Bayut.com News Section

Damac Initiates Handing Over Of Units In The Signature

Monday, June 17, 2013 09:06:42 AM

Damac has started the handing over of their 50 storey luxury project named The Signature in Downtown Dubai. This glamorous wonder has been designed by German architect Koschany & Zimmer and is Damacs first project that is offering fully serviced apartments and suites, by their in-house hospitality staff. All the 330 apartments have been booked and sold to their prospective customers and they can move in from 1st July 2013. Except two penthouses all the units have found owners. The pent houses are still being worked upon and not yet up for sale.

The penthouses are to The Signature what Koh-e-Noor is to the queens crowns. Each penthouse comes with its own private pool overlooking Burj Khalifa and the Dubai Fountain. It offers a 3500 sq ft internal space and a magnificent three sided terrace and patio. The penthouse has its own Jacuzzi and terrace pools as well which add another 2000 sq ft to the penthouse area.

The Damac Managing Director said that units had proved very popular with nearby destinations like India and Saudi Arabia with wealthy customers buying second homes ad vacation destinations. The MD emphasized that the demand for owning a home in Dubai has always been sky rocketing. Where liquidity and projects might have failed, the demand never slowed. After the announcement of opening of The Signature finding a plane seat from India and Saudi Arabia to Dubai was impossible. Even with multiple flights form Mumbai and Delhi, still finding a plane seat to Dubai was impossible.

This influx of demand shows that people are hungry for owning a chance to experience Dubai and have their own places for vacation.

Business Bay Registered Biggest Of The Dubai Office Transactions In Q1

Friday, June 14, 2013 10:24:53 AM

During Q1 2013, an upturn is witnessed in the commercial sector of Dubai as property prices rose for the very first time after recession.

Business Bay, renowned as the central business district in Dubai, has witnessed the biggest office transaction, in the first quarter. Jumeirah Lake Towers (JLT) registered five of the top 10 biggest deals. The biggest transaction registered with Dubai Land Department (DLD) was worth Dh10.2 million in Vision Tower in Business Bay.

The second biggest deal was worth Dh9.8 million in Emaar Square 4 Downtown Dubai followed by Boulevard Plaza Towers 1 in Downtown Dubai for Dh7.38 million. The fourth largest commercial transaction registered for Dh7.34 million in Saba Towers 1 in JLT followed by a Dh7.13 million transaction in W-Podium, Dubai Marina scored the fifth place.

Almas Tower in JLT was the only tower in JLT to register three of the top 10 transactions. The three individual transactions were worth Dh6.3 million, Dh5.2 million and Dh4.87 million, respectively. Craig Plumb, Head of Research, Jones Lang LaSalle Mena, said earlier this year that office rents have been declining since 2008 but a rise in office rental prices is expected in selective properties at the best locations this year.

Certainly, there will be some parts where there will be no increase largely because vacancy rates are high in some office locations. According to JLL report, rents of prime offices in Dubai rose 10 percent, during first quarter.

Dubai Property Boost Perks Up Automobile Business And Industry

Thursday, June 13, 2013 09:42:08 AM

The recovery of the Dubai property market is having a very positive effect on the Automobile business and industry. The auto part makers and manufacturers are beginning to see the pre 2008 hustle bustle. A CEO of a private automobile company said that with the influx of people choosing to live and make their homes in Dubai, there is a direct positive effect on the automobile purchase.

Currently the Dubai auto spare part trade is valued at Dh 37 billion and is up by Dh 8 billion in Q1 2013, as compared to the Dh 29 billion in 2009. Both the domestic and the industrial sector have shown an increased demand for automobiles and automobile spare parts. With all the new constructions and malls the spare parts for trucks and heavy equipment has increased manifolds.

The business for domestic vehicles is seeing an upward hike because the average age of the car in Dubai is much younger than anywhere in the world. People as a trend don't keep cars for more than two years, which not only satisfies their need to have the best, but also saves the maintenance cost.

Deyaar Development To Launch Central Park Project Post-Summer

Wednesday, June 12, 2013 03:43:15 PM

A Dubai based developer; Deyaar Development will commence the sale of its Central Park project after this summer.

Our focus is on the launch of the Central Park project in the Dubai International Financial Centre (DIFC). It was never launched officially and nothing was ever sold. We are planning to launch the sale of this project post-summer- said an official on Monday.

Central Park is a collaborative project between Deyaar Development and Dubai Properties Group. It is a development spawned over an area of 558,000 square feet of residential space (featuring 426 apartments) and about 877,000 square feet of commercial space.

Two New Projects To Be Launched By Deyaar

Wednesday, June 12, 2013 03:36:19 PM

Deyaar Development is to launch two new projects in the next six months. One of the top officials of Deyaar revealed that the company is also in the planning phase to open sales for another major development.

