mohanad_professional

Why it is a good time to buy property in Dubai

The market has been cooling for around a year now,

but is expected to pick up again in 2016

I receive so many questions regarding the current state of the market and whether now would be a good time to buy. My answer is invariably yes, especially as the market has become attractive with opportunities available and advantages to be gained from purchasing now.

The market has been cooling for around a year now, but is expected to pick up again in 2016 as the next five years are expected to see strong economic growth in Dubai. Picking the exact timing is always difficult but it is better to be early rather than late and starting early will be a prime determinant of your success.

I recommend you start your property search immediately as a property investment requires the same approach and set of considerations regardless of the state of the market and proper due diligence can take time. You are embarking on a major purchase which has the potential to affect your life in either an extremely positive or negative way. So you need to make a timely decision, not a hasty one.

Be critical in determining what you can afford. If you have-the cash, I suggest you pay for your new purchase outright. However, don’t be afraid to take out a mortgage… just be sure you fully understand what mortgage ‘repayments are going to do to lifestyle and whether you are prepared to make some sacrifices to own your own property. Make sure that you consider the many and varied easy payment plans that are currently on offer as many of these plans will save you considerable amounts of money.

Think carefully about location, surrounding infrastructure, construction quality and developer reputation and building amenities. Properties which are close to the beach, with a sea view, a golf course view or part of an iconic development such as Downtown usually provide good returns. If you have close access to the Metro, even better.

When buying an apartment, you also need to consider the efficacy of the owners’ association, costs associated with service charges and the quality of maintenance services as these will impact the long-term value of your investment. Finally, be purposeful, persistent, patient and pragmatic in your approach and you are well on the way to making a sound decision.

wolfofrealestate

H1 2015… and where are we?

Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at
the Dubai Real Estate Institute, the Official
Training & Certification Arm of the Dubai Land Department

For the past 6 months, headlines have been making many and varied references to the Real Estate correction in Dubai. This is not surprising as yes; indeed, Dubai’s Real Estate industry is in the midst of a correction. For many, the term “correction” is viewed with suspicion and trepidation, particularly those with a more tactical, less strategic, short term point of view. For those who are taking the long term perspective, the term “correction” is viewed with anticipation as the term refers to the elimination of systemic issues and making the necessary adjustments to deal with impacts of external issues on the efficient operation of the real estate market itself.

There is no doubt that a “correction” was overdue. 2013 will long be remembered as Dubai’s comeback year as the total value of Real Estate transactions reached AED 234 Billion, a 52% increase in the prior year which was clearly unsustainable as witnessed when the correction began in 2014 when AED 218 Billion worth of real estate assets were sold, a reduction of over AED 16 Billion on the prior year. At the time of writing, just over AED 63 Billion worth of transactions had taken place during 2015 indicating that the market is well and truly into its correction phase.

The market definitely benefitted from high levels of liquidity during 2012 and 2013. Capital inflows seeking safe haven from regional conflicts flowed strongly, however, they were sure to weaken and have. Geo-political events such as the wrangling over the Ukraine and  subsequent economic sanctions imposed on Russia by the West meant a rubble which was declining rapidly in value made investing in Dubai an increasingly expensive proposition for Russian investors who historically have been prevalent amongst the investing community.  In  addition,  changes  to mortgage  laws  also  dampened  the availability of capital for those investors wishing to use  leverage  to  capitalize on attractive property valuations and the  promise  of  high  and  sustainable rental  yields.  A slew of new projects being launched as a result of renewed developer optimism also placed pressure on liquidity levels and, eventually, prices market-wide.  Initially, launches were made with prices for off-plan units consistent and supportive to prices for completed units. However, with each additional launch competition for the investor Dirham intensified, leading to a gradual reduction in prices for off plan units making the risk reward equation more palatable for off-plan units versus completed units.  In addition, the shift of developer focus in response to the call for more affordable housing also meant that investors gravitated towards this, perhaps the most important structural correction in the market to date.

The  number  of  new  launches has been impressive, leaving many to question  whether  over- exuberance on  behalf  of  developers  will  result  in a  significant  oversupply.  Calculating optimal supply levels, particularly when emerging from a recessionary period, is particularly challenging. It depends on an accurate estimation of demand for real estate assets which will emanate from population growth which, in Dubai’s case, will be largely driven by overall economic growth going forward. In addition, it needs to comprehend a lag effect from the time that conditions conducive to development are identified by developers and when properties are completed and are released onto the market.

