Anyone familiar with Dubai will know that normally each passing year sees Dubai’s already sky high rental prices being increased further towards the point of madness. On top of traffic, rent in Dubai it is safe to say, is not one of the things Dubai residents would have high on their lists of lifestyle benefits of living in the Emirate. With some workers spending over 60% of their income on renting a property in Dubai alone, the situation was getting a little out of hand. Landlords were very much in the position of power, with most tenants being expected to hand over at least 6 months rent, in most case 1 years worth of rent, before being able to take occupancy of their home. However the rapidly deteriorating Dubai real estate market combined with the global economic crash has brought hope to Dubai tenants. Well that was the original idea.

In order to give a clear indicator of what rental prices should be, the Dubai Real Estate Regulatory Agency (RERA) released a rental index, which was to act as a guide to fair rental prices. However upon its initial release, the index wasn’t exactly an overwhelming success! The figures used to calculate prices were mid 2008 prices, when the Dubai real estate market was at its peak, and rental prices still sky high! It therefore bore no resemblance to the current market demand and rental prices, and therefore wasn’t exactly much use!

However RERA are now set to release a new an updated rental index using more recent market data, that should give a more fair indication of what rental prices should be in the current climate. Although it has not yet been fully completed, RERA have revealed a average price drop of 10-15 in some developments. This is still some way off the expected price drops and current market prices, but RERA say this the index is still undergoing completion, and these prices have been formulated using only a few developments rental prices. The full index should be released later this month. However will it fully show the drops being seen in rental prices, or will RERA have overstated prices yet again? Those who work in the sector believe the rental prices have declined some 30% across Dubai properties, but will the new rental index get it right this time?  

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Direct From Owner No Commission

Welcome to a fascinating world of unique architectural styles, where the timeless heritage of a glorious past is captured in a vibrant, flourishing destination - International City.

Designed to mirror the charming allure of the United Arab Emirates, the new Emirates precinct is the latest residential offering in this lively multicultural neighbourhood that is home to over 60,000 people.

Though distinct in its appeal, the new Emirates precinct seamlessly integrates into the montage of architecturally different themes that includes Russia, Italy, Spain, England, France, Morocco, Persia, Greece and China.

International City is located along the Dubai-Hatta road between Interchange 5 and 6 of Emirates Road.

Apartments Number 111
Property Location/ building name Emirates cluster @ International city
Number of Bedrooms 1
Number of Bathrooms 1
Development Name International City
Completion Date December 2009
Estimated Square Feet 764
Original Purchase Price (AED) 679,600

Selling Price(AED) Including Transfer Fees 700,000 net to owner (not including transfer fee)


Additional Features

Pool  
Garden Garden
View  
Parking Parking
Gym  
Doorman Doorman

Additional Information(Including % paid up to date)

Paid 40% by cash, the remaining is financed by Noor Islamic Bank

Contact Owner Mrs. Parveen Habib
Mobile Number:  050 551 2808
Alternative Mobile Number: 050 651 2813
Email Address: Parveen.habib@noorbank.com

With the financial problems being experienced in the west now slowly filtering through to other economies around the world, Dubai can join the likes of China and other large Asian countries in seeing its economy slowly take a turn for the worse. This therefore puts Dubai real estate in a very unfamiliar situation, with this perhaps the first time here that property prices are not on the up. And with this being a first, no one is really sure as to how long things may last, and what happens next. After all real estate prices can be complicated enough, without the current external factors also added on top. However what we do know is that the current property prices decline presents buyers with a great opportunity to pick up a bargain!

Whilst houses prices are still not exactly give away cheap, they are certainly becoming more and more tempting. Whilst prices have fallen with both off plan and secondary market property, it certainly seems that it is the secondary market that has been the hardest hit. Many of those working in the Dubai real estate sector believe the current fear behind the price drops is a little overblown and prices will soon bounce back, but in either case, it means for the time being you can purchase real estate in some well know areas for almost 20% less than a few months ago! With prices in Emaar’s popular Downtown Dubai development according to some reports down by as much as 22%, there is some very high standard real estate up for sale with big discounts!

