Property Times eMagazine July 2014

Property search just got better ...
///// Issue 20 - July 2014
for exclusive listings
page
Turn to
40
REAL ESTATE
Are end-users finding it diffcult to meet the higher
down payment requirement for motgages?
“That’s our
dream home, but...”
18pg
Jeevan DMello, Emaar Community Management
OA manager: Roles
and responsibilities
26pg

Tel: +971 4 365 7222
info@lannhill.com|www.lannhill.com
901 Marina Plaza, Dubai Marina
facebook.com/lannhillrealestate linkedin.com/lannhill-real-estate twitter.com/lannhillre
Fax: +971 4 430 5670
ORN 2062
Beauport Tower
Jonathan Shippee|BRN: 27593|+971 50 926 1317
2 bedroom apartment|full marina view|1,405 sq/ft
AED 3,600,000
REF: S-7964Blakely Tower
Pantea Rokni|BRN: 26076 | +971 50 926 1531
AED 3,100,000
REF: S-4018
JBR - Rimal Tower 1
Pantea Rokni|BRN: 26076 | +971 55 247 2476
AED 2,800,000
REF: S-6316 Trident Grand Residence
2 bedroom apartment|marina & sea views|1,611 sq/ft
AED 3,200,000
REF: S-606623 Marina Tower
Mac Rebello|BRN: 23875 | +971 55 778 1122
3 bedroom apartment|full sea view|3,085 sq/ft
AED 6,100,000
REF: S-7505
Torch Tower
Mac Rebello|BRN: 23875 | +971 56 254 3290
2 bedroom apartment|partial sea view|1,258 sq/ft
AED 2,150,000
REF: S-7886Trident Bayside
Pantea Rokni|BRN: 26076 | +971 56 361 4904
4 bedroom villa + maid|partial marina view|6,900 sq/ft
AED 8,000,000
REF: S-8201
Princess Tower
Pantea Rokni|BRN: 26076 |+971 50 902 0486
2 bedroom penthouse|marina & sea views|1,866 sq/ft
AED 4,000,000
REF: S-8073 JLT - Green Lakes Tower 1
Mac Rebello|BRN: 23875 |+971 56 140 2438
2 bedroom apartment|lake & szr views|1,679 sq/ft
AED 2,600,000
REF: S-8154
Attessa Tower
Mac Rebello|BRN: 23875 | +971 55 778 1122
2 bedroom apartment|marina view|1,550 sq/ft
AED 4,100,000
REF: S-7833
The Address Dubai marina
1 bedroom apartment|marina view|880 sq/ft
AED 2,690,000
REF: S-7611
Orra Marina
1 bedroom apartment|marina view|904 sq/ft
AED 1,850,000
REF: S-8048
our luxury property agents are ready to help you buy your dream apartment!
to view now call the dubai marina specialists
or email: dubaimarina@lannhill.com
LANNHILL REAL ESTATE

July 2014 Issue -20 /// 5
propertyonline.ae
FROM THE EDITOR
IS THE MORTGAGE
SECTOR SLOWING
DOWN?
Our cover story this month, put together by our
contributor Nicole Walter, focuses on the current
scenario in Dubai's mortgage sector, which wit-
nessedtheintroductionofanewsetofmortgage
cap rules from the UAE Central bank. According
to experts featured in the article, the mortgage
sector is witnessing less number of transactions
primarily due to the high down payments one
should pay to secure a mortgage. However, the
mortgage cap rules coupled with the increased
transfer fee of 4% have successfully curbed flip-
ping to a great extent and prevented the prices
from rising unrealistically. In the long run, these
measures implemented by the Land Depart-
ment and RERA primarily to keep flippers at bay
will prove to be extremely good for the market as
the price and rental growth will continue to be
realistic attracting more and more investors.
Also in this issue, Jeevan Dmello, Senior Direc-
tor, Emaar Community Management, explains
the role and responsibilities of an Owners Associ-
ation Manager, shedding some light on this seg-
ment of the market. The community manage-
ment sector previously lacked reliable sources
of information and that's when Property Times
decided to dedicate a few pages every month to
Binesh Panicker
Editor-in-Chief & Co-Founder
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@propertyonline.ae
JATIN Deepchandani
Head of Sales, Marketing & PR
jatin@propertyonline.ae
INDU Ravindranath
Executive - Sales & PR
indu@propertyonline.ae
NYSAM K Shahul
Senior Graphic Designer
nysam@propertyonline.ae
TOSEEF Ali Tidiwala
Accounts Executive
ali@propertyonline.ae
ABDUL Manaf
Admin Executive
manaf@propertyonline.ae
KIRAN Reddy
E-magazine support
kiran@propertyonline.ae
SHIBINA Jas
Executive Assistant to Editor-in-Chief
shibina@propertyonline.ae
P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE
MEDIA LAB PUBLISHERS LLC
Office 135, B Block
Al Shafar investment Building
Near 3rd interchange
Sheikh Zayed Road
Dubai, UAE, PO.Box: 235504
Tel: +971 4 33 86 724
Fax: +971 4 33 86 734
www.propertyonline.ae
info@propertyonline.ae
EDITORIAL
editor@propertyonline.ae
ADVERTISEMENT
advertise@propertyonline.ae
SUBSCRIPTION
subscribe@propertyonline.ae
Licensed by
National Media Council
P.O. Box: 102817, Dubai, UAE
OUR TEAM
CONTRIBUTORS
PRINTER DISTRIBUTORS
PUBLISHER
Nicole Walter
Freelance Writer
P.O. Box: 485100, Dubai, UAE
spread awareness about community manage-
ment and educate the buyers and investors from
across the globe who own properties in Dubai.
We have our regular expert advice sessions
as always while the July issue also carries an
exclusive interview with one of the youngest
real estate agency owners in Dubai; Alessia She-
glova, Managing Director, Dacha Real Estate.
With the recent announcement of the Mall of
the World by Sheikh Mohammed bin Rashid Al
Maktoum, Vice President and Prime Minister of
the UAE and Ruler of Dubai, to be developed by
Dubai Holding, Dubai is expected to attract mil-
lions of tourists over the next few years. In order
to cater to the increasing number of tourists, a
lot of projects are expected to be announced in
the mid-level segment of the hospitality, accord-
ing to experts featured in an exclusive article by
Nicole Walter.
I am sure our readers will find this issue very
informative and interesting!
Cover shoot location courtesy:
Cuadro Fine Art Gallery, DIFC
2
m
a
0
2
7
7
6
6

6 BEDROOMS
+ MAID’S + DRIVER’S
G+2 FLOORS WITH PRIVATE ELEVATORSBUA: 6,044 SQFT
WITH A FREE USABLE COVERED TERRACE INCLUDING GAZEBO FEATURE 65% ON COMPLETION
476 IN
4 MONTHS
CALLFOR PREMIUM AVAILABLE
LOCATIONS
FEW GOOD

July 2014 Issue -20 /// 7
propertyonline.ae
8NEWS & ANALYSIS
Hamptons MENA records 35% growth
9NEWS & ANALYSIS
Damac gets Green Building Certification
10NEWS & ANALYSIS
Dubai residential market H1 2014
by REIDIN.com
12LEGAL EXPERT:
Jerry Parks, Taylor Wessing
14INTERIOR EXPERT:
Adam Riccio, Under One Roof
16MORTGAGE EXPERT:
James Goodman, MortgageMe
32Nakheel to pay off debt ahead of time
40EXCLUSIVE property listings
50COLUMN BY
The Wolf of Real Estate,
Mohanad Alwadiya, Harbor Real Estate
Mortgage sector
slowing down
OA managers: Jeevan Dmello,
Emaar Community Management
Interview:
Alessia Sheglova, Dacha Real Estate
Mid-level hospitality
sector to get more units18 26 30 34

July 2014 Issue -20 /// 8
HAMPTONS MENA RECORDS 35%
GROWTH IN DUBAI RESIDENTIAL
SALES VALUE
H
amptons MENA, the premier
property services company,
has reported an impressive
35% growth in the sales value
of residential property in Dubai during
the first quarter (January to March) of
2014, compared to the same period
last year. Underlining the strong per-
formance of Dubai’s property sector,
Hamptons also recorded a growth in
sales volume by 32% during the same
period, with strongest sales reported
in Downtown Dubai, Dubai Marina
and Emirates Living. A spokesperson
of Hamptons MENA, said: “The robust
performance of Dubai’s economy
is reflected in the positive growth
of the property sector. This builds
on the growth trends that prevailed
during 2013.
During the first quarter, our sales
value and volume reported a solid
increase, particularly led by an increased
demand for homes in Downtown Dubai
and Dubai Marina.”He added: “Down-
town Dubai, Emaar’s flagship project,
has defined its credentials as one of
the most sought-after destinations for
residential and commercial property
in Dubai. The strong rental yields and
returns on investment make Down-
town Dubai a preferred choice not
only for Dubai residents but also from
international investors, as our sales
figures highlight.”
Hamptons MENA reported an
increase in customer activity for both
sales and leasing across other estab-
lished neighbourhoods in Dubai
including Dubai Marina, the premier
waterfront project, and Emirates Living,
a collection of integrated communities.
The average size of property that was
transacted by Hamptons MENA in the
first quarter was 1,200 to 1,500 sq ft,
indicating a growing interest by small-
size families and professional investors
to make property investments.
The demand for villas also continues
to grow with Hamptons MENA record-
ing significant growth in number of
customer enquiries for villas, especially
in Arabian Ranches. Hamptons MENA
also recorded a surge in demand for
serviced residences during the first
quarter with enquiries principally from
international investors.
Residential property demand was
led by a number of factors includ-
ing the overall infrastructure support
offered by the development, ease of
access to Dubai Metro and the ame-
nities available in close proximity.
Developments with swimming pools,
access to park or beach and health
& fitness facilities recording good
investor response.
Dubai Marina
News&Analysis propertyonline.ae

