stability

آثار قريبة وبعيدة المدى تتحقق عند التطبيق

آثار قريبة وبعيدة المدى تتحقق عند التطبيق
السوق العقاري يتفاعل إيجاباً مع خطوة “إعادة الهيكلة”

أوضحت مصادر أن السوق العقاري والعاملين فيه قد تفاعلوا بايجابية مع مقترح كل من “دبي العالمية” و”نخيل” لاعادة جدولة ديونهما، الأمر الذي سينعكس على مستقبل القطاع بشكل مباشر وغير مباشر في الوقت ذاته على المديين القصر والبعيد .

وأضافت المصادر أن الآثار الحقيقية على القطاع ستتبلور مع اعلان الجهات الدائنة قبولها للمقترح وما سيتبعه من مراحل التنفيذ، مشيرة الى أن النتائج الأولية للمقترح تنحصر في محيط دائرة عودة الثقة والتفاؤل للجهات العاملة في مختلف المجالات العقارية، أما فيما يختص بمنحنى الأسعار فترى المصادر أنه لن يتفاعل بنفس الوتيرة مع هذه التطورات، حيث إن المسألة هي عامل زمني يرتبط ارتباطا وثيقا بمعادلة العرض والطلب، وهذا ينطبق في الوقت ذاته على مشاريع “نخيل” أيضا .

وأوضح فادي موصلي، المدير الاقليمي في “جونز لانغ لاسال”، أن الاعلان عن تفاصيل الخطة الشاملة لاعادة الهيكلة التي تشمل كل من “دبي العالمية” و”نخيل” كل على حدة، من شأنها أن تعطي دفعة قوية عنوانها الثقة والتفاؤل لجميع العاملين في السوق العقاري في الامارة من جهة وحركة البيع والشراء من جهة أخرى على المدى البعيد وليس القصير .

وأضاف موصلي أن تطبيق هذا المقترح، الذي تقدمت به كلتا الشركتين، سيدفع بصورة أقوى في اطار اكتساب دبي المزيد من المصداقية والشفافية التي كانت قد تأثرت في الفترة السابقة، وليبدأ العاملون في السوق باختلاف قطاعاتهم باعادة ترتيب أوراقهم وخططهم المستقبلية بناء عليه .

وأفاد موصلي أنه من الواضح أن السوق والمستثمرين قد استقبلوا هذا الخبر بايجابية، الأمر الذي انعكس بنفس الاطار على أداء الأسواق المالية، وأسعار الفائدة الائتمانية على ديون دبي، الا أننا نرى أن هذا التأثير يكمن على المدى القصير، أما البعيد فيرتبط بالمزيد من الوضوح والشفافية بشأن هذا المقترح الذي جاء أفضل من المتوقع، وننتظر رد الجهات المقابلة من الدائنين لقبوله .

وعلى صعيد نتائج هذا المقترح على السوق العقاري، يقول موصلي أنه من المرجح أنه يحتاج لكفايته من الوقت لحين أن يلمس نوعا من التحسن، في الوقت الذي بدأ المستثمرون التعامل بفعالية بعد طول انتظار لحل المشكلة الأولى في السوق المحلي بدبي .

أما مشاريع نخيل العقارية التي تعد ذات الصلة الأولى بهذا المقترح، فنجد أنها شأنها شأن جميع المشاريع في الامارة والتي تخضع لقاعدة العرض والطلب، فلن تتحسن أسعارها أكثر من غيرها، الا أن المعنى العام يصب في الشعور الايجابي للمقترح ككل من شتى القطاعات .

من جهته أوضح عمر عايش، رئيس مجلس ادارة “نوبلز” القابضة، أن اعلان كل من دبي العالمية ونخيل عن خطتهما الشاملة لاعادة هيكلة الديون ستؤثر بشكل ايجابي وبطريقة مباشرة في بعض القطاعات وغير مباشرة على قطاعات أخرى، والتي ستصب في النهاية في تحريك العجلة الاقتصادية من دائرة التباطؤ الى التسارع .

وأضاف عايش أن المقترح الذي تقدمت به الشركتان كل على حدة سيخلق دفعة معنوية على صعيد هامش الثقة لكافة العاملين في السوق المحلي بدبي من خلال ضخ مياه الحيوية والنشاط على مستوى شتى القطاعات الاقتصادية .

وأشار رئيس مجلس ادارة “نوبلز”، الى أن دبي كانت ولا تزال تتبوأ مركزا متقدما كبيئة استثمارية جاذبة لرؤوس الأموال وكبرى الشركات، وها هي تفاجئنا بقرارها الصريح الذي يعد من أفضل الأخبار التي نسمعها على الرغم من الظروف الحالية التي تشهدها كافة الأسواق العالمية في ظل الأزمة المالية العالمية، بأن يأخذ كل ذي حق حقه وهذا يزيدنا ايمانا بقدرة الامارة على تجاوز أسوأ التحديات والمصاعب .

أما مهند الوادية، المدير الاداري في شركة هاربور للوساطة العقارية فقال من جانبه: “ان هذا الالتزام الجديد التي قدمته “دبي العالمية” يعد خطوة ايجابية نحو التزامات عديدة في المستقبل، فهو بالتأكيد يعزز الثقة بالبيئة الاقتصادية والاستثمارية في مدينة دبي وفي قطاع العقارات بشكل خاص . فدفع المبالغ المستحقة سيخلق أثرا ايجابيا مضاعفا على جميع أصحاب المصالح وسيساعد على تخفيف حدة التوتر القائم” .

