In Brand New Building Two bed Apt
- 2 Bedrooms
- 2 Bathrooms
- 750 SqFt
- Reference ID
- Property type
- BASEMENT PARKING
- FULLY FITTED KITCHEN
- SHARED SWIMMING POOL
- SHARED GYM
Beautiful Two Bedroom apartment for Lease at International City
Brand new Building : Modelux Tower 1 , Located in Phase 2
We have multiple properties available for rent and sale : Studios and 2 Bedroom Apartments.
– 2 Bed Apartment
– Bedrooms with en-suite bath
– 4th Floor
– Community and Road View
– Spacious open Kitchen
– Built-in wardrobes
– Total Area: 750 sq.ft.
This Property is Vacant and ready for immediate occupancy!
Note* – This property is for sale as well at the price of AED 780,000 /-
For further assistance on the Property and to arrange viewings, please feel free to call on the below contact:
055 596 3159
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- RERA Permit Number: 17700
- DED Licence Number: 636354
- RERA Registration Number: 2457
+971 55 596 3159
Spacious Two Bed with Pleasant view of Courtyard
- 2 Bedrooms
- 1750 SqFt
Best Investment Opportunity !! One Bedroom with Study/Maid
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- 1 Bedrooms
- 885 SqFt
In Brand New Building Two bed Apt
Warsan International City
- 2 Bedrooms
- 750 SqFt
Huge and Beautiful Six Bed Villa
- 6 Bedrooms
- 9418 SqFt
Private Garden Two Bedroom Apartment for sale at Dubai Dowtown
- 2 Bedrooms
- 2108 SqFt
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Housing demand in Abu Dhabi is primarily a factor of job growth and the resulting population growth, particularly of the white-collar labour force. According to the latest available data from the Statistics Centre Abu Dhabi, the total population for the emirate was 2.9m in 2016, rising by nearly 9% since 2014, the last residential market peak.
In comparison, the white-collar population declined by 2% over the same period to 1.4m in 2016, and the percentage contribution of the white-collar workforce in the total population declined from 53% in 2014 to 48% in 2016.
The oil & gas sector remains a primary source of revenues for the economy, and housing demand in Abu Dhabi is closely linked to job creation in this sector. Analysis of price performance among key freehold communities within the emirate against oil price movement bears out this correlation. Housing budget readjustments and job losses in this and other key sectors, such as banking and aviation, have affected rents and occupancy levels across Abu Dhabi.
An infrastructure push from the government through bond issuance and other measures is expected to drive investment into the emirate and potentially improve housing demand. However, further consolidation in sectors such as banking and real estate could lead to job losses. These are expected to affect senior executives more and hence could have an impact on larger units such as villas/townhouses rather than smaller units.
Over the last 12 months in Abu Dhabi, marginal price declines have continued, averaging 1.5% for apartments and 1.9% for villas/townhouses. According to the Property Monitor Index, Saadiyat Beach Residences and villas in Al Raha Gardens have experienced 12-month declines of more than 2% on average, based on Q3 2017.
There is limited transaction activity in the secondary market in freehold locations throughout Abu Dhabi, as expatriates appear to be biding their time, waiting to purchase a property at its lowest price. Many are opting for off-plan units, as although they are smaller in unit size, they are more affordable and tend to have higher specifications.
Off-plan sales activity remains high in comparison to the secondary market, mainly due to developers introducing attractive payment plans, especially catering to buyers who would otherwise be priced out of the market.
Meanwhile, deals between UAE nationals have continued, predominantly for private villas/townhouses throughout Abu Dhabi and buildings on the islands. While GCC and Arab investors remain the largest segment of buyers in the Abu Dhabi real estate market, there is increasing activity from end users/occupiers looking to move up the property ladder. The ticket prices of some newly launched projects, along with the attractive payment plans and mortgage options offered by banks, are increasing activity from this buyer segment.
Rent averages have declined by 3.1% for apartments and 4.3% for villas/townhouses over the past 12 months in Abu Dhabi investment zones. These declines are more pronounced in Al Raha Gardens and Al Reef villas. In these locations, units exhibit 12-month declines of 4% or more.
Rental declines have continued as summer draws to an end and the last group of expatriates leave the UAE, with fewer new families arriving. The many vacant apartments and villas/townhouses in freehold areas such as Reem Island have left landlords facing long vacancy periods on their assets. This downward trend is expected to continue over the next quarter.