July 2014 Issue -20 /// 9
News&Analysis
propertyonline.ae
D
AMAC Properties, one of the
leading luxury real estate
developers in the Middle East,
has become the first company
ever to receive a Green Building Certi-
fication from the Department of Plan-
ning & Development, Trakhees.
Trakhees, the department for Plan-
ning & Development, a Dubai-based
local regulatory authority and the first to
undertake local certification, bestowed
the honour on the NAIA at Suburbia
Jebel Ali hotel apartments, which will
open later this year.
The project demonstrated its com-
pliance to Environment, Health & Safety
(EHS) Sustainability criteria for the built
environment, and became the first proj-
ect to ever be certified ‘green’ under the
scheme. The EHS In-House Green Build-
ing certification involves stringent com-
pliance requirements and an exhaustive
review process.
GREEN BUILDING
CERTIFICATION FOR DAMAC
aspect, Iwish the DAMAC Properties
team all success in ensuring that their
certified building truly delivers.”
NAIA at Suburbia Jebel Ali was
shown to use nearly 30% of its mate-
rials with recycled content, and had
sourced more than 22% of its materials
regionally. The project will also achieve
an energy saving of more than 22%
and 33% savings on potable water
use. “DAMAC Properties is committed
to building a lasting, and sustainable
environment for our children and it is
a great honour to be thefirst company
to be recognised in such a way by the
Department of Planning & Develop-
ment, Trakhees,” said Ziad El Chaar,
Managing Director, DAMAC Proper-
ties. “The green building certificate is a
testament to the hard work and com-
mitment of our staff and consultants
who have worked tirelessly on this
exciting project.”
“I compliment and thank the devel-
opers and the stakeholder commu-
nity for reposing trust on the EHS and
congratulate the team for successfully
accomplishing the certification,” said
Madiha Salem, Director EHS. “The EHS
‘in- house’ certification program for
Green Buildings was announced to pro-
vide its clients with a region-specific,
appropriate and cost effective alterna-
tive. This program focused a great deal
on professional reviews and specific
interventions that resonate with the
urgent needs of the region.”
“We are indeed proud of the fact that
EHS, with the rest of the team, has stood
up to the challenges that accompanied
this massivetask and carved a niche for
itself in the arena of sustainable build-
ings. Green building certification brings
with it challenges for operational sus-
tainability and that would be the true
test of a performing building. In that

July 2014 Issue -20 /// 10
Property Times in asso-
ciation with REIDIN.
com takes a look at
how the residential
sector fared over the
past six months.
By Binesh Panicker
AHMET KAYHAN
CEO, REIDIN.com
News&Analysis
JLT, Dubai
propertyonline.ae
DUBAI RESIDENTIAL
MARKET: H1 2014

July 2014 Issue -20 /// 11
Source : REIDIN.com
REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector.
REIDIN.com, founded in 2007, is a leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN.
com helps professionals and individuals easily access the real estate information they need to make more informed investment, purchase,
sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data & Research Team’ together with a global network
of information partners endeavours to provide high-end analysis and research support to its clients.
News&Analysis
Howhastheresidentialmarketper-
formed over the past six months:
both villas and apartments?
Last six months have been a period of
testing the boundaries and seeing how
much it can stretch further. As we cor-
rectly predicted the sales volumes are
dropping and it’s pressuring already
realized high prices. This pressure is
more obvious on the Villa segment due
to high average deal size and selective
demand position. There is also sea-
sonal impact of Ramadan and sum-
mer that will hammer villa prices and
luxury apartments. But the bottom line
will not change that is Dubai residen-
tial prices are going up.
Which segment witnessed substan-
tial rise in prices: villas or apart-
ments? Please explain.
As seen through our detailed anal-
ysis and REIDIN Indices, the apart-
ment segment relatively gained more
ground and almost doubled the villa
segment increase. Average deal size in
the apartment segment comparatively
lower than the villa segment and the
demand metrics are much stronger.
In addition, the rental market is hot-
ter for the apartment segment that
builds a very attractive yield market
as well.
Which communities witnessed
maximum rise in rents and
sales prices?
International City, The Views and
Jumeirah LakeTowers showed a much
higher increase than the rest of the
areas. Comparatively International
City has been much lower than the rest
but also it received astrong demand
from owner-occupiers. JLT and The
Views received a much higher demand
being settled communities.
Rent increases are still strong in most
of the freehold areas. Dubai Sports
City and Discovery Gardens showed
a stronger growth and looks like the
trend will continue.
propertyonline.ae

July 2014 Issue -20 /// 12
propertyonline.ae
If you have any legal queries about buying or renting, please email at editor@propertyonline.ae
AsalawfirmregisteredinDubai(with
the DIFC authorities, the Economic
Department and the Legal Affairs
Department) Taylor Wessing is authorized to
advise and assist on legal matters, including
real estate matters. Where our assistance
extends to representation, we act under
Power of Attorney, authorizing us to sign
legal documents on behalf of our clients,
and to pay out and receive funds on behalf
of those same clients. We are bound by strict
rules of professional conduct and we carry
professional indemnity insurance to protect
our clients at all times.
We always suggest that investors con-
sider appointing law firms as their attor-
neys rather than real estate brokers, if they
want the comfort and protection that goes
with these important safeguards. How-
ever, law firms are neither licensed nor
insured to provide property management
services. For those services you wouldneed
to appoint a property management com-
pany properly licensed in Dubai by the Eco-
nomic Department and RERA to carry on
those activities.
Our expert answers the legal queries about buying and renting properties.
w i t h l e g a l e x p e r t
Do you represent investors in
Dubai? I am based in the UK and
would like to appoint a represen-
tative to invest in and manage proper-
ties? How does it work?
Executive Council Resolution No.
(30) of 2013 is the law in question
and it states that the transfer fee
shall be borne equally between the buyer
and seller, unless otherwise agreed. Most
sale agreements provide for the buyer to
pay the whole of the transfer fee, and thus
when the parties sign a contract containing
those provisions they are evidencing their
agreement todeviate from the default posi-
tion under the law. At the end of the day,
if the buyer refuses to pay the transfer fee,
and you don’t want to sell unless he pays
that sum, you might consider increasing
the sale price by 4% and generously paying
the whole of the transfer fee yourself.
As per the law, who is liable to
pay the transfer fee? I am plan-
ning to sell a few of my prop-
erties and the buyer is refusing to pay
the transfer fee. What do I do in such
a situation?
ExpertAdvice
Jerry Parks
Partner
Taylor Wessing
Dubai has come a long way since
theearlydaysoffreeholdownership,
which were regulated with only the
lightest of touches. Now we have a Land
Department and Real Estate Regulatory
Agency that are geared up for international
investors into a thriving property market.
But that said, while measures have been
put in place to minimize risks, nothing can
be absolutely guaranteed. The escrow law
was introduced to ensure that funds paid
by investors were applied by the developer
to the project in which those investors had
invested, rather than being frittered away
on less permanent but arguably more
exciting distractions. But the Dubai escrow
structure doesn’t guarantee the success of
a development, and it doesn’t mean there
will be any money left in the kitty if the mar-
ket crashes. Imagine a repeat of the most
recent turn of events – you pay installments
into the escrow account; the developer uses
those funds to pay substantial marketing
expenses (sometimes to a related com-
pany); the market falls through the floor;
your fellow investors lose confidence and
stop all further payments; the developer
has no source of funds and goes bust with
huge debts to its designers and contrac-
tors for works just started; all payments are
made out of the escrow account, so that’s
been depleted; the project is cancelled; you
ask for your money back and point to the
empty escrow account. Oh dear. OK, RERA
can always seek to sell off the failed devel-
I am an overseas investor and
recently I read various reports
about regulations for the devel-
opers such as a compulsory escrow
account. Will these new regulations
make sure that my money is safe ?
propertyonline.ae
opment to try to generate funds, but that’s
not a swift process, and after the expenses
involved, it’s unlikely there will be anything
significantinthepot. Soinshort,theescrow
law provides some protection but is by no
means a guarantee of funds for the lifetime
of the project. ‘Buyer beware’ is still the
advice, along with ‘do your due diligence’.

