Tag Archives: Burj Area

Lincoln Park on Umm Suqeim Road, launched by DAMAC Properties

DAMAC Properties Launches Luxury Living in Dubai Starting from AED 449,000

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.

A look at how DAMAC Towers by paramount will look when completed in 2015

‘DAMAC Towers by Paramount’ Brings Hollywood Glamour to Middle East Living and Hospitality

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 afte ...

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.

Dubai Marina is a great place for investment

Top Tips For The First-Time UAE Real Estate Buyer

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.

Clarity

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.

Research

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.

Use Experts

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.

Read

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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The Dubai Property Market Post-Mortgage Cap – A Top Five First Time Buyer’s Guide

With the recent introduction of a mortgage cap of 50 percent loan-to-value rate for expatriates in the UAE, many prospective clients have to re-evaluate ways to get into the Dubai property market.

The new regulations will impact those that require a mortgage to cover the repayments on the outstanding balance. The most recent statistics from the Land Department show mortgages account for 66 percent of total registered transactions in Dubai in Q1 2011. Foreigners are also substantial owners and buyers, purchasing real estate worth almost AED 30 million in H1 2012.

So, you are keen to invest in Dubai, but you no longer have the initial down payment required on the place you had lined up. What to do? Well, it may well be a blessing in disguise.

Dubai’s property market is currently increasing at a good rate. Now is the time to invest in the market, to capitalize on the growth to come. Here are a few things to consider:

1.    New Locations

If you are not able to find the 50 percent down payment on that stunning two-bed overlooking Burj Khalifa, take a look at the two-bed in IMPZ, Jumeirah Village or even Dubai World Central.

These locations have many stunning properties under development, but are as much as 50 percent less than Dubai Marina or the Burj Area. Okay, the infrastructure is going to take a couple of years to come online, but you will be close to all major roads and have a stunning property with enviable facilities, all for a fraction of the cost of the current prime areas.

2.    Take the emotion out

By looking at property in the development areas of the city, you are taking the emotion out of the investment and making a considered choice based on future capital growth. By being a ‘trend-setter’ and getting into these areas early, you will have much more room to grow the capital growth, indeed in the medium to long-term a new property such as Lago Vista or the Crescent in IPMZ, will certainly increase in value by higher percentages than the more established areas.

3.    Control your level of investment

The mortgage cap has been introduced to control the level of overseas investment in the Dubai property market and to try to restrain the boom and bust mentality of the past. It is a sensible approach to retain control of the markets and will help to ensure you are only investing the money you can afford. While all predictions suggest the Dubai real estate industry is on the consistent path of growth, there only needs to be another short-term dip and you could find yourself in financial difficulties. Accept the mortgage cap and use it to your advantage by looking at those properties in new development areas.

4.    Buy to live

This blog encourages a buy to live mentality, or at least a medium to long-term strategy for your Dubai investments. If you are considering a purchase in Dubai, think about what it is for. If this is for investment and to give you a home then we suggest looking also at the Hotel apartments springing up around the Burj Area. These offer not only a solid foundation for capital growth but the management companies will also take responsibility of renting out your apartment while you are away for any period of time.

5.    Do your research

As you set into the Dubai property market you will soon note that there is quite a bit of paperwork to get through. While this can be timely and frustrating, take it as a huge positive. This is a signal of the strength of the regulation now supporting the market and has been introduced to protect the buyer. Always ensure you ask the developer to provide you their licenses, including agreements with main contractors and also funding assurances through Escrow. By law, every developer has to provide you this documentation.

How has the new mortgage cap affected you? What impact do you think it will have on the market? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

UAE Construction Sector Set for Growth in 2013 as Increase in Middle East’s HNWI’s Drives Investment

The construction sector in the Middle East is expected to grow again this year, providing a significant boost to the countries non-oil contribution to GDP, the latest report from KFH-Research suggests.

Analysts stated that industrial production will ‘improve gradually’, but the non-oil sector will be ‘more significant.

All signs point to a resurgence in the real estate market, particularly in the well-developed luxury areas within Dubai. 2012 saw the most growth in pricing across the board in more than four years.

“We forecast moderate economic growth for the UAE, at three percent in 2012, conservatively lower than the Central Bank’s forecast that growth maybe exceeding 3.5 percent,” KFH-Research said.

The strength in the market is supported by the growth of HNMI’s in the Middle East who are again looking to the property asset classes as a means of secure long-term capital growth.

The report showed that in the Middle East, the number of HNWI’s has increased by 2.7 percent year-on-year to 450,000. Total financial wealth of the Middle East HNWI’s grew by 0.7% year-on-year to US$ 1.7 trillion.

