Best Price on Three Bedroom in SZR
AED 190,000 /Year
- 3 Bedrooms
- 4 Bathrooms
- 2642 SqFt
- Reference ID
- Property type
- Rental Period
- No of parking spaces
- BASEMENT PARKING
- BUILT IN WARDROBES
- CENTRAL AIR CONDITIONING
- FULLY FITTED KITCHEN
- SHARED SWIMMING POOL
- NEAR PUBLIC TRANSPORTATION
- SHARED GYM
- WALK-IN CLOSET
Beautiful Three Bedroom apartment in Sheikh Zayed Road
– Three Bedroom Apartment
– 29th Floor
– Master Bedroom with En-suite Bath and Wardrobes
– Kitchen with built-in cabinets
– Total Area: 2,642 sq.ft.
Annual Rent: AED 190,000/-
Note * Photos are Just for Illustration.
For further assistance on the Property and to arrange viewings, please feel free to call on the below contact:
055 596 3159
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- RERA Permit Number: 17700
- DED Licence Number: 636354
- RERA Registration Number: 2457
+971 55 596 3159
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- 2642 SqFt
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Property NewsMore News
Emirates Hills is the most expensive villa community to buy or rent a property in Dubai, according to Propertyfinder Group, which has analysed the emirate’s priciest areas.
According to the real estate portal, those looking to buy in the luxury villa community would shell out Dh2,604 per square foot to live there. Palm Jumeirah takes second position at Dh2,437 per sq ft, while The Lakes community, which sits next to Emirates Hills, comes in third at Dh1,369.
“Even with real estate prices dropping across the country, luxury living still comes at a premium,” Propertyfinder Group said in a report on Monday.
A square foot in Emirates Hills costs 243 per cent more, and in Palm Jumeirah 221 per cent more, than the median asking price in Jumeirah Village Circle, the least expensive area in Dubai, Propertyfinder said.
The three top communities for purchasing villas are also the top three most expensive villa communities to rent, with Emirates Hills costing tenants Dh80 per sq ft, Palm Jumeirah Dh75 per sq ft and The Lakes Dh74 per sq ft.
Residential sales and rental prices in the UAE continued to fall between April and October, encouraging renters to consider buying properties, according to Propertyfinder Group’s 2017 Trends study released last month. Real estate prices and rents in the UAE have fallen over the past two years due to the economic slowdown, job cuts and lower housing allowances amid an increase in supply in some communities.
Mario Volpi, the chief sales officer at Kensington Exclusive Properties, said Emirates Hills continues to attract wealthy buyers “due to its exclusionary and privileged trademark and it has been the ambition of many to own a villa in this sought after community”.
Those looking for a deal on a luxury apartment may also struggle. Downtown Dubai, the most expensive apartment community to rent in, costs tenants Dh117 per sq ft, also making it the most expensive rental community in the emirate overall, 31 per cent more costly than Dubai’s median rental price of Dh89 per sq ft.
Old Town was close behind at Dh115 per sq ft and The Views, which is located next to the Greens, comes in at Dh109 per sq ft.
Buying an apartment in a luxury area is also a costly option with Downtown Dubai the most expensive community at Dh2,132 per sq ft, followed by Old Town at Dh1,965.
“Downtown apartments command a higher rate per square foot than the average due to the fantastic lifestyle the area has to offer,” said Mr Volpi. “It is already a world-class destination but it continues to be further developed and improved upon. Having the Burj Khalifa, dancing fountains, world’s largest mall, Dubai opera etc. all in close proximity, will obviously be the magnet to attract the well-heeled of Dubai.”
Luxury areas such as Emirates Hills and Downtown Dubai, though, are not immune to price declines, in line with the overall market, according to Mr Volpi. Rents in downtown were on average 15 per cent higher in December 2016, compared with December 2017, he said.
“The trend for residential rents in 2018 is for a continuation of softening prices,” said Mr Volpi. “There is likely to be more potential downward movement for Downtown due to the larger available choice of apartments and the likelihood of more inventory being released.”
