Dubai Ruler announces new committee to balance real estate market

The committee will develop a strategic plan for all major real estate projects in the emirate over the next 10 years
Dubai has announced the formation of a new real estate committee to ensure balance in the emirate‟s property market. The announcement was made on Twitter by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
The committee will aim to achieve a balance between supply and demand in the real estate sector and also ensure that semi-government real estate companies do not compete with private developers, Sheikh Mohammed said.
“It will develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years,” he added.
The committee will be headed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai, and will include senior developers, he said.
The announcement comes after Sheikh Mohammed shared a letter on the “new season”, highlighting six major guidelines for government officials and leaders in the UAE.
While the guidelines covered aspects such as Emiratisation and social media, Sheikh Mohammed also stressed that the country needed to come up with “quality projects” and “exceptional ideas” to boost the economy.
“Real estate projects need to be paced right to bring added value to the national economy so as not to become a burden and a source of imbalance in our economic process,” he said.
Sultan Butti bin Mejren, the director general of the Dubai Land Department said that the establishment of the new committee will help “take the real estate market to the next level” and “create a sustainable environment for investors and companies in the sector”.
“Controlling supply and demand will be the key to real estate sustainability for the coming years, along with dependence on proper planning, especially as it is the first guarantee factor that helps us to reach the objectives of our plans and predefined strategies with great precision,” he said.
Other industry experts also lauded the move. Niall McLoughlin, senior vice president, Damac Properties, said: “The real estate committee will have a positive impact on the real estate sector and enable effective urban planning. As the industry continues its road to recovery, key initiatives will undoubtedly help in accelerating the upturn.
“The real estate market is maturing, and as a key driver of the economy, the introduction of government initiatives such as this committee, will help achieve balance and efficiency, enabling the city‟s progress towards its long term goals,” he added.
Lewis Allsopp, CEO of Allsopp & Allsopp said the move will bring regulation which will cater the supply towards what is going to add value to the economy.
“Therefore it will limit the potential of an influx of supply that there may only be limited demand for,” he said.
“The interconnectivity of different real estate developments will bring more selection and choice to the market leading to inevitable interest from outside investors and add excitement to the residents of Dubai.”
Shaikhani Group is working in Dubai since 1993, there was a time where 2000 Companies came and registered themselves as Real Estate Developers, In today‟s time very company survived, because of rules and regulations of Dubai, Shaikhani is one of them who are still working in Dubai, this step which our leader of Dubai took it. That‟s the best because it will control the demand and supply, moreover it would be very beneficial for the customer to have a variety of his choice in the same price plan. Dubai is a vast city where every culture lives in and Dubai‟s government is taking actions to make sure it will be beneficial to all cultures.
They have different projects which are still in progress soon it will be handover, those projects are Gardenia, Champions Tower 3, Cambridge Business Centre and others are in pipeline. This is the benchmark and trustiness of the company that if you invest with them, it will be secure and fruitful in future. Further details visit their website www.shaikhanigroup.com

https://gulfbusiness.com/dubai-ruler-announces-new-committee-balance-real-estate-market/

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Dubai announces 10 real estate guidelines;

 here's how they will affect you The rules aim to protect the interest of the country, the industry, as well as the consumers. The Dubai Land Department (DLD), through its Real Estate Regulatory Agency (Rera), has issued a circular to real estate companies requiring them to abide by the 10 principles of business ethics in real estate. (Check apartments for rent in UAE) In the first principle, Rera emphasized the trust that real estate firms should uphold to maintain and enhance the confidence of real estate stakeholders as well as recognize that their conduct bears upon the maintenance of public trust in Dubai's real estate market, helping it rise to the highest global levels. The second principle discusses confidentiality and privacy, where real estate firms shall not disclose or use any confidential information without prior permission unless such disclosure is required by laws. This ultimately means that Dubai's real estate market maintains its reputation as one of the best investment havens in the world.
The third principle in the circular was about the conflict of interests, meaning real estate firms shall take appropriate measures, including the disclosure and transparency before and during the performance of their duties in case of any conflict of interest. Firms are also expected to work with the highest levels of honesty and fairness in treating their customers, regardless of race or religion, as dictated in the fourth principle. This ensures and supports Dubai's real estate sector in attracting foreign direct investment (FDI) to strengthen the national economy for the benefit of all economic sectors. Marwan bin Ghalita, CEO of RERA, stressed that the fifth principle focuses on integrity, where real estate firms shall act with integrity and base their professional advice on relevant, valid, and objective evidence. The sixth principle is lawfulness and compliance, where real estate firms shall comply with all legal and ethical requirements applied in Dubai and the UAE to ensure customer satisfaction. He stressed that providing professional service came as the seventh principle to ensure that the concerned companies provide high-quality real estate services and professionalism to ensure customer satisfaction. In this regard, he mentioned the initiatives launched by DLD to continuously support the performance of companies, including the development of the latest applications and the adoption of the latest modern technologies. In the eighth Principle, RERA required companies to commit to transparency by being open and accessible, not mislead or attempt to mislead, and shall not misinform or withhold information regarding products or terms of service. This came in line with the general climate prevailing in the UAE in general and Dubai in particular. The ninth principle summarised the rights and assets protection, where real estate firms shall strive to protect their customers' rights and assets related to the duties performed. This is the aspect that is ensured by the laws and legislations issued by the
Government of Dubai, and closely followed by DLD across its various sectors and departments, especially the Rental Disputes Centre. The circular concluded with the tenth principle, social responsibility, whereby real estate firms shall be active members of the society and work to respect the values and principles of the society. Firms shall strive to make sure that their community initiatives help making Dubai and their services will support the growth of real estate development of the Emirate and ensure customer satisfaction.
Shaikhani Group welcomes the take step by Government of UAE. This step will leads to new path for the people who are eagerly looking to spend their life in the UAE for longer time with less hassle, said Ahmed Shaikhani, who is also the head of Shaikhani Group. Moreover, Ahmed Shaikhani revealed that soon Shaikhani Group is in process of finishing their two projects worth above AED 200 Million by 2019 and more things are in pipeline. Shaikhani Group is looking to invest more money in the real estate sector.
Ahmed Shaikhani Group Managing Director of Shaikhani Group says it will be another good step of UAE government to allow the expatriates to stay in the country after they got retirement on a condition of owning a property valued at about $545,000.
This way customers and companies become more align to their path and try to finish off their work otherwise they know they will face a lot of problems. Thanks Dubai government to keep everyone equal and updated

https://www.khaleejtimes.com/business/real-estate/dubai-announces-10-real-estate-rules-heres-how-they-will-affect-you

