Property Times eMagazine march 2015

///// Issue 28 - March 2015
Magazine Search Awards
A BRAND NEW SECTION
ON DUBAI’S COMMUNITIES
THE NOMINEES
Don't wait...
Just move in...
Dream Tower in Dubai Marina
is now ready for sale
Pg20
Pg8
Pg24
Pg28
PEOPLE’S CHOICE
REAL ESTATE
AWARDS 2015
COMMUNITY TIMES
DOWNTOWN &
PALM JUMEIRAH
PROJECT WATCH
A LOOK AT THE LATEST
DEVELOPMENTS

5 Bedrooms + maids + storage
+ 2 living rooms + a private indoor pool
Fully furnished & upgraded 12469 sq ft (with 6 car parks)
Full panoramic views of the Sea & the iconic
Palm Jumeirah/ golf course/ Dubai Marina skyline
/ Burj Al Arab Hotel.
Elite Residence - Dubai Marina
Ultra Luxury Penthouse
| swimming pools | gymnasium | children's day care nursery | health spa | lounge area etc.

REMARKABLE PENTHOUSE
Located on the top floor of a skyscraper in Dubai Marina, this is the most
intriguing Penthouse in Dubai. It’s extraordinary, striking and has an impressive
contemporary and warm style décor. Every part of this Penthouse has a story to tell
From two stunning living rooms to a private indoor pool with Jacuzzi
to an internal space for a gym, you just have to name it and its’ all there.
The vast variation and quality of materials used in its upgrades has tremendously
added to its overall cost and offers immense value.
to offer a spectacular sight for all eyes and a desire to have.
Privacy, Natural light, Ocean views, an astounding design come together
lite esidence, dubai marina, dubaiE R
Contact: KGR Real Estate (ORN: 16084)
t: +971 4 3308 775 e: kgrre@outlook.com
83 floors of residential apartments
4 parking floors
4 basement levels
2 health clubs
state of the art business centre
Elite Residence Tower - Dubai Marina
Close to Metro Station/ Dubai marina Tram station
Price on request
Developed by Tameer Holdings.

FROM THE EDITOR
MORE POSITIVITY
IN THE MARKET
While the market continues to experience a
slowdown, the overall sentiment among real
estate agency owners is still positive. Everyone
seems to have understood the fact that this period
of correction is an inevitable part of the cycle that
everyrealestatemarketgoesthroughoveraperiod
of time. Nobody wants a volatile market where
prices fluctuate rapidly. In the current scenario,
investors can feel confident about Dubai market
as it is showing signs of maturity. In fact, in some
communities such as Victory Heights, rents have
gone up while prices have dropped, which gives
an opportunity for investors to secure better rental
yields. Yes, this is a period of opportunities even for
end-users looking to buy as the prices are more
affordable and it will be foolish to play the ‘wait
and watch’ game because prices aren’t going
down rapidly. In short, the market at present is
stableandwithbanksaggressivelypromotingtheir
mortgage products at attractive interest rates, the
demand is expected to grow from investors and
end-users alike. And there are many options for
those who are planning to buy. Ready to move in
properties such as Dream Tower in Dubai Marina
give buyers an option to buy and move in or rent
out immediately, which is our cover story this
month. In this issue, we are introducing a couple
ofsections,whichwillbeextremelyusefulforthose
Binesh Panicker
Editor-in-Chief & Co-Founder
P.O. Box: 76460, Dubai, UAE
MEDIA LAB PUBLISHERS LLC
Office 135, B Block, Al Shafar Investment
Building, Near 3rd Interchange
Sheikh Zayed Road, Dubai, UAE,
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Fax: +971 4 33 86 734
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OUR TEAM
CONTRIBUTOR
PRINTER DISTRIBUTORS
PUBLISHER
Nicole Walter
Freelance Writer
who are looking to buy their dream homes. While
‘Community Times’ section focuses on selected
communities featuring a wide range of useful
information, ‘Project Watch’ carries new projects
launched by Dubai developers. In a bid to provide
advice and guidance to investors, we have roped
in Manoj Prasad, Executive Vice Chairman and
CEO of Que Capital Limited, who, from this issue
onwards, will address various issues and topics
relatedtoinvestmentinDubairealestatemarket.I
amsureitwillbeagreatsourceofvitalinformation
for the investors and buyers.
Also in this issue, we feature inputs from various
industry members to shed some light on the
current scenario in the market, which will help you
makeinformeddecisions.Inthehospitalitysection,
our contributor Nicole Walter takes you through
hotel destinations in Oman and it will certainly
help you plan your next holiday trip.
The voting lines for Property Times People’s
Choice Real Estate Awards 2015 are open. The
competition so far has been fierce and I am sure
people of Dubai will choose the best agencies in
the next few days.
Happy reading!
/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media- /+PropertyonlineAeweb/
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@medialabpublishers.com
JATIN Deepchandani
Head of Sales, Marketing & PR
jatin@propertyonline.ae
SYED Ghayuor
Sales Manager
syed@propertytimes.ae
THINKAL Bhal
Manager - Sales
thinkal@propertyonline.ae
RESHMI Raveendran
Editorial Coordinator
reshmi@propertytimes.ae
NYSAM K Shahul
Senior Graphic Designer
nysam@propertyonline.ae
TOSEEF Ali Tidiwala
Accounts Executive
ali@propertyonline.ae
KIRAN Reddy
E-magazine support
kiran@propertyonline.ae
SRIKANTH Reddy
E-magazine support
srikanth@propertyonline.ae
MANAF CK
Admin Executive
manaf@propertyonline.ae
MARY Grace Antonio
Executive Assistant to Editor in Chief
grace@medialabpublishers.com
March 2015 Issue -28 /// 5
propertyonline.ae

Meydan - Dubai
CONSTRUCTION IS IN FULL SWING | AVAILABLE FOR RESALE
800773S P F
t o l l f r e e
millenniumestates.ae
millenniumestates.ae/grandviews
Millennium Estates
* All Premiums are inclusive of oqood charges
Kalpesh (Brn 11874)
Kalpesh (Brn 11874)
Farhad (Brn 9694)
Imran (Brn 12258)
Imran (Brn 12258)
Imran (Brn 12258)
Mudassar (Brn 10684)
Yash (Brn 11461)
Yash (Brn 11461)
Mudassar (Brn 10684)
Burhan (Brn 22533)
Burhan (Brn 22533)
Burhan (Brn 22533)
Jane (Brn 27553)
Payal (Brn 12093)
Payal (Brn 12093)
A Kadeer (Brn 26807)
A Kadeer (Brn 26807)
Type B Phase 1- 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 14% Premium
Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 10% Premium
Type A Phase 2- 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 16% Premium
Type C Phase 3- 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft 14% Premium
Type C Phase 2- 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft 25% Premium
Millennium Estates | Meydan - Type A
Actual villa image
5 Bedroom G + 1 Villa Area 7,371 SQFT,
2 living rooms + maids room + drivers room
Marble Flooring Most Areas, Parquet Flooring
Bedrooms, Pogen Pohl Kitchens, Partial Stone
External Cladding on the exterior
Actual villa image
5 Bedrooms G+1 Villa
BUA 6,993 SQFT, 2 living rooms + maids room
+ drivers room, Marble Flooring Most Areas,
Parquet Flooring Bedrooms, Pogen Pohl
Kitchens, Partial Stone External Cladding on
the exterior.
Millennium Estates | Meydan - Type B
Millennium Estates | Meydan - Type C
5 Bedrooms G+1 Villa
BUA 5,221 SQFT, Living rooms + maids room
+ drivers room, Marble Flooring Most Areas,
Parquet Flooring Bedrooms, Pogen Pohl
Kitchens, Partial Stone External Cladding on
the exterior.
Actual villa image

8
PEOPLE’S CHOICE AWARDS 2015:
The Nominees
12
NEWS AND ANALYSIS:
International Property Show 2015
14
NEWS AND ANALYSIS:
Update on Victory Heights by REIDIN
16
PROPERTY EXPERT:
Dawn Draper, Pennington
18
MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
26
INTERVIEW:
Jennifer Peltenburg, Farnek
30
STRAIGHT TALK BY MP:
Manoj Prasad, Que Capital Limited
32
TOWN SQUARE by Nshama
Dream Tower
is ready for sale
Community Times Project Watch Arabian Ranches
Community Fair in pictures20 24 28 44
37
Column by the Wolf of Real Estate
38
INTERVIEW:
Anant Golyan, Westar Properties
40
MARKET UPDATE
by LJ Hooker sales & leasing managers
42
INTERVIEW:
Vishal Wadhwani, Gold Coast Real Estate
46
INTERVIEW:
Klaus Holscher, Kensington
48
HOTEL JEWELS in Oman
54
SHARIA-COMPLIANT HOTELS:
Column by Jitheesh Thilak
58
Exclusive property listings
March 2015 Issue -28 /// 7
propertyonline.ae

...THE NOMINEES...
AliAshrafTumbi,CEO
ManishKhatri, VP
NirajMasand
Managing Director
RohanRaval
Managing Director
W: www.aquaproperties.com|E:info@aquaproperties.com
T:043882220|RERA No: 303
W:www.banke.ae|E:enquiries@banke.ae
T:043380088| RERA No: 12108
W:www.canaryislandproperties.com
E:enquiries@canaryrealty.com |T:042775709|RERA No: 12063
People’s Choice Best Real Estate Agency:
Overall Performance
Editor’sChoiceBestRealEstateBrand:
NewEntrants
People’sChoiceBestRealEstateAgency:Buyers’Choice
CATEGORIES
CATEGORIES
CATEGORIES
Akylbek Akimov
Managing Director
JohnStevens
ManagingDirector
DeepakKaipa
BusinessDevelopment
Manager
AlessiaSheglova
Managing Director
W:www.areb.ae|E:info@areb.ae
T:044533315 | RERA No: 12366
W: www.asteco.com
E: MichelleM@asteco.com | T: 600 54 77 73 | RERANo:180
W:www.bukhatirproperties.com|E:info@bukhatirproperties.com
T:044385500|RERA No: 12287
W:www.dacha-re.com
E:info@dacha-re.com
T:044232006|RERA No: 393
People’sChoiceBestBrokers:Top5• Akylbek Akimov • Alina Adamco
People’s Choice Best Real Estate Agency:
Property Management
Editor’sChoiceBestRealEstateBrand: NewEntrants
People’s Choice Best Real Estate Agency: Overall Performance
People’s Choice Best Real Estate Agency: Buyers’ Choice
People’s Choice Best Real Estate Agency: Sellers’ Choice
People’s Choice Best Real Estate Agency: Renters’ Choice
People’s Choice Best Brokers: Top 5 • Jade Morris • Galina Lukanova
CATEGORIES
CATEGORIES
CATEGORIES
CATEGORIES
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Muhammad Israr
Managing Director
W:www.aimproperties.ae
E:info@aimproperties.ae|T:043695383|RERA No: 12454
Editor’sChoiceBestRealEstateAgency:ExclusiveProjects
Editor’sChoiceBestRealEstateBrand:NewEntrants
CATEGORIES
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ErfanAslam
Managing Director
W:www.exclusive-links.com
E:enquiry@exclusive-links.com|T:044225750| RERA No: 708
W:www.gwre.ae
E:info@gwre.ae |T:044405065| RERA No: 1086
Categories:People’sChoiceBestRealEstateAgency:
PropertyManagement
People’sChoiceBestBrokers:Top5 •EdwardJohnDonohoe•LeahDunne
Editor’sChoiceBestRealEstateBrand:NewEntrants
CATEGORIES
CATEGORIES
ChrisWhitehead
Managing Director
FadiNwilati
CEO
MohanadAlwadiya
ManagingDirectorof
HarborRealEstateand
Advisor
W:www.ere-homes.com|E:info@ere-homes.com
T:0563933466|RERA No: 2436
W: www.800-property.com
E: info@800-property.com
T: 04 45 41 235 | RERA No: 210
W:www.harbordubai.com
E:info@harbordubai.com|T:043251616| RERA No: 2004
People’sChoiceBestRealEstateAgency:PropertyManagement
People’sChoiceBestRealEstateAgency:PropertyManagement
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http://awards.propertyonline.ae/harbor-real-estate
Dounia Fadi
Managing Director
WINNERS CHOSEN BY BUYERS, INVESTORS, SELLERS AND RENTERS…
W:www.elysianrealestate.com|E:info@elysianrealestate.com
T:043234545|RERA No: 619
People’s Choice Best Real Estate Agency: Property Management
CATEGORIES
ToVote:http://awards.propertyonline.ae/elysian
Dounia Fadi
Managing Director
LouiseHeatley
Managing Director
ZarahEvans
Managing Director
People’s Choice Best Real Estate Agency: Property Management
People’s Choice Best Brokers: Top 5 • Lenet Asatourian • Ryan Blair
Sales l Leasing l Management
Duba i UA E
HamirAsher
Managing Director
W:www.indus-re.com
E:info@indusre.ae|T:043519995| RERA No: 123
People’sChoiceBestRealEstateAgency:
OverallPerformance
CATEGORIES
ToVote:http://awards.propertyonline.ae/indus-real-estate
PaulChristodoulou
CEO
W:www.kendal.ae
E:info@kendal.ae |T:043882921| RERA No: 11922
OverallPerformance
CATEGORIES
ToVote:http://awards.propertyonline.ae/kendal

