Category Archives: Dubai Real Estate

UAE President Aims At Making The Country Global Capital For Knowledge And Culture – 3villaz.com

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has ordered the Cabinet to form a committee which will develop a nationwide framework and supervise the new initiative. Shaikh Mohammad Tweets, ”A nation and its people cannot progress without reading. The scientists, researchers and innovators

Source: UAE President Aims At Making The Country Global Capital For Knowledge And Culture – 3villaz.com

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UAE: Non-Oil Sector Contributes 68.6% Of GDP, Expected To Achieve 80% In 2021 – 3villaz.com

Diversification Of The UAE Economy Includes Infrastructure Development Leading To Increasing Demand In Real Estate Market

Source: UAE: Non-Oil Sector Contributes 68.6% Of GDP, Expected To Achieve 80% In 2021 – 3villaz.com

Put Dubai Rent Cheque In Landlord’s Name or Face Dh500,000 Fine and Jail

If you are looking at renting a house in Dubai, ensure you are issuing cheques in the name of the unit owner only.

Taking a tough stand on property management companies, the Dubai Land Department (DLD) has issued a circular, warning them of not taking any rental payments (cheques) in the company’s name.

The circular, issued in August 2015, states any violation of Law No (2) of 2003 that regulates the lease of property in the emirate could result in imprisonment and a fine not exceeding Dh500,000.

The move follows cases previously reported of property management companies taking rental cheques in their own name and cashing them, thus failing to pay the landlord on the due payment dates.

The circular mentions that to safeguard the rights of all parties and to comply with the laws governing the work of the real estate management and supervision companies, all companies must comply with the following:

– Licence and staff involved in property management and supervision, and the properties managed by the company, must be registered with Ejari.

– Management supervision companies aren’t allowed to receive any rental payments or cheques in the name of the company and all cheques must be in the name of the landlord.

“In the event of non-compliance with this circular with respect to the receipt of rent payments, the penalty contained in Law No (2) of 2003 applies (whosoever violates this law is subject to a penalty of imprisonment and a fine not exceeding Dh500,000),” the circular mentions.

In 2012, ‘Emirates24|7’ had reported that the Real Estate Regulatory Agency (Rera), the regulatory arm of DLD, sought changes to 2003 licensing regulations to ensure protection of landlords and tenants.

Among the measures discussed were doubling of the bank guarantee from Dh5million to Dh10 million for property management and leasing companies; the licensed company to have assets worth Dh10m; and giving Dh1m in a bank guarantee or being restricted to manage properties that were equal to the value of the bank guarantee.

However, these changes haven’t been incorporated as yet.

Fascinating Dubai, The Leader in the Global Real Estate Market

Dubai is a fascinating city. It has an indelible charm that attracts both Vacationer’s and investors.

In the last 4 years, the real estate in the city has undergone a great transformation, and it has emerged as one of the leading ones of the world. With many new properties coming up, the city has now become the apple of the eye for most investors.

Dubai Real Estate

We explore the top properties in the city which promise to fetch great returns in the future and are worth investing.

1) Business Bay: One of the most popular business districts, the Business Bay flaunts more than 240 buildings. Comprising of commercial, as well as residential buildings, the properties here boast of world-class amenities. Spread over more than 64,000,000 square feet, this area has awe-inspiring surroundings. The highlight of the place is its well-planned structure, including incredible roads, gardens, and canals.

2) Palm J B R: This is among the most picturesque places of the city. This beautiful man-made archipelago is a part of the Palm Islands. The smallest among all the islands is the most amazing one too. It has some of the most astounding properties that no one can resist. It is also the home to a few of the best hotels of the world, including the Fairmont Palm Hotel & Resort, the Palm Dubai, the Atlantis – The Palm, and more.

3) Dubai Marina: This district also has some of the most mesmerizing properties in Dubai. From luxurious villas to opulent apartments, one may choose his dream home here! This man-made canal city consists of two phases – Phase 1 and Phase II. Both these phases include of scintillating properties which offer high-end amenities.

4) Downtown Dubai: Downtown Dubai is popular for the Dubai Mall, and Dubai Fountain. The home to these landmarks, this 500 acre property has an array of mind-blowing apartments, villas, and more. It is a standing testament of a unique blend of residential and commercial towers. It also houses a few of the best hotels of the world, including the Armani Hotel.

