real estate

September 26, 2017

DMCC, the free zone and master developer of Jumeirah Lakes Towers (JLT), has announced that construction work has commenced on a new district spanning 10 million sqft. Called Uptown Dubai, phase 1 of the project will span more than 2 million sqft and work will be underway by the year end.

Ahmed bin Sulayem, executive chairman of DMCC, said: 'Uptown Dubai is a world-class smart district unlike anything on the market, innovatively designed to deliver a new beat for business.'

Two super-tall towers and a central plaza will anchor the development. This development"...

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September 26, 2017

KONE, a global leader in the elevator and escalator industry, announces its 5th annual social media competition “Name the KONE Reference” in Middle East and North Africa. The KONE team invites you to have a look at the videos posted on the social media pages, KONE Middle East and North Africa on Facebook and KONE_MENA on Instagram and identify the popular KONE Middle East references in those videos.

“KONE equipment are found in some of the most iconic landmarks in the Middle East and across the globe. We are keen to identify the people that are aware of the famous building names and inform"...

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September 25, 2017

Prescott Real Estate Development has announced a residential project in the Meydan community. Prime Views, estimated to cost over Dh165 million, is a G+4 storey building with 133 one-bedroom units and 18 two-bedroom units.

According to a Prescott spokesperson, Prime Views will be self-financed. The property is situated next to the Meydan Racecourse and Meydan Hotel.

'Our vision has always been to provide reasonably-priced and premium luxury living spaces in prominent neighbourhoods,' said Muhammad Shafi, CEO of Prescott Real Estate Development.

The Prime Views apartments will include temperature-controlled pools, a health club and will be surrounded by outdoor dining cafes"...

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September 24, 2017

Dubai Land Department (DLD), through its regulatory arm the Real Estate Regulatory Agency (RERA), said on Saturday it is strongly encouraging all owners to replace non-fire-resistant building facades.

It said in a statement that the project demonstrates RERA’s dedication to 'taking proactive and preventative measures that will reduce the incidence of fire accidents in the emirate'.

RERA said it has already implemented these measures with a number of companies, including Dubai Properties Group for its major Executives Towers, Vision Tower and Bay Square projects in the Business Bay area.

The call comes just weeks after dozens of people died in a blaze at the Grenfell"...

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September 24, 2017

When the head of a major listed developer in Dubai sounds the alarm over extra generous post-handover payment plans which are a dime a dozen in the market today, it's time to sit up and pay heed. While the phenomenon of post-handover and back-ended payment plans was pioneered by smaller private sector developers in Dubai in 2016, the tactic clicked with buyers, mostly end-users who had limited access to mortgages for off-plan properties. Sensing a formula for success, the larger master developers too joined the fray and the concept has since gone mainstream.

But like they say, too much of anything is bad. Market commentators warn this could be the making of a bubble since smaller private developers run"...

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September 23, 2017

Emaar Properties will on Saturday launch sales of Address Harbour Point, a signature mixed-use project that celebrates waterfront living in Dubai.

Serving as a visual gateway to the 6 sq km Dubai Creek Tower mega-development, the Address Harbour Point is a serviced residences and hotel project.

Address Harbour Point consists of two towers of 66 and 54 storeys; one dedicated to serviced residences while the other hosts a hotel as well as serviced residences. Both are operated by Address Hotels + Resorts, the premium luxury brand of Emaar Hospitality Group.

The two towers are separated by a boulevard that traverses a marina, Island Park and the Harbour Point Pier.

A podium"...

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September 20, 2017

Alternative property assets have been firmly ensconced in the European real estate mainstream for the past 15 years and they have been proven to contribute more than 25 per cent of investment activity, according to a Savills report. As investors are starting to look past the conventional office, retail or industrial property as investment opportunities, alternative real estate assets are rising in popularity owing to their higher returns.

Niche alternative assets such as healthcare/clinics, leisure, hospitality and education assets, senior housing, children's daycare or students' accommodation outline lower transactional volumes, less liquidity, lower transparency and can produce higher yields than"...

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September 19, 2017

Dubai enjoys a plethora of investment opportunities, the majority of which may be legally navigated with relative ease. Property investments, as well as sale and purchase transactions, practically proceed in accordance with the requirements imposed by the Dubai Property Law which provides for registration of projects, approval of escrow accounts and involves strict financial reporting. Although it is not uncommon to encounter slight discrepancies in application, for the most part, the property regulation structure provides security and well-documented procedure under which recourse is fairly clear cut should any difficulty be encountered.

However, what happens in the instance of investment under an altogether"...

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September 18, 2017

With Dubai's affordable housing programme getting a major fillip following the government's strong support - and given that an increasing number of developers are looking at provide such housing schemes - Dubai's southern districts, where most of the low-cost developments are coming up, are set to witness a sharp growth in the working class population.

Dubai's low-cost housing initiatives, gaining momentum since the recent approval of the low-income housing policy by the government, is also having a knock-on effect in the Northern Emirates.

'A spate"...

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September 17, 2017

Dubai Land Department, DLD, announced that it has signed an agreement with Mashreq Bank concerning banking solutions for the transaction services of the Tarweej real estate promotion initiative. The agreement was signed by Sultan Butti bin Mejren, Director General of DLD, and Abdul Aziz Al Ghurair, CEO of Mashreq Bank.

'We have reached this agreement with Mashreq Bank based on our mutual interest to support and strengthen our co-operation,' Sultan Butti bin Mejren said. 'Mashreq Bank is considered one of the UAE’s leading banking institutions, and with DLD’s proven track record in supporting the national economy over"...

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