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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.

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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.

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Dubai’s DMCC turn out to be UAE’s largest free zone

As stated by the executive chairman of (DMCC) – The Dubai Multi Commodities Center has turned into the UAE’s biggest free zone, exceeding Jebel Ali

Dubai's DMCC

DMCC now has more than 7,330 presently registered, with an amount of 200 organizations joining every month and a preservation rate of 94 percent, said Ahmed Bin Sulayem in an announcement.

Dubai Multi Commodities centre dmcc

He said DMCC likewise remains the UAE’s rapidly developing free zone, including that it was aiming on 10,000 organizations by 2015.

Bin Sulayem said: “We are currently the UAE’s biggest and rapidly developing free zone with in excess of 7,330 dynamic organizations – we remain consigned to more development keeping in mind the end goal to bond Dubai as the worldwide destination for products exchange and enterprise.

“We are well on our approach to meeting our goal of 10,000 organizations by 2015.

“Our extension arrangements, including the DMCC business park and the world’s tallest commercial tower, will pander to huge enterprises looking to get to new markets and will be the following stage in DMCC’s and Dubai’s development.”

DMCC as of late declared arrangements to manufacture the world’s tallest business tower to coddle proceeded interest.

The development of the tower and 107,000 sq m business park will include an extra 50 percent of business space or 743,224 sq m to the current 2.9 million sq m of developed region.

Canister Sulayem included: “We keep on innovating and balancing key trading units over the globe to further backing Dubai’s yearning investment advancement program. Presently, we are focusing on serving markets along the new Silk Route and have turned into a solid facilitator of exchange for product utilizing nation which is in African and expending countries in Asia, Asian, Europe, South America and the US.”

A third of DMCC part organizations are from South Asia, a third from the Middle East (along with UAE), and a third from Western Europe and North America.

Gautam Sashittal, chief operating officer, DMCC, said: “In 2014 which is presently, around a 95 percent of the organizations that have decided to work from the DMCC Free Zone are new to Dubai, which moreover shows DMCC’s and Dubai’s relentless advance as a business terminus where Sme’s and multi-nationals much the same can use complete service tool stash, trade with trust and develop their business.”

With 65 blended use business and residential towers and around 220 retail outlets in operation, there are as of now more than 75,000 individuals working and living inside Jumeirah Lakes Towers.

The conversion of one of its lakes into a 55,000 sqm community park and the street arranges inside the advancement are because of be finished before this current year’s over.

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14th edition of Indian property show opens in Dubai

Three-day exhibition features 40,000 properties worth Dh16 billion for NRIs.

The 14th edition of the Indian Property Show kicked off on Thursday with 40,000 properties from across the country on offer. The properties, spread over four district pavilions, is worth Dh16 billion.

Bollywood filmmaker Arbaaz Khan opened the three-day property event at the Dubai International Convention & Exhibition Centre.

14th edition of Indian property show opens in Dubai

Bollywood filmmaker Arbaaz Khan opened the three-day property event at the Dubai International Convention & Exhibition Centre.

The exhibition targets the needs of NRIs in the Middle East, and features the latest projects in India as well as diverse offerings from India’s top developers. Exhibitors at the show include some of the best Indian real estate developers, construction companies, banks and real estate agents.

With over 150 developers, there are properties to suit every budget from across India. Either it’s someone’s dream home or ideal investment, the show brings properties from Delhi, Noida, Greater Noida, Gurgaon, Punjab, Mumbai, Navi Mumbai, Pune, Chennai, Jaipur, Bengaluru, Mangalore, Kochi, Ahmedabad, Coimbatore, Hyderabad, Nagpur, Lucknow, Goa and many more cities.

Visitors at the show are entitled to get free advice on any of their property related matter whether it’s for new property purchase; concerns related to existing property, tenancy laws etc.

Other highlights consist of series of Free Seminars that are designed to offer interesting insights and analysis for the attending delegates and are conducted by some of the most influential property industry gurus, and legal advisers. Know Your City, a new addition to the list of seminars giving visitors industry insights into new developments in India’s bigger cities also was a big hit last time and the organisers have brought it back with more insightful sessions this time around.

“Investment in Indian property sector is best investment amongst all asset classes for various reasons including highest LTV, tangibility, less volatility, rental income and appreciating asset. And the icing on the cake is that Indian property market is huge and yet affordable compared to international investment destinations. Capital appreciation on real estate in India is far higher than the high-yielding deposits for non-resident Indians (NRIs)”, Sunil Jaiswal, CEO Sumansa Exhibitions, organisers of Indian Property Show, said at the news conference.

