One of Dubai’s leading luxury developers, DAMAC Properties, has brought forward the second release of units at its latest master development, AKOYA Oxygen, following ‘unprecedented’ customer demand.
Sales on the initial launch of the project sold out in just one night. The second release of units will be made available at private events across the UAE on Wednesday, 3rd September 2014 with four-bedroom villas starting at AED 2.25 million.
Locations include DAMAC Maison – Dubai Mall Street, The Oberoi and the JW Marriott Marquis in the Burj Area of Dubai in addition to the Atlantis Hotel on the Palm Jumeirah, and the Rotana Al Ghurair Rayhaan in Deira.
AKOYA Oxygen is a 55 million square foot community in Dubailand offering the most lush, green environment ever developed in the region. The project includes numerous luxury living experiences set around a Championship-standard 18-hole golf course, with more than 4,000 trees, organic gardens and private parks.
The project also includes a five-star international hotel, a luxury desert-style wellness centre featuring holistic therapies, yoga, herbal treatments, and relaxation zones. The fully-integrated resort will also include globally-recognised retail brands, leisure & entertainment offerings, and organic market places all set within beautifully manicured & peaceful landscaping.
Dubai Land Department (DLD) has reported that total of 17,289 real estate transactions worth Dhs 37.5bn were conducted in the first half of this year. The government organisation accompanied their announcement with a breakdown of nationalities making property investments in the first six months of 2014, which revealed that Jordanians topped the list of Arab investors, with Indian nationals ranked first for foreigner investment.
“To say that we are delighted with the real investment transaction figures from January 1st to July 1st would be an understatement,” said Sultan Butti Bin Mejren, Director General of DLD.
“We are extremely proud of these positive results, as they reflect a building momentum in Dubai’s real estate market which has now reasserted itself on both the regional and global stage. We are certain that the future will see even more demand, especially in light of the government’s declaration of forthcoming major projects,” he added.
DLD’s report, issued by its Research and Real Estate Studies Department, revealed that Arab Investors completed a total of 3,058 transactions worth Dhs6,905bn in the first half of this year. Jordanians made 640 transactions to the value of Dhs1,347bn, with Lebanese nationals second on the list of Arab investors through their creation of 459 real estate deals worth a total of Dhs1.235bn. Egyptians came in at third place after being involved in transactions worth Dhs1,009bn. Arab investors from Iraq, Yemen, Libya, Sudan, Palestine and Algeria also made significant real estate transactions in the first six months of 2014, with investments below the level of Dhs1bn for each of these nationalities.
DLD’s list included the amount of real estate transactions conducted by foreign nationals, with investors from India, Pakistan, Britain, Canada, Russia, China, USA, France and Afghanistan involved in 14,231 property deals worth a total of Dhs30.533bn for the first half of 2014. Nationals from India were ranked first for foreign investment, making a total of 4,417 transactions worth Dhs10,523bn. British investors were in second place with 2,258 transactions worth Dhs5,811bn, followed by Pakistani investors with 3,064 transactions worth Dhs 4.5bn.
Iranian and Canadian investors came in at fourth and fifth place, with transactions worth Dhs2.7bn and Dhs1.9bn respectively. Citizens from Russia, United States and China occupied sixth, seventh and eighth places, creating more than Dhs1bn worth of property invested in each category of national.
Dubai needs to build an additional 30,000 residential units through to 2018 to maintain rent stability in the emirate, a new report claimed on Monday
Phidar Advisory said in a research note that residential sales prices and rents were still on the rise in Dubai during the second quarter of this year, but the rate of growth slowed dramatically for both sale prices and lease rates.
Based on transaction data from the first six weeks of Q3, the report also said that nominal prices for single family homes declined four percent and apartments declined 0.6 percent.
“This has led to yield compression but the report also states that as many as 30,000 additional units are needed through 2018 to maintain rent stability,” the report said, adding that the figure is based on Phidar’s monitoring of announced, launched, stalled and ongoing projects.
Phidar said its House Price Index reflects real prices adjusted in representative projects across Dubai that have been completed since 2009.
Its report said residential development opportunities are still ample in Dubai, but added that the market would benefit “exponentially” from developer specialisation, particularly in the most under-supplied assets.
It said middle income housing could be a tangible and powerful catalyst, with Phidar research indicating that another 15,000 units could be reactivated from stalled projects.
