Property Times October 2014

People’s Choice Real Estate Awards: COMING SOON
Column by Director of Dejavu Real Estate | Turn to page 36
///// Issue 23 - October 2014
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FROM THE EDITOR
THE BUZZ IS BACK!
As expected, Cityscape Global 2014 brought
the buzz back into the Dubai market. The num-
ber of developments announced at the event
by Dubai’s top class developers is indicative
of the exciting times in store. These have been
announced to cater to the future demand fueled
by the steady influx of people to Dubai from all
over the world in the next three to four years. The
question of oversupply is irrelevant as the mar-
ket is clearly heading towards a positive future
and given the current sentiment post Cityscape
Global, the demand is set to grow in the years to
come, especially because the Expo2020 is only
six years away. With many big corporates on a
hiring spree and a steady increase in population,
the demand for residential units will only go up
from now, which is expected to put some pres-
sure on the existing supply. Most of the projects
that have been announced over the past few
months will take more than two to three years
to complete, which may push up the prices till
more supply comes into the market. All in all, the
chance of yet another bubble is remote because
of the increasing demand and stringent regula-
tions to keep the speculators at bay.
In this issue of Property Times, we have put
together a wide variety of articles ranging from
advice from legal, mortgage and interior experts
to innovations in the community management
field to evolving hospitality designs. Our cover
story is an analysis on why Dubai residents
Binesh Panicker
Editor-in-Chief & Co-Founder
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@propertyonline.ae
JATIN Deepchandani
Head of Sales, Marketing & PR
jatin@propertyonline.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
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should not consider renting in other emirates to
save money on rents in Dubai. Our contributor
Michael Waters, Director of Studies (Real Estate)/
Assistant Professor, Institute for Social Policy,
Housing, Environment & Real Estate (I-SPHERE),
Heriot-Watt University Dubai Campus, sheds
some light on how commuting expenses can
offset your actual savings on rent by residing in
other emirates and traveling to your workplace
in Dubai everyday. This issue also carries an
exclusive interview with the management team
of Elysian Real Estate, which recently won an
honorary award from Dubai Land Department
as one of the top three real estate agencies in the
emirate. Our contributor Nicole Walter catches
up with the Italian architect Paolo Caputo, of
Caputo Partnership International, the designer of
Renaissance City, a unique development coming
up in the UAE.
From this issue, Property Times is launching a
new segment dedicated to the thousands of real
estate brokers in Dubai. We will carry profiles of
some of the top performers as a token acknowl-
edgment of their expertise and professionalism
over the years. Last but not least, our ever-grow-
ing section featuring listings from the top agen-
cies in Dubai will provide discerning buyers with
plenty of options to choose from.
/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media-labs-llc /+PropertyonlineAeweb/
October 2014 Issue -23 /// 5
propertyonline.ae

RESALENOW AVAILABLE
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PROJECT

09EVENTS: Networking Night
By Rufi Developers
10
NEWS AND ANALYSIS:
Emirates Living by REIDIN.com
12Column by Nita Maru, TWS Legal
Consultants
14
LEGAL EXPERT: Jerry Parks, Taylor
Wessing
16MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
18INTERIOR EXPERT:
Adam Riccio, Under One Roof
Meet the agents Stayconnected:MyCommunity Interview with Elysian
Management
Is it time to dispute
the commute?20 25 28 34
22Column by Wolf of Real Estate,
Mohanad Alwadiya
31
RENAISSANCE CITY:
Interview with the Italian
architect Paolo Caputo,
Caputo Partnership International
36Column by Ahid Shaikh, Deja vu Real Estate
43Evolving hospitality design
45Column by Jitheesh Thilak: Uniform System
of Accounts for the Lodging Industry
48Exclusive property listings
66PT Readers' page
propertyonline.ae

This glitzy private event, organized
by Rufi Developers, was attended
by some of the leading real estate
professionals and media persons.
Rufi is planning to launch a few
projects in the next few months.
RUFI
DEVELOPERS'
NETWORKING
NIGHT
Eventns
Samir Munshi, Jatin Deepchandani, Thinkal Bhal, Binesh Panicker, Harmeek Singh, Naveed Pirzada, Mehroz Rufi
Harry Conner, Linda Tall
Nizar Markiz, Mirjam Mouna
propertyonline.ae

Aanya Aggerwal, Aakriti Kapur, Aamani Chopra, Yogini Sengupta
Iris Nibbering, Sophie Page, Harmeek Singh, Naveed Pirzada, Tina Singh
GQ Bar, JW Marriott Marquis
INTRODUCING THE MOST OPULANT AND
MULTILINGUAL TEAM OF REAL ESTATE
PROFESSIONALS
E N Q U I R Y
Each SNS consultant is
specially trained to focus
in their areas

AHMET KAYHAN
CEO, REIDIN.com
News&Analysis
V
illa units have always attracted
buyers in Dubai and the segment
witnessed rapid growth over the
past few years thanks to the ever
growing demand for villas. Leading devel-
opers have been announcing villa proj-
ects over the past few months in a bid to
cater to the rising demand and fill the void
between demand and supply. Despite
these announcements, the established
villa communities in Dubai continue to
remain a hot destination for investors and
end users alike for a number of reasons
such as good infrastructure, amenities,
facilities, better rental yields and property
appreciation rates. Property Times, in this
edition, in association with REIDIN.com,
analyses why these communities are still
performing well.
Why do buyers and investors still pre-
fer these villa communities?
Villa properties are good investment
assets while real estate is overall favoured
as a good investment class. In Dubai, they
are mostly spacious and better-settled
communities compared to most of the
apartmentbuildingsorcommunities.One
of the main issues around apartments is
the walkability of the environment while
when it comes to villa communities; it’s
quite the opposite. On top of all these
points, of course, comes the affordability
segment as villa communities match the
higher end of the investor pyramid hence
they always have their own investor base.
Another important factor is that these
communities also offer quite strong rental
yield rates.
From an investor's point of view,
what kind of returns one can expect
from these three communities in
terms of rental yields and property
appreciation?
Due to rapid increase in the sales prices,
villa communities offer a lesser yield per-
centage but most of them are still over
mortgage rates with Arabian Ranches
as the exception offering positive equity
to its investors.
ALWAYSINDEMAND
Property Times
in association with
REIDIN.com takes a
look at three of the
top performing villa
communities in Dubai;
Springs, Lakes and
Meadows.
By Binesh Panicker
Th e Springs, Dubai
propertyonline.ae

Source : REIDIN.com
REIDIN.com is widely used by real estate agents and investors for reli-
able, 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, development and manage-
ment decisions. 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.
News&Analysis
Yield Rates of the Villa Communities
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2011
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014
City Wide The Springs and The Meadows Jumeirah ParkArabian Ranches
The Springs- Villa Rent Prices
The Meadows- Villa Rent Prices
The Lakes- Villa Rent Prices
Average Sales Prices (AED/Sqf)
Min Max Min Max Min Max
130K
230K 300K
200K 300K 250K
1250 1550 1610
320K 300K 500K 500K 650K
250K 360K 270K 400K 300K 450K
160K 160K 220K 190K 250K
2 Bedroom
3 Bedroom
3 Bedroom
The Springs The Meadows The Lakes
4 Bedroom
4 Bedroom
5 Bedroom 6 Bedroom
6 Bedroom5 Bedroom
3 Bedroom 4 Bedroom
25%
20%
15%
10%
-1% 0%
3%
5% 5%
7% 7%
2% 1%
5%
5%
0%
-5%
Sales Price Change of the Villa Communities
The Springs &
The Meadows
Arabian
Ranches
Jumeirah
Islands
Jumeirah Park City WideThe Lakes
Last 3 Months Last 6 Months Last 1 Year
7%
9%
-3%
12%
-2%
21%
19%
17%
Rent Price Change of the Villa Communities
The Springs &
The Meadows
Arabian Ranches Jumeirah Islands Jumeirah Park City WideThe Lakes
Last 3 Months Last 6 Months Last 1 Year
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
2%
-4%
10%
6%
7%
5%
9%
2%
-1% 0%
-2%
1% 1%
2%
0%1%
8%
4%
13%
How have these commuties been faring
overthepastoneyearandhowdoyoulook
at the future of these communities?
It looks like there is a lot of pressure on the villa
communities price rates and some of them had
already started their correction coming down
from price points even above 2008 peaks. The
Lakes and Arabian Ranches had –1% and –2%
drop on median rent prices, which is very nor-
mal as the prices in these communities rapidly
increased in the last 24 months. We presume
the downward momentum will continue for
couple of quarters more considering where the
overall market has been heading towards in
the last three months.
propertyonline.ae

M
ost of us indulge in the fairy-
tale illusion that our lives
will last a long time, and
think it best not to dwell
on the last chapter. It may sound mor-
bid to discuss death, and it could be
considered tedious to deliberate its
effects, but it is not, and it should not
be. Hence I refer to Richardson’s mem-
orable quote, “When it comes to the
future, there are three kinds of people:
those who let it happen, those who
make it happen, and those who wonder
what happened”
As an expat in the UAE, you may be
very concerned about creating wealth
and using it wisely during your life here.
But it is more important to protect it -
and your family - by deciding now what
to do when faced with death and con-
sider succession planning.
Protecting your assets
The Government of Dubai’s official
website emphasises that ‘The UAE
Courts will adhere to Sharia law in any
situation where there is no will in place’.
This means that if you die without hav-
ing planned your family’s future, local
authorities will examine your estate and
distribute it according to Sharia law,
which may differ greatly from what you
intend. There are also many uncertain-
ties regarding real estate inheritance
issues under Sharia, unlike other juris-
dictions, the UAE does not practice
‘right of survivorship’ (where property
passes on automatically to a surviving
joint owner upon death of the other),
and again, the local courts will have a
final say in the matter.
Meanwhile, personal assets includ-
ing bank accounts will be frozen until
liabilities have been discharged. Shared
assets will also be frozen until the issues
of inheritance are determined, and
family members are often left without
access to money during this period.
Nita Maru
LLB (Hons) UK
Solicitor and
Managing Partner
TWS Legal Consultants
PLANNING
TODAY FOR
TOMORROW
If your family is left behind sorrowed, stranded, and strapped
for cash, it won’t be because you did something wrong. It will be
because you did nothing. Nita Maru emphasises the need to plan for
the distant death tomorrow, starting today.
ExpertAdvice
Wills | Real Estate | Business Succession Planning | Company Formation | Contracts | Family Law
QUALIFIED SOLICITORS
DEDICATED TO PROTECTING YOU
YOUR FAMILY AND YOUR ASSETS.
propertyonline.ae