15 Jan 2018
The introduction of value added tax (VAT) will bring volatility and uncertainty to the UAE’s property sector, which is expected to continue to decline in 2018 amid increased supply in some segments of the market, according to broker JLL Mena.
The five per cent levy, introduced on January 1, does not apply to residential rents and first supply of new homes, but is already adding pressure to an already subdued property market, which suffered declines last year.
“The UAE real estate industry is entering into a transitional phase, with VAT now in effect and key stakeholders seeking to decipher its immediate and longer term impact,” said Craig Plumb, Head of Research at JLL MENA.
“Although VAT does not apply to residential rents and sales of new residential property, other real estate sectors could be negatively impacted by increased costs and cash flow challenges.”
Weak economic growth, jobs cuts, lower housing allowances and increase in supply hit the UAE’s property sector last year as both rents and prices continued to slide in some segments of the market.
In Dubai, apartment prices in the fourth quarter dropped 4.2 per cent year-on-year, while villa prices dipped 2.4 per cent year-on-year, according to JLL. Declines were steeper in Abu Dhabi, with apartment prices plummeting 14 per cent year on year in the fourth quarter and villa prices plunging 12 per cent year-on-year.
Nevertheless, off-plan residential sales in Dubai rose to their highest level in 2017 since the 2008 financial crisis, with their share of total transactions rising to 60 per cent in 2017 from 10 per cent in 2010 thanks to attractive payment plans by developers. A total of 25,600 off plan properties were bought in 2017, compared with more than 34,800 sales recorded in 2008.
The UAE government introduced VAT this year as part of plans of shoring dwindling government income from oil. The levy is creating complications in some sectors in its early days of implementation, including real estate.
“One of the main complications for the construction sector will be the treatment of goods delivered after 1 January 2018 where prices have already been fixed,” said JLL. “The main concern for contractors will be the impact of VAT on cash flows, which could lead to a downward revision in payment times in construction contracts.”
An expected oversupply in the property market is another concern in 2018. In Dubai, around 570,000 units of new supply could enter the market by 2020, representing an average annual increase of 8 per cent, according to JLL.
“The recent activity in the [Dubai residential] market suggests that confidence has returned to both investors and developers, however it is worth noting that the number of new launches are significantly below their peak levels in 2006/2007 and the volume and the value of sales are also below levels recorded during 2013/2014,” the report said.
“As the market absorbs additional units, it is expected that prices will continue adjusting (downwards) with occupancy levels following a similar trend as supply growth outpaces potential demand.”
15 Jan 2018
Dubai: Existing as well as new tenants are successfully negotiating hefty discounts from landlords as house rents rates continue to drop sharply in Dubai and Sharjah, real estate agents and residents told Gulf News on Monday.
According to real estate agents, the supply is much greater than the demand, giving tenants the leverage to negotiate better rents.
Taking advantage of the market, tenants are getting discounted rents even in prime areas like Bur Dubai, Gold Souq and Garhoud in Dubai, while Sharjah areas like Al Majaz, King Faisal Street and Al Khan have also witnessed significant drops in rent.
The drop has created a new buzz in the real estate market with a lot of people trying to take advantage of the situation, going for cheaper options.
The situation has given one section of the market a field day — the real estate brokers.
We have been paying Dh95,000 for our two bedroom apartment for the last five years, but this year we could negotiate with the landlord and we got a discount of Dh5,000.”
– Sajjad Ahmad | A trader based in the Gold Souq area for the last five years
“It’s a customer’s market now. The rents have gone down between 20 to 30 per cent in some areas and that has given people an opportunity to either negotiate with their landlords or look for other options, keeping us busy,” said Imran Khateeb, sales manager at Mak Homes Real Estate.
Mohammad Khalid has been living in a studio apartment in Al Baraha for almost six years, paying a higher rent after each renewal, but for the first time last year he was happy to get a discount.
“When I rented this apartment in 2012, I was paying Dh25,000 per year and it kept increasing every year and almost doubled to 43,000 in 2016. Thankfully, a lot of apartments in the building were vacant and I could negotiate with the management for a discount. This year I got further discount and I now pay Dh32,000,” said Khalid, an Indian expatriate.