Communities that have existing social infrastructure such as schools are expected to fare better, with price and rent levels remaining relatively stable. Within new master developments, getting schools into the mix early on can help to drive end user/occupier interest, as well as interest from sub-developers looking to build within that community.
Approximately 1,700 residential units have been handed over across Abu Dhabi investment zones this year. As of September, approximately 6,274 units are scheduled for handover for the remainder of the year, though actual completions may vary significantly. The key locations for upcoming supply this year are Reem Island and Yas Island, which have more than 1,500 units each scheduled for completion this year.
Among the new launches this quarter was Aldar’s Water’s Edge project on Yas Island, expected to have 2,255 residential units, with the majority (42%) being one-bedroom. In terms of pricing, the new launch is targeting the mid-income buyer, with starting prices at $131,000 for a studio.
Meanwhile, at the luxury end of the market there was the launch of 44-storey Reem Tower by National Bonds Corporation (NBC). The luxury tower is to be designed by Japanese architectural firm Nikken Sekkei and is expected to have 335 apartments.
14 Nov 2017
One of the first international engineering firms to take up residence in Dubai, Atkins’ influence on the built environment has evolved over the last half century from behind-the-scenes infrastructure consultancy to a high-profile portfolio of iconic structures.
“This year we are celebrating 50 years in the region,” says Tom Hasker, managing director — property at Atkins. “Originally, Atkins was largely recognised as an engineering and infrastructure brand, but over time we also developed our architectural business.”
Atkins’ UK expertise was first exported to the region in 1967 when a small team of engineers was sent to Kuwait to work on the country’s utilities infrastructure and road design. In 1979, client project demand saw the firm plant its feet permanently on Dubai ground with a new office and involvement in key infrastructure projects such as the dredging of Dubai Creek.
Says Hasker: “In the early days the region already had tremendous aspirations, but there wasn’t the supply of on-the-ground quality engineers, architects and contractors needed to realise the vision of the rulers.
“The people who worked here at the time always reminisce about the immense pressure they were under to make projects happen. However, in a lot of ways it was easier to deliver the big jobs back then as there were less of them, whereas these days everyone’s job is big and important, but just one of many.”
One of Atkins’ first transformational Dubai projects was, quite literally, a step change for the company, as Hasker explains: “In the early 80s the Dubai Municipality commissioned Atkins to design a reinforced concrete edge along the Deira bank of the creek to make passenger access on and off abra water taxis less of a challenge, and this resulted in the creation of the now familiar abra steps.”
In 1985, the team took on its first residential architectural commission, for the design and construction of a private villa on Al Wasl Road, and this led the way for more and more project wins, including the city’s original Standard Chartered Bank building, Dubai Police College and the Taj Palace Hotel.
Atkins’ turn to truly shine came in 1994 when it was engaged to design the city’s original hospitality icon, the Burj Al Arab, with the Jumeirah Beach Hotel and Wild Wadi Water Park also representing milestone project wins for the company.
Moving into the new millennium, the company continued to build bigger, taller and more complex structures with the Shaikh Zayed Road area home to a raft of Atkins-designed and engineered landmarks, including the first Address Hotel, The Address Downtown Dubai, along with the Princess Tower, 21st Century Tower, Chelsea Tower (now rebranded as the Al Salam Hotel Suites) and the Millennium Tower.
Its most recent high-profile accomplishment is the Dubai Opera, with Atkins managing the project from drawing board to delivery.
But its contribution to the city’s urban fabric isn’t always so immediately apparent, as Hasker explains: “Our involvement with Dubai Municipality spans years from creekside development to the Metro and in defining the areas that will promote Dubai’s growth and development. The Dubai Metro, with the Red Line the world’s longest driverless single metro line, was another hugely successful project for which we provided full multidisciplinary design and management of the civil works.
“We are also heavily involved with master planning for Al Maktoum International Airport in Dubai South.”
Urban rejuvenation is another area where Atkins is making its mark. “We see a lot more thought now going into development, rather than a desire to simply have trophy buildings, which don’t reflect the true urban fabric,” says Hasker.
