Tag Archives: Dubai real estate

Dubai to raise real estate fee to fight speculation

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj Downtown, Track2Media, Track2Realty, Track2InfraTrack2Realty-Agencies: The emirate of Dubai will raise the registration fee charged for real estate transactions to 4 per cent from 2 per cent on October 6, in order to prevent excessive speculation in the property market, a top official said on Thursday, September 26.

“It will affect the quick selling of property. This will have a positive impact on the market as it will limit the flipping of property and protect the market,” Sultan Butti Bin Mejren, Director General of the government’s Land Department, told reporters.

On the issue of whether the higher fee could hurt the market, he said: “We don’t see a negative impact affecting the transactions.”

UAE developer to launch 1 bn dollar property project in India

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Damac Properties, Dubai real estate, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyTrack2Relty-Agencies: Dubai-based private developer DAMAC Properties has said it is launching phase two of a $1 billion project of luxury hotel and serviced residences to Indian investors, following a sell-out event in Dubai.

’DAMAC Towers by Paramount’, is being developed on platinum real estate in Dubai overlooking the world’s tallest tower Burj Khalifa.

It comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison — Paramount (Hollywood movie production company) co-branded serviced hotel residences.

Developed by DAMAC Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project will be presented during a road show in Delhi and Mumbai on April 5-6.

“The response we have seen from Indian investors is unprecedented. Indians have a deep-seated love of movies and our partnership with one of the most established movie houses in Hollywood has proved a big draw.

“Indian investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project,” Ziad El Chaar, Managing Director, DAMAC Properties, said.

The one, two and three bedroom serviced hotel residences will be managed by DAMAC Maison, the hospitality division of DAMAC Properties. Serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments and 24-hour kids club.

In addition, owners can elect to add their residence in the ‘rental pool’ while they are away, allowing for rental returns to be generated. DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299 sq feet.

Indian expatriates drive Dubai’s realty sector growth

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj Downtown, Track2Media, Track2Realty, Track2InfraTrack2Realty-Agencies: Indian expatriates are among the top investors in Dubai’s property market, which is expected to grow 10-12 percent this year, company officials and analysts say.

“Expatriates, mainly from India, Russia and Saudi Arabia, are leading the growth.

Indians are among the top five investors in Dubai’s property market,” Ziad El Chaar, Managing Director of Dubai-based Damac Properties, told IANS in New Delhi.

He said Dubai’s real estate sector witnessed around 10 percent growth in 2012 and this was likely to further accelerate this year.

Dubai’s property market crashed in 2008-09 due to liquidity problems arising out of the global financial and economic crisis. The market witnessed negative or zero growth between 2008 and 2011.

“The liquidity situation has improved and the perception is also changing. People are now bullish on the real estate market. The good thing is that we are witnessing organic growth. Real investors are coming into the market,” Chaar said in a telephonic interview from Dubai.

According to data compiled by Saudi Arabia-based Samba Financial Group, prices of mid-range villas and apartments in Dubai increased by 20-30 percent in January year-on-year.

“Increasing evidence is emerging that the property market in the UAE, and Dubai in particular, has bottomed out and that a strong recovery is apparent in certain segments,” the Samba Financial Group said in its monthly bulletin.

Strong demand for recently launched projects indicate the recovery in the sector.

The first phase of Damac Properties’ $1 billion Damac Towers by Paramount project was sold out on launch day itself. The project, located close to Burj Khalifa, the world’s tallest building, is expected to be ready by the end of 2015.

“This is the biggest real estate project in Dubai since the 2008 crisis. The response indicates a strong demand in the sector,” the Damac Properties MD said.

He said Indian expatriates, as well as residents, have booked a large number of properties in Damac projects. “Indians are among the top five investors in Damac as well as in other projects,” he said.

Chaar said Indian investors were buying properties in Dubai because of tax benefits, attractive prices and geographical proximity.

Dubai’s largest real estate developer, Emaar, recently claimed that its luxury project – The Address The BLVD – located in the downtown area, was sold out 24 hours.

70 Indian realtors to participate in Times Realty India 2012

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj Downtown, Track2Media, Track2Realty, Track2InfraTrack2Realty-Agencies: More than 70 builders across India will showcase their properties at Times Realty India-2012 event to be held on Septmber 28-29 at J W Marriott Hotel, Deira.

Event has been organised by The Times of India Group and Mindscape Exhibitions in association with Confederation of Real Estate Developers’ Association of India (CREDAI) Kochi.

