Buying and Renting Apartments in Dubai

If you have good amount of money in your pocket and are firm believer of globalization with a certain taste for real state and traveling then Dubai is the only place on the Earth where you can accomplish all your desired goals to be completed, as far as it is concerned with investment or buying an apartment in Dubai.

Apparently, there are many reasons that led to the real estate market in Dubai to grow manifold. First of all, the development of oil industry since the discovery of oil in 1966 led to the immaculate development of Dubai in every sphere of life. As UAE is not much advanced, technologically, therefore, it had to seek assistance from many foreign companies which have made their project sites in UAE and Dubai as well. This resulted into the great influx of professionals as well as migrant labors in Dubai, approximately 80% population of Dubai is Migrant.

More population gets added in Dubai in form of tourists who come to Dubai enjoying desert, shopping and beaches in Dubai. Tax free goods including golden jewelry up to expensive cars is great craze for people around the globe as they frequently visit Dubai for buying in shopping festivals and malls in the city.

This huge crowd of human mass led to the need of residential space in form of hotels and Apartments in Dubai that led to appropriate growth of real estate property in Dubai. Presently Dubai has all prominent chains of hotels and every big builder from the Globe in real estate industry.

One can have two choices for owing an apartment in Dubai; one can either rent or permanently buy them as according to his need. For renting one can choose either any of one from apartments, hotels, hotel apartments and villas on short term basis on one's requirement and available budget. Renting a furnished apartment on self catering basis is very cheaper option than a hotel to stay when a tourist intend to stay in Dubai for a longer period of time, if compared to a holiday package. Dubai Marina is suited place with a cosmopolitan feeling for apartments in Dubai for foreign tourists.

As for buying apartments even take initial steps after buying apartments from a real estate agent of repute. An agent can assist you in finding, researching, investigating and buying a property of your choice within budget. The most preferred location to buy a property in Dubai are Jumeirah, Meadows, Dubai Marina, Deira, Arabian Ranches, Business Bay or the Golden Beaches, Dubai Palm Island, The Springs, Emirates Hills,etc.

Government Investment and Buyer Confidence keep Dubai Building

The Dubai property scene has taken a hit this year but will still attract investment, report Alex Evans and Ben Dahlstrom in the Times online.

Dubai, the virtual city that once existed only in stunning computer-generated images, is taking shape and emerging out of the sands. For some, it’s the greatest example of what can be achieved through focused government investment and investor confidence. For others, it’s a bold experiment that could still fail spectacularly as the world goes into economic slowdown.

Despite the rising cost of steel and cement, Dubai has 4m sq m of property under construction, worth a staggering £2.7 trillion. It is looking to rising tourism, an increasing local population and new buyers from emerging economies for future demand, with its favourable tax status drawing businesses, professionals and those looking for a luxury haven to the city.

Whatever your view of Dubai, its global visibility is impressive. Aspirational buyers from India’s burgeoning middle class are looking for holiday home investments, while Russia’s senior professionals are seeking tax-friendly and prestigious destinations with renewed impetus, following that country’s recent stock market collapse.

Unlike other second-home destinations such as Florida and Spain, where concern about buyer interest prevails, the main anxiety about Dubai has always been about delivery now – will the property be finished on time and of the quality promised? – although doubts have also been raised over projections of potential oversupply in the future. In the meantime, a dearth of available units means rents are still high and, despite attempts to cap rent increases, professionals are seeing less benefit from their tax-free earnings.

The prevailing view, however, is that Dubai will ultimately deliver. An estimated 140,000 accommodation units due to be completed by 2010 are predicted to bring rents down, making the city more attractive to international workers – and thereby creating further demand for rental property.

As the Dubai stock market has convulsed and the extent of sovereign and corporate debt has been revealed, there has been an understandable loss of investor confidence in the sustainability of its growth, and the security of investment in the region.

On the other hand, Dubai’s government has introduced several confidence-boosting measures over the past year. Developers are now obliged to hold all payments in escrow and a new online registration system (Ogood) will create transparency by introducing a property index. To avoid cases of off-plan units being sold to several buyers, developers must preregister before selling. And it is not just buyers who need more regulation. To protect developers from “flippers” (off-plan buyers who want to sell before completion and may not be able to pay the full price if they do not find a buyer), the authorities have declared that buyers defaulting on payments or breaching contracts will forfeit 30% of the sale price to the developer.

Dubai has always been a bold market. Bolstered by local wealth, international expertise and government support, it will continue to generate interest.