Phidar said that in the short term, Dubai’s property sector is likely to display volatility which could lead to a price correction, following a two-year period of “exuberant investor sentiment”.
The report also suggests that long term capital appreciation due to strong demographics is a foreseeable scenario but the current supply trends and affordability constraints will pose challenges to sustained long term growth.
Last month, Knight Frank said in a report that annual growth in prime property prices in Dubai almost halved in the second quarter of 2014 compared to the previous quarter.
Prime prices rose by 6.3 percent in the year to June, down from 11.7 percent in the last quarter, its Prime Global Cities Index for Q2 showed.
Dubai was ranked the 13th best performing real estate market tracked by the property consultancy, a sharp fall from previous quarters when the emirate has featured in the top two positions.
Knight Frank said moves to introduce a mortgage cap and double transfer fees at the end of 2013 has “influenced buyer activity more than forecast”.
Phidar Advisory is a recently established advisory firm specialising in real estate in the UAE and led by Jesse Downs, a former senior executive at Jones Lang LaSalle.
DAMAC Properties, the largest private developer of luxury real estate in the Middle East, announces the launch of ‘Akoya by DAMAC’, a 28 million square feet master development off Umm Sequim Road in Dubai.
‘Akoya by DAMAC’ will be the most luxurious Golf community in Asia, with premium branded mansions, villas, townhouses and luxurious apartment units. The project will include an 18-hole PGA Championship Golf Course at the heart of the development, in addition to a sumptuous spa, boutique hotels and international schools from kindergarten to secondary level.
The fully-integrated community will also include globally-recognised retail brands, leisure & entertainment offerings, a sports complex and beautifully manicured landscaping throughout.
‘Akoya by DAMAC’, which takes its name from one of the most exclusive pearls in the world, will create a thriving living environment aimed at meeting the demand of those living and working in Dubai and the region, as well as those holidaying there.
The project will include distinctive architecture, lush landscaping and unrivalled five-star service in every element of the luxury living environment.
The development will be the largest project by size and scale which DAMAC Properties has ever launched, further confirming the stabilisation and upturn in the Dubai real estate market.
“We aim to make ‘Akoya by DAMAC’ the most desirable living environment in Dubai for aspirational professionals who recognise ultimate luxury,” said Mr. Hussein Sajwani, Chairman, DAMAC Properties. “The development will bring a blend of high-end, five-star living, with unrivalled facilities and create a haven for families looking to make Dubai their home.”
The latest report from Jones Lang LaSalle showed that valuations of apartments and villas in Dubai had continued to climb. In the first quarter of this year prices were up 18% in prime locations. The report also stated that ‘for the first time since mid-2008, all sectors of the Dubai real estate market are currently positioned in the recovery stage of the market cycle.
“We are in advanced discussions with a number of leading global brands to make ‘Akoya by DAMAC’ the most sought-after area in Dubai,” added Mr. Sajwani.
The purchase of land from Dubailand has been completed and all required paperwork has been received.
DUBAILAND® is a popular district of Dubai that includes entertainment, sporting, shopping and residential communities. The destination hosts a number of diverse attractions including Miracle Gardens, Sports City, Motor City and Global Village. It is well connected to key highways making it within quick and easy reach of prime costal and downtown areas.
DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.
More details will be made available to visitors to the Arabian Travel Market, taking place at Dubai International Convention and Exhibition Centre from 6-9 May 2013. Visitors will find the DAMAC Properties stand at Sheikh Saeed Hall, stand 5,560.
DAMAC Properties has launched its latest serviced apartments on Umm Suqeim Road, providing its luxury living concept in the centre of Dubai for units starting from AED 449,000.
Lincoln Park, on Umm Suqeim Road, which will be completed by the end of this year, is near the recently opened Miracle Garden and is just ten minutes drive from the Mall of the Emirates and Sheikh Zayed Road. The project offers a luxurious family living environment within easy access of both sides of Dubai.
“Lincoln Park comes complete with a gymnasium, swimming pool, restaurants & retail outlets and offers all the conveniences of a serviced apartment at an unbeatable price,” said Ziad El Chaar, Managing Director, DAMAC Properties. “The Umm Suqeim Road area is set for major development and growth in the coming years and this is a great opportunity to invest in Dubai real estate before prices inevitably rise.”