We at Harbor take, at minimum, a 5 year view when looking at equilibrium or imbalances in the market. When taking into account the nature of the markets resurgence, the strong growth in fundamental economic drivers such as tourism and trade, the levels of investment into infrastructure and initiatives and stakeholder commitment to sustainable growth, we believe that, while inventory levels may spike in the interim, they will not be excessive at the end of our 5 year forecast period. There will be around 11,000 villas, 7,500 townhouses and 35,000 apartments delivered between now and January 2020. While this may seem a lot, remember that we are a entering period where demand for properties, particularly those which are affordable, is expected to rise significantly and, given average current occupation rates are around 80 – 85%, there is not much margin for error in terms of satisfying expected demand.

Put simply Dubai needs people to support an economy that is expected to grow at an estimated 5%+ annually for the remainder of the decade and to deliver initiatives such as the 2020 World Expo. The Expo alone is expected to generate an additional 270,000 jobs and drive demand for housing and commercial facilities that, by and large, don’t currently exist. Much of the city’s planning comprehends the number of people living in the emirate to grow to 3.4million people by 2020, a 7% annual increase from today’s population of 2.25million.

There is no doubt that a stabilized real estate market will provide a much better launch pad for what will be a period of significant economic and commercial activity over the next 5 to 7 years. The structural shift towards more affordable housing will not only serve to accommodate the expected rapid population growth associated with the 2020 expo, but also serve as an important factor in the development of the Dubai economy overall.

Every emerging economy needs to develop a strong middle class as its expansion is critical to growing a sustainable economy and developing resilience in the face of external financial and economic shocks. In addition, for Dubai to compete effectively on a regional and global basis, it needs to ensure that the cost of doing business in the emirate does not position it as an outlier when entrepreneurs or corporations are considering alternatives for their operations. When taking this perspective, the correction could not have come at a better time.

ASK THE AGENT

 

News regarding the return of long queues at project launches’, flipping of properties and double digit growth is starting to sound like a bubble might be developing. Is the recent growth sustainable?

Dubai’s real estate recovery following the global financial crisis has consolidated from a “surge” in 2011 that included the Arab Spring and other extraneous events as catalysts, into a “trend” as evidenced with a strong 2012 performance with momentum continuing well into 2013. The sustain ability of the recovery is being underpinned by an economy which is steadily strengthening, showing strong GDP growth of anywhere between 4.0 and 4.5 which is mainly driven by the strong performance of the tourism and retail sectors, with trade and logistics also growing significantly. Local real estate recovery is being fuelled by growth in these core areas of the economy, aided of course, by the economic or geo-political problems being experienced elsewhere in the world.

In addition, there is no doubt that investors have returned to Dubai which is being seen as more favorable compared to a weak Eurozone, a slowly recovering US and uncertainty regarding the true state of the Chinese economy.

I bought my apartment about a year ago. A family recently moved into the unit next door, and the children are quite unruly and play noisily in the corridor. I have spoken nicely to the parents about the noise but nothing seems to stop them. What can I do?

You will need to maintain a good relationship with your neighbors and not get into any heated arguments over this matter. I suggest that you get to know your owners association and ask that an amendment be made to community rules regarding the use of corridors as playgrounds by children. Remember, the purpose of the association is to manage, operate and maintain the common areas such as hallways, lifts, stairwells, recreational areas, building systems – virtually all of the “owner shared” elements of the building in question, including rules with regard to how these areas are to be utilized by the residents. I suggest you take your issue to the next meeting and raise it with the association as it would seem to be a clear breach of community rules.

I have been thinking about investing in Dubai Marina but have been a little put off by the sharp increase in prices over the last year. Would you suggest any alternatives? 

You need to consider Jumeirah Lakes Towers. While Dubai Marina is a location of note, entrenched as a respected and recognized area of Dubai, prices have been rising so sharply that some buyers must consider other areas. JLT enjoys a very strategic location. While there may not be a sea view, the proximity to Dubai Marina (including JBR) and all that the place has
to offer is certainly tempting, and it will cost you anywhere up to 25 less depending on the type of property you are looking at.
For a long-term investment purchased today, I would slightly favor Jumeirah Lakes Towers as I anticipate that the better quality buildings in JLT will enjoy more impressive capital growth over the long term given the project commenced its recovery after Dubai Marina, and the likelihood that it will benefit from buyers and tenants such as yourself who consider the more iconic locations a little out of the acceptable price range.

