Saudi Mortgage Law To Focus On Affordable Housing Shortage

Experts have raised a warning against the lack of low-cost accommodation in Saudi Arabia. According to real estate experts, this shortage in the affordable property will reflect in the agenda of the mortgage law, which Saudi Arabia is planning to implement soon.

“Most new developments are targeting the high-income segments of the population which constitute a relatively small share of existing demand,” said Rakesh Kunhiraman, who is the director at the consukting division of Oxford Business Group (OBG).

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Dubai International Financial Centre (D.I.F.C)

The Dubai International Financial Centre was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Its remit is to create a regional capital market, offering investors and issuers of capital world class regulations and standards. Its hallmarks are: integrity, transparency and efficiency.

DIFC Laws are enacted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler if Dubai, and under the UAE Constitution, are considered at the level of local legislation. The DIFC residential district offers a luxurious lifestyle in the world’s new financial center.

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Jumeriah Lake Towers

umeirah Lakes Towers is a dynamic waterfront community in Dubai, United Arab Emirates, comprising attractive residential and office towers alongside hotels, leisure and retail outlets. A total of 87 towers stand tall in the prestigious project. Almas, the crowning centerpiece of the community will be surrounded by 78 towers clustered in groups of three which forms JLT, 8 towers clustered in groups of 4 which forms JLT embankment and calming lakes, beautiful landscaped gardens and unique waterways, four winding, man-made lakes create a vibrant waterfront environment and provide stunning views from all around. Jumeirah Lake Towers is situated adjacent to Sheikh Zayed Road, between interchanges 5 and 6.

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Dubai Property Market

The Dubai real estate sector’s strong fundamentals [huge Government driven infrastructural commitment and substantial achieved completeness] remain supportive of a sustained growth phase, having adjusted to a particularly aggressive free fall in average prices.

Post the international financial crisis, Dubai’s leaders remain committed to driving their 2015 macro strategy plan to success; The economy as a whole has already experienced positive recovery of significant magnitude 2009 highlights include; The world’s largest metro network opened 9/9/2009 The world’s tallest tower, Burj Khalifa – opened in 2010; Dubai Investor Confidence Index recent positive boost. DFM recovery led by Emaar Properties – 2009 growth 155% Opportunity to experience post recovery lag effect growth in real estate market Since their peak in September 2008, prices have fallen by an average of 47% Supply of new stock is expected to lag behind planned delivery, creating a natural cushion against further price falls Current indicators put the bottom of the pricing market as Q3 2009, with an overall price increase of 9% achieved in Q3/4 2009 Demand driver statistics (source Colliers International); Transactional increase - 64% Q3 2008/2009 Average price Increase - 7% Q2 to Q3 2009 Villa price increase - 9% Q to Q3 2009

Jumeriah Lake Towers

Jumeirah Lakes Towers is a dynamic waterfront community in Dubai, United Arab Emirates, comprising attractive residential and office towers alongside hotels, leisure and retail outlets.

A total of 87 towers stand tall in the prestigious project. Almas, the crowning centerpiece of the community will be surrounded by 78 towers clustered in groups of three which forms JLT, 8 towers clustered in groups of 4 which forms JLT embankment and calming lakes, beautiful landscaped gardens and unique waterways, four winding, man-made lakes create a vibrant waterfront environment and provide stunning views from all around. Jumeirah Lake Towers is situated adjacent to Sheikh Zayed Road, between interchanges 5 and 6.

property management

Jumeirah Golf Estates

Jumeirah Golf Estates will offer homeowners the rare opportunity to live in a community that has been carefully planned to meet the needs of the modern family retaining its own unique character and reflecting the inimitable beauty of its surroundings. Beautifully landscaped, the estates will feature abundant parkland, nature strips, lakes and ponds – surrounded by some of the world’s most scenic golf courses.