#Shaikhani #Shaikhanigroup #Realestate #Gardenia #gardeniaresidency #dubai #Dubaiestate #Memongroup #Investment #apartment #expo2020 #Goodreturns #Rental #Secure #ROI  #Realtor #Homeforsale #Househunting #Broker #Newhouse #Forsale #Property #Listing

Dubai's real estate to drive its own growth in coming years

For developers, it is vital to align their strategies to the long-term aspirations of the city.
Dubai's real estate sector has all the ingredients in place to drive its growth in the coming years due to timely measures introduced by the government to offset the impact of a slowdown in the global economy, a top industry executive said.
Ali Sajwani, general manager for operations at Damac Properties, said the sector will benefit from a mix of activities like the upcoming Expo 2020 Dubai, pro-investment government initiatives and the city's long-held reputation as a preferred investment destination.
"For developers, it is vital to align their strategies to the long-term aspirations of the city. We need to build for the future, and that takes a deep understanding of what customers and investors are looking for," Sajwani told Khaleej Times in an interview.
The 27-year old scion has been deeply involved in the family business from a young age and currently leads a number of internal working groups at Damac, which oversee
international developments, Damac Maison Hotels & Resorts, as well as quality audit and quality control.
Present state of property
Sajwani said the best way to summarise the state of Dubai's real estate sector is that the industry is maturing. Considering the cyclical nature of the industry, the correction in prices has further amplified the market's appeal to investors with more than half the real estate transactions in the first five months of 2019 coming from new investors.
He said the optimism around an expected uptick in real estate has prompted many investors to enter the market. Moreover, with the government's efforts to transform Dubai into a long-term destination for residents, many end-users are finding this to be the right time to make their dream of owning a home in Dubai a reality.
"We can already see solid signs of recovery as property prices in certain areas start picking up. The market remains favourable for buyers, and this year, residential transactions reached a four-year high during the summer season. With the countdown to Expo 2020 Dubai beginning in October, we are very optimistic about the industry's growth in the coming few years," the young entrepreneur said.
Expo 2020 impact
To a question, he said Expo 2020 has already helped in furthering Dubai's presence as a word-class global city. With over 20 million visitors expected to come to Dubai by 2020, the Expo is expected to provide a significant boost to the various sectors including the hospitality sector.
"As we draw closer to the event, and with progressive government intervention and reforms, we are already seeing a significant increase in foreign interest and investments. We hope that the positive impact of the event will be felt across all sectors of the economy," he said.
Market oversupplied
Sajwani, an entrepreneur with a diversified portfolio, said the market is oversupplied for the moment, but "we must remember that we are approaching the end of a softer real estate market cycle", and the market is witnessing a lot of encouraging activity.
"What the industry should now focus on is creating the right kind of supply that is aligned with what investors and buyers are looking for. The city saw a sharp increase in real estate transactions and investments in the first five months of 2019 driven by competitive product offering and positive initiatives by the government such as the introduction of long-term visas for professionals and investors," he said.
"In the first half of 2019, Dubai registered a 135 per cent growth in FDI, which is a sure sign of great things to come. We are going to see more jobs and a greater influx of people entering the city, which will hopefully lead to an increase in demand for real estate," he added.
Right balance
To a question, Sajwani said the establishment of the Higher Committee for Real Estate is also a positive move that will encourage investor confidence.
"The committee will play a key role in creating balance in the supply coming into the market and in setting an agenda for the long-term growth of the sector. The development of a strategic plan for upcoming projects will help align the industry to Dubai's long-term objectives. He said the initiative will boost investors' confidence and pave the road ahead for Dubai's real estate sector. The impact of the Higher Committee can already be seen with Dubai witnessing a 134 per cent rise in sales transactions within days of the committee's establishment, he said.
About the new Dubai law for joint real estate ownership, he said the new regulation that has been issued to regulate the joint ownership of real estate in Dubai will add to the reputation of transparency that Dubai's real estate sector is well known for, and it will ensure the rights of all parties and serve as a significant boost for investors' confidence.
40K units in pipeline
Sajwani says 2019 has been a busy year for Damac with the commencement of handovers of key projects such as Ghalia - its first Shariah-compliant development - and the Claret cluster at Akoya.
"We have handed over close to 1,500 units this year and awarded contracts worth nearly Dh500 million in the first half of the year for the completion of key projects," he said.
"Earlier this year, we also launched Zada, our luxury residential project overlooking Dubai Water Canal in Business Bay."
So far, Damac has delivered close to 26,000 units since its inception in 2002. "We have close to 40,000 units across residential and hospitality projects that are in various stages of the development, and our focus will continue to be on execution. We are also always on the lookout for lucrative opportunities in local and global markets," he said.
To a question about raising funds through bonds or sukuk, he said Damac has always focused on maintaining liquidity and cash flow.
"Right now, we are focused on keeping our pace of deliveries and paying down debt. The requirement of raising funds through sukuk or bonds are evaluated by our team of financial experts and acted upon accordingly," he said.
Shaikhani Group said, this coming year would be the best year for the Dubai. Reason is Dubai 2020 expo is coming. It will be a boom for every industry. Moreover, they are trying their best to increase the productivity of theirs projects so it will handover by the end of this year….
Shaikhani Group explained, Dubai is known by doing things on right time, they come up with those ideas where people think‟s it is not possible, long time ago Dubai was a desert, now no one can say this was a desert. People love to visit Dubai for holidays, because all facilities are there including security which is a basic necessity of life.

https://www.khaleejtimes.com/business/real-estate/dh41-million-luxurious-villa-sold-in-dubai

#Shaikhani #Shaikhanigroup #Realestate #Gardenia #gardeniaresidency #dubai #Dubaiestate #Memongroup #Investment #apartment #expo2020 #Goodreturns #Rental #Secure #ROI  #Realtor #Homeforsale #Househunting #Broker #Newhouse #Forsale #Property #Listing

How real estate growth drove UAE jobs market in Q1

 UAE Central Bank figures reveal how the employment rate in the UAE's property sector rose by 4.4% in Q1 Employment in the UAE's real estate market drove growth in the country's private sector during the first quarter of 2019, according to new statistics published by the UAE Central Bank. The employment rate of the UAE’s property sector rose by 4.4 percent in Q1 compared to the same period in 2018 as overall private sector employment increased by 1.2 percent, a rebound from a 0.6 percent drop in the previous quarter.