...THE NOMINEES...
FaisalBaig
Managing Director
W:www.ottomansuae.com
E:info@oceanviewdubai.com |T:043469933| RERA No: 11826
W:www.oceanviewdubai.com
E:info@propsquare.com|T:044408922|RERA No: 841
W:www.realty-force.com
E:sales@realty-force.com
T:044257771|RERA No: 1038
Editor’sChoiceBestRealEstateAgency:
ExclusiveProjects
People’sChoiceBestRealEstateAgency:Sellers’Choice People’sChoiceBestRealEstateAgency:Sellers’Choice
CATEGORIES
CATEGORIES
CATEGORIES
KunalPuri
Managing Director
MarioVolpi
ManagingDirector
DawnDraper
Managing Director
RiyazMerchant
Managing Director
W:www.lacapitaledubai.com| E:admin@lacapitaledubai.com
T:043883001|RERA No: 2610
W:www.oceanviewdubai.com
E:info@oceanviewdubai.com |T:043433256| RERA No: 511
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E:info@pennington.ae |T:044537375| RERA No: 12512
People’sChoiceBestRealEstateAgency:OverallPerformance
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NewEntrants
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ToVote:http://awards.propertyonline.ae/ocean-view-real-estate
ToVote:http://awards.propertyonline.ae/realty-force
KlausHoelscher
CEO
www.kensington-dubai.com | E: selina.krump@kensington-international.com
T: 04 32 59 411 | RERA No: 300
CATEGORIES
SameerAdam
ManagingDirector
W:www.modeluxproperties.com/mdlx
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Managing Director
Rouf Makroo
Managing Director
People’sChoiceBestBrokers:Top5•ChristophEngels•MarynaBespalaya
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VOTEVOTE
A HOLIDAY TRIP
& WIN
PaulaEnander
ManagingPartner
W:www.dubaisir.com
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E:info@stockholmre.com |T:042778002| RERA No: 12895
NewEntrants
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CATEGORIES
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AkashAshokKanjwani
Managing Director
PawanBatavia
ManagingPartner
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E: info@skyviewdubai.com
T: 04 32 98 651 | RERA No: 563
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ManagingPartner
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Managing Director
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•ManishRameshRaheja•MuhammadJaved
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E:customercare@sbkrealestate.com
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V.A.Hassan
Founder
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ExecutiveDirector
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Director
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Director
THEREGION'S
ONEANDONLY
REALESTATEAWARDS...
KalpeshSampat
Director
VOTING LINES CLOSES ON 31 MARCH 2015

NEWERAREASOFDUBAI
UNDERPROPERTYINVESTORS’
RADAR:INTERNATIONAL
PROPERTYSHOW2015
R
eal-estate transactions in 2014
were spread out across the
emirate of Dubai, according to
a recent report of Dubai Land
Department's Real Estate Research
and Studies Section, quoted by
International Property Show 2015.
Organizers of the show said this
indicates fragmentation of the realty
market in Dubai, with each location
being valued on the basis of its own
supply and demand fundamentals.
Josine Heijmans, Exhibition Director,
Strategic Marketing & Exhibitions,
Organizer of the show added: “The
market is becoming more end-
user driven, with cash investors
outstripping mortgages, reflecting its
maturity and attractiveness to all kind
of investors. More importantly, the
sector is becoming more resilient,
due to diversity and multi-location
investment options.” International
Property Show, scheduled to be
held from 30 March to 1 April
2015 at the Dubai International
Convention and Exhibition Centre,
has attracted various levels of
developers, including promoters of
luxury, residential and commercial
projects in the UAE, in the region and
internationally, all keen to showcase
their diversified offering to investors
and trade visitors.
According to DLD report, more
than 53,871 real estate transactions
were made in 2014 alone. The total
number of transactions in terms of
sales reached 38,113, with the value
exceeding AED112 billion. Josine said
that investments are being pumped
into new lesser known parts of the
city, which is a healthy sign for the
industry. International Property
Show offers direct unit sales for
end-users as well as trade visitors. It
gives visitors a chance to compare
prices of several developers and
obtain comprehensive insights on
investment options and new areas
coming into focus across Dubai.
The major property event will
also host a two-day IPS Real Estate
Forum, which will address latest
trends and developments in key
international property hotspots,
including USA, Australia and Spain
through presentations, panel
discussions and case studies. Major
industry topics will include Effective
Use of Expert Witnesses in Property
Sector Disputes, International
Property Standards (IPMS), Strategic
Facilities Management and A
Responsible Business Best Practice
Toolkit for the Land, Construction
and Real Estate Sector. Organized by
Strategic Marketing & Exhibitions, the
International Property Show is one-
of-a-kind annual event that allows
end-users to directly buy properties
right on the exhibition floor, thus
offering the biggest retail platform
for property buyers.
NEWS&ANALYSIS
Sheikh Zayed Road, Dubai
March 2015 Issue -28 /// 12
propertyonline.ae

NEWS&ANALYSIS
March 2015 Issue -28 /// 13
propertyonline.ae

AHMET KAYHAN
CEO, REIDIN.com
NEWS&ANALYSIS
V
ictory Heights is an interesting case study
for a real estate enthusiast. Touted as one
of the top villa communities in Dubai, this
development has seen a dip in prices over
the past one year despite high demand and limited
supply while the rents have continued to rise, defying
the overall market trends. “Currently, it looks like
Victory Heights is well balanced between demand
and supply,” says Ahmet Kayhan, CEO, REIDIN, adding,
“Demand is higher because of limited supply pipeline
of only about 30 units under construction to be
delivered by the end of 2015.” Ahmet says from the
peak in 2014, Victory Heights witnessed a drastic drop
in prices due to unrealistic price hikes and huge sizes.
“The current correction is well within the range as
prices went up above the 2008 peak levels last year,”
he says, adding, “The rental market has seen a rise on
the other side, so one can consider Victory Heights
in terms of a better gross rental yield compared
to other communities.”
Rising rents and falling prices. This is the current scenario in Victory Heights, according
to REIDIN. By Binesh Panicker
ANOPPORTUNITYFOR
INVESTORS:VICTORYHEIGHTS
-7% The drop in prices in Victory Heights
for the past 1 year
16% The increase in rents in victory
heights for the past 1 year
5.7% The gross rental yield in
Victory Heights
30 The number of new units expected to
be delivered in Victory Heights this year
March 2015 Issue -28 /// 14
propertyonline.ae

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.
For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times.
NEWS&ANALYSIS
VICTORY HEIGHTS YIELD (%) CHANGE
6.0
5.8
5.6
5.4
5.2
5.0
4.8
4.6
4.4
4.2
4.0
Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15
GROSS RENTAL YIELD (%)
7.0
6.8
6.6
6.4
6.2
6.0
5.8
5.6
5.4
5.2
5.0
VictoryHeights JumeirahVillage
Circle
ArabianRanches TheSprings&
TheMeadows
DubaiVillas
6.5
5.7
5.7
6.0
6.2
-5%
-10%
-6%
-1%
Green
Community
Last 3 Months Last 6 Months Last 1 Year
Arabian
Ranches
The Springs &
The Meadows
Jumeirah
Village Circle
Victory
Heights
Dubai
Villas
-1%
-2%
VICTORY HEIGHTS NEW SUPPLY
12 %
88 %
Existing Villas upcoming Villas
VICTORY HEIGHTS YIELD (%) CHANGE
6.0
5.8
5.6
5.4
5.2
5.0
4.8
4.6
4.4
4.2
4.0
Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15
GROSS RENTAL YIELD (%)
7.0
6.8
6.6
6.4
6.2
6.0
5.8
5.6
5.4
5.2
5.0
VictoryHeights JumeirahVillage
Circle
ArabianRanches TheSprings&
TheMeadows
DubaiVillas
6.5
5.7
5.7
6.0
6.2
RENT PRICE CHANGE
20%
15%
10%
5%
0%
-5%
-10%
-6%
-1%
2%
0%
Green
Community
Arabian
Ranches
The Springs &
The Meadows
Jumeirah
Village Circle
Victory
Heights
Dubai
Villas
-1%
3%
0%1%
5%
-2%
0%
4%
16%
7%
0%0%
4%
10%
SALES PRICE CHANGE
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Arabian
Ranches
The Springs &
The Meadows
Jumeirah
Village Circle
Victory
Heights
Green
Community
Dubai
Villas
-4%
-5%
2%
-2%-3%
-3% -3% -3%-2%
8%
0%
6%
4%
5%
-1%
0%
3%
-7%
VICTORY HEIGHTS NEW SUPPLY
12 %
88 %
Existing Villas upcoming Villas
March 2015 Issue -28 /// 15
propertyonline.ae