Dying intestate could also leave debts
unpaid; until the estate is finally dealt
with by the courts, and your fami-
ly’s ongoing financial requirements
are met.
Preserving your business
As a business owner, a significant por-
tion of your wealth - and your family's
main source of future income - will be
tied up in your business. The success
of your estate planning is dependent
upon this business being transferred
smoothly, or sold to a third party for
a fair price. Either way, it takes consid-
erable planning and preparation, and
should be ranked high on a priority
task list.
If you do not have a proper business
succession plan or estate planning in
place, you simply cannot be sure what
will happen after your death: whether
your family will be provided for, who
will look after your business, and when
and how your beneficiaries will stand
to gain from the investments you have
made. All businesses - whether sole
proprietor firms, partnerships, joint ven-
tures, limited liability companies or free
zone corporations - should plan for the
transfer, succession, and/or sale of the
business when faced with the death of
the owner, or a partner.
Safeguarding your family
If you are parents, a simple will in the
UAE can be used to specify who must
look after your young children after your
deaths. The absence of a will may goad
authorities to intervene in guardianship
matters, especially when both parents
die simultaneously, and there is a possi-
bility that their care may be entrusted to
those you may not want.
If you are married, it is wrong to
assume that your spouse will get/inherit
ExpertAdvice
For further information please contact:
TWS Legal Consultants, Office Suite 3001, HDS Tower, Jumeirah Lakes Towers, Dubai.
Tel: +971 4 448 4284, Email: info@willsuae.com
Website: www.twslegal.ae and www.willsuae.com
everything you own. Sharia is based on
a fixed share allocation system for the
disbursement of assets, and a wife is
entitled to receive only one-eighth of
her deceased husband’s total estate if
they have children.
If you are in a second marriage, your
Will can make provisions for children
from previous relationships. You can
also add exclusion clauses for ex-part-
ners. If you are retired and made a will
a long time ago, it ought to be updated
to include grandchildren or to omit
people you no longer wish to leave
anything to.
The first steps
Seek the advice of specialised lawyers
that are properly licensed to advise
you on succession planning. Making
proper arrangements will let your loved
ones know that you care enough, and
will save them considerable trouble.
But more importantly, it ensures that
you are in full control of what hap-
pens to your family even when you are
not with them.
Many expatriate families continue
to harbour the notion that living and
working in the Middle East is a treat, but
they forget that it could easily turn into
a tragedy in the event of unplanned
death. While the concern of ‘secur-
ing’ lives is misguided at most times,
secure planning for the future is most
definitely a must.
Call: +9714-4484284
Email: info@willsuae.com
Website: www.twslegal.ae
www.willsuae.com
Dubai Skyline
propertyonline.ae

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
ExpertAdvice
If the new rent has been approved
by RERA, then the tenant is obliged
to pay that rent. If the tenant refuses
to pay, then you have grounds to terminate
the tenancy under the applicable landlord
and tenant laws. That will require you to
give 30 days formal notice of your demand
for payment, which must be served via the
Notary Public or by registered post. If the
tenant still doesn’t pay, then you can refer
the matter to the Rental Disputes Settle-
ment Centre (Rent Committee, as was) with
a request that an eviction order be issued.
The fee for filing a case with the Rental
Dispute Settlement Centre is 3.5% of the
annual rent for the premises in question, up
to a maximum fee of AED 20,000.
Developers will often suggest that
they would have completed but for
mass buyer default in payments.
Buyers on the other hand are quick to point
out that they would have continued to pay
had progress been made on site. There is
probably some merit on both sides of this
argument, but a ‘chicken and egg’ debate
doesn’t really help either party now. The
good news is that although you may have
ceased making payments to one developer
on a particular project, that itself does not
automatically debar you from investing in
another project in the city. If you are not of
the ‘once bitten twice shy’ mentality, then
go ahead.
How do I evict my tenant who
is refusing to pay the revised
rent as per RERA rental cal-
culator? How much will it cost me
to file a complaint at Rental Dispute
Settlement Centre?
I invested in a property before the
recession but the development
is still not complete. However, I
have been portrayed as a defaulter by
the developer as I stopped making pay-
ments when I saw no progress on the
site. Now I am back in Dubai and would
like to invest in a few properties but my
concern is whether my 'defaulter' status
will prevent me from buying properties
in Dubai. Please advise.
We can certainly advise and assist
anyone wishing to establish a
business in Dubai. There are many
things to consider – a business plan, sourc-
ing suitable premises, identifying a local
sponsor to own the business, obtaining
the necessary licenses from the Economic
Department and from RERA, employing
good staff, undergoing the necessary train-
ing in the area of real estate that the com-
pany will operate, to name but a few. The
costs will include DED fees, RERA fees, visa
fees, rent, and of course legal fees if you
choosetoretainalawyertohelpyou. Those
fees will usually be linked to the time that
the lawyer is asked to spend on the matter,
and the scope of the legal services you need.
But remember, you can probably set up
without incurring the expense of a lawyer,
but it will cost you a lot more in legal fees
to clean up the mess if it’s not done right
the first time.
I would like to set up a real estate
company in Dubai. I have no
background in real estate. Will
you, as a law firm, be able to help me
throughtheprocess?Whatarethecosts
involved for using your services?
Jerry Parks
Partner
Taylor Wessing
Palm Jumeirah
propertyonline.ae

If you have any mortgage related queries please email editor@propertyonline.ae
Feyisesan Ekundare
MortgageMe.ae
Business Development
Middle East/Africa
M: +971 050 4168 548
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w ith mo rtgage exp ert
In accordance with UAE Central
Bank guidelines, the maximum
mortgage LTV for an off plan
property is 50%. The buyer pays the ini-
tial 50% of the cost in installments as
agreed in the purchase contract while
the lender finances the 50% balance.
The loan, as with other types of mort-
gages, is repaid monthly over an agreed
tenure. Ideally, respective lenders restrict
the provision of off plan mortgage loans
to a selected list of off plan projects.
Your mortgage advisor will be able to
advise you on which lender to use for
your specific off plan purchase.
What is the maximum LTV
banks will offer for an off plan
property? And what is the
repayment plan like?
ExpertAdvice
Yes, lenders do offer mortgages
for multiple property purchase.
Now, while these transactions are
treated on a case-by-case basis, the pro-
cess is made more seamless, if the said
properties are within the same develop-
ment project. The procedure is similar to
other mortgage applications, but you
should ask your mortgage adviser on the
best lender to use. This is because some
lenders have a maximum cap on mort-
gage loans, which your transaction may
exceed, and some have mortgage prod-
ucts that cater specifically to these types
of investment transactions. Ideally, the
first property will be treated as a 1st time
mortgage at 75%-85% LTV (if you have
no existing mortgage liabilities) and the
remaining properties will be treated as
additional mortgages at 60%-70% LTV.
I am an investor based in Dubai.
Do banks give mortgages for
multiple properties at the same
time? If yes, what is the procedure to
apply for a mortgage for the proper-
ties I am planning to invest in?
Most banks shy away from avail-
ing mortgage loans to real estate
professionals due to stability of
earnings and frequent job changes.
However, we at MortgageMe, subject
to a minimum salary requirement, now
have a solution for interested real estate
professionals. For enquiries, please con-
tact us and we would be delighted to
discuss with you further.
I am real estate professional
with an average income of
AED30,000 per month. Will I
be eligible for a mortgage and what
are the documents required?
Dubai Marina
propertyonline.ae