ASK THE AGENT

Property measurement standardization.

The news in September stating that Dubai has announced its support for the implementation of an International Property Measurement Standard (IPMS) is yet another sign of the local industry maturing even further.

The IPMS is being jointly developed by over 20 notable organizations including the IMF, Royal Institution of Chartered Surveyors (RICS) and Building Owners and Managers Association (BOMA International), and will address global inconsistencies in the way property is measured.

One of the areas of confusion for many property investors in Dubai has been the variety of acronyms and terminologies used to describe the actual area that the investor is considering purchasing. Recently, I decided to quiz several of my investor clients as to what constitutes “BUA,” “GFA’ and “NF A” . I was little surprised that only a quarter of them could accurately answer the question.

Of course, we all know that BUA stands for “built- up area” and is the total area being developed or constructed on. Another way of looking at it is that it is the GFA plus parking space plus any service area associated with the subject building or project. So, what then is the GFA?

Well, the GFA is the gross floor area which is the total floor area of a building including any underground saleable or leasable area (such as basement shops) but excluding parking and underground technical areas. Any building used for the purpose of supporting/ housing any type of service plant should be excluded from the GFA

But wait a minute, there is another unit of measurement which is used – the NFA which is the net floor area and is the GFA as described above, minus the facade of the building (measured from the center line of glass), plant areas, service risers, building structural core, fire stairs, lifts and lift lobbies, common corridors and common toilets.

Confused? am not surprised if you are; however, the individual, measurements all play important yet
differing roles and are used for separate reasons ranging from purchasing a building, calculating potential revenues to be derived from selling or leasing a building, to estimating cleaning costs. EXPERT EYE

Hiring frenzy reaches new high in Dubai realty

PACKAGES ARE GETTING SWEETER AS COMPANIES RACE TO SNAP UP BEST TALENT AVAILABLE

The festive season has started early for real estate professionals in the UAE. If the current momentum is sustained in the marketplace, they have every reason to party hard right through to the New Year as well.
Hiring has picked up across the board and for existing personnel there have been sweeteners in the form of pay rises of 3 to 5 percent compared with the same time last year, according to a senior official at Macdonald & Co, the specialist consultancy.
“Large developers are hiring new sales and marketgulf news2.1ing staff as they look to re-brand and re-launch their products and sell off-plan again,” said Ben Waddilove, director. “We have completed 22 percent more placements between April and September compared to the same period last year.”
The salary hikes and better packages are in evidence in specific areas such as development and project management, with developers placing premium on candidates having regional experience. “It is harder to recruit into locations such as Saudi Arabia and Qatar as there is so much going on in Dubai and Abu Dhabi,” said Waddilove. “The rapid increase in rents is also creating upward pressure on salaries as the cost of living increases.
“The positive market sentiment is feeding through to the consultancies that service large developers and we are noticing that some of the smaller players are now looking to hire and expand their teams.”
Despite all signs pointing to the property market remaining tuned to an upbeat mode, real estate firms are still showing a certain reserve on hiring practices. “We do not see a return to the situation in 2005-08 where developers hired very large teams very quickly . . . employers are much more selective.”

Dynamic situation
While developers work with the staffing numbers best suited to their immediate priorities, the situation at estate agencies is much more dynamic. “We have been receiving an increasing number of calls from former agents who, after leaving the industry as a result of the recession, now wish to re-enter the fray,” said Mohanad Al Wadiya, managing director at Harbor Real Estate. “We are also receiving calls from agents in the UK, South Africa and Australia.
“All of them have read about Dubai’s resurgence and are interested in opportunities in the locals market. In addition, the tax-free environment and eventual strengthening of the dirham are major draws.”

Competitive scene
With an eye on ensuring optimum retention, Harbor, currently in the midst of another recruiting drive, has instituted a compensation and benefits package that includes the possibility of agents getting up to 90 percent commission on property sales and leasing.
“The package was developed with the assistance of professionals from several industries including automotive, media and finance; high performers have the opportunity to achieve monthly recognition rewards and annual performance bonuses. In addition, a health insurance and savings scheme has been developed with Dubai’s National Bonds Corporation.”
But with more agents fighting to land deals, it is getting a bit crowded in Dubai realty. “After a point the sweet spot is gone as more players share the spoils,” said Chandrakant Whabi of Acrohouse Properties. “Dubai’s real estate industry is now at that point.”
“With more than 400 registered real estate companies already operating and more in the pipeline, it is going to be lot more competitive.”