Business Bay Building Works Continue

Enabling works have been completed on site at its Executive Bay development at Business Bay in Dubai. Executive Bay is one of eleven properties that DAMAC Properties has planned for the Business Bay area. The site has been shored and excavation for basements completed, by the enabling works contractors Al Habtoor STFA for the development which will include a shopping arcade on the ground floor together with state of the art office space overlooking a waterfront location. DAMAC Properties’ eye catching Executive Bay towers will feature hi-speed internet connectivity, security, and recreational facilities, such as a gymnasium, health club facilities and swimming pool. . Each tower comprises a series of three interconnected triangular buildings and will have a common landscaped courtyard and café. Welcoming the progress on site at Executive Bay, CEO of Damac Properties Mr Peter Riddoch said that the next stage of construction would begin as soon as tenders had been assessed. ‘It is pleasing to note that we are in a position to go ahead with construction as soon as we have appointed the successful contractor, he said. DAMAC Properties will eventually have a total of eleven projects in the Business Bay area. The company has also recently announced that its XL Tower development has reached Podium 3 level and enabling works have also been completed at both its Capital Bay and Park Central projects. Business Bay will eventually cover an area of 64m square feet along the banks of the extended Dubai Creek and is expected to attract a number of regional and international companies. It has been designed as a commercial and business cluster in line with Dubai’s growing global business community base and will be similar in nature to Manhattan in New York with upscale residential complexes also available on site. Mr Riddoch added:‘We are delighted to see progress at so many of our sites across Business Bay and know that reaching these different milestones is important for our customers who have invested in these properties at such a prime location and are looking forward to seeing them rise in the skyline over the next year. ‘We believe that Business Bay will eventually become known as one of the best locations in the world for international businesses and look forward to being at the centre of this exciting new development in Dubai’s future.’

One floor completed every week at Ocean Heights tower

Construction contiues apace in Dubai
Contractor Arabtec undertaking an impressive pace at Marina development Luxury lifestyle provider DAMAC Properties is showing its determination on delivery by completing a floor every 5.2 days at its Ocean Heights tower at Dubai Marina. The 84 storey skyscraper is being constructed by Arabtec, one of the Gulf’s leading construction contractors and currently staff on-site are successfully delivering one complete floor in a little over every five working days. Ocean Heights is set to be one of DAMAC Properties’ most iconic buildings with a twisting architectural design which is now starting to take shape. People driving past the building at Dubai Marina can now witness the building starting to give the appearance of ‘turning’ as it reaches the 30th floor. CEO of DAMAC Properties Peter Riddoch welcomed the progress on site by Arabtec and praised the focus and efficiency they had shown. ‘We are working with Arabtec on many of our buildings. They have a reputation for delivering successfully on projects and for meeting even the most complicated of building challenges,’ he said. ‘With delivery being at the heart of the DAMAC promise for customers it is so important to us to see progress of the nature we are seeing at Ocean Heights. One floor being completed every week is something both companies are rightly proud of.’ Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition several floors of the building will feature DAMAC Properties’ Signature Series penthouse range – ultimate luxury apartments with the latest in hi-tec gadgetry and luxurious home comforts. These apartments have been designed by HBA (Hersh Bedner Associates), a leader in hospitality interior design worldwide, and combine elegant décor with the most up to date home management systems. In addition to providing stunning individual homes, Ocean Heights will offer an outdoor leisure deck complete with pool plus a gym and sauna/steam rooms for all residents. There will also be restaurants and cafes at ground level with nearby links to the new Dubai Metro and extensive leisure facilities and shops of the Marina on hand. The building is scheduled for completion in 2010. Mr Riddoch added:‘Ocean Heights is set to become one of DAMAC Properties’ flagship buildings with its eye-catching external design and beautifully finished apartments so we are delighted to see the excellent progress being made on site. ‘We are confident that continuing to work closely with Arabtec we will continue to make further strides during the first few months of 2009 and people in Dubai will continue to see swift progress being made at this iconic building.’

Ocean Heights is situated in the premium acres of Dubai, earmarked for resorts, boutique hotels and breathtaking futuristic developments. Where you can choose between the refined pleasures of luxury hotels and entertainment plazas, and a sundown barbecue with your family and friends.

When you have your home in one of the 680 luxury freehold condominiums of Ocean Heights, overlooking magnificent vistas on all sides, your views simply have to be beautiful and grand. In fact, the majestic tower is a sight by itself; spiraling skywards dramatically different from every angle you view.


At Ocean Heights, Dubai you can experience the finer points of life at their finest. And discover a lifestyle, which is just your kind, in a neighborhood that is home to the cream of Dubai's avant-garde society. Up here, the good life gets even better.

That's what the ambience of Ocean Heights Dubai is. It urges you to live a healthy life, to the fullest. Besides the refreshing breeze around, you will have all in-house amenities to relax and stay in the pink of health

Dubai Learns the Lessons

The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand.
Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth.

6% growth

The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.

