Smith and Ken Real Estate

The global downturn has left just about everything in a state of turmoil. However all those looking for some good news concerning Dubai property prices will be pleased with the latest developments. It has been stated that property prices in the UAE are beginning to rise again.

LLJ Property’s Head of International Sales, Andrew Covill said that in the last month or so the availability of property has suddenly become a lot less and they have witnessed a significant increase in demand.

Although property prices are suddenly rising again after being down for a whole nine months, the findings apply only to near-complete and completed property. However, the figures still defy the findings from a recent report which proposed that the fall in values would go on right up to 2011.

Standard Chartered Bank’s Senior Economist, Philippe Dauba-Pantanacc said that the stabilisation of property prices came as a real surprise to analysts, as they had expected more falls. The findings that the Dubai property market was improving was also emphasised by Peter Riddoch, the Chief Executive of Damac Properties who stated that the property market was beginning to show signs of bottoming out.

While this is good news to property developers and those involved in the property market, investors will have to seize the present time and buy property before rates increase further.

After all the negative global publicity that has flooded Dubai, the ruler of the emirate, Sheikh Mohammed has ordered a team to be set up which will have the special task of building the so called ‘Brand Dubai’.

The focus on the financial situation of the city state, the significant fall in Dubai property prices and the conditions of labourers has dragged Dubai into the limelight of critical attention from both regional and global media.

Dubai is the only emirate in the GCC that has been the most financially exposed considering it has expanded more and also borrowed more compared to any other regional economy.

The new Dubai Media Affairs Office will be the one accountable for responding to the international media. In addition to this, the office will also be responsible for strengthening the emirate’s image and will portray it as an Arab city which has an international spirit and sensibility. The Chief Executive Officer, Mona Ghanem Al Marri has already been appointed for the new organisation.

For years now, Dubai has been one of the most visited cities in the world. Hopefully, if all goes according to plan, the emirate will regain its former image of being one of the richest cities in the world.

Meydan Race Course stated that on January 28, 2010 the initial meeting would be held at the latest Dubai track. The meeting will take place at the same time as the start of Dubai International Racing Carnival 2010 and mark the beginning of the group I Al Maktoum Challenge for Arabians and the Al Maktoum Challenge (UAE-III) for Thoroughbreds.

The Chairman of Meydan, Saeed Humaid Al Tayer said that they are very proud and excited to announce the initial meeting to be held at Meydan. The racing facilities will be ready by October 31st this year. In this way, horsemen, irrespective of whether they are visitors from abroad or Dubai based, will get time to familiarise themselves with the facility prior to the beginning of the race in January.

On the eve of the 2007 Dubai World Cup, Meydan was brought in front of the World and being ready to race in January 2010 would be an incredible achievement. Meydan will include two tracks, a 2,400-meter turf course and a 1,750-meter all-weather surface. Its grandstand will be able to accommodate nearly 60,000 people and it will also include an IMAX cinema, a museum, a five-star hotel, marina and six haute cuisine restaurants.

Dubai Culture and Arts Authority has recently announced that they are aiming to build a design and fashion district and change the legislation to convince foreign artists to occupy residence in the new arts neighbourhood. This is the latest move with a major effort by energy-rich Gulf Arab states, which will enable them to get on a global arts map along with festivals, exhibits and prestigious museums.

Dubai Culture and Arts Authority, department head for projects and events, Mishaal al-Gergawi informed Reuters Global Luxury Summit in Dubai that the billion-dollar budget is completely dedicated for the infrastructure of artists and for developing the culture in the city. He also said that Dubai Culture is also planning to create a neighbourhood dedicated to high-end design, fashion and gastronomy without providing more details.

The United Arab Emirates, the third largest oil exporter in the world, will be setting up an area of reasonable housing for artists along with galleries that are similar to Spitalfields which is an open market area in London featuring fashion, independent boutiques jewellery and music. Gergawi also said that Dubai will be building a Kunsthal museum collection within the upcoming 24 to 30 months to house temporary exhibits from across the world.

Environmental Agency Abu Dhabi and leading Abu Dhabi property developers, Sorouh real Estate have launched Green Your Life, an online campaign aimed at educating people on how to be more environmental friendly in their homes.

The innovative online campaign provides people with localised practical tips on conserving energy and water, as well as reducing waste in different parts of their home.

The Chief Commercial Officer of Sorouh Real Estate, Fahad al Ketbi said that the Abu Dhabi property developer is delighted to be working with the government organisation on such an exciting and important project. Green Your Life campaign is an easy and accessible way for the entire family to get important and valuable tips on saving energy and water in their home. He also added that Sorouh Real Estate is firmly focused on the development of sustainable Abu Dhabi property for all residents in Abu Dhabi.

The campaign has been initiated and conceptualised by Environmental Agency Abu Dhabi and designed by the Abu Dhabi property developer. It features advanced animated graphics and offers visitors a 3D virtual tour of a typical residential property in the UAE, design drawings, and other property development concepts by Sorouh Real Estate.

