At Best rental Value | Spacious Three bed Apt

AED 190,000 /Year

  • 3 Bedrooms
  • 4 Bathrooms
  • 2576 SqFt
  • Semi furnished
  • Reference ID
  • Richtown-R273
  • Property type
  • Apartment
  • Rental Period
  • Year
  • Availability


  • SPA


Three Bedroom apartment in Sheikh Zayed Road

Property Details:
– Three Bedroom Apartment
– 46th Floor
– Master Bedroom with En-suite Bath and Wardrobes
– Kitchen with built-in cabinets
– Total Area: 2,642 sq.ft.

Annual Rent: AED 190,000/-

Note – This Property will be available from 22th May 2017

* Photos are Just for Illustration

For further assistance on the Property and to arrange viewings, please feel free to call on the below contact:

055 596 3159

Location Map

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  • RERA Permit Number: 17700
  • DED Licence Number: 636354
  • RERA Registration Number: 2457

+971 55 596 3159

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Property NewsMore News

Gold mines and land mines in the property market

I am often asked by investors to articulate my “philosophy” of real estate investing. Tough question. My ideal deal is one where it is possible to buy brick and mortar assets at 60-70 per cent of replacement cost. This usually occurs in the aftermath of a banking crisis or economic shock. This was the case in Florida homes in 2009 or Spanish office space in 2010. Another strategy is to “buy, fix and sell”. This was my rationale for East Kent homes as a proxy for King’s Cross, the biggest retail and office development complex in Britain since Canary Wharf and the Docklands in the Thatcher era. Now that towns like Ashford and Folkestone are linked to Kings Cross St Pancreas by high-speed link, rents will rise, bank mortgages will rise, commuter traffic and capital values will rise in East Kent.

I believe the private and public property markets are rarely perfectly correlated, offering exceptional, if rare, opportunities for arbitrage in debt instruments or securitised property. Anybody who does not have a diversified portfolio of real estate investment trusts (Reits) is denying themselves the potential to make money in some of the world’s hottest real estate sectors and themes, easily accessed via an interactive brokers or e-trade electronic brokerage account. For instance, I had profiled Prologis as the ideal New York Reit to benefit from the industrial boom. Prologis was up 28 per cent in 2017. As I assure my parents, both avid property investors, if you think Wharton is expensive, try ignorance! The US desperately needs to build at least 50 million sqft of extra industrial space every year, thanks to the Amazonisation of the world. Even the US Air Force is leasing its vast spaces in Nevada to build mega one million sqft distribution and logistics centres. This is a 20 per cent per annum growth opportunity for at least the next three years. Timing and the right entry price are everything in real estate investing, as is real-time market intelligence. I avoid brokers and mortgage bankers like the plague, just as I do Third World guys who offer to sell me a BMW 7 series for Dh50,000, quick, quick Sahib!

As a partner in Asas Capital, I am proud to have raised the equity capital for a 630-room Park Regis four-star hotel that will provide some of the Gulf’s most intelligent (they trusted me and their trust is sacred) investors a 15 per cent cash dividend in US dollars and a potential 200 per cent return on initial capital on the project’s eventual flotation or trade sale. Saudi Arabia wants five million extra Umra pilgrims by 2020 but Makkah has barely 12,000 branded four-star hotel rooms. This was the macro opportunity of a lifetime and my partners at Asas Capital began work on this project in 2014, when oil was $114 and religious tourism assets dirt-cheap.

I absolutely abhor speculative real estate investments or “buy to let” in markets where a developer can arbitrarily raise service fees at will even when rents fall 20-30 per cent. So a Dh2.5 million, 1,000 sqft one-bedroom flat rents in the Burj Khalifa for Dh120,000 but service fees are Dh72,000. A two per cent net rental yield makes no sense as if I wanted a bank deposit, I would get one.

