Dubai's Real Estate Regulatory Agency (Rera) and Ajman Real Estate Regulatory Agency (Arra) have signed a co-operation agreement to create a unified strategy to develop the property sector.
The agreement emphasises the need to create a unified strategy to develop, modernise and organise real estate-related activities including developers, real estate brokers and property management companies as well as the workforce of such companies.
The agreement, which underlines the importance of strengthening co-operation ties between the two organisations, was signed by Rera CEO Marwan bin Ghalita and Arra Director-General Omar Al Barguthi in the presence of Sultan bin Butti, General-Manager of Land Department.
Bin Ghalita said the agreement as a major step forward in the real estate sector. It will focus on in establishing a unified vision in developing, updating and regulating all real estate activities, companies and people who work in brokerage offices, and real estate management.
"In addition we will prepare necessary criteria and conditions to own broker identity and real estate management identity. The agreement will regulate the work of brokers and real estate advertising between the two emirates along with laws and regulations in Dubai and Ajman by establishing a unified database with all information and data relevant to the brokerage business, real estate management or real estate development," bin Ghalita added.
Al Barguthi said the agreement corroborates the iron-clad relationship between Arra and Rera.
Source: Business24/7
Dubai Property Rentals | Dubai Property for Sale
Sunday, May 10, 2009
Tuesday, April 28, 2009
New visa law in Dubai to be implemented for property buyers in 2009
Visa associated to property buyers in Dubai would in all likelihood get legal sanction within this year, according to a source. This would be a big boon for Dubai real estate which is at present reeling under the impact of financial crisis. Vagueness pertaining to this matter had aroused a lot of doubts among potential real estate investors and with legal backing the cloud of confusion enveloping the property sector might lift.
According to a source, law will explain who deserves a visa in terms of their investment in the real estate. Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property.
The government of Dubai had opened up the property sector to foreign national in 2002. Since then Dubai property sector never looked back.
Buy Dubai Property | Dubai Real Estate
According to a source, law will explain who deserves a visa in terms of their investment in the real estate. Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property.
The government of Dubai had opened up the property sector to foreign national in 2002. Since then Dubai property sector never looked back.
Buy Dubai Property | Dubai Real Estate
Sunday, April 26, 2009
Are there any buyers for real estate in Dubai?
Are there still investors buying property in Dubai? After the modification established by Dubai government regarding freehold ownership by foreigners of properties in Dubai, the market in the city has legitimately gone crazy with global businessmen lining to invest thousands of millions of dollars in the market. Unexpectedly the business world turned interested in Dubai Real estate properties Market. Therefore the cost of properties in Dubai have become threefold in years and still rising but now it has gone down since due to the global financial crisis.
Saturday, April 25, 2009
Real estate hit by political uncertainty
By Moonis Ahmed
Dailytimes
KARACHI: As uncertainty continues on the political front in the country, the builders and developers are finding it hard to attract investment, industry sources told Daily Times.
They said that the most of the builders and developers who came back from Dubai and others Gulf states recently have started to launch projects which they left incomplete and are offering attractive packages to lure investors.
“Despite the forecasts that the economy is on the road to recovery, the real estate business is still facing hard times in the country,” they added.
Babar Mirza Chughtai, Chairman, Association of Builders and Developers said that property business has lost steam and has failed to attract fresh investment. During some last months many projects have been launched but the builders attributed it primarily as a part of the strategy to avoid encroachment on empty plots by the land mafia.
The builders, who had introduced new projects, were forced by the situation in the city to start some activity on such plots like opening offices, developing the land or posting some security guards at the site in order to secure the land.
About falling steel and cement prices he said that are these not the main issues that could brighten hope among the investors. Actually, investors of real estate are looking forward for a pleasant business environment to invest.
These two items hold 50 to 60 percent share in the overall construction cost of any apartment project or a house.
He said that government housing schemes in last 25 years like LDA, Awami Ghar and others failed to provide any relief. “Continuous political instability coupled with law and order situation are discouraging investors and public to take risk in the real estate business,” Muhammad Asim, director sales and marketing at World Link Real Estate said.