Lincoln Park comprises one, two and three bedroom units, inspired by Chicago-style architecture, with a well articulated and ornamented front entrance, flat roofs with parapet walls and beautifully designed roof terraces.
Interested clients can call the DAMAC Properties call centre on 04 301 9999 or visit the DAMAC Properties office at Ocean Heights in Dubai Marina or Park Towers at DIFC.
DAMAC Properties recently announced it was on target to complete 3,328 units throughout the region by the end of 2013.
Lincoln Park is the fourth launch by DAMAC Properties this year alone, following the announcement of DAMAC Residenze in Dubai Marina, DAMAC Esclusiva in Riydah, KSA, both of which are being developed with interiors by Italian fashion-house FENDI, and DAMAC Towers by Paramount – a hotel and luxury serviced residences in the heart of the Burj Area.
DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.
Investors are upbeat on UAE real estate as demand for residential and commercial space is expected to remain strong in the coming years with new projects coming into the market, according to new reports.
Leading fund managers, property consultants and executives said demand for real estate projects will increase as the economy improves, population figures rise and tourism increases.
Al Masah Capital, an alternative asset manager, said Dubai’s real estate market is ripe for investment as it enjoyed good growth in the residential and hospitality segments last year.
“Residential development continued to remain high in Dubai on higher sales prices, while the hospitality segment remained robust through the year with a rise in daily and occupancy rates,” the Cayman Islands-based company with an office in Dubai said in its Mena – Alternative Investment Strategy 2013 report.
In another report, Business Monitor International, or BMI, said government-backed investments, especially in transport infrastructure, will support the UAE’s real estate sector as well as the construction sector. In its first-quarter report on UAE real estate, BMI said a clear regulatory environment and governing of private investments in real estate create a favourable investment climate.
“The UAE benefits from its strategic importance in the GCC and of the strategic importance of the region to the world. Regional unrest has benefited the emirates as they are seen as much safer than their neighbours,” the BMI report said.
Referring to a recent survey conducted by real estate consultants Cluttons placing Dubai as the most attractive destination to most private investors, Al Masah Capital’s report said the real estate market in Dubai is to be driven mainly by residential and hospitality segments in 2013. Recent projects, launched by major property developers including Emaar and Damac, sold out on its launch days, indicating the recovery in the sector. Damac managing director Ziad El Chaar said Dubai’s real estate sector recorded around 10 per cent growth in 2012 and this is likely to further accelerate this year.
Michael Lahyani, founder and chief executive of leading UAE portal propertyfinder.ae, expressed similar views and said the real estate sector has witnessed a strong start in first quarter of this year.
“The strengthening fiscal environment in Europe, along with the political instability in the Middle East is pushing more and more people towards Dubai, renowned for its tax haven and secure environment,” he said.
“Dubai continues to lead the way, with ever popular locations such as Dubai Marina, Downtown Dubai and Palm Jumeirah being joined by relatively new developments like Jumeirah Village Circle. The outlook for the rest of the year remains positive with demand is expected to remain strong with new projects coming on to the market,” Lahyani told Khaleej Times.
Shailesh Dash, chief executive of Al Masah Capital, said projects like Mohammed bin Rashid City show that Dubai has recovered its swagger and the renowned confidence allows for them to start dreaming again. “We do believe that the implementation of these new projects will be done according to the demands of the market as well as the prevailing credit and cash conditions which are far different from 2007.”
The BMI report also cautioned that limited supply of credit affects project finance. “Our core view for the UAE is that the economy and real estate sector will experience relatively moderate levels of growth over the coming decade,” it said.
Dubai remains one of the favourite cities in the world for the rich and famous, according to the latest research.
The Emirate is listed in the top ten countries which wealth expert felt their clients considered the most important. Of those with more than US$ 30 million in wealth, Dubai came seventh, just behind the likes of London, New York, Singapore, Hong Kong, Geneva and Shanghai.
The detailed annual report suggests that it is the real estate market which has driven the increase in confidence of the rich and famous. It says: ‘Dubai (Property Market) has recovered some of its popularity with Russians, but competition from North Africa, Pakistan, India and Iran has been an important factor in helping to drive process higher this year.
In fact, the report goes on to show that Dubai’s increase in valuations at around 20% is the second highest in the world, behind only Bali in Indonesia. Analysts praise the turnaround in the Dubai property market by stating that the Emirate has gone from: ‘the epitome of the global downturn between 2008 and 2009’, to rebounding spectacularly in 2012 ‘on the back of resurgence in demand.