July 2014 Issue -20 /// 14
Adam Riccio
Operations Director
Under One Roof
04 323 2722
If you have any queries about renovations or conversions, please email at editor@propertyonline.ae
I would like to lighten up the house
by making all the interior doors
white. Do you know of any alter-
native to replacing them all, as that is very
expensive? This is one of the most popular
home improvement requests we get. We
recommend not to replace but to reglaze
in a white, satin finish. We do this using our
proprietaryproductweimportfromtheUSA,
called Permaglaze. It is a specialist glaze,
which recoats any surface into a contem-
porary high gloss or satin finish, which is
durable and water resistant. For the process,
wecometoyourhomeandremoveallofthe
doors and take them to our factory in DIP
where our specialist spray painters reglaze
them. If you want to reglaze the doorframes
as well, we do these in situ as these cannot
be removed. In this case, we cover off the
affected area and spray them in your home.
There will be a slight odour for a day or two
butthisquicklydisappears.Wethenreturnto
refit the doors when the doorframes are dry.
Another popular request is to reglaze dark
skirting boards throughout.
Everything you need to know about property refurbishment, conversions and permissions.
w i t h i n t e r i o r e x p e r t
All of the interior doors in my
home are a very dark wood
finish and make the house feel
very dark?
Yes it is, and this is becoming increas-
ingly popular. A number of compa-
nies do the glass for this and we work
with and recommend particular companies
that we trust for their service, quality and reli-
ability,astheglassmustbeacertainthickness
and be safety glass, not normal.
It is quite a disruptive process as you will
lose the use of staircase for a couple of days,
soitisajob,whichisideallyundertakenwhen
the family is away if at all possible. There are
a number of different types of effect that are
possible to achieve and our designers will be
able to create the look and feel you want.
Alternatively, you could visit any one of a
number of our previous clients who have had
this done, to get some ideas of what would
work best in your home.
I would like to replace the stair-
case in my villa with a glass “float-
ing” balustrade effect. Is it possi-
ble to do this?
It is permitted to break walls, how-
ever you must obtain permission
and a No Objection Certificate (NOC)
from the master developer, not the Owners
Association, first. To do this, you first need to
obtain your plans from the master developer
who will supply CAD drawings on a CD. This
is then used by an engineer to determine if
the wall you wish to break is a supporting
wallandintegraltothestructureoftheprop-
erty. If it is, you will not be granted permis-
sion to remove. If it is not, then the engineer
will draw up the plans of what you wish to
do and submit to the master developer for
approval. Depending on the complexity of
what you want to do, there may be several
questions raised by the developer at this
stage which has to be answered by the engi-
neer. When all queries have been answered
by the engineer, approval will be granted.
UnderOneRoofwillundertakeallofthispro-
cess as part of the project costings, using our
own in-house engineer and CAD Designers.
At this stage, the home owner will need to
pay some refundable and non-refundable
charges levied by the developer in relation
to the approval. These charges differ from
developer to developer. At the end of the
project the developer will inspect the work to
ensure it has been carried out in line with the
approval and give final sign off and refund
any deposits. Without this sign off you may
not be able to sell your property, so it is vital
to ensure you only use reputable companies
to undertake any work in your home.
A friend told me that as per the
laws in Dubai, it is not permitted to
break the walls in a villa in order to
combinetworoomswithouttheNoCfrom
the Owners Association? Is this true? Will
service providers such as Under One Roof
organize such permissions? How long
does it usually take for the permissions
andalsotocarryoutthejob?
ExpertAdvice
Motorcity
propertyonline.ae

July 2014 Issue -20 /// 16
If you have any mortgage related queries please email editor@propertyonline.ae
James Goodman
MortgageMe.ae
InvestMe Financial Services LLC
M: +971 (0)55 4158610
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w ith mo rtgage exp ert
Applying for a joint mortgage
is common practice for married
couples with two incomes and
is as simple as providing two applica-
tions and sets of documents generally.
The documents required will depend
on your specific circumstances such as,
are you self employed or employed, resi-
dent or no-resident. They fall into broad
categories though and need to show
your identity (passport and Emirates ID),
and financial position (pay slips, salary
certificates and or business accounts
and bank statements). Monthly install-
ments are usually paid by having an
account with the lender into which
you ensure the required amounts are
available but again, this can vary from
lender to lender.
Both my wife and I are work-
ing and our combined salary
is AED45,000 per month. We
don't have any liabilities as such.
How do we apply for a mortgage
combining both our salaries? What
are the documents required? How
will we pay the EMIs (through whose
cheques: mine or my wife's)?
ExpertAdvice
That will no doubt vary according
to opinion but for me it is, can you
afford the payments now and if the
interest rates rise in the future and have
you paid a fair and reasonable price!
Whatarethemostimportantcri-
teria one has to consider before
finalizing a mortgage?
Some banks do and some don't
require a salary transfer to them.
The banks will check for black
marks and credit problems lodged with
the appropriate record holding bodies
but don't have what might be consid-
ered comprehensive credit checks such
as you would expect in Europe and
the USA.
The process is to provide the docu-
ments and proof of income and identity
from which the lender will make a deci-
sionastowhethertheapplicationmeets
their lending criteria. If it does, and there
are no bounced checks, Police cases etc
on record, they are likely to make an
offer of a mortgage in accordance with
the UAE Central Bank lending Limits.
Do banks require salary trans-
fer for mortgage approvals?
Do they conduct a credit
check? Please explain the process
from the beginning?
Jumeirah Islands
propertyonline.ae

Entire mortgage process done by us
AED 5000 /- NOW AED 2500 /-
We specialise in remortgage and equity release
Rate as low
as 3.49%
info@me-group.ae or tel. 055-9935706
TO GET A DISCOUNT MENTION RAMADAN SPECIAL
http://www.mortgageme.ae/
RamaddSpecial

July 2014 Issue -20 /// 18
RESIDENTIAL SALES SLOW
AS MORTGAGES BECOME
LESS AFFORDABLE
Are large deposit requirements affecting the mortgage industry? By Nicole Walter/freelance writer
Market propertyonline.ae

July 2014 Issue -20 /// 19
D
espite banks bringing down
interest rates competing for
mortgage customers, there
are few who can respond
to the offer unable to afford the large
deposits, thus slowing down transac-
tions significantly and helping to sub-
due the rise in property prices.
According to the Cluttons Dubai Res-
idential Outlook Spring 2014, residential
price growth peaked in Q2 2013 at 23%,
and since slowed rapidly to around 3%
in Q1 2014.
"We have certainly witnessed a slow-
ing in the rate of price acceleration
over the past six months. The Federal
Mortgage Caps have been the main
catalyst behind the cooling in the pace
of capital value growth rates and this
has been particularly noticeable in the
villa segment of the market,” comments
Faisal Durrani, International Research
and Business Development Manager

July 2014 Issue -20 /// 20
at Cluttons. “The total upfront costs
associated with buying a Dh5.5 million
property more than doubled since the
Federal Mortgage Caps were intro-
duced, going from 20% to 42%. The
ensuing impact on households' ability
to make the transition to owner occu-
pation was significantly impacted and
we have seen a 46% decline in the level
of villa transactions in Q1, when com-
pared to the same period last year,”
he adds.
Other factors cooling the market,
included Dubai’s Land Department (LD)
raising the property registration fee to
4% and many developers either extend-
ing the time frame and/or increasing
the amount to be paid towards an off-
plan property, or down right not allow-
ing re-sale, before the property is com-
pleted, achieving the desired effect to
curb speculation.
“The mortgage market lags behind, it
doesn’t drive the market. It is all about
affordability, there have been some
good moves, such as implementing the
debt service ratio so people buy what
they can afford and their borrowing
doesn’t get out of control, and the LD’s
activities to prevent flipping. We want
the property market to rise sustainably
like an aircraft, nice and steady,” says Ian-
Kennedy, CEO at MortgageMe.
OFF-PLAN
It seems the off-plan market just may
be stealing away some of the end-users
who would have bought in the ready
homes market via a mortgage. “We are
seeing lots of interest in off-plan devel-
opments, however, those transactions
aren’t relevant yet in the mortgage
arena, because banks will only look at
developments, which are at least 80%
completed in terms of financing,” Ian
says. “End-users are interested in off-
plan because they offer favourable
payment schedules and they cannot
afford the cash mortgage deposits on
completed properties,” he adds.
The flipside of the 4% stop-flipping
measure has been that it added to end-
user buyers’ woes, already dealing with
having to put down the large deposits
to obtain a mortgage. “The mortgage
uptake has definitely taken a hit, the
Dubai Marina
"We have certainly
witnessed a slowing in the
rate of price acceleration
over the past six months.
The Federal Mortgage
Caps have been the main
catalyst behind the cooling
in the pace of capital value
growth rates and this has
been particularly notice-
able in the villa segment
of the market.” Faisal
Durrani, International
Research and Business
Development Manager,
Cluttons.

ONE Real Estate : Oasis Centre, Ofﬁce 75, Al Quoz, Sheikh Zayed Road
We Specialise in the following areas:
OneRealEstateDubai @OneRealEST
ORN: 12019
t 043883861 e info@one-re.com w www.one-re.com
One Real Estate
SALES
SALES
SALES
LEASING
LEASING
LEASING
PROPERTY EVALUATIONPROPERTYEVALUATIONINVESTMENT ADVICE
INVESTMENTADVICE
INVESTMENTADVICE
àDOWNTOWN àOLD TOWN àDUBAI MARINA
àARABIAN RANCHES àJUMERIAH PARK
àJUMERIAH ISLANDS àTHE GREENS
àPALM JUMERIAH àEMIRATES LIVING
Experience exceence for your life
One Dubai
One Vision

July 2014 Issue -20 /// 22
regulatory changes, including the mort-
gage cap, from very lax to very vigor-
ous, means people are stretched, they
have to come up with the 25% deposit
plus another 7% for purchase costs, at
least a couple of hundred thousand
dirham, that is a huge amount, even
for someone in a good job, to find,”
says Ian.
At the same time the home loans
market has become fiercely competi-
tive with home loan providers lowering
their flat rates to as little as just above
2%, and keeping the variable rate at
just below 4%. “Banks have been pro-
moting their mortgage offerings quite
aggressively, they ramped up their staff
in this arena, but the offers these days
are becoming more similar, narrowing
the products in the market place, a
natural sign of a competitive market,”
Ian comments.
Banks also have been more creative
with helping their prospective cus-
tomers to come up with the deposits
by offering personal loans, says Ian.
Although a lot less, it isn’t likemort-
gage-based sales transactions aren’t
taking place at all. “Yes, they are slow-
ing down but new expats coming into
the country, as well as those wanting to
escape the high rents and get onto the
property ladder, are still taking up mort-
gages, we have also seen an increase in
overseas investors,” Ian remarks.
According to Reidin.com data, res-
idential sales transactions numbered
3,520, compared to mortgage trans-
actions numbering 1,547, over the last
three months, the median transaction
price for the latter was around AED1.6
million. “Many are also refinancing
existing mortgages to a more compet-
itive rate, often shifting from 7-8% to
4%, a huge saving, and banks are being
fair, they have made the exit easier by
lowering exit costs. They used to be
5% of the mortgage but today they
have capped them at AED10,000,” Ian
points out.
“The mortgage market
lags behind, it doesn’t drive
the market. It is all about
affordability, there have
been some good moves,
such as implementing
the debt service ratio so
people buy what they can
afford and their borrowing
doesn’t get out of control,
and the LD’s activities to
prevent flipping. We want
the property market to
rise sustainably like an
aircraft, nice and steady,”
says Ian Kennedy, CEO at
MortgageMe.

