Dubai Villa Prices Gush by 20% on Return of Growing Demand

A gush of 20% in the price was experienced by the villas in Victory Heights Dubai Sports City in the Q3 of this year. The prices had fallen by 50% in the Q1 of the year due to the global economic recession.

It was observed that the main reason of the push in the prices was the growing demand for family homes in Dubai. The trend is expected to persist if recent prophecies of a villa shortage in 2010 works.

Yasser Abdulrahman Al Raee, the General Manager at Victory Heights said, “The fall in the price of villas seems to have bottomed out, and we are starting to see prices rise again. Since July prices for villas in Victory Heights have risen by about 20 percent, and we expect to see prices stay around the same figure to the end of the year."

He added,"Despite the recession families still are looking to find spacious homes, with quality finishing, in developments that have a community spirit - and that's what we offer at Victory Heights. Families are moving here from other developments in Dubai because they get like being away from the bustle of the city, and just a stone's throw from the all the sporting facilities of Dubai Sports City."
The potential shortage of villas on offer in Dubai in the next few years was highlighted by Landmark Properties CEO, Charles Neil, in an interview with Emirates Business on 29 November.

According to Charles Neil, CEO of Landmark Properties, “the number of units coming online in 2010 will jump to 50,000 - of which 20 percent will be villas, and the rest apartments. In 2011 the number of new villas will drop to five percent, and to three percent in 2012.”

Authentic Spanish Andalusian, Mediterranean and classic European style are the three styles in which villas at Victory Heights are designed. Many of these enjoy the views of the Els’ Club course. The developer promises to foster a strong community spirit by holding regular community events like BBQs.

Gazumping- A New Way to Force Up Prices

The premium Dubai properties are pushing up sale price after the settlement of the final figure with the buyer. The practice popularly known as “Gazumping” has given way to the price rise of around 15% as reported by real estate agents.

The term was first heard of in UK in 1980s and early 1990 when property prices were jaunty. Gazuming often results in the loss of money, spent on pre-approved mortgages, for the original buyer .It involves a seller withdrawing of an agreed sale after accepting a second higher offer.

"In the last month, we have seen sellers of high-quality units failing to honor their commitments.Eight or nine of our high-value deals have gone sour. In most of the cases the owners randomly increased prices by eight to 15 per cent,” told Parvees Gafur, Executive Vice-President of Sales.

"There have been cases in the past few months where the seller has increased the price by 10 to 15 per cent. But none of our deals have gone bad since we had other listings in the particular area", added Vineet Kumar, Asteco's Head of Sales in Dubai.

Saeed Mirsaeedi, Investment Manager at Sherwoods Independent Property Consultants, said: "We have seen instances where the seller has increased the sale price after listing at a certain price. They have also been removing their listing in order to wait for the market to recover rather than sell at a lower price."

Gafur said, “ There was a shortage of high-quality finished units and as a result sellers were listing their properties with a more than one agent. In most of the cases property owners do not give a written commitment to sell a unit at a particular price.”

"A seller gives a verbal commitment of the price at which he is ready to sell. We then take about three to four days to find a buyer. During this period the seller goes to other agents who may say they can obtain a higher price, and so when we contact him with a buyer, he rejects the offer," said Gafur.

Latest Price Trends in Real Estate Dubai

It is almost impossible to describe the true worth of real estate Dubai. The factors that the region is gifted with makes real estate Dubai surge ahead of all other competitors. Real estate Dubai has seen investors from across the world clamoring for a toehold in this magnetic boomtown. The accomplishments of real estate Dubai has made dream living real. A driving force behind real estate Dubai is billion dollar investments by the biggest multi-national companies in the international property market. The city of Dubai is now brimming with rich individuals and companies. But what is surprising is the price trend of real estate Dubai, which compared to worldwide inflationary effects, is relatively stable. No doubt price in real estate Dubai has jumped higher than in the recent past, yet real estate Dubai and its immensely profitable returns make people to take the plunge without much ado.

A recent survey has proven that real estate Dubai offers greater worth for money than other leading real estate nations like London. State-of-the-art infrastructure combined with good transport links come together with real estate Dubai. The rising trajectory of real estate Dubai is not affected by any surge in price. The rise in prices of real estate Dubai is balanced by a low rate of interest and the absence of any local, corporate or sales tax. The current rate of 10-15% per annum return on real estate Dubai is expected to continue in the coming future. The strength of real estate Dubai is further evidenced by rental yields in excess of 10%. With the economy riding on the back of a double-digit economy, it will be hard for the market to register a collapse.