ASK THE AGENT


ASK THE AGENTI am moving to Dubai and a friend has suggested I live in the Greens or The Views. What would be your advice?

Both The Greens and The Views are very nice places to live in. Situated adjacent to the Emirates Golf Course on Sheikh Zayed Road, they are very well located with all that in Dubai has to offer within easy driving distance.

They offer very nice lifestyle with excellent amenities, retail and dining alternatives in a very well-planned development. If you are lucky, you may be able to procure a view overlooking the Emirates Gold Club Wadi course. Very picturesque indeed, particularly in the evenings.

You will have a wide choice of studio; 1, 2 or 3-bedroom apartments in buildings of varying standards with annual rents ranging from about Dh60K to Dh195K.

If you are thinking of purchasing a property, the time is right as the area has shown excellent capital appreciation over the last year or so. Sale prices will range from around Dh850K for a studio apartment to as much as Dh3 million for the most luxurious three-bedroom apartment.

All in all, great places to live.

Hello, when I tried ti renew my rental contract, my landlord tried to increase my rent by 15%. I consulted with RERA and proved to him that he cannot do this, and now he has instructed me to vacate my apartment because he wants it for a family member. Can he actually do this?

These types of situations are occurring more frequently now that the market is picking up.

Law No. 33, Article 25(2) is very clear and provides protection for you, the tenant, by stipulating under which circumstances a tenant can be evicted.

First of all, the landlord must give you at least 12 months notice of eviction and the reasons and neceary documentation supporting the notice to evict.

Regardless of whether his intention is to use the property for himself, a relative or a friend, he would still need to provide you with a notice of eviction 12 months prior to the effective date.

In this instance, you have every right to remain in the apartment as a paying tenant if you wish to do so.

Some news regarding the return of long queues at project launches, flipping of properties and double digit growth is starting to sound like a bubble might be developing. Is the current growth sustainable?

Dubai’s real estate recovery following the global financial crisis has consolidated from a surge in 2011 that had the Arab Spring and other extraneous events as catalysts, into a trend as evidenced by a strong 2012 performance, with momentum continuing into the first quarter of 2013.

The sustainability of the recovery is being underpinned by an economy which is steadily strengthening, showing strong growth of anywhere between 4% to 4.5% of the GDP, mainly driven by strong performances in the tourism and retail sectors with trade and logistics also growing significantly. Property recovery is being fuelled by growth in these core areas of the economy aided in part by economic or geopolitical problems being experienced elsewhere in the world.

In addition, there is no doubt that investors have returned to Dubai which is being seen as favorable compared to a weak Eurozone, a slowly recovering US and uncertainty regarding the true state of the Chinese economy. 

Expert Eye: Service charges in your control

EXPERT EYEThe issue on service charges never really seems to go away. Virtually every owner or tenant in Dubai has, at some stage, experienced very poor service delivery while the charges associated with even average levels of service have been unacceptable to any right -minded person. The reason why this situation has occurred in many cases is the lack of competition, transparency arid accountability in the appointment and conduct of some service companies.

The establishment of owners associations (OAS) has long been seen as one way to increase the efficiency and effectiveness of service providers. However, in many cases, owners have had a low participation rate in the management of their buildings while many

developers have adopted the role of building management as a profit stream post-completion.

For those properties that have functioning OAs, the new Investor Protection Law, due for implementation in 2015. will strengthen the legal status of OAs by allowing them to operate as separate legal entities when conducting their business. This move can only further
enhance the legal standing of an OA when it goes about selecting, appointing and auditing service suppliers.A well-functioning, legally empowered OA will go a long way in ensuring that owners get what they pay for with regard to service providers.

As with any service, the rate you are charged will depend on the level of service you are receiving along with the configuration of your building. For reference, service charges vary from Dh10.5 per sq.ft. for projects in Dubailand, Dh15 in The Greens, Dh15 in Dubai Marina up to Db22 in Downtown Dubai. There are many factors at play which will determine the rate charged.