July 2014 Issue -20 /// 23
ALTERNATIVE INVESTMENTS
Property investors on the other hand,
Ian noted, have come to realize there
were also alternative investments to
real estate. “They are pulling equity out
of properties they already own and are
investing it in something else, or even a
new property,” he says.
In the meantime, developers with
ready property to offer have been
increasingly teaming up with home
loan providers again to attract custom-
ers, such as or Jumeirah Golf Estates,
which recently offered deals for buy-
ers of its ready to move in villas in the
Whispering Pines and Flame Tree Ridge
districts. “We partnered with AMLAK
Finance to provide interested buy-
ers with a home finance solution that
would best suit them, along other val-
ued services,” says Yousuf Kazim, Gen-
eral Manager of Jumeirah Golf Estates.
“The response during the promotional
period was positive considering a
Finance House is dedicated and cater-
ing specifically to our clients, approxi-
mately 80 to 90 people enquired about
financing options and were referred to
Amlak Finance,” he adds.
Other developers doing the same
include Arady Developments teaming
up with Dubai Islamic Bank (DIB) for its
Central Park development, as well as
Dubai Properties (DP), also with DIB at a
rate of 3.99%, for its Remraam commu-
nity. “Developers offering a financing
partner when selling their properties is
an obvious way to go, it makes transac-
tion easier thus stimulating the mort-
gage market,” Ian remarks.
Leaving more expensive mortgages
and increased registration fees to one
side, the second deciding factor which
scared end-user buyers off was the price
for their dream home orbiting.
“As property prices were ramping
up massively last year in a short space
of time buyers got very nervous, and
today they are still wondering have
prices really stabilized to start feeling
confident again,” Ian points out.
PRICES
According to Reidin.com’s ‘Dubai Res-
idential Property Sales Price Index’
for May 2014, prices overall increased
37.1% seen year-on-year, but only up
by 1.65% from the month before, apart-
ment prices played the ‘bull’ part in May
with an increase of 2.16% from April,
while villa prices decreased 0.51% seen
month-on-month.
The Cluttons report offers hope that
prices won’t shoot up again, although
it doesn’t predict them to become
cheaper either. “Although we don’t
expect any notable declines in capital
values, overall prices are expected to
continue on their normalisation path
as the market works through a period
of absorbing the "Expo-factor" boost
that drove values up by a record 23%
during the second quarter of 2013,"
says Faisal.
Ian looks forward to prices in the
market somehow stabilizing from now.
“This would have the biggest single
impact on mortgage activity, once pro-
spective buyers who are watching the
market, feel that, probably some time
after the summer, there is a clear direc-
tion in terms of prices, which are likely
to firm up at current levels, they will buy
again,” he reckons.
Reidin.com recorded rentals increas-
ing less than before between April
and May, by 1.76% for apartments and
0.37% for villas, spelling the signs of
the times.
Although, according to the Cluttons
report, it was too early to say, whether
prospective buyers not being able to
afford mortgages and therefore having
no choice but to rent for longer, was
having an impact on rents, it recorded a
clear downward trend in rental growth
at less than 2% this spring. The authors
of the report subscribed rental growth
slowing to the ceiling of what tenants
could pay having been reached, and
even crossed in some areas, which
could even lead to extended vacan-
cies of over priced properties. “The
sheer pace of rental value growth
over the course of the past 12 to 18
months has put household earn-
ings under strain and we are clearly
approaching an affordability threshold,”
they concluded.
Downtown Dubai
“We partnered with
AMLAK Finance to
provide interested
buyers with a home
finance solution that
would best suit them,
along other valued
services,” says Yousuf
Kazim, General Man-
ager of Jumeirah Golf
Estates.

DUBAI’S MOST TRUSTWORTHY
PARTNERS IN
REAL ESTATE INVESTMENT...
For more details please contact +971 4 33 86724 | advertise@propertyonline.ae
Property Times, Dubai's most trusted and reli-
able source of real estate information, announc-
es the launch of the first edition of Property
Times 'elite', a high-end annual coffee table book
featuring the most trusted partners in Dubai
when it comes to real estate investment includ-
ing developers and real estate agents etc. The
members of this elite group have been hand-
picked by the Editor In Chief of Property Times
based on a number of criteria. Property Times
'elite' will be unveiled in September and will be
distributed to discerning investors from across
the world from the Property Times stand at
Cityscape Global 2014.
Selected members will be contacted by Property
Times team in the next few days...

July 2014 Issue -20 /// 26
I
n the previous article on the
Roles and Responsibilities in
an Owners Association - The
Board (Issue 18, May 2014),
we talked about the functions
of the Board of the Owners
Association and how vital it is to
have the right team in place to
make decisions on behalf of all
the owners. However, besides
the Board, there are many
other stakeholders, who are
crucial to the successful run-
ning of an Owners Association.
These include the Association
Manager, the Service Provid-
ers and most importantly the
owners themselves.
In this article, we discuss the
importance, duties and respon-
sibilities of the Association Man-
ager and what is expected of
the Association Management
profession.
knowledge, ethics, profession-
alism and skills with verifiable
experience in financial, admin-
istrative, and facilities manage-
ment in at least one community
association, either commercial
or residential.
In the context of Dubai and
as per the ‘Direction for Asso-
ciation Constitution’ issued in
accordance with Law No. 27
of 2007, the Owners Associa-
tion is required to appoint an
Association Manager, which
is a company licensed (by the
Dubai Economic Department),
registered with the Real Estate
Regulatory Agency (RERA) and
engaged professionally on a
contract. Additionally, the Asso-
ciation Manager must comply
with the ‘Code of Conduct’ set
out in the Association Consti-
tution. While the Association
ROLES AND RESPONSIBILITIES:
THE ASSOCIATION MANAGER
Jeevan D’Mello
Senior Director,
Emaar Community
Management
Who is an Association
Manager?
The Community Associations
Institute, the world’s premier
professional body for Associa-
tion Managers, defines a com-
munity Association Manager as
a professional who will have the
Downtown, Dubai

July 2014 Issue -20 /// 28
Constitution allows for the Association
Manager to be an individual owner,
it can only be in a voluntary capac-
ity with no compensation or financial
benefits. While it is highly unlikely that
an individual would carry out the tasks
involved for no compensation, it is
also not in the Owners Association’s
best interest to have such a person,
as the volunteer may, most likely, not
have the educational qualifications
and expertise needed to carry out the
duties assigned.
DUTIES AND RESPONSIBILITIES
Clause 41 of the aforementioned Asso-
ciation Constitution lists all the duties
and responsibilities of the Association
Manager in some detail, among them
are the following:
· working with the Board to develop strategies
for management of common areas
· creating a sense of community within the
community;
· negotiating, supervising and recommending
the entry into contracts on behalf of the Own-
ers Association;
· supervising the performance of contractors
and suppliers to the Owners Association;
· supervising defect repairs and warranty claims
in relation to the common areas;
· preparing annual budgets , issuing service
charge notices and collecting payments
· coordinating and attending Board meetings,
Board committee meetings and meetings of
the General Assembly of Owners;
· Attending to day to day operational matters
on behalf of the Owners Association.
There are many more responsibili-
ties in practice but in brief, the Asso-
ciation Manager is expected to look
after the administrative, contractual,
financial, technical, communication
and customer service functions of the
Owners Association.
WHO MAKES A GOOD ASSOCIATION
MANAGER?
It’s extremely vital that the Owners
Association chooses the right Associa-
tion Manager to manage their commu-
nity, as the long-term well being of the
community’s infrastructure and assets
will be dependent on how well they are
managed and maintained. Association
Managers who quote the lowest price
may not necessarily have adequate
Springs, Dubai
qualifications and expertise to manage
prestigious institutions and in the long
run, this might become an expensive
proposition for the Owners Association.
Many of Dubai’s communities have
state-of-the-art technical infrastructure
that needs to be managed properly by
experienced and qualified personnel to
ensure its value is protected.
EDUCATIONAL & PROFESSIONAL
DEVELOPMENT
Education, certification and credentials
are very important considerations in the
professional Association Management
industry. Unless managers continue
to develop and enhance their skills and
industry knowledge, they risk missing
out on career opportunities, growth and
increased earning potential.
The Community Associations Insti-
tute (CAI), a 41-year old international
organization dedicated to building bet-
ter communities, provides information,
education and resources to all commu-
nity association stakeholders, including
Association Managers, the Board and
homeowners. With a mission to inspire