If you have any queries about renovations or conversions, please email at editor@propertyonline.ae
Everything you need to know about property refurbishment, conversions and permissions.
w i t h i n t e r i o r e x p e r t
ExpertAdvice
Adam Riccio
Operations director
Under One Roof
04 323 2722
We do a lot of this with our clients
now and it is a very popular request.
We have our own designers who
will work with you to create the exact look
and feel you want and also that meets the
functionality you require interms of number
of shelves, drawers, etc as well as the style
of finish you are looking for eg., distressed
wood, natural oak look or high gloss. Once
the design is signed off, we manufacture
the bespoke pieces in our factory here in
Dubai and supply and install. As we have
our own factory we can usually supply and
install within two weeks if required.
I have a number of areas where
the space is a small alcove or
recess. I wanted to fill them with
bespoke, tailor made fitted furniture
such as cupboards, chest of drawers
andsoon.Isthissomethingyoucando?
It is possible and generally approval
is not required. We have undertaken
a number of such projects and it does
transform the look and feel of your home.
We work with and recommend a number
of different wooden floor suppliers who we
trust and have good quality and after sales
service. Often our clients choose the style of
wooden floor and then get us to match the
look in making fitted wardrobes and furni-
ture for them.
Is it possible to change the entire
flooring of my villa from gran-
ite to wooden flooring? Do you
need permissions? Have you successfully
completed any similar projects recently?
We do undertake such projects all
the time. It is a very popular request
we get wherein home owners want
to remodel their homes to create a space
that works for them and their lifestyles. The
first step in the process is to obtain your
CAD drawings from your master developer,
which will show all the technical aspects
of your villa such as supporting walls, elec-
trical plant and so on. This will be used as
the basis for any alterations to ensure that
the work you want to undertake is safe
and will not affect the structural integrity
of the property.
We have our own in-house designers
who will work with you to create the look
and feel you want. We also have our own
in-house engineer who will advise from
the plans whether the alterations will be
approved and are feasible. Once happy
with the look, our engineer will submit the
approval on-line and follow up with the
relevant authorities, making changes to the
designwhererequired.Oncewegetthesign
off on the proposal from the developer, we
can then execute the project. At the start,
various deposits have to be paid for the
approvals by the homeowner – some are
refundable at the end and some are a basic
charge. Once the project is complete, we
make an appointment with the developer’s
engineers’ office to come and inspect and
sign off the work. It is important to keep this
approval with your house purchase docu-
mentation, as you will need it to be able to
sell your property in the future.
I bought a plot and built a villa in
a leading community. But now I
feel I should make more struc-
tural changes to the villa such as reduc-
ing the number of bedrooms, getting
rid of the maid's room etc. What kind
of approvals is required for this and do
you undertake such projects?
Downtown, Dubai
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MEET THE AGENTS
When did you come to Dubai: November 2010.
Previous profession: Marketing manager
First sale in Dubai: My first sale was an office unit worth
AED1.6 million located in Dubai Silicon Oasis.
It was in 2011.
What you like about your profession: I love meeting
new people and in my industry, I get to meet different
people on a daily basis. I really enjoy helping my clients
make the right choices. I am always on the look out for
exciting opportunities in life.
Hobbies: I love dancing and horse riding.
Why you love Dubai: The turning point in my life took
place about four years ago when I stumbled upon a pic-
tureofBurjKhalifawhilebrowsingandimmediatelyfellin
love with it. Prior to that, I never even thought of moving
out of Kiev but few months after this incident, I moved to
Dubai. I am completely in love with this incredible city,
because Dubai is always striving to become the best.
When did you come to Dubai: April 2011
Previous profession: Designer
First sale in Dubai: It was a two-bedroom apartment
in Jumeirah Beach Residences in 2012 and it was sold for
AED1.6 million.
What you like about your profession: I love meeting a
wide range of people from different walks of life.
Hobbies: I love ballet dancing. I started doing it as kid
and still enjoy doing it. Dancing also helps release stress
from work and creates positive energy. I also love photog-
raphy and anything to do with visual arts.
WhyyouloveDubai: IloveDubaibecauseoftheoppor-
tunity it provides and its beautiful lifestyle. Also in Dubai, I
gettomeetmanyinterestingpeople.Ilovetheweatheras
well occasionally and of course the sea!
Iryna Poladko: Ukrainian,
Rocky Real Estate,
Property Consultant,
RERA no. 25085
Hanna Liatsko: Belarus
Driven Properties,
Senior Sales Negotiator,
RERA 29110
If you want to be featured on this page, contact us at editor@propertyonline.ae
Market
propertyonline.ae

T
here are always three essential ingre-
dients considered prerequisites for
any real estate market to function
effectively. For investors, potential
owner occupiers, developers or another indus-
try stakeholder, these ingredients are of par-
amount importance in ensuring long term
profitable and sustainable growth in an indus-
try which itself, is a key ingredient to long term
economic growth.
These ingredients can be summed up as
the 3C’s or, more specifically, CAPITAL, CON-
FIDENCE and CLARITY. The 3 C’s are interde-
pendent whereby a shift or change in any one
element will affect the other two. The relation-
ship between all 3 C’s can be either positive or
negative and can lead to a multiplier effect on
growth or can increase the rates of contraction
or decline. The good news is that all three have
been recovering strongly for the past two years
in Dubai.
The amount of CAPITAL being injected into
Dubai’s real estate has been steadily increasing
since midway through 2011. This capital has
come from a number of sources. For a start,
Dubai has been the welcoming recipient of
new cash from countries around the region
whose investors have been seeking a relative
safe haven from economies that have been
decimated by political turmoil. In addition,
creditors,suchasbankshavebeenmorewilling
to lend cash as global and local economies sta-
bilized and eventually returned to a semblance
of growth. In addition, an increase in confi-
dence in the local real estate space saw cash,
previously stockpiled awaiting an improved
investment environment, found its way into
property purchases.
However, cash does not always flow unhin-
dered by risk perceptions and, regardless of
events elsewhere in the world, Dubai could not
have attracted so much capital unless investor
confidence was returning in the emirate. CON-
FIDENCE in Dubai has been steadily increasing
since the world has slowly begun dragging
itself fromthemireoftheglobalfinancialcrisis.
Confidence in any investment venture can be
really distilled to the perceived predictability of
future cash flows and capital growth and, with
much of Dubai’s property returning increased
cash flows and capital growth, confidence is
on the rise again.
When you are investing in real estate you
are really investing into an economy and you
must have confidence in its future. Dubai’s
economy is doing very well. Economic growth
is strong at around 4.5% and independent
bodies such as the IMF are forecasting 5%+
economic growth every year through to the
end of the decade. The economy is being
driven by fundamentals such as tourism and
trade and a slew of new projects to grow these
important revenue generating economic seg-
ments are a feature of Dubai’s growth outlook.
Dubai’s expects 12 million visitors in 2014, con-
tinuing a growth trend of approximately 9%
per annum since 2010, a statistic, which is the
envy of many nations.
And new initiatives such as the 2020 Expo
are also important in building confidence
in the emirate. The effect of the 2020 Expo
on the UAE economy cannot be underrated
in terms generating demand for real estate
assets. Hosting the World Expo will provide
additional impetus for the industry to enjoy
continued growth and the predictable surge in
demand for accommodation and commercial
space of all types, from labor camps to offices
to warehouses to apartments to executive
villas, is sure to have a significant effect on
property values.
The last ingredient, CLARITY or transpar-
ency, is arguably the most important. Investor
confidence in and the level of understanding of
their legal rights, the consistency in the appli-
cation of the law, government economic and
social policy along with knowledge of develop-
ers track record in terms of quality, integrity and
proficiency can be boosted by a proactive drive
for clarity.
Lawmakers have been working hard in
Dubai to address the issues of CLARITY and
CONFIDENCE in particular. Steps have been
taken to introduce laws that better protect
investor rights and standardize and clarify the
relationship between developers and investors.
The law is aimed at protecting investors in a
variety of areas, from delays in the handing over
of projects, changes specifications of properties,
defects and any material departure from the
contracts provisions.
While the headlines regarding asset bubbles
maymakesomepredictimpendinggloom,they
really highlight that there is an unprecedented
level of governance, oversight and scrutiny that
the industry is being subjected to. The ongo-
ing development of the industry’s regulatory
framework and implementation of laws and
regulations to safeguard both consumer and
investor interests, the overall industry and the
economy at large from rampant and irrespon-
sible speculative, predatory or unethical prac-
tices, reveals a mature and balanced approach
to shaping an industry which exhibits sustain-
able growth over the long term. The industry
is much more resilient in 2014 and investor,
not speculator, confidence has been making a
big comeback.
These steps towards increased CLARITY,
showing clear intent by the regulating author-
ities to develop a more sustainable and con-
sistently profitable industry model has been
essential in driving renewed CONFIDENCE in
the industry resulting in massive injections of
creditor’s and investor’s CAPITAL into Dubai’s
real estate space. The recovery has been quite
remarkable and is prominent among all the
recoveries of nations worldwide.
THREE VITAL ELEMENTS ESSENTIAL FOR
A FLOURISHING REAL ESTATE MARKET
Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate
Institute, the official training & certification arm of the Dubai Land Department
Market
propertyonline.ae

A
s Dubai and Abu Dhabi (imple-
menting their own version)
are getting increasingly used
to the concept of jointly
owned property laws, and with that
professional property management,
more sophisticated technologies have
been entering the market. While Emrill
recently launched, what they termed a
‘Business Smart Model’, pulling together
its mobile maintenance service, mobile
work order solution, and intelligent low
cost wireless monitoring system into
one solution for more service and cost
effective facilities management, My
Strata came up with ‘Strataware’ and
recently revamped its ‘MyCommunity’
portal to make property management a
breeze in terms of keeping tabs on oper-
ations and communication.
Ensuring smooth operations
With around 400 interim ‘home’ own-
ers associations now registered with
Dubai’s Real Estate Regulatory Agency
(RERA) and new communities need-
ing facility and property management
in the emirate’s future, these kinds of
innovations have certainly served to
improve the market.
Although the last piece of the puz-
zle to change the legal status of the
STAY CONNECTED!
interim owners associations into own-
ers associations, doesn’t seem to be
firmly in place as of yet, it isn’t making
any difference to the day-to-day opera-
tions. “I understand at least one Owners
Association has been registered and
that there are many more very close to
being so. I don’t believe these delays
are impacting the daily management
of OA’s because they are still being
run, in the majority, by professional
management companies, as well as
board members that are committed to
looking after the affairs of their build-
ings,” comments David Bugden CEO of
MyStrata. Many in charge of managing
communities in the UAE are already
using MyCommunity, including Aldar,
Emaar Properties, Khidmah, Asteco,
Wasl Properties, Jumeirah Living, as well
as Place and Mace Macro. Deyaar had
floated an OA management software
procurement tender won by MyCom-
munity only recently. The developer has
implemented it in properties it man-
ages only but plans to roll it out in the
near future in their own developments
as well. “The choice to use this platform
is primarily because it is compliant with
Strata law and provides the facility of
online payments in addition to Owners
Association core functions,” says Saeed
Al Qatami, CEO of Deyaar. “To date,
the overall experience was good due
to the technical support and respon-
siveness from the team. The company
is also regularly updating the software
solution thereby enhancing user expe-
rience,” he adds. Aldar has been using
the portal for its 15 communities under
a customized umbrella portal linking
into individual sites, for three years now.
“We re-branded the product for Aldar –
they call it “Aldar Connect”. We did the
same for MAF. We used Aldar’s corpo-
rate colours and followed their brand
guidelines,” David comments. Accord-
ing to Aldar, although it had other ‘off
the shelf’ options, it chose the MyCom-
munity platform because its database
is shared with Strataware, thus making
it easy to keep residents up to date on
developments. “Aldar has a policy of
‘paper-less communication’ across all
our communities; therefore not having
an online portal is not an option. Elec-
tronically-recorded communication can
easily be issued to all residents in one
community or across various commu-
nities with the click of a few buttons,”
according to an Aldar official.
An extremely useful system
MyStrata has spent several years devel-
oping an effective property manage-
MyCommunity helps residents and managers keep in touch. By Nicole Walter/freelance writer
Market
propertyonline.ae