Regardless of what is being paid, the objective of any OA must be to control costs and improve the efficiency of service providers. This is one way by which OAs play a very important part in the development of a mature real estate industry and, by having a legal structure to facilitate the representation of owners’ interests in the management and operation of their property assets, help fuel investor confidence by ensuring services are provided in an efficient and effective manner which then helps maximize investor returns, thereby contributing to growth in property value.

 

 

 

I am domiciled in Germany and thinking of investing in an apartment in Dubai. I would rent out the property initially, and intend to use it myself when I retire. Can you advice me on what I should consider?

Q1: I am domiciled in Germany and thinking of investing in an apartment in Dubai. I would rent out the property initially, and intend to use it myself when I retire. Can you advice me on what I should consider?

A1: I am assuming that proximity to the beach would be preferable for you. The income you will receive from this investment will be greater since the majority of tenants aspire to live near a beach. It also opens up the option for short-term rentals. If the property is managed well by a professional agent, this strategy can provide you superior returns.

Jumeirah Beach Residence. Dubai Marina or the Palm Jumeirah all offer a sought-after lifestyle, while providing excellent amenities and entertainment options. These developments are very popular with holiday makers, residents and retirees alike. Quality properties are available in the range of Dh 800 per sq.ft to Dh 2,500 per sq.ft.

You should expect a minimum net rental return of around 7%, which makes for a solid investment in preparation for outright ownership upon your retirement. Diligence is required with factors such as location, the developer’s record, quality, service fees, building management and the existence of a functioning owner’s association.

Q2: There is news that Dubai’s real estate decline has bottomed out and excellent opportunities exist in villa investment. I am looking for a villa in the Dh 3 million to Dh5 million price range. Can you make a recommendation?

A2: After years of decline, research shows that prices for villas in Dubai are starting to stabilize and have even increased in sought-after neighborhoods.
A fair proportion of the demand is focused on locations such as Arabian Ranches, Palm Jumeirah, Emirates Living communities (i.e The Springs, Meadows and Lakes) and Emirates Hills, More affordable villas can be found in developments such as Falcon city, The Villa project, Sports City and Motor City in Dubailand, where prices are often up to 30% less than in established communities.

The Villa Project in Dubailand has become a much sough-after community. The primary attraction of buying a unit there is that it offers good value for money. One can purchase a large, brand new villa at a relatively lower price in comparison with most similar-sized properties in other parts of Dubai.
Superior value for money has been reflected in very healthy capital gains for owners. A 4-bedroom unit in The Villa cost Dh1.9 million in August 2011, but the same unit today is worth Dh2.8 million. Likewise. Rentals have also gone up. A 4-bedroom villa that used to be rented for Dh 120,000 in August last year is now available for rent at Dh 165,000.

Q3: Will the prices go up or down in the rest of 2012:?

A3: Overall stability has returned to the market as far as prices are concerned, while good quality developments have witnessed price appreciation and increase in rents. The villa segment, in particular, has seen sales prices and rents increase mainly due to a combination of increased demand and relatively limited supply. Villa price increased mainly due to a combination of increased demand and relatively limited supply. Villa price increases in Q1 2012 versus the prior quarter were in the range of 5 to 12%, depending on the development. Top performers were the The Villa Project, Emirates Hills and Arabian Ranches.

Apartments rates around the city have generally stabilized as well. However, some areas such as Silicon Oasis, International city and Dubai Investments Park will remain under pressure due to new supply added to a segment which is already oversupplied. Having said that, locations renowned for their lifestyle appeal such as Dubai Marina. JLT and JBR, or the more affordable and up and coming Skycourts, have shown a lot of promise with quarter-on-quarter increases of 3% to 5%.

http://www.harbordubai.com/press.php?pg=press&nid=202

Penthouses in Dubai more resilient than other assets

Article from Emirates Business 24-7

Article from Emirates Business 24-7

Penthouses in Dubai more resilient than other assets

Buyers of penthouses do not sell their property at low rates as their holding capacity is much better. (SUPPLIED)
of penthouses in Dubai have been relatively lower than other types of residential units as their buyers have the financial capacity to hold on to the units, realtors said.

However, owners need to offer “higher” discounts to find buyers in the secondary market since the product caters to a niche buyer segment.

Vineet Kumar, Head of Sales – Dubai, Asteco Property Management: “Buyers of penthouses do not sell their property at low rates as their holding capacity is much better since they are more financially stable.”