July 2014 Issue -20 /// 29
professionalism, effective leadership
and responsible citizenship, CAI is one
institute that Association Managers
world-wide look to further their profes-
sional careers.
While for many years, managers had
to travel to the United States to par-
ticipate in the Professional Manage-
ment Development Program (PMDP)
for Association Managers, in the past
couple of years the Dubai Real Estate
Institute (DREI) has been offering many
of the international courses developed
and accredited by the CAI. As such,
Association Managers in Dubai can
now take the same classes and achieve
the same credentials that previously
were only available to those residing
in North America. Some of the courses
include the foundation level M100
– Essentials of Owners Association
Management, M201- Facilities Man-
agement, M-202 Association Commu-
nications and M-203 Community Lead-
ership, with many more to come in the
near future.
Attending such courses and pass-
ing the corresponding exams lead to
internationally recognised professional
credentials that give employers con-
fidence that the managers have the
knowledge, experience and integrity to
provide the best possible service to their
Owners Associations.
MANAGER CERTIFICATIONS
AND DESIGNATIONS
Any practising Association Manager
should strive to earn the ‘CMCA’-Certi-
fied Manager of Community Associa-
tions designation which is the first step
in gaining the fundamental knowledge
a professional manager would need
to manage any type of community
association. The ‘AMS’ -Association
Management Specialist - designation
is the second level in the PDMP track
for Association Managers that demon-
strates a higher level of commitment to
their career and the community asso-
ciation industry. An AMS designation
is recommended for managers who
want to enhance their career oppor-
tunities by increasing their knowledge
and expertise.
The ‘PCAM’- Professional Community
Association Manager - designation is
the pinnacle of Association Manage-
ment and is the highest professional
recognition available internationally
to managers who specialize in Owners
Association management. It is recom-
mendedforexperiencedmanagerswho
want to demonstrate advanced skills
and knowledge and wish to be recog-
nized as among the best experienced
managers in the world. There are other
specialised designations available to
managers once they
have achieved all the
above, and these are
available to those pro-
fessionals who would
like to delve deeper
into a specific area of manage-
ment i.e. large scale communities and
reserve studies. It is amply clear that
Association Managers serve as the
professional backbone of the Owners
Association as they have the education,
skills, expertise and experience that are
essential to the successful manage-
ment of communities.
Jeevan J D’Mello, GDArch, CMCA, AMS, LSM, PCAM
Senior Director, Emaar Community Management
The author is the pioneer of the community management industry in
Dubai and the Middle East managing freehold property since 2002.
Currently a Senior Director with Emaar Properties, heading its manage-
mentcompanyEmaarCommunityManagementLLC,Jeevanhasbeen
professionallytrainedasanarchitectandhashadawideranginginter-
national career in real estate design, project management, customer
service and community management. In his past career he has been an
author and illustrator and has several published works internationally.
He was the first professional in the region to receive the prestigious
Certified Manager of Community Associations (CMCA®), Association
Management Specialist (AMS®) and Large Scale Manager (LSM®) desig-
nations by the Community Associations Institute (CAI). In 2012, Jeevan
became one of the first international Professional Community Associa-
tion Managers (PCAM®).
Winner of several awards both local and international, he recently
received the community management industry’s most prestigious
honour the ‘Presidents Award’ becoming the first person to receive it
internationally.
Greens, Dubai
Further reading:
Community Associations Institute -
www.caionline.org
Community Association Managers
International Certification Board -
www.camicb.org,
Dubai Real Estate Institute –
www.drei.ae

July 2014 Issue -20 /// 30
Market
S
he is one of the youngest real
estate agency owners in Dubai
and is extremely proud of the
way her company, set up by her
mother, Angelika in 2004, has grown
over the years. Alessia Sheglova, Manag-
ing Director, Dacha Real Estate (‘Dacha’
means ‘second home’ in Russian), recol-
lects the early days of Dacha in Dubai.
“My mother set up the company in
2004 as an investment consultancy
firm because most of the projects were
sold off plan. When the market started
booming with the introduction of free-
hold laws, she saw an opportunity there
and decided to get into the lucrative
real estate market of Dubai,” she says,
adding, “Those days, the market used
to be dominated by individual inves-
tors investing in bulk deals. By 2008, my
mother sold full buildings, floors, and
even islands. She then started recruiting
brokers to help her in the growing mar-
ket.” And then the financial downturn
crippled the Dubai market.
EARLY DAYS
I took over the business from my mother
by the end of 2008 and early 2009 when
the market crashed. It was quite tough
early on. The first year was extremely
challenging for me. Advertising options
were limited for the agents those days.
The online advertising industry started
picking up later on. Also most of the
agencies didn't have a CRM software
and we used to rely on excel sheets
and emails. Right now, every com-
pany has a CRM system and in house
client management software. Today,
a lot of enquiries are generated from
online platforms unlike in 2004 wherein
print media used to generate most of
the leads.
”I learned a lot during those initial
days and it helped me understand how
the market works. Then the market
started improving and our team also
started growing. We were located in
Jumeirah earlier but in April this year we
moved to a much bigger office in Dubai
Marina as our team of agents keeps
growing consistently.”
CUSTOMER PROFILE
“Today’s market is driven mostly by end
users, unlike in 2004 when individual
investors used to be our major clients
who would invest in bulk deals. Today,
we deal with buyers who buy individual
units for their personal use. While we
were focusing on investment consul-
tancy when we started the company,
now our focus is on brokerage. End
users who buy property for their per-
sonal use are now our main clientele,
while investors and speculators make
up 10-15% of our clients.”
SUMMER
”Things are positive for us even during
Alessia Sheglova, Managing Director, Dacha Real Estate, shares her expertise
on the market and also sheds some light on the history of Dacha, one of Dubai’s
top real estate agencies. By Binesh Panicker
“We are in the
customer service
business so we
have to take care
of our custom-
ers. For me, it is
important that
a client should
never come back
to us dissatisfied.”
“IT’S A MARKET DRIVEN
MOSTLY BY END USERS”
propertyonline.ae

July 2014 Issue -20 /// 31
Market
summer. May and June have been
excellent months for us. We have been
receiving a lot of enquiries for rentals as
well as sales. But now only the cheaper
properties are selling (below AED5
million mark), while more expensive
properties are not moving as much as
they used to in 2011 and 2012 possi-
bly because of the new mortgage laws
and limitations.”
PRICES
”Since November last year, the prices
stabilized in more popular communi-
ties such as Palm Jumeirah, Arabian
Ranches, Jumeirah Park etc. It is com-
mon for a property to be sold 5% less
than the advertising price, but 10% less
rarely happens. Now sellers are accom-
modating to the offers that the buy-
ers propose and adjusting the prices
accordingly. I don't think prices will go
up after summer. I don't see a poten-
tial for prices to grow especially with
the introduction of 4% transfer fee.
The reason why prices went up in 2013
was because flipping started again in
the market. It is the speculators that
brought the prices up last year, how-
ever, there are very few people now
buying to flip because of the new reg-
ulations. I think prices will be stable for
the next six months.”
NEW AGENCIES
”I think it’s a good sign that new real
estate companies are opening up. In
fact, apart from real estate, a lot of new
businesses are being set up. Our com-
mercial real estate division has seen
a surge in demand for office spaces;
both sales and rentals. It is great news
for the market, as it will bring in more
people to Dubai, which will push up
the demand for properties. Our rental
team is now servicing a lot of clients
who are relocating from different coun-
tries. Very few people are leaving Dubai
these days. Also another indicator that
the population is growing is the wait-
ing list in schools. New schools are
being launched and existing schools
are expanding in order to cater to the
growing demand. These are all positive
signs for the market overall.”
VALUES AND PRINCIPLES
”We are one of the few companies that
have been in the market for over 10
years and have witnessed the good and
the bad times. What sets us apart from
others is we are very transparent and
people trust us. We are also one of the
largest Russian speaking companies in
the market and we have a team of 10
agents dealing with Russian clients (30%
of our clientele). We also have a lot of
Indian and Pakistani investors who are
top investors in Dubai. It is very import-
ant to be ethical and put your client’s
interest first. We are in the customer
service business so we have to take care
of our customers. For me, it is important
that a client should never come back to
Dacha dissatisfied. We have to think of
the long-term relationships and long-
term consequences.”
IS IT A GOOD TIME TO BUY OR SELL?
”If a seller is looking to sell because he
is in need of money, then it is a good
time to sell because in my opinion,
prices have reached peak values but
as an investment, property will offer
you better returns than keeping your
money in your bank account, so unless
and until the seller has a solid reason
to sell, it is advisable not to sell now as
they can continue to enjoy the rental
returns from the property. For buyers,
it is a good time to buy because the
mortgage rates are extremely attractive
these days.”
”If you are an investor, you can invest
now in properties that will give you bet-
ter rent returns such as Dubai Sports
City, Discovery Gardens, and JLT etc.,
which will offer you 5% to 6% rental
returns. Investors should also look
at units (Apartments in good quality
buildings with good views, location and
layout), which will give them good capi-
tal appreciation. “If you want to invest in
off-plan properties, it is a good oppor-
tunity to invest in villas in locations
such as Arabian Ranches 2 and Akoya,
as villas are always in demand in Dubai
and brand new properties will attract
expatriate families that are now arriving
in Dubai.”
propertyonline.ae
Sheikhzayed road

July 2014 Issue -20 /// 32
Market
NAKHEEL TO REPAY
BANK DEBT FOUR YEARS
AHEAD OF TIME
Palm Jumeirah, DubaiDeveloper pays tribute to Dubai Government as it prepares for early loan repayment
propertyonline.ae

