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.BUYING - SELLING - LEASING.
Weekly listing update:
http://www.luxurycityreale
Call : 009714-3397092 Or
800- LUXURY
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- DUBAI PROPERTY SEMINAR
3 floor in Oasis shopping center
Friday, October 2 at 6:00pm
Luxury City Real Estate Don't miss out .The 6th edition of Dubai International Film Festival (DIFF) is from December 9 – 16, 2009 in M.Jumeirah .
Luxury City Real Estate
Madinat Jumeirah is the new city of Arabia in Dubai; the resort is Arabian-styled featuring UAE architecture and design.
It encompasses three components; two hotels; and clusters of 29 traditional Arabic summer houses nestling among the gardens and waterways, all built around the souk, the traditional centre of Arabic l...ife at the heart of the resort. The resort also provides conference, incentives and banqueting facilities, dining options, the souk, 7 royal villas and a spa.
Mina A’ Salam or ‘The Harbour of Peace’ was the first grand boutique hotel of Madinat Jumeirah to be completed, and features 292 rooms and suites.
Al Qasr, which literally translates to ‘the Palace’, comprises 292 rooms and suites, designed to reflect a Sheikh’s summer residence.
The traditional courtyard summer houses of “Old Arabia” have inspired the stand-alone, two-storey residential retreats of Dar Al Masyaf. Each of the 29 ‘houses’ features 8 - 11 rooms and suites which are extended across the resort grounds, surrounded by landscaped gardens, with some located on the beachfront.
Linked by waterways to all resort areas, guests can travel from Dar Al Masyaf by water taxi to Al Qasr, Talise Spa, the bustling Souk Madinat Jumeirah, Mina A’ Salam, one of the many restaurants, or any event held within the resort.
The Dubai International Film Festival (DIFF) is the leading film festival in the Middle East, Asia and Africa. Since its inception in 2004, the festival has served as an influential platform for Arab filmmakers and talent at an international level, by spearheading the cinema movement in the region.
The 6th edition of DIFF is from December 9 – 16, 2009 in Madinat Jumeirah .
Luxury City Real Estate
Jumeirah Golf Estates—home to Dubai’s most desirable residences and golf’s most prestigious destination. With four world-class championship courses, luxurious homes, and the very best leisure and recreational facilities, Jumeirah Golf Estates sets a new standard in residential golf developments.
The individual neighbour...hoods that comprise Jumeirah Golf Estates reflect the spirit of the exceptional courses that are at their heart. Inspired by the majesty of nature, with stunning architecture, incredible views, wonderful amenities and an exclusive location in the world’s fastest-growing city, the community offers an unmatched way of life for its residents.
Luxury City Real Estate
The Government of Dubai, acting through the Department of Finance, has raised a further $5 billion as part of its $20 billion long term bond programme launched at the beginning of 2009.
The amount issued was determined by the Emirate’s current needs and obligations.
The proceeds are managed by and further strengthen the... financial resources of the Dubai Financial Support Fund (DFSF), which was established with the specific purpose of providing liquidity on a commercial basis to Government and Government-Related Entities undertaking projects deemed to be of strategic importance within Dubai that contribute towards the overall economic development of the Emirate.
The $5 billion tranche was fully subscribed equally by National Bank of Abu Dhabi and Al Hilal Bank and has been divided according to a schedule that specifies drawdown amounts and dates that are aligned to the DFSF’s objectives.
The first amount scheduled to be drawn down is $1 billion and will be split equally between a conventional bond issuance to NBAD and a sukuk to Al Hilal Bank.
In attendance at the signing ceremony were Abdulrahman Al Saleh Director General of The Department of Finance, and Nasser Ahmad Khalifa Al Suweidi, Chairman of National Bank of Abu Dhabi and Ahmad Ateeq Al Mazroui, Chairman of Al Hilal Bank.
http://gulfnews.com/business/general/dub
Luxury City Real Estate
Al Marjan Island is a collection of five man made islands located 27 kilometres southwest of the town centre of Ras Al Khaimah. The cluster of five man made islands will cover an area of over 2.7 million square metres and will be worth over $1.8 billion USD., Al Marjan Island will extend over two kilometres into the cl...ear blue waters of the Persian Gulf.
On completion, Al Marjan Island will become a haven of tranquillity for its residents, a unique development comprising of floating villas, sporting facilities, resorts, luxury hotels and commercial areas.
Being located in the beautiful emirate of Ras Al Khaimah, Al Marjan Island is only a 45 minute commute to the commercial centre and international airport in the neighbouring emirate of Dubai. With plans currently in place for a new rail network across the emirates, as well as a state of the art hovercraft link between Ras Al Khaimah and Dubai, it seems likely that the demand for property in Al Marjan Islands and Ras Al Khaimah will increase considerably.
