Tag Archives: DAMAC Properties

Dubailand CEO Mohammed Alhabbai and DAMAC Chairman Hussein Sajwani on the Launch of Akoya by DAMAC

Most Luxurious Golf Community in Asia is now in Dubai with Golf Club, Premium Mansions and Villas

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.

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.

Property investors upbeat

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.

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.

DAMAC Properties launches projects in Dubai Marina and Riyadh with FENDI Casa

DAMAC Properties Partners with FENDI Casa on Projects in Dubai and KSA

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 Residenze in 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 Luxury Serviced 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.

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’s Economic Recovery Drives Forward

Senior officials within the Dubai government are reaffirming the emirates growth estimates with renewed forecasts outstripping projections made prior to the downturn in 2008.

The government says nominal growth domestic product will hit AED490 billion (US$133 billion) by 2015, up from AED367 billion in 2011, with Dubai averaging real growth of 4.5 – 5% a year through 2015.

In 2007, Sheikh Mohammed bin Rashid Al Maktoum targeted a GDP of US$108 billion for 2015.

“Dubai’s economy is well diversified and resilient to external as well as domestic shocks,” said Sami al-Qamzi, director general of Dubai’s department of economic development. “We think that growth will be more sustainable, albeit at a more moderate pace than in previous years.”

Given the Dubai property  market is so closely tied to the overall economy, a further recovery in the real estate sector would allow Dubai to return to its pre-2008 strategy of raising cash through land sales.

The economy minister, Sultan al-Mansoori, says the UAE is also introducing laws to boost investor confidence and better provide for its nationals. The country is also working finalise a companies’ law, which will open up some sectors to 100% foreign ownership.

There appears to more bullish tone from the Dubai government with the traditional revenue streams from trade, tourism and transportation have now been followed by the signs of recovery in real estate and construction.

Confidence has grown since the Arab Spring restored Dubai’s status as a regional haven, prompting a tourism revival with arrivals up another 10% in the first half of 2012.

While the recovery remains relatively slow, it is also returning at a stronger and more stable pace, allowing companies to built their operations for the medium to long term wit a renewed confidence.

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

Top Five Reasons for Dubai Property Market Resurgence

Top Five reasons for the Dubai Property Market recovery

As the Dubai Property Market continues to go from strength to strength, we take a look at the top five reasons why Real Estate in the UAE is seeing a powerful resurgence.

Following the correction in prices back in 2008, the market has slowly improved with 2012 seeing the most impressive growth – around 10-12% in some of the more desirable areas according to recent reports.

There remains a great deal of growth still to come as infrastructure is completed and the influx of foreign investment and foreign workers drives the market.

1.    Increased Liquidity

The Dubai economy remains on a strong recovery path with Gross Domestic Product projected to grow by 4.5% in 2012. This performance is being driven by the strong growth of key sectors such as tourism, commerce, retail, hospitality and logistics.

Banks are now providing funding again – not just for investors in the form of mortgages as low as 3.99% – but also to contractors and developers.

As developers receive funding as well as deposits and further payments on projects they will be able to continue building at pace. Liquidity is the key driver of the Dubai Property market and the banks need to continue to make funding available at all levels to ensure that the current recovery remains on track, at a steady pace.

2.    Comprehensive infrastructure investment

The Dubai Government is again investing heavily in an infrastructure programme, with Dubai World Central spending US$ 4.6 billion on infrastructure alone and terminal two of Jebel Ali Port passed halfway and set for completion next year.

As road networks, schools, hospitals and shopping malls also complete in the new areas of Dubai, investment in the real estate projects will continue to come in. There are many good prices to be achieved in the less developed areas of Dubai which are certain to grow in the coming years as the infrastructure network is finished.

3.    New Job Creation

Nearly one million new jobs are expected to be created before the end of 2020 according to the Dubai Government. As Dubai continues to grow and generate new opportunities, the demand for quality housing will remain. Jones Lang La Salle predicts that around 50,000 additional residential units are expected to be delivered by 2014.

With Europe and America still feeling the effects of a global recession, many ex-pats are looking to Dubai as a place to extend their career opportunities.

According to Hasnain Qazi, Middle East Business Manager at Huxley Associates, “Dubai has evolved into a lifestyle destination of choice for people all over the world looking for a safe, secure, vibrant, cosmopolitan city to live in, providing tax free income and a high standard of living. This is quite a contrast to many other countries in the world where economic and social conditions are not as rosy.”

 4.    Transparency and regulation

The Real Estate Regulatory Agency (RERA) is launching a new service fees index in this month which aims at regulating service fees, reducing disputes about service charges and increasing transparency in the market.