“And there’s real interest in urban rejuvenation projects such as what Meraas has done with La Mer to bring new life and sensible development to existing areas,” Hasker adds. “Atkins is also lead consultant for the mixed-use waterfront Marsa Al Seef development on Dubai Creek, which is reactivating the real ‘old Dubai’.”
At the opposite end of the design spectrum, but also sited on the banks of the historic creek, Atkins’ work on the master plan for Emaar’s Dubai Creek Harbour community, in collaboration with RTKL, has a strong focus on digital innovation.
“Dubai is ahead of the curve compared to more established markets when it comes to digital infrastructure development, and that’s because a lot of the infrastructure here is so young,” says Hasker. “So, whereas not many established cities have the ability to master plan scaled communities such as Dubai Creek Harbour from scratch, we have the opportunity to leapfrog ahead. We have the view that within the next five years our business landscape, as well as Dubai’s physical landscape, will be dramatically different.
“The way that we deliver our services will reflect the massive shift towards digital engagement — or generative design — with technology that allows us to produce more efficient designs more quickly. And Dubai is embracing this far more quickly than other markets.”
15 Nov 2017
Union Properties, the developer primarily known for its projects in Dubai’s Motor City, posted a Dh45 million loss for the third quarter, as construction revenues dropped by more than a half.
The loss, reported on the Dubai stock exchange, was an improvement on the Dh2.3 billion loss posted in the previous quarter, but down from a Dh32m profit for the third quarter of 2016.
Revenues from contracting and other operating activities – the company’s largest revenue generator – fell 56 per cent year-on-year to Dh82m. Property management and sales revenue declined 15 per cent year-on-year to Dh18m.
Union Properties announced in August a Dh2.8bn write-down of the value of its assets by a new management team in its second-quarter results, leading to its worst ever quarterly loss for the three months to the end of June.
A new chairman and vice-chairman were appointed in May after an impromptu board reshuffle saw the resignation of three directors, including the chairman Khalid bin Kalban. A new chief executive, Ahmed Khouri, was appointed in July.
The Union Properties chairman Nasser bin Yousef described the actions taken in the second quarter as “a one-time charge for the accounting irregularity by the previous management.”
The company’s shares opened 1 per cent lower in early Tuesday trading.
14 Nov 2017
Dubai: If all goes as per developers’ plans, Dubai will see a further 163,840 properties being built over the next five years from 387 projects. Next year could account for the highest number of these handovers, at 27,360 units, based on broad estimates put out by fam Properties. The year after could see 19,850 units and 17,754 further homes in 2020.
So far in 2017, Dubai has seen the launch of 90 projects consisting of 36,556 units. “We took this initiative because we want our investors and buyers to have a more accurate picture of the Dubai property market by being able to analyse facts and figures in a new way,” said Firas Al Msaddi, CEO of f?m Properties. “This is something they’re eager for because it will help to make buying decisions based on facts and figures and is ultimately more profitable.”
The online tool also provides comparisons on the change of rent over time. Investors or end users keen to assess rental yield potential can take advantage of a rental range index which pinpoints rates over 10 years.
Although rental rates for the same category of apartments in the same area have varied greatly based on size and location over 10 years — a major factor in the buying decision — the gap has closed significantly in the last two to three years. Two-bed apartment rentals in Downtown Dubai ranged from Dh150,000-Dh260,000 in 2009 and reached a low of Dh95,000-Dh120,000 in 2012. In December 2016, rates were at Dh160,000-Dh180,000.
13 Nov 2017
Values across Dubai’s residential investment areas continued to moderate during Q2 2017, dipping by an average of 1.5%. This leaves the annual rate of change at -5.8% and marks the 12th consecutive quarter of price declines, during which time prices have moderated by 14%. The latest change means that average house prices stand at $350 psf, nearly 30% below the Q3 2008 market peak.
Apartments continue to fare better than villas, with prices decreasing by an average of 1% during Q2, compared to a 2.2% drop in villa values. Interestingly, however, since the last market peak in Q3 2008, there are only two villa submarkets where prices have recovered to within touching distance of their previous highs. Jumeirah Village and villas at Motor City are 2.6% and 3.6% down on their Q3 2008 market high respectively.
Meanwhile, villas on the Palm Jumeirah remain about a third cheaper than during the 2008 price boom. Apartments, on the other hand, remain well below the 2008 peak, averaging 20-71% lower. The Burj Khalifa has had the smallest price recovery over the last nine years, with prices down 70.6% to $613 psf, compared to nearly $2,368 in Q3 2008.