It is thought there are around one million wealthy households in the GCC region, with total investable assets of between US$ one trillion to US$ 1.2 trillion. Of these, around 260,000 to 280,000 households have total assets of more than US$ one million in each household.

By country, Saudi Arabia has the most number of wealthy households, estimated between 600,000 and 625,000, followed by the UAE (200,000-220,000) and Kuwait (120,000-130,000). Naturally, Saudi Arabia also has the highest total investable assets in the region, estimated at US$ 500 billion to US$ 550 billion, followed by the UAE (US$ 260 billion to US$ 280 billion) and Kuwait (US$ 140 billion to US$ 150 billion).

As the wealth of the GCC high spenders increases again we expect to see further investment in the Dubai property market, which is considered a safe haven within the region and secure place for investment. This will support the continued growth in the luxury sector of the market, with serviced hotel apartments a prime investment opportunity for those looking to own a high-end, well serviced property and the flexibility of earning rental returns while they are not living in the apartment.

What impact do you see on the Dubai Property Market in 2013? What is your own personal experience of the price rises seen over the past 12 months? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest

The 53-storey towers to be built in the Burj Area

The Distinction – The latest project to hit the luxury Dubai Property Market

DAMAC Properties is the latest luxury developer to step forward with a new project announcement, and The Distinction is set to wow the growing number of people returning to the Dubai Property Market.

A stunning 195 metre, 53-storey, iconic tower overlooking the Burj Area, with views taking in the vista of the Dubai Fountain, Burj Khalifa and Dubai Mall, The Distinction is set for completion early in 2015.

The Distinction will come with 295 luxury serviced hotel apartments, including studios, one, two and three bedrooms. There are also two four bedroom penthouses.

DAMAC Properties has timed the announcement well – with the market on its strongest upward curve in four years. There is a great deal of interest and excitement about the Dubai market at the moment and especially the Burj Area which DAMAC recently described as one of the most desirable locations in the world.

Average prices in Dubai have increased by 14 percent in the first nine months of the year, according to the Reidin Residential Sales Indices, with the rental market also seeing strong growth with yields up as much as 24 percent in prime locations across Dubai according to a recent report by CB Richard Ellis.

DAMAC Properties is certainly focusing on the top-end serviced apartments sector of the market and has recently announced it will have more than 4,000 units of this type under development by the end of next year.

Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “Luxury projects in prime locations are driving the UAE property resurgence and ‘The Distinction’ will provide the quality of finish and service expected at this end of the market. The serviced hotel apartments at ‘The Distinction’ will offer the highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today.”

You can experience the views you can expect from The Distinction by checking out this cool time lapse from one of the towers next door.

What do you think of The Distinction? Do you think luxury serviced apartments will take off? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

Dubai Land Department Completing 150 deals a Day

The Dubai Land Department has announced the total value of property transactions in the first nine months of this year hit US$ 22.6 billion.

The emirate has experienced an impressive 27,452 transactions in the first three quarters of the year, which equates to 150 deals a day, or 20 per hour.

Sultan Butti Bin Mejrin, Director General of the Dubai Land Department said that first time investors had returned to the market to benefit from the price corrections experienced over the past couple of years.

“The property transactions have become more mature and the investors are now much more aware. The market offers multiple-choices and Dubai property sector showed high flexibility in dealing with investors’ requirements and trends during the first nine months,” he told Arabian Business.

The Burj Area was reported to be the most traded area for the number of transactions over the period, peaking at 3,305 sale transactions. Other areas experiencing high turnover included Al Barsha South and Al Safa.

Transactions include all sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.

Liquidity is returning to the Dubai property market as investors look to capitalize on the great offers made available due to the downturn and many are moving their money from more traditional vehicles such as bonds at stocks in western markets.

More than US$22.6 billion injected into the market in nine months alone, developers will have cash reserves in abundance to be able to complete on many more projects and drive the market forward. Expect to see a good number of properties reaching completion in the early part of next year as the current investment drives projects through to handover.

How has the increased liquidity affected you? Are you currently investing? Which areas are pricking your interest? We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest

Business Bay Booming – No Land Plots Left

The first two phases of the master development in the Business Bay area of Dubai have all been taken, according to the master developer.

Khalid Al Malik, the Group Chief Executive Officer of DPG has told press this morning that there are no plots left in the 5.9 million square metre area in the Burj Area of Dubai.

“We don’t have land to sell in Business Bay. We ran out of land in phase one and phase two … so all these indicate there is massive attention and demand on Business Bay,” he said. “Demand is very high. We are struggling in terms of inventory as we don’t have it whether residential or retail.”

Nearly one hundred projects have been announced in the Business Bay area with many now open and roads and infrastructure come on line. Overlooking the prime real estate of the Burj Area, Business Bay is hoping to become the news Central Business District (CBD) of the Emirate.

