10 reasons why you must invest in Dubai property

Here are a few reasons for investors to consider committing to the Dubai real estate sector:

Expo 2020 is coming to Dubai
Dubai is hosting the next World Expo in October 2020. The Expo will attract approximately 25 million visitors from 180 nations. The announcement of the Expo in Dubai has boosted the off-plan property sector. Investors who are buying property near the Expo will receive a high return on investment. The Expo’s duration is six months and millions of visitors will need to rent property. The rental demand will be high, enabling landlords the flexibility to increase rents.

Dubai seeks to become happiest city in the world
Dubai created the Ministry of Happiness in 2016. The primary duty of this ministry is to develop programmes and policies to improve the happiness levels of Dubai’s residents.

High return on investment
Dubai’s real estate market is maturing as the city’s population is increasing each year. Investors aware of the growing demographic are wisely purchasing property to supply the boost in rent demand.

Dubai’s tourism industry is booming
Dubai’s economy incorporates tourism, trade, business services and other industries. The construction of new hotels and real estate projects is a direct result of Dubai’s growing tourism industry.

The Museum of the Future
The Museum of the Future allows visitors to experience the future through cutting-edge simulations and interactive exhibits. The museum will include scientific conferences and offer advanced courses on new scientific achievements and trends. The museum will focus on solutions to the top three challenges emerging from climate change: water supply, food security and self-sufficient cities.

Low crime rate
The sense of safety is a major advantage of buying property in Dubai. Minor crimes are also unlikely. Do not worry if you accidently leave your wallet visible in your car. It is highly unlikely to be stolen.

Superior transportation routes
Dubai is continuously advancing its transportation infrastructure. The US-based Hyperloop One is creating an expedited transportation route between Dubai and Abu Dhabi. Hyperloop One prepares to launch the world’s first operational Hyperloop system, allowing passengers to travel between the emirates in pods at 1,200 km per hour. The project’s goal is to provide transportation from Dubai to Abu Dhabi in 12 minutes. Hyperloop One estimates that approximately 4,000 vehicles commute daily from Abu Dhabi to Dubai.

No annual property taxes
Investing in Dubai’s real estate market is tax-free. Purchasing a commercial or residential property will not include taxes. Once the property is purchased, owners will not be obliged to pay additional taxes in the future.

Dubai’s population is growing
Property project launches in Dubai are estimated to increase as its population grows each year. The Dubai Statistics Centre announced that Dubai’s population in January 2016 was 2.4 million and will reach 5.2 million by 2030.

Gourmet restaurants, entertainment
Dubai offers unique experiences with desert safaris, luxurious spas, beaches, yacht communities, skydiving and water parks. The city is also known for its wide selection of gourmet restaurants from each region.

Article by Khaleej Times:



Pay With Cryptocurrency and get a discount on this property

Property buyers will be able to make transactions using the developer’s digital currency channel.

The offer is for a residential project in Arjan

Samana Developers has broken ground on its first real estate project – Samana Greens, with an offer of 7 per cent discount for buyers who make payments through cryptocurrency. The project will come up at Arjan.

The Dh75 million Samana Greens will deliver 131 residential units comprising studio to 2-bedroom apartments. Construction is scheduled to start this month and will be completed in April 2020.

Property buyers will be able to make transactions using the developer’s digital currency channel.

Imran Farooq, CEO of Samana Group of Companies, said: “Samana Greens will be based on green building concepts. Customers can choose their preferred mode of payments – be it cash, cheque, credit card, home finance, bank transfer of cryptocurrency.”

The project will be fully financed by Samana Developers. Once construction starts, Samana Developers will announce the pricing and payment plan.

In September, the Aston Plaza and Residences development in Dubai Science Park began offering off-plan studios and one- and two-bedroom units starting from around 30, 50 and 70 bitcoin, respectively.