According to the figures cited by state news agency WAM, the transport, storage and communication sectors witnessed the lowest quarterly increase by 0.1 percent, compared to a decline of 1.5 percent in the previous quarter.
Construction and services rose quarterly by 0.9 percent and 0.4 percent, compared to a decline of 1.2 percent and 1.1 percent in the preceding quarter, respectively.
The rise in employment in all economic sectors coincided with an increase in the number of loans provided to the private sector, which continued to rise in the first quarter of 2019, WAM said.
Total credit increased on a quarterly basis by 1.3 percent in the first quarter of 2019, compared to an increase of 0.9 percent in the previous quarter. Credit provided to the construction and real estate sector increased quarterly by 2.5 percent, while the mining sector registered a rise of 8.2 percent, and the electricity, gas and water sectors and transportation sector by 8.4 percent and 0.2 percent, respectively. Shaikhani Group Explained, employment is very necessary for everyone people are working in two ways either they work for someone or they work for their business. Both needs man power and labour why because without a labour company will face a lot of problems. Companies need employees to handle their operations, because one man cannot look after whole organization. If they open a visa with an easy process people would visit and look for the work. No one wants a lengthy process; they want things must be sort out very easily. Shaikhani group always believe helping others like giving them a job in their organization, where they will utilize their expertise and improve company’s goals, Shaikhani tries to give benefits like giving them training if necessary and if there is a need they offer a employee to do some certifications where it would be beneficial for the company and for the employee’s future.
https://www.arabianbusiness.com/jobs/423720-how-real-estate-growth-drove-uae-jobs-market-in-q1

Average Dubai property sales price rises in Q2, says broker

Allsopp & Allsopp boss says rise in sales price is 'very encouraging' for Dubai propery market after months of declines

The average sales price of property in Dubai was 17 percent higher in the second quarter of 2019 compared to the previous quarter, according to broker Allsopp & Allsopp.
Its latest report on Dubai's real estate market also said that the average lettings price saw a 1 percent increase in the same review period.
Lewis Allsopp, CEO, said the rise in sales price was "very encouraging for the market" after previous reports had indicated months of price declines in the emirate.
"There have been quite a few ‘green shoots’ this year as well as a common perceptive that the market is either at or heading towards the bottom of the price curve," he said.
"Whether our Q2 result is an indication of more positivity to come and the signalling of a price stabilisation or turn, only time will tell," he added. "What this is showing is that the average overall transacted price has risen, and this is the first we have seen of this in some time."
Allsopp & Allsopp also said it saw a rise in buyer and tenant registration, with buyer registration up by 37 percent compared to Q2 2018 and up 12 percent compared to Q1 while transactions increased by 19 percent. Tenant registration is up 31 percent annually and by 16.5 percent on a quarterly basis with transactions rising by 3 percent.
Allsopp said: “The increase in buyers and sales transactions reported in Q2 reflects my prediction that the prices are now at the bottom of the curve. This is due to a lot of end-users having reached their outstanding mortgage amount, meaning they cannot sell, or they will not be able to cover the outstanding mortgage. This is when we can expect to see resistance from sellers accepting anything lower, the market reaches the bottom.”
The Allsopp & Allsopp also reported a 23 percent increase in secondary market sales in Q2 compared to Q1 while sales in the off-plan sector dropped by 30 percent. Buyers purchasing with finance rose by 35 percent while cash buyers dropped by 3 percent.
Allsopp added: “The increase in finance buyers and decrease in cash buyers is further clarity that end-user buyers are more prominent in the Dubai property market. The market has matured into more of a recyclable market that we see worldwide and is moving away from the need of the investors of 2006 to come and buy a building.”
The report also revealed a trend of more tenants paying in multiple cheques and a decline in people paying their rent in only one cheque.
In Q2, the number of tenants paying in three cheques increased by 59 percent while tenants paying with one cheque decreased by 9 percent compared to Q1.
Allsopp said: “We are continuing to see more tenants quarter on quarter paying with multiple cheques. Gone are the days of companies paying for their employee’s rent in one cheque.”
British-owned Allsopp & Allsopp operates from four offices across Dubai - Palm Jumeirah, Jumeirah Golf Estates, Springs Souk Mall and Business Bay. Set up in 2008 by CEO Lewis Allsopp and COO Carl Allsopp, the UAE arm focuses on residential sales and lettings in Dubai.
Mr. Ahmed Shaikhani said, it is a good sign that Dubai is coming back on booming track. Right now it is time to invest your money in properties, where you will get Return in few years, But that return is not very small it would be a huge profit. As EXPO2020 is coming, where things would change and everyone who is investing their money later they will get a good return.
Best thing of Dubai is secure and safe, where anyone can live in. Living is not that expensive you can easily survive. Their infrastructure is best they are getting better ranking position in the world. If you are getting everything in one place it would be a huge benefit.
https://www.arabianbusiness.com/news/423494-average-dubai-property-sales-price-rises-in-q2-says-broker

Dubai Land Department launches online payments for service fees

Dubai Land Department system provides transparency between real estate developers, management companies, and homeowners