M I Sait, Managing Director, Mindscape Exhibitions, said, “India’s Real Estate sector is expected to grow to a $180 billion industry by the year 2020 as per the Confederation of Indian Industries (CII). With rising urban population and a growing economy driven by a growing services sector, the fundamentals for the growth of the Indian Real estate industry are strong. With the Real Estate sector opening up for Foreign Direct Investment (FDI) in 2005, several foreign and domestic funds have invested in Indian Real Estate sector. Until 2010 nearly 27 per cent of all the PE investments made in India were in the real estate and infrastructure sector.”

Indian realtors are sitting over huge inventory. The total office stock in the seven major cities1 is pegged at 270 million sqft. Close to 55 million sqft of office space is under construction in the seven major cities in India and is expected to enter the market by 2013. Tier I cities namely Bangalore, Delhi NCR and Mumbai will contribute to majority of the absorption.

In retail also Mumbai and Delhi NCR have been the forerunners in the development of the organized retail real estate in India. These two cities account for more than 70 per cent of the retail stock in the country.  Cities like Bangalore, Hyderabad, Chennai and Pune are now witnessing high activity in organized retail segment.

Post the financial crisis the retail sector has laid emphasis on good mall management and various revenue sharing models have been introduced. Retailers are now focusing on leasing space in superior grade malls.

The first half of 2012 saw limited supply (1.65 million sqft) of mall space in the major cities with majority of the supply in Bangalore. The year 2011 saw the completion of nearly 14 million square feet of mall space in the seven major cities.  As a result of such large supply, several developers have deferred completion of under construction malls this year in order to maintain demand-supply equilibrium.

With the uncertainties in the macro-economic conditions and business sentiment retailers are watchful about their expansion plans. Therefore, both supply as well as absorption has been restrained thereby keeping the rents stable in most cities. Tier I cities are witnessing absorption in superior grade malls. This has led to retailers willing to pay a premium for space in good quality malls due to a shortage of such spaces. No consensus has been reached on the proposal allowing 51 per cent FDI in multi-brand retail, but a positive response is expected in the short-term.

Residential real estate that contributes to more than 80 per cent of the realty business in India contributes to 5-6 per cent of the India’s GDP. While the real estate recovery in India post the global economic recession was driven by the residential sector.

The residential sector currently has varied formats catering to different buyers falling under various income levels. Capital values are increasing steadily in most cities with some cities like Mumbai witnessing a strong price increase.

Indians dominate foreign investor property purchases in Dubai

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj DowntownForeign investor purchases in freehold projects in Dubai are still dominated by Indians who have retained the number one spot since foreign ownership regulations were applied, a new research has revealed.

According to the Real Estate Investment Promotion and Management Centre at the Dubai Land Department (LD), Indian investors have bought a total of 2,153 properties valued at Rs 5,670 crore (3.751 billion dirhams).

Pakistanis are at the second spot for having bought a total of 1,814 properties at Rs 4,400 crore (1.713 billion dirhams).

The research revealed that the total value of direct foreign investments in the real estate sector exceeded Rs 33,300 crore (22 billion dirhams).

The funds were pumped by foreign investors of various nationalities to buy 12,875 properties including buildings, lands, apartments and residential villas during the first half of 2012.

“The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials,” Majida Ali Rashid, Chairwoman of the Real Estate Investment Promotion and Management Centre, said.

She said British investors bought a total of 1,564 properties, ranking third in terms of the number of purchased units.

Russian and Iranian investors competed for the fourth and fifth positions, with Iranians buying 1,057 properties while Russians bought 694 properties.

Saudi investors came sixth in terms of property ownership in Dubai, as they bought 416 units in the first half of the year, followed by American investors who claimed the seventh position with 415 properties. Canadians came eighth as they bought 329 properties.

Sultan Al Akraf, senior director of the real estate registration services at the Dubai Land Department, said the figures reflect an ongoing upside trend and a positive growth in the realty market performance.

He said the total value of real estate transactions has exceeded Rs 95,380 crore (63 billion dirhams) during the first half of the current year, representing a 21 percent growth over the same period in 2011.

The officially documented results have been achieved through 18,953 transactions, most of which covering sale and mortgage deals, as well as a limited number of lease and mortgage portfolios and other transactions.

Indian developer announces Dubai foray

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Damac Properties, Dubai real estate, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyIndia-based Pacific Real Estate Development has announced its first property venture in Dubai, the 28-storey luxury tower at Tecom Media City.