ment system for strata managers in
the ‘clouds’. David points out that the
few other overseas systems being used
have had less of an impact because they
weren’t on the ground. “We have been
here for over seven years, our servers
are hosted in the cloud in Dubai Inter-
net City and all our support is done by
experts located in Dubai, this is a much
larger investment than any others have
done,” he claims. Novus Community
Management offers MyCommunity to
all its clients, as it allows for relaying
real-time financial information to their
Owners Associations, Unit Owners and
Board Members, as well as acts a pay-
ment portal facility. “We are able to
upload meeting notices and minutes
for viewing by unit owners, along with
general notices to both, owners and
tenants, in our communities,” says Ste-
phen Horner, Senior Community Man-
ager at Novus Community Manage-
ment Services, adding he was not aware
of any other product available in Dubai
that provided a complete integrated
solution responding to the needs of
specialist Owners Association manage-
ment. “The MyStrata team are available
locally in Dubai to provide support and
training, and are continually working to
improve their software based on our
feedback,” he adds.
The portal is also used regionally,
such as by The Wave Muscat and The
Pearl Qatar. “The system hosts over 450
communities on the platform in the
Middle East, and there are over 50,000
registered users of the system. These
users include owners, tenants, board
members and property managers,”
David adds. Not everyone knows about
its existence because the software
developer kept the system deliberately
quiet as it is launching an upgraded
version, with new features such as
graphical reporting and a lobby screen
system. “The new release will signifi-
cantly improve the financial report-
ing through MyCommunity in visu-
ally appealing, easy-to-read reports,”
says Stephen.
Apart from the fact that the por-
tal looks fresh and is easy to navigate,
it saves property manager’s time by
becoming a central point for all docu-
ments related to managing the prop-
erty, including ledger accounting,
reports, and invoicing system, creating
meeting documents and easily post
them where needed, organizing pro-
curement, as well as has its own e-mail
and ‘SMS’ system.
While the system cuts down valuable
time on communication with all con-
tacts in one place, access levels can also
be set and its virtual reach goes way
beyond a pin-board at a building recep-
tion. “The software covers the needs of
our communities for posting notices,
reports, community communication,
lodging work requests and a commu-
nity wall for owners and tenants to con-
nect. Because the system is online it
can be accessed from anywhere in the
world, and now from mobile devices as
well,” Stephen remarks.
The portal can also highlight the facil-
ities and property types in a community
making it a great tool for those looking
for a property. “MyCommunity is a great
communication tool first and foremost.
It also delivers efficiency for property
managers, which helps save costs. It
is also a great marketing tool, you will
not find a better web site for informa-
tion on buying, selling, living or work-
ing in a community or building than
what you will find on MyCommunity,”
David comments.
“The choice
to use this
platform is
primarily
because it is
compliant
with Strata
law and pro-
vides the facil-
ity of online
payments in
addition to
Owners Asso-
ciation core
functions.”
Saeed Al
Qatami, CEO,
Deyaar.
Emirates Hills
Market
propertyonline.ae

Positive feedback from owners
Residents have been responding
favourably, according to Aldar’s com-
munity managers, which lauded its
ease of use and pointed out a healthy
flow of traffic on a regular basis on the
part of residents.
“Most of our residents are happy
with this channel of communication.
Owners have the ability to view the
financial statement for their unit and
for the association they belong to.
Residents appreciate that they can
log in and raise job cards for mainte-
nance and other issues, and view the
status of their job card,” the Aldar offi-
cial added. At the communities, which
Novus manages, the response has been
equally enthusiastic.
“The usage by residents has steadily
grown. Some of our community walls
experience quite a volume of posts.
Because it is an open forum, owners
and tenants can communicate on any
topic of interest,” says Stephen.
“We ensure that we post all our com-
munication on the MyCommunity por-
tal so that our owners and tenants can
access relevant documents and infor-
mation anytime they wish,” he adds. In
addition, a business directory keeps the
resident abreast of who’s there in terms
of shops and services and could actually
be a means of income to the owners.
“Property managers and Board Mem-
bers can create their own retail and
service provider listings, so if they want
to sell this service and earn income for
their community, that is fantastic, that is
exactly why we developed it this way,”
David explains.
The cost factor
While larger clients get a discount, the
cost, which is around AED100 per unit
per year, including both Strataware and
MyCommunity, including everything
down to support, is well weighed out
by the benefits, and shouldn’t scare
smaller OAs off, David believes. “Let’s
say you have a small building of 50
units, the most they will pay is AED5,000
per year, for this they get a great look-
ing web site, plus access to their state-
ments in real time, financial reports, a
credit card gateway, communication
tools, community documents, main-
tenance request system and so much
more. What would your argument be,
i.e. save money on arduous other ways
of communicating between everyone
for example,” he
emphasizes. Most of
MyCommunity clients
today are using ‘Stra-
taware’ the property
management software
already, but David says it wasn’t a
prerequisite to using ‘MyCommunity’.
“Currently MyCommunity links to Stra-
taware, which is a system the major-
ity of OA management companies in
Dubai and Abu Dhabi are using. That
said it could be linked to any back-end
property management system via an
API. Soon, we will be launching a stand-
alone version, so a building will be able
to create a web site, invite members
and then use all the great features of
the MyCommunity portal without any
back-end system required,” he explains.
Or an OA could simply just go for the
MyCommunity software, in which
case they pay a license fee, usually
paid quarterly.
“Most managers pass the cost on to
their communities as it’s a very helpful
tool for owners and residents. We set
the system up for you, provide training
and data migration, all of which is an
easy process,” David concludes.
''Soon, we will
be launching
a stand-alone
version, so a
building will
be able to
create a web
site, invite
members
and then use
all the great
features of
the MyCom-
munity portal
without any
back-end sys-
tem required.”
David
Bugden, CEO,
MyStrata.
Arabian Ranches

E
stablished in 2006 with a small team
of six, Elysian Real Estate has grown
rapidly over the years to become one
of the top three real estate agencies in
Dubai (chosen by Dubai Land Department)
ACCOLADESGALORE
Elysian Real Estate, founded in 2006, has been recently selected by Dubai Land Department as one of the top three real estate agencies in Dubai;
a testimony to the consistent performance of the company over the years. By Binesh Panicker
with a team of over 150 staff including 120
real estate agents globally.
Headed by Masood Naseeb, the Chair-
man and Dounia Fadi, the Managing Direc-
tor, the company is on the right track to
scale new heights in the years to come. The
young and dynamic Masood and Dounia
tell Property Times readers about their jour-
ney, growth, expansion, the market and
much more.
Market
Sheikzayed Road, Dubai
propertyonline.ae

Award from DLD
When we got the award from Dubai Land Department after nine
years of outstanding and consistent performance, we were very
excited and proud of being recognized as one of the top three real
estate companies in Dubai. We look at it as an acknowledgment of
the hard work we put in over the years. We take great pride in the
fact that we take care of every client of ours and most of them con-
tinue to work with us because of our professionalism and expertise.
Receiving this award now challenges us to maintain our current
position and strive to become number one.
Advice to end-users
If you have long term plans for Dubai, I would advise you to buy
now rather than continuing to rent. Home buyers choosing Dubai
as their residence should consider buying based on their current
needsandcomfort.Realestatemarketsacrosstheglobeexperience
the cycle of highs and lows. In the current scenario in Dubai, prices
areexpectedtoincreasemodestlybutsteadilybasedonpopulation
increase. There will be sufficient buyers even for the new develop-
ments that have been announced recently, so I strongly recom-
mend that people should not wait any longer. If they find a home
withintheirbudget,oneshouldconsiderbuyinginestablishedcom-
munities such as Dubai Marina, Downtown, Palm Jumeirah etc as
they are ideal for families with good infrastructure and community
ambience. People moving to Dubai from Arab countries prefer to
have spacious homes, so they should consider purchasing a villa in
areas such as Jumeirah Village, The Villa Project or Jumeirah Park
to name a few.
Off plan vs ready properties?
If a mortgage buyer purchases an off-plan property, he or she will
have to continue to rent till the property is ready to move in, so they
will have to consider three separate payments; the down payment
to secure the unit plus the monthly mortgage installment plus their
rent. If you can afford to pay the down payment required to buy a
readyproperty,it’salwaysbetterforenduserstogoforareadyprop-
erty so that they can move in immediately and don't need to pay
rents anymore. However, some developers do offer really attractive
payment schedules, which many end users will be able to afford.
One has to look at all options before taking a decision.
The company
Elysianwasfoundedasarealestatebrokeragefirm.Wehadaproperplan
in mind right from day one. We didn't want to sell property as an invest-
ment, so we focused on selling homes to people. We focused on buyers
from the Middle East and we always wanted to offer our clients the best
available properties in the market whether it’s residential or commercial.
Growth, expansion, way ahead
We grew with the market and continued to focus on good customer ser-
vice and professionalism. In nine years, we grew to more than 150 staff
from six. We launched Elysian International in 2008, which is now doing
extremelywell.OurfocusistobeNumber1inthissegment.Intwotothree
years,wewillbesellingpropertiesinprimelocationssuchasLondon,New
York, Australia etc. We will be targeting buyers from the MENA region, as
they prefer to invest in other countries as well apart from the regional
markets such as Dubai. By the end of this year, we will be launching a
luxury division to cater to the growing demand in this segment, which
needs an entirely different kind of customer service and expertise. Going
forward, we want to further enhance our reputation as a trusted real
estate company, servicing each and every client as per their individual
requirements. The goal for us in the next ten years is to gain more knowl-
edgeaboutthemarketsothatwecanofferpropertiesattheexactmarket
price to our buyers.
End-users
Right now the demand for properties from end users is witnessing a
steadyrise.Intheearlydaysoffreeholdera,nobodywassellingreadybuilt
property; property was considered as an investment. When we started in
2006,wewereactuallysellingoff-planhousestoourclientsbasedontheir
preferences and we were recommending units as per their budget and
requirements.
Dubai’s future
We are all lucky to be here in Dubai. In the next five years, we will see a
huge influx of people coming to live and work in Dubai. The trend has
already begun. With increasing population, the demand for homes will
keeprising.Thenewprojectsthathavebeenannouncedwillbeabsorbed
by this population growth and investors as well. Those who are looking
forhomesarealreadyfindingitdifficulttolocateapropertyoftheirchoice
in some of the more desirable areas.
Masood Naseeb, Chairman,
Elysian Real Estate
Market
Dounia Fadi, Managing
Director, Elysian Real Estate
propertyonline.ae