The economic development of Dubai has seen a rise in the payroll of workers. This rise has led to the demand of luxury of homes which in turn has led to rise in prices. This wage and price spiral spells very well for real estate Dubai. As for migrated citizens, the rise in price won’t be a matter of concern because they mostly belong to countries with much higher property prices. Sales in real estate Dubai is currently dominated more by short-term investors than end-users.

Though real estate Dubai faces major problems because of construction price inflation, they can be warded off to some extent with safeguards. Moreover, Dubai’s Real Estate Regulatory Authority (Rera) has plans to introduce a comprehensive price survey that is set to ensure pricing to be more transparent. According to the HPI index report the high residential rates in Dubai is averaging at Dh.950 per square foot which is ultimately more cost-effective for end-users in Dubai. Further, the dirham has been on the decline in value, as compared to other global currencies. This has all the more made real estate Dubai attractive for investors. The report also states that surging construction costs will cause rise of sales price by roughly 18 to 20 percent in real estate Dubai. Thus, fluctuations such as those in oil prices are least likely to affect real estate Dubai. In fact, the rise in oil prices will only to lead further growth in realty sector of Dubai.

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.

Dubai Property Market Offers Residential Sports City

Over recent years, Dubai property market has expanded to include more localities and developments from across the city. Dubai property sector has something innovative on offer these days – Dubai Sports City – a place sports lovers from all over the world will cherish. Dubai Sports City has residential property on offer amidst facilities for watching, playing and learning a range of sports. It is hailed as the world’s first purpose-built sports city.

Sprawling across 50 million square feet of land, Dubai Sports City is a property project worth 4 billion USD. An 18-hole golf course designed by Ernie Els is the star attraction of the property development. Recently, Ernie Els Club was also inaugurated which is the first completed venue in the development.

Dubai Sports City is a property development that will, apart from golf, cater to sports such as cricket, rugby, soccer, hockey, tennis, ice skating, field events, etc. Not only this, the City will have property options in proximity to sporting academies. Some of these are given below:

• Manchester United Soccer Schools

• ICC Global Cricket Academy

• Butch Harmon School of Golf

• World Hockey Academy

• David Lloyd Tennis Academy

In addition to offering amenities for sports enthusiasts, the property development will have something for their families. There will be more than 1.7 million square feet of retail space in the name of North Point, South Point and Arena Mall. With 230 stores in two storeys, Arena Mall will be the largest shopping complex in the property development.

Every shopping district of the Dubai Sports City will have a multi-cinema complex in addition to an entertainment zone and food outlets. The property development will also host cultural and sports events at the indoor and outdoor stadiums. There will also be hotels, medical facilities and international schools in the property complex.

Dubai Sports City is a residential property development in Dubailand that will have four splendidly done stadiums:

• A multi-purpose outdoor stadium with seating capacity of 60,000;

• A cricket stadium with seating capacity of 25,000;

• A multi-purpose indoor arena with seating capacity of 10,000; and,

• A field hockey venue with seating capacity of 5,000.

The property development is based on a state of the art design wherein all sports and entertainment venues will be located centrally. This will be useful in the sense that residents will have everything at walking distance. With traffic congestion elsewhere in Dubai, the Sports City will provide a welcome respite to residents in promoting healthy and eco-friendly living.

Dubai Real Estate: Current Sale/Purchase scenario

The real estate development in Dubai has exploded in the last five years. The yearly census indicates a population growth rate of 6.2 percent which will rise to 8 percent in the next five years. It is necessary to provide infrastructure for the citizens. The increase in real estate in Dubai concentrates largely on premium property. The government holds a sizable share in allocation of areas to private developers to raise residential skyscrapers and commercial space. While you smell coffee in one part of the world, some transactions of real estate in Dubai are maturing. The current sale of many residential and commercial real estate units in Dubai is at its peak. The demand is set to overtake the supply in some sectors. This is likely to affect future sale and purchase of real estate in Dubai in the next few years.

The initial investments have all fallen into place. Bigger developers like Damac Properties, Estithmaar (backed by government), Emaar Properties, Al Nakheel have already entered the next phase of their activities in real estate in Dubai. Some prestigious real estate in Dubai like the Palm in Jebel Ali and Jumeirah have been 60% sold out before completion. Emaar property’s Marina Residential complex of 190 towers and the tallest tower, Burj Dubai are almost complete. This makes purchase of real estate in Dubai easier. Banks have also contributed to the growth of real estate in Dubai. No sale or purchase of real estate in Dubai is possible without easy lending facilities. This will be crucial for the development of real estate in Dubai for some years.