He was of the view that builders are trying to recover their lost confidence from the people by launching new projects and they are offering attractive packages.
Many people, who are trying to own a home after fall in property prices are finding it hard to make some saving as rising cost of living caused by high food inflation and utility bills are eating up their entire hard earned income, an expert said. It is pertinent to mention that the country, at present, is facing a shortfall of 6 million housing units. A leading cement maker and exporter said that sale of cement has declined by 15 to 20 percent in the last one-and-a-half-month as economic conditions have hit the construction activities. However, all the realtors were of the view that the prices of property would further drop in case the political situation remains unstable.
Dubai Real Estate | Dubai Property
Dailytimes
KARACHI: As uncertainty continues on the political front in the country, the builders and developers are finding it hard to attract investment, industry sources told Daily Times.
They said that the most of the builders and developers who came back from Dubai and others Gulf states recently have started to launch projects which they left incomplete and are offering attractive packages to lure investors.
“Despite the forecasts that the economy is on the road to recovery, the real estate business is still facing hard times in the country,” they added.
Babar Mirza Chughtai, Chairman, Association of Builders and Developers said that property business has lost steam and has failed to attract fresh investment. During some last months many projects have been launched but the builders attributed it primarily as a part of the strategy to avoid encroachment on empty plots by the land mafia.
The builders, who had introduced new projects, were forced by the situation in the city to start some activity on such plots like opening offices, developing the land or posting some security guards at the site in order to secure the land.
About falling steel and cement prices he said that are these not the main issues that could brighten hope among the investors. Actually, investors of real estate are looking forward for a pleasant business environment to invest.
These two items hold 50 to 60 percent share in the overall construction cost of any apartment project or a house.
He said that government housing schemes in last 25 years like LDA, Awami Ghar and others failed to provide any relief. “Continuous political instability coupled with law and order situation are discouraging investors and public to take risk in the real estate business,” Muhammad Asim, director sales and marketing at World Link Real Estate said.
He was of the view that builders are trying to recover their lost confidence from the people by launching new projects and they are offering attractive packages.
Many people, who are trying to own a home after fall in property prices are finding it hard to make some saving as rising cost of living caused by high food inflation and utility bills are eating up their entire hard earned income, an expert said. It is pertinent to mention that the country, at present, is facing a shortfall of 6 million housing units. A leading cement maker and exporter said that sale of cement has declined by 15 to 20 percent in the last one-and-a-half-month as economic conditions have hit the construction activities. However, all the realtors were of the view that the prices of property would further drop in case the political situation remains unstable.
Dubai Real Estate | Dubai Property
Thursday, April 16, 2009
U.A.E. Recession i Architecture
In contempo years, architects descended aloft Dubai, acquisitive to capitalize on its feverish architectonics boom. But while the Persian Gulf city's sprawling skyline is still dotted with cranes, the bazaar actuality has fizzled.
As of aboriginal February, more than half of Dubai real estate projects were stopped or canceled, from the 3,281-foot-tall Nakheel Tower advised by Woods Bagot to the Hydropolis, a 220-suite underwater auberge envisioned by artist Joachim Hauser. Analysts say that Dubai Property values, in total, will abatement up to 60 percent in 2009 afterwards years of almanac growth. Given this desperate about-face of events, architects are getting afflicted to amend their affairs in the region.
"Everyone is demography a absolute wait-and-see approach," says Wayde Tardif, an American artist who in 2007 co-founded POSIT Studio in Dubai. Tardif charcoal optimistic, acquainted that the arrest will adapt the bazaar and acquiesce architects to bolt their breath. He predicts a backlash in 16 to 18 months; he doesn't apprehend a alone city-limits abounding of alone towers. "Dubai has too abundant pride for that," he says.
In the accomplished decade, Dubai, amid in the United Arab Emirates (UAE), has boarded on ever-grander projects at alarming acceleration in hopes of acceptable a above apple metropolis. Today, its abridgement relies on tourism, absolute estate, and banking services; oil revenues accord beneath than 10 percent to its GDP.