A
fascinating city could be grac-
ing the horizons of Abu Dhabi
or Dubai, if Stile Italiano Real
Estate Industry (SIREI) gets its
way. Backed by American-Chinese cap-
ital and the expertise of its members,
ranging from urban planners to Italian
cultural, science and sporting organiza-
tions, the real estate platform has been
presenting the concept here in the UAE
to ideally co-develop around three to
four square kilometres city at an esti-
mated cost of around $US30 billion.
Massimo Mazzi, President of SIREI, said
Renaissance City is a smart city, which
will bring to life an Italian lifestyle in the
UAE telling an urban story which devel-
oped over centuries, an urban fabric
fostering a vibrant economy and qual-
ity of life. Property Times delved deeper
into the concept, consulting the Ital-
ian architect Paolo Caputo, of Caputo
Partnership International, SIREI’s design
partner for Renaissance City.
As far as I understand, Renaissance
City intends to express both Italian
and Islamic renaissance, how are you
integrating the two concepts into a
homogenous one?
The goal of the project is not to inte-
grate the most "epidermal" figurative
and formal traits of the "Renaissance" of
the two cultures. It aims to merge the
principles and the deeper meanings of
Islamic and Italian culture. Many archi-
tectural examples, and cities, in the
Middle East and around the Mediterra-
nean are already witnesses to this his-
torical process. Italy and the West have
learned a lot from Arab culture and
vice versa "merging" knowledge, tech-
niques and cultures without "confused"
identities. This is very relevant currently
seen in relationship with the processes
of globalization.
How do you express the original – historic
architectureinthemoremodernbuildings?
The architectural language fully
expresses our modern and current
events. At the same time, however, the
structure of the buildings, the compo-
sition of architectural and urban space
in the project follow the same rules
of historic places and buildings that
created an optimal response to func-
tional needs, and, above all, to the deep
meaning of "inhabiting the world."
It makes no sense to play with a frag-
ment, a glimpse, of Venice. There is a
lot more power in the tangle between
streets, arcades, squares and waterways
to evoke the quality of space and urban
landscape of Venice.
The city’s fabric seems to respond to
boththeItalianandtraditionalArabcity
urbandesign,howdidyoumergethem?
There is a common identity to the cen-
tres of Islamic cities and Italian villages
and how they grew from the middle
ages onwards. The urban plan is based
on substantive rationality and its goal
is an efficient and easy mobility. The
research of the merger between Arab
and Western models, or Italian, is the
integration of a chessboard layout,
typically of Roman origin, to a more
complex system: fractionated, attentive
to local connections, to the functional
scale of the step (walking) and not to
that of the mechanized mobility, closer
to the Arab spatial sensitivity.
BRINGING ITALY TO THE UAE
Renaissance City is an urban fabric spun out of the deeper meaning of city life. By Nicole Walter/freelance writer
Renaissance City Museum

Market
How are you managing the traffic flow
versus pedestrians?
The design allows for the movement of
cars on the main road axes, although it
aims to facilitate the circulation of eco-
cars (electric and hydrogen), as well as
the use of public transport that con-
nects the main functional and "monu-
mental" centres in the city. At the same
time the compactness of the urban
fabric and mutual proximity of the main
central points are designed to encour-
age pedestrian mobility: the distances
can be covered in five to seven minutes
walking, like going in Florence from
Piazza Signoria to Ponte Vecchio, or in
Rome from the Trevi Fountain to Piazza
Navona. The needs of pedestrians have
been considered within all urban sec-
tors, the roads, paths within the blocks
and walking promenades are designed
in a way to obtain the best results in
terms of comfort and perception of the
urban landscape.
In this respect you have designed a lot
of cultural and art spaces to connect
the city?
Yes, my dream is to create places, which
can communicate with each other, and
represent the best of Italian art and
Islamic art. The first centrality is the main
mosque. I have imagined it as a place of
prayer, but at the same time as a social
space for spirituality, meditation and
encounters between cultures, a place of
individual and collective peace.
The second central point is the Piazza
Grandewithrestaurantsandamuseum?
Yes, it will be shaped as a large square,
punctuated by the volume of the
Museum of Renaissance that hovers on
the open space, the pavilions that sur-
round it, and the area of the Museum
Hotel. Really, it is the area the expresses
the greatest representation of histor-
ical Italian cities. A third central point
is marked by a pattern that emulates
the Galleria Vittorio Emanuele in Milan.
A real "archetype" of today’s shopping
centres, opposed to the model of a
closed shopping mall estranged from
the urban fabric. The Gallery will be the
epicentre of shopping for the products
of excellence ‘Made in Italy’ but will also
allow for continuity weaving through
the commercial space at ground floor
of all the buildings of Renaissance City,
especially within the Ring. A hotel com-
plements The Gallery, as well as residen-
tial accommodation and the Perform-
ing Arts Centre, which bring us to the
fourth central point. Here a set of the-
atres, auditoriums, event spaces, have
been designed to make Renaissance
City a new capital of the Italian theatre
and opera tradition, binding together
the unique structure of the Penthouse
Hotel, which will house spacious luxury
residences coming in the most sophis-
ticated Italian interior design and with
hotel services.
How do you make sure the city feels
open and light, yet stays cool consider-
ingtheclimatehere?Willonebeableto
walk the city in the summer heat?
The concept is designed so that beyond
a short walk there is always plenty of
the shade available along the way and
within the blocks. Depending on the
final location, the urban chessboard of
Renaissance City will be orientated in
an optimal manner with respect to the
"solar path" and will include meshed
or closed canopies to cover roads and
open spaces. The relationship between
shady and sunny spaces supported the
adoption of chimneys for the upward
movement of hot air to favour natural
ventilation of open spaces. The vegeta-
tion will be rich along the streets and in
the garden courts, and the water (in the
form of channels, ponds and fountains)
will work together to create microcli-
mate mitigating the heat during the
warmer season.
You are integrating a golf course and
labyrinth botanical gardens into the
city, the latter makes sense, the former
a bit unusual for a ‘city’ but more of a
typical residential community master
plan in the UAE, what was the reason-
ing behind it?
The two themes have different reasons.
The Botanical Garden is one of the fac-
ets of the Renaissance. I think for the
first time ever we will create an "Ital-
ian Garden" with botanical species of
the desert belonging to UAE latitudes,
although not all necessarily native. I
don’t know of any large maze designed
with cacti or parterre whose rigorous
geometry is drawn from succulent
plants anywhere in the world. The
Botanical Garden of the desert would
be a real world “curiosity”. The golf
course’s particular role in Renaissance
City is to offer a conversation between
the compact city and the garden city.
The residential villas generate this dia-
lect in continuity with the urban villas
provided in the city’s quarters closest
to the golf course. In the final design
that will be implemented, the golf
course’s area will represent the mean-
Renaissance City shopping - Galleria
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ing of expansion towards the wonder-
ful green and typical nature, which can
be experienced in Italian Renaissance:
Palazzo Te in Mantua, Palazzo Pitti and
the Boboli Gardens in Florence.
Did you place The ‘Cittadella’ arts &
crafts centre close to the business dis-
trict to make sure it stays lively when
offices close?
“La Cittadella” is thought as an alter-
native commercial hub with respect
to the Gallery. It is a “destination” of
an urban route, unlike the gallery that
is fully integrated into the fabric of the
city. It is not a closed structure but, cov-
ered by a photovoltaic macrostructure,
and has the form of a "small town" that
is related, through the open garden
spaces, to the buildings of the business
district.
Nowadays offices working with the
world are open almost 24/7, therefore
I think a business district does not close
completely by mid-afternoon. In any
case, the "Cittadella" will bring life to
this urban sector with great intensity.
It's the place where one will get the
best products in the market, and Ital-
ian artisan textiles, leather, ceramics,
wood, precious stones, and a treasure
chest in design and the highest level of
‘Enogastronomy’.
How large is the footprint of the city
and the different districts?
Renaissance City in its compact struc-
ture covers an area of about three mil-
lion square metres. The plan defines a
square of 1,700 metres on each side:
walking distance about twenty min-
utes. The geometric shape can adapt to
the shape of the area of development,
reformulated by reducing or enlarging.
Likewise, the "expansion zones" (Cita-
della, Campus etc.) are subject to pos-
sible modifications, such as for example
to become partially reabsorbed inside
the compact geometry. The nature
of the city aims to strike a balance
between its various districts function-
ally integrated into a single structure
in the mixed fabric that characterizes
much of the urban plan.
What will be the average and maxi-
mumbeintermsofheightofbuildings?
The city’s trend is horizontal with blocks
of buildings between five and seven
floors. Of course, exceptions are made
for both residential buildings and for
special features. The highest is the one
housing the Hotel Galleria at 160 metres
with 30 populated levels. However, spe-
cial requests from developers could
introduce a new design theme, such
as the insertion of one or more "out of
scale" buildings in the plan, without
distorting the underlying principles of
Renaissance City.
Will you keep residential and offices
completely separate or mix them as in
‘normal’ city?
Renaissance City is based on a princi-
ple of total morphological-functional
integration. The residences and offices
merge, follow and stratify within urban
blocks whose ground floor is largely
intended for small and medium scale
businesses and service providers. In
modulating the urban variety richness
in terms of the number of offers and
opportunities that the historical Italian
urban models successfully represent,
the project also proposes urban clus-
ters, primarily residential or for office
buildings. The business district inten-
tionally is almost exclusively functional
in character. Similarly, residential is
based on a variety of solutions including
villas, mixed within the urban fabric, or
isolated at the golf course. All of these
aspects will be subject to in-depth dis-
cussions with the technical board when
we will sit with the developers and real
estate marketing strategists.
Why are the schools, hospitals etc.
along the Ring Road and not mixed
into the more central parts of the city?
The project includes all the numerous
required service facilities to guaran-
tee the optimal function of the social,
administrative, cultural and economic
structures of the city. These structures
are integrated into the urban fabric
but look outwards placed like a neck-
lace along the ring, because the latter
important element of the composition
of the design of the city itself represents
a real exchange system between the
inner part of the town and the urban
contour. The services are easily accessi-
ble to pedestrians and via public trans-
port that runs along the Ring.
Renaissance City Performing Arts Centre
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IS IT TIME TO DISPUTE
THE COMMUTE?
C
ommuting is an important
aspect of daily life in most
modern cities. In Dubai, resi-
dents now faced with higher
rents and other heightened costs of
living are looking at cheaper alterna-
tives and question whether commut-
ing in from neighbouring Emirates is
the key.
What does the economic theory tell us
about commuting?
“Households will seek maximum utility
of a locality over cost of travel”. So what
does that mean in real terms?
Accessibility and values (rents) have
been a study of economists for hun-
dreds of years. Theorists denote that
premiums will be paid for land in close
By Michael Waters MRICS – Director of Studies in Real Estate/Chartered Surveyor, Heriot-Watt University Dubai Campus
proximity to central markets as the time
forfeited to travel to the market place
from further afield has an intrinsic value.
With the development of transport
networks and growth in car ownership
this is far less of a concern in modern
day life. However, the principles no
doubt are still relevant today. Stud-
ies have shown that there are broadly
three main determinants of land use
that include:
1. Accessibility;
2. Environmental characteristics; and
3. Rent
Consumers will trade off 1 and 2 against
3. A consumer will try to choose an
‘optimum’ denoted in real terms by an
income budget.
Why do we commute?
For commuting to be economically via-
ble, we need to be compensated for the
commuting costs through lower rents.
People tend to support their decisions
to commute in terms of the money
saved on housing. However, commut-
ing is a time consuming process and
often many overlook the opportunity
cost of intangible aspects, such as the
psychological burden or stress derived
from longer daily commuting patterns.
The challenge exists when consumers
are unable to correctly assess the true
cost of commuting for their well-being.
How much does commuting cost
in Dubai?
Let’s say the cost of gasoline is AED6.50
Market
Sheikh Zayed Road, Dubai
propertyonline.ae