If you have any queries about buying or renting, please email at editor@propertyonline.ae
Our expert answers the queries about your real estate investments.
w i t h p r o p e r t y e x p e r t
To suggest the best areas for
investment return, we need to look
at current market conditions. For
appreciation, the newer ‘emerging’ areas
will realize better appreciation, as they are
yettoreachtheirfullvalue,whereasthemore
established areas like Springs, Meadows and
Arabian Ranches have now realized their
largestcapitalgrowthandarenowstabilized
inthepropertymarket. Averyinterestingarea
rightnowisJumeirahVillageCircle. Although
there is still a lot of building work going on
there, the location offers easy access to the
majorroadsandisjusta15-minuterideaway
from all the major Jumeirah attractions.
Prices right now are good for villas and are
popular among tenants too, so renting a
nice property there is not difficult. As the
area establishes, prices have increased and
will continue to do so.
To be honest, it’s more down to
the agency you choose if you go
exclusive. Ifthecompanyyouchoose
are strong in their marketing and advertising
and has a good pro-active agency network,
then I would advise ‘exclusive’. A big bonus
here is that you won’t get dozens of different
agents calling you with different prices
and offers that are not realistic. In many
cases, these multiple ‘offers’ are actually the
same buyer just going round the different
agencies, giving you a false impression of
the interest. What you should be looking
for is the commitment the agency is going
to give you for this Exclusive Agreement. Get
theagreementinwritingwithconfirmationof
how they are going to market the properties,
showing the range of marketing tools and
the frequency they are going to use them. For
example: Best quality photographs, Exclusive
signboards,‘TopSpot’onthepropertyportals
and website, individual property postcards
designed specifically for your property,
property matching (targets their database),
newspaper and property related magazines.
Your exclusive agent should ask to visit you
and the property to ensure they have the
best knowledge of both the property and
your expectations.
I am an investor based in the
UK. I am quite keen to invest in a
couple of villas in Dubai. Please
suggest the areas that ensure maximum
return both in terms of appreciation and
rental income.
Now is a very good time to turn from
tenant to owner. In many places,
prices have come down to realistic
levels, while rents have been holding out.
Coupled with some great mortgage offers
available right now, the monthly outgoing
for your mortgage payment will, in most
cases, be considerably less than your rent.
Before doing anything else, go and see an
independentmortgageadvisortoseewhatis
availabletoyou. Termsandconditionsapply
to any mortgage package and vary bank to
bank. An independent advisor will give you
results based on a search of all the major
mortgage providers so you can be sure you
get the best deal rather than a single bank
that will only push their own best offer.
My family and I recently moved to
Dubai.Wearecurrentlyrentingan
apartment, however, I am looking
to buy an apartment in a good location
so that I can save on my rents. Should I
buy now or continue to rent? What's your
take on this?
I have a small portfolio of
properties in Dubai and I am
currently looking at selling some
of them. I have been told by a friend that
I should tie up with a real estate agency
exclusively? Should I go for an exclusive
deal or list my properties with multiple
agents? Please guide.
Dawn Draper
Managing Director
Pennington Real Estate
T: 04 45 37 375
EXPERTADVICE
Emirates Hills
March 2015 Issue -28 /// 16
propertyonline.ae

If you have any mortgage related queries please email at editor@propertyonline.ae
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w i t h m o r t g a g e e x p e r t
First off, ownership of a mortgaged
property cannot be transferred
unless the outstanding loan is fully
liquidated. You could pay off the loan
amount, the exit fees charged by the bank
and the transfer fees charged by the specified
municipality. Alternatively, you could
liquidate the loan by taking out a separate
mortgage loan in your name (A seller-buyer
mortgage buyout transaction). Do note that
said transfer will be treated as a “gift” if the
transfer is to an immediate family member
and would be charged at a reduced rate. To
discussfurther,pleasecallusat+9714453400.
I would like to transfer my father's
property in my name but it's on
mortgage. What is the procedure
to do this?
EXPERTADVICE
The processes involved in executing
a commercial mortgage application
as a self employed (business owner)
applicant is similar to the processes involved
in executing other mortgage applications,
whether by a salaried applicant or for a
residentialproperty.Themajordistinctionisin
the supporting documents to be provided by
the self employed applicant since the lender’s
due diligence will in this case be focused on
both the applicant’s profile and his business’
profile. Thus, the documents required will be
documents supporting the ownership of the
business, the business’ past/future earnings,
itscurrentfinancialpositionandthebusiness’
financial history. Additionally, the applicant
will also be required to provide documents
supportinghis/herstatedprofile.Commercial
mortgagerates,especiallyratesappliedtoself
employedapplicants,cannotbeeasilyquoted
because applications are treated on a case
by case basis. Furthermore the applicable
ratesarehighlydependentontheapplicants’
business profile. My advice is for you to get in
touch with a reputablemortgage brokerthat
will assist you in your application. Kindly call
me on the number above, I will be more than
happy to assist.
I am planning to buy an office
space for my 4 year old business.
What is the process and what are
the documents required for a mortgage?
Whatistheaverageinterestrateonoffer?Closing a mortgage before its full
tenure may incur an early settlement
penalty, depending on the lender
and the terms under which the loan was
offered. As such, settling a huge outstanding
mortgage loan balance may prove costly.
Nonetheless,ifyouarewillingtogoahead,all
you need do is apply for a liability letter from
your mortgage lender and pay off the stated
amount in the liability letter plus possible
early settlement charges. Kalas.
What are the formalities involved
in the closure of a mortgage?
Please advise.
Feyisesan Ekundare
MortgageMe.ae
Business Development
Middle East/Africa
M: +971 050 4168 548
Dubai Marina
March 2015 Issue -28 /// 18
propertyonline.ae

WE CAN MAKE YOUR
HOME EQUITY WORK FOR YOU!
Take advantage of the current low mortgage rates
and put your money towards a better use.
2.99%
WHY IS YOUR EQUITY JUST
SITTING THERE DOING NOTHING?
Investme Financial Services LLC, +971 (0) 4 453 4400
608, Dusseldorf Business Point, Al Barsha 1, Dubai info@mortgageme.ae

GIVINGWINGS
TOYOURDREAMS…Dream Tower in Dubai Marina is a ready to move in residential building that offers investors quick rental yields and end-users
an opportunity to shift from their rented properties to their own homes immediately. By Binesh Panicker
COVERSTORY
March 2015 Issue -28 /// 20
propertyonline.ae

A
waterfront home is
everyone’s dream. Dubai
is home to a few of the
most popular waterfront
communities in the world and Dubai
Marina is one of them. No wonder
this community, touted as one of
the largest of its kind waterfront
communities in the region, developed
by Dubai’s master developer Emaar
Properties, continues to enjoy a
high occupancy rate (Around 94%
according to REIDIN). Dubai Marina,
since its launch, has been a prime
attraction for buyers from all across
the globe. The community, with
its Riviera lifestyle and modern
ambience, is spread over 50 million
square feet and boasts a large canal of
3.5 kilo metres, which is connected to
the sea from both the sides. For those
who cherish a sophisticated lifestyle,
Dubai Marina is a natural choice with
its dining, leisure and entertainment
options. The mesmerizing landscape
of Dubai Marina is adorned by high-
rises featuring luxury apartments
and villas with the Marina in the
background. The latest addition to
this residential destination is Dream
Tower, a 41-storeyed residential tower,
located close to Jumeirah Beach
Residences (JBR). At a time when
Dubai market is witnessing launch
of a number of off-plan properties,
THE TOWER, LOCATED IN ONE
OF THE ‘MOST HAPPENING
DISTRICTS OF DUBAI’,
OFFERING UNOBSTRUCTED
VIEWS OF THE SEA AND
DUBAI MARINA CANAL
AND OVERLOOKING DUBAI
MARINA, JBR AND JBR BEACH,
FEATURES 216 UNITS.
+971 4 33 87 701
+971 52 55 45 409
+971 55 44 05 969
info@dahrealestate.com
Dream Tower, owned by UAE national
Rashid Mehran Al Bloushi, offers ready
properties for investors and end users.
It is not often that buyers get to move
in immediately after purchasing
property in a new development.
DreamTowerisabrandnewresidential
building, which gives an opportunity
to investors to buy and rent out the
units immediately and end-users to
move in as soon as they purchase
their dream home.
DREAM TOWER
The tower, located in one of the ‘most
happening districts of Dubai’, offering
unobstructed views of the sea and
Dubai Marina Canal, overlooking
Dubai Marina, JBR, JBR beach, features
216 units comprising studio and one
to four-bedroom duplex apartments
with sizes ranging from 429 square
feet to 3,200 square feet. The
launch price for the units is set at
COVERSTORYpropertyonline.ae

AED1,850 per square foot, which
offers good value for money for
customers.
AMENITIES AND FACILITIES
The tower features a wide variety of
amenities and facilities for its residents
such as health and fitness facilities,
swimming pool, open kids’ play area
and basement parking. While location
is one of the major attractions of
this tower, the apartments also
boast high quality finishes. Each
unit is equipped with fully-fitted
kitchen appliances, high-speed
digital connections for internet, TV
and voice communications etc. The
ceiling height is more than 9 feet,
which maximizes the sense of space
and light.
ACCESS AND NEARBY
ATTRACTIONS
Dubai Marina is strategically located
and it offers easy entry and exit and
excellent access to major areas in
Dubai. The tower, located at the
start of Dubai Marina, has a number
of attractions in its vicinity such as
Jumeriah Beach Residences, The
Beach, The Walk and Dubai Skydive.
It also boasts close proximity to
Dubai Internet City, Dubai Media
City, The Address Montgomerie
Dubai Golf Course, Emirates Golf
Club, the American University and
five star beach hotels. The location
of the tower provides the residents
with easy access to destinations such
as Dubai Marina Mall (10 minutes
from the tower), The Address Dubai
Marina (a premium five star hotel),
Marina Plaza (a popular commercial
tower), Pier 7 Dubai Marina (a multi-
storey tower featuring with diverse
cuisines on offer). The residents of
the tower will also get to enjoy the
wide range of shopping and dining
options available at The Walk (in
JBR), which is a 1.7 kilo metre strip
featuring restaurants, clothing stores,
boutiques, department stores, cafes
and gyms etc.
COVERSTORY
Dubai Marina
March 2015 Issue -28 /// 22
propertyonline.ae

DREAM TOWER IS A
BRAND NEW RESIDENTIAL
BUILDING, WHICH GIVES AN
OPPORTUNITY TO INVESTORS
TO BUY AND RENT OUT THE
UNITS IMMEDIATELY AND
END-USERS TO MOVE IN AS
SOON AS THEY PURCHASE
THEIR DREAM HOME.
Highlights
Key attractions
nearby
Swimming
Pool
Kids’ play area
Gym
Easy Access
Sea views
The Marina Walk
JBR Beach
JBR Walk
Dubai Skydive
Dubai Yacht club
Five Star Hotels
COVERSTORY
+971 4 33 87 701
+971 52 55 45 409
+971 55 44 05 969
info@dahrealestate.com
For pre launch info, call:
+971 506961193 | +971 509917757
propertyonline.ae

