PropertyePortal

Dubai’s Emaar Partners With Elie Saab For New Beachfront Property Elie Saab was also presented with a star in Emaar new’s walk of fame ‘Dubai Stars’ Dubai developer  Emaar  has partnered with fashion designer Elie Saab for a new residential development, ELIE SAAB at Emaar Beachfront. The tower will offer one-three bedroom apartments as well as four-bedroom penthouses with interiors by Elie Saab. Designed after the 1930 Art Deco era, the tower will feature boutique fashion stores, galleries and cafes in the ground floor, a statement said. The height of the tower was not revealed. Amenities include a terraced and landscaped pool deck located at the 8th level, as well as an infinity edge swimming pool facing the Palm, gym and recreational facilities. During the event Elie Saab was also presented with a star in Emaar new’s walk of fame ‘Dubai Stars’, which will recognise global celebrities and influencers in Downtown Dubai. Emaar chairman Mohamed Alabbar said: “Through...

Buying Property With Post-Handover Payment Plan In UAE? What Overseas Buyers Need To Know While generous post-handover payment plans of up to ten years from real estate developers have provided an important resource for many residents who had been priced out of Dubai’s property market, these schemes have also opened an avenue for overseas buyers to consider investing in Dubai real estate. “The post-handover plans are best suited for both end users and overseas investors as the buyers don’t have to put all the money at once, which gives them the leverage to buy a bigger property as the payment is spread for a few years,” says Riyaz Merchant, CEO of Realty Force. With property prices at their most affordable, combined with sweet deals from developers, it is definitely the best time to consider property investment options in Dubai. “For the investor, a post-handover plan becomes a compulsory saving, as part of the rent is used to cover the purchase price,” says Merchant. “So the buy...

Villa Sales Prices Declined In Dubai In March Villa sales prices in Dubai declined in March, according to a new Dubai House Price Index published by Cavendish Maxwell. According to the statistics, the average annual house price in Dubai fell by 12 percent in March. Some communities – including Arabian Ranches, Dubai Sports City, Dubai Silicon Oasis and Jumeirah Islands – were found to have registered price declines of more than 12 percent. Month-on-month, the price decline for March was 1.7 percent compared to 1.8 percent in February. House prices in the first three months up to March were 5.1 percent lower than in the previous quarter. Overall, the average house price in Dubai decreased to under AED 2.6 million. Additionally, while the rate of off-plan apartment transfer was found to remain high, the total volume of residential transactions in Q1 was 3 percent lower than the same period in 2018. At the same time, the volume of apartment transfers over Q1 2019 fell almost 14 ...

Dubai’s Economic Growth Will Accelerate In 2019 And 2020 Government initiatives continue to support economic expansion in the emirate Dubai’s economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed. Data released by Dubai Economy on Sunday showed that Dubai’s GDP grew 1.94 per cent last year but it will pick up to 2.1 per cent this year and 3.8 per cent next year before easing to 2.8 per cent in 2021. The emirate’s economy will continue to rely on real estate as its main growth driver at 3.65 per cent for 2019 followed by 3.1 per cent for logistics and transport; 2.8 per cent growth in tourism; 2.4 per cent in financial services and 1.9 per cent in wholesale and retail trade. But as tourists will flock into the emirate next year for Expo 2020, tourism sector will overtake real estate to become a top growth driver of the economy followed by l...

A GUIDE FOR INTERNATIONAL STUDENTS IN DUBAI Every year thousands of students from all over the world come to Dubai for higher education. There are many things that need to be examined and taken care of when you travel to a foreign country. We aim to cover some of the essentials and provide some information to make your trip a little easier and safer. CULTURAL DIFFERENCE Be prepared for a cultural shock when you enter Dubai. UAE, with over 200 Nationalities is so culturally diverse that it is almost impossible to differentiate between them and they appear as an amalgam. But still, Islam remains the official religion of the UAE therefore one should be accustomed to Islamic traditions and practices. TRANSPORTAION Dubai is well spread out, you can’t just walk to a destination. On top of it the heat makes it extremely difficult to walk or cycle. Taxis are very expensive partly due to the high fare and partly due to the distance that needs to be covered. Hence the most affordable w...

‘One Cheque Rents’ On Way Out As Dubai Landlord Power Wanes A  Dubai-based real estate  broker has said it has seen a rise in buyer and tenant registration despite continued reports of oversupply in the local property market. Allsopp & Allsopp said buyer registration in the first quarter of 2019 is up by 20 percent with sales transactions seeing an 18 percent increase while tenant registration has jumped by 55 percent with rental transactions seeing a 75 percent surge. The realtor said a 6.5 percent population rise in Dubai since March 2018 to 3.1 million is “slowly but surely matching the property supply”. The real estate company also reported a trend of more tenants paying in multiple cheques and a decline in one cheque demands, with 73 percent of rental transactions paid in multiple cheques. Lewis Allsopp, CEO, said: “We have heard oversupply as far back as 2006 in regard to the Dubai property market when the Jumeirah Beach Residence units were handed over. These...