HE Marwan bin Ghalita, CEO of RERA
Dubai Land Department (DLD) has launched an electronic system for tenants and home owners to pay service fees, which has been designed to be more fair and transparent.
Operated through its regulatory arm Real Estate Regulatory Authority (RERA), ‘Mollak’ – Arabic for ‘owners’ – allows owners to pay community service fees directly to the system, as opposed to the developer.
It monitors service charge payments in co-owned properties and works within the real estate owners’ databases and the database of real estate units registered and approved by DLD.
HE Marwan bin Ghalita, CEO of RERA, said: “Through the system, RERA seeks to increase the role of governance, regulation, and supervision as well as the participation of private sector
specialists to increase real estate transparency and maintain the balance between real estate developers, management companies, and homeowners.
“This is to increase customer satisfaction and happiness in the services provided by RERA as well as facilitate the procedures of real estate unit owners when dealing with management companies and managing service-fee accounts.”
Through the system, 468 bank accounts were successfully opened for project service charges, 88 management companies and 1,212 real estate projects were registered and approved by RERA as well as 200,000 real estate units, comprising residential apartments, villas, offices, and commercial shops.
RERA also attracted seven banks to act as account trustees for co-owned properties and registered eight financial auditors to explicitly audit the application fees that were submitted for accreditation.
Mohammed bin Hammad, senior director of the real estate relations regulatory department at RERA, said: “Thanks to the innovative new Mollak system, co-owned property projects will be managed with the utmost provision of high-quality services in line with the expectations of owners and residents. RERA’s registration of auditors and banks to monitor transactions in the system is evidence of its emphasis on security, regulation, and customer trust.”
Real estate unit owners are notified electronically of a unit’s service fees with the publication of a unit’s service-fee-approval data in the service and maintenance fees index on DLD’s website.
The management company then requests owners to pay the services fees through the Mollak system, and sends the service-fee invoices in accordance with the amounts approved by RERA but without any financial additions, especially as the system only works on financial accounts approved by RERA.
The system includes providing easy solutions to enable owners to pay service fees through approved channels that were agreed upon by banks and the electronic payment gateway, Noqoodi.
Mr. Mahmood Shaikhani Said another good step taken by government of DUBAI, paying a fee a hassle for the customers, but now no more headaches for the customer they can pay at any time no struggle to go and submit through voucher.
Moreover, it would be a professional way to get the customers information and sending them a feedback or message regarding their dues if they are not paying on time. Online banking is quiet safe now days because banking systems are more secured even if something goes wrong bank will take care of everything and other side government can look after who is doing what, who did the transaction what is his status and how much he is earning. This is actually another step to keep the country safe through different ways.
https://www.arabianbusiness.com/property/424648-dubai-land-department-launches-online-payments-for-service-fees

Dubai's luxury property market attracting more foreign investors

194 luxury sales in the emirate over the first half of year, up from 115 in 2018
There has been a return in demand for established communities such as the Palm Jumeirah, Downtown Dubai and Emirates Hills, according to Property Finder.
Luxury houses in Dubai are becoming more affordable, according to the latest report from Property Finder.
The Dubai luxury housing market – which includes any property above $2.7 million (AED10m) – registered 194 transactions in H1 2019, up from 115 transactions for the same period last year.
“Prices in the luxury market were inflated over the past few years, therefore as prices declined, particularly over the last year, luxury properties have become very attractive, especially to foreign investors,” said Lynnette Abad, director of data & research, Property Finder.
In terms of volume, Palm Jumeirah accounted for the most luxury home sales (55) in H1 2019, almost double the deals from H1 2018, followed by Dubai Hills Estate (29), Downtown Dubai (28), Mohammed Bin Rashid City (22), Emirates Hills (17) and Jumeirah Golf Estates (12).
There were 65 luxury apartments sold in H1 2019, 78 ready prime villas/townhouses and 51 off-plan luxury villas.
On the Palm Jumeirah, there was renewed buyer interest for apartments on the Crescent (16 deals) and villas on the Frond (24 deals). In Downtown Dubai, apartments in the Opera District soaked up majority of buyer interest, while multiple standalone apartment projects also registered healthy sales. Emaar’s Il Primo tower in Opera District has also seen robust sales in the luxury segment.
Meanwhile in MBR City, the villas and mansions in District One witnessed healthy sales (16) on the secondary market while Sobha Hartland accounted for a few off-plan villa sales.
Plenty of activity
The report said: “There has been a return in demand for established communities such as the Palm Jumeirah, Downtown Dubai and Emirates Hills. These areas, once considered overpriced, are now attractive as prices have declined. But there is also plenty of activity happening in the luxury space in new projects such as Dubai Hills Estate and Mohammed Bin Rashid City.”
There was an off-plan transaction registered for a penthouse in Omniyat’s One Palm project that sold for AED 74 million in May - the most expensive property transaction in Dubai so far in 2019.
Across the 10 cities surveyed for Knight Frank’s Wealth Report, Dubai prime properties are most affordable amongst those analysed, with an average price of $625 per sq ft, just 15 percent of the average price in Hong Kong.
Mr. Mahmood Shaikhani said, Dubai is the most affordable place for real estate, it is a right time to invest in dubai projects where EXPO2020 is near, There are number of different schemes and low taxes from government UAE which holds the prices and create attraction for the investors and buyers
Dubai‘s projects are more trustable because their government is taking quick action, they don’t wait for longer time, if someone has a problem they can knock COURT doors to open a case and resolve his issue, Shaikhani said. Furthermore, he said we have a different types of project in different areas because every customer have a different view and opinions, after looking at the behavior of customers we have invest more than 200 million dirham in few years. We are getting a really good positive feedback and best ROI on our investment, due to the government policies and infrastructure
Soon they are going to finish their recent projects; Champions Tower 3 and Gardenia both are on their ending stages. Gardenia is buildup for the luxury, this is not a normal luxury, and these facilities you will find in 5 start hotels. Everything would be really worth it. They are in planning to invest their money in LONDON and NEW YORK soon.
Shaikhani‘s said we have a vision to open our new office in NEW YORK and then London, But things will go gradually. We are in market since many years and we are still surviving in the industry very well. Since 1978 we are in business and our dubai office started in 1993, this is the reliability of our company and customer knows we will finish our projects no matter what.

https://www.arabianbusiness.com/property/424921-dubais-luxury-property-market-attracting-more-foreign-investors

www.shaikhanigroup.com
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Nearly 21,000 properties completed in Dubai during H1

New research says Dubai developers are handing over projects with speed despite continuing correction in property prices

Developers are completing construction and handing over projects with speed ahead of Expo 2020 Dubai despite a sustained correction in prices, according to new research.
The Property Finder Trends report for the first half of 2019 showed that a total of 20,978 residential units were completed.

