UAE Realty market expected to stabilize with the execution of Strata Law

The professionally implemented Strata and Facilities Management is widely expected to enhance the quality of life, and investor confidence in the UAE, thereby bringing about more stability in the UAE real estate market.

Dubai, as a part of its streamlining process, is likely to launch a Strata Law soon, which would streamline its local realty market, through adoption of best international practices.

The Strata Management will cover all common facilities shared by both owners and tenants, such as the fire services, parking, lifts, air conditioning, walkways, gymnasiums, pools, gardens and other common property. This is vital in maintaining high-quality living environment, keeping in mind, the health and well-being of all residents, while also maintaining cordial stakeholder relations.

The Chief Executive Officer of BCS Strata Management Services, Peter Crogan, while speaking at the Facilities Management Conference in Dubai, noted that the UAE property market, particularly Dubai, has entered a phase of proper regulatory frameworks and asset management protocols.

The region has witnessed high volume of investment and property boom, with spectacular and extensive developments being launched, the sustainability, of which, could be guaranteed only through professional management of assets, he added.

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source: estatesdubai.com

ACI real estate launched Niki Lauda Twin Towers in Business Bay

Leading providers of investment solutions in Germany, ACI (Alternative Capital Invest) Real Estate, has officially launched the Niki Lauda Twin Towers in Dubai. The launch was alongside the 36th anniversary of UAE's formation, where ACI participated in the National Day celebrations. The legendary Formula 1 World Champion racer, Niki Lauda, was also present during the launch ceremony.

The launch of Niki Lauda Twin Towers in Dubai, is the first among the series of celebrity-branded real estate developments to be launched by ACI Real Estate. Two other properties endorsed by Boris Becker and Michael Schumacher are expected to be launched in the next couple of weeks.

The ACI Real Estate Managing Director, Robin Lohmann, said that "We at ACI believe in doing things in a different manner, as being innovative adds significant value to our offerings. By adding a celebrity brand, which matches our standards of excellence, we make sure that apart from delivering just a great product to our customers, we also create an iconic landmark which is instantly recognizable."

Positioned in Business Bay, the Twin Towers with 29 and 26 storey each, and another four floors at basement parking, are due for completion by 2010. The towers, which houses only offices, are the only office development in Dubai that provides leisure amenities such as outdoor swimming pools, gymnasium and prayer rooms.

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source: estatesdubai.com

UAE Realty to grow beyond 2015

As per two recent studies by Damac Capital International and HSBC, the UAE, which accounts for more than sixty percent of the real estate development in the region, is expected to experience the realty boom beyond 2015.

Analysts forecast that Dubai, which continues to experience major demand would continue to surpass supply for a couple of years more, while the Abu Dhabi market, is expected to pick up and maintain high rental yields beyond seven percent until 2013.

The analysts of Damac Capital, Pamela Chikhani and Hany Seif, predicts that although the Dubai property market signifies only a small fraction of global market, it will continue to be a major force in the regional real estate investment.

Asteco, a Dubai-based realty agent, reveals that the Dubai property market accounts for 47 percent of the entire GCC market. Abu Dhabi is a distant second with 14 percent. Hence both Dubai and Abu Dhabi put together, account for more than 60 percent of GCC real estate market.
It has been estimated that within the next decade realty investors would pump in about $300bn into Dubai's real estate developments.

However, HSBC's Analysts believe that, Abu Dhabi emirate would establish itself as a new regional real estate market, as the sales activity has picked up this year, and the market remains very tight with stronger-than-expected growth in prices and rents.

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source: estatesdubai.com

GCC Realty prices expected to continue in the current pace

The real estate prices in Gulf Countries will continue to remain as in the present, due to land scarcity and fluidity caused by surging oil prices and mounting speculations, revealed a special report.

A weekly report by Al-Masar Group states that the inflation in building & construction sector in Gulf, has reached fresh levels through construction of 2837 projects, mostly in UAE, Saudi Arabia, at an estimated value of $2.4trillion.



A recent study by a Dubai-based Research Company, 'Proleads', states that the King Abdullah Economic City, is the largest project, currently in progress in the region, which is worth around $120billion.

Next in line, is the 'City of Silk' in Kuwait, costing about $86billion, followed by the Dubailand in UAE, which costs around $60billion.

However, the report depicted conflicting figures and statistics, depending on the size of planned or under-construction projects. Massive projects, which include industrial islands and skyscrapers, lie behind the growth of regional construction and building sector, and huge boom in the sector, has led to better maintenance services, facilitated construction, overhauled utility management and helped a high demand for the sector.

The size of utility management market in Gulf countries, except Saudi Arabia, touched Dh.17.72bn during 2006, and is expected to grow up by 15.3 percent by 2012, stated the report.

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source: estatesdubai.com

Diamond Views in Jumeirah Village progresses on schedule

Diamond Developers, a new class of property developers in Dubai, have announced both projects, Diamond Views 1 and Diamond Views 2, which are progressing as per the planned schedule during the construction phase.

Diamond Views, the Dh.1bn project, located in South Jumeirah village, features town houses and residential buildings. The buildings offer four different kinds of spacious studios, eighty types of single bedrooms apartments, and three types of double bedrooms apartments. The townhouses offer a selection of two, three and four bedrooms.

Ideally positioned in Jumeirah Village, the Diamond Views offers its residents all the amenities that define Dubai's standard way of living, featuring parks, sports courts and tracks, shopping, fine dining, movies, countless night life choices and more.

The shoring and excavation works have been completed, and currently, Diamond Views 1 is at the stage of townhouses foundation up to tie beams. The construction of first phase of Diamond Views 2 began during early part of this year.

The shoring, excavation, dewatering and foundation works is being handled by Jeet Contracting. The expected completion date for first two phases is December 2008.

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source: estatesdubai.com