وأضاف الوادية أن هذا الخبر الجيد يؤكد مرة أخرى أن دبي تتمتع ببنية تحتية اقتصادية متينة وقادرة على الصمود في وجه العاصفة الاقتصادية بثقة ومرونة، ووفرت من خلاله شعورا بالتفاؤل تفاعلت معه الأوساط العقارية لما له من الأثر الكبير والواضح على جاذبية الامارة على الصعيد العالمي .

عبدالمجيد اسماعيل الفهيم، رئيس مجلس ادارة دبي بيرل “لؤلؤة دبي”، قال من جهته عبر اتصال هاتفي خلال جولة ترويجية لمشروع لؤلؤة دبي في الصين وبعض دول آسيا، انه لا شك أن قيام حكومة دبي بتقديم دعم مالي لاعادة هيكلة ديون مجموعة دبي العالمية ونخيل، سيكون له أثره المباشر على ازدياد معدلات الثقة في الأداء الاقتصادي لدبي على المدى المتوسط والبعيد، ويضفي حالة من الاستقرار والاطمئنان على أداء كافة القطاعات الاقتصادية ليس على مستوى امارة دبي فحسب وانما على مستوى دولة الامارات بشكل عام .

وأضاف بعد لقاء مع شركاء أعمال في شنغهاي: “لقد كان لهذا القرار أثره الفوري على أداء أسواق المال في الدولة والتي استقبلته بفرحة عارمة ترجمها ارتفاع مؤشرات التدوال بشكل سريع، وأقفلت الأسواق على ارتفاع طالما اشتاقت اليه الأسواق، وبعث السرور والسكينة في نفوس جميع المتعاملين . كما أن هذا القرار ستكون له انعكاساته المباشرة على القطاع العقاري الذي هو بحاجة ماسة لمثل هذه المحفزات” .

وقال ان هذه الخطوة تمثل رسالة واضحة الى كافة أسواق العالم أن دبي قادرة على الايفاء بالتزاماتها برغم أي ظروف، وأن نهجها الاقتصادي التطويري ماض الى ما لا نهاية، وأن على الجميع أن يتعامل معها على هذا الأساس، وألا يراوده أي شك في أن المستقبل المشرق مازال فاتحاً ذراعيه لدولة الامارات لتحقق المزيد من الانجازات على سلم التطور الحضاري طالما أن قيادتها قادرون على توجيه الخطى الى الأمام بصدق ويقين وعزيمة .

Stable prices push sales up at Springs, Meadows

Communities have highest sales and leasing activity due to stable prices and rentals, say agents.

Prices of villas in Emirates Hills range between Dh10 million and Dh25m. (SATISH KUMAR)

The Springs and The Meadows have seen the highest sales and leasing activity within Emirates Living since the beginning of this year owing to stable prices and rentals, according to real estate agents.

Vineet Kumar, Head of Sales, Dubai, Asteco Property Management, said: “The Springs and The Meadows have seen increased sales and leasing activity since the beginning of this year as ongoing sales prices and rental rates for these properties have been stable for the past two months.”

According to Mohanad Alwadiya, Managing Director, Harbor Real Estate, between January 1 and March 18, The Springs and The Meadows recorded 66 sales transactions, marking a 50 per cent increase for the corresponding period in 2009.

He said between January 1 and March 18 last year, The Springs and The Meadows saw 44 sales transactions and during October 1 to Dec 31, 2009, 89 sales transactions were recorded.

Sales transactions up

Alwadiya disclosed that The Greens, The Lakes and The Views recorded 79 sales transactions between January 1 and March 18 this year, marking a 103 per cent increase over the corresponding period last year. “The Greens, The Lakes and The Views recorded 39 sales transactions between January 1 and March 18 last year and a total of 109 sales transactions in these communities between October 1 and December 31, 2009,” he said.

Paul Musson, Residential Sales Consultant, Better Homes, said current sale prices for a two-bedroom and three-bedroom apartment with study and maid’s room in The Springs were at Dh1.1 million and Dh2.2m, respectively. “In The Meadows, current sale prices for a three-bedroom and five-bedroom villa with a study and maid’s room are around Dh2.8m and Dh5.4m,” he said.

“In The Lakes, prices are currently at Dh3m and Dh4.5m for a three-bedroom villa with a study and maid’s room and for a five-bedroom villa with a study and maid’s room, respectively,” he added. In Emirates Hills, prices of villas range between Dh10m and Dh25m, but Musson said the villas are not selling at Dh25m. In The Greens, a one-bedroom apartment is currently selling for Dh680,000 while a three-bedroom apartment is selling for about Dh2.8m.

Musson said the bottom-end of the apartment market is still falling slightly in the studios and one-bedroom apartment segments. “The two-bedroom apartments are still holding up.”

He said demand from buyers in the market today was largely for villas and was no longer just price-driven. “Villas are what buyers want now and not just at the best price. Early this year, buyers were only looking for the best price, now however, end-users want the best unit for the best price.”

Rentals on a slide

Tamara Stubbs, Residential Leasing Consultant for Better Homes, said: “Annual rentals in The Springs range from Dh90,000 for a two-bedroom villa to Dh150,000 for a full lake-view three-bedroom villa.”