Demographics and the credit cycle play a crucial role in property investing. So the exodus of executives due to job losses in banking, property, aviation, construction, retail etc. makes luxury a non no for us in Dubai. The only villas that are selling now are owner occupiers in the Dh2-to-3 million range villas in the Dh5 million-plus range will have to take a 40 per cent hit to capital. There is a glut of luxury apartments, high end office spare (a Mazaya building sold for Dh400 a square foot, just above construction cost. That is where I see eventual market equilibrium). Investors in British schools, especially if inspired by Dh120,000 a year pseudo-British public schools, will hemorrhage cash as companies slash education subsidies. Note the many high end schools who violate KHDA rules against discounts by offering “founder fees” or two sibling for one package. When hotel RevPARs fall by double digits, I have only one piece of advice for investors – get out!

I expect the current trend of falling rents to accelerate in 2018 and even 2019. If rents fall by another 20 per cent, many segments of the property micro markets become affordable again, a huge ballast for Dubai’s trade/services economy.

10 Dec 2017

UAE’s economy to strengthen in 2018, says IMF

The United Arab Emirates economy is expected to recover gradually next year without suffering a significant blow to growth from the introduction of a 5 per cent value-added tax in January, a senior International Monetary Fund official said.

Natalia Tamirisa, IMF mission chief to the Arab world’s second biggest economy, said Dubai’s spending on preparations to host the Expo 2020 world’s fair would help to boost growth.

On Sunday, Dubai announced a 19.5 per cent leap of spending in its 2018 state budget, largely because of higher allocations for infrastructure.

“We see a gradual recovery for the UAE over the next few years on the back of firming oil prices, a pick-up in global trade, investment for Expo 2020 and easing fiscal consolidation,” Tamirisa said in a telephone interview on Monday.

Non-oil sector growth is projected to rise from 1.9 per cent this year to 2.8 per cent next year, and to continue climbing to between 3.3 and 3.5 per cent in 2020, she said.

The introduction of VAT next month will be a big change for consumers and companies, which have long been accustomed to minimal taxation in the Gulf.

Analysts believe some consumers may rush to make purchases this month to beat the tax, potentially setting the economy up for weakness early next year when the spending fades.

But Tamirisa said the effect was not likely to be large enough to hurt the economic recovery, and that the government looked set to manage the launch of the tax without disrupting business.

“After the initial adjustment we’re expecting smooth operation of the system. The preparations by the government have been quite extensive.”

The IMF’s forecasts assume oil will average over US$62 a barrel next year, based on futures prices, compared to an average of about $54 this year. This should help strengthen the UAE’s finances in 2018 despite looser budgets, Tamirisa said.

The IMF expects the UAE’s consolidated fiscal deficit, including the federal government and all seven emirates, to shrink to 1.3 per cent of gross domestic product next year and gradually disappear in subsequent years, from 2.2 per cent this year and 2.5 per cent in 2016.

Dubai’s real estate market has been slumping for over two years, but Tamirisa described the slump as natural given an ample supply of new housing and an economic slowdown, and said it was not a fundamental threat to the economy.

“Oil prices still play an important role in the economy so it’s normal that they’re still working their way through the market,” she said, adding that the market still looked likely to recover after a period of consolidation.

Banks are much more resilient than they were during the UAE’s property market crash nearly a decade ago, and the fact that rents and real estate investment are not subject to VAT should help the market gain strength in the long term, she said.

12 Dec 2017

Dubai Design District sketches to be a 24-hour hotspot

Dubai: A 24-hour destination? Not yet.

But the sprawling Dubai Design District (d3) is well on its way to being an 18-hour hub for its people to work, shop and even dine. The only element that’s missing is the living part, and d3 will set that right in time. And when that happens, it will turn into a 24-hour hotspot.

“I think we have already created something for a professional working at d3 to come back later in the evening and dine in,” said Mohammad Saeed Al Shehhi, CEO. “This is what Dubai is providing now — something more than mall experiences. Projects such as La Mer, City Walk …

“When we were putting the plans together. we wanted this place to be a full destination. The third phase of d3 will create that space.”

Currently, d3 has crossed the 7,000 mark in the number of people who turn up at the many offices each day. There are 420 office units in Phase 1.

The first two phases are entirely given up to create offices and workshops for the creative community — the designers, the specialist consultancies with a creative streak in them, and start-ups intent on offering something that is not the norm.