The total comprised 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.
The report also showed that, as of July, there are an additional 38,426 residential units within 152 projects that have at least an 85 percent completion status and are scheduled to be completed by the end of the year.

According to Data Finder, the real estate insights and data platform of the Property Finder Group, this breaks down to 29,397 apartments, 3,387 villas/townhouses, and 5,642 serviced apartments.
However, it added that even with a high completion status, not all projects will achieve completion this year.

Overall residential stock is expected to reach 637,000 units by the end of 2020.
Some of 2019’s notable handovers so far include the DT1 tower in Downtown Dubai which added 130 apartments, 44 villas within Al Sarfa compound by Meraas in Al Sufouh, 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid City and 426 apartments in Emaar’s Vida Hills.

“With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors,” said Lynnette Abad, director of data and research, Property Finder.

Notable completions that are expected for the remainder of the year are the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena, Jenna apartments in Town Square, phase 1 and 2 of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments in total and three towers yielding 1,427 apartments in Al Habtoor City, according to Data Finder.

Shaikhani Group is working on their best to provide and finish all their projects before expo2020 starts, they want to handover all projects. Mr. Mahmood Shaikhani pushing his engineers and labor to work smarter, he offered them a good incentive so they can work faster and finish those pending projects as soon as possible

Shaikhani group is multimillion business who are working in Dubai since 1993, where hardly few people use to work on real estate, then after few years Dubai government invite investors to work on their land and build a new houses and apartments, but due to quality checks nearly 1500 companies closed down. Shaikhani group never give up even they don’t give up in credit crunch where companies are downsizing their structure but shaikhani wont.

Shaikhani is trustable company where customer can invest their money and utilize their money in two ways, first to live and enjoy a luxury apartment and amenities second to hold their apartments for few years and earn a handsome profit by selling their property.

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https://www.arabianbusiness.com/construction/425706-nearly-21000-dubai-properties-completed-in-h1

Dubai property investors win five-year visas after $54m commitment

Investors from Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis are granted renewable long-term visas

Dubai Land Department (DLD), in coordination and cooperation with the General Directorate of Residency and Foreigners Affairs (GDRFA), has granted five-year renewable visas to 20 foreign investors from across the world.

The investors, from Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis, are responsible for direct real estate investments in Dubai exceeding AED200 million ($54.4 million).

A ceremony was held at DLD in the presence of Major General Mohammed Al Marri, director general of GDRFA Dubai and Sultan Butti bin Mejren, director general of DLD.

During the ceremony, the five-year golden visas were given to real estate investors whose individual investments in the local real estate market exceeded AED5 million.

This visa also benefits their family members including wives and children, DLD said in a statement, adding that the conditions for obtaining the golden visa without a sponsor includes investing in one or more existing properties that satisfy the total value condition, regardless of whether the property is owned by an individual or a group of investors.

Bin Mejren said: “We would like to thank GDRFA for cooperating with us in this project that will greatly benefit Dubai and the UAE, consolidating the emirate’s position at the forefront of destinations capable of attracting capital and foreign direct investment.”

In May, the Federal Authority for Identity and Citizenship announced the implementation of the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs.

The move is part of the UAE's aim to enhance the ease of doing business in the country. Shaikhani Group welcomes the step taken by Government of UAE for 5 or 10 year visa policy. This step will leads to new path for the people who are looking forward to spend their life in the UAE for whole life with less hassle, said Ahmed Shaikhani, who is also the head of Shaikhani Group. Moreover, Shaikhani has a vision that expo 2020 is best time to invest your money, right now everyone is building and they are trying to finish their project 2020, which would be a huge opportunity for the new job placement.

Companies are more concerned about infrastructure and policies, Dubai always a head to offer a best policies for the investors and this is why Dubai is on 16 Ranked in the world.

Shaikhani Group is in process of finishing their two projects worth above AED 200 Million by Starting of 2020 and more projects are in pipeline. It would be a great achievement for Shaikhani Group to invest in real estate sector.

Ahmed Shaikhani Group Managing Director of Shaikhani Group says it will be another good step of UAE government to allow the expatriates to stay in the country after they got retirement on a condition of owning a property valued at about $545,000.

https://www.arabianbusiness.com/banking-finance/423719-dubai-property-investors-win-five-year-visas-after-54m-commitment