Foreigners need to have local partners before commercial space can be purchased by them. The government still controls the larger part of the infrastructure expansion of real estate in Dubai. The government is largely responsible for the growth of Dubai International Financial Center, the Dubai airport and Dubailand. The property laws may have changed to allow access to freehold space. But the laws still support local Arabs for selling real estate in Dubai. Expatriates wanting to purchase property still need to understand the finer print before inking any real estate in Dubai. They need to understand all legal implications as all real estate in Dubai is not accessible to them. Understanding property laws through a consultant or broker who knows the current scenario of sale and purchase of real estate in Dubai will be helpful.

Foreigners also have to understand that luxury properties will not come cheap while considering buying of real estate in Dubai. While purchasing residential or office space in the Emirate, hidden costs should be recognized and taken care of. There are no indications of inflation rates disturbing real estate in Dubai as yet. Most of the real estate in Dubai sold till now is to investors who will be reselling properties in future. Home owners are yet to make a beeline for premium properties. Right now the purchasing power to invest in real estate in Dubai lies with rich individuals or multinationals only.

Final Tip: There are still no parameters to determine the increase of property rates in the real estate market of Dubai.

Upcoming Real Estate Projects in Dubai

The upcoming real estate projects are a sure indication of growing interest of people in the living conditions of the Gulf. The values of many real estate projects in Dubai have increased. Some of the latest development focuses on luxury residences- focal point of real estate in Dubai. A local developer commenced the ambitious Maimoon twin tower project in Jumeirah village south. Announcing this venture’s estimated completion date to be 2010, it will have two towers of 45 and 30 storeys. This real estate in Dubai is being made at a cost of nearly 327 million USD. So much prestige is involved in developing the real estate in Dubai that some companies are launching their projects in a big way. In November 2007, ETA Star group got tennis queen Maria Shararpova for the launch of Dubai life style city, a USD 645 million project in Dubailand. This grand real estate in Dubai will have 68 Tuscan style villas and 120 smaller villas. The other upcoming projects touted to become landmarks of real estate in Dubai include launch of hotels and offices.

Architects find the Gulf to be an oasis of creative work as designing projects of real estate in Dubai is challenging. It is estimated that with multinationals coming to the region, development of commercial space of real estate in Dubai is the largest in the world. This makes commercial real estate in Dubai in short supply. Many offices are located in villas as building is underway. In construction areas of real estate in Dubai, builders have started ambitious projects. Many properties of real estate in Dubai have attracted the initial investment but will it affect completion of these projects? The rule of the land concerning real estate in Dubai still does not favor outright purchase of property by foreigners. The number of labor involved has remained static despite considerable rise in real estate in Dubai. Some investors having larger interests in upcoming projects will have to meet demands of the creditors and customers. Keeping this in mind, investments in real estate in Dubai have to be cautious.

The government is not likely to encourage expatriates to overtake local interests. Most of the real estate in Dubai is being constructed with foreign interests in mind. Colliers international, an agency monitoring growing real estate in Dubai, is still upbeat about the success of Dubai real estate. Even Proleads, a Dubai based Research Company, mentions nearly 885 buildings currently under construction as part of growing real estate in Dubai and surrounding areas. Current projects of real estate in Dubai are believed to be worth about 1 trillion USD. Participating in the Cityscape real estate Dubai exhibition in 2007, UAE had maximum under-construction projects to showcase. Other iconic projects include Al Nakheel’s island project, Palm Jebel Ali and Palm Jumeirah. Nearly 60% of the islands is already sold out. The property can be reached by boats and sea planes and this make it an exotic real estate in Dubai region.

Property in Dubai - Waterfront Penthouse

One of the main reasons why property in Dubai has emerged as a prime land is that it offers state of the art residential complexes. They have access to critical facilities making these areas a safe zone for habitation. Some neighborhoods make prestigious addresses too. The availability of exclusive waterfront penthouse property in Dubai in close proximity of commercial districts makes the area attractive for the landed gentry. It offers all luxuries and safety features a VIP family would need while staying in property in Dubai.

In the heartland of Jumeirah, near Dubai Marina is the waterfront penthouse and exclusive property in Dubai. Homes with 3 and 3.5 bedrooms of 6,583 square meters approximately, estate agents are expecting this property in Dubai to be fully occupied. In the desert kingdom, this property in Dubai is an oasis. With amenities like temperature controlled swimming pool, Jacuzzi, gym, massage clinic, sports facilities, private terraces, manicured gardens and play area; it is considered as an emerging prime property in Dubai. It has excellent features like the security card reader, CCTV and camera covered parking bays and video phone all important for a quality property in Dubai. Other essentials include regular maintenance while residents are away from their property in Dubai! Laundry washing units, high speed elevators and internet, help in making the waterfront penthouse particular property in Dubai a virtual home manager.