The main reasons for the return to favour of the worlds most influential HNWI’s (High Net Worth Individuals) was the strategic location linking the East and the West and its position as a safe haven in the region.
Bang for your Buck
The report went on to highlight just how much physical real estate you can get for your cash in each respective city – and in Dubai we do pretty well. For a US$ 1 million investment you can expect to be given around 168 square metres. Doesn’t sound much? Well head to Monaco (16 square metres) or London (23 square metres) and you soon realize that very few cities can match Dubai even for value.
But are these global investors looking at Dubai as a quick win city, where they can ride the second wave, make some tax-free cash and get out before the next collapse? Apparently not. The report asked which cities would be most important to the clients of wealth investors in ten years time, and Dubai still ranked in the top ten in the world!
This is one of the most important pieces of information in here … for those of us looking to invest in the Dubai property market, as it clearly shows that the uber rich are involved in Dubai for the long-term, they are here to stay. And that injection of liquidity into the market will ensure that Dubai remains not just the leader in the Middle East for property investment, but increasingly on the world stage.
Do you agree? Let us know your thoughts on the report. Follow us on Twitter and join the debate!
From ‘The Godfather’, ‘Breakfast at Tiffany’s’ and ‘Titanic’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubai marks the company’s first venture into the hotel and real estate industry.
DAMAC’s Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality after the announcement this morning at ITB in Berlin
In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.
The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).
Speaking at ITB Berlin, the world’s leading travel trade show, in order to launch the project to the global travel market, DAMAC Properties Managing Director, Ziad El Chaar, said: “The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”
The four towers which make up ‘DAMAC Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.
One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.
“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced. The hotels, resorts and residences produced by PHR FZ-LLC will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.
The serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments, a child minding service and kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.
DAMAC Properties has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.
Paramount Hotels & Resorts is a lifestyle hospitality company that celebrates the power of creativity in all its forms – entertainment, design, service, cuisine, wellness, and technology – to meet the needs of the new creative spirits of discerning luxury travellers.
Further information is available at www.damacproperties.com or by visiting the Paramount Hotels & Resorts stand at ITB Berlin from 6-10 March 2013 at Hall Nine, Stand 317.
Buying real estate overseas, especially for the first time, can be a daunting prospect, but who hasn’t aspired to owning their own home or apartment in the sun? The monumental investment indicates that you’ve accomplished your financial goals and are looking forward to a life of security. When you buy a property in the United Arab Emirates (UAE), that security is taken a notch higher with visions of a luxurious life in sumptuously designed apartments or high-end hotel penthouses. Whether you’re looking to live a lavish life in an apartment or a penthouse, you’ll want to ensure your property investment is the right one.
While there are many laws designed to protect real estate buyers in the UAE, it still pays to do your due diligence to avoid any problems. Here are our top tips to consider when you’re looking to buy UAE real estate property.
Transact with the actual owner or the official broker. You want to be able to deal with people who either own the property or have a legal standing to sell the property. Make sure that you are communicating with the right people before you even visit the property or make further inquiries When you’re looking at real estate development, ensure that the developer and the project are registered with the relevant local government agency and can supply you with details of Escrow accounts, and agreements with the main contractor.
Take your time. Consider the market value against the location and potential growth of the area. This will help you buy an apartment or a villa at the best possible price, with a potential for considerable profits when you decide to resell it in the future. Bloomberg Businessweek reported that the UAE real estate market has been experiencing falling property values by 65 percent during its four-year turn. But the glamorous emirate is seeing strong signs of recovery as prices for residential properties in the Burj Khalifa and Marina area shoot up 15 percent in 2012 alone.
Get the expertise of a surveyor when inspecting the property you want to buy. This will allow you to have a better idea of the property’s actual value, and not its projected market value.
And finally, always read the contract before you sign it. If you’re able to, get a lawyer to look at it to make sure that everything is as you expect before you step in.
Buying property in the UAE is a great accomplishment. Ensure your financial security by making the right property purchase. Consider these tips and find your dream home today.
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During an exclusive global launch in Dubai this morning,DAMAC Properties announced a major regional strategic tie-up with luxury global brand FENDI, to provide interior designs on projects in Riyadh in the Kingdom of Saudi Arabia and Dubai, UAE.