per gallon and the typical 4x4 is work-
ing at 30km to the gallon. A full-time
employee in Dubai typically works
21 days per month culminating into
252 annual commuting days. So if
we assume the average resident in
Dubai commutes 30km each way per
day that is an annual total distance of
15,120km or AED3,276 on the cost of
gasoline alone.
However, we need to consider that
the cost of gasoline is not the only cost.
If we include a typical business mileage
claim of AED0.75 per km it gives us a
better account of depreciation and
vehicle maintenance, increasing cost in
this example to AED11,340. A traditional
assumption about the value of some-
one’s time spent on an activity is equiv-
alent to their wage rate. We can apply
commuting time in terms of earnings
foregone per hour travelling. According
to UBS, the average Dubai expat earns
Dh59.50 per hour. So a 1-hour daily
commute adds another AED9,996 to
the annual cost of commuting. Let us
now look at some more real time com-
muting patterns and earning assump-
tions (see Table 1).
So if we take the average Dubai work-
ing resident they would need to see a
cost saving of at least AED46,452 per
annum on rent if they faced a 100-km
daily commute each way, assuming all
Dubai residents face a 20 minute daily
commute (the global average). How-
ever if we adjust the average salary to
a more modest range, a middle man-
ager/professional earning at AED150
per hour, the cost saving would need
to be at least AED76,860. That is with-
out any consideration to the extra time
foregone sat in traffic, time spent away
from family and the negative health
implications of long-term commut-
ing, reported as being “…the longer
the commute, the
higher the levels of
one's obesity, cho-
lesterol, pain, fatigue
and anxiety”.
Concluding remarks
The analysis of asking rents did show
that the rental savings from residing
further afield are negligible. In some
instances, rental ranges show residents
further afield could be in a deficit posi-
tion once the true cost of commuting
is taken into account. All else being
equal the numbers support residents
remaining within the global average of
a 25-30 minute one-way commute. The
reasons people choose to live further
afield are wide-ranging and typically
defined by an income budget and a
propensity to allocate a limit to annual
housing costs. One also expects to get
more space for their money towards
the city boundaries, so commuting
often suits larger households and fami-
lies. Without the presence of rail transit
systems where one can be more pro-
ductive during their commuting time,
it seems economics is telling us to stay
within a shorter commuting pattern
in Dubai.
TABLE 1:THE COST OF COMMUTING
Commuting
distance (km)
Annual
commuting
distance (km)
Cost of vehicle
(In AED)
Earnings
forgone (In AED)
Total annual
cost (In AED)
Average resident
30km each way
(20 minutes)
70km each way
(40 minutes)
100 km each
way (1 hour)
Professional
21 working
days/mth = 252
commuting days
15120
35280
50400
21 working
days/mth = 252
commuting days
AED 0.75 per km
11340
26460
37800
AED 0.75 per km
Av = 59.50/hour
9996
19992
29988
Single
commuter
21,336
46,452
67,788
Av = 150/hour Single
commuter
30km each way
(20 minutes)
70km each way
(40 minutes)
15120 11340 25200 36,540
35280 26460 50400 76,880
100 km each
way (1 hour) 50400 37800 75600 113,400
Michael Waters

Market
D
ubai winning the Expo 2020
has been a major catalyst for
the Dubai Real Estate growth.
Increase in off-plan invest-
ments has been seen across the board
in the last year, with many develop-
ments selling out within 48 hours of
release. Off-plan property is one of the
main investment options for foreign
investors and draws in a large portion
of local investors as well. In the cur-
rent market, the challenge for investors
and end-users is in selecting the best
option from the array of off-plan proj-
ects available. Investors should exercise
careful due diligence, keeping in mind
not only the dynamics of real estate
but also the regional dynamic pillars
which make the market move. Invest-
ing in an off-plan property can be a
daunting proposition for some- where
to buy, which developer, payment plan,
price and location are just some of the
factors to keep in mind while selecting
your off-plan investment product. In a
rapidly growing market like the UAE it
is important to take a deeper look and
identify which product would stand out
from the rest and make the best invest-
ment in the long term.
LOCATION
Selecting the location of where to buy
is one of the first factors to consider
while investing. Often buying an aver-
age property in a great location can be
one of the best investment ideas. Some
of the important factors to consider
while selecting the location of where to
buy are- Convenient access to popular
places, shops and restaurants; Everyone
wants to be near the best commer-
Ahid Shaikh, Director of Déjà vu Real Estate, winner of the RERA Honorary award for
2014 speaks about the factors to consider when planning your off-plan investment.
NARROWINGINONYOUR
OFF-PLANINVESTMENT…
''Investors
should exer-
cise careful
due diligence,
keeping in
mind not only
the dynamics
of real estate
but also the
regional
dynamic
pillars which
make the
market
move.''
propertyonline.ae

