Property Times July 2015 eMagazine

///// Issue 32 - July 2015
Magazine Search Awards
Go Greenand save money
Pg18
Pg40
INTERNATIONAL TIMES:
BUY TO LET IN UK
Pg10
REIDIN
Pg32
COMMUNITY TIMES:
JLT VS JBR
H12015REVIEW:

PROPERTY TIMES
PEOPLE’S CHOICE
DEVELOPERS
AWARDS 2015

For more info email: awards@propertyonline.ae
RIDING ON THE SUCCESS OF THE FIRST EDITION OF
PEOPLE'S CHOICE REAL ESTATE AWARDS, PROPERTY
TIMES AND PROPERTYONLINE.AE ARE PROUD TO
ANNOUNCE THE LAUNCH OF THE MOST PRESTI-
GIOUS AWARDS FOR DUBAI REAL ESTATE DEVELOPERS.

FROM THE EDITOR
GETTINGBACKINACTION
Dubai’srealestatemarket,sincethebeginning
of this year, has been witnessing a slowdown
primarily in the secondary sales market. While
the off-plan market has continued to attract
buyers and investors with a number of new
developments offering attractive payment
plans, real estate agencies focusing on the
secondary market have been feeling the
heat over the past few months. However, the
general consensus in the market is the market
will pick up post summer as in the previous
years. Cityscape Global 2015, to be held from
September 7, is also expected to bring in more
excitement to the market.
In this issue of Property Times, the cover story
is on saving money by going green. Our
contributorAndyvanSmeerdijktalkstoexperts
andbringsyouveryusefultipstosaveenergyat
home. We also have a number of informative
articles this month including an upcoming
development in one of the prominent areas
in old Dubai: Deira. Wasl District, by Wasl
Properties,issettochangethelandscapeofthe
Deiraareawithitsuniquedesignandconcept.
Binesh Panicker
Editor-in-Chief & Co-Founder
P.O. Box: 76460, Dubai, UAE
MEDIA LAB PUBLISHERS LLC
Office 135, B Block, Al Shafar Investment
Building, Near 3rd Interchange
Sheikh Zayed Road, Dubai, UAE,
PO.Box: 235504, Tel: +971 4 33 86 724
Fax: +971 4 33 86 734
www.propertyonline.ae
info@propertyonline.ae
EDITORIAL
editor@propertyonline.ae
ADVERTISEMENT
advertise@propertyonline.ae
SUBSCRIPTION
subscribe@propertyonline.ae
Licensed by National Media Council
OUR TEAM
CONTRIBUTORS
PRINTER DISTRIBUTOR
PUBLISHER
Nicole Walter
Freelance Writer
Jehan Nizar
Freelance Writer
AndyvanSmeerdijk
FreelanceWriter
P.O. Box: 485100, Dubai, UAE
Itisablendofpastandpresentandisexpected
to attract thousands of visitors and investors
over the next few years.
In the International Times section, Andy
van Smeerdijk tells us why buy to rent is an
attractive proposition in the UK, while Reshmi
Raveendran brings you a wide variety of
products in the Interior Times segment.
I am sure you will enjoy reading this edition of
Property Times.
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@medialabpublishers.com
JATIN Deepchandani
Business Head
jatin@propertyonline.ae
THINKAL Bhal
Manager - Sales
thinkal@propertyonline.ae
RESHMI Raveendran
Editorial Coordinator
reshmi@propertytimes.ae
NYSAM K Shahul
Senior Graphic Designer
nysam@propertyonline.ae
TOSEEF Ali Tidiwala
Accounts Executive
ali@propertyonline.ae
KIRAN Reddy
E-magazine support
kiran@propertyonline.ae
SRIKANTH Reddy
E-magazine support
srikanth@propertyonline.ae
MANAF CK
Admin Executive
manaf@propertyonline.ae
MARY Grace Antonio
Executive Assistant to Editor in Chief
grace@medialabpublishers.com
Corrigendum
In the article "Cyprus: The Ultimate
Mediterranean Destination" published in the
May issue of Property Times, Elite Estates Real
Estate Broker was wrongly mentioned as Elite
Real Estate. The error is regretted.
July 2015 Issue -32 /// 5
propertyonline.ae

I WANT TO EXPAND
MY INVESTMENT
PORTFOLIO
8 - 10 SEPTEMBER 2015
Dubai World Trade Centre, UAERegister now for FREE entry
+9714 336 5161 cityscapeglobal@informa.com www.cityscapeglobal.com
THE HOME OF
REAL ESTATE INVESTMENT
Cityscape Global 2015 is the largest and most influential
real estate investment and development event for
emerging markets globally. Bringing together investors,
developers, government officials and real estate
professionals, there is no better place to find investment
opportunities and new business partners.
Organised ByOfficial Lifestyle MagazineOfficial Architecture MagazineOfficial Business PublicationSupporter
Property Registration
Trustee Partner
Project MarketingDistrict Operator SponsorGold SponsorFoundation Sponsors
Official Magazine

08
NEWS AND ANALYSIS:
Ananta by Omkar Realtors
10
NEWS AND ANALYSIS:
HI 2015: Dubai market by REIDIN
12
PROPERTY EXPERT:
Ahid Sheikh, Dejavu Real Estate
14
MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
16
LEGAL EXPERT:
Jerry Parks, Taylor Wessing
24
MEMAAR:
A Realty Show With a Difference
26
AN OFFERING FROM
Damac and Paramount
Cover Sotry:
Tips to save energy
Wasl District in Deira Community Times:
JLT vs JBR
International Times:
Buy to let in UK18 22 32 40
28
The Sustainable City
30
Market update by Hamptons
34
Market:
Canal Residence-Handover
36
INTERIOR TIMES:
Ocean View Antiques
38
INTERIOR TIMES: Product Watch
42
Elite Estates Real Estate Broker
44
Exclusive Listings
50
Column by Ryan Blair,
ERE Homes
July 2015 Issue -32 /// 7
propertyonline.ae

NEWS&ANALYSIS
M
umbai-based Omkar
Realtors and Developers
Pvt Ltd (omkar.com), one
of the leading premium
housing brands, launched its most
affordable luxury two-bedroom
residential project `Ananta,’ recently.
Located at Goregaon East, the project
aims to address the rising demand
of affordable luxury apartments in
Mumbai. Terming it as the most
affordable luxury project to roll out of
Omkar’s housing inventory, Devang
Varma, company Director said that
residents would be treated to an
enchanting canvas of scenic green
view in the bustling metropolis with
the Ananta offering. “In a scenario
OMKARREALTORSLAUNCHES
LOW-TICKETSIZEANANTAPROJECT
INTHEINDIANCITYOFMUMBAI
whereby luxury projects in Mumbai
commands PLC for sea view and
hill view is rare, Ananta’s USP is the
limitless hill views and greenery at an
affordable pricing,” he added.
Located on the outer peripheral
of the famed Film City, close to the
Western Express Highway, Ananta
enjoys excellent connectivity with
key city location including the arterial
Jogeshwari - Vikhroli Link Road (JVLR)
connecting East to West. The location
and its vicinity offers limitless places
of excitement be it in film city, fantasy
land, multiplexes, shopping malls or
Chota Kashmir amongst others. It
also has a range of Malls, theatres,
and hospitals in close vicinity with
more than 20 schools and colleges
including Oberoi International,
Ryan International, VIBGYOR High
amongst others.
Ananta, the affordable luxury
residential project based on the latest
and fastest construction technology,
is priced from AED810,000 onwards
with apartments in the size-range
of 625 sq. ft. carpet to 753 sq. ft
carpet area. The wide range of
amenities includes a double height
lobby; children play area, swimming
pool, jogging track, gymnasium,
landscaped garden, accu-therapy
walkway and multi-gaming facility.
In addition, the sheer value homes
include invaluable specifications with
zero compromise on all fixtures and
amenities. On the delivery front, the
company is also assuring guaranteed
possession within 21 months from
the date of launch. With an early
possession date of March 2017, the
Goregaon East micro market is all set
to elevate its preferred residential tag
with the Ananta offering.
July 2015 Issue -32 /// 8
propertyonline.ae

NEWS&ANALYSISL
imitless a Dubai-based real
estate developer announced
today that it will pay AED2.07
billion to banks and trade
creditors in a major development in
its financial restructuring. Limitless
will repay AED1.9 billion in bank debt,
including an early payment of AED411
million, and a further AED176 million
to trade creditors.
This repayment will be 42%
of the outstanding bank debt of
AED4.45 billion. Hence, reflecting on
the company’s ability to successfully
execute its business by achieving
sales, including the sale of a part
of its land bank in Saudi Arabia for
AED2.07 billion. While 90% of the
repayment will be made to the
banks and the 10% will be made to
the trade creditors.
Limitless is presently in
negotiations with its banks to agree
on new terms and conditions for the
repayment of the remaining debt
and requires the banks to agree
to an extension of the repayment
period to December 2018. With
almost 90% of the banks agreeing
to the revised terms, Limitless is
confident that the remaining 10%
of the banks will soon agree to the
revised proposal to enable Limitless
to successfully conclude on these
negotiations. Limitless Chairman
Ali Rashid Lootah said: “This is a
very positive news for Limitless. We
are honouring our commitment to
creditors and outperforming the
current restructuring plan with an
early repayment, about six months
ahead of time.
“We thank the Government
of Dubai, our lenders and trade
creditors for their continuous trust
and support, which has enabled us
to achieve this milestone. We also
strongly believe that the lenders
showing more co-operation and
flexibility in accepting the revised
terms will pave the way for Limitless
to continue to develop its assets and
meet its commitments to investors”,
concluded Ali.
FINANCIAL RESTRUCTURING
BY LIMITLESS
July 2015 Issue -32 /// 9
propertyonline.ae

Ahmet Kayhan, CEO, REIDIN.com
BusinessBay
NEWS&ANALYSIS
DUBAIRESIDENTIAL
MARKET:H12015
REIDIN in association with Property Times takes a look at how the
residential sector in Dubai fared in the first six months of this year.
By Binesh Panicker
Y
ear 2014 didn’t end on a
positive note for Dubai market
with a dip in the number of
transactions resulting in price
correctionsacrossvariouscommunities.
The slowdown in the market has been
quite evident in the first half of this year,
especially in the secondary market. In
this edition of Property Times, REIDIN
CEO Ahmet Kayhan, reviews the first six
months of 2015.
Please tell us about the price
fluctuations in the residential sector.
It has been a tough first Half for Dubai
compared to the steady performance
in the last four years. Highest drop
was in and around Dubai Marina
with -11% among the apartment
segment and Jumeirah Village Circle
with -14% among the villa segment.
Having said that, we believe the market
fundamentals are still strong as most of
the drop is due to the steep rise of the
prices between 2012 and 2013 and a
profit realization of those premium
prices, which is very normal.
Please tell us about the upcoming
supply and demand in this sector.
We are not expecting a big influx of
supply considering in average 60% of
July 2015 Issue -32 /// 10
propertyonline.ae