She said in The Meadows, rents ranged from Dh180,000 per annum for a standard three-bedroom villa to Dh375,000 per annum for a five-bedroom to six-bedroom villa. In The Lakes, annual rents for a three-bedroom townhouse were at Dh130,000 while for an upgraded three-bedroom villa, rents were at Dh160,000.

In Emirates Hills, annual rents are at Dh280,000 for a four-bedroom villa and at Dh400,000 for a four-bedroom to five-bedroom villa. In Dubai Marina, annual rents are at Dh60,000 for studios to Dh250,000 for a four-bedroom penthouse. In The Greens, annual rents are an approximate Dh40,000 for studios and Dh120,000 for a four-bedroom villa.

Stubbs added: “You can get higher rents for different units depending on the finishing and interiors.”

Alwadiya said the current rental prices within the development are lower than those prevailing six months back by an average of five per cent to 10 per cent. “Sale prices in The Greens and The Views are lower by 13 per cent to 15 per cent. But for villas, prices are slightly higher by around five per cent.”

He added: “Due to the decrease in rental and sale prices by around 35 per cent and 45 per cent that this area witnessed during the past 15 months, we have noticed an increase in demand for all the communities within Emirates Living with a focus on The Greens, The Views and The Springs. This trend was carried over during the first few months of 2010.”

Sahali Saleem, Residential Leasing Consultant, Al Barsha, Better Homes said among the communities, The Greens and The Springs had the lowest number of rentals when compared to the other sub-communities in Emirates Living because of the ongoing road construction.”

Occupancies within the Emirates Living district vary from one community to another. According to Harbor Real Estate, occupancy in The Greens is highest at 85 per cent, followed by The Springs with 80 per cent occupancy levels.

The Views and The Links have about 75 per cent occupancy followed by The Meadows which have 80 per cent occupancy. The Lakes currently has about 60 per cent while Emirates Hills has about 55 per cent occupancy levels.

“The rate of people moving in and out of the development is almost equal. Emirates Living did not witness a sharp drop or a drastic increase in population compared to the same period last year. This was mainly fuelled by the influx of new tenants who upgraded their homes taking advantage of the newly reduced prices,” said Alwadiya.

High occupancy levels

According to Asteco, occupancy levels within Emirates Living have been given a push and currently stand at 75 per cent overall levels as many owners held back selling their properties and instead looked to lease them. “Occupancy is quite high as a majority of inventory has been handed over for more than a year. In our estimate, the occupancy level is above 75 per cent as a lot of inventory has been held back for sale and owners have decided to lease their villas. This has given a push to occupancy levels,” said Kumar.

The villas only pay community fees for the use of common facilities such as parks, pool, landscaping, use and upkeep of roads. “This fee ranges from Dh7,500 to Dh16,000 a year. Maintenance of villas, like any other property, is on the owners’ account,” added Kumar.

Alwadiya said: “The community service fee charges for villas and townhouses are more or less the same. For The Greens, service charges continue to increase. However, the option of payment over four instalments was highly appreciated by many owners in the development.”

Asteco said the overall buyer profile of Emirates Living was a mix of families from all over the world. “The development has a strong presence of clients from Europe, Asia, the GCC, Lebanon and Iran,” said Kumar. “The community is ready and offers convenience for occupants. Villas of two-bedrooms to five-bedrooms are popular for family living.”

Alwadiya said: “For The Lakes, The Meadows and The Springs you cannot define a buyer profile. Nowadays we see different nationalities with different professional and income profiles moving into these areas.”

In Emirates Hills, high demand continues from wealthy South Asian, Russian and GCC nationals. “All of these buyers come with very high budgets and ready cash to pay for their luxury dream homes,” he said.

Master plan overview

Emirates Living comprises The Springs, The Meadows, The Lakes, Hattan, Ghadeer, Montgomery and Emirates Hills. The Emirates Living district also comprises The Views and The Greens.

The Greens are mid-rise apartment blocks comprising nine projects in all – Al Sidr, Al Jaz, Al Nakheel, Al Ghaf, Al Samar, Al Dhafrah, Al Arta, Al Thayyal and Al Ghozlan.

The Views are apartment buildings comprising eight projects in all – Arno, Travo, Turia, Una, The Fairways, The Links, Golf Towers and Mosela.
The Springs comprises townhouses built around man-made lakes. The properties in The Springs range from two-bedroom to four-bedroom townhouses and are located close to The Greens, The Lakes and The Meadows.

The Meadows are detached villas offering double-storeyed villas from three to seven rooms, each surrounded by a garden and garage.

The Lakes are detached villas and townhouses comprising Deema, Furat, Maeen, Zulal and The Ghadeer which was the last to be handed over recently. The Lakes has been built around a lake, located near the Emirates Golf Club and The Greens development. Initially, properties in The Lakes were only for rent, but in 2007, Emaar offered freehold titles to the properties, with first refusal granted to the then existing tenants.

Emirates Hills are luxury-detached villas that have been sold as plots to investor to build their properties on.

The community also includes schools such as the Dubai International Academy, Emirates International School, Dubai British School, Regents School, a community centre, restaurants and supermarkets, children’s playgrounds, and communal swimming pools

Emirates Living residents also have access to the Emirates Hills’ Montgomerie Golf Course and its Golf Academy which includes a clubhouse and other facilities.