One of the two new projects, located in the Business Bay area, is worth Dh500 million, according to Deyaars CEO. However, he only disclosed that the company currently has an empty piece of land spread on one million square feet in Business Bay and refused to offer further details.

The CEO said, We have a good land bank and we are going to start with Business Bay. It is promising and more and more developments are coming there. A hike in demand has been witnessed in Business Bay therefore we aim to launch a series of interesting projects in the district.

He also pinpointed that company has planned to resume work on some of its projects that were halted due to financial crisis, 2008. The company is performing exceptionally well in the Burj District and as the demand is rising, we believe to make our presence more and more prominent both for local and new prospects. Opening of new branch is extremely timely as it will manage a large collection of prime commercial and residential properties in the area.

Deyaars new branch will allow potential and existing customers to conduct realty transaction procedures easily.

Dubai Beats The Slump And Makes It To the Victory Stand in Q1 2013

Tuesday, June 11, 2013 09:49:44 AM

What can be termed as good year for property prices all over the globe except Europe, Dubai manages to makes it to the victory stand by bagging third position in the top three most selling luxury destinations of the world, experiencing the biggest hike in the property pricess. The property prices rose by 21.1 % for Q1 of 2013.

Hong Kong and China came first and second with 28% and 23.5% increase, respectively. Jones Lang LaSalle, a global property consultant, expects property prices in Dubai to rise but at a slower pace compared to last year. The prime villa segment saw a 20 per cent rise, while apartments increased seven per cent.

Emaar Makes Hay While the Sun Shines, Amid Caution

Monday, June 10, 2013 10:14:37 AM

Emaar launches two new mega projects to boost the realty market and gain in on business gains. The first project is the expansion of its flagship shopping mall offering the biggest retail experience. This massive expansion of Dubai Mall, the worlds biggest shopping mall is in process to attract 100 million visitors compared to the 65 million shoppers last year.

The other project is in collaboration with two other high end developers to build the 11 million square meters Dubai Hills state, a project offering an 18-hole golf course. The residence s named after the ruler of Dubai Muhammad Bin Rashid, which also plans to comprise of worlds biggest shopping mall, and gardens bigger then Londons Hyde Park.

All these constructions are being done with forethought and precaution, so that the crash of 2008 doesnt occur. The central bank of United Arab Emirates is working on some stringent legislation to restrict mortgages and selling of property that is not yet made, so that default risk is reduced.

State Owned Developer Limitless Ordered To Reimburse Losses

Friday, June 07, 2013 09:44:26 AM

State owned real estate developer Limitless have been ordered to reimburse a Saudi buyer who invested in their project. Due to stalled development the Dubai world tribunal ordered limitless to pay AED 11,074,930 which was paid by the Saudi investor. The investor had paid this amount as a reservation fees on two plots in downtown Dubai.

Limitless claimed that the money was nonrefundable deposit and lodged a counterclaim on the investor to pay the remaining 90% due on both plots, but the court ruled in investors favor stating that the fees deposited was a mere reservation fee which didnt bind the investor in making any kind of purchase agreement.

The investor stated that he had withdrawn from the project due to the financial slump and the re stalling in development in the plots of downtown Jebel Ali.

Dubai Gets World's Tallest Twisted Tower

Wednesday, June 05, 2013 03:55:30 PM

Infinity Tower, the worlds tallest twisted tower, has been completed. The Dh1 billion tower, according to its developer has a 90-degree twist. The tower comprises of 75-storeys and is 310 metres high, which makes it the tallest twisted tower in the world.

Developer of this tower has received its certificate of completion from Dubai Municipality so the company will inaugurate the tower on Monday. Dubai is already home to a few of the worlds tallest buildings including Burj Khalifa (the worlds tallest tower), Princess Tower (the worlds tallest residential tower) and JW Marriott Marquis (the worlds tallest hotel).

Infinity Tower is another addition to the list. The tower is designed by Skidmore Owings and Merrill, the firm behind the design of Burj Khalifa. Due to its 90 degree twist from top to bottom, residents will have panoramic views of Palm Jumeirah and/or Dubai Marina. The tower will have studio apartments, penthouses, conference rooms, tennis courts, pools, gymnasium, a nursery and a spa.

20% Rise In Construction Costs In Abu Dhabi

Wednesday, June 05, 2013 03:31:59 PM

The average construction cost has surged up 20% in the Emirates Capital, Abu Dhabi. This rise was experienced in Q1 of 2013. The estimated average construction cost in Abu Dhabi ranges between Dh 3,158 to Dh 4,104. The rate and the rise in hike varied according to whether it was constructed for residential or investment purpose.

A total number of 1,824 buildings were constructed in 2012 making an increase of 343 buildings as compared to last year.