The water penthouse property in Dubai has additional attractive features- enough for an investor to pay a little more than other property in Dubai. With safety concerns crucial worldwide, every family needs security even during vacations when they are away. A mere phone call lights up at night fall which an important aspect of this property in Dubai. Broadband Internet facilities are devised for remote controlling the lights. They help in raising and lowering the blinds and also regulating heating switch. The webcam ensures that the kids are safe- making it another highlight of this property in Dubai. Every facility is equipped to meet emergencies like power cuts, black outs, fire, smoke or burglary which is critical to every property in Dubai.

Every waterfront penthouse property in Dubai has homes ranging from 4,493-5,039 square meters in Jumeirah, Dubai Lagoon and Jumeirah village south. They have luxurious bedrooms and bathrooms. International investors are allowed to buy and use this property in Dubai for rental purposes. Schools, hospitals and shopping malls are not far off from this property in Dubai- making it a perfect asset. The prices fluctuate between a high of AED 7, 42, 293 to a low of AED 3, 50, 000. Some may be little less depending on the facility that the developer will offer. Loan facilities with banks are also available for such a property in Dubai. The waterfront penthouse property in Dubai can be rented or bought by individuals and companies for comfortable living. While buying this or any other property in Dubai it is important to study other parameters like fluctuating rates, proximity to essential public utilities.

Final Tip: These homes are ideal for top multinational company executives who wish to live in Dubai with their families.

Property in Dubai - K G Tower

The Dubai property sector is surging ahead as property in Dubai is open to foreign investors. The expats are already buying exclusive properties as the demand grows. Residential buildings in pivotal locations around the city are emerging as landmarks. One such property in Dubai is in the plush locality of Dubai Marina. It covers the two mile coastline of the Arabian Gulf. It has nearly 200 impressive villas and luxury residential apartments, making it one of the best of Dubai property. The K G Tower is an architectural marvel changing the skyline and nature of building property in Dubai. Twenty storeys tall, K G Tower in the Emporis building, houses 66 fantastic apartments. The property’s ship like facade looks as though it shall sail straight in the waters! Built on an irregular plot of land, this property in Dubai has other imposing features. This residential complex is a good investment option for buying property in Dubai. Its strategic location makes it a prime property in Dubai. It also reflects on the premium lifestyle that it offers to residents. It is one of the many marvels of Dubai property development at its best. Realtors consider this upscale property luxurious and safe making it a better property in Dubai. Every home in K G Tower has spacious balconies with a spectacular view of the breezy Arabian Gulf. The lobby and façade have a blend of stone, glass, paint and alucobond. With a Jacuzzi in every apartment it is an idyllic investment as property in Dubai.

K G Tower has risen to heights with the joint efforts of Emaar Properties, Dimension Engineering Consultants, K G International FZCO, W S Atkins and Partners. Every conceivable amenity has been included to attract genuine buyers to this property in Dubai. This property in Dubai includes round the clock security cover, three speed elevators, health club, and swimming pool. This property in Dubai has an underground car park and guest parking bays. The price of an apartment with two bedrooms is roughly around AED 1, 843, 788. 50. Even 3-4 bedroom homes are available in K G Tower. The apartment area is between 1605 to 3590 sq meters making it a spacious property in Dubai. The prices of residential property in Dubai fluctuate. It is advisable to check before buying. Foreign nationals interested in buying or investing in this property in Dubai can approach agents for detailed information which includes laws, regulations, forms, deposits and mortgage loans.

Buying a property in Dubai like this Tower has its own charm in a premium locality like Dubai Marina. Brokers and agents are introducing potential buyers and investors to this charming lifestyle residential apartment complex. With flexible freehold rules, foreigners are keenly looking at property in Dubai as long term investment. Even if there is a slump in later years, the prices of property in Dubai will still appreciate. K G Tower is ensconced in a lucrative locality. It is a good property in Dubai for expatriates for long term prospects.

Final Tip: It is quite accessible to Sheikh Zayad Road, Media City and other important public utilities.

Dubai eyes US shores

Dubai government’s finance and investment body Dubai International Financial Centre (DIFC) is eyeing US real estate companies. Dubai International Financial Centre is considering investment in American real estate as a golden opportunity in the wake of ongoing mortgage crisis in US real estate. In addition to real estate, DIFC is also planning to vest in US oil, gas and telecom sectors.