Leading UAE real estate developer, Dubai Investment properties (DIP) has recently announced plans to lease its boutique offices at Jumeirah. The luxurious offices are located at Sunset, the mixed-use property development located in the up market Jumeirah 3 area.

The office complex comprises of 49 exclusive offices and features some of the latest technology offering the best in class amenities and facilities, making it the ideal Dubai property destination for companies and businesses wishing to establish an international representative office or business in Dubai.

Sunset, the unique Dubai property development combines the latest green initiatives and best architectural designs. The development comprises of lavish residential apartments, luxury shopping centres and boutique offices.

It will be one of the most energy efficient buildings of the region, focusing on conservation of energy and minimising pollution.

Sunset’s office complex includes office units in the area range of 1200 to 1800 square feet, overlooking the Arabian Gulf, or Dubai City and Jumeirah Road. The office complex has direct access to restaurants and shopping centres and will comprise of prayer rooms, pantry rooms, two business lobbies and conference rooms. Other amenities include parking spaces for visitors and tenants, two patios, 24 hour security plus business and cleaning services.

According to master developer Nakheel, the construction of the Dubai Waterfront is continuing at a promising rate. Plus Properties have also begun work on Wave Residence and Pixel Tower at Madinat Al Arab, which is one of the major locations on the Dubai Waterfront.

These projects are due to be completed in the next year when Dubai Waterfront will be welcoming its first residents. Plus Properties claim that the effect of financial recession has been minimal regarding these two projects due to the sturdy fundamentals and belief in the potential of the property market in UAE.

Dubai Waterfront is situated on the western side of Dubai. At the time when it will be completed it will be double the size of Hong Kong. This new Dubai property intends to be an example of eco-friendly development and sustainability with every building having to match the LEED Gold Certification. Both Wave Residence and Pixel Tower will be offering futuristic designs and the residents will get direct access to beach along with other luxury facilities.

Omniyat’s Beachfront Living is one among the other developments that are carried out in the Madinat Al Arab. Dubai Waterfront will also comprise of other areas like Veneto having modern townhouses and villas and Badrah that will be offering more affordable living.

The negative growth that the Dubai property market was experiencing since the last quarter of 2008 has now stopped completely. Within the last two months, the Dubai property market has experienced a positive growth which has surprised many experienced people who had predicted that it will take much longer for the Dubai property market to recover completely.

In comparison to the last month, the prices of near-completion Dubai property have risen considerably. Currently, Dubai real estate properties located at Al Reem have experienced a 10 percent rise while the luxury villas, Al Reef rose by five to seven percent.

The prices of Dubai real estate properties located at The Springs, The Green Community, The Greens, Jumeirah Village and Jumeirah Islands rose up to 30 percent, according to reports.

A number of reasons have helped in boosting Dubai property market. Due to the economic slow down, new projects are not being launched and as a result only near completion projects are available for sale. The demand for Dubai property outgrew the supply resulting in the rise in prices.

Moreover, banks have liberalised their rules for lending. This has made obtaining finance for buying Dubai property easier. The Dubai property market has experienced an unexpected positive growth. This now makes it an excellent time to invest in Dubai property as the prices are still much lower than their peaks.

The Dubai property market was one of the many sectors badly hit during the global economic downturn. Experts predicted that the Dubai property market would experience negative growth till the end of the present financial year and it will not be before 2011 that the Dubai property market would experience potential positive growth again.

Surprisingly, the Dubai property market has now fully stabilised as the fall in sale prices stopped and in the months of April and May, the growth chart showed a five to nine percent rise, according to the official data provided by HSBC.

In another encouraging announcement, Standard Chartered Bank has stated that the Dubai property market has begun to stabilise. It is easier to obtain mortgages and banks have made credit rules less stringent.

A senior Standard Charter economist from Dubai Philippe Dauba-Pantanacce revealed in a formal report on 9th June that the stabilisation of the Dubai property market has taken foreign market experts by surprise.

He said that once this academic year comes to an end, the number of people moving to Dubai will increase which will further boost the demand of Dubai property. Hopefully if the positive growth continues, the Dubai property market will grow as drastically as it had fallen.

Zaya has put up a Beachfront Estate located at Nurai for sale. The boutique real estate company from the UAE has undertaken the construction of a number of luxury villas and estates in Abu Dhabi, the first one of which has been completed at Nurai.

The company management announced that one percentage of the amount paid for buying the beautiful Abu Dhabi property shall be donated to two charitable organisations; Akshaya Patra and UAE Red Crescent.

Nadia Zaal, the CEO and co-founder of Zaya also said that although the company had initially planned to put the Beachfront Abu Dhabi property for sale later next year. The company is putting it up for sale at the moment to reinstate confidence in the Abu Dhabi property market.

The Nurai Shoreline Beachfront property is built in a 12,960 sq ft area and comprises of seven bathrooms, six bedrooms, a private pool, a private beach and a two storey atrium. The spacious and luxurious Abu Dhabi property also offers a stunning sight of the Arabian Sea.

Mr. Zaal said if the luxurious Abu Dhabi property succeeds in finding a buyer in the current economic slump it will be a great boost for the Abu Dhabi property market.