Source : REIDIN.com
REIDIN.comiswidelyusedbyrealestateagentsandinvestorsforreliable,
well-researched information on the country’s real estate sector. REIDIN.
com, founded in 2007, is a leading real estate information company
focusing on UAE, Turkey and other emerging countries. REIDIN.
com helps professionals and individuals easily access the real estate
information they need to make more informed investment, purchase,
sales,rent,mortgage,finance,developmentandmanagementdecisions.
REIDIN.com ‘Data & Research Team’ together with a global network of
information partners endeavours to provide high-end analysis and
research support to its clients.
For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market
Update published in association with Property Times.
NEWS&ANALYSIS
the announced projects are delivered
on time in the last seven years in Dubai.
Below60%supplyalreadycreatesagap
between demand and supply where
demand surpluses supply hence the
reason why rents didn’t drop as much
as sales prices. About 34,000 units have
entered to the Dubai market in the last
twoyearsandtotalnumberofexpected
units for the next two years is around
72,000 from the projects that are under
construction. Considering 60% supply
realization rate, we can expect around
43,000unitstoentertothemarketinthe
next two years.
Which are the most preferred
communities in 2015?
Based on the transaction levels, supply
and rental market dynamics Business
Bay, Dubai Marina and International
City respectively are the top three most
preferred communities in Dubai.
What can you conclude from
observing the residential market
for the last six months and what are
your predictions?
We expect the sales price stress will
continue in the second half of the year
but at a much slower momentum due
to the fact that the rental market is still
very strong demand-wise.
PRICE CHANGE: DUBAI APARTMENTS
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
Last 3 Months Last 6 Months
-1%
Dubai
Marina
-7%
-7%
-7% -7%
-4%
-8%
-3%
-8%
-5%
-6%
-8% -8%
Discovery
Gardens
The
Greens
JLT Downtown Sports
City
JVC Business
Bay
Dubai
City Wide
-3% -3% 0%
-11%
-7%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
PRICE CHANGE: DUBAI VILLAS
JVC Palm
Jumeirah
Arabian
Ranches
Victory
Heights
Al Furjan The Springs &
The Meadows
Dubai
City Wide
-7% -7%
-6%
-5%
-3% -3%
-5%
-5%
0%
-6%
-7%
-8%-8%
-14%
DUBAI SUPPLY AND DEMAND EQUATION
Incremental Population Demand (Number of Families Incremental Units Supply
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Expected
DUBAI REAL ESTATE TRANSACTIONS BY COMMUNITIES
14%
12%
10%
8%
6%
4%
2%
0%
BusinessBay
DubaiMarina
InternationalCity
JLT
DubaiLand
JVC
SportsCity
Downtown
Greens&TheViews
PalmJumeirah
DiscoveryGardens
Springs&Meadows
TECOM-C
IMPZ
ArabianRanches
Motorcity
OtherAreas
DUBAI RESIDENTIAL SUPPLY
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
-1%
Dubai
Marina
-7%
-7%
-7% -7%
-4%
-8%
-3%
-8%
-5%
-6%
-8% -8%
Discovery
Gardens
The
Greens
JLT Downtown Sports
City
JVC Business
Bay
Dubai
City Wide
-3% -3% 0%
-11%
-7%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
JVC Palm
Jumeirah
Arabian
Ranches
Victory
Heights
The Meadows
Dubai
City Wide
-7% -7%
-6%
-5%
-3% -3%
-5%
-5%
0%
-6%
-7%
-8%-8%
-14%
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Expected
14%
12%
10%
8%
6%
4%
2%
0%
BusinessBay
DubaiMarina
InternationalCity
JLT
DubaiLand
JVC
SportsCity
Downtown
Greens&TheViews
PalmJumeirah
DiscoveryGardens
Springs&Meadows
TECOM-C
IMPZ
ArabianRanches
Motorcity
OtherAreas
-8%
-10%
-12%
-14%
-7% -7% -7%
-8%-8%
-14%
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Expected
14%
12%
10%
8%
6%
4%
2%
0%
BusinessBay
DubaiMarina
InternationalCity
JLT
DubaiLand
JVC
SportsCity
Downtown
Greens&TheViews
PalmJumeirah
DiscoveryGardens
Springs&Meadows
TECOM-C
IMPZ
ArabianRanches
Motorcity
OtherAreas
72,000 Units
34,000 Units
Expected Supply
for the next 2 years
Actual
Supply
in the last
2 Years
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
-1%
Dubai
Marina
-7%
-7%
-7% -7%
-4%
-8%
-3%
-8%
-5%
-6%
-8% -8%
Discovery
Gardens
The
Greens
JLT Downtown Sports
City
JVC Business
Bay
Dubai
City Wide
-3% -3% 0%
-11%
-7%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
JVC Palm
Jumeirah
Arabian
Ranches
Victory
Heights
The Meadows
Dubai
City Wide
-7% -7%
-6%
-5%
-3% -3%
-5%
-5%
0%
-6%
-7%
-8%-8%
-14%
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Expected
14%
12%
10%
8%
6%
4%
2%
0%
BusinessBay
DubaiMarina
InternationalCity
JLT
DubaiLand
JVC
SportsCity
Downtown
Greens&TheViews
PalmJumeirah
DiscoveryGardens
Springs&Meadows
TECOM-C
IMPZ
ArabianRanches
Motorcity
OtherAreas
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
-1%
Dubai
Marina
-7%
-7%
-7% -7%
-4%
-8%
-3%
-8%
-5%
-6%
-8% -8%
Discovery
Gardens
The
Greens
JLT Downtown Sports
City
JVC Business
Bay
Dubai
City Wide
-3% -3% 0%
-11%
-7%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
JVC Palm
Jumeirah
Arabian
Ranches
Victory
Heights
The Meadows
Dubai
City Wide
-7% -7%
-6%
-5%
-3% -3%
-5%
-5%
0%
-6%
-7%
-8%-8%
-14%
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Expected
14%
12%
10%
8%
6%
4%
2%
0%
BusinessBay
DubaiMarina
InternationalCity
JLT
DubaiLand
JVC
SportsCity
Downtown
Greens&TheViews
PalmJumeirah
DiscoveryGardens
Springs&Meadows
TECOM-C
IMPZ
ArabianRanches
Motorcity
OtherAreas
Actual
July 2015 Issue -32 /// 11
propertyonline.ae

If you have any queries about buying or renting, please email at editor@propertyonline.ae
Our expert answers the queries about your real estate investments.
w i t h p r o p e r t y e x p e r t
I will definitely suggest you to buy
an apartment rather than renting
the apartment. Dubai currently
offers excellent option of owning an
apartment due to the interest coming down as
low as 3.99% by most of the banks. Keeping in
mind the current rental, which is substantially
high, so instead of paying high rent one can
almost spend same money, which will go as
your EMI and at the same time you will make
your asset. It will also give you an advantage
of capital appreciation. Even if you don't have
a clear vision for long term stay, I would still
recommend you to buy a property, because a
good property in Dubai is very liquid compared
to any other international markets.
Yes, you can back out of the MoU. The
penalty is a subject which is based on
the MoU clauses agreed by both the
parties(the buyer and the seller). Just to update
a valid MoU, which is a RERA format MoU, not
the MoU just signed between the parties. If the
MoUsaysthatanypartybackingoutwouldpay
an x amount then that party needs to pay. If the
party does not pay the penalty agreed, then the
other party has the right to file a case.
To start with, either you can shortlist
the property through property engine,
go through all the details, and if you
are not satisfied then you can plan
your trip, coordinate with real estate agency
to show you the properties, once you have
decided you can put an offer along with
security deposit to confirm your seriousness
to broker, the broker would then confirm from
the seller, once accepted you can sign the MoU.
Signing could be done sitting in London, then
you have to be here in Dubai at the time of title
transfer where the property will come in your
name and seller will receive all money from you
in the form of manager's cheque, in case you
want to avoid travelling, then you can give a
power of attorney to any of your known friend
in Dubai, which should be attested by Ministry
of Foreign Affairs and Dubai Embassy. Once
you have bought the property then you can
assign any real estate company or company,
which specializes in rental and property
I have been in Dubai for a few years
now and I'm renting apartments all
throughthistime.Mymonthlyincome
isAED45,000.Whatdoyousuggest,continue
rentingorbuyanapartment?
Can I back out after signing a
Memorandum of Understanding
(MoU)? What will be the penalties
involved and does the buyer have the right to
suemeoverthis?
I'm currently based in London and
I'm very much interested in investing
in Dubai. How do you help with
title transfer and the further renting and
managementoftheapartment?
EXPERTADVICE
Ahid Sheikh
Director
Dejavu Real Estate
management. They will completely look after
your property and the tenant. There are different
packages offered depending on the services,
generally it starts from 5% and goes upto 10%
of the rental value.
DubaiSkyline
July 2015 Issue -32 /// 12
propertyonline.ae

If you have any mortgage related queries, please email at editor@propertyonline.ae
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w i t h m o r t g a g e e x p e r t
Yes,youcandecideagainstthepurchase
even after a pre-approval. The premise
behind securing a pre-approval prior to
finalizing on a property is to reduce the risk of
losing out on your security deposit. The pre-ap-
proval serves as comfort and helps in your plan-
ning since it also gives you an idea of the exact
My real estate agent informed me
that, it was better for me to obtain
Pre-Approval before finalizing on
the property. Can I decide not to buy the
property after getting a Pre- Approval?
What do you suggest?
EXPERTADVICE
My advice is that you at least talk to
an expert about both offers. There is a
general misconception that the low-
est rate is the best product. This is not
so. There are quite a number of variables that
go into selecting a mortgage product and the
idea is to ensure that it meets your exact needs,
gives you peace of mind and saves you money.
So, for instance: “Is this new rate lower over the
‘perceived’ duration of the loan? How costly is
the insurance payment when compared to
your current mortgage? Will the initial capital
outlay required for the switch make the over-
all cost higher than your current obligation?
I’veabusinessloaninonebankanda
home loan with another, the former
offers a better rate for home loans
and I wish to transfer my existing loan. Is it a
feasibleoptionandshouldIinvolveanexpert?
Feyisesan Ekundare
MortgageMe.ae
Business Development
Middle East/Africa
M: +971 050 4168 548
Yes,youcanputinajointapplicationto
secure a higher mortgage value if your
individual salaries are not enough to
guarantee you being eligible for your
preferred mortgage loan amount.
My wife and I have a joint monthly
income of AED30,000. Can we
apply for a higher mortgage value
or the value will be based individually on
our salaries?
And finally, what suits you best- lower monthly
payments or lower long term cost? An expert
will be able to assist you in answering all these
questions.
debtfundingyouhaveavailablefromthelender.
Besides, if afterwards you decide you need more
time before making the purchase, most pre-ap-
provals remain valid for 60 days. Furthermore,
you can renew your pre-approval by simply
updatingyourfinancialrecordswithyourlender
anytime after the 60 day period.
PalmJumeirah
July 2015 Issue -32 /// 14
propertyonline.ae

Is your home equity
underutilized?
.ae
Take advantage of the
current low mortgage
rates and put your
money towards a
better use.
2.99%
We can
make your
home equity
work for you!
InvestMe Financial Services LLC, 608, Dusseldorf Business Point, Al Barsha 1, Dubai +971 (0) 4 453 4400 info@mortgageme.ae

EXPERTADVICE
If you have any legal queries about buying or renting, please email at editor@propertyonline.ae
Our expert answers the legal queries about buying and renting properties.
w i t h l e g a l e x p e r t
There are a number of issues to con-
sider here. First, the service of the
notice by the landlord was by email.
The law states that service has to be
by registered post, unless otherwise agreed in
the lease. So subject to what’s in your lease,
the service was defective and the notice can
therefore be ignored. Second, notices seeking
to increase the rent have to be served at least 90
days before the expiry of the lease. From your
query, it seems that the landlord has complied
with this requirement. Third, the rent increase
can only be in line with the RERA rental cal-
culator. If, therefore, the rent you are currently
paying is in excess of market rate, then it’s
unlikely that the rent calculator will sanction
any increase at all, and certainly not a 30%
increase. But the bottom line is that the notice
has not been properly served and can therefore
be ignored. Whether you want to bring this fact
to the attention of the landlord at this stage, or
wait until 89 days before the expiry of the lease,
is up to you…
The law states that you can terminate
the tenancy if you wish to sell the prop-
erty. However, the tenancy can only be
terminated on a 12-month notice. So
you will need to serve a notice on the tenants
informing them that you wish to take vacant
It’s very much a matter of fact. If you
have complied with the terms of the
lease by leaving the property in the
condition in which it was when you
went into occupation, fair wear and tear
excepted, then you are entitled to a full refund
of the deposit. If the landlord believes that
the repair works are not sufficient to put the
property back into the appropriate condition,
then he may choose to carry out those works
himself, and deduct the cost from the deposit.
If you dispute the need for the landlord to carry
out additional works, then the matter should
be referred to the Dubai Rental Dispute Settle-
ment Centre.
My landlord mailed me a notice last
week, revealing a 30% rise in rent
upon renewal. I’ve rented this apart-
mentsixmonthsagoandIhavenoticedthat
I’m currently paying a rent that is 10% more
thantheaverageofthisarea.Pleaseadvise.
I need to sell my apartment which is
currently rented by a family, the new
ownersarebuyingtheapartmentfor
theirpersonaluseandtheywantmetoevict
mytenants.Whataretheproceduresforthis
and is it possible to evict tenants before the
contract period?
Iwasinformedthatacertainamount
will be deducted from my deposit for
repairs. But I paid for all the repair
works myself and I have the receipts show-
ing that. Will I be able to claim for a com-
plete refund?
Jerry Parks
Partner
Taylor Wessing
possession on the grounds that you are selling
the property. That notice should, according
to the letter of the law, come into effect in
12 months time upon expiry of the lease. In
practice that means you will have to renew the
lease on expiry, but only for the period up to
the 12 month eviction date stated in the notice.
The reference in the law to “the expiry of the
lease” has caused confusion, and initially it was
thought a full 12 months renewal had to be
granted, but the Rent Authorities have clarified
that the new lease can be for a reduced term
to provide for a 12 month notice period in total
from the date of service of the notice. So having
served the notice you can sell the property and
the buyers can move in on the tenants vacating
on the given notice date.
However, just recently the Rent Authorities
have indicated that, contrary to common prac-
tice, a buyer cannot rely on a notice given by a
seller. If that position is maintained, it means
that the buyer will have to serve the notice after
completion of the sale, and the 12 months
notice period will run from then. It suggests
that a buyer can inherit the benefit and bur-
den of the current lease, but cannot inherit the
benefit of a notice previously served. Suffice it
to say this is currently a grey area, and until clar-
ification is given, the safest thing would be for
both seller and buyer to serve notices.
Dubai Marina
July 2015 Issue -32 /// 16
propertyonline.ae