cial districts. The closer you are to the
center of town, the better the location
and higher the price of the property. It
also ensures proximity to the business
areas where most of the offices are
located. This is a phenomenon proven
by decades of real estate sales across
the world. In Dubai, one of the best
addresses to own a property is Down-
town Dubai, location being one of the
key factors for this along with many
others. Proximity to water or other
iconic landmarks is another important
factor. No matter where in the world
you are based, someone will always
pay for a great view or to be close
to water.
HISTORY OF THE DEVELOPER
UAE offers a wide selection of proper-
ties and different kind of developments
to choose from. Selecting a developer
carefully is an important aspect in plan-
ning your investment. Keeping in mind
the history of the developer is one
of the main points to consider. Many
developments in the UAE were plagued
by late handovers or from being
shelved; millions of dirhams were lost
as people invested in developers with
no reasonable financial backing. It is the
developer’s obligation to handover the
property on time and as per the sched-
ule agreed and signed by the buyer.
Another aspect to consider would be
the quality of the construction and
final product previously handed over
by the developer. When buying an off-
plan property, we mostly rely on artistic
impressions and computer simulations
of the final product, knowing what the
quality of the projects previously deliv-
ered by the developer will give us a
good insight into what to expect from
the investment.
PAYMENT PLAN
Buying on a payment plan is often one
of the most attractive points while buy-
ing an off-plan property. Investors have
the benefit of paying a small percent-
age of 10-20% as deposit to purchase
the property and the rest over a period
of two to three years depending on
completion of the development. The
safest kind of payment plan would be
one linked to the construction progress
of the development. Another type of
payment plan to consider is one where
an initial deposit of 10-20% is paid and
the rest is paid on completion of the
development. Escrow accounts are
another important factor to consider.
The escrow account’s aim is to regu-
late the functioning of the construction
process of units sold off-plan, thus safe-
guarding the rights of investors.
PRICE FACTORS
Price may often be said to be one of
the most important factors while pur-
chasing any kind of property anywhere
in the world. Purchasing early is one of
the key factors in keeping your invest-
ment to as minimum as possible. As
construction of an off-plan project pro-
gresses, the prices begin to rise steadily
as well. Investing earlier on in a devel-
opment also gives you the option to
select and often purchase some of the
Best units in the project. It allows you
to choose the most sought after prop-
erties which are more likely to offer
a higher return on investment in the
long run or even the best rental income
upon completion.
Investing in off-plan developments
is an extremely lucrative option for all
kinds of investors. Careful selection of
your investment will not only reap you
financial benefits in the long term but
also allows you to purchase your dream
home. Reducing risks and enhancing
returns is the major consideration while
investing in any property.
Market
Downtown Dubai
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DESIGNING IT RIGHT!
W
ith forecasts of around 250
hotels, equalling around
80,000 rooms, including
hotel apartments, shoot-
ing out of the ground by 2020, there is
plenty of room for architects and inte-
rior designers to apply the latest trends
in hospitality design. Expectations are
that Dubai, which has welcomed 5.8
million visitors in the first half of this
year, the highest figure ever for this
yearly period, and they are staying a lit-
tle longer than before averaging close
to four days, will be welcoming 20 mil-
lion by Dubai Expo 2020.
“Our ambitious vision, means the
opportunity is now, while the Expo
is an important milestone on Dubai’s
timeline, it certainly is not the end of
a journey. We must offer visitors unri-
valled long-term sustainable facilities
and experiences, there are plenty more
tourism projects in the pipeline for peo-
ple to experience Dubai to keep com-
ing back,” Issam Abdul Rahim Kazim,
CEO of the Dubai Corporation for Tour-
ism and Commerce Marketing, said
at the Vision Conference, taking place
recently in Dubai. To speed up develop-
ment, Dubai’s Department for Tourism
and Commerce Marketing (DTCM), is
closely liaising with the hotel industry
stakeholders to get things done, offer-
ing incentives to build three and four
stars faster, as well as working with
Dubai Municipality to shorten the time
for design approvals to as little as two
months. “Just as important is to main-
tain the high standards of hospitality for
which Dubai has become known for,
be it a luxury resort, three-star city, or
a cosy boutique hotel, it’s the standard
of services that will be remembered.
Cheaper doesn’t mean lower standards
but low cost-high quality hotels,” Issam
emphasizes. “We need to continue to
diversify the hotel sector, steps have
already been taken to broaden the
offering so we can match the full spec-
trum of visitors, requirements, as well as
tastes,” he adds.
The design element
This is where the hospitality design-
ers come in, which are increasingly
looking to social media to identify the
trending tastes. “Social media has a big
influence on design, everyone these
days can write a review on the various
booking sites and travel advisors. As a
designer you should go through these
web pages, look at the images of the
Hospitality
These are exciting times ahead for hotel designers in Dubai. By Nicole Walter/freelance writer
Bulgari Hotels & Resorts Dubai Artist Impression
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hotels people prefer when you’re going
to develop a similar kind of product.
Checking out the look of the building,
interior design and so on is one of the
key things to do,” says Bart Ledercq,
Head of Structures Design at WSP. Chris
Brown, VP and Practice Leader at HOK,
wasn’t too sure if social media changed
the firm’s design ideas. “In terms of driv-
ing the design forward we do engage
with social media before the open-
ing but I am not convinced if it alters
how we design,” he says, adding that
Facebook for example may be a great
place to seek out hotels but the danger
was that once arrived guests, with their
nose stuck in the virtual world, wouldn’t
take the place in. “You rather engage in
the design of a unique experience,” he
explains, citing the trend to have large
lobbies, which integrate the traditional
reception, business centre etc. into one
open shared space.
“We are redesigning public spaces,
where people can engage. Fully inte-
grated technology distracts the guest.
Our aim is to engage them in the expe-
rience instead of living virtually. We
want people to take in their surround-
ings, and at the same time not have
too many things to confuse guests,”
Chris describes.
Karim Benkirane, Head – Design
& Development at Meraas Holding
would concur that the future trend
is about transformational space. “We
don’t just have a lobby but a whole
raft of other spaces, millennium travel-
lers look for something more like their
own living room, where everything is
integrated instead of different spaces,”
he says.
“From a developer’s perspective
it is more efficient, as well. The hotel
becomes a smaller building increasing
the revenue per room. In terms of archi-
tecture we look for authentic, tangible
and honest design in which we’re using
local and regional materials, much
more earthy,” Karim adds.
Influx of more brands
Chris says more tailored brands are
coming to the market these days. “They
have more of a timeless classic look,
less extravagance, as well as seamless
“Our ambitious vision,
means the opportunity
is now, whilst the Expo is
an important milestone
on Dubai’s timeline it
certainly is not the end of
a journey. We must offer
visitors unrivalled long-
term sustainable facilities
and experiences, there
are plenty more tourism
projects in the pipeline
for people to experience
Dubai to keep coming
back,” Issam Abdul-
Rahim Kazim, CEO ,
Dubai Corporation for
Tourism and Commerce
Marketing
Hospitality
Burj Al Arab, Dubai
propertyonline.ae

integration instead of a dynamic ten-
sion between the interior and exterior
designs,” he explains. Meraas is bringing
the first Bulgari Hotel in a contemporary
stylish design to Dubai. Karim reckons
there is some confusion when it comes
to what the words luxury and opulence
actually mean. “The trend in Asia for
example is barefoot luxury, you don't
see that yet in Dubai but you will see
more of that in the coming years,” he
highlights.
Bart points to another trend, bou-
tique hotels to address the need for
more bespoke experiences, as well as
increasing requests to design three-
and-four star hotels. “Emaar is develop-
ing the Dubai Inns and there are more
ibis hotels under development. We also
see a lot of refurbishment happening,
now after ten years of operation many
are ready for a makeover. The way
people want hotels to look like is ever
changing,” he adds. The increase in
appetite to develop mid-market hotels
has been confirmed by DTCM, which
has received 51 applications from hotel
developers since the start of this year for
its incentive initiative, which waves the
10% municipality fee for several years
for this type of hotel. At the other end of
the scale are the iconic hotels. Ledercq
believes architecture is crucial here
to make them stand out. “They attract
a lot of people, the very first step is to
get them into the doors so the design
of the building needs to be iconic. From
the moment they enter the lobby its up
“Emaar is
developing the
Dubai Inns and
there are more
ibis hotels under
development.
We also see a lot
of refurbishment
happening, now
after ten years of
operation many
are ready for a
makeover.'' Bart
Ledercq, Head
of Structures
Design, WSP
Hospitality
Atlantis, Dubai
propertyonline.ae

to the operator to provide the experi-
ence. Therefore the operator needs to
be involved in the design process, so
we can take the brand and guest expe-
rience into consideration when design-
ing,” he explains.
Karim concurs: “The iconic nature
of a hotel means that the Bulgari for
example needs to differentiate itself
from the other iconic hotels Armani,
Burj al Arab etc. the design is not the
sole driver, but repeat market is gained
through bespoke customer service.”
Chris alerts to some complications with
design quirks when developers try and
make their hotels stand out physically.
“Operators need to make the room
matrix work. For example, we are in
discussions with operators on a hotel,
which has slight curves, the rooms,
which drive rates cannot be forgotten.
You have to clearly understand what
your clients want, so there is no discon-
nect between design and operation,”
he says.
HOK would also carry out specific
market studies, such as for the F&B
outlets. “Restaurants are seen as desti-
nations in itself these days,” Chris says.
Marcos Cain Director & Founder at
Stickman Design is calling for this kind
of synergy between food and design.
“Large operators’ brand guidelines are
becoming a little bit archaic and could
be reviewed, there is a lot more we
could do. For example we looked at a
herb garden feature growing under
lights but were told we aren’t farmers,”
he describes.
Standing out from the rest
Differentiation, with so many new
hotels coming up, is the name of the
game to stay competitive, and create
a cityscape, which visitors can admire.
“Around 250 hotels are needed, so if we
all start to do the same thing it won’t be
interesting anymore. It is the enormous
variety of themes we have on offer at
the moment, with all the different archi-
tectural firms envisioning what hos-
pitality projects should look like, that
spices things up. We should encourage
this diversity,” remarks Bart.
While it was important to find a way
to connect with a place in some shape
or form, Benkirane doesn’t believe
everything had to mimic traditional
Arabic architecture. “We can’t transform
all developments to look like the Al Qasr
Fort, there are other ways of bringing
local culture into the resorts or hotels,”
he says. HOK is currently working on
the Msheireb Downtown Doha proj-
ect. Chris highlights that it was about
a well thought through contemporary
interpretation of the ‘old’. “We have
to work harder to integrate historical
precedence and modern aspects, pro-
ducing a contemporary interpretation
of existing Qatari architecture, rather
than a paper idea on what a culturally
relevant building is, such as simply
adding an arch here and a mashrabiya
there. Developers need to challenge
architects to get the design idea right,”
he concludes.
Hospitality
“In terms of driving
the design forward
we do engage with
social media before the
opening but I am not
convinced if it alters
how we design.” Chris
Brown, VP and Practice
Leader, HOK.
Address Downtown, Dubai
propertyonline.ae

