Tag Archives: Serviced Apartments

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.

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.

Finding the Ideal Property: Dubai Buyers’ Guide To Property

Skyscrapers with multiple swimming pools. Lavish designer high-rises. Contemporary sprawling villas. Properties in Dubai are nothing short of exquisite when it comes to architecture, amenities, and overall design. It’s no wonder then that many expats choose to call this thriving spot in the United Arab Emirates their future home. If you have plans of moving to this affluent emirate, discover the many types of residential property Dubai builders are developing these days, and find your ideal home.

If you live alone and have no immediate plans of starting a family, Dubai’s many luxurious hotel-style residences are quickly becoming the number one choice. This is especially recommended for individuals with busy schedules and a discerning lifestyle that demands five-star service.

When price isn’t a concern, there are a host of opportunities for both investment and a place to call home. You can find everything from four-bedroom penthouses, to studios. Your decision will depend on whether one serviced luxury hotel has more amenities (e.g., Jacuzzi, luxury spa, modern gymnasium, etc.) than the other residential hotel. Also, consider the views available from your suite. After all, why live in a serviced residential hotel if you aren’t going to have a stunning view when you retire at night? Another key factor in Dubai is infrastructure. Areas which have roads, shops, schools and hospitals demand a higher premium, but offer the most convenience.

When money is a more of a factor, you can still save a few dollars in rent or real estate investment by looking at modest, more affordable apartments situated in less luxurious, but still pleasant locations, which offer the opportunity for strong capital growth as infrastructure comes online. There are many apartments with child-friendly and secure neighborhoods with access to swimming pools and restaurants.

Dubai, with stunning skyscrapers and designer apartments, offers a luxury standard of living. However, there are still affordable and homely options perfect for families and single people. All you have to do is find a property that’s ideal for your budget and your lifestyle. Do a lot of research. Work with the most trusted and established developers which have a proven track record in the market – especially if you are considering an off-plan purchase. Request all information on the project: Escrow account details, copies of contracts with master developers and RERA-approved licenses – every trusted developer has to be able to provide these.

Above all, don’t let your heart rule your head; don’t overstretch your budget, but find somewhere that will meet the requirements of you and your family. Dubai is one of the safest places on earth to live, with a wonderful melting pot of communities. It is a city where opportunity is abound.

Where are your areas of choice in Dubai right now? Tell us your story of your move to Dubai. We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

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.

2012 – The Year of the Optimist; 2013 – The Year of the Savvy Investor

As we close out another year, and begin to relax ahead of the New year celebrations, we take a moment to reflect back on twelve months which has redefined the property market in Dubai and consider what might be before us in 2013.

Villa prices have seen the most significant growth, during a year where each quarter has outperformed the last, with some areas seeing growth around 20 percent. Apartments are also back to 2010 prices (they won’t hit 2008 peaks until Q3/Q4 next year) with a year-on-year increase around seven percent across the board … much more than this at the luxury end of the market.

Key locations are still leading the market. Top-end properties in the Burj Area and Dubai Marina remain the most sought after, with serviced apartments the new off-plan opportunity.

Mega projects were again announced … a few teasers at Cityscape Global, before the real big announcements in the past month: ‘Mohammed bin Rashid City’, a multi-billion dollar project with the largest mall in the world (didn’t we already have one?) and a park 30 percent bigger than Hyde Park in London. Then, three days later, a AED 10 billion leisure and entertainment destination, which will begin construction next year.

So Dubai is back competing, announcing, building, and most importantly selling again. While there is some justified skepticism in the air as Dubai reverts back to the big bold announcements, there is now liquidity back in the market. Dubai is seen as the safe haven with Middle East investors moving their cash to the Emirate as the Arab Spring continues throughout the region. Buyers in Europe and America are coming to Dubai (especially the large institutions) as the EuroZone crisis and the ‘Fiscal cliff’ in the States still causes alarm.

So into 2013, and as DAMAC Properties’ MD, Ziad Al Chaar said recently: “2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area.”

Stricter regulations continue to be integrated into the Dubai Property Market, new investment opportunities will open up (serviced hotel apartments will be the number one investment vehicle next year) and new locations such as IMPZ, Jumeirah Village and the Emirates/Al Khail Road area will jump in valuation as infrastructure completes.

“I believe that there has been no better time to invest in the Dubai property market in the past four years,” added Al Chaar. “New regulations, the filtering of the market following the correction and the increases in business and tourism coming to Dubai will it remains one of the most lucrative real estate markets in the world in 2013.”

Which direction do you think the Dubai Property Market will head in 2013? What impact will it have on rental prices and yields for owners? Are you looking to get into the market? 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.

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

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