China’s appetite for Dubai property grows amid strengthening of Sino-UAE ties

Downtown Dubai, The Greens and International City are ranked as top three areas for investment
Downtown Dubai, Greens, and International City are the top three most popular areas for Chinese investors. Sarah Dea/The National
A large number of Chinese people are investing in Dubai's real estate market due to strengthening of ties between the UAE and China and implementation of the Belt and Road Initiative and other developments, according to a property consultant with Coldwell Banker UAE.
Xiaoyun Du said that current trends in both the Chinese stock market and its property market, both of which have been experiencing rapid growth in recent years, have encouraged upper-
middle class Chinese nationals to invest in overseas markets, including in Dubai. Depreciation of the yuan, as well as the high rental yields on offer in Dubai, are other factors that are influencing Chinese investors, Ms Xiaoyun said.
Using data from Dubizzle, she identified Downtown Dubai, The Greens and International City as the three most popular areas for Chinese investors to buy ready properties, whereas Dubai Creek Harbour, Meydan and Madinat Jumeirah Living top the areas in terms of off-plan sales.
“Location, annual yield and selling prices are the three of the key factors considered when making purchasing decisions,” Ms Xiaoyun said.
In Downtown Dubai, the average price of resale properties is between Dh1,700 and Dh2,200 per square foot, which is equivalent to one quarter to one-sixth of the selling price of real estate in Downtown Shanghai, she said.
“For Chinese investors, this price for a fitted flat with a free parking in the heart of Dubai is very cost-effective. The yearly yield in Downtown Dubai is around 6 per cent to 7 per cent, slightly lower than the annual average yearly yield of 8 per cent in Dubai, but because of the above two advantages, Chinese buyers accept this.”
The Greens is another popular choice for Chinese investors due to its proximity to Dubai Internet City and Dubai Media City. The average selling price within The Greens is between Dh1,200 and Dh1,500 per square foot and average yields in the community are around 8 per cent.
International City is close to Dragon Mart, the retail and wholesale development that has become one of the biggest hubs for Chinese traders in the Mena region. The average selling price in International City is Dh700 to Dh980 per square feet, meaning properties are more affordable, and it offers some of the highest rental yields in Dubai of 8 to 9 per cent, Ms Xiaoyun said.
In off-plan properties, Dubai Creek Harbour is a new development by Emaar Properties and Dubai Holding, and Chinese investors have already become the number one investors in the
area. Last year, master developer Emaar Properties announced plans to build a major 'Chinatown' retail and leisure area within the six square kilometre development.
“Emaar’s development track in Dubai, including Burj Khalifa and whole Downtown area, instills confidence in Chinese nationals considering investing in projects by the developer. Besides, based on their investment experience in major cities in China, investors are confident that such ‘city hub’ developments will provide good returns in the near future.”
Investments by Chinese nationals accounted for Dh1.7 billion in the first three quarters of 2018, making them the sixth-most active buyers of property, according to the Dubai Land Department. Dubai is targeting Dh1bn of Chinese real estate investments in 2019.
The number of Chinese expats living in Dubai has increased by 53 per cent over the past five years, with around 230,000 Chinese nationals currently living in the emirate and around 4,000 Chinese companies operating.
Figures released by Dubai Tourism yesterday also revealed that Chinese visitor numbers increased 11 per cent in the first six months of 2019. China was the emirate's fourth-biggest market for tourists, welcoming 501,000 overnight visitors from China.
Ties between China and the UAE have strengthened since the visit of Chinese President Xi Jinping in July 2018. Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, also visited China last month. During his visit, a raft of new trade deals between the two countries were announced.
Mr. Shaikhani said, when affordability and reliability factor comes, Dubai is the most affordable place for real estate, It is always booming and attraction for the tourist, There are number of different schemes and low charges from government UAE which holds the prices and create attraction for the investors and buyers
Due to government Laws and implementation, Dubai‘s projects are more reliable and easy to invest as compare to other countries, Mr. Shaikhani said. Furthermore, he said we have a
different types of project in different areas because every customer have a different view and opinions, after looking at the behavior of customers we have invest more than 200 million dirham in few years. We are getting a really good positive feedback and best ROI on our investment, due to the government policies and infrastructure
Soon Shaikhani Group is going to finish their recent projects; Champions Tower 3 and Gardenia both are on their ending stages. Gardenia is built for those who are looking for luxury and quality Apartment, and once this project is completed soon customer will recognize them as a very high quality Apartments.
Shaikhani‘s said we have a vision to open our new office in NEW YORK and then London, But things will go gradually. We are in market since many years and we are still surviving in the industry very well. Since 1978 we are in business and our Dubai office started in 1993, this is the reliability of our company and customer knows we will finish our projects on time no matter what.

https://www.thenational.ae/business/china-s-appetite-for-dubai-property-grows-amid-strengthening-of-sino-uae-ties-1.899698

#Shaikhanigroup #Realestate #MehmoodShaikhani #AhmedShaikhani #dubai #Dubaiestate #memon #Investment #apartment #expo2020 #instagood #Goodreturns #Rental #Secure #ROI #BestROI #Rentalreturn #Realtor #Realestateagent #Homeforsale #Newhome #Househunting #Newhouse #Forsale #Property #Properties #Listing

Over 43,000 Dubai residential units set to be completed by end-2019

Property Finder says 136 Dubai projects are currently between 85 and 99% complete
Over 43,000 residential units within 136 Dubai projects are between 85 and 99 percent complete, with expected completion by the end of 2019, according to new data from Property Finder.
The data also estimates that 4,133 residential units in 18 projects in Dubai have a completion status of between 65 and 99 percent until September 2020, a month before the beginning of Dubai Expo 2020.
Cumulatively, Property Finder believes that Dubai could see the completion of as many as 48,015 residential units in the emirate, although construction completion does not necessarily translate into the handover of homes.

“Construction is now slowing down and projects are in full swing,” said Lynnette Abad, Property Finder’s director of research and data. “We are also starting to see phases of big projects near completion status.”

“Therefore, we can expect to see a higher number of completed units this year compared to following years,” Abad added. “So far, to date, there has been a total of 10,670 units completed this year.”
Of the total upcoming inventory in 2019, apartments were found to account for 33,548 of the total, compared to 4,612 for villas and townhouses and 5,622 serviced apartments.
Of the estimated residential supply expected in 2020 (until September of that year) apartments will account for 2,853 units, compared to 1,280 villas and townhouses, according to Property Finder.
According to construction schedules, Jumeirah Village Circle will see the highest number of projects – 23 – between today and Expo, followed by Mohammed bin Rashid City with 15 project completions.

Dubailand and Business Bay are expected to each have 12 completed projects within the same timeframe.

Shaikhani Group who are working in Dubai as a Real estate developer, they have delivered many projects, some of them are in pending expected to be finish by mid of 2020, They always tried their best to handover the project in estimated time, if any hurdles come such as government laws or working environment problem then it will be a bit delay to coupe up the problems. Usually they always prefer to deliver the projects in time.

Mr. Ahmed Shaikhani said, we are surviving in Dubai since 1993 and we are still doing good as compare to other companies, our rates are quiet low as other people are giving discounts on their higher rate, that’s why we don’t give discount because we everything should be crystal clear. People sometimes complain that other companies are giving huge discount but when our representative explains how we are working, so they understand everything. Our first priority is make customer happy because without customers we are nothing.

https://www.arabianbusiness.com/news/420430-over-43000-residential-units-expected-to-be-completed-by-end-of-2019

World's largest sports mall on track for Q1 2020 launch in Dubai

The overall construction of the Sport Society mall will be done by the end of this year

Sport Society mall will also feature large LED screens in which major sporting and entertainment news will be broadcast, as well as a large ice hockey rink that will be cooled to -5 degrees C during the summer months.