COMMUNITY TIMES
TOP
AG E N T S
DOWNTOWN
Tel +971 4 388 2921 | www.kendal.ae
ORN No. 11922 | info@kendal.ae
Charlie King
AREA MANAGER – DOWNTOWN
+971 52 842 7032 | Charlie@kendal.ae
THE LOFTS
1 BED APARTMENT | BUA 912 SQ.FT
BURJ KHALIFA VIEW | AED: 1,775,000
THE RESIDENCES
1 BED APARTMENT | BUA 906 SQ.FT
PARTIAL BURJ KHALIFA VIEW
AED 2,150,000
CLAREN
2 BED APARTMENT | BUA 1,291 SQ.FT
COMMUNITY VIEW | AED: 3,050,000
OLD TOWN
2 BED APARTMENT | BUA 1,507 SQ.FT
AED: 3,550,000
Occupancy
DOWNTOWN
Downtown Dubai, developed by master
developer Emaar Properties, is a city
within a city, with the iconic Burj Khalifa,
the tallest tower in the world, at its
centre. The community comprises a
unique mix of beautifully designed
residential and commercial towers and a
wide variety of shopping, dining and
leisure destinations such as Dubai Mall. It
is also home to world-class hotels such
as Armani and The Address. Downtown
Dubai also boasts The Dubai Fountain,
the largest choreographed fountain
system in theworld. It’s been a favoured
investment destination for buyers from
all over the world for years.
AED 2,394/SQFT (SALESPRICE)
AED 11.2/SQFT RENT/ MONTH
AREA 2 km2
COMMUNITY
AMENITIES
CONNECTIVITY
88.9%
Resturants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
SCHOOLS
3
TO CITY
CENTER5
HOTELS
5
1,200RETAIL
OUTLETS
TO PARK
+
8
COMMCO
MINS
TO
AIRPORT12MINS
TO METRO
STATION5MINS
MINS
+ +
Your Trusted Real Estate Partner
+971 4 380 6683
www.mcconeproperties.com
Sam McCone
Managing Director
+971 50 927 9079
sam@mcconeproperties.com
RERA Licence 27516
BOULEVARD CENTRAL
2 BED APARTMENT
AREA SQ.FT.: 1201
BURJ KHALIFA VIEW | AED 3,000,000
29 BOULEVARD
1 BED APARTMENT
FOUNTAIN VIEW | AED 2,625,000
OLD TOWN ISLAND
1 BED APARTMENT
PALACE HOTEL & DOWNTOWN VIEW
AED 2,750,000
BOULEVARD CENTRAL
1 BED APARTMENT
BURJ KHALIFA VIEW | AED 2,100,000
SOUTH RIDGE
1 BED APARTMENT
AREA SQ.FT.: 986
BUSINESS BAY LAKE VIEW
AED 1,850,000
Those who live on the 150th floor
and higher of Burj Khalifa live so
highupthattheyseethesunlonger
thanotherresidentsofDubai.
DID YOU
KNOW
propertyonline.ae

Tel +971 4 4537375 | www.pennington.ae
info@pennington.ae | ORN No. 12512
Brendan Smith
Senior Sales Consultant – Palm Jumeirah
+971 56 116 8803 | brendan@pennington.ae
OCEANA ATLANTIC
3 BED APARTMENT
AREA SQ.FT.:2,440
PANORAMIC VIEW | AED: 5,500,000
OCEANA SOUTHERN
3 BED APARTMENT
AREA SQ.FT.: 1,709
FULL SEA VIEW | AED: 4,350,000
AL DABAS
3 BED APARTMENT
BURJ AL ARAB VIEW | AED: 3,250,000
JASH FALQA
1 BED APARTMENT
PALM VIEWS
STUDIO APARTMENT
AREA SQ.FT.: 570
PALMJUMEIRAH
Palm Jumeirah, a signature
development by Dubai’s master
developer Nakheel, is one of the
leading tourists attractions today.
The demand for properties on the
Palm has always remained high.
Since its launch in 2001, the world’s
largest man-made island has
attracted thousands of visitors and
investors from all across the globe.
For the rich and famous, owning a
piece of Palm Jumeirah has
become a status symbol. It has a
2-kilometer long trunk and a crown
made up of 17 fronds and the
surrounding crescent, creating the
illusion of a palm tree.
AED 1,818/SQFT (SALESPRICE)
AREA 5.72 km2
AED 8.8/SQFT RENT/ MONTH
MUNITY TIMOMMUNITY T
TO CITY
CENTER7MINS
TO
AIRPORT20MINS
TO METRO
STATION8MINS
COMMUNITY
AMENITIES
CONNECTIVITY
92.02%Occupancy
Resturants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
70 RETAIL
OUTLETS
TO PARK
+
7MINS
SCHOOLS
3
HOTELS
5
+ +
TOP
AG E N T S
PALMJUMEIRAH
Tel +971 4 388 2220
www.aquaproperties.com
Dorothy Biro
+971 56 10 53 655
dorothy@aquaproperties.com
BRN : 29200 | ORN : 303
JUMEIRAH ZABEEL SARAY
4 & 5 BED VILLAS
AREA SQ FT 6,347 - 7,087
FULLY FURNISHED | SEA VIEW
STARTING FROM AED 26,000,00
FAIRMONT RESIDENCE
4 BED TOWNHOUSE APARTMENT
AREA SQ FT 5,225 | TYPE T4
SEA VIEW | AED 8,450,000
PALM VIEWS WEST
MULTIPLE STUDIO APARTMENTS
AREA SQ FT 506
SEA & POOL VIEW | AED 1,250,000 & UP
SHORELINE APARTMENT
3 BED PENTHOUSE APARTMENT
AREA SQ FT 4,917
PARTIAL SEA VIEW | AED 7,500,000
TheIslandisoneofthefewobjects
that are visible from space to the
naked eye. Another landmark that
is visible is the BerlinWall.
DID YOU
KNOW
propertyonline.ae

F
arnek is a leading name in the
UAE’s FM industry. Please tell
us about the history of the
company. Farnek, founded
in 1980, is an integrated facility
management company. We are
celebrating our 35th anniversary
this year. The company evolved over
a period of time. We started with
cleaning services and then quickly
moved into maintenance and security
services. Currently, we have over 2,500
employees and over 2,000 contracts
in the UAE.
Howhasthisjourneyof35yearsbeen
as one of the top FM companies?
The company was founded by two
expatriates Abdulla Fedel Al Mazroie
and Nick Bointon ‘Far-Nek’, which was
then purchased by a Zurich- based
Property Management Company
called Priora Group. We grew quickly
into a much bigger company. Today,
ourmaintenanceportfolioincludesBurj
Khalifaandotherleadingresidentialand
commercial buildings.
What are the services on offer
at Farnek?
We provide comprehensive services in
security and maintenance. We manage
third party services such as elevator,
fire alarm systems (which, of course,
now is becoming more and more
important), pest control and waste
management. We also provide staffs
for concierges and receptions. We also
have a consultancy division, which
focuses on the energy management
and sustainability.
How do you distinguish Farnek
from other facility management
companies in Dubai?
I think the way we try to integrate
energy management and
sustainability aspects into facility
management is what sets us apart
from other companies. As far as
operations are concerned, we
have the passion, knowledge and
expertise that enable us to deliver
in a way that is comprehensive. We
try to work towards standards that
are being applied already in Europe
ASTORYOFPASSION,
KNOWLEDGEANDEXPERTISE
Jennifer Peltenburg, Director of Business Development & Marketing, Farnek,
tells us what makes them one of the best in the UAE’sa facility management
industry. By Reshmi Raveendran
and North America. We work with
an association called BICS (British
Institute of Cleaning Science) and
ISSA (A US-based association) for
cleaning services guidance and
we use a lot of their tools. As far as
maintenance is concerned, we stick
to the best practice, which is to use
the regular O&M Manual provided by
the manufacturer. For maintenance
services, we use SFG20 standards
and we train our employees to meet
these standards. Also we are starting
a program with Six Sigma for the
maintenance team.
It is all about applying the knowhow
and efficiency to make sure that we
are not just repairing the faults but
we are actually doing preventive
maintenance as well. Another factor
that sets us apart is innovation and
COMMUNITY
Jennifer Peltenburg
March 2015 Issue -28 /// 26
propertyonline.ae

technology. We have taken a number
of initiatives such as minimizing
paperwork keeping sustainability
in mind, real time reporting and
providing transparency to our
clients so that they can check if a
job is done or not by checking the
dashboard online.
How does FM market in Dubai differ
from that in other countries?
Dubai is the most matured market
in the entire GCC region as far as the
FM industry is concerned. I have been
in the business for seven years and
there has been a drastic change in
the mentality of the owners in terms
of the maintenance of the buildings.
While they were not quite keen to
spend money on maintenance earlier,
today they understand the need to
maintain the integrity of the building
and also there is fierce competition in
the market as more units are getting
delivered. So they need to make sure
the building is in good form so that
people will be more inclined to rent
or buy from them.
There are more than 100 facility
management companies in Dubai
and now people are beginning to
understand the difference between an
integrated FM company and a single
service FM company. You will soon see
a divide between these two types of
FM companies in the market.
Please tell us about your major
clients and developments?
We work with Emaar Properties in
their projects Burj Khalifa and Dubai
Mall. We provide maintenance
for buildings that have special
requirements. It is challenging
because we have nothing to compare
it with.
U-Bora Tower in Business Bay is
another project we are handling
wherein we do all the internal
facility management services from
reception to maintenance, cleaning
and security. We do vehicle fleet
management for them as well. Apart
from these, we provide services to
quite a few buildings in Dubai Marina,
JLT etc. For Emirates Airlines, we
manage some of their buildings while
for Etihad Airways we focus more
on their concierge services for the
first and business class lounges. Du
is one of our leading clients and we
have a cleaning contract that covers
their 52 outlets while we also provide
our services to over 30 branches of
United Arab Bank and Terminal-2 at
Dubai Airport. While we focus more
on Dubai, we also have offices in
Abu Dhabi and Ras Al Khaimah. We
have satellite offices to manage our
operations in Northern Emirates,
which give us flexibility to offer our
services across the UAE.
DUBAI IS THE MOST MATURED
MARKET IN THE ENTIRE GCC
REGION AS FAR AS THE FM
INDUSTRY IS CONCERNED.
COMMUNITY
March 2015 Issue -28 /// 27
propertyonline.ae

PROJECT WATCH
PROJPR
DAMAC Residenze
D
AMAC Properties is one of the top developers in Dubai with a focus on luxury
developments. The company has successfully launched a number of projects
over the years. DAMAC’s projects are well known for sustainability and luxury
factors. DAMAC Residenze was launched in Dubai in association with Fendi
Casa and the project is reflective of the developer’s ingenuity and Fendi’s opulence.
This project offers amazing views of the Palm Jumeirah and the Marina, while each
of the apartments is fitted out with Fendi Casa furnishings.
DAMAC Properties has delivered over 8,890 units with another 23,688 still in
various stages of planning across the region.
COMPLETION DATE:
SECOND QUARTER OF 2016
PROJECT PARTNER:
FENDI CASA
PRICES STARTING FROM
AED2,365,500
AREA: DUBAI MARINA SCHOOL
RESTAURANT
HOSPITAL
2.1KM
1KM
3KM
MARKET
March 2015 Issue -28 /// 28
propertyonline.ae

JECT WATCHROJECT WA
COMPLETION DATE:
BY THE END OF 2015
PRICES STARTING FROM
AED 890,000
AREA: AL FURJAN
SCHOOL
RESTAURANT
HOSPITAL
9.3KM
9.1KM
6KM
The AZIZI
Projects
A
zizi Developments has
established itself as a
leadingdeveloper in Dubai
with ongoing projects in Al
Furjan and future projects in Palm
Jumeirah. The company has been
focusing on expanding its land bank
and creating income generating
propertyinventories in a bid to
maximize future growth and reduce
financial risk.
AZIZI Developments is now
expanding regionally by reaching
out to other markets around the UAE.
According to the firm, they are one of
the biggest sub-developers in the Al
Furjan development and they have
already launched a number of projects
there such as Azizi Iris, Azizi Liatris,
the Azizi Orchid, the Azizi Yasamine
and the Azizi Feirouz. These projects
boast excellent location and are close
to leading tourist attractions such as
Dubai Marina, JBR Walk etc.
MARKET
PROJECTS: AZIZI LIATRIS, THE AZIZI ORCHID,
THE AZIZI YASAMINE AND THE AZIZI FEIROUZ
AZIZI LIATRIS
THE AZIZI ORCHID
THE AZIZI YASAMINE
THE AZIZI FEIROUZ
March 2015 Issue -28 /// 29
propertyonline.ae