Initially some anticipation the arid boomtown could brim the all-around banking crisis. By October, however, adopted investors were vanishing, bounded lenders were retrenching, and oil prices were demography a dive. In contempo months, The National, a UAE bi-weekly for expatriates, has been brindled with letters of accumulation layoffs. "There are abounding instances of adviser firms abbreviation agents by added than 50 percent, or closing their Dubai appointment altogether," says Scott Hyndman, a development administrator at a Dubai-based acreage company. Some belief affirmation that hundreds, if not thousands, of cars sit alone at the Dubai airport, apparently larboard there by foreigners beat the country.
While captivation acceptance in Dubai, abounding architectonics firms are alive their focus 70 afar to the southwest, to oil-rich Abu Dhabi. The basic of the UAE, Abu Dhabi has acquired gradually over the decades and generally is admired as a added livable—and added stable— burghal center. "Where Dubai has been a abstract market, I anticipate Abu Dhabi is a abundant added serious, play-by-the-rules market," addendum Steven Miller, FAIA, managing administrator of FXFOWLE's Dubai office. His close is actively advancing plan in Abu Dhabi, area above developments such as Saadiyat Island—a $27 billion multi-use activity with barrio by Jean Nouvel, Zaha Hadid, and Frank Gehry—are reportedly still on schedule.
Guy Source, a UAE-based application recruiter for the architectonics industry, agrees that Abu Dhabi seems beneath afflicted by the banking crisis than Dubai. He adds that added Middle Eastern markets authority affiance as well, acquainted that there are jobs cat-and-mouse to be abounding in Qatar, Kuwait, and Saudia Arabia.
As of aboriginal February, more than half of Dubai real estate projects were stopped or canceled, from the 3,281-foot-tall Nakheel Tower advised by Woods Bagot to the Hydropolis, a 220-suite underwater auberge envisioned by artist Joachim Hauser. Analysts say that Dubai Property values, in total, will abatement up to 60 percent in 2009 afterwards years of almanac growth. Given this desperate about-face of events, architects are getting afflicted to amend their affairs in the region.
"Everyone is demography a absolute wait-and-see approach," says Wayde Tardif, an American artist who in 2007 co-founded POSIT Studio in Dubai. Tardif charcoal optimistic, acquainted that the arrest will adapt the bazaar and acquiesce architects to bolt their breath. He predicts a backlash in 16 to 18 months; he doesn't apprehend a alone city-limits abounding of alone towers. "Dubai has too abundant pride for that," he says.
In the accomplished decade, Dubai, amid in the United Arab Emirates (UAE), has boarded on ever-grander projects at alarming acceleration in hopes of acceptable a above apple metropolis. Today, its abridgement relies on tourism, absolute estate, and banking services; oil revenues accord beneath than 10 percent to its GDP.
Initially some anticipation the arid boomtown could brim the all-around banking crisis. By October, however, adopted investors were vanishing, bounded lenders were retrenching, and oil prices were demography a dive. In contempo months, The National, a UAE bi-weekly for expatriates, has been brindled with letters of accumulation layoffs. "There are abounding instances of adviser firms abbreviation agents by added than 50 percent, or closing their Dubai appointment altogether," says Scott Hyndman, a development administrator at a Dubai-based acreage company. Some belief affirmation that hundreds, if not thousands, of cars sit alone at the Dubai airport, apparently larboard there by foreigners beat the country.
While captivation acceptance in Dubai, abounding architectonics firms are alive their focus 70 afar to the southwest, to oil-rich Abu Dhabi. The basic of the UAE, Abu Dhabi has acquired gradually over the decades and generally is admired as a added livable—and added stable— burghal center. "Where Dubai has been a abstract market, I anticipate Abu Dhabi is a abundant added serious, play-by-the-rules market," addendum Steven Miller, FAIA, managing administrator of FXFOWLE's Dubai office. His close is actively advancing plan in Abu Dhabi, area above developments such as Saadiyat Island—a $27 billion multi-use activity with barrio by Jean Nouvel, Zaha Hadid, and Frank Gehry—are reportedly still on schedule.