Gold Souq, one of Dubai’s busiest commercial districts, where the demand for a commercial or residential property never goes down, the tenants are finally getting some relief.
“We have been paying Dh95,000 for out two bedroom apartment for the last five years, but this year we could negotiate with the landlord and we got a discount of Dh5,000. Though it is not significant but getting a discount in Gold Souq is not easy because there is always a demand, but the situation is changing now,” said Sajjad Ahmad, a trader based in the Gold Souq area for the last five years.
The situation is not much different in Sharjah either.
Yasir Muallim has been living in a two bedroom apartment in the HSBC Building on King Faisal Street for 15 years and has seen both the highs and lows of the real estate market.
“I have lived in the same apartment for 15 years now. I first rented it for Dh34,000 and has paid as high as Dh50,000 when the market was booming. Last few years I have been paying Dh44,000 but this year I got a reduced rate of Dh40,000,” said Muallim, who is a senior manager with a leading watch retailer.
Shiva Kumar, another long time Sharjah resident, got an event bigger discount.
“I have been staying in the same apartment for 18 years and I was paying Dh46,000 last year. This year during the renewal they offered me 44,000 but I could negotiate with them and get an additional 2,000 dirhams discount,” said Kumar, who is based in Jamal Abdul Nasir Street for the last two decades.
In Al Khan, another sought after area in Sharjah, Abu Mousa got a discount of Dh4,000 for his one bedroom apartment.
Real estate agent Salahuddin Sarfaraz says that the slump is not restricted to a few areas or the residential properties alone.
“Even the commercial properties are going at lower price in prime locations like Port Saeed near Deira City Centre. We used to rent out offices in Port Saeed for around Dh130 per square feet, but now it is going for around Dh100 per square feet and it might go even lower,” said Sarfaraz, General Manager of Jukaku Real Estates.
He added that even areas like Bur Dubai and Al Mankhool, which always had availability issues resulting in increasing rents, are seeing a slump now.
“There was a time when we would struggle to find a single apartment available in Bur Dubai, now the situation has changed, so a two bedroom apartment is now available for between Dh85,000 and Dh80,000 down from Dh110,000 to Dh120,000,” he added.
Another area that, according to Sarfaraz, has seen a big hit is Jumeirah, where villas are hardly finding any takers.
“In Jumeirah, a 3-4 bedroom villa that was earlier going for 250,000 per year is now available for Dh180,000, still the availability is very high. There is a similar situation in Garhoud and Mirdiff, customers are getting picky since there are a lot of options,” added Sarfaraz.
15 Jan 2018
Downtown Dubai and the nearby Old Town community are the most expensive areas to rent and buy apartments, according to new research from Propertyfinder Group.
According to the research, the most expensive area to buy an apartment is downtown Dubai, with an average price per square foot of AED 117 ($31), followed by Old Town at AED 115 ($31), The Views at AED 109 ($29), DIFC at AED 102 ($27) and Dubai Marina at AED 99 ($26).
Similarly, Downtown Dubai and Old Town were found to be the most expensive areas to buy an apartment, with average prices of AED 2,132 ($580) and AED 1,965 ($534) per square foot, respectively, followed by Palm Jumeirah at AED 1,838 ($500), DIFC at AED 1,796 ($488) and Dubai Marina at AED 1,570 ($427).
For villas, Emirates Hills was found to be the most expensive community to rent, with an average price per square foot of AED 80 ($21), followed by Palm Jumeirah at AED 75 ($20), The Lakes at AED 74 ($20), The Springs at AED 62 ($16) and Dubai Land at AED 61 ($16).
Emirates Hills, Palm Jumeirah and The Lakes were also found to be the most expensive areas to buy villas, with average prices per square foot of AED 2,604 ($708), AED 2,437 ($663) and AED 1,369 ($372), respectively. The top five were rounded out by Jumeirah Islands with an average price per square foot of AED 1,313 ($357) and Meadows, with AED 1,220 ($332).
Modest declines in rent
Regarding rents, in the Propertyfinder report group chief commercial officer Lukman Hajje wrote that “while a few communities have witnessed modest increases, the majority have seen the low single digit percentage declines in asking prices over the past six months.”