The construction of the world’s largest sports mall, Sport Society, is progressing on schedule in Dubai according to developer Viva City and contractor Khansaheb.

According to a report in Arabian Business sister publication Construction Week, the first floor of the development is Mirdif is ready, with overall completion slated at the end of 2019.

The mall is scheduled for launch in Q1 2020. Construction has also already begun on the second of the project’s three floors. The ground floor of the mall has been designed to host and organise sporting events, with the other two floors to feature sports-focused stores, as well as restaurants and cafes that will offer organic diet-friendly options.

Once completed, the Sport Society mall will also feature large LED screens in which major sporting and entertainment news will be broadcast, as well as a large ice hockey rink that will be cooled to -5 degrees C during the summer months.

Steve Flint, the group general manager of Khansaheb Civil Engineering, said that the contractors previous record in the industry was “the deciding factor” that allowed it to win the project deal.

“We employ an integrated process in managing and coordinating all elements of design, ensuring consistency between different construction processes, as the volume of work in the project is huge as well,” he added.

Viva City’s head of design, Edgar Bove, said that the Khansaheb’s “efficient operations” were vital in ensuring that construction progresses on schedule.

“The world-class building is well under way and on programme, due to the depth of Khansaheb’s experience, innovation and expertise in building such key retail projects,” he said.

Shaikhani Group explained, Dubai is known by doing things on right time, they come up with those ideas where people think’s it is not possible, long time ago Dubai was a desert, now no one can say this was a desert. People love to visit Dubai for holidays, because all facilities are there including security which is a basic necessity of life.

They moved to Dubai from Karachi because of security and infrastructure, because of Dubai’s environment they have Invested Millions of Dollars to facilitate and give the freedom to the owner of their projects.

Shaikhani Group is working in Dubai since 1993, there was a time where 2000 Companies came and registered themselves as Real Estate Developers, In today’s time very company survived, because of rules and regulations of Dubai, shaikhani is one of them who are still working in Dubai, They have a different project which are still in progress soon it will be handover, those projects are Gardenia, Champions Tower 3, Cambridge Business Centre and others are in pipeline. This is the benchmark and trustiness of the company that if you invest with them, it will be secure and fruitful in future. Further details visit their website www.shaikhanigroup.com

https://www.arabianbusiness.com/construction/411647-worlds-largest-sports-mall-on-track-for-q1-2020-launch-in-dubai

#shaikhani #shaikhanigroup #listing #realestate #developers

Dubai's Route 2020 metro extension '70% complete'

Head of Dubai's transport authority hails progress on extension of the Red Line of Dubai Metro to the Expo 2020 site

Mattar Al Tayer, director-general and chairman of the RTA, inspected progress on several stations including Expo, Al Furjan and Nakheel Harbour and Tower Stations.

Dubai's transport authority on Saturday announced that its Route 2020 project, which is the extension of the Red Line of Dubai Metro to the Expo 2020 site, has reached 70 percent completion.

Dubai Roads and Transport Authority (RTA) said the completion rate of track work on the line which extends 15km from Nakheel Harbour and Tower Station has hit 80 percent while 50-60 percent of the station works have been finished.

Viaduct construction work had been completed spanning 11.8km, it added.

Mattar Al Tayer, director-general and chairman of the RTA, revealed these details during an inspection tour to several stations including Expo, Al Furjan and Nakheel Harbour and Tower Stations.

He attended a briefing by AbdulMohsin Ibrahim Younes, CEO of Rail Agency, and Abdul Redha Abu Al Hasan, executive director of Rail Planning and Projects Development.

Al Tayer inspected the progress of the Expo Station which will handle millions of visitors to serve the Expo 2020 site and comprises a ground floor, mezzanine, concourse, and a train platform level.

The central corridor at the concourse level links pedestrian movement between the two sides of the station. It has been designed to handle the expected number of riders during the period of Expo 2020.

The station has a capacity of 522,000 passengers per day in both directions, at a rate of 29,000 passengers per hour per direction.

Al Tayer also inspected the progress of work at Al Furjan station and Nakheel Harbour and Tower Station – a transfer station between Dubai Metro Red Line and Route 2020.

The RTA said the new metro carriages have been arriving in Dubai since August 2018, and the construction of viaducts was completed in November last year.

All rail works of Route 2020 are scheduled for completion by May with the RTA starting a test-run of the metro in February 2020.

#Shaikhanigroup #Realestate #MehmoodShaikhani #AhmedShaikhani #dubai #Dubaiestate #memon #Investment #apartment #expo2020 #instagood #Goodreturns #Rental #Secure #ROI #BestROI #Rentalreturn #Realtor #Realestateagent #Homeforsale #Newhome #Househunting #Newhouse #Forsale #Property #Properties #Listing

https://www.arabianbusiness.com/transport/414960-dubais-route-2020-metro-extension-70-complete

New visa laws will boost UAE real estate

The UAE's knowledge-based economy quest will have a very positive impact on real estate

When the UAE Cabinet approved a raft of amendments to the residency status of expatriate professionals earlier this year, many celebrated. For those that would like the option of remaining in the country long-term the changes in law are indeed a game-changer. The significance, however, of such amendments goes far beyond the added sense of security that the nation’s foreign residents will, undoubtedly, now experience. Rather, these changes reinforce the UAE’s commitment to developing into a knowledge-based economy that attracts and retains the greatest of talents; and, the implications that this will have on the nation’s real estate sector are important to the wider economy.

Expatriates make up approximately 80 percent of the UAE’s population and are consequently of great influence to the UAE economy. Ensuring that talented individuals remain in the country has a two-fold effect: Firstly, there is the direct impact that comes from ensuring that their spending power remains in the UAE, as opposed to being transferred to their home country: and secondly, that talented professionals tend to command high incomes and legislation that promotes a greater sense of inclusion will encourage such individuals to invest into the UAE economy.

Mr. Ahmed Shaikhani said since the government open the door for resident of UAE to buy a property, This new steps open a door for investors to think twice living in Dubai, The real estate sector, in particular, the residential market has, historically, been closely linked to the country’s economic performance. A flurry of expatriates into the country has a positive effect on the nation’s rental market, which equally, feels the effects once foreign residents return home.