SULAFA TOWER, DUBAI MARINA
THE MOTHER OF ALL
INVESTMENT DEALS!
READY UNITS ON 7-YEAR PAYMENT
PLAN. ONLY 2-BEDROOM UNITS LEFT!
INTERESTED?
Call our Sulafa Specialized Consultants for more information or to arrange for a private viewing
on +971 4 325 1616, +971 50 916 6543, info@harbordubai.com
or visit www.harbordubai.com/sulafa-project
WELL-MAINTAINED & MANAgED
SINcE 2011 BY ThE
AwARD-wINNINg
ISO 9001:2008
cERTIFIED hARBOR REAL ESTATE
PROPERTY MANAgEMENT TEAM
A BIgSELEcTION OF
VACANT & RENTED UNITS gENERATINg
IMMEDIATE ROI
10% DOwN-
PAYMENT
OF AED 214,200
PAYMENT FOR 84 MONThS
AED 22,950PER MONTH
gREAT RENT ROI
OF 50%FOR ThE FIRST 3 YEARS
STARTINg FROM
AED 2,142,000ON
7-YEAR PAYMENT
PLAN
Exclusive Marketing
& Sales Consultant
Holding Company
• Ideally situated within walking distance to
the Nakheel Metro Station, The American
University in Dubai, The Walk at JBR, Dubai
Media City and Dubai Internet City
• State-of-the-art health club facilities: gym,
swimming pool and kids’play area
• Luxurious lobby, secure covered parking,
24-hour concierge, modern building
security, in-house laundry shop,
supermarket and comfortable waiting area
• Reputable facility management,
maintenance and property management
service providers
• BUA starting from 1,372 sq.ft.
Amazing! But wait, there’s more!
The figures presented here do not take into
account:
• Annual capital appreciation which would
be swift and guaranteed in the years
leading up to Expo 2020
• Expected annual rent increases prior to and
during Expo 2020
• Monthly cash flow impact in favor of the buyer
• The average rent ROI in Dubai Marina is at
to 6% P.A. Our payment plan guarantees
you 16.7% ROI per annum

While all new property in Dubai is built to Green Building standards, experts say there are still ways homeowners can
reduce costs on their property, writes Andy van Smeerdijk.
COVERSTORYpropertyonline.aepropertyonline.ae
July 2015 Issue -32 /// 18
propertyonline.ae

W
hether you’re a home-
owner, buy-to-let purch-
aser or a tenant, there are
many ways to reduce
your power and water bills, experts
say.There are many innovative means
of reducing water and energy use,
says Enda Colfer, Anthesis Consulting.
“Use sensors at home to turn off lights
when no one is in the room. Raise
the temperature controls in your
apartment to 240
C. These measures
will save dirhams.” When buying or
renting a property, understanding
maintenance costs is vital, says Pablo
Izquierdo, WSP/Parsons Brinckerhoff.
“The more sustainable the operation
of the building, the lower the
running costs.”
EFFICIENT WATER USE
According to Dubai Electricity and
Water Authority (DEWA), on an
average, Dubai residents use 500
litres of water per day, 200 more
than the international average. But
many experts foresee ways of saving
water – and money. In apartments,
saving water largely depends on the
flow rates of taps and showerheads,
COVERSTORYpropertyonline.aepropertyonline.ae
July 2015 Issue -32 /// 19
propertyonline.ae

says Simon Gowland, Building Physics
Modelling Group. “Low-volume taps
and showerheads can save 50%
on water usage,” he says. Irrigating
gardens require lots of water,
especially if the lawns are large, he
added. “So choose an apartment
or a villa with a small area of lawn
and landscaping. Also, consider
xeriscaping – the use of drought-
tolerant plants and gardening
techniques that reduce water
demand.” Rob Carr, WSP/Parsons
Brinckerhoff, agrees. “Using drought-
USE SENSORS AT HOME TO
TURN OFF LIGHTS WHEN NO
ONE IS IN THE ROOM. RAISE
THE TEMPERATURE CONTROLS
IN YOUR APARTMENT TO 240
C.
THESE MEASURES WILL SAVE
DIRHAMS.
ENDA COLFER
ANTHESIS CONSULTING
tolerant species and swapping lawns
for dry landscaped areas or fake grass
will have a massive effect on the
water consumed.”
ENERGY SAVINGS
When inspecting a property, Pablo
recommended checking for dual-
flush toilets – those with two buttons
for low and high water discharge.
“Taps and showers should have
aerators: a small add-on that allows
air to mix with the water, reducing the
total amount of water used.”
It’s vital to get an expert to do
a property energy audit to identify
potential savings Pablo says.
Checking windows is vital, he adds.
“Ensure they are double-glazed. Look
also for poor construction details
such as cracks that allow hot air to
infiltrate the house.” Many energy
saving measures cost nothing, he
says. “Setting the room temperature
between 240
C and 260
C has no cost
COVERSTORY
July 2015 Issue -32 /// 20
propertyonline.ae

especially the case in developments
where each apartment cannot be
metered separately and the cooling
charge for common areas, lobbies
and swimming pools are recharged
to tenants based on an apartment’s
area or volume. Apartment towers in
Dubai, however, often have their own
chiller plant in which the tenant either
gets the cooling free or at a reduced
cost.” Simon says apartment buildings
use less energy for cooling compared
to villas because units have lower
external heat gains, being connected
to each other. “Villas also have higher
air infiltration rates from the outside
and may also have swimming pools,
which use a lot of energy.” Installing
ceiling fans in living areas was the
biggest energy saver, he reckons.
“Ceiling fans allow occupants to
switch off their air-conditioning (AC)
whenever the indoor temperature
is below 290
C, rather than the
standard 230
C.” As units have low
external heat gains, their rooms can
do without AC for 10-11 months of
the year, he says. “Owners/tenants
should consider only switching on
AC cooling for the room they are in.”
Residents should also have their AC
cleaned every 12 months to ensure
the system is not clogged, which
increases energy use. Simon says
ceiling fans could save up to 45% on
cooling energy costs – in living areas
but not bedrooms. Cleaning AC filters
regularly could save 25% on cooling
energy while energy efficient lighting
and appliances could save up to 30%.
ADDING VALUE
Many water and energy saving
measures will ultimately add value to
properties, Enda, of Anthesis, predicts.
“As awareness about protecting the
environment and the impacts of
climate change improves, and as the
costs of energy and water in Dubai
go up, then the value of properties
that are energy- and water-efficient
will also increase. “In the Middle East
we are still used to relatively cheap
power and water; however, this
is likely to change as government
subsidies are reduced.”
but can reduce the running costs
of a house. Also, switch off laptops,
screens and other appliances as they
still use energy while on standby.”
Other measures include replacing
light fittings with efficient fluorescent
lamps or LED, which can reduce costs
by up to 90% compared to traditional
bulbs. If you’re thinking of buying a
second-hand villa or apartment,
ask for a copy of a recent DEWA bill
so you can check the costs, Simon
recommends. District cooling can
be expensive, he warns. “This is
COVERSTORY
July 2015 Issue -32 /// 21
propertyonline.ae

Whatwastheinspirationbehindthe
Wasl District project? Tell us more
aboutitsdifferentcomponents-the
souq,residentialapartments, office
buildings, serviced apartments
and hotel.
Wasl District’s theme is to reflect the UAE’s
rich architectural heritage through a
harmonious blend of the contemporary
andhistoric.Thedevelopmentpaystribute
to the first modern hospital in Dubai, the
Al Maktoum Hospital, by preserving its
original building for heritage value. There
are plans by the Dubai Culture and Arts
Authority (Dubai Culture) to convert
the restored building into a museum,
incorporating it as a main tourist feature.
TheinspirationforWaslDistrictwasdrawn
from Dubai’s architectural background,
with the design team employing
components that pay tribute to cultural
aspects and the local spirit. Wasl District
is a mixed-use development comprising
four components. The first, which was
completed and officially opened to the
public this year, is the souq, which hosts
211 retail shops. This central market
was designed to have a traditional style
but offers modern conveniences, such
as basement parking and a modern
cooling system, which keep the outdoor
structure’stemperaturesignificantlycooler
than its surroundings. The additional
three components are currently under
construction and due for completion in
2017. They comprise residential dwellings
(356 units), commercial spaces (53 offices)
anda196-roomHyattPlacefour-starhotel.
Wasn't choosing the Naif area in
Deira to be home to this project
a risky move, seeing as most new
projects tend to be set against the
glitzier backdrop of new Dubai?
Wasl designed and developed the project
to reflect the historical importance of
Deira as a vibrant trading hub. The
souq and the surrounding development
with its four-star hotel, office space
and residential components perfectly
highlight the strategic importance of the
area. Whenever Wasl has undertaken
redevelopment projects, such as it has in
Karama and Deira, it has done so with
a commitment to elevating standards.
Our aim is to transform long-standing
neighbourhoods with modern amenities,
while at the same time preserving their
traditional essence. We aim to bring to
these areas a sense of modernity and
quality that is synonymous with Dubai’s
most up-to-date offerings and at the
same time, stay true to the values of the
city. ‘Old’ Dubai is where it all started
for the city and we are committed
to investing in these significant, yet
sometimes overlooked, areas.
What role do you think Wasl
District will have in giving this part
of Dubai a new lease of life?
Naif is a very busy neighbourhood but
one with few modern amenities. For
example, visitors to Deira find a lack of
parking to be a major inconvenience and
itsresidentshavelackedthefacilitiesfound
in more modern areas of the city. There
is also a lack of high quality residential,
commercial and hospitality offerings
there. Wasl District changes all that with
an upgraded offering for people who
prefer that particular part of the city. It
will be a self-sustained hub reflecting the
country’s traditions through its beautiful
architecture and with a range of modern
amenities and ample parking. It is a
major project valued at approximately
Dh1.2 billion and we expect it to be one
of Deira’s main landmarks when fully
completed. Wasl District is reshaping the
area and has started to positively impact
its surroundings.
What makes the souq offering here
different from the ones in say Souk
al Bahar and Madinat Jumeirah?
The souq at Wasl District caters to the
needs of the local neighbourhood, as
well as to the needs of tourists who visit
the area for its historical importance.
The retailers at Wasl District sell items
synonymous with local culture such as
carpets, antiques, furniture, perfumes,
spices and musical instruments. Modern-
day products such as electronics, fashion
items and jewelleries are also available
through branded retailers, ensuring a
comprehensive mix of the traditional
and contemporary.
WASLDISTRICT:APERFECT
BLENDOFPASTANDPRESENT
Renownedforitsportfolioofnicheandinnovativeprojects,Wasldevelopersonce
again raises the city’s property bar with its latest offering Wasl District. Jehan
Nizar speaks to Hesham Al Qassim, CEO of Wasl Asset Management Group
to uncover lesser known facts about the project that is poised to give the city’s
once bustling trading hub of Deira a renewed lease of life.
MARKET
July 2015 Issue -32 /// 22
propertyonline.ae