July 2014 Issue -20 /// 33
D
ubai developer Nakheel will
repay all AED7.9 billion owed
to bank lenders with an early
repayment in August 2014,
nearly four years before the final loan
instalment due in March 2018, the com-
pany announced recently. Nakheel’s
scheduled prepayment of AED5.54 bil-
lion in August will come just six months
after its previous early repayment in
February this year, when the company
paid off AED2.35 billion of its bank loan.
Ali Rashid Lootah, Chairman of
Nakheel, said: “This is perhaps the most
significant milestone in the history of
Nakheel, and is a true testament to the
support and guidance of His Highness
Sheikh Mohammed Bin Rashed Al Mak-
toum and the trust and faith that he and
the Government of Dubai have placed
in our company. Without it, we would
simply not be in the position we are
in today. “Nakheel is also ever thank-
ful and grateful to the lenders, inves-
tors, business partners and regulatory
authorities who placed their trust and
confidence in our company, support-
ing us throughout this challenging
time. They have played a key role in
our success since the implementation
of our post-restructuring business plan
began in August 2011.“It is now four
years since the new Board of Nakheel
was appointed. During this time,
Nakheel has achieved what some con-
sidered impossible: completion of one
of the largest, most complex financial
restructuring exercises followed by the
successful execution of a new business
plan that has placed us on a path to
new growth.” Nakheel is able to prepay
all of its bank debt ahead of schedule
due to savings of around AED23 billion
on its business plan, achieved through
vastly improved cash flows gener-
ated from property handovers, sales
of new projects, leasing, retail, value
engineering of on-going projects and
amicable settlements with the majority
of trade creditors.
The early loan repayment follows a string of
other achievements and milestones post-re-
structuring, including:
· Meeting the targets set out in the business
planwithinthreeyears–aheadofthesched-
uled five year implementation programme
· Year-on-year profit growth (2010: AED963
million; 2011: AED1.3 billion; 2012: AED2.02
billion; 2013: 2.57 billion)
· The handover of 7,500 units to customers
· Launching more than 20 new projects,
ranging from neighbourhood retail centres
to entire new communities
· Diversifying Nakheel’s business to increase
cash-generating assets
Nakheel Chairman Ali Rashid Lootah
said: “We are delivering on – and in
some cases out-performing – the tar-
gets set out in our business plan. Our
achievements of year-on-year profit
growth, contractor and customer set-
tlements and a number of successful
new project launches are concrete
evidence of investor trust in Nakheel.
“The last four years have been an amaz-
ing journey, and Nakheel is now firmly
re-established as a world-leading devel-
oper playing a key role in Dubai’s real
estate sectors. Once again, thanks to
the Government of Dubai and all of our
stakeholders for their support. I look for-
ward to continued success and delivery
in the years ahead.”
“This is perhaps the
most significant mile-
stone in the history
of Nakheel, and is a
true testament to the
support and guidance
of His Highness Sheikh
Mohammed Bin
Rashed Al Maktoum
and the trust and
faith that he and the
Government of Dubai
have placed in our
company. Without
it, we would simply
not be in the position
we are in today.”
Ali Rashid Lootah,
Chairman of Nakheel
Market
propertyonline.ae

July 2014 Issue -20 /// 34
D
ubai is gearing up to offer a
wider range of affordable stays
to accommodate the large
number of GCC business trav-
ellers, as well as families holidaying in
the emirate, from economy hotels over
hotel apartments to licensed private
homes. “Dubai has been working hard
to drive the destination for families,
reducing the cost of entertainment for
children and there has been a tremen-
dous growth in visitor numbers from
DUBAI SET TO WIDEN ITS
AFFORDABLE VISITOR
ACCOMMODATION OFFERING
the GCC, as well as Northern African
families, they always travel in groups
of around six,” says Ali Abu Monassar,
Chairman of The Vision Destination
Management. “Multiple apartments,
villas etc. of private owners are difficult
More units will be launched in the affordable hospitality segment to cater to the rising number of tourists.
By Nicole Walter/freelance writer
Hospitality propertyonline.ae

July 2014 Issue -20 /// 35
modation they are booking has been
classified in line with global best prac-
tices, while owners of properties will
benefit from the expertise and market-
ing capabilities of the operator through
who they rent out their property,”
he added.
INCENTIVES FROM THE GOVERNMENT
Last year DTCM encouraged hotel
developers to go for the mid-market
sector when investing in new hotels,
offering a 10% municipality tax waiver
for a period of four years, for all 3-star
and 4-star properties, which had the
construction permit granted before
the end of 2017. “The municipality tax
waiver, very important to individual
investors, is encouraging them to build
mid-market hotels, a good move by the
government and supported by DPG
and TECOM they have just announced
dedicated plots for hotels, very good,”
Mohammed Awadalla, CEO of Time
Hotels Management, remarks.
In May, Dubai Holding jumped onto
Dubai’s tourism vision bandwagon
selecting 40 plots, 18 within DPG’s dis-
tricts and 22 in TECOM’s Investments
zones for hotel development. The goal
is to add 7,500 to 8,500 new rooms
to the existing 14 hotels in the three
and four- star segments, which today
include Radisson Blu, Express by Holiday
Inn Express and Ramada Plaza.
Hotel investors will be able to take
advantage of commercial incentive
packages, finding well-located plots
with easy access and infrastructure at
their disposal. “By offering land to a
multitude of investors, we are opening
the door for investors to bring inter-
national brands or develop their own,
and in turn increase the options avail-
able for Dubai’s tourists in the years
up to 2020 and beyond,” said Ahmad
Bin Byat, Chief Executive Officer of
Dubai Holding.
REGISTER FOR
NEW LAUNCHES
+971 52 88 66 288
T:04 395 75 45
F:04 395 75 46
www.candourproperty.com
info@candourproperty.com
to rent sometimes, Dubai has decided
to create separate regulations so they
can be available as holiday homes to
offer a different kind of hospitality. The
open market has to be regulated for any
hotel segment to guarantee homog-
enous quality and value for money,”
he adds.
NEW REGULATIONS
The regulations had been mulled over
for a while until the Decree No.41 on the
‘Holiday Homes Market’ was issued in
December 2013 calling for all residential
holiday lets to operate under a license
from June 15th. Dubai’s Department
of Tourism and Commerce Marketing
(DTCM) invited applications for the first
phase of licenses early June. The first
phase requires a hospitality professional
to become an operator of a portfolio of
a minimum of 20 furnished properties,
which private owners can use to let
their homes for holidays. “Through reg-
ulating the use of properties as holiday
accommodation, the objective is to
broaden the range of options available
to visitors, while ensuring that the high
standards of quality for which Dubai is
known, are maintained,” commented
Khalid bin Touq, Executive Director of
Licensing and Classification at DTCM,
on the recent move.
“Visitors booking their accommoda-
tion through licensed operators will
have the assurance that the accom-
Businessbay, Dubai
Hospitality
propertyonline.ae

July 2014 Issue -20 /// 36
FOCUS ON MID-MARKET UNITS
Ali welcomes the move to offer more
mid-market hotels, although he
wouldn’t brand the emirate as expen-
sive in terms of its hotel offering, point-
ing out that five star hotelstays cost a
fraction of what they do in Europe, in
particular if booked via tour operators.
However, he conceded that there was
a need to provide alternative affordable
accommodation in Dubai to accom-
modate the 20 million visitors by 2020
and the 25 million expected for Dubai
Expo in 2020 alone. “As a destination we
offer the best, people coming to Dubai
expect to spend on quality, but we still
offer good value for money, as much
as the five stars, the budget and econ-
omy hotels are also competing in terms
of the quality of product they offer,”
he remarks. Action Hotels, is a hotel
investor who exclusively focuses on the
mid-market segment when developing
hotels, its CEO, Alain Debare, says there’s
not just families visiting the emirate but
the regional business travellers to focus
on as they make up 70% of an economy
hotel’s guest portfolio.
“Business, large corporations are
driving the demand,” he says, lauding
DTCM’s hotel classification system,
describing it as the most advanced in
the region. “Additionally, DTCM’s sup-
port with licensing is a major incentive
to develop hotels here, the licensing
process can be one of the biggest
hurdles in the Middle East,” Alain adds.
While Guy Wilkinson, Managing Partner
at Viability Management Consultants,
welcomes every move to broaden clas-
sifications, such as the holiday homes,
he laments the absence of boutique
hotels within the current rating system.
“For example there was a boutique
hotel project, combining three villas
DTCM’s support
with licensing is
a major incen-
tive to develop
hotels here, the
licensing process
can be one of the
biggest hurdles in
the Middle East."
Alain Debare,
CEO, Action Hotels

July 2014 Issue -20 /// 37
REGISTER FOR
NEW LAUNCHES
+971 52 88 66 288
T:04 395 75 45
F:04 395 75 46
www.candourproperty.com
info@candourproperty.com
in Jumeirah, but it was closed down
because it couldn’t fit into any of the
ratings, so hopefully the new classifi-
cations will be more flexible on this,”
he remarks. Recent research by the
hospitality consultancy revealed that
the budget hotel market was still dom-
inated by unbranded products. “This is
because brands only recently got inter-
ested in developing budget hotels,”
Guy says.
However, when it comes to develop-
ing more economy and family accom-
modation, one would have to talk about
serviced apartments, he opined. “I think
of them as a B&B. We have about 200
of them in Dubai and they are actually
very popular with tourists. The chains
couldfill a gap within the economy seg-
ment of hotel apartments, and have a
type of ibis or Holiday Inn branded lim-
ited service option in the serviced apart-
ments market,” he recommends. This is
due to intra-regional large family trav-
ellers preferring affordable inter-con-
nected rooms. “This is a huge market
big chains are now getting interested
in,” he adds. Time Hotels, as a local hotel
brand, is offering this kind of stay. The
hotel management company has four
Time Hotel Apartment properties in
Dubai. The operator’s CEO, Mohammed
Awadalla, points out that recently pub-
lished research on this type of product
“There was a boutique hotel
project, combining three
villas in Jumeirah, but it
was closed down because
it couldn’t fit into any of the
ratings, so hopefully the
new classifications will be
more flexible on this." Guy
Wilkinson, Managing Part-
ner, Viability Management
Consultants
Dubai Marina
Hospitality
propertyonline.ae