Manoj Prasad, Executive Vice
Chairman & CEO, Que Capital Limited
(DIFC) Investment Banking
D
ubai’s real estate sector is
undoubtedly one of the
most lucrative investment
propositions for investors from
all over the world. Of course, Dubai
struggled after the Global Financial
Crisis in 2008, but so did the other
leading markets across the globe.
However, Dubai got back on track faster
than most other global markets due to
a number of initiatives taken by the
Dubai government, Land Department
and RERA apart from a number of
other factors such as the world class
infrastructure, the burgeoning tourism
sectorandtheincreasingnumberofnew
businessesetc.StartingfromMarchissue
ofPropertyTimes,Iwillbeaddressingkey
topics and issues related to investing in
Dubairealestatemarketinabidtoguide
thousands of investors who come to
Dubai with a lot of expectations. In this
issue, let’s take a look an overview of the
market over the past few years and the
current scenario.
THE PAST AND THE PRESENT
The recession in 2008 impacted the
investors’ ability to both buy and hold
real estate properties. However, things
have changed over the past few years as
I mentioned before,with Dubai market
witnessing considerable increase in
prices and rents, again making it an
attractive investment destination. From
an investor’s perspective, real estate
segment is an integral part of any
financial portfolio today because it has
very real implications.
An investor needs to look at what
kind of returns he can expect from the
real estate portfolio he holds in terms
of capital gains and yields. Investors
always look for safe investment options.
The more volatile the prices and yields
are, the more nervous it makes investors
and residents. If you have a reasonably
stable market, which is trending up over
a period of time, it is something which
is normal and expected, but if there is a
rapid volatility, it makes people nervous.
To the extent that we are able to draw
lessons from what we have seen and
we are able to arrive at some sort of
valuation,whichdemonstratesasecular
trendandyetisnottoovolatile,thenthat
mayactuallybegoodforthemarketand
the local economy, because it will give
investors a lot more confidence in this
market. As far as yields are concerned,
Dubai is a great investment proposition
for investors compared to other more
established markets.
The Dubai Government is already
taking several corrective initiatives.
With the Land Department and RERA
introducinganumberofnewregulations
forrealestatedevelopersandinvestorsto
prevent the market from overheating,
investors can feel a lot safer than ever
before. The mortgage cap law also has
helped the market to a great extent.
Today, everyone is talking about a
correction in property prices and in my
opinion; it is good for the market in the
longrun.Rentsarealsoexpectedtocome
down in 2015, according to reports. The
biggest advantage for the market is
the increasing number of end users
purchasing properties and the banks
are also supporting them by offering
mortgages at extremely affordable rates.
I also feel that with the increasing
population of middle class expats
working in Dubai, the demand for
affordable housing will also increase
in coming months and we can’t ignore
that segment. Many surveys also show
that in 2014, the supply of units in Dubai
increased to 377,000, up from 342,000
in 2011 and surveys predict that 26,000
residential units will be added in 2015,
some 13,000 in 2016 and 12,000 in 2017.
Overthenextfewmonths,Iamexpecting
to see a boost in business activities, new
jobopportunities,whicharehighlightedby
theGovernment’sbudgetannouncement
of 2015, which highlighted a planned
spending of 9% and revenue increase
of 11%. I feel the falling oil prices have
already affected the sentiments of many
investors and they are now looking for
safeopportunities,which,atthemoment
and in the region, only Dubai can offer.
I am very positive about the long-term
prospects of Dubai market.
ADVICE OF THE MONTH
‘Stay invested and stay calm but please
don’t be gready’ is my advice to investors,
because the prices are cooling off and
there are very few speculative buyers
in the market. Remain invested and
consider it as part of your long-term
portfolio with high yield. For example,
when you buy a property in India or
UK, you don’t sell it unless and until you
really need to sell it. You need to have the
same sense of belonging to Dubai also
and look at it not just as a ‘transit home’
but a ‘permanent home’.
BY MPTALK
STRAIGHT
“STAY INVESTED”
Investors should treat Dubai as their permanent home rather than a transit home
COLUMN
March 2015 Issue -28 /// 30
propertyonline.ae

TEL: +971 (0)4 277 80 02 | E-MAIL: info@stockholmre.com | WEBSITE: www.stockholmre.com

D
eveloper Nshama has
launched the first batch of
its Al Zahra townhouses in
its Town Square lifestyle
development, on the corner of Al
Qudra and Emirates (E-611) roads,
at accessible prices targeting end-
users. “Some of the initial units will be
sold at less than AED1 million, which
puts them in reach of the presently
renting mid-income bracket, those
earning AED20,000 to AED35,000
a month. It is an opportunity to
purchase a lifestyle, enjoying
great facilities in a master-planned
community and hopefully a wise
investment for the future,” says Fred
Durie, CEO of Nshama.
THE DEVELOPMENT
Ringed by eight kilometres of green
trails, the 750 acres large Town Square
development, about one and a half
times that of Downtown Burj Khalifa,
TOWNSQUARE:
ATOWNWITHINACITY
Nshama leverages its expertise offer an affordable lifestyle.
By Nicole Walter/Freelance writer
MARKETpropertyonline.ae

ORN- 2436
has been designed to have the look
and feel of a homely, family-focused
parkland environment with a vibrant
central square, measuring 16 football
fields, for a fun-packed social life. The
central park within the square with
3,600 square metres of tree-shaded
play areas and water features, offers
a range of entertainment, including
those related to sports, arts and
culture, such as carousels and an
open-air cinema. “We encourage
engagement with outdoor spaces,
the central space will become an
active meeting place for people, with
more quiet and intimate parks dotted
within,” says Martin Donlon, Senior
Manager - Development at Nshama.
A 3.5 kilometres mixed-use boulevard
offering high-street shopping and
F&B outlets totalling 350, 600 outlets
in total in the whole development,
circles the park. A Vida Hotel based
in the clock tower building completes
the central square picture. “This is a
smartly-connected, including free wifi,
yet green community with 38 acres
of parklands and trails, including a 3.4
km cycling grid and 6 km of jogging
paths connecting the residential
areas, as well as several football fields,
basketball, tennis courts, 25 outdoor
gyms, a swimming complex, and
skate park. We want to encourage an
outdoor lifestyle,” Martin emphasises.
For practicality, everything one would
SOME OF THE INITIAL UNITS WILL
BE SOLD AT LESS THAN AED1
MILLION, WHICH PUTS THEM
IN REACH OF THE PRESENTLY
RENTING MID-INCOME BRACKET,
THOSE EARNING AED20,000 TO
AED35,000 A MONTH. IT IS AN
OPPORTUNITY TO PURCHASE
A LIFESTYLE, ENJOYING GREAT
FACILITIES IN A MASTER-
PLANNED COMMUNITY AND
HOPEFULLY A WISE INVESTMENT
FOR THE FUTURE.
SAYS FRED DURIE,
CEO, NSHAMA.
MARKETpropertyonline.ae

expect in a town is at hand, including
a mosque, private school, hospital and
healthcare centre, and even a post
office and petrol station.
Located right at the beginning of
the Al Qudra cycle track, it will be as
easy to zoom off on two wheels, as
four wheels and in the future even
hop onto the train, the master-plan
reveals the presence of Etihad Rail
along Emirates Road.
WHAT’S ON OFFER?
As for the homes, 3,000 townhouses
spread over 10 communities and
18,000 apartments, some overlooking
the central square, distributed in
low-rise apartment buildings with a
maximum of G+8 floors, the design
spells contemporary. Each will have
their own community gardens and
centres, pools and sports facilities.
“The communities come with
WE ENCOURAGE
ENGAGEMENT WITH
OUTDOOR SPACES, THE
CENTRAL SPACE WILL
BECOME AN ACTIVE
MEETING PLACE FOR
PEOPLE, WITH MORE QUIET
AND INTIMATE PARKS
DOTTED WITHIN. SAYS
MARTIN DONLON,
SENIOR MANAGER – DEVELOPMENT,
NSHAMA.
MARKET
March 2015 Issue -28 /// 34
propertyonline.ae

PROPERTY FEATURES
4 ENSUITE BEDROOMS + MAID’S
OPEN KITCHEN CONCEPT
SPACIOUS PRIVATE BASEMENT
ROOFTOP POOL AND BBQ AREA

generously proportioned streets and
landscape. The town house interiors
are filled with light, in a cool and clean-
lined design, ideal for a contemporary
lifestyle,” remarks Martin. The first
300 three-and four-bedroom
townhouses, measuring 200 to 225
square metres, launched at under
AED600 a square foot, another 700
units to should launch next month
for sale. Whilstthere are two different
styles to choose from for each, future
homes will have up to eight different
designs. A 10% down payment, and
payments of up to 50% within the
first 15 months, with the rest linked
to construction are prescribed. Deals
have been struck with Noor Bank, First
Gulf Bank and ADIB to provide home
financing. The developer expects to
launch the first batch of the one- to
three-bedroom apartments within
two months, again at a competitive
price for the lifestyle on offer. “We’re
not looking for high profit margins
but kept them tight, there’s a pent
up demand at this price point, so we
hope to make a lot of sales to make
some money there. We leveraged
our team’s previous expertise of
designing many other master-
planned developments in Dubai
and the Gulf,” Fred explains how the
developer manages to develop with
reasonable pricing.
“We trimmed our costs through
value engineering and efficient space
planning, that’s how we’ve been able
to drive our prices down,” he adds. In
terms of financing the project, Rahul
Raghuraj Balakrishna, Nshama’s CFO,
explains that although sales will help,
the developer wasn’t dependent on
them. “Whatever we need to bridge
we can finance, if there are any
shortfalls internally banks can come
on board,” he says.
The developer is also leveraging its
good relationships with contractors
built up over the years to deliver
great value and quality, says Fred.
“We’re in it for the long-term and
intend to develop this project at a
steady pace over seven to ten years
depending on the absorption of
sales,” he says.
DELIVERY
Site-preparation has already started
and construction will start this
summer. Buyers of the first 1,000
town-houseunits can expect to move
in by the end of 2017, after that the
developer expects to complete
around 3,000 units per year. The
first phase will also include around
600 apartments on the town square,
where work is starting simultaneously,
as well as another 1,000 apartments
are bound to rise this year. “We will
ensure that there will be facilities for
the people who start moving in, it
wouldn’t be right not to have them
ready,” concludes Fred.
MARKET
March 2015 Issue -28 /// 36
propertyonline.ae