Investors Clinic CEO Honey Katiyal commented: “Real estate sector has always been at the top of investment opportunity watch-list of Non-Resident Indians. A place in the homeland also gives a sentimental support and sense of security, which is another reason for their investment in real estate. NRIs invested over $2 billion in Indian real estate in 2013. They spent at least 35 per cent more in real estate across the country in 2013 compared with the previous year and made for almost 12 percent of total apartment sales in the top seven cities. This $2 billion investment does not include Punjab, Gujarat and Kerala states where a bulk of repatriation happens.”

According to the World Bank, India led remittance flows globally, receiving $70 billion in 2013, which eventually leads to investments in real estate, informed Katiyal.

Rajesh Life Spaces director Pratik Patel said: “NRI’s usually look for a property that can replicate their standard of living regardless whether the property will be utilised for end use or taken purely from an investment point of view. They don’t like to compromise on standards, convenience of lifestyle options and most importantly security. Any property with the said features and ranging anywhere between Dh600,000 to Dh1.5 million is popular with them.”

Source : khaleejtimes

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Exclusive Dubai Expo 2020 plans disclosed

The Dubai Electricity and water Authority will make an expenditure of AED 20bn ($5.4bn) on three key developments in order to keep up with the demand that will for services during World Expo 2020. As States by the government corporation the biggest part of the spending will be on a clean coal plant which will have a value of AED 13bn with a volume of 1200 megawatts.

Saeed Al Tayer the CEO of and managing director of DEWA stated that Dubai already possess huge reserves of water and electricity, this advancement is focussed on adding on more sustainable development. The new development will upsurge Dewa’s power production capability by 20 percent. Mohamed Lahouel – Dubai Economic Department chief economist told during a summit that this international event will in Dubai will increase the earning of small and medium sized business up to AED90bn. Lahoel further mentioned that Dubai is aiming a growth rate of 5 percent for the upcoming 5 years with macro stability.

Exclusive Dubai Expo 2020 plans disclosed

He also mentioned that Dubai is anticipating visitor’s rate to 10 percent every year till 2020, this growth rate of visitors will continue to progress and it witness 20 million visitor target nevertheless of expo 2020. He says with the quantity of infrastructure, construction and sales there will be AED90bn prospect for Dubai’s SMEs Dubai Municipality planning department evaluated the emirates population progress and thy estimate it to progress from 2.3 million to 2.8 million by 2020 Najeeb Mohammad Saleh – head of planning department says the development should cross Emirates Road and this measure is undertaken to ensure adequate infrastructure to handle with the arrival of populaces Saleh said to Gulf News that to further asses which trend will the city progress in , they have incorporated the set-up of compact city and this is already implemented and accepted.

So all the forthcoming developments and projects, if it’s by the property developers or the government, it will be inside the city and should not surpass Emirates Road. Plans that have been already launched after the economic crisis have already discovered Dubais altered development priority.

As said by Jones Lang LaSalle CEO Middle East and Africa Alan Robertson: One of the fascinating things about the Mohammed Bin Rashid City is that lot of planning were initially going to be in Dubai land but now it the planning has been modified and incorporated into MBRC which is reversed into the centre of Dubai. He further says that it is a thoughtful strategy to change the expansion back in for infill.

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Emaar instigating their new villa development in Dubai Arabian Ranches

Emaar Properties recently said in a statement that they all are set for the launch of their new residential villa development in Arabian Ranches.

Dubai Arabian Ranches

The property developer mentioned that this new development Samara was launched due to high investor demand for villas in Arabian Ranches.

New Villa in Dubai

Property Developer further stated that they will concurrently instigated Samara in both Abu Dhabi and Dubai.

Emaar said in a statement that Samara is enthused by Spanish coastal architecture, Samara comprise of 177 three to five bedroom villas provided in four themes.

Residents have an added advantage of facilities such as devoted healthcare centre, beverage outlets, eatery facility, huge retail centre, salon, schools and day care in close proximity.

Managing Director of Ahmad Al Matrooshi said their new development offers families with an impressive variety of villas that will get convened of the lifestyle requirement.

The release of Samara emphasis on the rising demand for family based communities in Dubai.