SNSPROPERTIES
www.snsprop.com
M: +971 55 948 0495 | +971 56 144 9976
T: +971 4 3957593 | F: +971 4 3942533
DED Lic. No. 647941 | ORN 2576
Where Perception Meets Reality
FORTE DOWNTOWN
Size ranging from:
2 Bedroom: 1,004 - 1,130 sq. ft.
3 Bedroom: 1,555 - 1,709 sq. ft.
WHY FORTE
• Located in The Opera District, at the heart of
Downtown Dubai
• Views of Dubai Opera, Opera Plaza and The
Dubai Fountain
• Premium finishes & luxurious units
• Museum/art gallery within the podium• Museum/art gallery within the podium
FEATURES:
• Located in The Opera District, at the heart of
Downtown Dubai
• Offers the ultimate views of Burj Khalifa,
The Dubai Fountain and Downtown Dubai
• Offers a variety of design studios, art galleries,
comedy clubs and the superb Dubai Operacomedy clubs and the superb Dubai Opera
FOLLOW US ON:
/SNSPropertiez @snspropertiez
SNS Properties
2 BR for AED 2 million onwards
3 BR (w/ Burj Khalifa and Fountain View)
AED 3.9 million onwards
in THE OPERA DISTRICT
OPERA GRAND DOWNTOWN
Size ranging from:
2 Bedroom: 1,361 - 1,720 sq. ft.
3 Bedroom: 2,042 - 2,691 sq. ft.
4 Bedroom: 3,029 - 3,049 sq. ft.
WITH FULL BURJ KHALIFA & FOUNTAIN VIEW
in THE OPERA DISTRICT
Who was the chief design influencer
for this project - was it a particular
individual or a company?
Wasl’s blueprint for all its operations follows
His Highness Sheikh Mohammed Bin Rashid
Al Maktoum’s ambitious plans for Dubai.
The company’s strategy in developing a
particularprojectalwaysstartswiththehigher
management’svision,whichisthentranslated
into a brief for the design team. Wasl utilises
renowned design consultants and partners
from the local and international markets for
this process. Once the design concept has
been established, it goes to Wasl’s Executive
Committee for full review. The committee
ensures that the project complies with the
company’s overall mission and strategy. With
specific regards to Wasl District, the mix of
the development was based on targeting the
right audience in the Deira district; including
retailers, residents and tourists.
How do you think this project reflects
the rich heritage of the UAE?
Wasl District incorporates the design elements
foundintheUAE’straditionalarchitecture.The
layout of the souq evokes the spirit of ancient
Arabiawithitsnarrowandwindingsikkasthat
arereminiscent of the city’s historical markets.
The materials used in the development, its
colours, the alleyways and fountains all
reflect the richness of old urban spaces in
the UAE and reveal how the country’s early
inhabitants were able to sustain themselves
and create delightful, sustainable living and
commercial spaces.
Who do you foresee as the target
audiencewhenitcomestotheresidential
units on offer?
Our target audience is residents living in Deira
who desire an upgrade but can’t find suitable
accommodation. They enjoy living in Deira for
a variety of reasons, such as proximity to their
businesses or having friends and families in
that area. Many find the extensive transport
facilities including the RTA buses and Dubai
Metro that are a predominant feature of the
area to be an important factor. The target
audience for the souq is generally tourists
from both the GCC and western countries,
as well as local customers looking for good
quality unique products.
Why do you think tourists would
choose to stay in the hotel here when
on holiday in Dubai?
Travellers from the GCC like to visit Deira for
many reasons. It is rich in culture and is an
important trading hub. In addition to being in
closeproximitytotheWaslDistrictsouq,tourists
are within easy reach of the Dubai Creek, the
goldandspicesouqsandothertraditionalareas
in the city. Wasl District’s Hyatt Place hotel will
offer top quality service at affordable prices,
making the area more attractive for visitors.
The hotel will be situated in one of the most
centralisedzonesofthecityandwithinwalking
distance of many attractions.
How many years in the making has
this project been and when do you
anticipate it to be fully slated for
completion?
Phase One of Wasl District, the souq, was
completed in the third quarter of 2014 and
officially opened for business in the first
quarter of this year. Phase Two is expected to
be completed in 2017.
Do you think your project will set the
wheelsinmotionforawholenewstring
of projects in the older parts of Dubai?
Wasl is committed to reinvigorating the
traditional areas of Dubai and as such, has
numerous developments taking place in
established districts across the city. We have
a new hotel coming up in Bani Yas, as well
as several other hospitality offerings in the
Bur Dubai area. We have recently launched
a number of projects in Karama, as well as
Wasl Trio in Muraqqabat, which is a mixed-
use project with hotel, residential and retail
components. We are also building residential
and hospitality properties in Qusais.
WASL DISTRICT’S THEME IS TO REFLECT
THE UAE’S RICH ARCHITECTURAL
HERITAGE THROUGH A HARMONIOUS
BLEND OF THE CONTEMPORARY AND
HISTORIC.
HESHAM AL QASSIM
CEO OF WASL ASSET MANAGEMENT GROUP

What is this show all about?
MEMAAR is the first-of-its-kind property
reality TV show in the Middle East. The
show is broadcasted during prime time
viewing weekly on Dubai TV with multiple
repeats on Dubai TV and Sama Dubai TV.
Viewers can also follow the show online
through DCNdigital.ae. The show’s aim is
to provide insights into the machinations
of Dubai's real estate industry in an
entertaining yet informative way. We all
know that Dubai is a preferred real estate
investment destination with celebrities,
identities, successful entrepreneurs and
the business elite from all over the world
investing in the emirate. The show allows
the average viewer to appreciate the
considerations, opportunities, issues and
eventual decisions required to make a
sound and lucrative purchase as the
journey from the initial idea or need to
the eventual purchase is captured on film
and presented to the viewer in a highly
entertaining and interesting format.
Even though the show features high
net worth individuals, it is interesting to
note that many of issues and concerns
that arise and are dealt with on the show
are shared and relevant to the everyday
property investor as well, whether he/she
isapotentialowneroccupieroralandlord
in the making.
Pleaserunusthroughthesegments
within the show....
WeallknowthatrealityTVisthenewgenre
of television production that has taken
the global TV viewing market by storm.
MEMAARisaground-breakingproduction
in that it is the first property reality TV
Show to be produced in the Middle
East. The show runs for one hour and is
designed to be fast moving, engaging
and informative. This is not difficult as
there are many considerations, decisions,
steps and milestones to be achieved
during the process of purchasing or even
leasing a property and always opens with
a teaser segment that showcases some
of the exciting parts and events of each
episode. The celebrity guest pertaining to
that particular episode is then introduced
to gain an appreciation and insight into
his/her background, lifestyle, aspirations
andwhatkindofpropertytheyarelooking
for in Dubai. This is often enlightening as
many viewers come to realize that their
own requirements, concerns decisions
regarding the purchase of a property
is similar to their own. We call the next
segment the "Wish List" which entails I, as
host of the show, meeting our celebrity
guest for the first time to assist in the
development of a detailed brief of what
would the ideal property would be for the
celebrity guest. This should be standard
procedurewithintheindustryandiscritical
in determining what the client actually
wants. It also enables an initial estimation
of what is realistic and feasible and
INTHELIMELIGHT
MEMAAR,apopularTVshowonDubairealestatemarketairedonDubaiTV,featuresMohanad Alwadiya,
knownas‘TheWolfofRealEstate,thedynamicManagingDirectorofHarborRealEstate.ByBineshPanicker
MARKET
July 2015 Issue -32 /// 24
propertyonline.ae

enables all parties to refine and redefine
requirements in the most effective and
efficient manner. Once the initial brief is
fullydefined,the"ResearchPhase"kicksoff
in earnest where the specialized team at
Harbor Real Estate conducts an extensive
searchfortheidealpropertythatmeetsthe
guest's brief and ultimate expectations.
This phase is critical as it is important to
identify possible alternatives as quickly
as possible to ensure as many possible
options as necessary can be identified
and reviewed prior to presentation to our
celebrityclient.Thenextsegmentcaptures
the"viewingexperience"inwhichtheguest
is chaperoned through the options that
bestmeettheguest'srequirements.During
this phase the viewers will experience the
emotions,reactions,thinkinganddecision
process that the guest will go through.
During this segment, we will witness how
real estate is more about lifestyle and the
emotional connection we all have to our
homes with the rational benefits really
used to either justify, ratify or challenge
our emotional inclinations.
Thefinalsegmentshowsourcelebrity
client being assisted through the steps of
"Analysis and Selection". This is where the
true emotional and rational factors come
to play and where the client needs to be
guided through the decision process with
objective input, analysis and observations
about the decision alternatives at hand
and closes with "The Signing" segment
which captures the moments of
excitement, appreciation and satisfaction
as each guest becomes the proud new
owner or tenant of a piece of Dubai
property. As an added value component
to the show, we have introduced "Vlogs"
which are video clips introducing useful
and interesting tips, updates, general Real
Estate information for our viewers.
... And the kind of people take part
in the show?
We are fortunate to have had celebrities
from outside the region and within the
Arab world as well. For example, Dr. Majd
Naji, the mostawardeddentistintheArab
world required new premises from which
toconducthisgloballyrenowneddentistry
practice. KarlaCavalli, aglobalTVcelebrity
and former Miss USA required a luxury
getaway in Dubai and Professor Farouq
Safi,ofGerman-Syrian descentandoneof
the most popular and respected surgeon
in Dubai who acquired a new villa for his
ageing mother. With the diverse nature of
ourguestcelebrities,weareabletopresent
a broad cross section of Dubai's premium
projects. We have featured the highest
office floors on earth at Burj Khalifa, villas
at Al Barari, unique projects such as Dubai
SustainableCitywhichoffersbuyerssmart
environmentally friendly homes with zero
annual service charges and exceptional
investment opportunities in affordable
communities such as Skycourts and Queue
PointinDubailand
What was the inspiration to launch
such a show?
The existence of every living person living
today is somehow affected, influenced
or determined by Real Estate related
matters. Other than food and water, there
is nothing more important to all of us
than to have the safety and security, both
physical and emotional, of own home for
our personal benefit and the benefit of
our loved ones. So, the show is relevant to
everybody. From an economic or industry
perspective, Dubai's Real Estate sector has
grabbed the attention of the entire globe
for some time now and for a variety of
reasons. There is unprecedented global,
regionalandlocalinterestintherealestate
sector in Dubai. So this show emerged as
an idea from Dubai Channels Network a
division of Dubai Media Incorporated, the
official government broadcasting arm to
promote Dubai's burgeoning Real Estate
Industry which, of course, will play an
important role in the successful hosting
of the best Expo that the world will ever
witness in 2020.
Why did you choose to be a part of
this show?
It's for the same reason why I have been
teaching at the Dubai Real Estate Sector
since 2009... I'm a strong believer in the
VisionofDubaiandtherolethattheDubai
Real Estate Industry will play in realizing
thatvision.Ihavebeenpartoftheindustry
for over a decade. I'm so passionate about
Dubai and its real estate sector that, when
approached by the Dubai TV team to
play a role in the shows production and
presentation I didn't hesitate. I would
love to be part of the effort that promotes
Dubai and its dynamic Real Estate sector
which I'm very passionate about.
What is the kind of rating or
viewership is the show currently
achieving?
The official ratings are not out yet. We
have 7 episodes so far and we had to stop
broadcasting during the holy month
of Ramadan. We have 19 new exciting
episodes in season 2 which will start
airing in September. Having said that, the
feedbacksofarhasbeenextremelypositive
from social media platforms, media and
industry stakeholders ... from clients,
developers, finance providers, potential
new sponsors and even government
officials and royal family members.
The hundreds of positive emails and
social media messages we receive after
each episode goes to air is a very good
indication that the show is well received
and we have already regular followers
that provide constructive criticism and
well intentioned feedback.
The potential of the show in terms
or audience relevance, reach and appeal
was identified very early by entities such
as Union Properties, one of the most
renowned master developers even the
clothingretailerKennethColewhoagreed
to supply my wardrobe and we thank
these companies for their shared vision
for the show and invaluable support. We
arenowbeinginundatedwithexpressions
ofawidevarietyofcommercialenterprises
wishingtocontributetotheMEMAAR.This
is just further testament of how relevant
andengagingtheprogramisprovingtobe
with a wide range of viewers representing
almost every socio-economic stratum.
MARKET
July 2015 Issue -32 /// 25
propertyonline.ae