Announcing the launch, Parvez Khan, founder, Pacific Real Estate Development said, “We are very positive about the real estate market here. Everywhere in the world, the business environment is currently going through upheavals, but we are confident that Dubai will remain a key investment hub for serious property investors who will appreciate the value of a Pacific Waterfront property.”

According to Khan, Pacific Real Estate is sufficiently capitalised and has the necessary resources to complete projects it has started.

‘By 2015, we would have completed our first luxury property development in Dubai, and it will be first of many projects we envision for this market and the rest of the Mena region as newer projects on tourism, education and healthcare are announced and completed which will open up anew a demand for residential and commercial development,’ he stated.

‘It makes more business sense to position ourselves now than later when the market is bound to pick up again,” Khan said.

In addition to its plush amenities and sophisticated design, Pacific Waterfront will be a mixed use luxury development that utilises solar technology for most of the buildings energy requirements.

“It will be the lowest maintenance residential luxury apartment to invest in. Everything starting from the walkways to the gyms to the lights in the building will be maintained through solar technology hence the residents will not be paying a heavy maintenance that they do otherwise for most constructions here or in India,” Khan explained.

Pacific Real Estate, he said, has a track record of completing similar projects in India, and as a result has earned a sterling reputation in developing luxury properties known for high quality and eco-friendly features.

According to the latest Ernst and Young report, 2013 will see an additional 60,000 units to Dubai Dubai’s property market, which currently has a residential supply of around 300,000 units.

Pacific Real estate development is also in the process of acquiring new projects in the upcoming Business bay area and Dubai sports city along side Pacific Waterfront in Tecom, he added.

Investors Clinic opens in Dubai

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj DowntownInvestors Clinic Infratech, the real estate marketing and brokerage firm operating under the brand name of ‘Investors Clinic’, has set up its first international operations in Dubai.

The firm will cater to the NRI demand and interest in Indian realty market and will also help Indian expatriates in identifying properties globally, a statement from the company said

Investors Clinic, one of the largest realty services firm in India, started with first generation entrepreneur Honey Katiyal, works with builders to market their developments and also provides real estate brokerage services.

As a part of its marketing strategy, Investors Clinic appointed Yuvraj Singh, renowned Indian Cricketer as Brand ambassador, making it the first real estate agency in India ever to undertake such an initiative, the statement said.

Honey Katiyal, CEO Investors Clinic, said, “In India, the firm has been showing more than 100 percent growth over the past four years and has projected revenues of over Rs180 crore ( $35 million) for 2012.  The company plans to expand and go global within the next few years and will set up offices in Gulf countries as well as in other countries wherever there is a sizeable Indian population. Investors Clinic has helped around 15,000 home buyers and investors this year, and is currently working with more than 40 builders and involved with more than 145 projects.”

“As a real estate company, we have catered to numerous national and international clients belonging to various business domains and have redefined the standards of this business. Our years of experience enable us to offer wide range of services and fulfill our client’s needs successfully. The market in Dubai for Indian real estate is very fruitful and since our expansion we have been able to successfully advise NRI’s on various real estate investment options,” Katiyal said.

“It is our constant endeavor that we keep on adding projects to our portfolio. As a part of our strategy to reach NRIs in UAE we have decided to be a part of Indian Property Show scheduled from December 15 to 18 at Airport Expo Dubai. The show will act as the ideal platform to introduce ourselves to the NRI community here,” he added.

Besides marketing and brokerage, the company has launched home loan facilitation services called Loan Clinic, the statement said.

It also plans to launch Interiors Clinic, focused at owners of ready-to-move-in properties where the company will offer turnkey solutions, covering electrical, woodwork, bathroom and other fittings.

Investors Clinic provides wide-ranging services including due diligence, selection, buy and sell transactions and management of property portfolios.

The firm is a one-stop solution to the real estate needs of individuals and institutions alike. Be it residential real estate, commercial real estate or farmlands, Investors Clinic has a solution to suit every need and budget. The company has a team of professional and highly experienced real estate agents to understand and deliver up to the expectations of its clients, it said.

Dubai launches $100 mn real estate fund with Brookfield

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj DowntownInvestment Corporation of Dubai (ICD), a financing arm of the government, and Brookfield Asset Management have agreed to jointly sponsor a real estate fund with $100 million in seed money to focus on the domestic market.

The fund intends to invite additional capital from a select group of local, regional and international investors, said an official statement.

The fund’s final size will be capped at $1 billion.

Brookfield Asset Management is a leading global alternative asset manager focused on property, renewable power and infrastructure assets, with approximately $150 billion of assets under management.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman the Government’s Supreme Fiscal Committee, and Board Member of ICD, said: “We see this agreement as another big step in our next phase of growth. It once more affirms Dubai’s attractiveness as a premier investment destination in this region.”

