Tag Archives: Media

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.

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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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.

Emaar clients walk away from new property launch in disgust

Repost from Big News Network.com

Emaar, Dubai’s biggest property developor set the emirate on fire on Saturday but not in the way it intended.

The property giant, amidst heavy security, was launching its latest serviced residential apartments tower, proposed for a site opposite the world’s tallest building, the Burj Khalifa.

After the debacle in September last year when a similar project was launched and hundreds of people camped outside the Emaar sales office for three days to get set, the company announced this time buyers would have to pre-register. What followed was a disaster, with one prominent Dubai real estate agent describing the actions of Emaar as “disgraceful.”

Registration was online and it took place on Wednesday at 10am. Emaar then vetted the applicants, estimated at around 12,000, and allocated tokens to those that had been successful. With 280 apartments on offer the developer it was assumed would have issued 280 tokens, and perhaps a number to offset those clients that didn’t turn up or didn’t proceed to buy an apartment. With approximately 300 to 350 tokens allocated it should have all gone swimmingly.

What the developer didn’t tell clients was that they had issued three lots of tokens. Successful registrants were told they had to be at the Emaar sales office at 8am. When they arrived they found long queues stretching from the front entrance to the three main buildings in the Emaar complex right around the outside of the buildings. The developer issued red, blue and yellow tokens. While the red queue moved swiftly through to the sales office to look over plans, prices and contracts, several hundred, possibly a thousand people, waited outside penned up in long lines for several hours without any communication from Emaar as to what was happening. Trays of Chicken sandwiches and croissants were passed around and bottles of water but there was no-one to tell the throngs what was going on.

Then as it was approaching seven hours in the queues, at about 2.40pm, a crowd marshal got up on her feet, without any amplification, and said the red tokens were up to number 155 and they had yet to start on the blues, and the yellows it seemed may not get a start at all. The Emaar employee stressed that people were welcome to stay but there was little likelihood they would get set. Angry scenes followed as frustrated buyers left in disgust, not so much because they had missed out, but they say because of the way they were treated. Scores were heard muttering, and others making their feelings known more loudly, indicating they would not take part in an Emaar property launch again.

For those that stayed however, in the ever-dwindling queues, and those that had made it inside into the sales office, the worst was yet to come. About 4pm, when the red tokens were up to about 175, an Emaar representative announced all apartments had been sold. There was a complete uproar as angry clients and their agents stormed Emaar personnel seeking an explanation. Agents had been told Emaar was restricting sales of the apartments to one per client, yet before even one third of the tokens had been dealt with all the apartments were gone.

Earlier in the day it had been indicated quotas of apartments had been allocated to each token category, however it appeared at the end of the day only those holding red tokens would get apartments, and clearly the one apartment per client rule didn’t apply to them.

The fact that Emaar may have been abusing their clients, many of whom have been with them for years, some even buying whole floors off them, didn’t seem to register. Management and marketing executives would have been well aware within a couple of hours of opening their doors, if not even before they opened, that there was no prospect of around 900 registrants being able to be dealt with by sales representatives, let alone complete purchases. An Emaar employee when asked about the situation, confirmed the company intended for it to happen this way as they wanted all the hype, and the subsequent publicity about hundreds being turned away. There were even suggestions Emaar limited the number of units on sale, preferring to establish the hype and then sell more units into the open market later.

What may have been deemed to have been a top marketing strategy ultimately turned into a public relations nightmare with more damage being done to the developer’s reputation, notwithstanding it sold whatever number of apartments it intended to. The company may not be so quick to sell the next project. It is unlikely those that took part Saturday, many of which had travelled from all over the UAE, elsewhere in the Gulf and as far away as Iran and Russia, would be lulled into going through a similar exercise again. One prominent real estate agent who did not want to be named said she and her colleagues in the industry were “appalled,” at the way in which Emaar handled the launch, describing it as a “con,” and a “disgrace.”