When buying a property, it is significant to make the transaction through a reliable real estate agent. These days, online auctions are in vogue. More and more people are now transacting online, as this method has many advantages, as compared to the traditional auction process. Undoubtedly, this is the best way to own your dream home or office!

We advise you and help you in finding, buying or selling prime property; we also guide you to make best investment opportunities on our property portal www.3villaz.com. Landlords and sellers do not need to worry about your property not leasing or getting sold. We let you advertise on our property portals (Premium packages available) and also regular advertise options which will lease or sell your property at a double quick time to the right audience.

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Dubai Latest News: Dubai For A Second Time Tops Middle East As ‘Dynamic City’

Dubai Latest News: Dubai For A Second Time Tops Middle East As ‘Dynamic City’.

Dubai Latest News: Dubai For A Second Time Tops Middle East As ‘Dynamic City’

Available Prime commercial space in ‎RAYAMALL‬ DIP – ‎Dubai‬ ‪Investment Park‬

Al Raya mall is prime commercial mall located in the heart of DIP, it offers small and big commercial units for various business requirements, almost ready to move in.

Dubai Investment Park:
Dubai Investment Park is a blend of diverse development in Dubai, UAE. It is one of the reasonable cost regions in the latter. It has high profile and has complete environment friendly development.

1
It has been intended and ordained as a self-contained assorted use industrial, commercial and residential complex with varied land purpose and superior features. A judicious business region that is covered over about 2300 hectares and provides enormous choice of eminence service to the investors. It also has an extensive assortment of aspire such as contemporary, workplace, home, research, distribution, logistic and academic function in addition to finest infrastructure and outstanding services and facilities

Property Types Available:
1. Showrooms
2. Shops
3. Supermarkets
4. Medical Center’s
5. Restaurants

Al Raya mall is prime commercial mall located in the heart of DIP, it offers small and big commercial units for various business requirements, almost ready to move in Dubai Investment Park

Dubai Investment Park has been separated into three district regions. Each of them has set a standard for high distinct developments. It has redefined the idea of living and working at the same region and making it exclusive of developments in Dubai.

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UAE’s second tallest tower set for Q1 2015 handover

Sheffield Holdings Limited has declared that their plan to assemble the second tallest tower in the UAE is in excess of 80 percent complete.

Its Marina 101 undertaking, which remains at 425 meters, is ready to be the tallest tower in Dubai Marina and the second tallest tower in the UAE.

The organization said in an announcement that the normal handover of the lodging piece of the building is foreseen to be in ahead of schedule 2015.

UAE's second tallest tower set for Q1 2015 handover

Emulating the regards and the affirmation of its fulfillment, handover of the lodging lofts and private units will then start, the announcement said.

Upon finish, the tower will house a sum of 420 lodging rooms and inn flats, 60 three-room private units, eight duplexes and a five-star inn.

The tower will likewise offer well being clubs and swimming pools on distinctive levels, alongside other relaxation offices.

“A large portion of the tower has as of now been finished and counterfeit ups of the lodging condo and private units are prepared for survey by financial specialists and intrigued end clients.

Abuali Malik Shroff, administrator of Sheffield Holdings Limited, said: “Financing in tasks close consummation has demonstrated that a quick ROI will happen by handover. We accept that it is an open door for speculators to seize at this phase of development and exploit this business sector practice model.”

A year ago, Sheffield Holdings proclaimed that its Marina 101 venture will be marked Dream Dubai Marina and will be overseen in relationship with Wyndham Hotel Group, the world’s biggest inn supplier.

Modernization in every side of development rising at its peak in Dubai along with the property developments advancing at a progressive rate offering spectacular properties for sale/rent. Several apartments for sale/rent with varied choice of selection guiding investors, buyers make the right selection and properties for sale in Dubai are popular for their exclusivity and distinctive features owned only by the homes for sale in Dubai. Dubai properties always making statements in the property industry all around the world.

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Is Dubai’s property market still too hot?

If you wanted to make a quick buck in property, Dubai would have been the place to do it in the last couple of years. And the desert of superlatives is still going strong despite a partial slowdown.

According to CBRE Group, apartment prices increased by a more modest 3.2 percent in the second quarter of 2014, bringing gains over the last year to 21 percent. But that’s exactly the problem.