Despite the seemingly slow climb in values compared to 2008 levels, the market has demonstrated characteristics of maturity, even though it is just 15 years since Dubai opened up its property market to international (non-GCC) investors. This is reflected in the fact that price drops have averaged 1% per quarter over the last 12 quarters.
Clearly improved regulation around off-plan resales, the introduction of federal mortgage caps, the doubling of property registration fees, more stringent controls around developer financing and the protection of investors’ funds through the mandatory requirement of escrow accounts have all contributed to the market’s stabilising growth profile in recent years.
The ongoing soft correction in the market appears to be nearing an end, with many locations starting to show signs of bottoming out, as we have previously reported. In fact, during the first six months of 2017, just seven of the 32 sub-markets we track in the emirate registered price falls, with all other locations seeing no change in value. The weakest performing market was Motor City ($245), where villa values receded by 8.2% over the same period, leaving them 12.6% lower than a year ago.
Rounding off the top five weakest performing markets during H1 2017 were Jumeirah Islands (-6.3%), Hattan Villas at Arabian Ranches (-5.6%), the Burj Khalifa (-5.6%) and villas on the Palm Jumeirah (-4%). Aside from Motor City, where values average $245 psf, and Jumeirah Islands ($327 psf), prices in the remaining weakest sub-markets average $435-653 psf, putting them well above the average for the city as a whole.
Affordability Issues Still Unresolved
Affordability remains a challenge for Dubai’s residential market. With household incomes strained by rising living costs, underpinned by inflation levels of over 2% and the looming new VAT regime, as in Abu Dhabi the dream of home ownership continues to drift further away for many. Average incomes remain at around $55,000 per annum for expat households across the UAE, based on the Ministry of Economy’s last income survey. With an average mortgage multiplier of three to four times annual income, most households would be hard pressed to purchase a family home for $163,350 to $218,000 anywhere in the emirate.
The number of affordable housing districts in the city remains primarily limited to well-known areas such as International City and Discovery Gardens, which together house some 120,000 residents spread across circa 48,000 units. The limited supply in the affordable segment of the market, coupled with steady but robust demand, has helped hold values relatively steady over the last 12 to 18 months.
Dwindling New Home Launches, While Supply Pipeline Remains Strong
Elsewhere, while the housing supply pipeline remains robust, the vast majority of stock being brought to the market does not fall under the affordable bracket. This threatens to undermine Dubai’s ability to continue attracting workers of all skill and earnings levels, while also putting the city on a potential path to experiencing the affordability emergencies faced in well established, mature global cities such as London and New York.
As it stands, some 12,500 units should be handed over this year, rising to over 21,400 in 2018 and a further 26,000 units in 2019.
Meanwhile, the subdued residential market conditions have curbed developers’ appetite for bringing forward new schemes, with just over 1,600 units announced so far this year according to our estimates, against a little over 34,000 last year.
The danger of such a sharp slowdown in new unit launches could potentially drive a price spike in the medium to long term, given the population and jobs growth predictions in the lead-up to Expo 2020 and beyond.
In fact, Standard Chartered expects 300,000 new jobs to materialise between 2018 and 2021, directly as a result of Expo 2020. By the end of 2017, some $3bn worth of construction and infrastructure contracts will have been awarded in the city. This will help drive up demand for residential and commercial property in the next six to nine months, suggesting that the bottom of the current market cycle may finally be on the horizon.
Meanwhile, Dubai Municipality predicts that the emirate’s population will nearly double from 2.8 million today to five million by 2030, effectively suggesting the need for a doubling in the city’s housing stock in order to accommodate the expected growth.
The fact that over 58,000 units are scheduled to enter the market between 2019 and 2020 may offset any population surge linked to Expo 2020; however, as with most project-linked jobs, the vast majority will be in the lower to middle income bracket. There is little evidence to suggest this demographic is being catered for in any meaningful way, meaning house price spikes in more affordable communities are almost inevitable in the medium to long term.
2018 Likely to be a Year of Stability and Marginal Growth
The support provided to house prices as a result of the dynamics outlined above continues to influence our forecasts for the market, with stability likely to bed in more widely across the city’s residential investment areas before the year is out.