Freehold Vs Leasehold Properties In Dubai F There are two fundamental types of home ownership: freehold and leasehold. This factor is really important part of home ownership and is often overlooked by home buyers. What is freehold? If you own the building and the land both till perpetuity and it is registered in your name then it is essentially a freehold property. It is pretty much always preferred over leasehold. Till 2002, expats were not allowed to buy freehold properties in the UAE. The decree to permit buying of freehold properties was passed by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai. This allowed foreign nationals to buy property in designated freehold areas such as Dubai Marina, Palm Jumeirah, Al Barsha etc. In addition to this freehold property owners and their families get renewable UAE residence visas. You can buy such properties only from govt. approved real estate agents or developers. Advantages Complete ownership and owners can mak...

Things To Consider Before Applying For A Mortgage Loan In The UAE T Today, Dubai’s real estate market is dominated by the buyers or the end users. They are making increasing use of mortgage loan to fuel their investments. The duration of the loan, variable vs fixed interest rates and upfront costs are all factors that need to be considered. Lets us analyse each of the factors in some detail: Initial costs UAE central bank rules mandate that an expat must pay at least 25 percent of the total amount as a down payment or deposit (In case of total amount less than Dh5 million). There different other initial costs like 4 percent transfer fee .25 percent (of the total amount) as mortgage registration fee Typically, 2 percent is taken as real estate commission. Loan establishment fee These costs add up to be around 7 percent of the property cost. For example, if you a buy a property worth Dh1 million you have to pay an initial extra sum of Dh70,000. But many banks are allowing 3/4...

Steps For Buying A House In Dubai Want to buy a property in Dubai but have no idea on how to go ahead and get your dream home?  We got you covered. Purchasing a property as an expat may seem like a big challenge from the outside, filled with many hurdles in the forms of regulations. Be rest assured, it is not the case. The Dubai Land Department, alongside the legislating bodies in control of the department, have ensured that the process of buying a property in Dubai is smooth and quick. Usually it takes two to ten weeks to buy a house in Dubai, depending on whether there are mortgages involved on either side, buyer or seller. The quickest route, obviously, is a full cash transaction. The transaction costs for buying property can range anywhere from 3% to 7% on the cost of the property, depending on the type of property and the broker services used, barring mortgage related charges and interest rates. Should you take the risk of buying an  off-plan property  ? Altho...

6 Easy Ways To Pay Off Your Mortgage Early There are a number of ways to settle the mortgage early, but one must understand the possible pitfalls before taking further steps. Even though banks offer a maximum tenure of 25 years for a home  mortgage , most home buyers would want to clear the loan beforehand and gain complete ownership of the house. It is not an easy task and will require quite a lot of money, but if planned correctly, this can be done smoothly. Here are some easy ways to pay off your mortgage early. Savings This is one of the most advised methods to clear a home mortgage. Let us assume the property value is Dh1 million, with a 25 per cent down payment and interest rate of 3.2 per cent. The monthly instalment would be around Dh3,635 for 25 years. If you save 10 per cent of the monthly instalment in a savings account every month and pay the accumulated savings at the end of the 12th month as an additional instalment, your mortgage tenure will get reduced by th...

Life is stressful. This is a fact that we can’t ignore. But there are ways to reduce this stress and find peace and tranquility right inside our homes. You can do this by implementing a Zen household.  In Japanese, Zen refers to meditation. In interior design, it reflects balance, harmony and relaxation.   Follow these steps to bring Zen into your home:   Declutter: The principle of Zen depends on reducing the number of things in your home and introducing a minimalistic lifestyle. Look up Marie Kondo’s principles to tidy up; anything that doesn’t bring you joy must go. In fact, why stop there? use this principle to get rid of negative feelings, emotions and anything else that doesn’t make you happy. You can’t get more Zen than that.   Think earthy for colors: Pick neutral shades for your walls and furnishings. Neutral shades are said to bring a feeling of calmness.   Introduce a soft floor: Choose cotton or woolen carpets for the floor....

Everyone agrees that natural light make your home look warm and inviting. But did you know that there are other reasons to use natural light in your home that is not limited to just aesthetics. By taking advantage of nature’s light not only are you reducing energy usage but also saving money on utility bills. Whether or not your home is designed to make optimal use of natural light, you can still use these tips to increase natural light in your home:   Open the curtains   This is a no-brainer really. Simply opening your curtains could provide you with enough sunlight to brighten up your home.   Mirrors   Mirrors  reflect light. So, placing  mirrors  on the wall facing an open window is a great way to maximize the natural light that is already coming through your windows.    Move your furniture around   The way your furniture is arranged could affect the amount of natural light in your home. Tall pieces of furnit...

Summer is the time of the year to give our home some much needed tender, loving care. Here are a few useful tips to get your home ready for the season.    Summer discounts   Many home maintenance and service companies offer  great deals during the slow summer months . Take advantage of these deals to prepare your house for the summer, fall and winter. Consider carpet cleaning, window washing, ac cleaning and pest control.    Check your cooling units   Use the season to check your AC units to make sure that they are running properly. If you use the unit daily, make sure to wash its filters every month. This will not only make sure that your home is healthy but also keep your utility bills low.    While you are doing this, make sure you have the technician check the refrigerant levels and make sure that the coils are clean as well. Also have the condensing unit checked for debris and mold to ensure that it works w...