Guy Source, a UAE-based application recruiter for the architectonics industry, agrees that Abu Dhabi seems beneath afflicted by the banking crisis than Dubai. He adds that added Middle Eastern markets authority affiance as well, acquainted that there are jobs cat-and-mouse to be abounding in Qatar, Kuwait, and Saudia Arabia.
Monday, May 26, 2008
Dubai Property
The Dubai Property market has never been stronger than it is at this moment and foreign investors are flocking to the shores of the Dubai to take advantage of the real estate boom. Fast development has characterized the cities and sandy beaches or desserts have been forced to give way to skyscrapers, artificial lakes and massive retail spaces. What’s more, the local government encourages this growth by maintaining a no personal, sales or corporate taxes policy. Such steps have had a incredible impact on foreign investment and have allowed for a number of mega-projects to be staged in this glorious city. What’s more, Dubai’s rapid development has not resulted in city slums, poor building and a strained infrastructure. The economy has benefited in ways never before imagined from such mass investing and the standards of living here are higher than in most other parts of the world. It is facts like these - combined with the striking beauty of the ever-expanding facade of the city - that has earned the city the nickname Pearl of the Gulf.
In a geographical region with a reputation for political instability, Dubai has separated itself from issues that affect surrounding emirates and has instead established itself as a holiday home haven, a regional hub for finance and trade, a notable tourism destination and even a center for technology. All these factors continue to influence the ever-growing property market and as a result, the market is set to continue to prosper for at least the next decade. What’s more, the government has recognized the positive impact of foreign investment on the local market and is taking steps to get rid of protective property laws so that this investment can continue to take place with less hassle. While certain aspects of property ownership and residency rights for foreign investors still need to be firmly established, the liberal attitude towards property laws in Dubai not only encourage investment but, in some cases, serve to be most profitable for the investors.
The immense growth and rate of investment can perhaps be best seen in several of the mega-projects, which have put Dubai on the architectural map. These include The World Dubai, the Palm Jumeirah, the Dubai Marina and a number of Arabian Ranches. The World is an impressive cluster of some 300 private, man-made islands. The islands are shaped into the various continents of the world and are surrounded by a breakwater. The total collection of islands covers an area of roughly 9 kilometers in length and 6 kilometers in width. Reachable only by marine or air transport, the World offers an opportunity for investors to own their own little island picturesque and private. Investors are already clamoring to gain their hands on one of these islands even though the project is not yet complete.
The Palm Jumeirah is similar in that it is an artificial landmass that stretches out into the sea. It is shaped like a palm tree and is one of a set of three mega-projects, which line the coast of the city. Unlike The World, the Palm Jumeirah serves as an island resort not a residential area. The other two islands are under construction and will be completed soon. The Dubai Marina is also entirely man-made and is set to become the largest man-made marina in the world. The Marina has been created as a sort of city in a city where people can all the exclusive comforts of living in a world-class city. Upon completion it will have more than 200 high-rise buildings and cover an area of 50 million square feet. If the idea of living on the shores of this mega city does not appeal to you, then you may wish to turn your attention inland. The Arabian Ranches are set in the midst of a fast-changing dessert, just a few minutes outside of Dubai. A great place to relax and get away from the pace of the city, the Arabian Ranches feature an impressive golf club, an equestrian center, a polo club, a village center and an English-speaking school to mention just a few.
As foreign and local investors continue to empower developers in this fast-changing country, Dubai continues to maintain its place as a property haven. Desserts are being converted to oases and sandy dunes to mega resort complexes or sparkling marinas. Dubai is truly a testament to the ingenuity of man and the desire to see ourselves living in a picture-perfect world. Get your little piece of paradise now by investing in the Dubai property market.
In a geographical region with a reputation for political instability, Dubai has separated itself from issues that affect surrounding emirates and has instead established itself as a holiday home haven, a regional hub for finance and trade, a notable tourism destination and even a center for technology. All these factors continue to influence the ever-growing property market and as a result, the market is set to continue to prosper for at least the next decade. What’s more, the government has recognized the positive impact of foreign investment on the local market and is taking steps to get rid of protective property laws so that this investment can continue to take place with less hassle. While certain aspects of property ownership and residency rights for foreign investors still need to be firmly established, the liberal attitude towards property laws in Dubai not only encourage investment but, in some cases, serve to be most profitable for the investors.