Chief commercial officer of Emaar Properties Arif Amiri added that every residential community in Arabian Ranches has witnessed high investor demand.

Through Samara we are providing one more chance to be part of one of Emaar’s fully-developed communities with Residence club, polo club, a golf course.

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Dubai is not a plastic city

Have you heard a numerous times about Dubai not being or lacking culture, or even calling It a plastic city well this is a familiar story to all of us but that not what actually Dubai is all about.

The number of times that we could hear it with or statement with variation is limitless. The truth about Dubai is- it is actually having abundance of Culture, Dubai is not actually always what people might be anticipating for but definitely it rich in its own culture.

Dubai is not a plastic city

Dubai is known to have a young history compared to other cosmopolitan cities and when Dubai cultural is to be defined then Dubai is known to have the most unique culture of its own. So what actually is a Culture? It is simply the demonstration of intellectual attainment such as customs, ideas and social behaviours.

In a matter of 50 years, Dubai had developed from a mere desert land to a tourism and business destination. The enormous growth and numerous sprouting infrastructures and intense development is incomparable by any other city in the planet and  sketching its name firmly on the worldwide map by persistent following of exclusive visions and  attaining greater pinnacles.

Dubai rapid speed in developments and daring courage is seen in the everyday way of life.

Dubai is the city of happenings, happening that are too tricky to assume. Numerous new instigations and initiatives are under taken by private organisations and government on a frequent basis to further enhance the way of living and mounting the art scene in Dubai

Devoid of government initiatives, affluent individuals, prosperous companies and well of banks promoting numerous developments, there would not have been an international artistic legacy that we have a high regard for today. A comparable event that is taking place in Dubai is the inaugural Dubai Art Season, The city’s umbrella arts programme instigated by Dubai Culture and Arts Authority.

Numerous creative events and activities were filled in from March 14th to April 15, highlighting the eminence as the global inspired nucleus.  There were also premier art events comprising art week, the comic con, Middle East Film and Gulf Film Festival.  There are also numerous flagship events, design Days Dubai, SIKKA Art Fair and Art Dubai, along with numerous planning, performances, workshops and outdoor art design and exhibitions are also held.

Dubai is a city indulging itself in its unique culture and going beyond boundaries, discovering new talent and evaluating the limit of human’s creativity and cleverness. So if anyone decides to take a break and look around Dubai Cultural happening, you will be awestruck to find diverse and various cultural events and interactions taking place. There is more to Dubai than how it is evaluated by many eyes or the credit it gets.

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Dubai aims to become world’s most visited city

New focus of Tourism authority on Sunday declared their new focus to make Emirate the most visited city in the globe.

One year into the provision of Dubai’s Tourism Vision for 2020. The tourism chiefs have set new goals and the initial steps have been taken to attain the target of enticing around 20 million visitors by 2020.

Dubai aims to become world's most visited city

The Director General of Dubai’s Department of Tourism and Commerce Marketing (DTCM) – Helal Saeed Almarri said that the growth rate that was attained in 2013 must be followed and preserved a 10.6 percent year on year rise corresponds to 110 million hotel quests- Dubai will be giving a tough competition to London and surpass London, which presently allures 16 million tourist yearly.

He added Last year at ATM the Tourism vision for 2020 is already announced last year by His Highness Sheikh Mohammed bin Rashid Al Maktoum .  The first part of the second international airport has launched at the Dubai World Central and a significant number of hotel, events and attractions were also released these progresses were mostly declared.

He further said that the visa regulation on European Unions member states being withdrawn, key legislative alterations has been made which is going to definitely influence the tourism sector positively and also empower further to entice more leisure travellers and business.

He states that the Tourism Vision for 2020 is a structure which provides us all a in the tourism sector a perfect and clear idea. Dubai is already a must visit place, an insistent focus to revolutionise will further enable to a persistent revival of visitor experience, developing one that is matchless anywhere in the globe.

He says that the cooperative commitment in the industry is what makes them self-assured that they will be able to attain the goal of enticing almost 20 million annual visitors by 2020, and motivates into the determination to ultimately develop into the worlds most visited city.

The features that are actually helps us drive further into the goal is the ever ending remarkable developments with more fascination spots,  eminent yet luxury hotels, events, world’s leading infrastructure and facilities and an ultimate holiday experience which will offer a beyond expectations. Both frequent tourist and new tourist are going to distinctive experience every time.