The collaboration between DAMAC
Properties and Paramount Hotels &
Resortsfortheseservicedresidences
is rather unusual, would you say it
wasanaturalfitandwhatinitiatedit?
DAMAC Properties and Paramount Hotels
& Resorts have been in collaboration
for almost three years and we have a
numberofveryexcitingproductscurrently
under construction across the region.
The combination of the development
experience we bring along with the
unique offering a branded Paramount
project can offer, creates a very desirable
living environment, which has proved
very popular with our wide customer
base. Paramount Tower Hotels & Resorts
offers a whole new experience with its
luxury serviced residence and is one of
the most talked about partnerships in the
market. Our first project, DAMAC Towers
by Paramount Hotels & Resorts will open
next year, and is already well on the way
to being sold out.
Do you see a rising need for
serviced residences in Dubai and if
so, what are the factors that can be
attributed to this?
Tourism is growing at an exponential
rate in Dubai and there is a clear need
for many more hotel rooms and hotel
ANASPIRATIONALADDRESS
Niall McLoughlin, Senior Vice-President, Damac Properties, tells Jehan Nizar why a
collaboration between DAMAC Properties and Paramount Hotels & Resorts could only spell class
residencesinthecitytosupportmorethan
20 million visitors a year within the next
five years. Dubai currently has just under
100,000 rooms currently in the market,
with less than 15,000 under development
according to STR Global. Dubai Tourism
and Commerce Marketing has stated
that the emirate will require an excess
of 165,000 rooms by 2020 – pointing to
a clear supply/demand imbalance. We
believe that hotel apartments offer the
best of both worlds to buyers and visitors
– providing the luxurious hospitality
servicesofafive-starhotelwiththehomely
comforts of a room that includes a fully-
fitted kitchen and numerous bedrooms to
accommodate a family.
MARKET
July 2015 Issue -32 /// 26
propertyonline.ae

Aretheseservicedresidencesforsaleor
cantheyberentedaswell? Whydoyou
think potential buyers would be more
inclinedtowardsaservicedresidence?
DAMAC Properties offers a unique
business model to its hotel apartments
offering which provides a great deal of
choice and flexibility. Buyers can own
a Paramount Hotels & Resorts unit and
live there themselves, benefiting from
all of the services of the hotel, including
a concierge, restaurants and a stunning
swimming pool and gymnasium. If a
buyer so chooses, they can place their
unit in our rental programme and we will
manage it for them. Our team at DAMAC
Hotels & Resorts will look after booking
out the room, dealing with the guests,
maintaining the unit and collecting the
rent. The owner will then receive regular
payments for the room, minus a small
management charge. If the owner would
like to use the room themselves, they can
dosoortheycanrentitoutonalongterm
lease in the open market. We are pleased
with the number of buyers taking up the
optiontoplacetheirunitintherentalpool
programme and believe this is testament
to the programme we offer.
What are the options buyers can
choose from and what are the price
points like?
Paramount Tower Hotels & Resorts
offers, which sits on the Sheikh Zayed
Road overlooking the Burj area skyline
is the latest project to be launched. It is
located in one of the most desirable areas
in Dubai – indeed the world. Prices for
hotel apartments in the tower start from
AED1,800 per square foot, with options
from studios all the way through to
expansive penthouses.
Anysignificancebehindchoosingthe
Burj area for this project?
TheBurjAreaofDubaihasquicklybecome
one of the most aspirational places to live
in the world. Millions of visitors come
every year to enjoy one of the world’s most
popular shopping malls, the stunning
fountain displays and the views of the
world’s tallest tower. We believe that this
is one of the best locations to purchase,
withpricesgrowingandthedemandhigh.
What are some of the add-ons and
premium facilities that residents
can enjoy?
The 64-storey Paramount Tower Hotel &
Residenceswillofferaskylobbywithviews
across the Burj area, a private Paramount
Pictures screening room, the most
picturesque rooftop infinity swimming
pool overlooking the Downtown area
with a terrace and a fitness and wellness
centre with a state-of-the-art spa. Owners
can enjoy all the services that come with a
five-star hotel in Dubai, with a dedicated
concierge, the ability to have a chef cook
in your apartment, a kids’ club and hotel
rooms and suites, which are uniquely
designed with influences of the renowned
Paramount Pictures brand throughout.
Does the film theme reflect strongly
acrosstheproject?Ifso,pleaseelaborate.
Paramount Hotels and Resorts brings
to life the style of Paramount Pictures
by drawing strongly from its 103-year
history. This is reflected throughout the
lobby and public areas as well as in the
rooms. Rather than a direct reflection of
the movies themselves, the setting will be
inspired by the glamour of Hollywood as
well as the “California cool” quotient that
comes across in the movies. Utilising the
PARAMOUNT TOWER HOTELS &
RESORTS OFFERS A WHOLE NEW
EXPERIENCE WITH ITS LUXURY
SERVICED RESIDENCE AND IS ONE
OF THE MOST TALKED ABOUT
PARTNERSHIPS IN THE MARKET.
latest technology from Hollywood, media
mappingwillbeusedthroughoutallowing
scenes to be changed across the course of
the day, refreshing the environment and
making the experience truly dynamic.
Each room will have access to the
full Paramount Pictures movie library
(totalling more than 3,000 movies), the
restaurants will embody many of the
greatest movies and the employees will all
be well-versed with Paramount’s strong
movie history.
Who do you see as your target
audience for this project?
There is a very wide global base of
customers extremely excited by the
launch of the Paramount Tower Hotel &
Residences. We are seeing buyers from
across the GCC, India, Pakistan and the
UKlookingto owna unitwithinthis iconic
project. The project suits anyone who is
looking to capitalise on Dubai’s booming
tourism market, by owning one of the
most stylish and contemporary five-star
projects in the emirate.
Give us two top reasons why this is a
project to watch out for.
Location and brand association. There is
no other project on the market today that
offers such a stunning view across the
Burj area of Dubai with a strong globally
recognised lifestyle brand.
MARKET
July 2015 Issue -32 /// 27
propertyonline.ae

D
iamond Developers is on
track to welcome the first
residents at what promises
to become the ‘greenest
sustainable’ address in the emirate,
along Al Qudra Road, after the
summer. “We will start the handover
of the five residential clusters with
100 villas each in the last quarter
of this year, the community centre
and the flats for leasing, and all the
infrastructure will also be ready as part
of Phase I. Actually, we will move our
HQ to the city, so the management
will also live here, myself I will already
move in this summer,” says Emil
Samarah, Chief Commercial Officer at
Diamond Developers. Residents will
receive a portrait of an Arabian horse
as a welcome gift when they move
into their courtyard or garden villa and
be able to knock on the developer’s
door, constructive criticism welcome.
WHAT’S ON OFFER?
The 46-hectare city will feature an
equestrian centre with arenas for
riding lessons and Arabian horse
shows, an offer a horse cart to get
around. More than just green shoots,
the first of a series of 11 bio-domes,
part of the central green spine already
produces an array of herbs and
veggies, which will be available at the
city’s Friday community market. Add
to that mouth-watering mangoes,
citrus fruits, papaya, pomegranate,
coconuts, and figs from the 3,000
trees to grace the spine. Apart from
urban farming, the spine is set to
become an active beauty spot, with
a 100% recycled Falaj water system
running from top to bottom with
waterfalls, fountains, and little lakes.
A jogging track, yoga and sports
stations run alongside, shaded
seating areas invite for a break, and a
community swimming pool beckons
to take a ‘real’ dip into the water. Four
layers of 2,500 trees plus 1,000 palm
trees, meanwhile provide shade for
the horse, cycle and walking tracks
in the 27 metres wide buffer zone
circling the city. “The trees prevent
the maximum amount of dust and
noise coming in and shade. In total
THESUSTAINABLECITY(TSC)READIESFOR
HANDOVERLATERTHISYEAR
The 46 hectare city will feature an equestrian centre with arenas for riding lessons and Arabian
horse shows, an offer a horse cart to get around. By Nicole Walter/freelance writer
MARKET
we count 8,000 trees, which at 2,700
inhabitants gives us the highest
number of trees per capita in the
emirate,” remarks Emil. The developer
has chosen native trees, or those that
adapt well, conscious of water usage,
has come up with a pebble-like
design for the ready landscaped villa
gardens using potted plants instead
of a lot of grass. “Whatever we plant
is commensurate with the water we
have available,” Emil adds. According
to the developer building on SEE
(social, economic and environmental
sustainability) practices, merely
required a longer planning phase and
education, rather than throwing up
any construction challenges.
SALES
“We had to educate buyers on our
NetZero service and maintenance fee
scheme, UAE Nationals in particular
loved the concept,” Emil says. In
essence, this means that homeowners
and prospective tenants do not have
to pay fees, because their share of
July 2015 Issue -32 /// 28
propertyonline.ae

the revenues from the community
centre, which offers the usual services,
covers them. According to Samarah
it essentially gives the buyer an extra
piece of property, around 20% of the
villa price. “The homes have to be
affordable in terms of buying, renting,
and maintenance. In reality you’re
paying less than AED1,000 a square
foot because of what you get back
through the landscaped garden, golf
cart, subsidy for buying an electric
car, both can be charged at home,
green star built-in kitchen appliances,
solar system and LED lighting. You’re
bound to save 75 percent on your
electricity bill,” he adds. Along with
the contemporary stylish looking
design, including rooftop use of the
L-shaped villas, allowing for light yet
privacy, this recipe certainly drew
buyers into the fold. The developer
sold over 90% of 300 villas going for
between AED1,150 and AED1,200
a square foot, by June. “We’ll keep
the remaining 200 for leasing. If
we handed over all the villas to the
owners’ association, we would be
afraid that we wouldn’t be able to
deliver on what we promised. This is
our flagship project,” Emil says. The
mixed-use component also houses,
offices, and 89 studios to two-bed
apartments, the latter to be occupied
by those working at the school and
centre of excellence. However, a
surplus would be offered for rent to
the general public.
Residents will move into a multi-
cultural community of around 25
different nationalities, the developer
barred ‘flippers’ from buying. “The
challenge will be the first year of
operations when we can study
residents’ different reactions to our
environmental concept. Prices will
appreciate even more after people
have moved in and they appreciate
the lifestyle, the events we’re
organizing in our grass amphitheatre
for example, and the financial
benefits. I guess whoever moved in
will never move out,” remarks Emil.
He reckons that the villas could be
rented out for at least 10% more than
market price, thanks to the savings,
including a reduction of around 40%
in water consumption. “We will be
monitoring all houses, production
and consumption and create a trend.
If your consumption increases we’ll
call you to see if you have a leak, or
if production is down maybe you
have a problem with the solar that
needs to be fixed and so on. The
city will be used as an outdoor lab
benefitting the people living here,”
Emil explains. Residents will also be
educated on how to reduce and
compost organic waste.
EDUCATION&HOSPITALITYPHASEII
Children’s education will include
an environmental and outdoorsy
WE WILL START THE HANDOVER OF
THE FIVE RESIDENTIAL CLUSTERS
WITH 100 VILLAS EACH IN THE
LAST QUARTER OF THIS YEAR, THE
COMMUNITY CENTRE AND THE
FLATS FOR LEASING, AND ALL THE
INFRASTRUCTURE WILL ALSO BE
READY AS PART OF PHASE I.
EMIL SAMARAH
CHIEF COMMERCIAL OFFICER, DIAMOND
DEVELOPERS.
curriculum at the 1,000 places ‘green’
school, whilst professional engineers
can top up their sustainability skills
at The Sustainability Centre of
Excellence. The Centre, a consortium
led by UC Davies with universities in
Egypt, Lebanon, Palestine and Sharjah
participating, as well as the schools,
science museum, planetarium,
country club and eco-resort will
complete by the end of next year.
“We’ll look at how energy evolved,
from rubbing two stones to fossil fuels
and going back to nature using the
sun, in the museum. In October we’ll
break ground at the centre, which
will also offer consulting services and
conferences,” Emil says.
The Centre, as a lifetime positive
building will generate enough energy
to run itself and generate a surplus
covering the energy spent on building
it. “It should be hopefully the first in
the world which does that. We’ll
quantify the amount of electricity
spent, generate and use it, wherever
we need in the city, or export it to
the grid,” he enthuses. The 143-room
eco-resort, in the final design stage,
has already been branded with IHG’s
Indigo to open its doors in 2017.
“Like all our partners we selected
them because we believe they share
our sustainability passion. Indigo
adapts to the neighbourhood in
terms of look and feel, and services
provided,” says Emil. “The hotel will
be the first to be operated entirely
by solar power, we’ll also have a solar
powered shuttle to take residents
and guests downtown. They can try
their hand at urban farming as well,”
he concludes.
MARKET
July 2015 Issue -32 /// 29
propertyonline.ae