Sales show improvement in key realty projects

Downtown Dubai has the highest number of listings by most realty agents.

Downtown Dubai, Emirates Living, Dubai Marina and Dubailand top the listing chart for sales and leasing queries, according to agents.

“Downtown Dubai has the highest number of listings by most realty agents in Dubai. The second popular area is Dubai Marina with a large focus on Jumeirah Beach Residence (JBR),” said Mohanad Al Wadiya, Managing Director, Harbor Real Estate.

For Harbor Real Estate, the number of listings in these areas has increased by 20 per cent to 25 per cent in 2010. “Business Bay with a larger focus on the recently launched Executive Towers comes third, according to us,” he added.

Al Wadiya said Downtown Dubai and Dubai Marina have always been ranked high and are one of the most sought-after areas in Dubai.

“The location of both these areas is good, which is the most important decision investors take while investing. Further, the current price points have also made these two districts more attractive as they have became more affordable.

“Another key reason for this increased attention and demand is the fact that both these areas include popular attractions such as The Dubai Mall, The Marina Mall, The JBR walk, The Marina walk, the free beach in JBR and Burj Khalifa.”

Better Homes’ Liz O’Connor, Director – Residential Sales and Leasing, said: “Our top-selling districts between November 2009 and February 2010 have been The Emirates Living District, Marina District, Downtown District and the Dubailand districts.”

“For us, between November 2009 and February 2010, we received the most listings for the Emirates Living District, such as The Greens, Emirates Living, Jumeirah Village, Jumeirah Lake Tower (JLT), followed by Dubai Marina, Dubailand and Downtown Dubai districts,” said O’Connor.

Vineet Kumar, Head of Leasing and Sales – Dubai, Asteco Property Management, said: “Majority of listings we received in the past two months are for recently handed over projects such as the Loft apartments in Downtown Dubai and the Executive Towers in Business Bay.

“Other areas, which have received good level of listings are Dubai Marina and JLT, villas in Emirates Living such as Springs and Palm Jumeirah.

“Also, Sheikh Zayed Road continues to draw interest from tenants looking for quality residential buildings.

“Listings are always linked to the status of handed-over projects. As more projects have been handed over, or are nearing completion, we have seen a growth in the number of listings in these select locations,” he added.

Handover

Real estate agents said the main reason for these areas recording the highest listings has been due to recent handover within these areas and the fact that these communities offer a complete lifestyle with lesser construction happening in these areas.

Al Wadiya said: “The overall market condition in Dubai is stabilising and the appetite of all the stakeholders in the property market is improving as there is a general consensus that the prices have bottomed out and if there is any further decline, it will be very marginal and will not affect areas or developments that are completed.”

O’Connor said: “For residential real estate, location plays a big role in the demand for these areas. People want to live in popular areas that provide them with a good lifestyle and one which are easily accessible.

“Our customers are increasingly looking for The Emirates Living district, followed by Dubai Marina, Dubailand and Downtown districts,” she added.

Kumar said: “Buyers will show interest in master-plans that are developed and offer convenience of living and at rates which are attractive. Further those buyers who receive handover of their property and do not wish to occupy them for self-use will often offer these for sale or leasing.”

Meanwhile, listings for properties (sales and rentals) in JLT and Discovery Gardens has dropped due to buyers looking at other value for money investments in other parts of Dubai.

Al Wadiya said: “During the second half of 2009, we were seeing more listings for JLT and Discovery Gardens. The listings have been reduced in these areas mainly because of the shift of focus to the more popular areas of Dubai such as Downtown Dubai and Dubai Marina.

“Prices are more affordable in these areas, hence buyers especially end-users and investors are shifting to these areas. In addition, Downtown Dubai and Dubai Marina offer a more established community lifestyle with less construction going on in the area,” he added.

He said the number of transactions in these areas could have fallen during 2010. According to Better Homes, no significant drop in listings has been noted in any particular areas.

“There are always shortages of a particular type of properties within a certain area for the right price which leads to a shortage in particular communities. Certain communities in Dubai, particularly those with villas, do not have many units becoming available as they have end users living in them who are there for the long term.

“The villas in Phase I Green Community are an example,” said O’Connor.

“Further, not having listings in a particular area could mean a number of things, such as a shortage of property within these areas for the right price.

“It could also mean that property owners are leasing rather then selling in these places,” she added.

Harbor Real Estate said the company does not remove any particular area from its listings.

“However, we focus more on the areas that have more demand. Having said that, we continue to provide minimum support to off-plan projects as the demand for these projects is still very low,” said Alwadiya.

Kumar said: “We have identified certain locations and focus on those areas alone. However, we have not removed any areas.

“You may find we do not have a presence in certain areas such as Downtown Jebel Ali and Dubai Waterfront. We will revisit these locations once we believe the market will be interested from a price-point which is agreeable to the sellers.”

Real estate agents said delivery of new properties in Dubai is likely to increase the number of distress sales.

O’Connor said: “Delivery of new properties in Dubai are likely to see a number of ‘distress sales’ coming into the market. In fact this is already happening. In all situations the reasons to sell are unique; however, we generally expect to see distress sales coming from areas where projects are not expected to be completed or cancelled.”