MAG Lifestyle Development said it is ready to accept payments in Islamic cryptocurrencies, including OneGramCoin. The developer also announced in December 2017 a 5 per cent discount for “digital” buyers in any of its eight current real estate projects.


Developer seeks discerning buyers for luxury Palm project

A show apartment designed by Elicyon at the One Palm by Omniyat in Dubai.
(Supplied photo)

Omniyat Properties has two more penthouses for sale after it sold Dubai’s most expensive apartment last year

Omniyat Properties made headlines last year when it sold the most expensive apartment in Dubai to a GCC buyer for Dh102 million at the One Palm by Omniyat. It beat the previous sales record for a Dubai apartment of Dh60 million.

The developer now has two more penthouses, a tad smaller, at the project for sale now. “We have 3 penthouses in total, of which the largest has been sold. Two more smaller penthouses costing Dh88 million and Dh91 million are available. We have seen several expressions of interest. But these things take time and we are working on it. Interest is coming in from the GCC, New York, London, Moscow, Australia and Italy. Celebrities and athletes are likely to come on board as well,” said Mohammed Hmeid, general manager, Omniyat Properties.

The new owner has commissioned London-based design studio Elicyon to design the interior of the penthouse, which is due for handover towards the end of the year.

“It’s in the design process. The triplex penthouse has 20,000 sqft liveable area and a terrace on the top floor spanning 10,000 sqft,” said Charu Gandhi, founder and director of Elicyon.

Elicyon has now unveiled two new show apartments at the One Palm. “We are bringing the London aesthetic to Dubai while also paying homage to Arabesque designs. There is a reference to water throughout the design. The view was my brief,” added Gandhi.

The British firm has projects such as the One Hyde Park on its resume.

The Dorchester Collection will be managing the apartments at the One Palm which includes around 94 units and will be delivered by the end of this year.

“We have sold up to 70 per cent of the apartments. The average price per sqft at the One Palm is around Dh4,500. Demand has been good. We have a very specific target audience for this project. The smallest unit is around 8,000 sqft. In the beginning, there was more demand for smaller units,” observed Hmeid.

Omniyat has started handover of The Opus, designed by the late architect Zaha Hadid, in Business Bay. Fitout work has started on the hotel, which will be operated by ME by Melia. There will also be serviced apartments and office space.

“We are also working on Anwa [reached 23rd floor] in Dubai Maritime City, The Sterling in Downtown Dubai and are doing final touches on The Pad as well. This is going to be a big year for us,” Hmeid added.

Omniyat says its projects The Sterling and Langham Place are in the premium mid-market space.

However, the Omniyat executive said the developer currently had no plans for projects outside the UAE. “Our primary focus in the short term will be on Dubai,” added Hmeid.

– deepthi@khaleejtimes.com


Developers need to put 20% of project value in escrow

They must also verify ownership of the project and pay its value in full, says regulator

In response to recent media reports, the Dubai Land Department (DLD) has confirmed that developers only need to deposit 20 per cent of the project’s value in escrow ahead of launching off-plan sales. They also need to verify ownership of the project and pay its value in full, in addition to receiving all approvals from the competent authorities, according to a statement issued on Thursday.

Sources had told Khaleej Times on Tuesday that a proposal was being mulled which would force developers to launch off-plan sales only once construction had reached the 50 per cent mark. This was to reduce the pace of off-plan launches in Dubai.

But in the latest statement, there is no mention of any plan to raise the 20 per cent limit to 50 per cent as a requirement for developers to launch sales.

Sultan Butti bin Mejren, director-general of the DLD, said: “There is a strong coordination among all relevant government institutions, including the DLD, as well as between developers and various parties in the market to establish confidence among investors and achieve the highest degree of transparency in Dubai’s real estate market.”

The Land Department’s statement said 150 new projects were registered in Dubai during 2017, at a combined value of Dh82 billion and that 90 projects were completed during the period.

– deepthi@khaleejtimes.com