T
he advantages of diversifying
your investment portfolio across
a variety of asset classes such
as stocks, bonds, property and
cash has been well chronicled. What
most investors don’t understand is that
diversification within each asset class can
also provide significant benefits.
The majority of my clients are
comfortable with investing in residential
property because most have rented or
bought a property for their own use and
therefore understand what that experience
entails. However, very few have actually
had a similar experience with commercial
property and, therefore are a little less
confident in investing in this potentially
lucrative segment of the market.
So, why consider investing in
commercial property?
Commercial property can add
diversification to a property portfolio.
Segments within the Real Estate market
rarely move in tandem and a mixture of
residential and commercial property can
make an overall portfolio more resilient to
inevitable market cycles.
All things being equal, commercial
properties generally produce an ROI
at least double that of residential
properties. This is mainly due to lower
per sq. ft.capital cost but also reflects
the higher levels of risk associated with
owning commercial property.Managing
tenants in a commercial property is also
more straightforward.
You will have a business-to-business
relationship with your tenant and many of
theemotionalissueswhichcancomplicate
residential leasing arrangements won’t
exist. It’s easier to keep interactions
professional and focused and relationships
are built over time with the opportunity to
attract a ‘blue chip’ tenant and are likely to
rent your property for a long period of time
andlesslikelytodefaultonrentalpayments.
In many cases, commercial tenants' and
property owners' interests are aligned. The
tenant wants an efficient operation which
presents a favorable impression to his
customers,businessassociatesorpeersand,
in this way, is more likely to assist the owner
maintain or even improve the property.
Establishingatruevalueoftheinvestment
is often easier with commercial property.
Reviewing the current owners’ income
statement and existing lease details will
provide a good indication of the likely
future cash-flows and help to establish an
accurate valuation. Residential properties
are often subject to more emotional
pricing or developer inefficiency and cost
recovery considerations.
Lease variations abound with
commercial properties. The requirements
of a tenant operating a high turnover
major regional distribution and logistics
center for non-perishable goods will be
vastly different from those of a tenant
who requires refrigerated goods storage
to supply local retail outlets in shopping
malls.Inadditiontoleaseratesandperiods,
negotiations can include such items as
maintenance, implementation of storage
andlogisticalsystems,provisionofofficefit-
outs, insurance, lease to buy provisions and
options … the list goes on. The variations
are countless.
However, there are some possible
downsides that the investor should
consider. Let’s use a warehouse as an
example. As most commercial leases are of
a duration exceeding 2 years, with many
beingof5yearsdurationwithoptionsforan
additionaltermof5years,itcouldtakesome
timetofindanewtenantforthewarehouse.
Additionally, your current tenant may
vacate due to tough economic conditions.
Residential property can be resilient when
it comes to economic factors over the long
term and finding new tenants is not as
difficult. As the lease for each commercial
facility can be negotiated with flexibility
only limited by law, owning a portfolio
with numerous commercial properties
can be time consuming and complicated.
You will need professional help if just to
handle issues such as maintenance and
emergencies. Remember, your clients are
in the business to make money and will be
relying upon you to address any issues that
arise with your property immediately. They,
like you, do not want to forgo any revenues
orincuranycostsbecauseofaproblemwith
the property or premises that you provide.
Purchasing a commercial property of a size
that can generate significant cash flow will
typically require more capital up front than
aresidentialinvestment.Also,asthescaleor
sizeofthepremisescanbehuge,unexpected
repairs or major maintenance items can
also be very expensive. This requires careful
provisioning for expenses and emergencies
when calculating lease rates and free cash-
flows for re-investment.
There is a greater array of physical and
safety risks associated with commercial
properties. Warehouses, for example, are
often frequented by trucks, forklifts or other
heavymachinerywhichmeansdamagecan
be substantial from accidents.
Having proper insurance is a must, not
only for damage to premises and systems,
but also in the event of personal injury or
death where you, as the owner, can be
held liable. Remember, your investment is
actually operating as a commercial venture
and can receive high volumes of people
traffic.As usual, greater returns will attract
greater risks, however, as part of an overall
balanced investment portfolio, there is no
doubt that commercial space can be very
lucrative indeed.
DIVERSIFICATIONPROVIDESPROPERTY
PORTFOLIORESILIENCE
Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official
training & certification arm of the Dubai Land Department
MARKET
March 2015 Issue -28 /// 37
propertyonline.ae

A
nant Goylan has been in the
Dubai real estate market
since 2004 and has seen the
ups and downs the market
went through over the years including
the boom times and the financial
crisis in 2008. Today, as the Chairman
of Dubai’s Westar Properties, the real
estate arm of Golyan Group based
in Nepal, Aanant has come a long
way since those early days and is
now spearheading the company’s
operations with years of experience
under his belt.
Please tell us about your entry into
Dubai real estate market and the
growth over the years.
Westar Properties started operations
in Dubai as a real estate investment
firm and after seeing the potential
for growth in Dubai, we decided
to diversify into development as
well. Starting out with a single
development in Jumeirah Village
Circle (JVC), Westar has now come a
long way and is close to completing
nearly 200 villas in JVC alone. As with
most developers, 2009-2012 was a
challenging period, but we fought
through it with great help from our
customers and have now managed
to establish ourselves as a niche
developer with a strong focus in JVC.
Going forward, we have decided to
focus on building a rental portfolio
by only selling 30% to 40% of the
future developments. The remaining
60% to 70% will be held by us and
be available only for leasing. This,
we hope, will increase investor
confidence as they will know that
we will take every effort to build the
villas to the highest standards as fast
as possible. The short term goal is to
make Westar Properties synonymous
with JVC villas.
You have recently decided to
change your logo. Tell us something
about that.
Westar has come a long way since
its inception in 2004. As we crossed
into the new decade, I felt a need for
change, a need for fresh new look.
Changing a logo is never an easy
decision for a company, but I think it
is the right time for rejuvenation. We
are diversifying into the rental market
and establishing a new image for
ourselves. Focusing purely towards
customer satisfaction, we have
“NODULLMOMENTIN
THEREALESTATEINDUSTRY”
In conversation with Anant Golyan, Managing Director, Westar Properties. By Binesh Panicker
Westar Casablanca
MARKET
March 2015 Issue -28 /// 38
propertyonline.ae

even decided to shift our offices to
JVC. We feel this will make us more
approachable to our customers and
at the same time, help us manage
our developments better. While we
may have given ourselves a facelift,
the core values still remain the same.
WhatisthecurrentscenarioinDubai’s
secondaryresidentialmarket?
From the day I started working
in Dubai, I have never seen a dull
moment in the Real Estate industry.
During 2007 and 2008, the market
witnessed unprecedented growth,
followed by 2009-2011, a period of
stretched-out recovery. Between 2011
and 2014, Dubai again saw a steady
growth as we bounced back from the
recession. Aligned with Dubai’s vision
of 2020, smart cities and other steps
taken by the Dubai Government and
DLD, we are now seeing a sustainable
future. The secondary market now
attracts quality buyers who are not
buying properties to only flip it in
three to four months. We are seeing
steady rental yields along with realistic
prices. Transaction levels have fallen
but the prices have not, which is a
good indicator of a steady market.
With banks continuing to lend,
will it help the market see more
transactions in the coming months?
Banks have been lending for the last
few years now, and this has been
instrumental in Dubai’s recovery. With
the announcement of the new rules
last year, it has become moderately
harder for people to buy houses.
However, we see this as a positive
thing. Genuine customers have
never taken more than 75% financing
in any case. And the new rules aim
to safeguard these buyers by not
allowing fly-by-night investment firms
to buy properties with high LTVs and
thereby unnecessarily increasing the
prices. So to answer your question,
bank financing does help market
growth, but as long as proper due
diligence is done by them.
How is the off plan market faring at
the moment?
Off plan market in Dubai is currently
low, especially with the bigger
players like Emaar Properties and
Damac having done a successful job
of marketing their developments in
2013-2014. Liquidity in the market is
a bit low, and most genuine buyers
would now much rather buy a ready
property than off-plan ones. This
steady market fits perfectly in line with
our development plan.
We now only start marketing
our developments after they are
close to 85% complete. This allows
for prospective customers to be
able to see the sample units and
judge the quality by themselves.
Moreover, since they are almost
complete, customers are able to
plan their move in a timely manner
as opposed to something that is
completely off-plan.
Whendoyouexpectpricesandrents
to go up again?
Prices in the JVC area reached its
peak again in 2014 and we have seen
only a slight 5% correction from that
level. JVC still has a high occupancy
level with all our developments at
100% occupancy. Due to this, there
is limited availability of villas. Rents,
on the other hand, have seen an
increase in the last few months.
We expect prices to stay steady for
another year, maybe two, before both
rental and sale prices will start to go
up again.
“WESTAR PROPERTIES
STARTED OPERATIONS IN
DUBAI AS A REAL ESTATE
INVESTMENT FIRM AND
AFTER SEEING THE POTENTIAL
FOR GROWTH IN DUBAI, WE
DECIDED TO DIVERSIFY INTO
DEVELOPMENT AS WELL.”
Westar Vista
MARKET
March 2015 Issue -28 /// 39
propertyonline.ae

T
he market appears to be focused on the newest
developments within the price ranges of
AED416,000 to AED615,000. This is a lower price
point to the market and investors and end users
are taking advantage of this opportunity.
In addition, the lifestyle draw card of the Dubai Marina
continues to perform as well as the growing hub of
Business Bay.
D
ubai’sresidentialsegmenthasexperiencedaperiod
of relative stability during the second half of 2014,
with rental rates remaining broadly flat. Over the
course of the year, modest growth of around 7%
was recorded, compared with 24% during 2013. Dubai’s real
estate market is the only one in the world that has seen over
140 nationalities investing in it and the emirate remains on
top of the chart of the world’s best performing markets for
seven consecutive quarters. The statistics show, however,
with over 20,000 new units expected to enter the market in
the next 12 months, Dubai’s residential segment could face
a deflationary impact on sales and rental rates. We will need
to keep a close eye on the marketplace.One area currently
witnessing is a lot demand is Emirates Living. These are villa
communities offering a family friendly environment with
extensive amenities.
A quick glance at residential sales hot spots in Dubai and villa rental hotspots in Dubai.
By Reshmi Raveendran/editorial coordinator
MARKETINANUTSHELL
Izabela Rapacka
Sales Manager, LJ Hooker Dubai
Karen England
Leasing & Property Management Manager
LJ Hooker Dubai
RESIDENTIAL
SALESMARKETUPDATE
RESIDENTIAL
LEASINGMARKETUPDATE
Springs 2-3 AED140,000 to AED200,000 plus
The Lakes 3-5 AED225,000 to AED470,000 plus
Meadows 3-5 AED245,000 to AED300,000 plus
Community Bedrooms Leasing rate per annum
NOTE: Data based on sale in the last two months
Dubai Land 326 855 613,962
Business Bay 275 1767 1,200,000
Dubai Marina 266 1600 1,800,000
International City 238 724.4 416,850
JVC 223 814 600,000
RESIDENTIAL SALES – HOT SPOTS
Area
Avg Price/Sq.ft
(in AED)
Avg Transaction
Price (In AED)
No. of
sales
March 2015 Issue -28 /// 40
propertyonline.aeMARKET