She added that in the case of a property with mortgage attached, the extent to which a seller is willing to sell his property would depend on the mortgage finance, as the final selling price must cover the bank’s finance amount. In the case of cash sales, however, there is no limit to which a seller may sell.

Kumar said: “As more inventory gets delivered there will be sellers who will prefer to exit from the purchase but the value will be linked to quality of project, status of the master community etc.

From the buyers perspective, this is a good time to buy a piece of real estate at realistic value with the aim of holding the property for the mid to long-term.”
He added that the term, “distress sales” should never be used, as selling a property is a seller’s personal decision.

“The reasons for selling the property at the value they deem right is the seller’s choice. We might use the term ‘motivated seller’ but not distress. Quite often such sales are at lower than market price and could translate into a financial loss for the seller. However, market conditions may be only one reason for such sales.”

According to Harbor Real Estate, the term ‘distressed sale’ emerged during the early days of the crisis during the last quarter of 2008 and has soon become a common property jargon.

“Few people really know what it means and how to qualify a property as a genuine distress sale,” said Al Wadiya. “The global credit crunch has hit the property industry hard. Developers find themselves in the position of having built projects which now have no buyers or the people who bought off-plan are now trying to pull out and recoup their deposits,” he said.

He said that distressed properties are properties that are in danger of facing foreclosure proceedings or that have already been scheduled for sale as a result of default on the part of the owner.

“A property is said to be distressed when an owner gets behind on mortgage payments or a direct payment to a developer and the lender or appropriate debt collector begins to start the necessary proceedings to sell the home in order to collect the outstanding debt.

Distressed properties can cover any kind of real estate, from commercial spaces to apartments. It’s a great chance to save, often ranging anywhere from 40 per cent to 60 per cent off their actual market value or buying price, but it’s also a great chance for making a good investment, since purchasing for a discount often means creating a huge margin for future profits,” he said. O’Connor said: “It is important to understand that a ‘distress’ sale is really only where the seller is willing to sell for less than he paid for, particularly if the property is off-plan.

“Some sellers are willing to sell for the original price of the property or less, but many sellers – in particular those with ready properties rather than off-plan – are unable to emotionally ‘let go’ for less than they think it should be worth.”

She said that many sellers will describe themselves as ‘distress’ sellers, even though they may expect to receive quite a bit more than they paid for the property.

“However, in the case of investors off-loading their off-plan properties, those that are prepared to incur a loss will generally accept up to 40 per cent less than the original price in order to just get some of their investment back,” she said.

“Owners looking to sell are increasingly twitchy about moving their properties off the market and banks have large numbers of repossessed property stock effectively sitting on their balance sheets when what they really need is liquid cash sitting in the coffers. All of this adds up to something that buyers love more than almost anything else – the opportunity for a bargain,” said O’Connor.

O’Connor said the situation occurs mainly with cash buyers. “This is a worse situation for a finance buyer, because he has to pay the bank and pay the difference directly from his pocket; in many of the finance distress sales, the client will walk away.”

“It is important to say that using the term ‘distress sale’ without the permission of the owner is considered a breach of the agents code of ethics introduced under by-law No 85 of 2006 because agents are supposed to be trusties for the owners and they should not disclose the owner’s financial status under any circumstances,” she said.

The real estate agents said some properties like JLT, Greens, Dubai Marina, Downtown Dubai are providing some good value for money investments for buyers.
“Some of the apartments in JLT are value for money and will prove to be a good investment when the infrastructure of the community is complete and the metro is fully operational. However, investors need to choose carefully. Those towers on Sheikh Zayed Road side of the community are proving to have the most popular locations,” said Al Wadiya.

“Greens is due to shortly handover and many investors are anxious to off-load their property at original price and in some cases for less,” said Al Wadiya.

Occupancy levels close to 75% on The Palm

Apartment prices remain flat due to new stock entering the market.

Apartment prices remain flat due to new stock . Rental rates of villas have stabilised and are similar to 2007 levels . (SUPPLIED)
Occupancy levels are running at between 60 and 75 per cent across The Palm Jumeirah’s villas and apartments, according to realtors.
“Occupancy for villas is about 60 per cent while for the Shoreline Apartments, it is currently about 75 per cent,” said Laura Adams, Manager of Residential Sales and Leasing at the head office of Better Homes. “Only about 30 per cent of the people who were living on the Palm moved out because of the economic crisis.”
Mohanad Alwadiya, Managing Director of Harbor Real Estate, said: “According to our estimates, 70 to 75 per cent of the new handovers that happened last year are occupied. We estimate that about 70 to 75 per cent of all the villas and apartments are occupied as well.”

Villa prices on the man-made island have risen by 17 per cent since the middle of 2009, said realtors.

Adams said: “Villa prices appreciated by about Dh300 per sq ft, a 17 per cent increase from the low point in the middle of 2009. Overall sales have still not reached the levels seen in the third and fourth quarters of 2008. Apartment prices remain flat at best – the new stock in the Golden Mile, Tiara Residences, Oceana and Marina Residences is continuing to keep prices down and will do so for some time.”

She said prices for one-beds averaged about Dh1,100 to Dh1,500 per sq ft, and two-beds were about Dh1,000 to Dh1,700 per sq ft. Three-beds averaged about Dh950 to Dh1,500 per sq ft, while four-bed villas were about Dh1,600 per sq ft. Five to six-bedroom villas cost Dh1,900 per sq ft.