V
aluation of property and assets is
an important component of the
property services business, which
calls for deep understanding
of the market dynamics. Hamptons,
the leading real estate and consultancy
firm, has now expanded its Valuations
& Research team to leverage the growth
and demand for its specialised services.
Efthymios Progiopoulos, BEng, MSc,
MRICS, Manager - Valuations & Research
at Hamptons, explains the intricacies
in valuation in an exclusive interview
with Property Times, observing that “the
challenge [in undertaking valuation
services] is to be informed and to
understand the pulse of the real estate
market. It is all about trust.”
Hamptons Valuations & Research
has been strengthened now with a
newteam.Canyoutellusaboutthe
core services of the department?
Our property valuations cover all kind
of uses - from vacant land, residential,
commercial, office, industrial, logistics
(warehouses) and portfolios as well as
specialised uses such as hotels, schools,
health care & plant and machinery,
among others. We provide valuations for
transactional, internal, secured finance,
accounting (financial reporting and
audit) and insurance purposes. We also
perform feasibility and custom-made
market research studies to cater for all our
clients’needs,usingourexpertiseanddeep
knowledge of the local and international
real estate markets.
What has been the growth achieved
by V&R in the past year? Where
did this growth come from (which
businesslinespecifically)?
V&R has achieved 43% growth last year
on billing compared to 2013. This growth
hasbeenledbydemandforourspecialised
services from all sectors.
Why is valuation important and
how does Hamptons ensure that it
is to exacting standards especially
in today’s rather softening market
conditions?
Information is the key to all important
financial/investment decisions. A correct
valuation is important as it provides
information and sets a solid foundation
upon which important investment
decisions can be made. Hamptons is a
Royal Institute of Chartered Surveyors
(RICS) regulated company and all the
reports are checked and signed by myself,
an RICS Member and an RICS Registered
Valuer.RICSisthemostgloballyrecognised
institution regarding property valuations
and Hamptons strictly adheres to RICS
professional standards and guidelines.
How do market volatilities, such
as the ongoing price decline, affect
the valuation process?
The process itself is not affected by market
volatilities.Thegoalistoderiveatanygiven
time a reasonable and fair assessment of
the asset’s value. The value fluctuates and
is always influenced by outside factors
such as market performance, supply
and demand, the presence or lack of
infrastructure, maintenance, age of the
property and alterations, in a positive or
a negative manner.
Who are your key clients and what
is the value that you offer to each
segment of clients?
Our main clients include financial
institutions, insurance companies, major
VALUINGITRIGHT
Efthymios Progiopoulos, BEng, MSc, MRICS, Manager -
Valuations & Research at Hamptons, explains the intricacies
in valuation in an exclusive interview with Property Times.
Compiled By Reshmi Raveendran
MARKET
July 2015 Issue -32 /// 30
propertyonline.ae

asset holders and developers. We strive
to provide our clients with the service
they require whether it relates to their
business goals, investment opportunities
or financial reporting.
Canyouexplainhowyouundertake
valuation, especially in relation to
international standards? What
are the benchmarks you refer to in
valuation? Do they change often?
Hamptons is an RICS accredited company
and applies the RICS Professional
Standards, regarding valuations. Since
January 2014 these standards are in line
V&R HAS ACHIEVED 43%
GROWTH LAST YEAR ON
BILLING COMPARED TO 2013.
THIS GROWTH HAS BEEN
LED BY DEMAND FOR OUR
SPECIALISED SERVICES FROM
ALL SECTORS.
withtheInternationalValuationStandards
(IVS),setoutbytheInternationalValuation
Standards Council (IVSC). There are a
numberofvaluationmethodologies,each
suited to each individual case, depending
on the nature of the asset.
Are you expanding to new areas
in valuation? If yes, which are the
growth areas and why are you
confident of this expansion?
Weareexpandinginallareasofvaluation,
especially in the specialised uses sector.
In my opinion the areas with the most
growth potential are Plant & Machinery
valuations as well as valuations for
Financial Reporting purposes. Plant &
Machinery valuation will expand as a
result of our increased ability to undertake
such instructions and Financial Reporting
valuation will gain strength as more
UAE companies choose to comply with
the International Financial Reporting
Standards (IFRS), for financial reporting.
What are the key challenges in
the valuation sector? How do you
address them?
The challenge is to be informed and
understand the pulse of the real estate
market. However, valuation is all about
trust. Gaining trust is a lengthy process
but it can be lost in an instance. We are
proudofourstrictethicalandprofessional
standards. We are transparent in all our
dealings and make no compromises to
our integrity. Those elements, combined
with our deep knowledge of the local and
international real estate markets, have led
to an ever expanding number of clients.
Providing reliable and relevant
market research is critical in
today’s environment. Who are
your research clients? How do you
ensure that your research is a true
reflection of market trends?
Weprovideresearchforavarietyofclients,
financial institutions, major companies
anddevelopers.Wehavetomakesurethat
all our information is updated, collecting
transactional data from a number of
trusted external sources and Hamptons’
own database but also by performing
primary research in the field for each
individual case.
What is your projection of the
valuation business in the region,
and are you looking at expanding
the business to other geographic
markets in the GCC?
More and more people understand the
benefits of proper valuation services.
It is a service that goes hand in hand
with the financial sector, and a growing
economy will in effect increase the need
for valuations. Hamptons, through its
Dubai office covers all of the GCC, apart
from Oman, which is covered by our office
in Muscat. We are however taking active
steps to streamline our delivery of service
by teaming up with other companies in
other GCC countries.
MARKET
DubaiMarina
JLT
July 2015 Issue -32 /// 31
propertyonline.ae

COMMERCIAL
RESIDENTIAL
COMMUNITY TIMES
CJUMEIRAHLAKETOWERS
Developed by DMCC, Jumeirah
Lake Tower is an extensive
community built around the edge
of three artificial lakes. The entire
community was developed with a
good balance of commercial and
residential elements. JLT Metro
Station and good town planning
ensure excellent connectivity in
this community. JLT is a free zone
area, making it a very attractive
option for corporate and
essentially increasing the demand
for housing in the area. The
DMCC’s design enables maximum
units to have great views, either
that of the lakes or that of
Jumeirah Island.
AED 1,302/SQ.FT. (SALESPRICE)
AED 8.4/SQ.FT. RENT/ MONTH
AREA 1 sq.km
Occupancy
90.42%
COMMUNITY
CONNECTIVITY
Restaurants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
SCHOOLS
3
TO CITY CENTER
12
HOTELS
3
100RETAIL
OUTLETS
TO PARK
+
10
MINS
TO AIRPORT
26 10MINS
TO METRO STATION
MINS
MINS
+ +
JLT- ALMAS TOWER
HIGH FLOOR OFFICE | 2956SQFT
FITTED | EMIRATES LIVING VIEW,
JUMEIRAH ISLAND VIEW,
JLT & MARINA SKYLINE.
2250AED PERSQFT 6,651,000AED
(BEST & LOWEST DEAL IN MARKET)
MAZAYA BB1
FULL FLOOR | 11964 SQFT
650 AED PRSQFT : 7,776,600 AED
JUMEIRAH ISLAND VIEW | JLT &
MARINA SKYLINE. SHELL & CORE
INDIGO TOWER
HIGH FLOOR | 3BED
1700SQFT | SHZ ROAD VIEW
2.3MILLION
MADINATOWER,JLT
3BEDROOM+MAID
SQ.FT:3087|VACANTONTRANSFER
VIEW:DUBAIMARINA&SZR|MIDFLOOR
SELLINGPRICE:3.5MILLION
GREEN LAKES
3 BEDROOM + MAID + TERRACE
3300SQFT | FULLY FURNISHED
FULL LAKE VIEW AND SHZ VIEW
4.1MILLION
JLT- ALMAS TOWER
HIGH FLOOR | 7251SQFT
27,000,000 AED ASKING PRICE
JUMEIRAH ISLAND VIEW, LAKE VIEW
JLT & MARINA SKYLINE.
SILVER TOWER
FULL FLOOR HIGH FLOOR
10490 SQFT | JUMEIRAH ISLAND
VIEW, JLT LAKE VIEW
1500 AED PRSQFT =1,573,500
FITTED AND SHELL
& CORE BOTH OPTION AVAILABLE.
GOLDCREAST VIEWS 1
5 BEDROOM DUPLEX PENTHOUSE
SIZE : 6168 SQFT | FULLY FURNISHED
UPGRADED KITCHEN,PRIVET SWIMMING POOL
PRICE : 7,000,000
AL SEEF 3
3 BEDROOM + MAID
SIZE : 2850 SQ.FT.
FULL MARINA AND LAKE VIEW
HIGHER FLOOR
SELLING PRICE : 3,175,000 AED
Mob: +971 55 60 38628 | ORN 12063
www.canaryislandproperties.com
ROHAN RAVAL
enquiries@canaryrealty.com
BRN - 27715
JLT
CANARYISLANDPROPERTIES
(EXPERTSINJLTCOMMERCIAL
&RESIDENTIAL)AGREATHOLDOVER
JLTSINCE9YEARS.FORLISTINGYOUR
PROPERTIESCONTACTUS

APARTMENT IN SADAF 7
2 BEDS | SQ FT : 1,447
VIEW: PARTIAL MARINA VIEW
AED: 1,850,000
APARTMENT IN RIMAL 4
3 BEDS | SQ FT : 2,172
VIEW: SEA VIEW | AED: 4,700,000
APARTMENT IN SHAMS 1
1 BED | SQ FT : 1,182
VIEW: COURTYARD VIEW
AED: 1,650,000
2 BEDS | SQ FT : 1,375
VIEW: MARINA VIEW
AED: 2,300,000
LOFT APARTMENT IN SHAMS 1
1 BED | SQ FT : 2,195
VIEW: SEA VIEW
AED: 4,200,000
LOFT APARTMENT IN SHAMS 4
1 BED | SQ FT : 1,100
VIEW: MARINA VIEW
AED: 2,600,000
APARTMENT IN SADAF 1
3 BEDS | SQ FT : 1,925
VIEW: PARTIAL SEA VIEW
AED: 3,850,000
4 BEDS | SQ FT : 4,955
VIEW: FULL MARINA VIEW
AED: 8,000,000
3 BEDS | SQ FT : 1,884
VIEW: SEA VIEW
AED: 2,700,000
PENTHOUSE APARTMENT IN SHAMS 1
4 BEDS | SQ FT : 6,100
VIEW: FULL SEA VIEW
AED: 12,500,000
Tel: +971 4 365 7700, ORN 422
www.cluttons.com
Anastasiya Kazlouskaya
Tel: +971 56 176 0538 | BRN 32865
anastasiya.kazlouskaya@cluttons.com
JBR
COMMUNITYCOMMUNIJBR
The Jumeirah Beach Residence is
one of Dubai’s most prestigious
waterfront development created to
accommodate about 15,000
people. The community was
developed by Dubai Properties,
which is a subsidiary of Dubai
Holdings. The most outstanding
element of the entire development
is The Walk at JBR. It puts together
an array of restaurants and retail
outlets through the entire stretch
with the beach just around the
corner. JBR promises every resident
of an exquisite view. The units
range from studios to penthouses.
AED 1,595/SQ.FT. (SALESPRICE)
AREA 2 sq.km
AED 8.8/SQ.FT. RENT/ MONTH
Occupancy
COMMUNITY
CONNECTIVITY
90.42%
Restaurants / Fashion brands / Super markets
JOGGING TRACK / YOGA CENTERS
SCHOOLS
3
TO CITY CENTER
5
HOTELS
10
200RETAIL
OUTLETS
TO PARK
+
11
MINS
TO AIRPORT
27MINS
TO METRO STATION
10MINS
MINS
+ +
Svitlana kulova
Tel: +971 56 174 2365 | BRN 32851
svitlana.kulova@cluttons.com