Mohanad Alwadiya, Managing Director, Harbor Real Estate said: “Penthouses in Dubai seem to be more resilient than other residential assets. Last year, there was an increase in the rental demand for penthouses in prime areas. This demand was mainly from high profile tenants who could take advantage of high quality units at affordable rates.

“In addition penthouses are limited in number, which has helped retain its value.”

Yolanta Farah, Associate Director, Head of Residential, Sales & Leasing, Group Seven Properties, said: “Penthouses are faring better than average units. More than regular units, penthouses are owned by end users as first or second home or guest house. These owners are not selling in current market, except in cases of higher necessity as part of property consolidation. Penthouses available on secondary market are usually not the truly special ones that a penthouse should have such as a top floor with a great view, good location and space.

“There is very little demand for any property at the moment, but there is hardly any availability of really special penthouses, either.”

Bernard Aoun, Manager – Residential Sales & Leasing, Better Homes, said if a client owns a penthouse it can be considered they may have a higher holding capacity.

“The penthouse properties have suffered just like any other real estate property in Dubai during the crisis. However, because there is limited supply they have survived better than the rest.”

According to real estate agents, penthouse prices have dropped anywhere between 25 and 50 per cent in the past one year. “The asking prices have seen a drop of 25 per cent to 30 per cent,” said Kumar.

“The selling price in secondary sales started from Dh2,000 per square foot for a penthouse in Emaar’s building in Dubai Marina. The recently released Executive Towers on Sheikh Zayed Road has a penthouse of 5,877 sq ft selling at Dh1,600 per sq ft amounting to Dh9.4 million.

Aoun said on an average, the prices of the penthouses in Dubai have come down by 50 per cent from 2008. Alwadiya said that prices of penthouses dropped by an average of 35 per cent since last year.

According to Group Seven Properties, some penthouses in Dubai’s secondary market are in the Golden Mile, with building number 4 developed by IFA going for Dh4.2m. Bayside Residence in Dubai Marina, developed by Trident at the 22nd floor; with a total area of 6,500 sq ft and a full Marina view is around Dh10m.

In South Ridge, Burj Downtown, a three-bedroom apartment of 3,003 sq ft area plus balcony with Burj views is around Dh5.9m. Indigo Tower in Jumeirah Lake Tower, a four-bedroom penthouse apartment of 3,745 sq ft area with lake views is Dh4.1m.

Real estate agents said that average return on investment (RoI) is between five and seven per cent for penthouses.

“We are looking today at between five per cent and seven per cent RoI, which in a depressed market is considered as a great return on investment,” said Aoun.

Better Homes also said average rental yields for penthouses currently are a minimum of five per cent in a case-by-case scenario.

Alwadiya said rental yields for penthouse is currently around three to five per cent compared to other residential assets.

“We believe penthouses can offer very handsome capital growth opportunities over the longer term. We estimate an average of 40 per cent in capital growth would be realistic over a six-to-seven year period and the downside risk to achieving this is considered minimal.”

Farah said while over-investment in real estate during 2008 put some people in trouble, those buying penthouses are generally educated buyers who know that buying the best in the best location is safer, regardless of market conditions.

Kumar said unlike the rest of the world, Dubai’s penthouses offer options to buyers to buy it as shell and core so buyers can finish the apartment to their liking with their personal choice.

Aoun said that it is not possible to compare Dubai and the rest of the world in terms of real estate because the emirate is still an emerging market where taste and requirements are often different.

However, Alwadiya said penthouses in Dubai are much bigger in space and offer better value for money in terms of price per square foot. “In addition, there are no property taxes in Dubai which makes owning a penthouse better,” he said.

“By international standards, the prices of penthouses in Dubai are low. Prime penthouses in Central London are being offered between Dh9,000 per sq ft and Dh10,000 per sq ft. In South Mumbai, it ranges between Dh2,700 per sq ft and Dh3,500 per sq ft and in Upper Manhattan it ranges between Dh8,500 per sq ft and Dh11,000 per sq ft.”

Farah said that in the pre-freehold times, in “old Dubai”, there were landlords who built penthouses true to their name.