21 - 23 April 2015
Abu Dhabi National Exhibition
Centre, UAE
1,000s
EXHIBITORS
ATTENDEES
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Register now for FREE entry!The largest and most influential property investment exhibition in Abu Dhabi is back!
With hundreds of developments from the UAE and overseas being showcased,
Cityscape Abu Dhabi is your prime location for real estate investment.
THE PRIME LOCATION FOR
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V
ishalWadhwaniisapassionate
real estate professional,
having spent 12 years in
the Mumbai market, which
is the hub of real estate business
in India. His frequent trips to Dubai
to service the Indian clients based
here looking to buy properties back
home have brought him closer to
the emirate’s burgeoning real estate
sector. While settling down in Dubai
or selling Dubai real estate was never
on his mind for a long time, eight
months back he decided to take
the plunge. Today, he heads Gold
Coast Real Estate, founded in 2006
by two young entrepreneurs Sufyan
Nagariya and Neeraj Nihalani, who are
equally passionate about real estate.
While Mumbai’s less regulated real
estate brokerage sector threw many
challenges at him, in Dubai Vishal
is facing an entirely different set of
challenges posed by a market that is
not mature yet.
WHAT BROUGHT YOU TO
DUBAI?
After spending a few years in Mumbai,
I seriously started thinking of moving
to Dubai. Then I got this great
opportunity to run Gold Coast Real
Estate, which was established in 2006.
I have been to Dubai so many times
before as I had many NRI clients who
were looking to invest in India. I used
to come here regularly and during
those trips I used to study the market
here, but at that point of time shifting
to Dubai was not on my mind. Eight
months back, I decided to finally make
the move.
GOLD COAST REAL ESTATE
Sufyan Nagariya and Neeraj Nihalani,
who are into multiple businesses,
started this brokerage firm in 2006
out of passion for real estate. Since
they couldn’t fully focus on the real
estate business, they wanted me
to come on board and head the
operations. Now we are focusing
on a complete restructuring of the
company and we are planning to
do commercial, residential sales and
leasing business.
IMMEDIATE STRATEGY
The priority now is to put together a
team of experienced and passionate
real estate professionals. We are in the
process of hiring the right people who
will be able to execute the strategies
set by the company. There are many
talented real estate agents who are
looking for the right platform to work
and I am trying to attract such people
and bring them on board. Now we
have five agents and are planning to
hire six more next month.
MUMBAI VS DUBAI
Mumbai’s real estate market has been
in existence for over 150 years while
Dubai is a relatively new market, so
I believe the real estate sector is a
bit immature.
It is challenging for a real estate
agency to operate in this market
as people coming here to invest in
real estate don’t often manage to
get the right guidance. However,
I know many investors who made
good returns on their investment
even during the downturn as they
invested wisely, so the market is good
for investors properly guided by real
Vishal Wadhwani, Asset Advisor, Gold Coast Real Estate, is extremely optimistic about the
future of Dubai real estate market and is one of those real estate agency members who
believe the current correction is a healthy sign. By Binesh Panicker
“DEMAND
WILLALWAYSBEHIGH”
MARKET
Downtown, Dubai
March 2015 Issue -28 /// 42
propertyonline.ae

estate consultants. Now the market
is stable and it is not volatile at all. A
correction of around 5% to 10% is
always healthy.
DUBAI
According to reports, although
prices are witnessing some sort of
correction, the rentals have stabilized.
So this is a great opportunity for
buyers and investors to get better ROI
than before. Since you are buying a
property at the new corrected price
levels while the rental income remains
the same, you end up making better
returns. Earlier, the average ROI for
properties used to be in the range
of 6% to 8%, but now there are deals
available in the market with an ROI of
8% to 10% and it is undoubtedly the
best in the world. If you compare the
number of people who are expected
to come to Dubai and the number
of properties that will be delivered
over the next four years, there is a big
mismatch, so I believe the demand will
always be high for properties in Dubai.
BROKERS VS CONSULTANTS
We are an asset advisory company and
we focus on relationships rather than
transactions. Once you build a great
relationship with the investors by
providing them with the right advice
and guidance, transactions will follow
by default. We always recommend
the right products to our customers
rather than forcing them to invest
in something, which is not good
for them in the long run. Investors
look at different avenues when it
comes to investment such as capital
appreciation, rental yields or long
term investment opportunities. We
understand what their requirements
are and guide them accordingly. This
is what I have been doing over the
years and I never lost a client till date.
We are an advisory firm and not a
consultancy firm. A consultant will
guide you based on what he has on
the table but an advisor will assist the
investor in every step he takes and
advises him on a wide range of topics
including mortgage and financial
assistance etc.
HOW ARE YOU PLANNING
TO POSITION YOURSELF
IN THE YEARS TO COME?
Initially, we have set goals for
ourselves such as focusing on one to
one deals rather than mass marketing
deals such as excusive projects. Now,
our plan is, apart from maintaining
the existing clients, to build a strong
client base over the next two years.
We want to take part in exhibitions
wherein we can meet and interact
with end users and investors. We will
not get into marketing techniques
such as email blasts, cold calling etc.
We believe in one to one interactions
with our clients.
EARLIER, THE AVERAGE ROI
FOR PROPERTIES USED TO
BE IN THE RANGE OF 6%
TO 8%, BUT NOW THERE
ARE DEALS AVAILABLE IN
THE MARKET WITH AN ROI
OF 8% TO 10% AND IT IS
UNDOUBTEDLY THE BEST
IN THE WORLD.
MARKET
March 2015 Issue -28 /// 43
propertyonline.ae

ARABIANRANCHESCOMMUNITYFAIR
InpicturesPics by Thinkal Bhal & Syed Ghayour
MARKET
March 2015 Issue -28 /// 44
propertyonline.ae

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M: +971 55 948 0495 | +971 56 144 9976
T: +971 4 3957593 | F: +971 4 3942533
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5 BR 5,261 sq. ft. 6,619 sq. ft. 4.269M
Type | BUA | Plot | PriceVilla
4 Bedroom 3,789 sq. ft. AED 2,647,000
Unit Type | Size | PriceTH
Why invest in Mudon?
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due to its prime location and features, such
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from AED 712 per sq. ft.
3 Bedroom Townhouse 2,146 - 2,235 sqft.
4 Bedroom Townhouse 2,357 - 2,423 sqft.
Plot sizes ranging from 2,020 - 4,660 sq. ft.
Townhouse | BUATH
Zahra Town Square features:
• Town Square is situated at the intersection
of Al Qudra Road and Emirates Road, just
south of Arabian Ranches.
• w/ Football grounds, Basketball courts,
swimming pools, walking/cycling tracks,
Parks, Open air Reel Cinema, cafes and
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Launch is on 14th of March 2015
Expected price starting from AED 1 Million
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OWN YOUR VILLA FOR AED 999,999
ZAHRA TOWN SQUARE

T
he Dubai real estate market
since the last quarter of 2014
has witnessed a correction
and not all the real estate
agency owners are worried about this
and Klaus Hölscher, License Partner
and Managing Director, Kensington
Finest Properties International is one
of them. In this exclusive interview,
Klaus tells why he feels it’s a good
phase for the market as far as end
users are concerned and what his take
is on the future of the market.
When did you get into the
business of real estate in Dubai?
I started our company in 2004 as a
License Partner of one of the biggest
Doyoufocusoncertain
communitiesorareyouintoall
typesrealestateactivitiesspread
acrossallareasinDubai?
We are trying to specialise our agents
in specific areas. But there are some
areas, which we are not covering in
sales at all such as International City,
because we don’t have clients who
are looking at renting or buying
there. We are also doing rentals in
IMPZ, but nothing much in sales.
If it’s a bulk deal, then we
sometimes look at these areas. Since
our background is mostly luxury real
estate, our prime focus is on areas
such as Dubai Marina, Downtown,
Palm and DIFC apart from villa
communities such as Al Barari,
“FORTHEENDUSERS,
IT’SAPERFECTTIMETOBUY.”
Klaus Hölscher, License Partner and Managing Director, Kensington
Finest Properties International, shares his expertise on the market with
Property Times readers. By Binesh Panicker
NOBODY HAS A CRYS-
TAL BALL TO SEE WHAT
WILL HAPPEN IN THE
FUTURE. BUT WHEN YOU
SEE THE FACTS AND SIG-
NALS IN THE MARKET, I
AM CONVINCED THAT
THE MARKET IS CHANG-
ING TO AN EDUCATED
AND MATURED REAL
ESTATE MARKET.
international real estate Brands. In the
beginning, we were three agents
and in the following years, we were
constantly growing. During the
peak of 2008, we had 50 agents in
our sales and rental departments.
We got awarded as the most
successful License Partner of this
international real estate Company
worldwide. We were able to hold
this award for two years. Then
recession struck the market and we
suffered in the same way as other
companies. But, we survived and
in the year 2012 we changed our
brand name to Kensington Finest
Properties International. Today we
have 18 agents in sales and eight
agents in rentals.
MARKET
Downtown, Dubai
March 2015 Issue -28 /// 46
propertyonline.ae

The Villa, Jumeirah Golf Estates and
Jumeirah Park etc.
Alotofrealestateagencieshave
been openly talking about a
considerable dip in transactions
in the secondary market for the
past few months. What is your
take on this?
I am very bullish on the secondary
market in 2015 again. The recent hype
was driven typically by investors and
speculators. With the current trend,
these investors hold on to their
investments, which is one the reasons
for the stabilization of the market. For
the end users, it’s a perfect time to
buy as the long term outlook for the
Dubai real estate market is brilliant.
The competition among the banks
leads also to lower interest rates,
which makes it easier and attractive
for home buyers to fulfil the dream
of owning their own property. Due to
increased rents, buying a house with a
low interest mortgage makes housing
more affordable and economical. For
this reason, I see a higher demand
for villas and apartments in good
locations. Further, we also see that
more institutional investors put their
focus on the Dubai market. We are
currently in several negotiations and
it shows that all these investors are
looking for the classical investor
model: to buy a ready property,
which generates immediately an
attractive return on investment.
Other options are properties,
which are nearly completed. These
investors weigh the classical model
with 75% to 80% of their portfolio. All
these factors will drive the secondary
market this year and make it very
attractive again.
Willthepricesandrentscontinue
to slide in Dubai? Why?
Nobody has a crystal ball to see what
will happen in the future, but when
you see the facts and signals in the
market I am convinced that the
market is changing to an educated
and matured real estate market. This
is very good and positive for the
future, despite the fact that this is
currently very painful for all brokers
in the market. We will see for sure in
some overheated areas and specific
buildings that prices will drop further.
In general, I think that prices will not
move a lot anymore in 2015. Neither
up nor down. Again, for sure in some
specific developments prices will still
go down further. But also here you
have to ask, from which level prices
are dropping. We had an unhealthy
rocket price development in some
areas of Dubai.
And when the price of a unit
rockets up by 50% to 60% and now
falls again by 20%, in reality, this is
still a fantastic capital appreciation. I
also see that the rents will fall in some
overheated areas, but they will not
move up this year anymore except
maybe if it’s a building with extremely
high demand. I guess that by the
end of 2015, the prices will increase
again; but for sure in a healthy way;
that means maybe around 10% per
annum. And with these numbers,
we are above the global average. So
Dubai is still and will be, in the coming
years, a very attractive place for real
estate investment with above average
yields and capital appreciation.
Doyouforeseeamajorrecession
before Expo2020? Why?
Many international banks and
consultant companies assume there
will be a global recession in 2017. We
have many problems globally. Europe
has to cope with a very weak currency
and many economic problems. Also
the Russian-Ukraine conflict will bring
a lot of instability and insecurity to this
part of the world.
But the UAE survived the last
recession very well, despite the real
estate crash. The parameters in the
UAE changed and I think that the
country is much better prepared
for economic changes and a further
financial recession, than before. But
to be positive; I hope that all analysts
who are predicting such a scenario
are wrong. But if at all there will be
another recession in two years, it
would be one more reason to buy
good properties in Dubai now. Brick
and mortar is and will always be a very
secure investment. Additionally, all
the investments for the Expo2020 will
level out the influence of a recession
which may take place in two years.
MARKET
Sheikh Zayed Road, Dubai
JLT, Dubai
March 2015 Issue -28 /// 47
propertyonline.ae