July 2014 Issue -20 /// 38
Column
JITHEESH THILAK
BA, LLB (Hons). LLM (Int. Economic Law)
Solicitor (England & Wales),
Advocate (Supreme Court of India)
e: jthilak@gmail.com
T
he hospitality industry is the number one target for computer
hackers and, but hotels could be doing more to prevent it. The
rise of social media is making it easier for fraudsters to discover
guests' details, but hotels are particularly vulnerable because
they store large amounts of sensitive customer details, including loyalty
programme information. Similar to retailers, restaurants and others in
the service industry, hotel operators tend to collect vast amounts of data
from their customers, including names, contact information and credit
card numbers. Further more, hotels often collect additional information
about a customer’s special needs and interests, so they can offer accom-
modations during their stay. Given the sensitivity of this information, it
is important that hotel operators keep it out of the wrong hands or risk
exposing it through faulty data protection practices.
The UAE does not have a specific data protection law. There are, how-
ever, a number of provisions in a number of different laws that relate
to data protection and privacy. The principle of a right to privacy of
personal information is enshrined in the UAE Constitution and arises
again in a number of different UAE laws. Under the UAE Penal Code,
the primary source of criminal law in the UAE, it is an offence to publish
news, pictures or comments relating to the secrets of a person's private
or family life or to use another person's 'secret' for your own, or some-
one else's, advantage without the consent of the person to whom the
'secret' relates. Circumstances in which electronic personal information
may be accessed or disclosed are also restricted by a number of laws in
the UAE.
Further, the UAE Labour Law, the primary source of employment law
in the UAE, places obligations on employers in relation to the informa-
tion that they must maintain in respect of their employees. In recent
months, legislation relating to credit information has also been passed
in the UAE.This legislation contains a number of provisions in respect of
data protection and privacy issues that relate to the collection, storage
and processing ofpersonal credit information. Although there is no spe-
cific data protection law in the UAE, it is important that hotels operat-
ing in the UAE are aware of, and comply with, their obligations in the
UAE in respect of data protection and privacy issues and that they have
adequate policies and procedures in place to protect themselves and the
personal information in their possession. Hotels in the UAE should also
be aware of the implications of data protection legislation applicable in
jurisdictions outside the UAE, which may affect the cross-border transfer
of personal information. It has been reported that comprehensive leg-
islation relating to data protection in the UAE may be implemented in
the near future.
Though there is no specific data protection regulations in UAE for the
vulnerable hospitality sector, the hotels are making moves to lock down
their data security practices with strict internal policies and procedures.
There is clearly a great deal of work that needs to be done, but if a hotel
can demonstrate it is capable of protecting customer information, it
may be more likely to inspire confidence in consumers, which, in turn,
could afford the hotel a competitive edge.
EFFECTIVE DATA
PROTECTION PRACTICES
FOR HOSPITALITY
SECTOR IN UAE
was encouraging. “The demand in Dubai for this kind
of hotel accommodation is increasing day after day,
the services are quite high, we provide a full kitchen
etc. and this is what families want, a home away from
home together with the security and services and
the high standards we can guarantee via our hotel
brands,” he remarks. “Location is number one to suc-
cess, our hotel apartments are always full, over 90
% occupancy, because they are near the metro, not
only a convenience benefit but there are travellers
from the region who visit Dubai just to try the metro,”
Mohammed adds. Although he concedes the GCC is
still number one, especially because of Saudi Arabia,
in terms of families visiting, he highlighted the rising
number of Lebanese and Egyptians, who these days
choose the UAE over Spain for their holidays, and
indeed to set up businesses. And they are looking for
economy options.
“I believe that Middle Eastern travellers may have
not found what suited them in the past, but nowa
days brands like Express By Holiday Inn, Rotana’s
Centro, and indeed ourselves have adapted the
economy concept to this market, totally different
to those offered in Europe and the demand is there,
both Middle Eastern and international travellers eas-
ily accept them, we will do well as long as we offer
the services,” he says.
The emergence and network expansion of bud-
get airlines marked the trend into direction of afford-
ability, according to Wilkinson. “Dubai, and neither
Oman, wanted back packers so there was more focus
on luxury hotels, but with Air Arabia etc. this kind of
tourists are coming and are looking for equivalent
hotels, that’s why the brands are getting so inter-
ested, and the independent (non-branded) hotels
should get concerned,” he remarks.
Mohammed doesn’t quite concur, pointing out
that one could fly budget to Dubai and still afford
a five-star stay. “Tour operators get special rates for
AED500 to AED700. Having said that, DTCM ispro-
jecting 125,000 rooms are needed to host the Dubai
Expo alone, we will require more economy rooms
amongst those, and I trust in their efforts to increase
the leisure offering and their marketing activities that
we will all have a future after that,” he says.
Viability’s latest research indicates 25,000 rooms
are already in Dubai’s hotel pipeline to open by
2020. “Instead of being ego-driven investments
like the five stars, budget hotels are driven by
profitability estimated at 60% compared to 40%
for five star, and hotel serviced apartments 70%,”
Guy concludes.
More recently, Dubai Holding’s announcement
of its Mall of the World along with 100 hotels cov-
ers another 20,000 prospective keys of the projected
requiredpipeline.Itssevenkilometresofclimate-con-
trolled promenades and entertainment options have
the power to attract the guests, with the location
alongSheikhZayedRoadtheidealfeedinggroundfor
mid-market hotels.

COMMUNITYSPECIALIST
S P E C I A L I S T
THE LAKES
DEEMA TYPE 4
4 BEDS + MAIDS & STUDY
AREA SQ.FT: PLOT 7000, BUA 3,703
 VIEW: PARK & POOL
AED 6.45 MILLION
GHADEER TYPE 1E
AREA SQ.FT: PLOT 6,800, BUA 3,105
VIEW: PARK & POOL
AED 5.2 MILLION
GHADEER – TYPE 3M
3 BEDS + STUDY
AREA SQ.FT: PLOT 3,122 BUA 2,485
VIEWS: COMMUNITY
AED 4 MILLION
MAEEN TYPE C END UNIT (EXTENDED)
AREA SQ.FT: PLOT 4,200 BUA 3000
AED 4.2 MILLION
DEEMA TYPE 5
VIEWS: PARK & POOL
AED 5.65 MILLION
DEEMA TYPE 2 CORNER
AED 6.8 MILLION
GHADEER TYPE 2E
3 BEDS + STUDY & MAIDS
AED 4.9 MILLION
MAEEN TYPE 17
VIEWS: COMMUNITY
AED 6.5 MILLION
ZULAL TYPE C MIDDLE
VIEW: COMMUNITY
AED 3.7 MILLION
DEEMA TYPE 4
AED 5.85 MILLION
Cornelia Gould - C l i e n t M a n a g e r
+971 56 115 9043 | cornelia@exclusive-links.com
RERA BROKERS NO. 26800
Tel +971 4 422 5750 | www.exclusive-links.com

PALM JUMEIRAH
S P E C I A L I S T
COMMUNITYSPECIALIST
FARHAD AHMED (Brn: 9694)
+971 55 4383750 +971 50 9533442
fa@spfrealty.com
Tel +971 4 3396222 | www.spfrealty.com
JASH HAMAD
 1 B E D ( T Y P E B )
 A R E A S Q F T : 1 1 7 2
 H I G H E R F L O O R , VA C A N T
A E D 1 , 9 0 0 , 0 0 0 / -
AL HAMRI
 2 B E D S A PA R T M E N T + M A I D ( T Y P E D )
 A R E A S Q F T : 1 5 5 0
 G A R D E N V I E W
A E D 2 , 8 0 0 , 0 0 0 / -
AL ANBARA
 2 B E D S A PA R T M E N T + M A I D ( T Y P E E )
 A R E A S Q F T : 1 6 3 0
 PA R T I A L S E A V I E W
A E D 2 , 6 0 0 , 0 0 0 / -
AL HABOOL
 3 B E D S A PA R T M E N T + M A I D ( T Y P E A )
 A R E A S Q F T : 2 1 5 2
A E D 3 , 2 0 0 , 0 0 0 / -
JASH HAMAD
 3 B E D S A PA R T M E N T + M A I D ( T Y P E C )
 A R E A S Q F T : 2 1 2 0
 PA R T I A L S E A V I E W
A E D 3 , 4 5 0 , 0 0 0 / -
AL HALLAWI
 2 B E D S A PA R T M E N T + M A I D ’ S ( T Y P E F )
 A R E A S Q . F T: 2 0 5 0
A E D 3 ,1 0 0 , 0 0 0 / -
FAIRMONT
 3 B E D S A PA R T M E N T + M A I D ’ S
 A R E A S Q . F T : 2 2 5 0
 PA R T I A L S E A
A E D 5 , 0 0 0 , 0 0 0 / -
OCEANA
 1 B E D A PA R T M E N T
 A R E A S Q F T : 1 4 9 0
 N O R M A L V I E W
A E D 2 , 5 0 0 , 0 0 0 / -