The largest private luxury developer in the Middle East revealed details of DAMAC Esclusiva Luxury Serviced Apartments, a 150 metre high tower overlooking the Kingdom Tower in Riyadh, which will provide refined luxurious interiors by the Italian fashion house for more than 100 luxury serviced apartments.
The two companies will also partner on the interiors for exclusive private apartments in DAMAC Residenzein the Dubai Marina.
The concept of continuity between building and interior space guides the ventures. The two projects are not only furnished with distinctive pieces from the FENDI Casa collection: the whole of the interior design is conceived by FENDI.
The state-of-the-art projects, which are currently under construction and set to be completed in 2016, will provide the highest standards of refinement.
“DAMAC Properties is thrilled to be working with FENDI to take the standards of luxury home living in the Middle East to a new level,” said Hussain Sajwani, Chairman, DAMAC Properties. “Together we can bring an experience to the market which the region is yet to see. It is a perfect synergy between two visionary companies looking to reach the pinnacle of luxury living.”
“DAMAC Esclusiva Luxury Serviced Apartments in Riyadh are being made available by invitation and pre-approval to a limited number of VIP’s only, reflecting the quality and refinement on offer. We believe these will be the most desirable serviced apartments available anywhere in the Middle East,” he added.
“FENDI is a luxury house, based on the fearless exploration and experimentation of luxury handicraft and strong appreciation of sophisticated materials. The Riyadh and Dubai projects are a perfect example of our poly-sensorial, three-dimensional approach to making beautiful things,” said FENDI Chairman and CEO Pietro Beccari.
Mr. Sajwani was joined at the launch by Ms. Carla Fendi, Honorary President of FENDI and the Italian Ambassador to the UAE, Mr. Giorgio Starace, at a press conference in the Dubai International Financial Centre this morning.
“The partnership between DAMAC Properties and FENDI marks an important step forward in the growth of ‘Made in Italy’ in the United Arab Emirates,” said Mr. Starace. “FENDI is an iconic Italian brand, loved across the world for quality and style. With its sophisticated, top level quality standards it will contribute remarkably to spread the most exclusive Italian luxury tradition in the UAE. The two magnificent projects that FENDI and DAMAC Properties will develop in the Kingdom of Saudi Arabia and the UAE reflect a clear trend of ‘Made in Italy’ abroad, especially in this country, a successful trend which is more and more oriented at targeting the highest echelons of the market, offering top level products that represent the best of Italian culture, tradition and know-how.”
Each project has a specific and distinct identity. A subtle dialogue with the surrounding place makes the local atmosphere, culture and climate immediately palpable. DAMAC Esclusiva Luxury Serviced Apartments in Riyadh is a contemporary FENDI space inspired by Oriental tradition. The project will be managed by DAMAC’s own Hospitality division, a five-star hotel and personal service Management Company to provide the levels of luxury expected of VIP residents.
Whilst operating the serviced apartments within DAMAC Esclusiva, DAMAC will offer owners the personal touch of a VIP luxury 24/7 service, while investors will also be able to benefit from an attractive return on their apartment in the months they do not reside through a rental pool programme.
“The real estate market in both Riyadh and Dubai are again performing strongly, especially in the high-end, luxury sector,” added Sajwani. “We believe there will be a very high level of anticipation for these apartments from nationals and overseas investors.”
Each apartment will be fully designed by FENDI Casa reflecting the authenticity, desirability and uniqueness so strongly associated with FENDI. The reception and lobby areas of both the towers will also be styled by the FENDI Casa team to create a luxurious experience from the moment guest’s step inside.
Both the DAMAC Esclusiva LuxuryServiced Apartments in Riyadh and DAMAC Residenze in Dubai will include the highest standards of finishing and decor including relaxed spa and swimming pools, gymnasiums, restaurants and cafes.
The DAMAC Residenze apartments in Dubai Marina are available for investment now, while to qualify for the properties in DAMAC Esclusiva Luxury Serviced Apartments in Riyadh, applications can be requested on-line.
FENDI was established in 1925, with the first handbag shop and fur workshop in Via del Plebiscito, Rome. The company is now listed as one of the top ten of the world’s luxury brands according to Millward Brown Optimor’s and has more than 190 boutiques in over 35 countries around the world.