“This can be directly attributable to the level of new stock being handed over,” he added. “Many of these developments were sold to investors, some of whom had hoped to make a capital gain and flip or sell at or prior to completion.”
Hajje noted, however, that many of these speculators into buy to let investors, which affects not only individual developments but surrounding areas with similar price points.
15 Jan 2018
With Dubai developers on a project launch spree in 2017, several thousands of units are expected to be released to the market by 2020. This could result in a situation where supply outpaces demand.
According to a JLL report on Monday, 570,000 units of new supply could enter the market by 2020, representing an average annual increase of eight per cent. Citing an Oxford Economics study, JLL says Dubai’s population is expected to grow an average of three per cent per annum. This suggests that market absorption rates will be less than the levels of new supply and thus a large number of residential units may be left vacant.
However, going by the past few years, it is unlikely that all these projects will complete on time. JLL believes only 40 per cent of the total proposed supply of residential units in Dubai has actually materialised over the past five years.
The total residential stock in Dubai is estimated at 491,000 units at the end of 2017. Key projects which were completed include Duja Tower in Trade Centre (679 units) and The Polo Residence in Meydan (598 units). 2018 will likely see up to 17,000 apartments entering the market, estimates the consultancy.
Although 2017 witnessed a slew of project launches in Dubai, their number was significantly below peak levels seen in 2006/2007 and the volume and value of sales were also below levels recorded during 2013/2014.
Both sales prices and rents declined over the year, but the rate of decline slowed over Q4. As the market absorbs additional units, it is expected that prices will continue adjusting (downwards).
JLL reckons that one of the major drivers of the more subdued market has been the slowdown in economic growth. The start of 2018 could see a reduction in activity in the real estate market due to uncertainties around the value-added tax (VAT).
“The UAE real estate industry is entering into a transitional phase, with VAT now in effect and key stakeholders seeking to decipher its immediate and longer term impact. Although VAT does not apply to residential rents and sales of new residential property, other real estate sectors could be negatively impacted by increased costs and cash flow challenges,” said Craig Plumb, head of research at JLL Mena.
The majority of residential sales were concentrated in the off-plan sector, where developers offer attractive prices and payment plans. A total of 25,600 off-plan properties were purchased in Dubai in 2017, with 2017 set to record the highest level of off-plan sales in Dubai since 2008, explains JLL.
There were 3,000 residential units delivered in Abu Dhabi during 2017, with 88 per cent of completions being apartments, bringing the total stock to approximately 251,000 units.
Future supply is expected to shift to the New Islands (Saadiyat Island, Reem Island, Yas Island and Raha Beach), comprising more than 60 per cent of projects currently under construction. By 2020, 12 per cent of the total residential supply in Abu Dhabi will be on New Islands, compared to eight per cent in 2017. This trend is predominantly driven by the high number of apartment completions on both Reem Island and Al Raha Beach.
Limited future supply is expected to enter the main Abu Dhabi Island representing approximately 57 per cent of the total residential supply in Abu Dhabi in 2020 compared to 62 per cent in 2017.
Both apartment and villa sales prices saw slight declines over the last quarter of 2017, while rents remained flat for both segments. Investor sentiment has been negatively impacted since 2014 when oil prices started declining.
Congestion in the older residential locations in the western parts of the emirate has led a significant shift in population to more eastern locations.
A big change in the Sharjah residential market results from changes to the property ownership laws introduced in 2014 to allow non-Arab expatriates to purchase property. This has resulted in the development of a number of master-planned communities, including Al Zahia, Tilal City, Nasma Residences, Al Mamsha, Aljada and Sharjah Waterfront City.
The vast majority of the residential units in Sharjah are apartments (89 per cent), with only 11 per cent of the current stock comprising villas.
There have been announcements to construct around 30,000 additional residential units across Sharjah in coming years.
The average price of apartments sold in Sharjah has remained largely unchanged during 2017. Rents in Sharjah have continued to decline (by between six per cent and 10 per cent) over the year. This has been driven by softening of rents in Dubai, which has reduced the movement of tenants from Dubai to Sharjah. Sharjah continues to be an affordable residential destination, with average apartment rents 30 to 40 per cent lower than comparable mid-market products in Dubai.