Ifaholidaymustincludethebeach,Salalah,usuallyonlyconsideredduringtheKhareefseason,
is an option, offering mountains as well. By Nicole Walter/Freelance writer
HOSPITALITY
March 2015 Issue -28 /// 48
propertyonline.ae

Spring
break
is around
the
corner, but there is no need to jet off to
far away lands to enjoy a beach, or mountain
holiday,Oman is only a short flight, or a long scenic
drive away, depending on the route taken. Unspoiled in
so many ways, nature rules in the Sultanate of Oman, a
fact, hoteliers have taken to heart, allowing for the discovery
of some amazing spots, such as Alila Jabal Akhdar and the
Salalah Rotana Resort.
ALILA JABAL AKHDAR
Experiencing fresh mountain air, at over
2,000 metres above sea level, staying in
rustic mountain cabins, is something
we usually attribute to a holiday
HOSPITALITY
Alila Jabal Akhdar
March 2015 Issue -28 /// 49
propertyonline.ae

to experience a unique peak into
the distillation of rose water, which
has been a tradition in Oman for
many generations. It is our pleasure
to introduce our travellers to a truly
remarkable and exquisite part of the
world,” he describes a visit.
SALALAH ROTANA RESORT
If a holiday must include the beach,
Salalah, usually only considered
during the Khareef season, is an
option, offering mountains as well.
One may miss the rich lushness and
waterfalls, but the wadis with caves
haven’t disappeared, Rakyut and
Dalkut will still offer some green, and
breathtaking views worth exploring.
Head to Jebel Samhan nature reserve
and if lucky an Arabian leopard, wolf,
striped hyena, or a caracal could cross
one’s path. In addition, the ancient
frankincense capital of the world is
close by.
in northern climes, but the Alila
‘Jabal Akhdar’, translating as ‘green
mountain’ makes it possible close
to home, and of course in a luxury,
yet eco-friendly, style. The design
says it all, built out of the mountain
stones, which surrounds it, and other
natural materials complementing the
look, the resort has been built using
Omani techniques, designed with
local touches. The stunning views
over the deep canyons and mountain
tops relax the mind, and a visit to the
spa the body. The resort offers a range
of suites and villas with private pool.
Swim at the cliff’s edge, or indoors on
cooler days, and enjoy dinner under
the clear mountain skies.
Located about an hour and half
drive from Muscat, not that far from
the quaint village of Nizwa with its
famous fort, a four-wheel drive is
required, or arrange an airport pick up,
or just cruise in from Al Ain along route
21. Built by Omran and managed by
Alila, meaning ‘surprise’, there is more
to the resort than stillness, an array of
hiking routes beckon. Take a trip to
terraced farms where flowers, walnut
trees and fruit grows thanks to the
thousands of years old ‘falaj’ water
systems, or experience the local way
of life at the goat market and souqs,
and chill in an oasis of bananas.
“For the month of April, Al Jabal
Al Akhdar is blanketed in pink during
the famous Rose Season. During
this period, the resort provides
guided walks through the stunning
landscape of the mountain range to
view the rose terraces,” Jork Bosselaar,
General Manager of Alila Jabal
Akhdar highlights the advantages
of travelling in Spring.“The package
includes two nights accommodation,
daily breakfast, dinner for one night
and a refreshing rose facial for two,
and a tour around the local village
FOR THE MONTH OF APRIL,
AL JABAL AL AKHDAR IS
BLANKETED IN PINK DURING
THE FAMOUS ROSE SEASON.
DURING THIS PERIOD, THE
RESORT PROVIDES GUIDED
WALKS THROUGH THE
STUNNING LANDSCAPE OF THE
MOUNTAIN RANGE TO VIEW
THE ROSE TERRACES.
JORK BOSSELAAR,
GENERAL MANAGER,
ALILA JABAL AKHDAR
HOSPITALITY
March 2015 Issue -28 /// 50
propertyonline.ae

Visit: by appointement
Dubai, JLT Cluster N, Jbc 4 Tower 1302
P.O Box 309130 JLT Dubai, U.A.E
Showroom Mob: 050 4537375
Tel: +971 44286688, Fax: +971 44278833
E-mail: helen@designmobl.com
www.designmobl.com
Design Mobl @design_mobl DESIGN_MOBL
Follow us on:

Not to forget that the areas
microclimate still makes it the bread-
basket of Oman, snapping up fresh
fruit, and seeing happy goats and
camels tumbling by the roadside
is always a pleasure. Then there are
curiosities like the largest sinkhole in
the world, Teiq, and the curious zero
gravity spot towards Mirbat, worth of
discovery and the many unspoiled
snorkelling spots home to turtles,
sharks and whales. Beaches are still
deserted, some dotted with caves, the
white sands and azure waters rather
attracting birds and even camels
chilling in amazing sunsets. For
some serious bird watching the
Alila Jabal Akhdar
Salalah Rotana Resort
HOSPITALITY
March 2015 Issue -28 /// 52
propertyonline.ae

wetland of Khawr Rawri springs
to mind.
This is the time to go, before too
many discover the serenity of Salalah,
outside the Khareef season. “Last
year alone, Salalah had over 400,000
visitors from the Gulf, an increase of
over 80,000 from the previous year
and we expect numbers to continue
risingyear-on-year. Preparing for an
increase in tourism, Salalah Airport is
expanding its capacity to handle more
passengers,” remarks Claudio Melli,
the General Manager of the Salalah
Rotana Resort. The resort offers a good
exploration base currently celebrating
its anniversary it has added a third,
temperature-controlled swimming
pool, Jacuzzi and pool café, private
beach, an all-day Italian restaurant
and Salalah’s first private, 250-seat
outdoor amphitheatre.
Developed by Omani Muriya,
again nature has been respected
in the design. Spread of 16 million
square metres, along an 8.5 km
beach, this property with generously
sized rooms and suites, was built
employing local expertise using red
clay, wood and Mashrabiya, with
furnishings carved from desert rocks.
The resort evokes a tropical feel and
of course comes with spa and kid’s
club. But the best part, the rooms are
directly placed on lagoons, a network
of waterways, filled with the seawater
of the Indian Ocean using its natural
tidal patterns. Flying to Salalah is
easy although the drive from the
UAE can be pretty amazing if a long
one. “To date we have recorded over
60,000 guests staying with us, most
are from the GCC but we also have a
steady stream of European tourists,
and recently welcomed the first
group of Italian tourists travelling via
chartered flights from Milan through
a partnership with a leading tour
operator in Italy,” says Claudio.
Alila Jabal Akhdar
Alila Jabal Akhdar
HOSPITALITY
March 2015 Issue -28 /// 53
propertyonline.ae

HOSPITALITY
Column
Jitheesh Thilak
BA, LLB (Hons). LLM (Int. Economic Law)
Solicitor (England & Wales),
Advocate (Supreme Court of India)
e: jthilak@gmail.com
T
here is an increasing demand
for hotels in Dubai that are
not only alcohol free but also
cater to regional sensibilities
and Islamic practices and beliefs. The
growing popularity of Dubai among
more conservative tourists has created
demand forSharia-compliant hotels.
According to statistics from the Dubai
Department of Tourism and Commerce
Marketing, there were 710,000 Saudi
tourists visiting Dubai in the first half of
this year. Last year, there were over 1.12
millionSauditouristsinthewholeofthe
year. There are more than 12 hotels in
Dubai which do not serve alcohol, and
the number is growing.
Sharia-Compliant Hotel is a relatively
newconceptwhichisalsoisalsoknown
as Islamic hotels, can be defined
as a hotel that provides services in
accordance to the Shariah principles.
TheArabicword“Sharia”literallymeans
“the way” or “the path”. It refers to the
divine law that Islam teaches has been
prescribed by God to govern human
life. Muslims believe that this divine
law has been revealed to different
communities though various prophets
throughout the ages, concluding
with the Prophet Mohammad and
therefore, Sharia-Compliant Hotels
have become an attractive concept in
theMiddleEastandNorthAfricaregion.
AccordingtostatisticsreportedbyWorld
Tourism Organization in 2010, Sharia-
Compliant Hotels represent almost
10% of the global tourism market. The
major proponent behind the success
of the concept included the increasing
numbers of Muslim traveler market
SHARIA-COMPLIANT HOTELS IN DUBAI:
OPPORTUNITIES AND CHALLENGES
around the world with average spend
reachedattentofiftypercenthigherthan
that of the average leisure or business
traveler. The availability of Sharia-
compliant funds and Islamic banks
has also given rise to Sharia-Compliant
Hotels as these lenders often insist that
the hotels they finance be in line with
Islamic principles. Though, the concept
of Sharia-Compliant Hotel is considered
as one of the most unique concepts,
only limited numbers of directions or
rules are available. Guests and hotel
managers are expressinggreat concern
aboutthedefinitionofSharia-Compliant
Hotels, especially with regard to what
constitutes these hotels that compliant
with Islamic laws. This ambiguity and
uncertainty in the concept may lead
to confusion and frustration among
interested parties such as lenders, hotel
owners, managers and guests.
It is important to note that in order
to be considered as a fully Sharia-
Compliant Hotel; it is essential that
the operation, design and financial
system of the hotel definitely comply
with Shariah rules and principles.
Although, there are still no written
formal requirements or classifications
for Sharia-Compliant Hotels, the
basic attributes of development and
operation of the Sharia-Compliant
Hotels are:. No alcohol· Halal food
only· Quran and prayer mats
available in each room· Beds and
toilet positioned so as not to face
the direction of Mecca· Bidets in the
bathrooms· Prayer rooms· Appropriate
entertainment· Predominantly
Muslim staff· Conservative staff dress·
Separate recreational facilities for
men and women· Guest dress code·
Islamic funding· Shariah compliant
accounting practices
The most prominent challenge facing
SCH is the loss of revenue from the
sales of alcoholic beverages which will
eventually affect the food and beverage
profits. The prohibition of alcohol has
indirect influence on reducing the
number of customers that only want
to dine at thehotel and also limiting
the number of tourists who want to
stay at the hotel. Another recognizable
challenge is the lack of standards,
specifications andrequirements that
distinguishes this hotel type. Another
challenge facing these hotels is the need
for capacity management, as one of the
main features of Islamic hotels is gender
segregationandthustheymustseparate
facilities for men and women.
The increase in the trend towards
Sharia-Compliant Hotels in Dubai is
due to the reason of increased investors
coming in from Saudi Arabia and the
GCC and investing on these Islamic
investment options. They are obviously
choosing to develop Sharia-Compliant
Hotels on the basis of their own religious
beliefs, not necessarily a desire to only
serve a clientele that’s looking for a
Sharia-Compliant Hotel. In spite of the
commercial challenges, the statistics
and the current market trends, where
local and international hotel operators
are investing in developing brands to
cater this niche market shows that the
concept of Sharia-Compliant Hotels in
Dubai is here to stay.
March 2015 Issue -28 /// 54
propertyonline.ae

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Property Times eMagazine march 2015

Property Times eMagazine march 2015

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