Memories of the last real estate bubble that blew up in 2009 and exposed a debt-laden Emirate are still fresh.

Read More: DP World Chairman tells CNBC: Dubai never had a property bubble

“In our view, the residential market is getting close to the top and we would perhaps expect growth for another 12-18 months, but certainly not at the rate we’ve been seeing. It’s been unsustainable,” Craig Plumb, Head of Research, MENA, at Jones Lang LaSalle (JLL), told CNBC.

The government has moved to cool the rally, doubling transaction fees to four percent and introducing revised caps on mortgages at the end of last year. Still, the International Monetary Fund (IMF) has warned repeatedly over the summer that more measures are needed to avoid a replay of the previous disaster.

“The threat of another period of anomalous growth as we saw in 2007-08 was curbed through the effective combination of government backed legislation and general affordability has helped to rein in growth. This is reflected in the falling number of transactions, particularly at the top end of the villa market,” Steve Morgan, Chief Executive at Cluttons Middle East, explained to CNBC.

Some of Dubai’s biggest developers have also moved on their own to ban real estate brokers from reselling off-plan properties before handover.

Plum agreed further policy action was warranted. “Yes, they’ve done more than they did last time. Whether they have done enough? There is probably a need to do more things,” he added.

Beyond the announcements of Dubai architectural grandeur is the untold story of delayed projects and those that never saw the light of day. CNBC visited several abandoned construction sites and spoke to many investors hurt by the last property crash; nobody agreed to appear on camera due to ongoing litigation or fear of retribution.

Read More: Dubai property market still sparkling…for now

There is another fundamental difference this time round. Turmoil in the Arab World, from Libya to Syria, means wealth is often looking for a new home, and most roads lead to Dubai. If you’ve got money, there are plenty of ways to spend it here without getting asked too many questions. Case in point: An estimated 70 percent of property transactions are in cash.

Mahesh Menda, a prominent investor who came to Dubai over three decades ago and was among the first buyers at one of the Emirate’s most prestigious addresses, is no stranger to the property market’s volatility.

“Even today, if I had to buy land, or say a luxury apartment, the best price I pay in one of the best towers is a thousand dollars [per square foot], give or take 10-15 percent. I compare that to New York, to London, to Bombay…this was going for a song”.

According to the Dubai Land Department, the top foreign buyers of property in Dubai are from India, the United Kingdom, Pakistan and Iran.

Read More : San Diego real estate cools off: Will rest of California follow?

A rapidly growing pipeline of projects is only fueling the “bubble talk” in the city’s offices and cafes. The government plans to build a mall bigger than the world’s biggest it already has, an entire addition to downtown Dubai with villas, hotels and residential apartments. In total, JLL forecasts more than 40,000 additional units to come online through 2016.

Strong economic growth will fill a large chunk of that space. The IMF expects expansion to average 5.5 percent until the end of the decade, underpinned by the city hosting the world’s fair, the Expo in 2020.

You have to visit Dubai to get a sense of the scale of the construction boom that is underway. And with more grandiose projects announced, the next few years will be a real test for whether the Dubai property market has actually matured.

Source : cnbc.com

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Rent relief? Dubai likely to get 28,000 new residential units in 2014

Just 9,700 units were conveyed in Dubai in 2013, yet about 28,000 new units are relied upon to be finished in the not so distant future, as indicated by the most recent Jones Lang Lasalle (JLL) report.

“At the end of 2013, the aggregate private stock in zones checked by us remained at around 365,000 units, with an excess of 9,700 private units conveyed as the year progressed,” JLL said in its Q4 report.

Growing Overseas Dubai

Actually, the supply was 26 percent less than 2012.

The last quarter saw the giving over of around 950 private units for the most part conveyed outside Central Dubai and included Whispering Pines estates in Jumeirah Golf Estates, Cappadocia living arrangements and Dana Tower in Jumeirah Village, City Oasis in Silicon Oasis, notwithstanding various structures and manor mixes in Dubai Sports City.

In 2014, JLL appraises that around 28,000 extra units will be conveyed, an expansion of roughly 8 for every penny over the current stock. Nonetheless, it illuminates that actually some of these tasks may be deferred past their planned culmination dates.

Dubai land represents very nearly 33 for every penny of the advertised future supply, with around 16,000 private units expected before the end of 2016.