Dubai Law aims at Stability

Agents and investors in property in Dubai have been mulling over changes to the Emirate’s real estate laws that are designed to make the buying process safer and more transparent for investors, as well as bringing some degree of stability to the markets amid the financial turmoil gripping the rest of the world.

Three new laws have taken effect in the past few weeks, and all were published on 31st August. The laws concern the areas of off-plan sales, mortgage laws and property disputes.

Law 13, covering the sale of off-plan property in Dubai, states that all transactions must be registered with the Dubai Land Department. This means that developers can no longer launch and sell developments before they have taken possession of the land and been granted the necessary building permits. “Whereas previously you had some developers launching and advertising projects for sale before they had even taken possession of the land, now they will be forced to hold off”, according to Lynnette Brown, a partner at law firm Al Tamimi.

The law also gives buyers and investors added confidence in what they are buying for the future. As all sales now can only be completed after the plans and permissions have been lodged and registered, there can be little deviation between what buyers expect and the finished product.

The law pertaining to fees and charges for the sale of property in Dubai has also been amended. Developers will no longer be able to charge a transfer fee to clients, but may now charge an administration fee. This fee, which previously could be levied as a percentage of the property value, is now to be capped at a maximum of 5,000 Dirham.

The law also sets out defined timelines for different contingencies – for example, if a buyer defaults on a property the developer now can report it to the Land Department and begin a process of informing the buyer and ultimately cancelling the contract and putting the property back onto the market. This will provide added stability in the current market conditions.

The final law change is to do with the administering of mortgages in Dubai, which can only be issued by a UAE-registered bank and must be registered with the Land Department. The law also applies retrospectively to mortgage arrangements already in place, meaning that they must be registered or will be considered null and void. This extension of the mortgage laws has been hailed as a positive move, helping to reduce speculative pressure on the property markets

Reasons to Buy Dubai

Ten reasons Dubai real estate will continue to boom
Dubai real estate may well be the next asset class bubble to be created by inappropriate interest rate levels set by the US, alongside Hong Kong property. But there are at least 10 good reasons to think the present realty boom in Dubai will continue for rather longer than many outside observers believe possible.
They may seem high now, but property prices will continue to rise


1. Dubai mortgage rates are around 8.5 per cent and have yet to adjust to the recent US rate cuts, which they have to do because of the dollar peg to the dirham. Just a couple of years ago local mortgage rates of seven per cent were available. Therefore the downward pressure on the cost of home finance is clear, and if the local mortgage market follows Hong Kong and becomes more competitive, then interest rates could go much lower, making it significantly cheaper to buy than rent. Real interest rates are already negative due to high local inflation.

2. Rental yields in the Dubai market of 7-10 per cent are abnormally high by international standards. Rents are unlikely to fall in a booming market, so it is more likely that rising capital values will gradually pressure yields down towards global levels. There is no reason why rental yields should be higher in a booming city like Dubai than in a city where the economic outlook is poorer.

3. The hype about Dubai development projects has admittedly duped even this skeptical correspondent over the years. The fact is that far less supply is coming on stream than promised by overenthusiastic developers, due partly to limited supplies of manpower and materials. Dubai Properties is one of the biggest and has just said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand.

4. Dubai house prices are still low in absolute terms in comparison to other global cities with similar salary levels. The HSBC survey of house prices in comparison to per capita GDP put Dubai and Abu Dhabi near the bottom. This is a historic anomaly that will be eliminated by price rises.

5. Six years ago, when Dubai freehold began, it was a market without any formal legislation and regulatory infrastructure. Now it has world-class laws, a state-of-the-art land registry and a strongly-led regulatory authority. Hope has been replaced by experience.

6. The Dubai Financial Market crashed in 2006 pushing local investors into property as an alternative. It recovered in late 2007, but is now again trending downwards with global stocks, and has become highly volatile, shifting over 10 per cent in a day. Expect stock market participants to again seek a more stable alternative.

7. Indeed, the absence of investment alternatives is a major theme for 2008. Global stock markets have had their worst January in history. Recent US interest rate cuts leave deposits paying 2.8 per cent. This makes Dubai real estate look attractive as an alternative. Where else offers such a return?

8. In the same way that the local stock market crash attracted foreign bargain hunters to invest last year, foreign investors in search of yield are also increasingly investing in Dubai real estate. Problems in the UK housing market might be dissuading some buyers, but large numbers of oil-rich Russians, for example, are now buying in Dubai.

9. Dubai still has some undeveloped market niches in real estate, such as holiday lets and fractional ownership, which are big and even dominant market phenomena in many beach resorts around the world. This source of higher rental yield on property has therefore yet to be fully tapped.

10. The Dubai Government has been the most proactive developer in the emirate, and its recent legislation and regulatory initiatives suggest that this support is not only likely to continue, but will respond appropriately to any adverse market developments.