The fund will target opportunities available in the Dubai real estate sector, with a focus on a wide class of assets in both freehold and non-freehold areas.

The fund will have a life of 8 to 10 years.

Brookfield’s global construction business, Brookfield Multiplex, has been constructing iconic buildings in Dubai and other countries in the Middle East since 1997 and has 2,000 employees in Dubai.

Mohammed Ibrahim Al Shaibani, Executive Director and CEO of ICD said the venture is the first. Dubai only Investment fund that is sponsored by a leading international investor.

“ICD is looking forward to participating in the recovery of the Dubai real estate market,” Al Shaibani said.

Bruce Flatt, Chief Executive Officer of Brookfield, said his company strongly believes in the continued prominence and importance of Dubai as a regional hub for commerce and trade.

“We see excellent opportunity in real estate in Dubai. We are witnessing a number of encouraging signs, in particular the arrival of long term capital to the sector, which traditionally marks the early signs of recovery in real estate markets,” Flatt said.

Indians top buyers of Dubai property

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Dubai Real Estate, Abu Dhabi, UAE, Burj Al Arab, Dubai Marina, Palm Jumeirah, Burj DowntownIndians are the biggest property buyers in Dubai among foreign nationals, as per the figure released by the Dubai Land Department (DLD) for the first half of 2011.

A total of 2,181 Indians, UAE expats and those residing in India and in other countries, bought Dh3.70 billion worth of properties in Dubai, while 1,537 Britons invested Dh2.49 billion and 1,219 Iranians invested Dh1.9 billion in the city’s real estate market.

Emiratis topped the list in terms of value — Dh52.67 billion.

Buyers from Pakistan, Russia, Saudi Arabia, USA, Canada and Jordan made up the rest of the top 10 investors in Dubai properties. DLD said the total sales value in Dubai stood at Dh16 billion across 5,719 properties purchased during the first half of this year. Burj Khalifa recorded the highest sales ‘value’ at Dh4.84 billion.

Ayman Youssef, Vice-President, Coldwell Banker, told Gulf News, “Burj Khalifa is a project that will always appeal to a certain segment of investors in the market. It’s a high-end address with potential mid to long-term capital gains. With its current pricing, the tower becomes even more accessible to a wider section of investors in the market.” The Palm Jumeirah sold Dh2.11 billion worth of properties, while the Marsa area in Dubai saw 2,514 sales transactions (highest) worth Dh3.75 billion.

According to DLD, there has been an increase in the number of female property owners in the first half of this year compared to last year’s records. Around 1,189 women bought properties in Dubai compared to 1,001 buyers last year. “Today, lots of women have the financial strength to take an investment decision as properties provide a mid to long-term appreciation over a period of time,” Youssef said.

Damac Property publishes global property trends report

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Damac Properties, Dubai real estate, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyIt fair to say that current property development status is very different from previous ones. With the world emerging economies such as china, Brazil and India taking their global share of the cake in terms of property development, many countries especially in the west and North America are slowing their ride.

The economic boom in china fueled by rampant export manufacturing has by many accounts raised the living standards considerably. This has further sparked the need for houses of the billions of people in the country which has consequently boomed and revolutionized the property development industry in the country. The same has been repeated in china’s main competitors; Brazil and India.

According to a property report realized by a global property consulting company the domestic demand for houses in China rose by an amazing 34% within a period of less than 5 years. The property development in the entire Asian region also rose by 38% with china and India taking most of the shares. The booming industry has been sparked by rapid growth of the Asian economies and financial institutions many of which are offering financial aid to people willing to buy houses.

The rapid rise in living standards among the citizens of these countries something associated with the booming economy and a good and sound housing policy created by these countries.

As for countries in Africa property development has also witnessed a significant increase but not as that in Asia. Leading property development companies predict that with the current steady growth of the African economy things might get better in a few years time.

Europe and North America has indeed been the exact opposite of Asia, South America and Africa. Reports have indicated a sharp drop in property development in Europe with numerous property development companies shutting its doors due to bankruptcy. Leading economist is Europe have predicted even harder times in the coming future unless the economic situation in Europe changes rather urgently.

The slow on Europe’s property growth has been caused by a raging debt crisis for European governments, public sector cuts in spending that have rendered many jobless, rising unemployment rates, slowed economic recovery in North America and Europe although some European countries such as Germany have registered tremendous progress recording an annual growth last year of 2.4%.