But who wants to buy now if the market is only going to continue to fall, right? Well the beauty of the Dubai property market at the moment is that long term; it still looks a very solid investment! Property is still underpriced in relation to other big cites, and the Dubai government has a strong hand in dictating market supply, ensuring things don’t get too out of control. The general picture being presented of the Dubai property market is that the current price drops being experienced will not be a long term thing, therefore making this a great time to jump onto the market.

Are you looking for a property in Dubai at the lowest price possible? Contact us now for the best deals on the market!

As Dubai begins to play an ever growing role in Middle Eastern and World business affairs, its reputation as a place to come and work or set up office is being ever enhanced. With a rapidly expanding business sector Dubai wants to become the new Hong Kong or Singapore, and with all that is being built and developed here, Dubai surely has all the right pieces in place. With government incentives for foreign businesses and enterprises setting up in Dubai, companies small and large are beginning to see the advantages of moving here. With tax breaks and other financial incentives, plus no personal income tax, Dubai property and offices has few competitors when it comes to offering businesses an environment in which to thrive and prosper. However for all its positive business initiatives and great business areas, Dubai can still be a confusing place to get an office and working environment up and running.

It shouldn’t be hard, but often is. And this is where the European Business Centre can come to your recue. Offering a state of the art working environment included the latest technologies throughout, the multi purpose commercial project aims to take all of the hassle and bother out of setting up office in Dubai. Situated at the highly regarded Dubai Investment Park, the European Business Centre can provide international firms wanting to come to Dubai with an up and running office and much much more. Whereas many offices sold in Dubai real estate only come as a shell, with none of the fittings and basic infrastructure needed to operate completed, the European Business Centre is ready for you to move in and work from day one, and thus can save you all the troubles normally involved in buying your own office.

But you get a lot more than just the latest and state of the art offices here. The EBC will also provide you with a huge range of invaluable services. Setting up of your company, helping you to find the local partner required by law, visa support legal advice, bank account help and even a lifestyle guide to Dubai are just some of the areas where you can receive advice and help when starting up. And once you get things going, there is also a range of operational support service such as IT and technology help desks and maintenance, security plus tax and legal help. Then factor in a huge range of permanent and temporary flexible offices to suit your needs, and the EBC looks like a pretty smart bet. So for those looking to come to Dubai and set up here, the ECB really does look to have all angles covered to make the process exceptionally easy and efficient for you, whilst still offering the highest standard of office space and technology available in Dubai properties. Sounds like a winner.

Whilst Dubai property is usually the Emirate of choice when it comes to making property headlines in the UAE, that doesn’t mean the other Emirates are not doing their own thing too. Abu Dhabi has achieved much success in this regard but has yet to fully move out of its neighbors’ Dubai’s shadow. Ajman property has also achieved a good deal of success by following in Dubai’s footsteps and opening up the property market to foreigners and offering freehold property ownership. However Ajman property has also not found itself immune to the property price crashes seen elsewhere, and now cracks have started to show in the market. With some off plan property plummeting up to 50%, Ajman property is now going through some testing times. The very recently formed Ajman Real Estate Regulatory Agency(ARERA) has already been put to work, with numerous and wide ranging controls being implemented to try and get the market back on track.

Developers are now being required to register with the ARERA and fulfill a number of criteria in order to be allowed to continue to operate within Ajman. These include setting up Escrow accounts and a moratorium on unaudited real estate payments. With a number of developers having taken payments for property that has yet to even see construction start, the government has been forced into tightening regulating in the face of falling buyer confidence. With developers having an initial deadline of the 5th March to begin the registration process, and then the 1st of May to have everything to be complete and submitted, there is not much time before developers are forced to show their hand.

The ARERA is taking non compliance of its new legislations quite seriously, and developers who don’t heed their warning can expect a minimum fine of AED 100,000 and be prevented from doing any business within the Emirate of Ajman. Advertising on unregistered projects will also result in fines. Developers who have not started construction on their projects will also be required to cease taking payments from investors until construction has begun. This new legislation has been welcomed by those involved in Ajman real estate, and the new laws should help stabilize the market and increase buyer confidence, which can only be a good thing at this time.

For more information on Ajman property, Dubai real estate or Dubai properties contact us.