15 Jan 2018
The Dubai Land Department (DLD) has embarked on an aggressive campaign to attract global investors to deploy funds in Dubai real estate this year.
The two-pronged campaign involves organising more editions of the Dubai Property Show internationally and taking out more road shows in key global cities all through 2018.
“With the increase in residential supply in Dubai, we need to bring in new investors to absorb the inventory,” said Sultan Butti bin Mejren, director-general, DLD.
The DLD will organise editions of the Dubai Property Show in London, Shanghai, Mumbai and Moscow. The regulator will also take out property road shows in Europe (Dublin, Antwerp and Monte Carlo), Africa (Cairo, Nairobi and Dar es Salaam), North America (Chicago and Dallas), Middle East (Kuwait, Amman, Riyadh and Jeddah) and Asia (Beijing, Singapore and New Delhi).
Each city in the global promotion plan has been meticulously selected based on feedback from developers.
Majid Saqer Al Marri, senior director, real estate promotion department, real estate investment management and promotion centre at DLD, said: “All developers, banks and registration trustees will support us in providing services to investors. We will promote both off-plan and ready properties in Dubai which have all the necessary approvals, licences and escrow accounts in place. Our message to overseas investors is that Dubai can offer yields of seven to 11 per cent compared with the three to five per cent you get in other global cities.””
“The developers and other exhibitors will decide what sort of incentives need to be offered,” said Kalpesh Sampat, managing partner at Gulf Sotheby’s International Realty. “But we have seen it done at earlier overseas roadshows.”
This initiative comes on the heels of the announcement of the Dubai Property Festival in April which is set to attract both international investors as well as residents.
Majida Ali Rashid, assistant director-general and head of the real estate investment management and promotion centre, said the DLD received 10,000 visitors at the Shanghai, Mumbai, Moscow and London editions of the Dubai Property Show last year, with the majority being investors. The value of bookings and sales made at these exhibitions reached nearly Dh3 billion.
The DLD also announced that it would organise the second edition of the Real Estate Tycoon Awards in London in September 2018. “We aim to recognise individuals and organisations who have elevated Dubai’s global standing as a real estate destination in the world,” added Al Marri.
Replying to a question on promoting Dubai real estate in Pakistan, Al Marri said: “We took into consideration different markets globally. We are waiting to explore more events in Pakistan. Pakistanis are among the top ranked investors in Dubai property.”
Discussing the impact of the value-added tax on Dubai investors, bin Mejren said: “VAT will help add value to the UAE’s infrastructure. There will not be a big effect on the property sector. It might have a small effect on commercial real estate.”
15 Jan 2018
How do you promote Dubai to the world in the time it takes an express lift to travel from the ground floor of the Burj Khalifa to the observation deck?
The 90 second challenge was posed as part of a new programme to help pitch the emirate, handle negative news and encourage foreign investment, taught by the Emirates Diplomatic Academy.
Those taking part included staff from Expo2020, Dubai Chamber of Commerce, the Mohammed bin Rashid Space Centre as well as Nakheel, Emaar, Etisalat, DIFC and Dubai Holding.
The need for such training was explained by Seppe Verheyen, a research fellow on 21st Century diplomacy at the EDA, which is based in Abu Dhabi.
“On negative news, there are always so many misconceptions about Dubai and the UAE when you go abroad. In Belgium, they often ask me if it’s safe or if women can drive cars.”
Another task was to take an example of negative international press and give participants just five minutes to come up with a response.
“We asked difficult questions like whether they had enough staff in the fire department, and immigrant workers,” said Mr Verheyen.
“They’re very good at communicating internally within the UAE but they need practice in communicating with foreign institutions.”
“By not giving them much time for preparation, then the talent will rise up. We’ll then come up with the good communicators, those that need more work and those that shouldn’t communicate.”
To do this well, special skills are required beyond those of the traditional diplomat, said Bernardino Leon, the director general of the Academy and a former senior official at both the UN and the European Union,
“It’s not the typical and traditional communication discussion, the conversation goes on where the connections are between political, strategic and security communications.