Al Marjan Island has seen a number of landmark developments being announced including the Pacific development, La Hoya Bay and more recently the AED 1.1 billion Bab Al Badr development. Given the increasing popularity of Ras Al Khaimah and the Al Marjan Islands project, it would be safe to assume that further announcements on new developments are not far away.
Luxury City Real Estate
New law to protect investor rights
Dubai land department is studying legislation to protect property purchasers.
Dubai: The Dubai Land Department is studying a new law to protect the rights of real estate investors, a top government official told Gulf News.Sultan Bin Mejren, Director-General of Dubai Land Department, sai...d: "The department is working to put in order a law to protect the rights of real estate investors."He added that the draft of the law will be ready to send to the Executive Office to get the government's approval by the first quarter of 2010.The law would be comprehensive and include all items that seeks to protect investors."Our ultimate goal is ensure justice and set up proper rules and regulations to regulate the relationship between developers and investors," Bin Mejren told Gulf News.He also said that the Land Department and the Real Estate Regulatory Agency (RERA) are working on the new guidelines, which upon government's approval, will be implemented early next year.Massive growthDubai's property sector went through a massive growth since 2002, when the government opened the land and property sector to foreign ownership that helped it to attract massive investment.The government also facilitated investment by launching major projects, such as Dubai Marina, the Palm Jumeirah, International City, Jumeirah Lake Towers, Dubailand, Discovery Gardens, Emirates Hills, Jumeirah Beach Residences, Emirates Lakes, Arabian Ranches, the Springs, Meadows, etc where more than 30,000 families have moved to their freehold homes.
Thus, real estate had overtaken the other sectors as the major driver of the emirate's growth engine, until late last year.According to industry reports, real estate contributed to more than 32 per cent of Dubai's economy at its peak.Dubai government has recently implemented strict measures to protect investors against illegal practices by developers.The Dubai Government has formed a new judicial committee that will deal with cases involving bounced cheques in the property sector.The committee will settle cases related to bounced cheques whether issued by a buyer to a developer, or from tenants and beneficiaries of long-term units under the provisions of Law No 7 of 2006 regarding real estate registration in Dubai.This will help reduce the number of criminal cases due to payment defaults and subsequently help the emirate's real estate sector.Bin Mejren said: "Soon we will meet with the Dubai Courts team to draw an outline for the judicial committee to develop mechanisms to deal with the situation.
"Members of the committee will be chosen from Dubai Courts and the Land Department to settle the disputes.The UAE's property sector has witnessed a number of delays and cancellations due to the impact of the global economic slowdown since late last year.Active projectsDespite the slowdown, new research showed that 3,398 civil building projects worth $1.35 trillion) (Dh4.95 trillion) are currently active in the Gulf region.The figures, released by, Streamline Marketing Group, paint a more positive picture of the regional construction industry which has been battling to shrug off the effects of the global economic crisis.The UAE leads the way, with 1,853 civil building projects worth a total of $661,44 billion currently under way across four sectors — commercial and retail, education and healthcare, leisure and entertainment, and residential.
The research carried out by Dubai-based Proleads, which monitors regional construction projects across all industry sectors, showed that overall, a fraction under 75 per cent of all announced projects in the region are still progressing, representing a much more optimistic outlook at the start of an important week for the regional construction industry."While there is no getting away from the fact that a large number of major projects in the region are now on hold, the latest market research underlines the fact that there is still a massive amount of construction going on in the region," said Emil Rademeyer, director, Proleads.
http://gulfnews.com/business/property/ne
November 27, 2009
Luxury City Real Estate
"The new Cruise Terminal in Port Rashid is expected to be operational by January 2010,"
380,000 are expected to arrive next year.
Dubai's thriving international anchoring berth for cruise ships, has emerged as an important hub for this particular tourism industry over the past years. Not only is the historic ocean liner... Queen Elizabeth 2 currently berthed there after arriving in Dubai on November 26, 2008, the port is about to be redeveloped and turned into a purely cruise terminal after all cargo was moved to Jebel Ali Port.
According to data by the Department of Tourism and Commerce Marketing (DTCM), Dubai's growth into a cruise ship hub occurred very quickly. In 2003, only 2,700 cruise passengers arrived in Dubai; in 2007 the number rose to 113,000.
The DCTM announced last month that the new terminal will be ready for tourism business in January 2010 and will be able to handle four ships simultaneously. The number of arriving cruise tourists is estimated to reach 260,000 this year and 380,000 next year.