Dubai is starting to become a place where residents are getting used to putting up with strange and in some cases plain odd things when it comes to their homes. Dubai property developers have made a name for themselves by creating weird and wonderful freehold real estate projects, something I am sure most appreciate. Unfortunately some developers like to carry the crazy and unique part over to their dealing with residents; well the crazy part anyway. There have been quite a few reports of property owners and Dubai developers coming to blows on numerous issues in the past, and unless there is a large charge from Dubai real estate developers any time soon, don’t expect such problems to go away fast! Emaar has in the past hit the headlines for giving residents at the Greens and the Lakes, who were renting apartments, only 2 weeks to move out or purchase their property for the going market rate, and this is only really the tip of the ice burg.

Only recently residents at Jumeirah Beach Residence one of Dubai properties biggest developers were hit by what they saw was a unreasonable services charges price rise from the developments management company. The 129% increase did not go down well, but the management company has since said it would look into improving efficiency to bring this down. The newest development to see residents displeased with what their developer has decided to change is the Greens Community. So what is the uproar about this time? Well it seems developer Emaar has decided to replace grass in some of the central court yards with artificial grass. It seems Emaar has deemed the move necessary to fix some leaking water from entering underground garages. However residents don’t seem to agree with the changes and now an online petition has been started to voice resident’s displeasure at the changes. With a 100 signatures already collected there are clearly a good deal of people not happy with the move, but Emaar is going ahead as planned anyway.

Emaar states the work is necessary, and only a small area is being changed to artificial grass, and the Greens will still retain much of its landscaping. However it is understandable that residents at a development called ‘The Greens’ are slightly uneasy with their greenery being replaced with plastic!

This week has seen not just one, nor two, but three different Dubai property developers looking set to hand over freehold properties in the Emirate. The delivery of the properties will be a relief to investors in the projects, and with all the recent project cancelations from Dubai developers in response to tightening credit and the property market crash, it could be a while before we see such a large delivery of property at the one time such as this. So what developments can owners expected to very shortly be receiving the keys for? Well to start is Damac’s second completed tower at Jumeriah Lake Towers, Lake View Terrance. The 40 storey tower, housing some 536 apartments has already received its certificate of completion. Overall the project looks to have been a big success, and now only 10 apartments remain for sale in the tower, and with the difficult market conditions, Damac are offering special incentives for those who purchase the units. The handing over of the tower marks the end of Damac’s 2008 property phase where it brought over 2000 units to the market with more expected in 2009/10.

But Damac are not the only Dubai real estate developer who will be celebrating this week, as Dubai’s largest developer Nakheel has also announced it will be starting to hand over some 300 villas at Jumeriah Village this week, in what is just the start of a larger handover that should see over 2200 villas at the development ready for occupation by the end of 2009. With 96% of available villas already having being purchased the development has proven very popular and once fully completed should be home to 300,000 people and cover 811 hectares! And also keen to get in on the handover act this week is Cayan Investment and Development. Whereas the above two developments are introducing freehold residential real estate to the market, Cayan will be delivering 12 stories of freehold commercial property to what is currently an undersupplied market.

The AED 120 million Cayan Business Centre project at TECOM has offices available for rent still, and offers super modern office facilities and the building features a huge glass atrium at its centre. So this week will see a lot of happy owners take possessions of their properties, but how long it will be before we see such large handovers again for Dubai properties is anyone’s guess.

The Dubai property market is really in a bad place at the moment, with Dubai’s property developer’s struggling to attract buyers in the harsh financial climate. It is not exactly surprising given the world’s economy is as bad as many can remember, and people are being made redundant left right and centre. This combined with Dubai properties already being on the edge due to speculation created somewhat of a perfect storm. The results have seen sales of Dubai freehold real estate slump. With big restrictions on credit, plus many companies in Dubai downsizing and making workers redundant, it is a pretty hard environment at present, and as a result has left the Dubai government which a large responsibility to sort out the whole mess. No easy task it would seem. But could good actually come of all this for Dubai residents?

The government has been introducing all kinds of new legislation and regulations to make living and buying Dubai property more appealing. One long standing complaint of Dubai residents has been the handling of property service charges. Up until now residents were forced to hand over sums of money for the upkeep and maintenance of their properties communal areas. They were given no say in how this was run, and often had to deal with large price increases from the property management companies employed to run the schemes. The lack of a say, and the price increases have never been popular with residents, but this should now be set top change with the new ruling that the responsibility to carry out such work will now rest with Home Owners Associations. Residents, via the home owners association, will now themselves be responsible for the running and looking after of their developments and will have to decide on things suchs as maintenance costs, service contracts and such.