“The figures are broad as they include off-plan units in the Golden Mile and Marina Residences. Generally, completed properties such as Shoreline and the recently handed over Golden Mile units with superior views command higher prices.” she added.

Turning to rentals, Adams said a one-bedroom apartment currently costs between Dh100,000 and Dh150,000 per annum.

“Two-bedroom apartments range from Dh130,000 to Dh180,000 per year while three-bedroom apartments range between Dh160,000 and Dh200,000.

Four-bedroom apartments are available from Dh300,000 to Dh450,000 per annum and five-bedroom apartments range from Dh420,000 to Dh600,000.

Six-bedroom apartments are in the region of Dh600,000 to Dh700,000 per annum. For villas, rentals are about Dh280,000 per annum at Canal Cove, Dh350,000 for a garden home and Dh480,000 for a signature villa. In general, villa rates have stabilised and are similar to 2007 rates.”

Alwadiya said the current rental prices for apartments are about Dh90,000 per year for a one-bed, Dh130,000 for a two-bed, Dh160,000 for a three-bed and Dh250,000 for a four-bed.

“The Palm Jumeirah is one of the few projects in Dubai that managed to weather the economic crisis well, though villa prices witnessed a drastic decrease in the first and second quarters of 2009.

“For example, a garden home that was being sold for about Dh11m in 2008 suddenly fell to Dh7m. But in the third quarter of last year, the prices of villas started to pick up again and now the same garden home would not be offered for less than Dh9m.”

According to Better Homes, the Palm has a mix of end-users and investors, with declining rental yields tilting the balance in favour of the former. Adams said: “High maintenance fees are affecting net rental yields and since there are other options available elsewhere in Dubai this could impact interest in The Palm Jumeirah. Nationalities are mixed, but residents are mainly East European or Asian.”

Alwadiya said: “The buyer profile used to be dominated by GCC nationals, Russians and South Asians but now you find many different nationalities.”
He said that maintenance charges on the Palm apartments were in the range of Dh14 to Dh17 per sq ft.

“Charges for villas on the Palm are among the highest at about Dh4 to Dh5 per sq ft,” he said. “In effect, the owner of a two-bedroom apartment of about 1,800 sq ft will need to pay about Dh28,800 annually, assuming the charges do not increase yearly.”

First monorail in the Middle East

The Palm Monorail, which was inaugurated in April 2009, was the first monorail project to be constructed in the Middle East, says Nakheel.
It was developed by a consortium of leading international companies. The track runs between Gateway Station at the trunk of the Palm and Atlantis Aquaventure Station on the crescent.

It will eventually be linked to the Dubai Metro following the introd-uction of the Roads and Transport Authority’s Al Sufouh tramline, with direct links to Dubai International Airport and other key transport hubs.

Home to 12,000 residents

About 2,150 families are living in the Shoreline Apartments, said Nakheel, the Palm’s master developer. It added: “Around 800 families are living in the villas on the fronds. The villas, Shoreline Apartments and Marina Residences, are the only homes developed by Nakheel on The Palm Jumeirah. The rest of the residential offerings are being developed by third-party developers,” said a company spokesperson.

The Marina Residences complex at the tip of the Palm’s trunk consists of six towers with 940 apartments and penthouses. A further 40 townhouses stand on a marina-fronted promenade.

Mohanad Alwadiya, Managing Director of Harbor Real Estate, said four residential projects were handed over last year – Tiara Residences, Oceana, Marina Residences and the Golden Mile.

He said 644 Tiara apartments and penthouses were delivered last year and six freehold luxury residential buildings with 858 apartments and 12 penthouses were handed over at Marina Residences. The marina development also includes 30 townhouses.

The Golden Mile Residences project comprising 10 waterfront buildings, and 780 freehold apartments – ranging from one-bedroom units to penthouses and townhouses – were delivered last year. Apartments and penthouses at Oceana’s seven buildings are now being handed over.

The Nakheel official said: “The Palm Jumeirah is now home to more than 12,000 residents and this figure is set to rise as more and more take up occupancy at the island’s various residential developments. There are approximately 1,500 villas on the fronds.”

Nakheel says the Palm has attracted buyers from Chile to China and New York to Nepal, with the first residents moving into the 4,000 villas and apartments completed at the end of 2006.

https://egleontheroad.com/150-consigli-per-il-sesso-bollente/

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

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

Construction targets to be met

Dubai-A total of 32,047 residential units are expected to come online this year, providing construction targets are met, according to Colliers International. Apartments are expected to account for 77 percent of the new residential units while villas will make up the rest.

The upcoming supply is set to bring down average rents and put pressure on landlords who, besides contending with lower prices, need to cover maintenance fees through rental yields as quickly as possible.

“In certain areas the increase in supply will potentially have an impact on rent being paid,” said Elaine Jones. Chief executive of Asteco Property management.
Negotiating Power

While tenants have considerably more negotiating power than they did 18 months ago, most landlord still expect payment in three to four cheques.

“The average number of cheques is still three and this has been relatively consistent for the past six months. Of course, there are still rental contracts based on one cheque and 12 cheques, but the majority are two to four cheques,” said Jones.

“During the last quarter, we also witnessed that the distress rentals that so characterized the rental activity of the first two quarters of 2009 have all but disappeared.