T
he latest flagship develo-
pment of Dubai Sports
City the Canal Residences
West’s Venetian is all set for
handover. Following the successful
completion of the first phase of hand-
overs comprising of Canal Residence
West’s European and Mediterranean
buildings. Khalid Al Zarooni President
of Dubai Sports City commented
that “The handover of apartments
within the Venetian building of Canal
Residence West is an extremely proud,
pleasing and exciting occasion for
everyone at Dubai Sports City”
The well finished 274 Venetian
units include studio, one, two and
three bedroom apartments, with
numerous amenities like a swimming
pool, gym and sauna facility. The
Canal Promenade retail outlets,
health centre and restaurants will
be completed during the summer.
“Each apartment in Canal Residence
West comes with the superb benefits
of living within Dubai Sports City,” Al
Zarooni continued. “Those benefits
include the fact that residents have a
superb community lifestyle, with The
Els Club, including its championship
golf course and multiple dining
options, on their doorstep, together
with a range of schools and nurseries
that cater for all ages.”
ICC Academy, the Dubai Sports
City Football Academy, the Sports
Village and Fit Republik, a premier
fitness facility, including an Olympic-
sized swimming pool and gymnastics
area are just a few minutes away for
those living in the Canal Residence
West. The DSC also features the
Kickers Sports Bar and Champs
Restaurats, overseen by the Former
Real Madrid Spain legend Michel
Salgado, coaching programs that
won the Gold award for the Best
Youth Development Programme at
the Sports Industry Awards in Dubai
in March. The Buth Hamon School of
Golf and The Els Club are also close
at hand. Designed by multiple major
winner Ernie Els it was the location
for last December’s Dubai Open, the
final event of the 2014 Asian Tour. The
Els Club also includes 261 Restaurant
and The Big Easy Bar and Grill. It also
has plenty of schooling options,
Bradenton Preparatory Academy,
Victory Heights Primary School and
two Wonder Years Nursery schools.
“Dubai Sports City is going
from strength to strength and this
handover of Venetian apartments
is the latest illustration of that fact”
added Vijay Sajjanhar, CFO of Dubai
Sports City, “Everywhere you look,
things are happening, and the fact
that properties within Dubai Sports
City offer one of the best returns on
investment of anywhere in Dubai is
another reason for people to look at
what we have to offer “. “Also moving
forward at great pace is the Fortuna
Village development, the eighth
residential area within Victory Heights,
the villa community that fringes The
Els Club, and that development is on
target for completion early next year”,
he also explained about the future
developments. “With a fantastic
road and transport infrastructure
around our location, situated on the
Sheikh Mohammad Bin Zayed Road
corridor, and just minutes from the
Al Maktoum International Airport and
the site of Expo 2020, Dubai Sports
City really is the place to be.” Mr.
Sajjanhar concluded.
DUBAISPORTSCITY’S
HANDOVEROFCANAL
RESIDENCEWEST’S
VENETIANAPARTMENTS
MARKET
July 2015 Issue -32 /// 34
propertyonline.ae

MARKET
July 2015 Issue -32 /// 35
propertyonline.ae

APriceless
Collection
An art and antiques tour with Tim Boswell, CEO of Ocean View Antiques.
By Reshmi Raveendran
MARKET
INTERIOR TIMES
INTERINT
T
im Boswell is known for his
passion for real estate and as
the head of Ocean View Real
Estate. However, not many
people in Dubai are aware of his
passion for art and antiques. His
company Ocean View Antiques,
of which he is the CEO, features
a mindboggling collection,
which, in fact, is his personal
assortment. A simple man
with a towering passion
for arts and culture, Tim
has handpicked each item
in his collection. Tim takes
pride in talking about
his carefully catalogued
collection. The amount of time
and research that he had put
into his collection is incredible.
Tim not only gives us a quick
tour through history but also
gives quick tips and methods
to ensure the quality of each
item. Welcoming everyone to
the gallery is the well sorted
Elvis Presley collection,
“Everything in this Elvis
collection was brought
from people who are still
close to his daughter,”
says Tim, showing one of
Elvis’s guitars. The replica
of Elvis Presley’s white
jumpsuit is one artifact
from the Elvis collection
thatisnotoriginal,created
very precisely to portray the original in
Graceland Museum. The original claw
wornbyElvisispartofthecollectionand
it is one of the most fascinating items
besides the portraits of Elvis Presley and
Tom Jones. Tim also advises people
that it is always better to buy an old
cheque rather than autographs. He
says the authenticity of autographs
is a bit tricky to determine. “In the
early days when people died
the cheques that they signed
were returned to their family,
and I always buy them and not
autographs,” Tim adds, showing
a John Lennon cheque. Many
of the collections are
bought from Kenneth
Rendell, world famous
American dealer and
expert in historical
documents. The vintage
themed office of Tim’s
is unmistakably adorned
with his favourite war hero
Lord Nelson, ranging from
Nelson’s pattern sword to
his portrait. Tim explains
his fondness of Lord Nelson.
“He started off as a flag boy
withhumblebeginningsand
worked his way to become
the captain of HMS Victory
winning the critical Battle
of Trafalgar”. The gallery
is replete with paintings
of Pablo Picasso, William
"Anna Ivanovna" by William Verdult
Anticipation by Pino ( Limited Edition )
July 2015 Issue -32 /// 36
propertyonline.ae

RIOR TIMESTERIOR TIM
MARKET
Verdult, Pino Daeni and many more.
Ocean View’s extensive collection of
artifacts, paintings and memorabilia of
personalities like Lord Nelson to Marilyn
Monroe and Elvis Presley, ensures every
visitor has something to buy and to
cherish. “I created this gallery so that
people can come and see that an
original limited edition artefact does
not cost a fortune”, concludes Tim.
Glass Picture Commemorating The Death Of Lord Nelson
ALouisXVVernisMartinstylecommode
Signed Muhammad Ali' Pearl White Everlast
JohnLenonSignedCheque
July 2015 Issue -32 /// 37
propertyonline.ae

INTERIOR TIMES
INTERINT
INTERIORS
1. Calligaris- Lounge Mix Sofa - AED23,750 | 2. Calligaris- Hampton Bed
AED11,100 & AED11,550 (for Queen & King Size Respectively) | 3. Calligaris- Tosca
Chair - AED2,200 | 4. Casablanca- Dosio Mirror- AED2,995.00 | 5. Casablanca-
Alhambra Side Table- AED1,195.00 | 6. Casablanca- Nolan Lamp- AED1,295.00 |
7. The One Fusion- Kin Chandelier- AED2,995.00 | 8. The One- Haylee Side Table-
AED799.00 | 9. The One- Bretagne Sofa- AED5,495.00
Casablanca: Casablanca welcomes summer with an artistic and
dramatic bohemian style. Each piece carefully crafted with convoluted
patterns, bringing panache to any living room.(Available at The One)
Stylish&Elegant
Callingaris:
The all new Callingaris range focuses on contemporary
designswithgreaterfunctionality.Thoughthedesignisslick
and simple, Callingaris did not overlook the comfort factor
which is quite evident throughout the collection.
(Available at Western Furnitures)
1
2
7
6
5
3
4
July 2015 Issue -32 /// 38
propertyonline.ae

RIOR TIMESTERIOR TIM
INTERIORSpropertyonline.ae
Zen Interiors: The latest
collection of Zen signifies comfort and
relaxation in each of its products. The
coziness in the design is enhanced
by the usage of subtle colours and
sleek material. Every piece has a
unique ability to blend into any living
room with ease and create a perfect
harmony (Available at Zen Interiors)
Irony Homes: The latest Marine collection of Irony Homes is
inspired from corals and pearls. The white and cream combination is
sure to bring opulence to your homes this summer.(Available at Irony Homes)
10. Zen Interiors- Coppola Lounge chair-
AED 5,400 | 11. Zen Interiors-Darjeeling
End Table White- AED 1,560 | 12. Zen
Interiors-Madero Coffee Table(New
Brown)- AED 2,400 | 13. Irony Homes-
Garden Stool - AED532 | 14. Irony Homes-
Clear Mirrored Nightstand- AED9,950
8
9
10
13
14
12
11
July 2015 Issue -32 /// 39
propertyonline.ae

W
ith UK property prices
predicted to rise by 25%
over the next five years,
non-resident investors
looking at purchasing buy-to-let
(BTL) properties currently have a great
opportunity, agents say. However,
potential buyers need to do their
homework before taking the plunge.
INTERNATIONAL TIMES
INTERIN
MARKET
WHAT INVESTORS SHOULD
KNOW
For those looking at BTL in the UK,
it’s essential to get professional
advice on taxation and various fees
before making a move. Jon Pitt,
of Hamptons International, says in
addition to stamp duty and land tax
when buying a property, there are
also costs incurred when leasing it
out. “These include the letting and
management fees payable to the
agent, which are usually charged
as a percentage of the annual rent,”
he says. Set-up costs at the start of
a tenancy include an inventory on
the property, registering the tenant’s
deposit and administrative costs.
“Non-UK citizens should also be aware
that rent is a taxable income in the
UK, so there may be a tax liability on
the rent. Another upfront cost may be
in furnishing the property in order to
maximise the return.”
Henry Kruczko, of Strutt &
Parker’s, said non-domicile (non-
resident) investors must do their
research before investing. “There
are a number of different taxes and
expenses for non-doms to consider
when buying a BTL property,
including stamp duty and solicitors’
fees. There is also the ongoing letting
and property management fee should
you choose to use an agent to let your
investment. Non-doms must also pay
tax on any income generated in the
UK if their income is over £2000 per
RENTS IN THE UK CAN
COVER A LOT IN TERMS
OF LOAN REPAYMENTS
AND RUNNING COSTS.
UKINVESTING:
Thinking of buying a property to rent out
in the UK? Andy van Smeerdijk asks
the experts for their advice for foreigners
investing in the market.
UK
July 2015 Issue -32 /// 40
propertyonline.ae

RNATIONALNTERNATION
MARKET
year.” They also pay capital gains tax
when they sell their property, he adds.
TOP SUBURBS
There’s a strong demand for rental
stock in London, says Jon, so when
advising on locations to buy, much
depends on the investor’s motivation.
“If they are purely focused on
maximising yields and intending
to hold for a long-term investment
then we may recommend certain
areas in north or southwest London.
If the buyer is considering letting for
a shorter period before using the
property themselves then the area
we recommend may be different,”
he says. Central London property
generally has yields of 2-3.5% while
outside Central London is up to
6-7%. Ben Newman, of Savills, says,
“Kensington and Chelsea are the top
London locations for capital growth
while Greenwich is top for income
yield.” Henry says Victoria was worth
considering due to its prime location.
“It is undergoing a dramatic £4b
regeneration and is a real hotspot with
a number of new projects springing
up.” He also recommended Ladbroke
Grove near Notting Hill. For buyers
with bigger budgets, Knightsbridge
and Chelsea were safe bets for capital
growth, he adds.
OUTSIDE LONDON
The rental sector has boomed across
the UK over the past five years, says
Jon. But when choosing a location
outside London, he advises bearing
in mind three considerations.
1. Market depth: is there strong
enough demand from tenants to
rent your property?
2. Local employment: what is
driving the local letting market?
Are there big employers
or universities nearby that will
generate tenants?
3. Infrastructure and transport
links: a city or town with good
links to other areas may generate
a stronger return on investment.
Outside London, Henry
recommends investing in “thriving
cities with good employment
opportunities, strong transport links
and excellent schools and universities.
Both Oxford and Cambridge are
obvious examples.”
For capital growth, Ben rates
York, Guilford, Woking, Cambridge,
St Albans, Bath, Norwich, Cardiff and
Solihull as good locations for BTL
investors. “If the motivation is income
yield then Peterborough, Newcastle
upon Tyne, Leeds, Salford, Reading,
Birmingham, Luton, Plymouth and
Medway are promising areas.”
LONDON HOTSPOTS
When looking for property, location,
proximity to public transport and
presentation are important factors to
consider. “We have demand across
all of London for rental properties,”
Jon says.. “Rather than location it’s
probably best to think about what
type of property should an investor
buy. The majority of demand this
year is for one- and two-bedroom
apartments close to good transport
links. Presentation is also key; flats that
attract the highest price will be better
presented than anything else on the
market.” Henry says rental hotspots
included central areas like Belgravia
and Chelsea and Fulham, Battersea
and Clapham in the southwest. “All
have a high rental turnover and
are very popular.” Mr Newman said
Islington and Canary Wharf are
popular with tenants relocating
for work due to their proximity to
London CBD. “Clapham, Battersea and
Wandsworth prove popular for young
professionals and families,” he adds.
RENTAL INCOMES
Rents in the UK can cover a lot in terms
of loan repayments and running costs,
Jon says. “There are some great buy-
to-let mortgages available; depending
on how you leverage the borrowing
the rent should easily be able to cover
repayments and running costs like
fees and service charges,” he says.
Henry says generally, depending on
how much you borrow, the income
from a rental covers most of your
loan repayments. “The majority of
foreign investors purchasing BTL
properties in London tend to do
so in cash, without a mortgage,
so it definitely stacks up for them.”
Before buying any BTL property, Ben
encourages investors to speak to an
ARLA licensed letting agent, saying
they “will be able to advise on various
matters as well as the expected
rental income for a property you are
considering purchasing.” UK
July 2015 Issue -32 /// 41
propertyonline.ae