Occupying 375 hectares of Jumeirah Golf Estates 1,119 hectare land parcel, the first phase incorporates 11 planned residential communities, comprising more than 1,000 individual properties, each set in beautifully landscaped surroundings, with estates ranging from 6,000 to 12,000 square feet. Throughout the communities, a sense of space has been afforded paramount importance: 75% of all properties face the golf courses, with the remainder facing lakes and nature strips, allowing for inspiring, uninterrupted views from all.

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Palm Jumeirah

The Palm Jumeirah is the most exciting residential project on earth. A man-made island, it is being developed off the shores of Dubai in the United Arab Emirates. The Palm extends 605 kilometers into the Arabian Gulf, and is surrounded by an 11 kilometer-long crescent shaped breakwater built with over 7 million tons of rock and sand. It adds 60 kilometers of beach to the coast of the UAE and will be used for private beach residences and some 30 five star hotels. The Palm is primarily s retreat and residential area for living, relaxation, and leisure.

It will contain themed boutique hotels, three types of villas (Signature Villas, Garden Homes, and Canal Cove Town Homes), shoreline apartment buildings, beaches, marinas, restaurants, cafes and a variety of retail outlets. Signature Villas on the ‘fronds’ of The Palm Jumeirah are the last words in exclusivity and luxury. At 7,000 square feet, with six or seven bedrooms, each has large swimming pool and, most spectacularly, a huge private beach. Three, four and five bedroom Garden Villas are also available along the ‘fronds’ of The Palm Jumeirah. These give home owners 5,000 square feet of living space, along with private pools, stunning water views, and a private beach. Residents-only health clubs and entertainment options nearby make these beautiful family homes and holiday retreats. The beautiful Shoreline apartments are located on the ‘trunk’ of The Palm.

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Dubai Pearl

Dubai Pearl is a fully-integrated, mixed-use urban community where wellbeing is balanced through a sequence of WORK PLAY STAY LIVE experiences in an environment that facilitates interaction and will provide high standards in an attractive eco-sensitive environment.

The project is strategically located at the base of the Palm Jumeirah within the Telecom free zone, the Dubai Pearl sits squarely in the heart of new Dubai, surrounded by Knowledge City, Media City, and Internet City and aims to offer the best in entertainment, dining, shopping, playing, working, hospitality and living within a few steps of wherever you are in this vibrant destination.

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The Meadows

Tranquil and verdant, resident’s steps into The Meadows to find tree lined streets and distinctive, spacious villas. These homes range from three to seven bedrooms, two-storey homes proving particularly attractive to Dubai’s young professional families, who appreciate the advantage of living within a secure gated community.

The project features private yards enclosed by boundary wall enclosures, membership opportunities at recreational facilities, community swimming pools, landscaped parks, children’s play area, nurseries, schools, shopping centres, cafes, restaurants, and mosques, 24 hours security, 24 hours maintenance, and high speed digital technology for internet, television and voice communications.

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Jumeirah Islands/ The Lakes

The Lakes offer family freehold homes from 2 to 5 bedrooms. Tranquil and scenic with waterways, parks and landscaped greenery, the Lakes sent the tone for family living in Dubai. Its villas are situated between two world-class golf courses, The Montgomerie at Emirates Hills and Emirates Golf Course, the scene of the prestigious Dubai Desert classic tournament.

The Lakes has 4 established communities – Deema, Furat, Maeen, Zulal – and a new community, Ghadeer. Amenities include landscaped common areas, parks and children play areas, swimming pools, lakes and water features, BBQ areas, half basketball courts and a football field, Membership opportunities at Hayyal Club, 24 hour security, etc.

Emirates Hills

Dubai is home to many luxury property developments, but Emirates Hills is unquestionably the most exclusive. A place of wealth and beauty, each of its villas are unique, reflecting the lives of the people that live there. Emirates Hills features a harmonious balance of well-appointed villas, handsome neighbourhoods and lush landscaping, making it the undisputed “Beverly Hills” of Dubai.

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Jumeriah Lake Towers

Jumeirah Lakes Towers is a dynamic waterfront community in Dubai, United Arab Emirates, comprising attractive residential and office towers alongside hotels, leisure and retail outlets. A total of 87 towers stand tall in the prestigious project.