“Some landlords are now sticking to their negotiating positions and are more prepared to hold on to their properties and wait for the inevitable recovery,” said Mohanad Alwadiya, managing director of Harbor Real Estate.

“There is a belief that prices have reached realistic rates and there is very little room for price negotiations. Most of the tenants now negotiate payment terms and added value elements.”

Depending on the popularity of the area, certain units lend themselves more to rent negotiation. “If there are high occupancy rate in that particular building or development then there is usually little negotiating room on the rental rate,” Jesse Downs, director of research and advisory services at Landmark Advisory, told Gulf News.

“In this case, landlords tend to prefer to negotiate with the number of cheques or with an additional one month ‘s rent at no charge. For less desirable locations, developments with lower occupancy rates, or new buildings, there is usually more room to negotiate the rental rates. Of course, negotiations depend largely on asking prices.

There is variance in pricing strategies between the different agencies. Some brokerage firms list inventory at inflated levels and bring the rents down in the negotiation stages. Others list their inventory at more realistic rates and have low bid- ask spreads.”

Relocation

A continued trend of relocation from the outer emirates such as Ajman and Sharjah to Dubai can still be seen.

“Given the decline in Dubai rents in 2009, more people who are currently working in Dubai are opting to live in Dubai. As average rents decline, we expect this trend to increase with additional relocation from areas like Sharjah,” said Downs.

The trend seen in the fourth quarter of 2009 is predicted to continue early into 2010 with only a slight change in dynamics during the second quarter, especially when there is a better outlook of recovery, the projected supply and population figures.

A further drive that will affect rental rates is population growth generated by healthy commercial activity.

“Dubai needs to ensure that as the world economy starts to recover, it has positioned itself competitively as a place to do business,” said Alwadiya.

Dubai Realty Challenged by Oversupply, Lack of Credit: Harbor Report

DUBAI – Looming oversupply and a lack of availability of mortgage are among the top challenges to a possible recovery in Dubai’s recession-hit real estate sector, said property broker Harbor Real Estate in its latest edition of the  Harbor Report.

“An estimated 60,000 residential units and 30million square feet of office space are coming on stream by the end of 2011,” the report said. It said research conducted by Harbor indicates that, in the next two years, some 10,200 units will be released in Dubai Marina and Jumeirah Lakes Towers alone.

“With relatively high vacancy rates in both property sectors currently, the property scene is facing some significant oversupply challenges. Any student of economics 101 knows that, in time, equilibrium between supply and demand is eventually reached. The third variable to this overly simplistic equation is price.”
The report said that the recent quarter-on-quarter five per cent spike in prices for Dubai’s residential properties meant that; “for certain investors seeking certain property types, the price is just about right.” Harbor said the price trends in the first quarter “will bear testimony as to whether this is the beginning of a sustainable recovery or a minor blip in the stabilisation process.”

The report said demand for property throughout 2009 was also hindered by a lack of credit availability, tightening of lending policies and the inability of potential consumers to comply with such policies. “In 2010, the increase in flow of credit into the market place will be gradual at best.”

In addition to not having sufficient funds on hand for lending, mortgage providers and investment financiers are still not in a position to fully and confidently assess the level of risk they can prudently assume, mainly due to uncertainty which surrounds the risk inherent in their current loan portfolios, it said.

The report also said that the last 12 months were quite challenging for anyone wanting to obtain a mortgage in Dubai. In response to the global financial turmoil, banks had tightened their credit policies, reduced lending ratios and increased interest rates. “It appears that the worst may now be behind us and lenders are once again opening up their credit policies. While obtaining a mortgage is still not simple, and may not be for a while, lenders are now more willing to consider applications.” Interest rates are also on the way down. The average rate is now approximately 7.5 per cent, down from about 8.5 per cent a few months ago, it said.

New property laws help turn Dubai into global destination

Laws and regulations introduced under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, have transformed the emirate into a more mature market and global real estate destination.

“The vision and leadership of Sheikh Mohammed has positioned Dubai as a global city and one of the most renowned business hubs in a record time. His Highness focused on attracting international investors and building a world-class infrastructure which made Dubai, as we know it today, the location of choice for residents, businesses and visitors,” said Mohanad Alwadiya, Managing Director, Harbor Real Estate.

When it comes to real estate, Dubai set a new global benchmark and has introduced iconic projects to the world that covered all kinds of asset types and interests including the Dubai Media City, Dubai Internet City, Knowledge Village, Burj Al Arab, Emirates Towers, Dubai Marina, Business Bay, Dubai Festival City, Dubai Silicon Oasis, Downtown Burj Dubai, Emirates Living, Dubai International Financial Centre (DIFC), Burj Dubai and the Palm Trilogy.

Sheikh Mohammed’s vision did not start with the real estate developments, he ensured establishing the suitable infrastructure to support the real estate boom and its sustainability. The development of the Dubai Ports Authority, the introduction of Roads and Transport Authority (RTA) and industrial and specialised business zones have contributed to setting Dubai up to become one of the main trading, tourism and culturally rich cities of the world, he added.

Dubai, under Sheikh Mohammed, became the first city in the Gulf Co-operation Council to introduce a real estate regulatory body under the auspices of the Land Department.

