Dubai Population’s Real Estate Sentiments Show by GRMC Survey

A consumer confidence survey was done on the Dubai residential real estate market by a leading research and business advisory in the GCC, GRMC Advisory Services. They have released the findings from their December 2009 survey. A report is generated, Dubai-Surplus Luxury which draws findings from their December survey of around 1100 individuals in Dubai. It determines the financial circumstances and whether they have left their homes at the time when financial crisis began.

This survey was also done in order to determine that how optimistic the respondents are regarding the economic prospects in Dubai and whether they are planning to invest in some new property in the year 2010. The results revealed that around 68 percent of Dubai’s population households have been unconstructively impacted by the financial crisis which took place.

A minority set has suffered a reduction in their income, 58 percent reported have said that their income remains the same; however, a mere 7 percent cited that it has augmented. The GRMC survey also enquired that how optimistic they regarding their financial circumstances and the results revealed are that majority of them are confident. This optimism has greatly shown the future of Dubai real estate industry. Among the survey conducted a 12 percent of people seems to be interested in purchasing or renting a new property in the year 2010, 83 percent of residents said that they would rather rent a property than purchasing a new one.

Dubai Pearl Expected to Conclude by 2013

Abdul Majeed Esmail Al Fahim, Chairman of Pearl Dubai, announced the completion of Dubai Pearl, which is to be the mixed-use luxury development by Pearl Dubai FZ LLC, by 2013. The project will prove to be another magnum opus in Dubai real estate.

Dubai Pearl was supposed to be completed in 2007 originally but had been delayed due to lack of funds. The project will be handed over in almost three phases. First handover will take place in 2011 with the whole development expected to be completed in 2013.

According to the Chairman, the project has adapted to the financial environment in order to reach the completion. With the purpose of adapting to the economic state of affairs, major areas are being prioritized for completion. The focus is observed through the steady development and delivery of the project, payment plans offered to the investors which are flexible enough and tailor-made, to have transparent relations with the partners and campaign to enhance awareness on all the components of the project is planned efficiently.

This $4 billion project is located at the Dubai Technology and Media Free Zone. It is a business huddle operated by Tecom Investments and is considered to be the home to global IT and other media companies. The aim of the development is to become a luxury free zone as well as a freehold development with an easy access to transport links.

The associated structures of this development by Pearl Dubai are its four distinctive towers which are linked together from the top. The skyscraper includes residences, hotels, entertainment facilities and other global names like Baccarat, MGM, Sky lofts and many more.

The partnerships of Pearl with these brands aim at the long-term returns for the stakeholders of the development.

There are approximately 1440 residential units and 618 apartments which make 40% of the project. The hospitality sector comprises of about 16% and commercial sector that of 33%. Rest of the space is occupied by retail and leisure.

Over 900 residents are expected to be accommodated by Dubai Pearl and about 12000 employees are expected to be employed by the commercial sector. Dubai Pearl is also aiming at receiving Golf LEED Certification.

Al Fara'a Properties Hands over Le Grand Chateau Project Ahead of 2010 Deadline

Le Grand Chateau is a residential development which is completed well ahead of its 2010 deadline and the project is set for delivery. Al Fara’a Properties which have announced the handover of these units is a member of the Al Fara’a Construction, Property and Industrial Group. The announcement coincides with the first batch of tenants moving into this high class luxury development in the very famous Jumeirah Village in Dubai real estate. This development has adopted top quality construction standards and the there is a great competitiveness among other landmark projects across the Gulf region.

The ‘Le Grand Chateau' project is greatly inspired from the 16^th century Chateaux architecture of the Loire Valley in France. This development features 15 four bedroom luxurious G+2 townhouses and other residential building block combining a total of 185 apartments. The project is completely furnished along with impressive designs blended with highest standards. The President and Executive Chairman of Al Fara'a Construction, Property and Industrial Group, Dr JR Gangaramani said: “We are thrilled to be the first developer to deliver a project in Jumeirah Village, ahead of our 2010 scheduled completion date. Through maximising our ability to deliver world-class turnkey solutions as a truly integrated construction group in the UAE, we believe that we have positioned ourselves as a real estate provider of choice to customers that seek solid investment solutions.”

A facilities management decision has been recently developed by the group which helps in optimizing the maintenance and other costs in order to ensure great investments. The project is ideally situated in the heart of Jumeirah Village. In addition to this, Al Fara’a Properties has partnered with Al Huzaifa Furniture offering great décor ideas centered on classic Italian Furniture, thus making it an ideal residential development.