This all sounds good and well on paper, as it is what residents have been asking for, for some time. However how will it play out in reality? It is now for residents to step up and take responsibility for these things, but will people be willing to do so? Those who run the home owners associations will be expected to give up their free time and will have to deal with the extra pressures involved in such things, all on top of their day jobs and family lives. Hopefully Dubai real estate residents will be wiling to step up to the task, but maybe for some the reality isn’t quite as good as what they had hoped for.

There is no denying it; things are hard in Dubai at the moment. For a place that sees sunshine almost everyday of the year, the city has an air of gloom around at the moment. The world financial crisis and resulting residential freehold property crash has seen a number of companies downsizing and laying off workers, whilst many developers are putting projects on hold. With no idea of how long the current financial downturn of the world markets will last, people in Dubai have a lot on their minds.

The Dubai real estate market lies at the heat of the problem, having a knock on effect all across the city, and with investor confidence at an all time low, things will probably need to chance here first. The importance of the freehold property market to Dubai cannot be underestimated, so the comings and goings have wide ranging implications for the city. And now the Dubai Property Investors Group is pleading with the Dubai Real Estate Regulatory Agency (RERA) to ensure the future prosperity of the Dubai real estate market before it is too late.

The Dubai Property Investors Group is made up over 300 lawyers, investors and developers, both local and international, who have banded together in an effort to encourage the Dubai Government to take action for the good of the property market. With so many developments currently on hold or cancelled, with a recent estimated worth in the hundreds of billion of Dirham’s, the investors are asking the government to guarantee projects from developers that are now unable to proceed with construction despite already having accepted payments from buyers. They are asking that all payments to developers’ be stopped until there is evidence that developers can deliver on contracts and promises in what are financially difficult times. 

The investors argue failure to act now and route out bankrupt developers will just lead to a continuing in the property price falls current being witnessed. They also are asking that the Dubai government hold back a number of planned larger projects such as Dubailand, so as to ensure there in not an oversupply of property to hit the market which would further hit property prices. Good idea, bad idea? It is hard to say. Should a government play such a large role in manipulating property prices? Will the Dubai government even listen? How this plays out we will have to wait and see for the future of Dubai properties in general.

We also cover more Dubai Property news here.

The massive tourism and entertainment park Dubailand has plenty going on and has a vast array of project to offer tourists and property buyers alike, so it says a huge deal for Dubai Sports City that it is the one project to generate the most interest. Since its conception, Dubai Sports City has attracted an almost constant stream of media interest both for its world class sporting facilities but also for its wide ranging and high quality freehold real estate. Dubai Sports City has certainly been one of the most successfull projects to launch for Dubai property, so when other projects are meeting with delays and cancelations it should not come as too large a shock to hear Dubai sports city is moving towards completion. Everything here is running on schedule and it won’t be long at all until facilities here start to welcome guests and participants.

In fact the 50 million square foot development which features both commercial and residential real estate will start hosting tournaments in the first half of 2009! The World Hockey Academy will open in March and will then host the Asia Cup tournament in May. Costing AED 14.7 Billion, Sports City will focus on 5 major sports but will feature academies and facilities for a huge range of sports and activities. With a Manchester United soccer school, Butch Harmon Golf academy, David Lloyd Tennis centre and the International Cricket Council will have a headquarters here; Dubai Sports City has attracted some of the largest names in sport. There is even an 18-hole Ernie Els designed golf course! All of the academies will be opening their doors and accepting clients in 2009. Things here certainly are moving along quickly, and the middle of 2009 will then see the opening of the ICC academy and the soccer school.

But it not just sports facilities here that are worthy of note. With a wide array of apartments here plus luxury villas just off the golf course, Sports City has some of Dubai’s most popular freehold real estate. With a layout design to facilitate easy movement around the project plus a strong focus on providing a healthy and fun living environment on top of a wide variety of shops and facilities, Dubai Sports has a large amount to offer both property and sports enthusiasts.

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