The Land Department has continuously strived to keep up with the development and prosperity of the emirate. Through the leadership of Sheikh Mohammed, who always strives to be the best and definitely world-class in everything he plans, guiding with an extraordinary skill, passion and intelligence, the “vision of Dubai” has become the world’s most incredible reality and yet still, there is even more to come.

Supported by Sheikh Mohammed, the Land Department is planning and implementing services to participate towards making Dubai the leading city of the world, the Department said on its website.

The Government of Dubai instituted new rules, regulations and laws in the emirate to regulate the market, to protect the rights and interests of consumers, and to ensure Dubai property investors are assured the highest possible service standards from real estate agents, brokers and property developers transacting business in Dubai and maintain the integrity of all the developments.

The Department launched a number of laws and regulations that regulate the property sector. Starting with Law No7 concerning land registration in Dubai, Law No3 concerning areas of properties that can be owned by non-UAE nationals in Dubai, Law No8 concerning property trust account in Dubai, Law No 85 concerning real ease agent regulation and the upcoming strata law.

Alwadiya said: “The young Dubai property market has come a long way with regards to regulating the real estate industry. While the efforts to protect rights, lift standards of professionalism and establish a transparent, credible and functional framework are to be applauded, there is still a long way to go before the industry can be said to be in the final stages of maturation.

“Over the past years, the government has adopted numerous legislations and regulations to protect everyone in the real estate sector, and most importantly establish a safe environment for investors. Dubai has proven to be the world’s greatest improver in terms of real estate transparency over the past two years. With the establishment of regulatory bodies such as Rera, investor representative bodies, the establishment of codes of practice for real estate practitioners combined with laws relating to freehold ownership, escrow accounts and strata titling, Dubai has reduced drastically the concerns of expatriate and foreign investors,” he added.

Transparency has also been given a boost with the introduction of the credit information law, a positive step towards transparency and risk mitigation for banks. The law will create a framework of rights and obligations for data providers, information users and individuals alike, Alwadiya said.
Saeed Mirsaeedi, Investment Manager of Sherwoods Real Estate, said: “Introduction of new laws has been a positive development and has helped Dubai’s emergence as a mature and prosperous economy.

“Clear-cut regulations and increasing transparency make Dubai property most attractive to overseas investors,” he said.
Although previously non-Gulf Co-operation Council expatriates were only permitted to rent property, or own property on a 99-year leasehold basis, all changed in 2002 when the Dubai Government took the initiative and permitted the ownership of freehold property to expatriates. This bold initiative changed the perception of the real estate industry in the Middle East and the Gulf.

The Dubai Government began the promotion in 1997 by setting up Emaar Properties. The next year, Emaar began work on Dubai Marina followed by the Emirates Living Community developments such as the Springs, the Meadows, Emirates Hills, etc. However, the major property boom in Dubai occurred in May 2002, when Sheikh Mohammed issued a decree to allow foreigners to buy and own freehold property in selected areas of the city, now referred to as New Dubai.
On March 14, 2006, Dubai’s Government issued a law legalising foreign ownership of properties in designated areas of Dubai.

“It was the adoption of freehold tenure in general, and foreign ownership in particular, that sparked the great real estate boom in the Dubai property market,” said Alwadiya.

The introduction of the freehold law by the Ruler transformed Dubai into a true success story capturing the imagination and admiration of countries worldwide. Many countries followed the Dubai model and benefited greatly from its visionary experience.

Dubai has developed several iconic real estate projects, which have acquired international recognition, marketing the emirate as a destination of choice for business and travel and for investment in real estate.

The Palm trilogy and other iconic projects such as The World have put Dubai in international limelight. Furthermore, prospective developments of creative concepts, which are likely to attract significant visitors in the coming years, continue to take shape. Burj Dubai, the tallest tower in the world, will be opens today. Although Dubai International Financial Centre formally opened as a global financial centre in 2004 with the aim to become the global hub for financial services in the Middle East, it has also emerged as one of the most expensive addresses for real estate in the emirate.

In fact, property prices on residential units in the DIFC are becoming increasingly comparable with the leading capitals of the world. Dubai’s real estate industry dynamics are firmly entrenched in Dubai Strategic Plan, which strives to achieve a medium-long term objective of diversifying the economic base of the emirate in key growth areas, which have been defined as priority sectors within the associated blue print. Of particular significance is the focus of the plan on the real estate development and the construction sector, as well as travel and tourism, with the former providing necessary infrastructure for growth of all other businesses, and the latter ensuring sustained economic buoyancy through continuous and aggressive growth in visitors to the emirate.

The investor-friendly business environment in Dubai has promoted not only businesses but also a demand for office space, and the high real incomes have ensured that the labour force is increasingly imported from abroad, thus catalysing requirements for housing and retail.

Iconic projects

Dubai has introduced some of the most iconic destinations that cater for different lifestyles and asset categories. Some of them in the business and commerce segment are the DIFC, Business Bay, Dubai Internet City, Dubai Media City, Knowledge Village, Dubai Silicon Oasis, Dubai Maritime City, Tecom, Jebel Ali Free Zone and Dubai Healthcare City.

In entertainment, lifestyle and culture segment falls the Dubai Festival City, Downtown Burj Dubai, Emirates Living, Dubai Mall, Ibn Battuta Mall, Palm Jumeirah, Burj Dubai and Dubai Marina.