“The Phase 1 works were completed in 2015 and we have 94 per cent occupancy,” said Al Shehhi. “Phase 2 should be complete by end 2019, but we haven’t started on the leasing. By early next year, we should most probably start with the soft bookings.”

In the last three years, d3 has been rated by independent real estate consultancies as among the top performing office destinations in Dubai. That was based on the response generated by the Phase 1 releases. Phase 2 will make room for a campus and a design-focused university with curriculum put together by MIT and Parsons. “We always had in our masterplan space for a university to support the design industry,” said Al Shehhi.
But it will be the third phase that will take d3 beyond the realms of being a hotspot for offices. And create that 24X7 destination.

“The third phase will stretch all the way to the Water Canal,” the CEO said. “That’s under design and we will have boutique hotels and a strip of retail right on the water’s edge.

“This phase will take a further three to five years to build.

“The plans on the residential component are under design. We have a 1.8-kilometre stretch of waterfront and we were lucky to have the widest portion of the Creek in front of us. It makes it important that the masterplan creates opportunities for as much interaction with water as possible.

“We are clear in our minds that the residential component is important. In the planning phase, we spoke to the creatives, asked them what the ideal home would be for you. That feedback gets incorporated into our design.
“When we design the masterplan, we made sure d3 is where we can live, work, play and, now, learn.”

The last one comes from having that design university. For the moment, the on-site campus is “receiving applicants now and they are fitting out classes,” the CEO said. “It’s a great opportunity to have academia right next to the industry alongside the big brands, the SMEs and start-ups. The student gets to see how he can start a business, grow to be an SME and potentially a big brand. It’s all there at their doorstep.”

The whole of d3 across sits three phases will cover 25 million square feet. At full throttle, it will have around 17,000 creatives coming in on a day-to-day basis, including the students and visitors.

But is d3 on its way to being one of the pricier parts of the city? “You could say we are choosy about who we take in — they need to be a creative,” said Al Shehhi. “But I won’t say that makes us pricey. We are surrounded by three main highways and in many ways in the centre of Dubai. Yet, if you compare us to the developments around us, we are not pricey.”

Getting creative even with the start-ups

Even with the retailers coming in, d3 has clear preferences for those who can conjure up something beyond the tried and tested.

“To be a true destination, we will need to have those retail concepts that will attract people to come here,” said Mohammad Saeed Al Shehhi, CEO. “Sixty per cent of our concepts are home-grown. If you go to The Lighthouse, it’s two bankers who came up with a brilliant (F&B) concept. There’s OneLife, which is very unique for Dubai; we have Mum’s Table; and we have The Espresso Lab launched by an Emirati entrepreneur.

“At the end of the day, d3 will always be about designers. We want to attract footfalls for our designer tenants. The showrooms we have are not just offices, but creative spaces.”

11 Dec 2017

How the Dubai real estate market evolved in 2017

Investors and end-users in Dubai have never had it better. Developers in Dubai are going all out to woo buyers by offering unique payment plans. They are even acting as proxy lenders by offering interest-free finance options to buyers. With a slew of attractive payment plans in the market vying for buyers’ attention, new developers are launching unique schemes to garner interest.

City Properties, the new kid on the block, has tailormade three finance options for buyers in its debut real estate venture – Al Haseen Residences in Dubai Industrial Park adjacent to Dubai South.

The first standard option is for the cash/mortgage buyers where one pays 30 per cent of the property value till handover and the balance after.
In the second plan, a buyer pays 40 per cent using flexible options until handover. At the time of handover, the buyer can pay 60 per cent of the property value in 120 interest-free monthly payments over 10 years. There is no bank involved.

For instance, if you are buying a studio worth Dh400,000, you initially pay Dh160,000 until handover (40 per cent). The balance Dh240,000 can be paid in 120 cheques of Dh2,000 each over 10 years.

The third option is targeted at investors. After paying the initial 40 per cent of the property’s value until handover, the investor hands over the unit’s property management rights to the developer for 10 years.