Furthermore, Mr. Shaikhani said, According to the Dubai Land Department DLD, there was a 12 percent rise in owner/occupier mortgage transactions, demonstrating a maturing effect whilst also highlighting a growing confidence amongst buyers in the emirate. It would be very attracting for the customer, to go in a follow they can work and live and their children as well. Although, there are a bit different rules for the kids and over 18 children, but those are not very difficult. Their visa policy is quiet flexible if the candidate fulfill their requirements ministry will issue the visa

Retail and hospitality are additional sectors that will directly benefit from the UAE’s ability to retain a highly talented workforce, with strong purchasing power. Residents who experience a high level of job security are more likely to spend on staycations, on dining out and in the UAE’s extraordinarily variety of retail outlets.

Keeping hold of talent

As the UAE continues to diversify its economy away from a reliance on oil into a society that celebrates the importance of human capital, retaining talent has never been more crucial. The co-dependent relationship between the UAE’s status as an economic powerhouse and its ability to keep exceptional talent should not be underestimated. To date, the UAE has been incredibly successful in creating an environment that supports and celebrates local and foreign talent alike to ensure the nation’s continued development. The majority of foreign corporates cite ‘depth of labour pool’as a key contributor to their decision to locate business units in the UAE.

The new residency rules is just one of a number of recent initiatives that are aimed at attracting and retaining a highly skilled and educated workforce to/in the UAE to further stimulate the economy. Under the new law, long-term residency will be available to retirees who, amongst other conditions, own property worth AED2m. This law encourages younger residents to consider such an investment, while rewarding those that have made important contributions to the nation and its development into the economic powerhouse that it is today. Retirees are not the only demographic that are being recognized for their efforts. The UAE Cabinet has also unveiled plans to introduce 10-year residency visas to specialists in the medical, scientific, research and technical fields and longer visas for students and entrepreneurs, whilst enabling foreign investors to fully own a company in the UAE. These fundamental changes are sure to stimulate both the rental and owner-occupier markets across residential and commercial sectors.

Open for business

While the new laws on residency are a boost to those already living in the UAE, they should prove instrumental in attracting further talent to the country. It is clear that some would-be expats are deterred from relocating due to the uncertainty that surrounds foreign residency visas. The UAE is leading the way in letting the world know that the country is open to the brightest and most talented individuals and will support them in any way it can to ensure they feel settled and secure in their new country of residence. It also sends a clear message to investors, that the UAE is extremely business friendly and has the sophisticated legal framework required to support foreign entities that wish to establish a presence in the Emirates.

This legal evolution is an example of the UAE’s forward-thinking approach to creating a truly innovative society that nurtures talent, supports entrepreneurship and rewards hard work. Experience also suggests that the processed changes will be adopted beyond the borders of the UAE. Whilst the new law will undoubtedly stimulate demand, it will, of course, be some time before we see this translate into transactions and pricing. The amendments provide increased security to those wishing to live and invest in the UAE long-term. But, perhaps most importantly they provide a message to those outside the country, that this is a government that is committed to stimulating further economic growth and providing the conditions required for foreign investments to flourish. The benefits that this will bring to the wider economy will be meaningful.

https://www.arabianbusiness.com/property/408703-cbre-new-visa-laws-will-boost-uae-real-estate

Revealed: how prime Dubai property prices compare globally

Report says Dubai remains the most affordable market of 10 cities analysed, just 15% of the average price in Hong Kong

Hong Kong remains the most expensive prime residential city market in the world, with an average prime price of $4,251 per sq ft in 2018, according to latest data from Knight Frank’s Wealth Report Insight Series.

Across the 10 cities surveyed, Dubai remains the most affordable market of those analysed with an average price of $625 per sq ft, just 15 percent of the average price in Hong Kong.

Mr. Mahmood Shaikhani said, Dubai is the most affordable place for real estate, it is not a negative or lowest market, There are number of different schemes and low charges from government UAE which holds the prices and create attraction for the investors and buyers

Dubai’s projects are more reliable and easy to invest as compare to other countries, Shaikhani said. Furthermore, he said we have a different types of project in different areas because every customer have a different view and opinions, after looking at the behavior of customers we have invest more than 200 million dirham in few years. We are getting a really good positive feedback and best ROI on our investment, due to the government policies and infrastructure

Soon they are going to finish their recent projects; Champions Tower 3 and Gardenia both are on their ending stages. Gardenia is buildup for the luxury, this is not a normal luxury, and these facilities you will find in 5 start hotels. Everything would be really worth it. They are in planning to invest their money in LONDON and NEW YORK soon.

Shaikhani’s said we have a vision to open our new office in NEW YORK and then London, But things will go gradually. We are in market since many years and we are still surviving in the industry very well. Since 1978 we are in business and our dubai office started in 1993, this is the reliability of our company and customer knows we will finish our projects no matter what.

London and New York remain dominant ultra-prime markets taking second and third place in the Knight Frank rankings with average prime prices currently standing at $3,022 and $2,989 per sq ft respectively.

Singapore has seen its highest achieved price remain relatively stable year-on-year, while the average prime price appreciated by 17 percent between 2014 and 2018.

Across the 10 cities surveyed, the differential between the average and top price achieved is just under 200 percent. Over the last five years, the gap has been largest in Hong Kong, a difference of 624 percent in 2016. However, uplifts of a similar magnitude were echoed in Dubai in 2014 and Miami in 2015.

The uplift is lowest in Paris and Singapore, with five-year averages of 30 percent and 39 percent respectively.

Knight Franks said this may reflect the fact that these cities sit in the middle of the price spectrum while the most dramatic uplifts are typically seen at the far ends – in those cities with the lowest or highest prices.

https://www.arabianbusiness.com/news/421875-revealed-how-dubai-prime-property-prices-compare-globally

#Shaikhanigroup #Realestate #MehmoodShaikhani #AhmedShaikhani #dubai #Dubaiestate #memon #Investment #apartment #expo2020 #instagood #Goodreturns #Rental #Secure #ROI #BestROI #Rentalreturn #Realtor #Realestateagent #Homeforsale #Newhome #Househunting #Newhouse #Forsale #Property #Properties #Listing