More information about Jumeriah Lake Towers

Dubai Sports City

Dubai Sports City is the world’s first purpose built sports city. Set on 50 million square feet of land within the Dubai land development, Dubai Sports City will feature four magnificent stadiums. It will also be the venue for an 18-hole championship course names The Dunnes which will be the centerpiece of a luxury golf residential community called Victory Heights.

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Jumeirah Golf Estates

Jumeirah Golf Estates will offer homeowners the rare opportunity to live in a community that has been carefully planned to meet the needs of the modern family retaining its own unique character and reflecting the inimitable beauty of its surroundings.

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UAE ECONOMY

There is no escaping the fact that UAE has endured a difficult start to 2009. Though the financial crisis and the global economic slowdown will obviously affect the United Arab Emirates, with some capital withdrawal already apparent and mounting concern about bank exposure to real estate assets, any fallout should be modest in the short-run. The economy remains well shielded from a sharp downturn by its large current account surplus, estimated at over $285bn (27.9% of GDP) in 2008 from $136bn (18.6% of GDP) in 2007, on top of the government’s large controlled overseas assets. In terms of growth prospects, real GDP growth is now seen at about 7.2% in 2008 (median average of the main international agencies) and, amid mounting uncertainties about the global economic outlook and investment flows, the median average 2009 real GDP forecast is set to fall to 2.0%. One key prospect to emerge from the slowdown will be the reduced inflationary pressures resulting from the fall in soft and hard commodity prices. Rapidly rising food prices, rents and crude oil prices lifted inflation in the United Arab Emirates to 11.1% on average in 2008, but with the sharp fall in commodity prices witnessed since last summer, international agencies expect a moderation to around 8.9% in 2009. The UAE's banking sector has been hit hard by the financial downturn, with a series of profit falls being announced in 2009. Indeed, liquidity and the real estate sector are the major concerns, while the non-Abu Dhabi based banks now look relatively under-capitalised and potentially more vulnerable to any future deterioration in the economy. Looking ahead, there is light at the end of the tunnel. The United Arab Emirates growth outlook has indeed come under downward pressure as a result of the marked deterioration in the global economic environment (which has led to a collapse in crude oil prices) though the fundamentals which support growth in the United Arab Emirates remain robust. The United Arab Emirates, and indeed the GCC as a whole are in a strong position to withstand the global economic turmoil even though all components of GDP are expected to weaken in 2009. As mentioned, international agencies suggest that real GDP growth will moderate to 2.0% in 2009 from an expected 7.4% in 2008. Several years of strong fiscal and current account surpluses have resulted in a large build-up of net foreign assets, increasing the ability of the government to support the wider economy and this will help the government ride out any weakness in economic growth this year. UAE Real GDP growth, % Average

BUT REAL ESTATE IS LOOKING UP As a direct consequence of the international economic and financial market pressures, Dubai has experienced an abnormally large correction in its real estate sector, with average prices falling some 40 to 60%, taking the current benchmarks back to 2006 to 2007 levels. Whilst this may seem alarming to outsiders, those that are and have been active within this local market during 2007 and 2008 will ascribe to the fact that trading levels were unrealistically inflated though an abnormally large number of speculators all taking a 'short position' in the market and driving short term prices on a 'commodity based' trading logic - something that clearly does not carry sustainability beyond the medium term. Investment management

The Springs

Built around scenic lakes, The Springs feature a range of exquisite waterfront 3, 4 and 5 bed villas, in varying sizes and floor plans, incorporating the finest architectural styles and picturesque landscaping. Residents can take advantage of on-site facilities such as swimming pools, parks, nurseries, spas and gymnasiums and a great selection of shopping arcades and community centres



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Retail sector buoyant & healthy after first quarter