“We will ensure that your installments are being paid. At the end of 10 years, you will only have paid 40 per cent and own the unit. We guarantee to pay the balance 60 per cent, inclusive of service charges. The investor also has the flexibility to sell or repossess the unit,” explains Gaurav Verma, CEO of City Properties.

The promoters behind City Properties, which was launched in 2016, have over 20 years’ experience in property management in Dubai and handle over 90 buildings and 5,500+ properties in the city.

The average sales price at Al Haseen Residences is Dh1,000 per sqft, with the service charge pegged at around Dh8 to Dh10 per sq ft.

A studio is priced from Dh400,000, one-bed from Dh600,000 to Dh800,000 and two-bed from Dh850,000 to Dh1.1 million, informs Tauseef Khan, chairman and founder of City Properties.

Construction on the Dh70 million project commenced in June 2017 and will be completed by Q1 2019.

“We have sold 50 per cent of 138 units. The buyer profile is a mix of end-users and investors. We have GCC buyers, Emiratis and a lot of South Asians. We also have a few buyers from the Philippines holding senior positions in the government,” says Verma.

The developer claims it intends to bring quality back into the affordable housing market. “The quality of apartments has deteriorated. Some developers even include parking in the liveable area to boost sales. We don’t intend to cut corners,” contends Khan.

A studio in Al Haseen Residences ranges from 400 to 520 sqft, one-bed from 680 to 850 sqft and two-bed from 950 to 1,000+ sqft. Each unit comes with a covered parking spot.

The development is completely self-funded and located 10 minutes away from Al Maktoum International Airport.

The developer has nine more projects in the pipeline – all adjacent to Dubai South – and more plots in Meydan City. Its second project will be announced in January.

Ruling out fears of oversupply in south Dubai, the CEO says: “We are very bullish about demand for housing in south Dubai closer to the new airport. We foresee a shortage of supply. Al Maktoum International Airport, Dubai Parks and Resorts and Dubai Wholesale City will be responsible for creating a huge number of jobs. That rules out an oversupply situation. Housing needs to develop a lot quicker in that area.”

12 Dec 2017

Dubai prime home rents may fall further

Rents in the Dubai prime residential rental market have some more room to contract as demand for prime residential decreases from ultra high net worth individual and C-suite occupiers, says Core Savills, a real estate consultancy.

New stock in the upper and mid-prime residential segment are also diluting demand. However, with capital values also softening considerably, some products in this segment still hold stable yield values.

With relatively slower falls in rents in mainstream locations over the last few quarters, the prime segment is expected to be sluggish in moving towards the bottom.

Gross yields continue to be upwards of eight per cent for apartments across most mainstream sub-markets in Dubai, however, some degree of yield compression is expected through further rental decrease.

“As the next cycles of lease renewals inspire relocations, particularly among tenants whose rents are yet to reflect the softening market, we expect rents to continue softening. Although widespread, the magnitude of these drops is expected to remain limited,” says David Godchaux, CEO of Core Savills.

Meanwhile, Dubai’s residential market has completed an entire cycle in the last 10 years and is currently in the midst of its second cycle. After seeing a quick recovery over 2011-2014, rents in Dubai declined again between 2015 to 2017.

According to a report issued by Core Savills, Dubai was able to see a swift recovery in rents due to significant fiscal stimulus from the government which kickstarted growth and fuelled job creation, thus driving up demand for rental property. After reaching a peak in 2014, rents declined again, mirroring the decrease in oil prices.

“Given that Dubai continues to be a fast-growing economy, largely reliant on expatriate tenant demand, that has historically been responsive to Dubai’s economic fluctuations, the speed with which the city traversed its rental cycle is not surprising. As the UAE sees further economic diversification and private sector-led growth, Dubai’s rental cycle is likely to decelerate and lengthen,” observes Godchaux.

Office rents

Dubai’s prime office market has been outperforming the overall real estate landscape over the last few years due to limited grade A supply and unmet demand from large international occupiers wanting to set up or expand their regional operations. However, the pace of upward movement in prime rents is expected to moderate as the upcoming stock gradually self-adjusts, with new prime stock anticipated to exceed new grade B supply for the first time in the last 10 years.