“We live in a complex world [where] all elements are interrelated so if you want to communicate successfully, you have to take into account all these inputs.”
The course was created: “Because this country has a fantastic capacity to innovate.
“In the past, communication in politics was about including everyone but today, around the world, you have so many countries where politicians are considered to be part of the problem and they play politics as a division, like US President Donald Trump.
“The UAE is still advocating inclusion, tolerance, understanding, rejecting fanaticism and extremism so I think still here we have many of the answers and values.”
He said improving the efficiency of the UAE’s outreach today was vital given how many of these values were suffering abroad.
“Their message has to be heard beyond,” Mr Leon said. “This is why it’s so important that people attending this course and the communication community in the country is so aware of challenges ahead, because the battle here is really huge.”
Those taking part were mostly in their late 20s to early 40s. At the start of the course some seemed shy or found it hard to hit the right tone in their responses.
“Some have difficulties expressing themselves and some are unable to communicate long ideas very briefly,” said Dr Sara Chehab, another research fellow at the academy.
“They have to introduce themselves in 140 characters at first and not many were able to do so. But they got better at being on the spot, thinking on their feet and being more confident in how they speak which is one of the main outcomes we wanted to see.”
Language was another challenge.“Some are more comfortable in Arabic but the main communication has to be done in English,” she said.
Addressing bad press was also crucial, Dr Chehab said. “One of the things we struggle with in the Middle East is being able to answer criticism,” she said. “This programme is tailored to that.
Unfortunately, Dubai is very stereotyped in the west sometimes in a very bad way so being able to respond to them with a very good image is very important. It should be something all government entities should have because you’re more and more exposed to that.”
Mr Leon also gave a masterclass, explaining that without good communication it is the message that suffers.
“I told them to keep having trust, and make sure you have something really substantial and strong to sell. It was not only a reflection on how politics have evolved, but how political communication can help communication in general and help us overcome the crisis we are going through today.”
Paulo Portas, Portugal’s former Foreign Affairs Minister and Deputy Prime Minister, shared his experiences in another talk. “You can’t rule a country, take decisions and establish major policies without communication,” he said.
“It’s a part of the solution and if you’re not aware of modern techniques and instruments of communication and major risks, you may lose the context, the text and not be able to connect with other’s minds.”
Back home, Mr Portas found himself in the firing line over Portugal’s major financial crisis between 2010 and 2014, which produced 90 per cent negative coverage, he estimates.
“My first duty was to clarify to everybody in the world that Portugal had a problem but we would fulfil the programme, deliver the solution and overcome the crisis,” he said.
“But we had a reputation problem and reputations are built through perceptions. So my first fight all around the world was to explain that we are able to solve the problem. It was a tough moment but we delivered.”
He said transparency was key, “The aim is to have the trust so you have to explain yourself.
“Dubai wants to perfect its communication strategy and it’s a new area for many people. New technologies are surprising for many people so you have to update your information, graduate your techniques and know how to use new communication strategies and instruments to achieve better results in the dialogue with your society and the exterior world.”
Mr Portas said the UAE was one of the countries that understood globalisation and digitisation better.
“It’s a rising power,” he said. “The UAE is more or less like the virtual border between the old and the new world. It’s a sort of United Nations of the world and this is a very modern example. With good ideas in the right moment, you can build a fantastic nation project.”
Mona Al Marri, director general of the Dubai Media Office, believes the programme is needed for the entire country.
“It’s very educational and it’s about knowledge and experience sharing from people in the industry themselves, from politics to business and crises,” she said.
“Today, we are living in the middle of a very disturbed region so we need to be equipped — not just our political leaders and chief executives, but also our government communication employees who are meant to know, not just the agenda and directions of the leadership, but also how to manage them.”
For the Dubai Government, she said, the Emirate was adopting a model of soft power pioneered by Sheikh Zayed, the Founding Father of the UAE.
“We were raised to see Sheikh Zayed, the founding father of the UAE, doing a lot of soft power, so the programme is valuable and it gives us a great network to create for the future.”
13 Jan 2018