INTERNATIONAL TIMES
INTERIN
MARKET
Khaled Shamma, Manager of Elite Estates, Real Estate Broker shares his views on investing
in overseas markets such as Cyprus and Philippines with Property Times readers exclusively.
by Reshmi Raveendran
Khaled Shamma
Manager, Elite Estates
Cyprus
July 2015 Issue -32 /// 42
propertyonline.ae

RNATIONALNTERNATION
MARKET
Can you please tell us a little about
Elite Estates?
Elite Estates is a Dubai based real
estate company, specializing in both
international and local property sectors.
Our agents handle buying, selling and
leasing of commercial properties all over
Dubai and when it comes to international
properties, we have a wide selection of
properties that are suitable for investors
from Dubai.
Which countries do you focus when
itcomestointernationalproperties?
We are focusing on Asia and Europe for
now. Indonesia, Philippines and Malaysia
are our primary targets in Asia and in
Europe, Cyprus and Greece are the two
markets that we focus on.
WhydoyouthinkCyprus&Philippines
appealtoinvestorsinDubai?
The beautiful Mediterranean island of
Cyprus has always been a favoured
investment proposition for investors
from Dubai. The pristine beaches and
dazzling mountains make Cyprus a
well desired tourist destination; this also
ensures a high occupancy rate and great
return on investments. The government
also encourages investors by offering
permanent residency and passport
programs, making the property buyers
eligiblefor a certain investment amount.
The discovery of large quantities of
oil and gas has contributed well to
the already growing economy of the
country. Another investment choice is
Philippines, and it is not only preferred
by the Filipino community, but also by
foreign investors who want to diversify
their investment portfolio.
This is mainly due to the high
return on investment ensured by the
high demand for housing in the country.
The islands of the Philippines are one
of Asia’s top tourist destinations with
its cultural and natural wonders. The
Special Resident Retiree’s Visa is a great
option that gives multiple entry privileges
with the right to stay permanently or
indefinitely in the Philippines.
PhilippinesPhilippines
July 2015 Issue -32 /// 43
propertyonline.ae

More Details Call 050 62 55 710
RERA # 203
04 4308902
Enlist you Properties for Sale/ Rent
www.castlesplaza.com
/
MARINA RESIDENCE
5BHK ATRIUM ENTRY
DESCRIPTION
5BHK + Lounge +maid (all
enshite ) | Plot 6709 sq.ft.,
BUA 5400 sq.ft. | Marble &
wooden flooring with open
living area | Private Swimming
PALM JUMEIRAH
Skyline View.......
SP :- 19,699,999/-
DESCRIPTION
Marina Residence Building
NO. 4 | Penthouse Type H ........
One of it’s kind !!!!!!!!!!
Triplex with Private Elevator ,
4Floors , Penthouse 6 B/R +
maids...BUA - 13,095.47sq.ft .
Palm,Atlantis,Burj Al Arab &
Marina View .( All from terrace
& all around the Penthouse) .
SP :- 13,499,999/-
Pool + Beach + Beautiful
COMMUNITYSPECIALIST

COMMUNITYSPECIALIST
S P E C I A L I S T
JLT
Tel +971 4 395 7593 | www.snsprop.com
ORN - 2576
TYPE PRICESIZE
OFFICE
BUILDING
FULL FLOOR
RETAIL
SILVER TOWER 560 SQFT FITTED 850,000
X2 TOWER 630 SQFT FITTED 725,000
1 LAKE PLAZA 804 SQFT FITTED 800,000
DOME TOWER 816 SQFT SHELL
& CORE 670,000
TIFFANY TOWER 895 SQFT FITTED 985,000
ARMADA TOWER 967 SQFT FITTED 925,000
DOME TOWER 1015 SQFT FITTED 860,000
MAZAYA BUSINESS AVENUE 1263 SQFT SHELL
& CORE 850,000
PALLADIUM TOWER 1422 SQFT FITTED 1100 AED/SQFT
INDIGO ICON 1705 SQFT FULLY
FURNISHED 1300 AED/SQFT
MAZAYA BUSINESS AVENUE 1757 SQFT FITTED 750 AED/SQFT
FORTUNE TOWER 2060 SQFT FITTED 1190 AED/SQFT
JUMEIRAH BUSINESS CENTRE 2679 SQFT SHELL
& CORE 990 AED/SQFT
& CORE 710 AED/SQFT
& CORE 1040 AED/SQFT
DOME TOWER 6500 SQFT FITTED 850 AED/SQFT
& CORE 700 AED/SQFT
TIFFANY TOWER 11,610 SQFT FITTED 1150 AED/SQFT
HDS BUSINESS CENTRE 10,600 SQFT FITTED 950 AED/SQFT
MAZAYA BUSINESS AVENUE 12,000 SQFT SHELL
& CORE 675 AED/SQFT
MAZAYA BUSINESS AVENUE 10,200 SQFT SHELL
& CORE
& CORE 150 AED/SQFT
& CORE 150 AED/SQFT
1500 AED/SQFT
(SALE) / 150 AED/SQFT RENTMULTIPLE SPACES FOR FITNESS
CENTRES AND GYM AVAILABLE
INSIDE A COMMERCIAL BUILDING…
DETAILS ON REQUEST
Talha Ahmad
(RERA ID – 28747)
+971 55 6431582
talha@snsprop.com

COMMUNITYSPECIALIST
JUMEIRAH VILLAGE
S P E C I A L I S T
MED STYLE
 2 B E D S + M A I D S
 A R E A S Q F T : : 2690 PLOT: 26745
 C O M M U N I T Y V I E W
A E D : 3,100,000
MED STYLE INDEPENDENT VILLA
 2 B E D S + M A I D S
 AREA SQFT: BUA:2690 PLOT: 6800
 V I E W : FUTURE CANAL
A E D : 2,800,000
T O W N H O U S E
 2 B E D S + M A I D + FA M I LY + L U N D R Y
 A R E A S Q . F T : 2 9 9 2
A E D 2 , 5 0 0 , 0 0 0
A R A B I C S T Y L E
 4 B E D S + M A I D
 A R E A S Q F T : 3 7 1 8 | HOT OFFER
A E D 3,850,000
T O W N H O U S E
 2 B E D S + M A I D + FA M I LY + L U N D R Y
 A R E A S Q . F T : 2 9 9 2
 V I E W : B 2 B
A E D 2 , 4 5 0 , 0 0 0
T O W N H O U S E
 1 B E D
 A R E A S Q . F T : 1 6 3 6
 V I E W : PA R K
A E D 1 , 5 5 0 , 0 0 0
T O W N H O U S E
 1 B E D
 A R E A S Q . F T : 1 6 3 6
A E D 1 , 4 5 0 , 0 0 0
ARABIC STYLE INDEPENDENT VILLA
2 BEDS+ MAIDS
AREA SQ.FT: BUA 2690 PLOT: 8000 | BIG PLOT
COMMUNITY V I E W
AED 2,900,000
Teddy (Brn: 25252) - Agent Jumeirah Village
+971 567295059 ah@spfrealty.com
Tel +971 4 3396222 | www.spfrealty.com

RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties
CONTACT FOR ALL YOUR DUBAI REAL ESTATE BUYING, SELLING AND INVESTMENT OPTIONS
M
U
LTIPLE
U
N
ITS
A
V
A
ILBE
DUBAILAND - REMRAAM
MULTIPLE STUDIO, 1, 2 & 3 BEDROOM APARTMENTS
STUDIO: 1,047 SQ.FT. TO 1,132 SQ.FT.
1 BED: 875 SQ.FT TO 1,379 SQ.FT.
2 BED: 1,264 SQ.FT.
3 BED: 1,777 SQ.FT. TO 2,714 SQ.FT.
QAISER (BRN 29276)
050 9191567
STARTING FROM AED 801,000/-
FOR YOU REMRAAM LIVING CONTACT:
LOCATED IN ONE OF THE ONLY FREEHOLD COMMUNITIES IN JUMEIRAH
MAGNIFICENT VIEWS OF BURJ AL ARAB & THE ARABIAN GULF
ESCROW NO. : 001582067022501 PROJECT NO : 1568 DEVELOPER : AQUA REAL ESTATE DEVELOPMENT LLC
PAYMENT PLAN
25%
DOWN TODAY
75%
ON HANDOVER
THIS BUILDING SERVES AS THE
QUINTESSENCE OF LUXURIOUS
LIVING CONSIST OF
1, 2 & 3 BEDROOM APARTMENTS
COME & SEE THE SHOW APARTMENT TODAY
TO MAKE THIS APARTMENT YOURS!
FEW
U
N
ITS
REM
A
IN
IN
G
J5 - AL SUFOUH
GENERALLISTINGS
+971 4 3882220
aquaproperties.com

RERA # 203
04 4308902
Call: AMAN| BRN 6621 | Mob 050 4699 519
THE LAKES SP : AED 16,500,000/-
Enlist you Properties for Sale/ Rent / More Details Call 050 62 55 710
L2 Hattan Lakes Villa 36
7 Bedrooms + Maids Room
BUA : 7424 sq.ft. | Plot : 11600 sq.ft..
Rented | SP: AED 16,500,000/-
ARABIAN RANCHES SP : AED 5,600,000/-
Call: OKSANA|BRN 11556| Mob 050 425 2031
Saheel Type 4, 5 +maids
Golf Course View | Upgraded | Landscaped Garden
Plot 9281 sq.ft. | Private Pool
SP: AED 5,600,000/-
GENERALLISTINGS

More Details Call 050 62 55 710
RERA # 203
04 4308902
Enlist you Proper es for Sale/ Rent
Shell & Core | O ce Unit
14th Floor | BUA : 4,390 sq.ft.
Sheikh Zayed Road view
SP : AED 6,800,000/-
Call : Amar | 050 625 5710
Shell & Core | O ce 2 Unit
11th Floor | Each Unit BUA : 4308 sq.ft.
Full Marina View
SP : 6,900,000/- Each
MARINA PLAZA
SPORTS CITY
RR1 Duplex, 2B/R, BUA 2,052., Golf Course view, 12th Floor SP : AED 785 / SQ.FT
RR1, 2B/R, BUA 1,501.92 sq.ft, Community view, 10th Floor SP : AED 765 / SQ.FT
RR1 2B/R, BUA 1,503.34 sq.ft,Golf Course view, 11th Floor SP : AED 775 / SQ.FT
1B/R, Olympic Park 2, 7th Floor,BUA 987 sq.ft., RENTED
Golf Course View SP : AED 1,100,000/-
Call : Pavi | 050 306 6767
/
GENERALLISTINGS

Property Times July 2015 eMagazine

Property Times July 2015 eMagazine

Recommandé

Recommandé

Contenu connexe

En vedette

En vedette (18)

Similaire à Property Times July 2015 eMagazine

Similaire à Property Times July 2015 eMagazine (20)

Plus de Media Labs LLC / Propertyonline.ae / Property Times Magazine

Plus de Media Labs LLC / Propertyonline.ae / Property Times Magazine (7)

Dernier

Dernier (20)

Property Times July 2015 eMagazine