A host of office space, retail locations and residences are under construction in the area which will link the Burj Area to Ras al Khor and the developments planned for the Meydan district and the Lagoons.

Mr. Al Malik’s comments come as real estate firm Cluttons reports an increase in investment activity for office space during the third quarter of 2012.

Office space has been the one area of the Dubai property market which has yet to see significant growth in 2012, compared to residential and retail space, however the company said it has seen a “surprising number of transactions” during the summer months with revenue reaching US$ 545 million.

Cluttons added that commercial property rents had stabilized in the first six months of the year thanks to “a modest level of positive sentiment”.

An increase in take up of office space will support the occupancy levels in Business Bay and help to add vibrancy to the area in the coming months.

Is your business looking to relocate to Dubai? Do you see signs of revival in the business sector? We always appreciate your emails and comments.

Don’t forget to also join us on Twitter @dxbpropinvest

Cityscape Global 2012 is open

Cityscape Global 2012 – Day One Review

There was a bustling, vibrant atmosphere on the opening day of Cityscape Global, the largest real estate exhibition in the Middle East, which opened at Dubai World Trade Centre yesterday.

The packed halls and serious business meetings across the stands was visual proof that the Dubai property market is seeing steady growth and there are keen investors ready to inject cash into the right projects at the right time.

It was Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, who officially inaugurated the 11th edition of Cityscape with an expected crowd of visitors ready to head into the halls. And they weren’t disappointed.

Major announcements across the day included a number of new projects, including two from the Meydan Group, developer of the Meydan Racecourse. Hadaeq Sheikh Mohammed Bin Rashid is a new 190,000m2 housing scheme in Nad Al Sheba which will feature canals and lagoons, incorporating English, French and Japanese landscaping. The company also re-launched its stalled 72-storey Meydan Tower in Sheikh Zayed Road which will contain homes, offices, shops and hotels.

The focus was also, as expected, on serviced hotel apartments with leading developers drumming up strong support for this relatively new investment vehicle.

DAMAC Properties, the Middle East’s leading luxury developer, announced it would have 4,000 units under development or management by the end of next year at that its first serviced apartment project, Burjside Boulevard would complete mid-2013. The company boldly stated it was taking a leadership role in bringing hotel apartments to the fore in Dubai.

On a lighter note there were a few projects announced which reminded us of the heady days back in 2007/8.

The Taj Arabia project, which was first announced more than five years ago is now set to be become a reality according to the developers of the 3.8 million sqm Falcon City of Wonders. The ‘city’ is also looking bring many other replicas from around the world, including The Eiffel Tower and the Leaning Tower of Pisa.

While there was some of the glitz and glamour of old, it was much more subdued and there was much more a feeling of serious, long-term strategy to provide investors with a sustained growth rather than a fast buck.

More is expected today and you can keep up to date with all of the news from the show here and on Twitter @dxbpropinvest

 

Dubai Hotel Rates Jump Nearly 60%

Revenue Per Room, or RevPar, in hotels in Dubai has jumped 59.9% in August as international confidence in the emirate continued.

Revenue climbed to US$109.29 as international visitors returned in strong numbers due to the temperature drop and a post-Ramadan resurgence.

The average daily rate (ADR) of a room during August also increased strongly, up 23.7% to US$184.23 according to data just out by STR Global.

“The holy month of Ramadan ended earlier this August compared to August 2011, and performance metrics were positively impacted because of it, showing a 19.6 percent RevPar increase across the Middle East,” Elizabeth Randall Winkle, Managing Director of STR Global told Khaleej Times.

Dubai’s tourism remains a very stronger driver of growth for the Emirate, with 577 hotels in Dubai creating a total number of rooms and serviced apartments at 75,171 according to Dubai Tourism and Commerce Marketing. The STR report states that occupancy in the hotels was running at 82.3 %, the highest in the region.

Occupancy and RevPar rates are expected to remain strong for the rest of the year as the peak exhibition season gets underway, driving international business with tourists coming or pre-Christmas shopping when the weather is at its best.

As reported on this site on 17 September, the serviced apartments sector is set for strong growth in the coming years as Emaar announced its latest project in Downtown Dubai. The BLVD is already reporting strong uptake with the first tranche of properties sold out on the opening day again reflect the interest that remains in the Dubai property market.

With Cityscape underway next week, we expect the serviced hotel apartments sector to take centre stage as a number of the big name developers are expected to announce their managed properties at the show. With many projects coming on line in the early to mid part of next year, there is going to be strong competition for this growing sector.

With the investment opportunities and revenue generation a serviced hotel apartment can generate, especially through high-end, luxury managed properties in prime locations, it’s hardly surprising that there remains huge interest in this sector.