"The new Cruise Terminal in Port Rashid is expected to be operational by January 2010,"
http://gulfnews.com/business/shipping/du
Luxury City Real Estate
Abyaar and Christian Lacroix to build Dubai residential tower.
Middle East property developer Abyaar and designer Christian Lacroix on Monday announced a joint venture to build and design a residential tower in one of Dubai's most exclusive beachside suburbs.The 38-unit, coastal Jumeirah-based tower will incorporate a L...acroix-designed facade, expansive lobby and luxury interiors, the companies said in a statement.
Although Lacroix has worked on several Paris-based boutique hotel interiors, this is the first residential offering to which the designer's trademark blend of past and future will make its mark.
Marzooq Al Rashdan, vice chairman and MD, Abyaar, said: "We approached Lacroix because he is known for his exceptional design skills and theatrical style, both on and off the catwalk.
"This is the start of a long term partnership that places Abyaar on the luxury development map internationally.
Lacroix added: "We are working on something special that will tell a Middle Eastern story. The interiors will be based on paradox - contemporary and baroque, blending East and West, old and new, inspired by history and folklore."
Lacroix will be sourcing and, in many cases, creating unique materials for the interior design, the statement added.
Among his non-catwalk pursuits, Lacroix has designed several hotels, interiors for the French chain of Gaumont cinemas; TGV trains to Strasbourg; tramway cars in Montpellier and the costumes for The Marriage of Figaro at the Aix-en-Provence festival.
http://www.arabianbusiness.com/574373-ab
Luxury City Real Estate
Al Fajer starts delivering in five towers.
Al Fajer Properties, a Dubai-based developer, has started delivering two million square foot of commercial space across five of its towers in Jumeirah Lake Towers development, the company's president said yesterday.
"We have already started handing over units in our five Jumeira...h Business Centre towers. The second phase, consisting of another four towers, will be completed by the year 2011," said Sheikh Maktoum bin Hasher Al Maktoum.
The company has self-financed about 88 per cent of its towers, Sheikh Maktoum said. In July, however, the developer raised up to Dh400 million through a discount scheme offered to investors.
"It was very successful as we offered up to 40 per cent of discount to investors. We have used the fund to complete our construction."
The company may witness a default rate of 20 to 30 per cent, he said, adding, "we are OK with it as we have secured funding to complete our projects".
Al Fajer still has 25 to 30 per cent unsold inventory and leasing could be one of the option.
Asked whether "off plan" market could see a revival, Sheikh Maktoum said: "The off plan market is dead and will not see any revival."
"The market conditions were not conducive by end of March and so companies had temporarily halted construction. But those project will get completed."
He believes that completed properties will be in big demand next year and so the focus is on completing all the launched projects.
Sheikh Maktoum said sales prices of Jumeirah Business Centre towers in the secondary market have risen by almost 30 to 40 per cent in the last few months.
"During the peak of 2007 and early 2008, prices had touched Dh2,200 sq ft, but then fell to a low of Dh800 during the economic crisis," said Sheikh Maktoum.
http://www.business24-7.ae/Articles/2009
Luxury City Real Estate
World record crowds, thrilling rugby action, entertainment second to none and an impressive new venue all ensured the 2008 Emirates Airline Dubai Rugby Sevens was an event to remember.
After 38 years at the Al Awir ground, the move to Emirates new, purpose-built venue, The Sevens, on the Al Ain Road proved to be a reso...unding success, with the spirit of the previous venue encapsulated in a bigger and better setting for one of the region’s greatest sporting and social events of the year.
The Sevens, which boasts six new pitches, saw over 130,000 fans streaming through its gates over the three days of the tournament.
In 2009, 16 of the best Sevens international teams in the world will be back to thrill the crowds as they aim to get the 2009/2010 IRB Sevens World Series off to the best possible start. The Dubai Sevens has grown into a magical event that not only attracts fans from around the globe but offers some of the best action – both on and off the pitch - anywhere on the planet. Away from the white-hot atmosphere of the international matches, competitions featuring International Invitation, Gulf, Local Social, Ladies, Veterans, and Youth teams will see all six pitches in almost constant use over three compelling days from December 3-5.
Central to everything will be the main pitch which is transformed into the ultimate sporting arena for the tournament with the free-standing stadium built around a permanent 5,000 seat grandstand set to accommodate the world's most passionate rugby fans. With fans flying in from all corners of the globe for the event, a jam-packed rugby village providing top-notch entertainment and the best Sevens action, you have a fabulous mix of sport and entertainment that will rock Dubai like never before.
And to complete the rugby extravaganza, the hugely popular 'Rugby Rock' concert will be held on the final night of the event to bring to a close the region's biggest party and sporting spectacle.