Different ranges that ought to see significant private consummations are Dubai Marina (4,200 units); Dubai Sports City (3,700 units); IMPZ (3,000 units); Business Bay (2,700 units) and Dubai Silicon Oasis (2,600 units).

Rents and Prices:

JLL expects leases and costs will keep on increasing throughout 2014, yet the rate of development will decrease from the levels saw throughout 2013.

The private part finished the year on an extremely solid note, with both costs and leases on the ascent. It got an additional support from the Dubai’s Expo 2020 win.

The Reidin deal list climbed 22 for every penny year-on-year (yoy) as of November 2013, with condo beating the manor area.

The flat deal value file expanded by 25 for every penny (yoy), however is 6 for every penny short of what the crest of August 2008.

The estate value record went up by 15 (yoy) and is 9 for every penny underneath its crest quality. Throughout the year, costs enhanced the most in Palm Jumeirah, International City and Jumeirah Lakes Towers.

On the renting front, the Reidin rent list climbed by 17 for every penny (yoy) and six for every penny quarter-on-quarter with lofts outflanking manors.

The flat rental record enhanced by 18 for every penny (yoy), yet stays 14 for every penny lower than its record estimation of Q3 2008, while the manor rental file arrived at its most elevated worth since the production of the list in January 2009, climbing by 13 for every penny (yoy).

“The Dubai private business finished the year with an expansion in both rental qualities and deal costs crosswise over just about all zones.

“Accomplishment in securing Expo 2020 has further supported notion that is creating leases and costs to expand at unsustainable levels,” JLL said.

“The fast value development, return of hypothesis and the predominance of money purchasers could interpret into intemperate value development or over advancement that, if not oversaw deliberately, could bring about an air pocket that would be destructive to the Dubai private segment in the more drawn out term,” the consultancy cautioned.

Innovation and every aspect of development rising at its peak in Dubai along with the property developments advancing at a progressive rate offering spectacular properties for sale/rent.  Several apartments for sale/rent with varied choice of selection guiding investors, buyers make the right selection and properties for sale in Dubai are popular for their exclusivity and distinctive features owned only by the homes for sale in Dubai. Dubai properties always making statements in the property industry all around the world.

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Dubai named best in the world for shopping malls and hotels

Dubai has been known the ultimate end of the line on the planet for shopping and hotel living and service, as per Trip advisor’s second yearly Cities Survey.

burj-al-arab-restaurants-skyview-bar-01-hero

The review, by the world’s biggest travel site, dissected more than 54,000 reactions from late surveys with Tokyo named best general experience.

It discovered Dubai positioned first for shopping – in front of New York City and Paris – and first for the best lodgings, in front of Cancun in Mexico and Bangkok.

The emirate is a most loved among voyagers searching for a shopping occasion and is the destination to the world’s biggest mall, Dubai Mall.

Dubai Mall

It is likewise home to a plenty of extravagance lodgings, including the seven-star Burj Al Arab.

On the other hand, Dubai positioned least for social encounter behind other low positioning urban areas Sharm el Sheik in Egypt and Punta Cana in the Dominican Republic. The top ends of the line for society were Rome, Vienna and Paris.

Recently Dubai tourism boss uncovered their new goal – to make the emirate the most visited city on the planet.

One year into the conveyance of Dubai’s Tourism Vision for 2020, critical and initial steps have been taken to accomplish the focus of pulling in 20 million yearly guests by 2020, heading the tourism power to set the new aspiration.

Helal Saeed Almarri, chief general of Dubai’s Department of Tourism and Commerce Marketing (DTCM), said that if a development rate like that attained in 2013 is kept up – a 10.6 percent year-on-year build likening to 11 million inn visitors – Dubai will surpass London, which as of now pulls in 16 million sightseers yearly.

The TripAdvisor overview discovered Tokyo scored most elevated no matter how you look at it, positioning in the main 10 in 13 of 16 classifications.

New York City, the main US city assessed, topped the schedule for fabulous restaurants and nightlife and came next for best general experience. Barcelona came third.

Other high positioning urban areas were Singapore, which was number one for solace voyaging alone, and second for taxi administration, cleanliness of boulevards, simplicity of getting around and family-neighborliness; Rome, which bested the arrangement of attractions/things to do.

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