Top picks

Tower: Le Reve Tower
Location: Dubai Marina
Project status: Ready
Developer: Sulaiman Al Bassam
Price: Dh18 million/Dh2,950 per square foot

Tower: The Residences
Location: Downtown Burj Khalifa Area
Project status: Ready
Developer: Emaar Properties
Price: Dh16m to Dh17m/Dh2,000 to Dh2,100 per sq ft

Tower: The Address Lake Hotel
Location: Downtown Burj Khalifa area
Project Status: Ready
Developer: Emaar Properties
Price: Dh16m/Dh3,555 per sq ft

Tower: Al Seef Tower 1
Location: Dubai Marina
Project Status: Ready
Developer: Deyaar Development
Price: Dh11m/Dh1,570 per sq ft

Tower: Bayside Residence
Location: Dubai Marina
Project Status: Ready
Developer: Trident International Holdings
Price: Dh10m/area – 6,500 square feet

Tower: Tiara Residence
Location: Palm Jumeirah
Project status: Ready
Developer: Zabeel Investments
Price: Dh9.5m

Tower: The Executive Tower
Location: Business Bay
Project status: Ready
Developer: Dubai Properties
Price: Dh7m/Dh1,000 per sq ft

Tower: Emirates Crown
Location: Dubai Marina
Project status: Ready
Developer: GGICO/Mohamed Saif Mohamed bin Shafar
Price: Dh7m/Dh850 per sq ft

Tower: Jumeirah Beach Residence, Bahar
Location: Dubai Marina
Project status: Ready
Developer: Dubai Properties
Price: Dh6.5m to Dh7.5m/Dh1,100 per sq ft to Dh1,200 per sq ft

Tower: South Ridge
Location: Burj Downtown
Project Status: Ready
Developer: Emaar
Price: Dh5.9m/area – 3,003 sq ft

Tower: Building No. 4, Golden Mile
Location: Palm Jumeirah
Project status: Ready
Developer: IFA Hotels and Resorts
Price: Dh4.2m/Dh1,000 per sq ft

Tower: Indigo Tower
Location: Jumeirah Lake Tower
Project Status: Ready
Developer: Jumeirah Properties Investment
Price: Dh4.1m/area – 3,745 sq ft

Tower: Lake Shore Tower
Location: Jumeirah Lake Tower
Project status: Ready and occupied
Developer: Al Bodor Real Estate Development
Price: Dh3m

Harbor Real Estate’s first Cedre Villas open house generated great demand

Article from Zawya

Article from Zawya

Demand for Villas and Townhouses is still very strong despite the current economic situation

Harbor Real Estate’s first Cedre Villas open house generated great demand

Harbor Real Estate, an integrated Real Estate Service Provider in Dubai, promoted several fully decorated units in the exclusive Cedre Villas in Dubai Silicon Oasis last Saturday. The open house day paraded Twin villas and Townhouses for sale and rent, and welcomed a large number of clients on the premises.

Clients who visited the project were excited about the quality of the finishing, layouts and architecture, the vast spaces, the overall serenity of the community and vigorously the attractive prices.

Mohanad Alwadiya, Managing Director of Harbor Real Estate, said: “Seeing is believing, presenting an open house is a great promotional methodology to attract potential clients, especially that the advantage is for the buyer nowadays. What we are witnessing here is a sign that economy have stabilized and individuals are confident to invest in well established properties that offer them real value for money”

“The project attracted buyers due to its potential when it comes to offering stable capital gains and above average annual rental yields. The attendees of the open house event included a diverse mix of nationalities. Due to the great results and high demand, we have decided to run another open house event on the 30th of January, where we will continue to offer our special added value package to the Harbor Real Estate clients” Added Alwadiya

Open house buyers will enjoy free maintenance for the first year in addition to 90% pre-approved financing up to 25 years and the option of 1 year in-house payment plan which will be offered to owner-occupiers.

The Cedre Villas project provides its residents uncompromised quality and 40% more space than any other villa in Dubai of the same type. The units entertain all tastes with 3 and 4 bedrooms contributing to multi-vibrant lifestyle amenities and smart homes facilities that answer everyone’s wishes.

Harbor Real Estate services have evolved from traditional real estate brokerage of merely bringing buyers and sellers together to innovative world class end-to-end real estate services. The company services include, Real Estate Tailored Research Services, Integrated Marketing Services, Sales, Leasing & Conversion Management Services, Real Estate Investment Portfolio Management Services and, Holistic Real Estate Legal Services.

For more information about Harbor and the special added value offers on Cedre Villas, please contact Harbor on: info@harbordubai.com

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