Luxury City Real Estate As part of its efforts to increase the amount of green space, the municipality announced plans yesterday to gradually replace the concrete and sand surfaces of all car parks with real grass.
www.thenational.ae
In an environmental push to increase green spaces, plans to convert car parks from tarmac to grass are underway.
Luxury City Real Estate
The hotel is generally divided into three buildings, the first is the residental hotel that faces the city, and the second is the marina hotel that has artificial beach front, and the third is the berthage and marina club located in the inner cove of the site. The arch that connects the two hotels together holds the hi...ghest level Presidential Suite. and below is the deck that connects the buildings to the observation tower.
Location : Al Bateen, Abu Dhabi, UAE
In front of the artificial beach is the glass floating suites, the first floating hotel suite in the world. These floating suites can also be joined together in various sized units, to customize to the needs of the user. For safety reason the floating suites will be installed with a automatic system that will keep the suites within safe distance from the beach.
The form of dolphins were applied as the mass motif. to create a illusion of a dolphin couple swimming in a mirage. A special reflective material was used so that this scene can be witnessed by passengers on the plane landing and departing from the Abu Dhabi Airport.
The Middle East is a water deficient area and also has vast dessert lands. Therefore we also designed this hotel to have high energy efficiency, by using solar power, water collection system, and utilizing the temperature change to naturally cool the building.
Designs by Changki Yun, a member of KIA (Korea institute of architecture ; authorized organization in UIA), professor of SAKIA (School of Architecture KIA) and tutor at Hongik University
Luxury City Real Estate
Prices of Dubai Marina apartments RISE.
The price per square foot of Dubai Marina apartments has risen by between 18 and 38 per cent since the beginning of this year, according to a realty company.
"One-bedroom apartments are currently selling for about Dh1,300 per sq ft – up 18 per cent from Dh1,100 per sq ft in January... this year," said Vineet Kumar, Head of Sales at Asteco. "Two-bedroom apartments are currently priced at Dh1,250 per sq ft, up from Dh900 per sq ft in January, a rise of 38 per cent. Three-bedroom apartments are Dh1,250 per sq ft, up almost 31 per cent from Dh950 in January."
One-bedroom apartments measuring between 850 and 900 sq ft at Elite Residence and Dorrabay are currently priced at about Dh1.2 million, according to Asteco. In January this type of property was listed at Dh900,000, while in July 2008 similar apartments were priced at about Dh1.35m.
A two-bedroom apartment at Marina Promenade measuring 1,280 sq ft currently listed at Dh1.6m was priced at Dh1.15m in January and Dh1.85m last July.
A three-bedroom apartment at nearby Jumeirah Beach Residence currently costs about Dh2.37m. In January the same property was listed at Dh1.8m and in July 2008 it was at Dh2.66m.
A 2,450 sq ft, four-bedroom apartment at Marina Crown costs Dh2.3m today – the same price it would have fetched in January. In July 2008 the property would have sold for about Dh2.9m.
Kumar said four-bedroom apartments have not seen much of a movement with prices currently at about Dh975 per square foot, up about 14 per cent from Dh850 per sq ft in January this year.
"Demand for four- and five-bedroom apartments at Dubai Marina is much lower than for three-, two- and one-bedroom apartments," he added. "This is because families have an affordable option to buy a four-bedroom or five-bedroom in villa communities. If they can get a good deal for a such a villa they would opt for that than buy apartments of this size."
The increased demand for smaller units at the Marina means they command higher prices per sq ft than larger ones. "The larger the size of an apartment, the lower the price per sq ft," he said.
Asteco figures indicate that apartments at the Marina have fallen in value by between 15 and 60 per cent since July 2008.
Manuela Reis, Manager, Residential Sales and Leasing, at Better Homes' Marina office, said: "In Q4 2008, average one-bedroom apartments of between 750 and 850 sq ft at the Marina were being transacted in the Land Department for about Dh750,000 to Dh1m or about Dh1,000 per sq ft. Now the same units are listed in the range of Dh850,000 to Dh1.2m or around Dh1,000 to Dh1,150 per sq ft."
Ayman Youssef, Vice-President of Coldwell Banker UAE, said: "Average offering prices for delivered properties at Dubai Marina are currently about Dh1,200 per sq ft, down from Dh2,200 in Q3 2008. What we can also see at the Marina is that certain towers are maintaining their values with interest from investors and end-users, but other properties in Dubai are slow. We can see this reflected in the offered prices in the market for the Marina with a wide range between Dh850 and Dh2,000 per sq ft."
http://www.business24-
7.ae/Articles/2009/11/Pages/23112009/112
Tuesday, November 24, 2009
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