The developer was also under scrutiny as the emirate’s property regulator, RERA, requires payment programmes for off-the-plan properties to be set commensurate with construction milestones achieved. Emaar however was hitting clients with a 15% up-front payment, followed by a 10% payment in June, and then a 15% instalment when the construction is 10% completed. Investors will therefore have forked out 40% of the cost of their apartments while Emaar, which is state backed, will have only completed 10% of the construction.

The tower itself, The Address Residence Fountain Views comprises 60 floors of one, two, three and four bedroom apartments and penthouses. It will be the only Address property developed by Emaar to date to not include a hotel, however hotel services will be provided to the complex by Emaar’s hotel chain, The Address Hotels and Resorts. The company will also operate a serviced apartments pool in the tower.

Let us know if you had a similar experience at the launch; we would love to hear from you. You can also follow us @DXBPropInvest on Twitter.

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

UAE-based Bank Reiterates Strength of Dubai Property Market

The Dubai Property market is continuing to grow in line with the wider economic recovery in the Emirate, according to a report out from Citi.

Stronger visitor numbers, and strength in the retail markets is filtering through to the real estate sector says the report, with stronger trade and higher oil prices a key factor in the growth.

The report goes on to say that Dubai has actually benefited from what it calls a ‘misfortune dividend’ where investors have turned to safe havens in a response to the Arab Spring.

Citi’s chief economist Farouk Sousa quoted figures from Cluttons which showed that mid-range properties have increased in value by 20% over the last year.

“This is below the 30%-40% annual gain in property prices during the pre-2009 boom but, according to CBRE, represents one of the sharpest gains in the property sector anywhere globally this year,” he said.

The banks have a critical role to play in the continued resurgence of the markets by providing liquidity to not only end-users, but also contractors and developers.

City says that the increased investment in property in Dubai is allowing real estate companies begin to strengthen their balance sheets and improve credit ratings to be able to refinance loans.

Sousa also added that the recovery has been experienced mainly in prime locations, but that there was still an overhang of supply in both residential and commercial markets.

“Our own estimates suggest that the current stock of housing exceeds demand by some 50,000 units (15% of total supply),” he said.

While current stock may well outstrip the demand in the market in developing areas, these developments will quickly be filled by the growth in the population and the strong increase of expatriates coming to Dubai in the wake of the prolonged European and American economic crisis.

Are you receiving a warmer welcome from your banks? Is nit easier to get mortgages now than a year ago? 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

Emaar launches serviced apartments in Downtown Dubai

Just a few days after we put the spotlight on the investment opportunities in the hotel apartments sector in Dubai, Emaar Properties has launched its offering.

‘The Address The BLVD’ is described as a five-star premium hotel and serviced residences featuring 200 hotel rooms and 542 serviced apartments. ‘The Address the BLVD’ will overlook the Dubai fountain, Burj Khalifa and The Dubai Mall.

The hotel is expected to be completed in early to mid 2015 the developer announced, with sales of the studio, one, two and three-bedroom serviced residences launching on 22 September.

The 63-storey hotel will be 340 metres high and will become the second tallest building in the area.

Speaking at the launch, Arif Amiri, Chief Executive of Emaar Retail, said: “The launching of this project is underlining the positive growth of Dubai’s property sector and the robust gains recorded by the city’s tourism and hospitality sectors.”

The announcement falls a couple of weeks before the region’s largest property and real estate exhibition of the year, Cityscape Global, which takes place from 2-4 October 2012 at the Dubai International Exhibition and Conference Centre.

It is expected that other developers will confirm their serviced/hotel apartments products at the show, with many towers already well under construction in the Burj Area and likely to handover their serviced apartment offering to the market early in 2013.

This means that the five-star luxury serviced apartment offering will have been on the market in the same area for more than two years before ‘The Address The BLVD’ will handover to clients.

There is certainly a gap in the Dubai market for serviced apartments with Dubai Tourism stating there were just 200 properties offering this product in the Emirate.

Serviced apartments allow investors to either live in the property themselves, or pass it onto a management company who will rent it out as part of a pooled programme. Owners can choose to live in the property for certain times of the year and rent it out for the remainder making the sector a flexible and lucrative option for investors.