Foundation Works Awarded for Dubai Real Estate Project

Khuyool Investments is a leading property developer in the UAE awarded Delta Foundation the works for Abjar Tower which is a real estate project based in Dubai. The foundation works for this is supposed to get completed in the first quarter of the year 2010. After the groundwork gets completed, phase one of the construction will begin. Chairman of Khuyool Investments, Engineer Fahad Ali Mousa said: “This announcement is a very significant step for us as it reflects our strong commitment to all investors. We will go ahead with all our projects as planned with firm determination.”

Currently Khuyool Investments is being involved in developing many other real estate projects across locations in Dubai. The CEO of Khuyoon Investments, Engineer Kussay Al-Sheikh added: “The appointment of Delta Company was in line with the company's efforts to ensure the quality and fast pace of the project's construction, keeping in mind that Abjar Tower is the tallest project within Jumeirah Village South.”

This tallest tower in Jumeirah Village South is uniquely designed incorporated with great luxury thus, enabling a luxurious lifestyle. This iconic property has become a famous landmark and is greatly inspired by its surroundings. Abjar Tower offers a blend of elegance and luxury with distinct glamour. Various other real estate developments are going on a large scale but this property project seems to be special. The CEO of Delta Foundation, Dr. Ibrahim Al-Banna embodied his organization at the signing ceremony of the agreements.

Dubai Land Deals Reach Dh2.15b

Last week in Dubai the total worth of the land transactions reached an amount of Dh2.15 billion. In return the sales also got exceeded by Dh1.41 billion. According to the Land Department during this period the total value of mortgages was Dh736.89 million. Al Ruwayyah was the most valuable plot and it was sold for Dh207.2 million. As the week ended, The Department registered a total of 81 transactions. During this week Dubai real estate has shown vast improvement by delivering such prominent sales and registrations. Apart from the Al Ruwayyah, the next two prominent sales were shown for plots in Emirates Hills-3 and on the Sheikh Zayed Road.

These two sales were again tremendously huge as the plot on Sheikh Zayed road is acquired for Dh124 million and the one on the Emirates Hills is for Dh20 million. As far as week sales are concerned, the area of the Emirates Hills was the most active among all. Not only this, but Palm Jumeirah followed 14 sales. The period was under review during which it got disclosed that mortgages worth Dh524.86 million were registered, out of which mortgage for Marsa Dubai was the most significant with Dh214 million. Moreover, area in Al Jadaf was another for Dh94 million. Apart from all these sales and Dubai land transactions, by value Al Ruwayyah recorded the highest turnover followed by Sheikh Zayed Road for Dh124.01 million and last but not the least Emirates Hills-3 at Dh59.68 million.

In Al Ruwayyah the largest area which was sold was a 430,338 square foot plot. On Sheikh Zayed road a plot of 64,586 was acquired whereas, a 40,000 square feet area got disposed of in Jumeirah-3 for Dh15 million. This was the report and data acquired related to property transactions and registrations by Dubai Land Department.

Emaar’s Residential Properties in Morocco has Shown a Good Response

Dubai real estate firm, Emaar properties has a Morocco subsidiary known as Emaar Morocco, currently involved in a great residential project. The smooth construction of Aldea villas and townhouses in Tinja is going on. Tinja is located near the city of Tangiers and the forest land is in close proximity to the place. This residential development has added a new life to this place and the foundation work is currently under progress. The first phase of the project is scheduled to be completed in the year 2010.

Emaar Morocco is one of the largest foreign direct investors. The CEO of Emaar Morocco, Mr Yves Delmar said: “Tinja is introducing a new lifestyle choice to Tangiers with an integrated community featuring two hotels, and a vibrant town centre with retail outlets. More than 950,000 cubic meters of earthwork has been accomplished on the project and infrastructure work on the first phase is progressing." Managing Director of Emaar International, Mr Issam Galadari said: “Tinja is envisaged as year-round leisure and tourist destination that will further tap into the booming tourism sector of the Kingdom. Emaar leverages on the picturesque location of the project along the Atlantic Ocean coast to create a self-sustained neighborhood, which will strengthen the Moroccan economy.

This property project of Tinja was developed by Emaar Properties and is one of the three master-planned communities. These Tinja homes comprises of townhouse, villas and apartments and six distinctive communities form Tinja. The first phase of this development has strongly opened with great investment opportunities. Emaar Morocco is constantly developing other mixed use world class projects and engaged in developing world class residential communities. This company today has its presence globally in 36 markets and it is not limiting itself to villas, townhouses and apartments, but is also engaging in healthcare, finance hospitality, education and in other global sectors as well.