This is expected to create a healthy balance between supply and demand as more options become available for large corporates to choose from – many have been resorting to purpose-built premises due to limited options available in recent times.

The secondary office market continues to lag due to strong headwinds faced from the large amount of existing and upcoming stock, despite marginal improvements in demand.

“As macro-economic indicators start improving and demand for grade B and C office space starts increasing again, we still expect a significant lag in absorption for the existing vacant stock. We are very cautious about any chance of a recovery in secondary market rents in the next 12 to 18 months,” Godchaux adds.

12 Dec 2017

Dubai real estate consultancy launches Dhs5m endowment

Real estate consultancy group Freehold Mediation and Information has launched a Dhs5m ($1.4m) endowment scheme to help small-scale property investors and real estate entrepreneurs find solutions to the difficulties they face.

Through the initiative, the Dubai-based company will bear the cost of 400 integrated studies annually, analysing their clients’ real estate situations and providing advice and consultancy services.

FMI’s move is part of the Global Endowment Vision, which has been adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to revive the endowment as a development tool for communities. By launching the initiative, FMI has received the Dubai Endowment Sign from the Mohammed bin Rashid Global Centre for Endowment Consultancy – one of the Mohammed bin Rashid Global Initiatives.

The Dubai Endowment Sign – bestowed upon companies in recognition of their community contribution – gives private institutions a preference for procurements and contracts with the Dubai government.

Dr Hamad Al Hammadi, secretary general of the Mohammed bin Rashid Global Centre for Endowment Consultancy, said: “With the diversity of entities in the private sector, we are designing a variety of innovative endowments that suit the nature of each entity.”

11 Dec 2017

Dubai rental declines pick up in October: analyst

Dubai: The cost of renting apartments and villas around Dubai fell at a much faster rate in recent months, a property analyst has said.

According to a review by Phidar Advisory, accommodation costs across properties in the emirate posted the biggest quarterly decline in October since the slowdown started in the middle of 2014.

The decline continued to hit many communities, including popular areas like Downtown Dubai, where rents dropped by 5.2 per cent at the end of October.

“Rent declines are escalating, largely driven by the combination of weak job growth, new supply handovers and reduced housing budgets,” Jesse Downs, managing director of Phidar Advisory, told Gulf News.

“Wider corporate restructurings and salary adjustments have reduced housing budgets, which exacerbates rent declines and will lead to a reshuffling of pricing.”

The analysis coincided with the trend shown in the Reidin Residential Rental Price Index, which fell from 92 in August 2017 to 90.4 in October 2017. In its most recent report, Core Savills also highlighted that rents for flats in Dubai registered more declines than villa properties.

“The core submarkets of Dubai Marina and the Palm Jumeirah were the weakest performers, with rents dropping by 10 per cent year-on-year. Occupiers across these areas either negotiated lower rents or chose to move to cheaper comparable units.”

Rents for apartments had dropped by only 0.9 per cent in August, according to Phidar, but the pace picked up to 2.6 per cent in September and 3.8 per cent in October. For townhouses and villas, rents fell by 1.1 per cent in August to 2.7 per cent in October.

“It has been escalating. In fact, for apartments, October’s data shows the biggest quarterly drop since the market started to decline in mid-2014,” said Downs.

Despite the rental declines in many areas, including those in the city centre, tenants who are constantly on the lookout for ways to save money on accommodation costs continue to move farther away.

“The new housing, often in outlying areas, is drawing relocation from key existing communities, which is driving up vacancies in some of the traditionally most popular areas,” said Downs.

However, there are still some landlords out there who are hesitating about lowering their asking prices. Downs said this is leading to “long void periods and lost income.”

“In many cases, it’s more rational to reduce the rent and fill the unit. Landlords often think their units in popular areas are immune, but nothing is fully immune now.”

“Rents across the city are interconnected. From studios to villas, central locations to the suburbs, everything is interrelated, to some degree. Eventually, rents will adjust downward in all areas and the market will reach a new equilibrium. Sometimes it takes a few months, or more, to find the equilibrium, “ she said.

11 Dec 2017