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Column
Jitheesh Thilak
BA, LLB (Hons). LLM (Int. Economic Law)
Solicitor (England & Wales),
Advocate (Supreme Court of India)
e: jthilak@gmail.com
T
he American Hotel & Lodging Association
(AHLA) issued the new 11th edition of the
Uniform System of Accounts for the Lodg-
ing Industry (“Uniform System” or “USALI”)
in July 2014. The edition reflects the first time that
ownership interests were included in the Financial
Management Committee that previously com-
prised only operators, industry consultants, CPAs
and educators. This article addresses what owners
and operators need to evaluate to understand the
impact of the 11th edition on manager fees and
performance tests.
It is considered to be the guide for hotel owners,
managers and other interested parties for report-
ing and presenting their property’s financial state-
ments. The standardization established by this sys-
tem permits internal and external users of financial
statements to compare the financial position and
operational performance of a particular property
with similar types of properties in the lodging
industry.
The 11th Edition was published to keep up with
changes brought by recent updates to generally
accepted accounting principles in the United
States of America (US GAAP), and to Interna-
tional Financial Reporting Standards (IFRS). It
also addresses new technology-related items and
developments and new terminologies used in the
industry. Some of the significant changes are as
follows:
1. Hotel Operating Revenues- It requires that hotel
operating revenues should only consist of revenues
that are controlled or directed by hotel operations.
In the past, revenues earned from commercial
leases, even if not directly associated with the
operation of the hotel and not managed or main-
tained by hotel operator, were reported as part
of rentals and other income. It requires that such
items, which include among others, billboards
or cell towers, be recorded as part of Non-Oper-
ating Income and Expenses, a line item below
Gross Operating Profit, and which was previously
CHANGES IN THE UNIFORM
SYSTEM OF ACCOUNTS
referred to as Fixed Charges. The term rentals and
other income were also changed to Miscellaneous
Income.
2. Service Charges- A service charge is a mandatory
amount billed to a guest’s or customer’s account for
which the guest or the customer has no discretion
as to payment, the amount of the charge, or its
distribution to employees. Service charges must be
accounted for as revenue and any corresponding
payment of service charge to employees is treated
as a wage expense. Although the previous edition
of the Uniform System addressed the accounting
for service charges in the Food & Beverage depart-
ment, it did not address similar or sometimes related
charges in other operated departments. The 11th
Edition has addressed service charges on each oper-
ated department and has included this on all oper-
ated departments for consistency.
3. Information and Telecommunication Systems- A
new line item referred to as Information and Tele-
communication Systems was added, which should
include administrative and complimentary phone
and internet connectivity costs, and other telecom-
munications-related expenses. System costs which
were previously reported on specific departments
should now be reported as part of Information and
Telecommunication Systems. Among other various
costs, system costs include the cost for point-of-sale
reservation systems, accounting and property man-
agement system licenses and maintenance, and
related fees. The changes related to the creation of
the Information and Telecommunication Systems
line item has the most impact. Careful evaluation
and analysis should be made for Information and
Telecommunication Systems related costs to ensure
compliance with the 11th Edition.
4. Non-Operating Income and Expenses- In addition
to moving revenues from billboards, cell towers,
etc. into this subsection, the 11th Edition requires
owner-directed expenses that are not associated
with hotel operations (e.g., asset management
fees, receiver fees, owner directed market studies or
audits) to be charged to Other, a line item within
Non-Operating Income and Expenses.
5. Gross Versus Net Reporting- An entire section
in the 11th Edition was added addressing the
accounting for certain revenues as either gross or
as net. Management must determine whether the
hotel is acting as an agent or as a principal and to
review various indicators. Some of the indicators
which dictate reporting revenues either at gross or
at net include agreements between the hotel and
the supplier in addition to the standards of service
and prices charged to the guest, as well as who
assumes the risk of collection. The determination
to report revenue on a net or gross basis further
influences the classification of a revenue source
as Miscellaneous Income or an Other Operated
Department.
6. Mixed-Ownership Lodging Facilities- Over the
past few years, existing hotel properties were built or
converted into residential units, in essence, created
mixed-ownership entities like time shares, rental
pool arrangements etc. The operation of the mixed
use projects does not in and of itself qualify the reve-
nuestreamtoberecordedintheroomsdepartment.
The Management should first consider whether the
arrangement should be reported as gross or net,
once the revenue treatment is determined, the
party who bears the predominant economic risks,
whether short term or long term risk has to be con-
sidered as well. The consideration of such dictates
the accounting for the various expenses incurred
by the property to rent and service the units, such
as labour cost and related expenses and operating
expenses.
7. Rent for Staff Accommodation - Payroll cost will
no longer have the cost of accommodation. How-
ever the amount paid as allowance would still be
shown as accommodation allowance in the Salary
and wages section. Added clarification that rent
of buildings used for employee housing should be
included herein. However, rent reimbursement to
employees and the cost of operating employee
housing is a Payroll Related Benefit.
Due to the standardization provided by the USALI,
most, if not all, mortgage/loan agreements, fran-
chiseagreementsandhotelmanagementcontracts
contain specific provisions that require hotel owners
and operators to prepare their financial statements
in conformity with the Uniform System. Changes
required by the Uniform System may also affect
the basis for management incentive compensation
amounts which are based on departmental results.
Therefore, it is important that the hotel owners
become knowledgeable of the changes as soon as
possible. Although the 11th Edition is not effective
until January 1, 2015, hotel owners and operators
should start evaluating the potential impact of the
changes required by the 11th Edition.
Hospitality
propertyonline.ae

COMMUNITYSPECIALIST
PALM JUMEIRAH
S P E C I A L I S T
Dorothy Biro
+971 56 1053655
Dorothy@aquaproperties.com
BRN : 29200
Antonina Turdalieva
+971 55 4226575
Antonina@aquaproperties.com
BRN : 28442
Tel +971 4 3882220 | www.aquaproperties.com
J U M E I R A H Z A B E E L S A R AY
 4 & 5 B E D V I L L A
 A R E A S Q F T 6 , 3 4 7 - 7, 0 8 7
 F U L LY F U R N I S H E D | S E A V I E W
S t a r t i n g @ A E D 2 6 , 0 0 0 , 0 0 0
D R E A M PA L M R E S I D E N C E
 4 B E D V I L L A
 A R E A S Q F T 7, 6 8 3
 SEA VIEW | PRIVATE POOL & GARDEN
A E D 2 5 , 0 0 0 , 0 0 0
VICEROY HOTEL
4 BED VILLA
AREA SQ FT 3 , 2 6 9
PRIVATE POOL, TERRACE & GARDEN
AED 12,812,500
FAIRMONT RESIDENCE
2 BED + M A I D A PA R T M E N T
AREA 1 , 8 2 0 | T Y P E E
SEA VIEW
AED 4,800,000
G O L D E N M I L E
 1 B E D A PA R T M E N T
 A R E A S Q F T 1 , 3 5 0 | T Y P E F
 C O M M U N I T Y V I E W
A E D 2 , 2 0 0 , 0 0 0
T I A R A A Q U A M A R I N E
 A R E A S Q F T 1 , 3 5 9 | T Y P E F
 P O O L V I E W
A E D 2 , 3 0 1 , 5 5 5
M A R I N A R E S I D E N C E
 AREA SQ FT 1 , 0 7 1 | R E N T E D
 C O M M U N I T Y V I E W
A E D 1 , 7 0 0 , 0 0 0
SHORELINE APARTMENTS - AL ANBARA
 2 B E D + M A I D A PA R T M E N T
 A R E A S Q F T 1 , 6 4 6
 PA R T I A L S E A V I E W
A E D 2 , 6 5 0 , 0 0 0

COMMUNITYSPECIALIST
JUMEIRAH VILLAGE
S P E C I A L I S T
Teddy (Brn: 25252) - Agent Jumeirah Village
+971 567295059 ah@spfrealty.com
P L O T : G + 1
 A R E A S Q F T : B U A . 4 4 0 0
 N O R M A L V I E W
A E D : 2 7 5 A E D P E R S Q . F
P L O T : G + 4
 AREA SQFT: BUA 67,000 PLOT.24000
 V I E W : PA R K
A E D : 1 8 0 A E D P E . F T
VILLA : INDEPENDENT MEDITERRANEAN STYLE
2BEDS+MAID
AREA SQ FT:2690 PLOT.2690
COMMUNITY
AED 3,000,000
V I L L A : A R A B I C S T Y L E
 4 B E D S
 A R E A S Q F T : 3 7 1 8
 V I E W : C O M M U N I T Y
A E D 4 ,1 0 0 , 0 0 0
V I L L A : M E D I T E R R A N E A N S T Y L E
 4 B E D S
 A R E A S Q . F T : 3 1 7 5
A E D 3 , 5 0 0 , 0 0 0
V I L L A : A R A B I C S T Y L E
 2 B E D S + M A I D
 A R E A S Q . F T : 2 6 9 0 P L O T 74 0 0
A E D 3 , 2 0 0 , 0 0 0
T O W N H O U S E
 2 B E D S
 A R E A S Q . F T : 2 9 9 2
 C O M M U N I T Y
A E D 2 , 7 0 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
 C O M M U N I T Y
A E D 1 , 6 5 0 , 0 0 0
Tel +971 4 3396222 | www.spfrealty.com

S P E C I A L I S T
THE LAKES
Cornelia Gould - Client Manager
+971 56 115 9043 | cornelia@exclusive-links.com
BRN. 26800
Christina Steinhoff -Client Manager
+971 50 768 0533 | christina@exclusive-links.com
BRN: 29137
COMMUNITYSPECIALIST
Tel +971 4 422 5750 | www.exclusive-links.com
DEEMA TYPE 4
4 BEDS + MAIDS & STUDY
AREA SQ.FT: PLOT 7000, BUA 3,703
 VIEW: PARK & POOL
AED 6.45 MILLION
GHADEER TYPE 1E
AREA SQ.FT: PLOT 6,800, BUA 3,105
VIEW: PARK & POOL
AED 5 MILLION
GHADEER – TYPE 3M
3 BEDS + STUDY
AREA SQ.FT: PLOT 3,122 BUA 2,485
VIEWS: COMMUNITY
AED 4 MILLION
MAEEN TYPE C END UNIT (EXTENDED)
AREA SQ.FT: PLOT 4,200 BUA 3000
AED 4.2 MILLION
DEEMA TYPE 5
VIEWS: PARK & POOL
AED 5.65 MILLION
DEEMA TYPE 2 CORNER
AED 6.8 MILLION
GHADEER TYPE 2E
3 BEDS + STUDY & MAIDS
AED 4.9 MILLION
MAEEN TYPE 17
VIEWS: COMMUNITY
AED 6.5 MILLION
ZULAL TYPE C MIDDLE
VIEW: COMMUNITY
AED 3.7 MILLION
DEEMA TYPE 4
AED 5.85 MILLION

JUMEIRAH PARK
S P E C I A L I S T
Adam Mahdoul
Jumeirah Park Specialist
+971 55 139 9866 | adam@pennington.ae
LEGACY
3-BED APARTMENT
AREA: 3,500 SQ. FT.
MAID’S ROOM
AED: 4,700,000 (PN-S-1485)
LEGACY
4-BED APARTMENT
MAID’S ROOM
AED: 5,900,000 (PN-S-1502)
LEGACY SMALL
3-BED APARTMENT
PRIVATE SWIMMING POOL
AED: 4,000,000 (PN-S-1488)
REGIONAL
4-BED APARTMENT
MAID’S ROOM
AED: 5,850,000 (PN-S-1520)
JUMEIRAH PARK
3-BED APARTMENT
MAID’S ROOM
AED: 3,900,000 (PN-S-1523)
LEGACY SMALL
3-BED APARTMENT
HUGE LIVING ROOM
AED: 220,000 (PN-R-1514)
REGIONAL SMALL
3-BED APARTMENT
BRIGHT WALLS & INTERIORS
AED: 220,000 (PN-R-1513)
LEGACY
4-BED APARTMENT
HUGE LIVING ROOM
AED: 305,000 (PN-R-1517)
LEGACY LARGE
3-BED APARTMENT
PRIVATE SWIMMING POOL
AED: 260,000 (PN-R-1510)
Tel +971 4 4537375 | www.pennington.ae
info@pennington.ae | ORN No. 12512
COMMUNITYSPECIALIST
FOR SALE
FOR RENT

Property Times October 2014

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