Latest Dubai Property Market Trend - Auctions

One of the most noticeable phenomenons in Dubai property market these days is open auctions. Auctions by Dubai property developers are in fact something that is good news for investors in the ever-expanding Dubai property market. Dubai property auctions have been on the rise for the past few months due to the fact that a number of long-anticipated projects are getting launched.

An auction or “mazad” as it is called in this part of the world is a process that lets Dubai property buyers choose the price through live bidding instead of weeks of tedious negotiations. In fact, auctions are something that work well for everybody involved in transactions of Dubai property market. A Dubai property developer, an investor into Dubai property and the end consumer have all found buying real estate through auctions a fruitful exercise. The trend of auctioning Dubai property is something that is catching up in other parts of the Middle East as well.

Auctions in Dubai property sector are of two kinds - one that are invitation-based; and the others based on advertisements. Usually there is a fee for getting selected in a particular auction which means that only those interested in the respective Dubai property will be involved. Those who are not yet into involving themselves with auctions generally have one apprehension in mind – whether auctions will further mount the prices of units in Dubai property. This is based on the obvious reason that when competitors start bidding under pressure, the final price of a Dubai property might, in many cases, be pushed to limits that are far beyond average market standards.

The argument for auctions goes against that of Real Estate Regulatory Authority’s initiative for bringing out a standard Dubai property price index.

Dubai Property Giant Nakheel’s Exclusive Waterfront Property

Dubai property market has been flourishing over the years. This has been mainly possible due to the unending efforts of Dubai property developers such as Nakheel and Emaar. In fact, Nakheel is one Dubai property developer that is renowned all over the world for innovative ideas. Recently, this Dubai property icon has come up with Veneto – an exclusive residential district in the beautiful Dubai Waterfront area.

Veneto has been designed in such a way so as to have an exclusive waterside neighbourhood having classy low-rise villas and townhouses. Each home in this quiet corner of the city offers an option worth considering when buying Dubai property. Each property unit in Veneto has proximity to the splendid coastline of Dubai.

There is plenty of open space around the villas and townhouses, making this one of the most coveted neighbourhoods in Dubai property market. Facilities such as schools, mosques, community centres, community pools, nurseries and health care are available on this Dubai property development.

Highlights of this Dubai property:
• Peaceful surroundings
• Lush green landscaped gardens
• Waterfront broad-walks
• Tree-lined walkways
• Beautiful marina and waterways

All in all, Veneto will comprise of 1400 villas and townhouses, apart from 1200 low-rise apartments available for those interested in Dubai property. The second half of 2009 will witness the handover during initial stage of the villas.

Dubai Waterfront is the biggest coastal property development in the world.

Dubai Real Estate Regulatory Authority to Issue Property Price Chart

Dubai’s Real Estate Regulatory Authority (RERA) has plans in the pipeline to issue a comprehensive real estate survey. The real estate price chart will consist of the rates of differing property bands within various areas of Dubai.

However, there is debate between real estate experts as to the effect the move will have on the sale-purchase and rental of Dubai real estate. One school of thought goes with the idea that the list by Dubai Real Estate Regulatory Authority will be used by landlords in that they will increase real estate rentals. So for those who own Dubai real estate, RERA’s endeavour is good news. On the other hand, the price transparency brought in Dubai real estate market by the Real Estate Regulatory Agency is something that will be enforced uniformly across the emirate.

The real estate price index will be a guiding document for tenants and landlords along with those interested in buying Dubai real estate. The statistics for the list are being put together across a whole array of apartments and villas in Dubai. The data thus collated with include details regarding Dubai real estate units. These will have the number of bedrooms available in the Dubai real estate development, the facilities that have been featured in the development, the square footage along with samples from all respective communities.

The final outcome of the exercise would be a list that will be the most comprehensive survey of its kind that would have been carried out in Dubai real estate at the microcosmic level and the emirate at large. However, it is not certain at the moment as to when the statistics will be issued. At the beginning of 2008, the Real Estate Regulatory Agency of Dubai Land Department had started with the collection of data. Tentative date of release is somewhere near the end of this year or the beginning of 2009.

Dubai Real Estate Buyers Entitled to Residence Visa

Freehold Dubai real estate buyers are fully entitled to having residence visas. As per Dubai Naturalization and Residency Department (DNRD), anyone who purchases real estate in Dubai can be a resident in the emirate through the master developer. This confirmation comes in the wake of widespread confusion among Dubai real estate buyers regarding the matter wherein it was believed that master real estate developers in Dubai had broken the contract since visas had not been issued.

Dubai real estate owners do have the option to be sponsored either by their employer or the master developer. In spite of the fact that a lot depends on the Ministry of Labour, the buyer of Dubai real estate has the choice nevertheless. This means that in case you own a property in Dubai real estate, you won’t have to leave the UAE in the light of resignation or getting sacked from your job. However, there are conditions that apply on resident visas for freehold Dubai real estate buyers, one of them being that the buyer cannot run a business or seek employment, and has enough funds to support living in Dubai.

Residence visas in Dubai are issued for one, two or three years and are subsequently renewed by the DNRD. As long as one owns a property in Dubai real estate market, one is entitled to having a residency visa. People who stay in Dubai with a freehold real estate related residency visa and without a job can start working, but only after obtaining a work permit. An employee can then cancel the property visa and go for his/ her company’s sponsorship. But again, when the same person leaves job, s/he can return to the real estate related residency visa. The important point to note is that buying property in Dubai real estate and getting a residency visa thereby does NOT in any way guarantee jobs.

Over recent weeks, there have been cases in the emirate where buyers have gone for freehold real estate in Dubai but haven’t received their residency visas yet. With the Dubai Naturalization and Residency Department clarifying the matter and presenting a clear-cut process, it seems the delay in issuing residency visas lies with the real estate developers. In fact, the master developer can apply for the residency visa as soon as a contract is signed with the real estate buyer and the property has been bought.

The corresponding law goes thus - "If the homeowner has no alternative means of sponsorship for a residence visa, the first owner may be sponsored by your master-developer for residency in Dubai, UAE, subject to the applicable immigration laws of the country.”

The provision is indeed a good one for Dubai real estate owners.

Dubai Real Estate Turning Celebrity!

Dubai real estate developers are increasingly promoting Dubai real estate through brand ambassadors, usually European and American celebrities. The move is in a bid to sell Dubai real estate to the wealthy section of society all over the world. Dubai real estate market, which is famous for its grand projects, is turning still more spectacular indeed!

The latest superstar to enter Dubai real estate business is Hollywood icon Brad Pitt who will design a 5-star hotel and resort. The hotel is a project of Zabeel Properties – one of the relatively newer names in Dubai real estate industry. With 800 rooms, the hotel will have environmentally friendly architecture in place. Brad Pitt is following the footsteps of fashion designer Giorgio Armani, golfer Tiger Woods, and Wimbledon champion Boris Becker who have helped Dubai real estate agents mint profit from wealthy foreign customers.

Armani’s real estate development comprises of condos and hotels by Emaar whereas furniture and fittings selected by designer Donatella Versace feature in hotel Palazzo Versace. Dubai real estate is indulging in branding by international celebrities to an extent unparalleled elsewhere. As Dubai real estate market is getting more competitive by the day, developers are leaving no stone unturned to attract customers. The growing fixation of Dubai real estate with celebrities is to such an extent that even B-list stars are in demand.

The bottomline - celebrity endorsements do work when there is a direct link between the Dubai real estate project and the celebrity.