CEO of the newly formed Dubai Corporation of Tourism and Commerce and Marketing,- Issam Kazim said that due to the spectacular and one of a kind developments Dubai becomes the must see city.  It is a must see and must experience city.  The incredible dimensions of experiences that will be offered and will be something beyond to expect.

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Dubai real estate transactions total $16.6bn in Q1

Dubai Land Department (DLD) has revealed their new real estate dealings has been witnessed in the emirates throughout the first few months of this year, and these transactions exceeded AED61 billion ($16.6 billion), During the Q1 of 2013 transactions was around 38 percent.

Dubai real estate transactions total $16.6bn in Q1

Dubai real estate transactions total $16.6bn in Q1

As reported by DLD that total real estate deals rounded up to 15,694 within the first three months of this year, after March 2014 there was an increase of activity of 11 percent.

The statistics revealed that there were almost 11,567 activities which had the value of talk of AED31.5 billion and 3,482 mortgage transactions, which again has a value of AED 28 billion.

Director of DLD Sultan Butti Bin Merjen stated that as an end result in the beginning of 2014 is a sign of improved investor self assurance in Dubai and particularly in the city’s real estate sector, and this is measured as the essential element of the national economy.

He further stated that they are looking forward for the next four quarters to be as likely as the Q1 2014, particularly during the interlude of the numerous inspiring economic projects in Dubai in addition to the discovery of few measures and planning as for Dubai’s hosting Expo 2020.

Land transactions and its sales and mortgages held for the lion’s share of a sum of figure in Q1, where the land mortgage was of worth at AED24.1 billion and sales in relation to land was about AED 17. 4 billion.

Residential units and their mortgage and sales crossed up to a value of AED13 billion and AED 3.1 billion respectively.

The statistics assures increased deals in the real estate sector over the past few months; this is a direct proof and assurance that Dubai is the most alluring investment spot and ownership, weather for a longer period of investment or for short tern requirements.

Bin Mejren further added they they regard as probable in strengthening the activity to persist in over the upcoming years, and also there would be investors  attaining good returns on their invest in real estate.

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Dubai Investments Chief anticipates UAE Real Estate development until 2018

Boss of Dubai investments, who is a diversified manufacturer and shareholder in property, he considers Use real estate market to progressing consistently growth to for the next four years.

Dubai Investments chief expects UAE real estate growth until 2018

Dubai Investments chief expects UAE real estate growth until 2018

Managing director and CEO of the investment firm Khalid Bin Kalban, the property assets owned by Khalid exceeds AED 8 billion ($2.17 billion) he stated that the advancement and development in Use real Estate has just embarked on. Usually a real estate is a five year old cycle and at the beginning of the first year of the cycle

So there is four more years of growth left for the real estate. All signs of this progress show that this growth is sustainable.  Usually, this provides a immense prospect.  Dubai investments also reveal that the construction and similar segments will improve even more for advancement to make use of the current real estate progress over UAE and GCC.

He further mentioned that 18 manufacturing establishments will be fixed to produce the raw building material required for construction of properties; these companied are further energised to meet the increasing demand.

With an approximate of AED of 660 billion developments are under construction in the GCC, DI, the Glass LLC, Emirates Building Systems, Emirates Extrusion factory, International Rubber company have raised their production levels to convene the growing demand.

Glass LLC  puts in around AED 800 million every year to the groups revenue, also have declared a significant upgrade in its production services, this is done so as to meet the demand of glass, and the demand is further going to rise more up to 40% in 2014. Saudi American glass declared that they would further increase their glass production around 50 percent.

Emirates Extrusion also revealed about their increase in production to keep up with the increase in demand, they are annually going to produce 6000 metric tonnes through new production system of Aluminium extrusion plant in techno Park.

Around 67 percent of DI possessions are depended on Real Estate and the current value of it is around AED 8.38 billion. It also posses the largest bank in the UAE which sums up to an almost 30 million square feet.

UAE , banks in Jumeirah Village Circle, Midriff and Meydan along with other developments in Sharjah and Fujairah.

Dubai Financial Market has listed Dubai Investments and they have a paid up assets of AED 3.5 billion.

Dubai investment stated recently that have preparations to add up or rise their foreign owner ship shares to 35 percent of its entire capital.  As mentioned by Dubai Investment the firm shareholder along with Sovereign fund investment Corp. of Dubai which posses around 11.5 stake, will vote is the scheme at a meeting in April 2014.

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