The immense growth and rate of investment can perhaps be best seen in several of the mega-projects, which have put Dubai on the architectural map. These include The World Dubai, the Palm Jumeirah, the Dubai Marina and a number of Arabian Ranches. The World is an impressive cluster of some 300 private, man-made islands. The islands are shaped into the various continents of the world and are surrounded by a breakwater. The total collection of islands covers an area of roughly 9 kilometers in length and 6 kilometers in width. Reachable only by marine or air transport, the World offers an opportunity for investors to own their own little island picturesque and private. Investors are already clamoring to gain their hands on one of these islands even though the project is not yet complete.
The Palm Jumeirah is similar in that it is an artificial landmass that stretches out into the sea. It is shaped like a palm tree and is one of a set of three mega-projects, which line the coast of the city. Unlike The World, the Palm Jumeirah serves as an island resort not a residential area. The other two islands are under construction and will be completed soon. The Dubai Marina is also entirely man-made and is set to become the largest man-made marina in the world. The Marina has been created as a sort of city in a city where people can all the exclusive comforts of living in a world-class city. Upon completion it will have more than 200 high-rise buildings and cover an area of 50 million square feet. If the idea of living on the shores of this mega city does not appeal to you, then you may wish to turn your attention inland. The Arabian Ranches are set in the midst of a fast-changing dessert, just a few minutes outside of Dubai. A great place to relax and get away from the pace of the city, the Arabian Ranches feature an impressive golf club, an equestrian center, a polo club, a village center and an English-speaking school to mention just a few.
As foreign and local investors continue to empower developers in this fast-changing country, Dubai continues to maintain its place as a property haven. Desserts are being converted to oases and sandy dunes to mega resort complexes or sparkling marinas. Dubai is truly a testament to the ingenuity of man and the desire to see ourselves living in a picture-perfect world. Get your little piece of paradise now by investing in the Dubai property market.
Will you buy a Property in Real Estate market of Dubai?
The question of renting or buying property in Dubai is a common one among expatriates moving there. The Dubai Real Estate has been going through rapid growth and the whole world knows of the massive construction being carried out. The market in Dubai is dynamic and quite in high demand. Yet there also remains the fact that mortgage payments in Dubai can be prove to be costlier than the monthly rent. Then there are also the experts that saying that the Dubai Real Estate market grew a little too fast and too big for its own good and that it might be time for it to correct itself by going in the opposite direction for a bit.
A very basic answer to this dilemma can be found by asking yourself how long you plan to stay in Dubai, the sort of property you prefer, how soon you wish your capital released, whether you are in for the long run or you want your property to get sufficient rent to help you repay the mortgage quickly. The reason for all this complication is that Dubai Real Estate is going through a transition period right now, which makes things very uncertain.
When in 2002 it first became possible for non-citizens to own freehold Real Estate in Dubai the mortgage was quite lower than the rent and the prices of property were also quite reasonable. Those who bought property at that time are of course quite happy with their decision now. This created a huge demand for property and that sent the prices rocketing up at an astonishing speed. Unfortunately the rise was so fast that it is not likely to sustain for much longer.
If your stay in Dubai is going to be around 3 years of less then there is no point in buying any property there. Just stay on rent. There are quite a few construction projects that are nearing completion and the availability of ready property is bound to lower the rent. Several of these properties are owned by investors who will want their property start paying back quickly. And as mentioned earlier the mortgage rates are higher than rental even now and the difference is going to go up once the new properties become available.
So if your stay in Dubai is going to be short-term then there is no point in buying property. Since most experts agree that the market will reverse itself soon if you buy anything now and try to sell it after three years you are likely to make a huge profit. In fact, most indications are that people investing in Dubai property at this time are going to be in a loss after a few years until the lowering of the market again reverses itself.
You should buy Dubai property only if you are going to stay there for a long time. This way you can choose longer mortgage tenure to keep payments manageable and once you are done you can rent it out and convert the property into an asset. There will be no short-term gain with this approach.
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