Retail industry had a sluggish last year but the first quarter of this year observes recovery with positive approach from consumers. Retail players are now moving ahead in confidence with reasonable growth compared to last year. Sales figures are soaring, giving the retail sector the much needed boost.
"The first quarter of 2010 was very healthy for us compared to 2009, and we had an increase in sales by over 22 per cent compared to the same period last year," Jimmy Patel, General Manager, Jacky's Electronics told. "We, as retailers, feel confident moving forward now compared to 2009. I believe that the UAE is now slowly but surely recovering from the global financial turmoil and it is critical that retailers, together with the mall developers, work more closely to create opportunities and continue with their offerings to the consumers who is now more in a 'will buy' mindset than the earlier one of 'no buy' where the emphasis was on saving than spending," he said.

Dubai Investment

Heavy rains lead to 50 people death in Saudi

Past four days of heavy rains has claimed the life of fifty people and injuring 385 in Saudi Arabia. Heavy rains and flooding have created havoc in Saudi. Around 250 people were rescued following flash flood in Bisha, Asir, on Saturday. Director of the Traffic General Administration, Major General Sulaiman Bin Abdul Rahman Al-Ajlan, have warned motorists to drive carefully after 4,596 traffic accidents were recorded due to the wet weather.
The air wing of the Civil Defense had received 2,100 distress calls from stranded people. Since Wednesday, heavy rains have disrupted normal like in Riyagh, Hail and Najran causing heavy flooding.

Light rains to greet UAE this weekend

Meteorological department predicts that conditions at sea could be rough on Friday due to light moderate showers this weekend. Similar shower was witnessed on different parts of the UAE on Wednesday. Weather forecast predicts rain in Qatar, the Arabian Gulf and along its edge with clouds moving over UAE, the western and coastal areas of the country. The meteorological department recorded partly cloudy to cloudy conditions for the entire country on Wednesday.

Light, sporadic rain was felt in different area in Al Ain, along with the Western region and UAE islands in the Arabian Gulf. Winds blowing at up to 50 kilometers per hour generated five- to six-feet-high waves off the Gulf coast and the conditions are expected to prevail through the weekend. According to the National Centre of Meteorology and Seismology, partly cloudy to cloudy weather will continue today and tomorrow, with chances of light rain. Wind speeds are expected to be moderate. But some open areas may see dusty conditions. This could reduce visibility, particularly in the interior areas. Conditions at sea will be moderate to rough tomorrow.

Coastal areas yesterday saw a low of 22 degree celsius and high of 33°C; interior areas a low of 20°C and high of 41°C; and mountainous areas a low of 16°C and high of 30°C.

Dubai Investment

Dubai International Financial Centre (D.I.F.C)

The Dubai International Financial Centre was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Its remit is to create a regional capital market, offering investors and issuers of capital world class regulations and standards.

About Dubai Property

• Investment in real estate & assets in UAE
• Minimum investment starting from USD 50,000
• Capital growth between 12-15% pa
• An investment term of 3 years
• Participate in the profits & receive dividends
• Investing in diversified portfolio of properties
• Access to transactions not available to public at bottom prices

Lootah replaces Bin Sulayem as Nakheel chairman

Dubai swept out the board of indebted property firm Nakheel and replaced its high profile chairman on Tuesday, in the wake of parent company Dubai World's $9.5 billion rescue plan. Nakheel, builder of man-made islands in the shape of palms and a map of the world, will get a new board and chairman as the developer pushes ahead with projects. Ali Rashid Ahmed Lootah was appointed chairman, replacing Sultan Ahmed bin Sulayem who is also chairman of Dubai World and a major name in Dubai's corporate landscape. Lootah is listed as a vice-chairman of Dubai's Mashreq Bank on the lender's website. The changes come less than a week after Dubai launched plans to restructure $26 billion in Dubai World debt.

Nakheel claims to be the largest property firm in the Middle East and was the unit within Dubai's dense constellation of government-related entities that threatened to scupper over six years of rapid expansion that thrust Dubai on the world stage. The Dubai government said in a statement the new board would help prioritise property projects, many of which have been put on hold since Dubai's boom turned to bust.

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