Following the release of the draft investor protection law in Q2, the Dubai Land Department has released a draft Code of Corporate Governance for Developers. The Code defines the responsibilities of developers and requires them to disclose to investors complete information about their properties, including alternatives in case of potential delays. The Code’s ultimate goal is ensuring more transparency and better regulation of the real estate market.

Further regulations ensure that all lease contracts are registered through a government database and all transactions with the Land Department go through a centralised listing site for available property, all of which prompted DAMAC Properties to recently call Dubai’s property market as one of the most regulated in the world.

“DAMAC Properties welcomes recent moves by the Dubai government to tighten regulation in the property market which we believe will sort out the wheat from the chaff,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “As the market in Dubai recovers strongly, it is important to have clear legislation which will instill confidence in overseas investors in particular.”

5.    Confidence

Investors believe in the Dubai Property market again. Government, banks and developers have worked hard over the past few years to bring back the belief in the growth potential of the market. Cityscape Global this year was a case in point with companies talking confidently about the prospects for the future and bringing back projects which had previously been shelved.

All markets, both financial and real estate are driven by consumer confidence and a return to the belief that Dubai is a thriving international hub will see clients returning in big numbers.

What do you think of our top five list? What have we missed? 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

UAE Property Market Grows in Confidence, thanks to more stringent regulation

Regulation, clear structures and international promotion are driving the resurgence of confidence in the Dubai Property Market, according to industry experts.

DAMAC Properties Senior Vice President, Niall McLoughlin says this morning that: “as the Dubai market recovers strongly it is important to have clear legislation which will instill confidence in overseas investors in particular.”

The Dubai Land Department, through its regulatory arm the Real Estate Regulatory Agency (RERA), has recently introduced a number of processes and legislation designed to inject confidence and trust back in to the Dubai Property market.

These include specific Escrow accounts for individual projects, providing residency to overseas buyers of property worth more than AED one million, ensuring that all lease contracts are registered through a government database and all transactions go through a centralized listing site for available property.

In an interview with Gulf News today, the chairman and CEO of Falconcity, Salem Al Mousa Al Mousa said that local and international investors are returning to the market because of firm foundations of the UAE economy and leadership across financial, banking, legal, real estate development and infrastructure levels.

His comments come in the week the World Bank released its ‘Ease of Doing Business’ Report‘, which has seen the UAE move from 33rd to 26th globally. Its Global competitiveness report added that the country was also the 12th easiest country to register property.

The World Bank report is a very well respected resource and senior analysis believe an improvement in the rankings can directly affect Foreign Direct Investment (FDI), helping to grow economies.

“Real competitive economies drive economic prosperity to its people,” said Abdullah Lootah, Secretary General of Emirates Competitive Council. “Federal and local government entities in the UAE have been exerting a great amount of effort to enhance processes and boost productivity and efficacy for the purpose of offering better service to the public.”

As the economy improves, infrastructure reaches completion in certain areas and tighter legislation is brought in, the real estate landscape in Dubai will continue to improve. Confidence is the vital factor in the success of any economy in the world. As the first investors return, more will follow, bringing liquidity back and increasing the pace of growth.

Is the Dubai property market being over-talked? Is confidence too high? Is now the best time to invest in the past four years? 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

What now for the Dubai Property Market?

After all of the hype has receded following a bustling Cityscape Global exhibition filled with announcements and project launches, where is the Dubai property market heading?

Many developers used the platform to launch, or in some cases re-launch projects which had been stalled over the past four years or so. Time will tell if these can move at pre-2008 pace to be completed on time and in budget. Meydan, Sobha Group and Falcon City of Wonders were among many who all stepped forward with their master developments, which will start construction next year.

Serviced apartments also proved to be a big draw during the show, with both Emaar and DAMAC Properties showcasing their latest offerings in this sector. The general feeling from the show was positive, with a more sensible ‘cautious optimism’ displayed by senior executives throughout the exhibition.

While the developers were taking all of the limelight there was also some key new regulation announced which will have a positive impact on the Dubai property market. Dubai Land Department revealed plans for a real estate arbitration centre to resolve property disputes.

The Dubai Real Estate Arbitration Centre will work to impartially resolve property disputes and will hire internationally recognized real estate arbitrators. The draft law has been sent for approval and once enshrined in the legal framework; the new policies will provide further confidence and trust in the system.

The Dubai property market is set nicely for resurgence through the final quarter of the year and following the announcements of projects the focus will flip back to delivery as contractors are appointed and they start to break ground. The industry certainly appears united towards the same goals at the moment and if this can drive a strong real estate market, it will have benefits for the growth of Dubai in general.

What was your memorable moment from this year’s Cityscape Global? What projects caught your eye and what is your view on the market in general? We would love to read your thoughts and comments below.

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