.

 

Read more on The National

Dubai Properties sees scope for more hospitality projects
 

Dubai Properties will be expanding its hospitality projects portfolio following the response it generated for the venture that will be managed by Anantara Hotel Resorts & Spa in Culture Village, Gulf News reported. 

More residential projects should be expected with the developer surfing the momentum from the launches of Maram Residence - overlooking the Burj Khalifa District - and Dubai Wharf, a mixed-use cluster in Culture Village and with upwards of AED1.1 million.

The developer in its latest summary confirmed delivery of 36,000 residential units, 2.8 million square feet of office space and over 1.2 million square feet.

 

Read more on Gulf News

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