The mortgage crisis being experienced by US economy has made the share value of US plunge. This in turn has created a situation wherein investing in US real estate and other industries is has become cheaper.

Dubai’s US Connection Lately

2006 saw Dubai government-run Dubai Ports World (DPW) facing tough resistance from US political front on security grounds. So much so that Dubai Ports World had to sell recently-acquired ports operations in the US.

Dubai Ports World had acquired ports operations at 6 ports in the US but following objections from US politicians, had to sell them to US insurance company AIG.

What does future behold?

Dubai International Financial Centre is optimistic about investment opportunities on US shores. Early this year, DIFC got hold of 2 billion worth 2.2 percent stake in Deutsche Bank.

A Little About Dubai International Financial Centre

Dubai government’s DIFC offers standard regulations to capital investors in the UAE. Investors can hope to have efficient and transparent investment opportunities.

A few salient features offered by DIFC:

• Foreign ownership

• Zero percent tax rate

• No restriction on foreign exchange

• World class rules and regulations

• Transparent operations

Dubai Real Estate Institute to Come Up With New Programmes for Next Session

The first real estate institute of the region, Dubai Real Estate Institute (DREI) has announced new programmes for 2008 session. The new programmes were unveiled at Najah Abu Dhabi 2007 which was held from November 4 to November 6, 2007 at Abu Dhabi International Exhibition Centre. In addition to showcasing its programmes, applicants who registered with Dubai Real Estate Institute at the event were given special value packages.

New programmes unveiled by Dubai Real Estate Institute:

• Managing Real Estate Development Projects

• Effective Real Estate Marketing

• Masters degree in Sustainable Real Estate Development

• Financing Infrastructure

• Value Engineering

• Successful Real Estate Development

Dubai Real Estate Institute featured its spectrum of courses and academic programmes at the event. The staff of the Dubai Real Estate Institute was readily available to offer counselling and additional information to desirous candidates. There was concession on parts of Successful Real Estate Development which is a partnership endeavour between DREI and the National University of Singapore (NUS); and on Dubai Real Estate Institute’s graduate diploma programme which has been offered in collaboration with Royal Institute of Technology, Sweden.

The growing real estate industry of the Middle Eastern countries is continuously in need of trained and highly-skilled professionals. Dubai Real Estate Institute is the first of its kind endeavour in the region to provide world-class training in the real estate sector. Moreover, the institute is also aiming to target human resource specialists from companies in order to provide training to high-potential employees.

Najah Abu Dhabi is the most comprehensive education and careers event in the UAE. It proved to be an effective platform for the newly-born Dubai Real Estate Institute to target professionals looking for skill enhancement.

Dubai Real Estate Institute takes off

Dubai Real Estate Institute (DREI) has opened recently to be the first academic institute offering real estate studies in the Middle East region. The first batch constitutes of 37 professionals for the graduate diploma course in Real Estate Management. For the first time, the six-month diploma is available to real estate professionals in Dubai and the Middle East at large.

The inaugural module with the afore-mentioned diploma is a collaborative effort between the Dubai Real Estate Institute and the Royal Institute of Technology (KTH) of Sweden. The latter is a renowned university in the field of real estate studies in Europe. The partnership with KTH has given Dubai Real Estate Institute a sense of exclusivity and credibility in the region. The first batch students of Dubai real Estate Institute come from prominent real estate companies such as Nakheel, Dubai Islamic Bank, Sama Dubai and Dubai Properties.

Diploma in Real Estate Management offered at the Dubai Real Estate Institute covers the following aspects:

• Basic quantitative aspect of business in real estate

• Economic aspect of business in real estate

Prof. Han-Suck Song and Prof. Samuel Azasu will be taking care of the first module. Both are leading faculty members from the Royal Institute of Technology, Sweden. All in all, there will be five modules that will include:

• Real Estate Principles

• Economics and Quantitative Methods

• Real Estate Valuation

• Real Estate Investment Analysis

• Real Estate Management

Real estate projects in the GCC countries exceed a staggering amount of 1 trillion US dollars at present. At this critical juncture, the coming up of Dubai Real Estate Institute will prove to be a boon for the industry. The institute aims at delivering competitive and high quality training and research programmes in real estate studies.

The initial target of Dubai Real Estate Institute was to include 30 professionals in the first batch but due to a high demand, the number was increased to 37 this year. The next batch will commence in October 2008.

The diploma will equip real estate professionals with knowledge, skills and analytical abilities practically required in this dynamic industry.