+971 4 395 8996
info@dubailuxuryhomes.com
www.dubailuxuryhomes.com
Contact your Area Specialist today to list / sell or rent your properties, and for Free Market Advice.
For Property Management Services Call: Stephan Adams (RERA#27581) +971 052 835 0679
GENERALLISTINGS
Jackie Johns
RERA #10025
M: 050 394 4914
Andrew Burnett
RERA #29308
M: 050 450 0728
Gary Giles
RERA #29980
M: 056 984 0546
Alina Kazeka
RERA #25654
M: 050 252 0748
Jaroslav Krcma
RERA #2910
M: 050 459 7940
Dinesh Chhatwani
RERA #22705
M: 055 225 3548
Dinesh Chhatwani
RERA #22705
M: 055 225 3548
Emma Graffagnino
RERA #27547
M: 050 876 8838
Dinesh Chhatwani
RERA #22705
M: 055 225 3548
The Meadows
Bloomingdales
Sports City
Downtown
Palm Jumeirah
The Springs
JVT / Jumeirah Park
Remraam
Diana Conway
RERA #29881
M: 056 605 6382
Ahmed Al Azzawi
RERA #28407
M: 050 671 6978
Marina Ch.
RERA #28407
M: 055 149 1636
Sonu Miglanni
RERA #26443
M: 055 551 9767
Sonu Miglanni
RERA #26443
M: 055 551 9767
4 - 5 Bedroom options available.
Price: AED 3,705,000 onwards.
2 - 4 Bedrooms options available for Rent:
Price: AED 130,000 - 240,000
2 - 4 Bedrooms options available for Sale:
Price: AED 2,100,000 - 4,400,000
Studios - 3 Bedrooms options available for Rent:
Price: AED 50,000 - 140,000
Studios - 3 Bedrooms options available for Sale:
Price: AED 500,000 - 1,760,000
JVT Townhouses & Villas:
From AED 1.75 & 3.4 million
Jumeirah Park 3 - 5 B/R:
Price: AED 3.9 - 6.5 million
1 - 4BR Apartments:
Price: From AED 2.6 milion
4 - 5BR Villas:
Price: From AED 15 milion
4 - 5 Bedroom options
available. Price:
AED 4,900,000 - 9,000,000
Studio - 1B/R Apartments
Price: Starting AED 540,000
2 B/R Apartments
Price: AED 1.2 - 1.4 million
1B/R - From AED 1.9 million
2B/R - From AED 3 million
3B/R - From AED 5.5 million
RE
S
J
5
L
A
A
3
G
A

o
+971 4 3882220
aquaproperties.com
RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District Dubai facebook.com/aquaproperties
PALMJUMEIRAH
LOOKING TO SELL OR LEASE YOUR PROPERTIES
SEND YOUR PROPERTIES TO LISTINGS@AQUAPROPERTIES.COM TO RECEIVE THE PROMPT SERVICE & RESULTS YOU DESERVE
GENERALLISTINGS
JUMEIRAH ZABEEL SARAY
5 BED+MAID VILLA, 7,087 SQ.FT.
FULLY FURNISHED, SEA VIEW
AED 36,000,000/-
FAIRMONT RESIDENCE
2 BED APARTMENT, 1,820 SQ.FT.
SEA & MARINA SKYLINE VIEWS
AED 4,700,000/-
FAIRMONT RESIDENCE
FULL SEA VIEW
AED 4,500,000/-
AL BASRI
FULL SEA & BURJ AL ARAB VIEW
AED 4,000,000/-
MARINA RESIDENCE
ATLANTIS VIEW
AED 2,900,000/-
GOLDEN MILE
TYPE D, PARTIAL SEA VIEW
AED 2,685,000/-
AL HAMRI
SEA VIEW
AED 2,650,000/-
DOROTHY(BRN29200)
DOROTHY(BRN29200)
MANISH(BRN27819)
YASMIN(BRN28107)
WAKAS(BRN25871)
DOROTHY(BRN29200)
MANISH(BRN27819)
JUMEIRAH ISLANDS
JUMEIRAH MANSION
5 BED+MAID, 8,452 SQ.FT.
LAKE VIEW
AED 18,500,000/- JOY (BRN 29934) MANISH (BRN 27819)
ARABIAN RANCHES
MIRADOR LA COLECCION
4 BED+MAID, 3,809 SQ.FT.
COMMUNITY VIEW
AED 5,700,000/-
DOWNTOWN
ARMANI RESIDENCES
1 BED, 1,068 SQ.FT.
COMMUNITY VIEW
AED 6,250,000/- MANISH (BRN 27819)
DUBAI MARINA
YACHT BAY
2 BED, 1,185 SQ.FT.
PARTIAL MARINA VIEW
AED 2,380,000/- CHRIS (BRN 29468)
JVT
DISTRICT 9
1 BED TOWNHOUSE, 1,939 SQ.FT.
LAKE & PARK VIEW
AED 1,600,000/- WAKAS (BRN 25871)
GREENS
AL GHAF
3 BED, 1,620 SQ.FT.
GARDEN VIEW
AED 3,300,000/- KHUSRO (BRN 27523)

July 2014 Issue -20 /// 50
N
ew law regarding rental
price increases has also had
an effect, with investors now
looking at rental returns
which are essentially driven and lim-
itedbyawell-publicizedandtranspar-
ent formula backed by law. The incen-
tive to obtain superior, sometimes
excessive, investment yields was sig-
nificantly dampened with the intro-
duction of the new law and a signif-
icant number of investors have gone
elsewhere in search of yields.
Which leads us to the Dubai Stock
market. With a gain of 107% in 2013
and having grown 61% ytd, many
investors are looking at opportunities
otherthan direct exposure to property.
Apart from non-property linked stocks
performing well, property developers
have shown strong growth in valua-
tions. EMAAR stocks have more than
doubled in value since August last
year, providing investors, interested
in benefitting from Dubai’s property
resurgence, to invest in developers
rather than properties directly.
And developer practices have also
come under scrutiny. Regulations and
restrictions for off-plan sales regard-
ing minimum capital requirements,
establishment of escrow accounts,
100% land ownership, authoriza-
tion procedures, regular audits and
investor protection legislation has
resulted in a significant decline in
speculative development practices
and more fundamental analysis and
strategic planning by the developers
themselves. There is a more disci-
plined approach to industry devel-
opment and growth lessening the
likelihood of inventory imbalances
andincreasing the likelihood of mar-
ket equilibrium in terms of supply
and demand.
The effect of the headlines sur-
rounding Dubai’s successful bid to
host the 2020 expo was significant.
The sharp increase in demand for
property as a result of the news was
not unwarranted as it was accom-
panied by a bunch of data, com-
piled from independent sources,
which indicated the significant
economic effect that the Expo will
have on the emirates economy
and the logical impact on the
property scene.
But while the headline effect may
have dissipated, the economic effect
has only just commenced, as the
planned infrastructural investment
of over $US8 billion dollars, and the
creation of over 270,000 new jobs
starts to gain momentum in readiness
for over 25 million additional visitors
who are expected to attend the event.
The IMF agrees that the Expo will has
further strengthened Dubai’s growth
prospects going forward with a revised
GDP growth figure of 4.5% for the UAE
for this year.
So, given the history of the Dubai
Real Estate market in the run up to the
Global Financial Crisis and the dra-
matic, now infamous, decline in asset
values that occurred during the crisis,
it is not surprising that the IMF should
monitor and comment on the rapid
price growth that Dubai’s Real Estate
industry has experienced over the past
two years.
I believe the latest commentary is
simply a case of the IMF highlighting
that unbridled growth will result in an
“asset bubble”. Recent history would
show that responsible industry stake-
holders agree that this is to be avoided
at all cost and share the vision that the
Dubai property market will derive its
growth from solid economic and mar-
ket fundamentals, not speculation.
The long term sustainable and profit-
able growth of the industry depends
on it.
THE IMF, REAL ESTATE BUBBLES
AND MAINTAINING PERSPECTIVE
(Part II)
Mohanad Alwadiya, Managing Director, Harbor Real Estate

The Andalusia Collection, like all great collections, will be enjoyed by a privileged few. Only 69
unique luxury villas have been designed to create the Andalusia Collection, where rarity and
exclusivity are only matched by excellence. Ideally located within Phase 3 of the renowned“The
Villa”Project at Dubailand, the Andalusia Collection boasts:
Plot sizes of up to 30,000 sq. ft. and built-up areas of up to 8,400 sq. ft. I Completely upgraded
finishes and fixtures featuring some of the world’s leading luxury brands such as Villeroy & Boch,
Grohe and Bosch I Air-conditioned glass central courtyards offering ample natural light and
delightful ambiance I Fully equipped designer kitchens I Private overflow swimming pools I
Dedicated decorative fencing offering additional privacy, safety and distinctive plot demarcation
I Drivers’ and Maid’s quarters I Unique and striking architectural themes complemented with
beautiful mosaics, magnificent arches and quality marble and wooden flooring patterns of
symmetry that remain unique even to this day I Provisions for smart home, security, surveillance
and surround sound systems I Special plaques installed at each villa for added exclusivity
It’s no wonder that these rare and exclusive luxury villas can be acquired by application only.The
Andalusia Collection consists of three luxury villa types: Diamante, Zafiro and Perla.
To submit your application or to view the stunning fully furnished show villa (7 days a week, 9am
to 7pm), please contact Harbor Real Estate (the exclusive marketing and sales consultant) on
+971 4 325 1616, +971 50 916 6543, info@harbordubai.com
or visit www.harbordubai.com/andalusia
Holding CompanyDeveloper Exclusive Marketing
& Sales Consultant
RARE &
EXCLUSIVE
 READY TO MOVE-IN
 In-house payment plan:
10% on booking and 90% over
3 years
 The largest plots (14,300 -
30,341 sq. ft.) & built-up areas
(8,117 - 8,392 sq. ft.) in the
entire development
 Prices start from AED 8,700,000
Disclaimer: Terms and Conditions Apply. The content of this advertisement was
correct at time of going to publishing but is subject to change without notice.
Harbor Real Estate accepts no liability for the accuracy or completeness of the
information contained in this advertisement or of any claims or losses of any nature
arising directly or indirectly from the use of or reliance upon such information.
Purchasers must satisfy themselves by inspection or otherwise regarding the
content of the particulars.

Property Times eMagazine July 2014

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (8)

Andere mochten auch

Andere mochten auch (20)

Ähnlich wie Property Times eMagazine July 2014

Ähnlich wie Property Times eMagazine July 2014 (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

Property Times eMagazine July 2014