However, it is still our view that values will end the year 4-5% down on 2016, on average. 2018 is likely to see values showing their first positive – albeit weak – growth in over three years, as the Expo effect starts to influence demand levels and overall sentiment.
14 Nov 2017
Middle East Consultant talks to Roger Wilson about his appointment as managing director of Perkins+Will’s Dubai studio and his plans for the architecture and design firm.
Perkins+Will (P+W) has been working in the Middle East for over 40 years and has accumulated substantial experience across multiple sectors such as hospitality, healthcare, commercial, education and culture. The global architecture and design firm opened its Dubai studio in Dubai Marina in 2010 and today employs more than 100 professionals including architects, interior designers, urban planners and landscape architects.
In early October 2017, P+W Dubai announced that then managing director Steven Charlton was moving to the firm’s London studio, to lead the business there. Roger Wilson, a veteran of the construction industry with experience in aviation, large-scale retail and mixed-use commercial projects across the Middle East, Europe and the Far East, was announced as his successor.
“Although I only recently moved to Dubai for my role with P+W, I’ve worked on many master planning projects over the years in both Abu Dhabi and Dubai. Most recently, I worked with Perkins+Will on a regional aviation project – I was brought in as a retail master planner and design consultant. That’s the most recent active experience I have in Dubai, and P+W is still very much part of that particular project,” explains Wilson.
Asked what drove him to join P+W and move to Dubai after so many years working in the region on a project basis, Wilson notes, “One of the main reasons I came out here was because things work at a much faster pace, maybe necessarily so. I think there’s a lot of vigour and excitement in the market. There’s a can-do approach which I like, but beyond that I also like this part of the world.”
With regard to his role and focus going forward, Wilson is very clear. “My role is to run the business, and that’s very much based around client engagement. Part of what I’m going to do is take stock of the market with a fresh pair of eyes. I’m going to listen to people, of course, so I’m already very much on receive mode rather than transmit. Ultimately, I’ll make my own informed decisions about what I’ve seen and how I see the market shaping up in the future.”
On his involvement in design strategy within the firm, Wilson confidently asserts, “I’ll be less focused on design because I’ve got Diane Thorsen and Firas Hnoosh, the two key principals who lead interiors and architecture respectively. Design is in very safe hands with them.
“I’m looking at how to grow the business, which sectors to push, and I’m looking at potential new markets which will be run from Dubai. Perhaps most importantly, I’m also looking at a much more collaborative approach with our London office, where Steven Charlton, my predecessor, is now based. I having experience of London and the European market, and he having experience of this market, we think there are some areas where we can leverage experience and skill sets for the business of Perkins+Will.”
Wilson – who has been with P+W for less than a month when Middle East Consultant interviews him – already has his first quarter planned. Part of his focus going forward is to further establish his company as a regional leader in two main areas.
“We want to be more prominent in the architectural field, as well as in the corporate interiors market, where we are already doing quite well. I think we have a very good architectural principal in Firas Hnoosh, together with another key hire from another company in the region in the mixed-use architectural sector. We’re looking to really push that, but above all else P+W stands for quality of design, and we’re not going to dilute that in any way. We want to bring our design ethos forward and build on the architectural work that we’ve already done.”
Beyond Dubai and the Middle East, Wilson is keen on expanding. “We’re looking east from here, and I think that will potentially cover a number of countries. I’m confident that there are opportunities to work in central Europe, particularly in teaming up with our London office. Over-arching all of this is our ability to tap into some of the skill sets and experience that we have in the United States from what is the main bulk of the Perkins+Will offices.”
Wilson is also confident that the P+W team in Dubai has the necessary skills and bandwidth to grow without turning to recruitment. “We are pretty comfortable here in terms of the skill set that we have. We want to get more market share of architecture, and although we are already quite busy, we’ve got the capacity to do a little bit more. The key to all of this will be maintaining our status as a preeminent designer. We always want to improve and show our clients that we are the best in this part of the world.
“On a personal level, I want to bring to P+W my style of working with clients, which comes from a fairly broad corporate background in Chapman Taylor. P+W has grown from a small company into what is a significant player in the market, and I want to tap into that – the ethos that is P+W – but equally I’ll bring to it what I believe are some very well developed professional approaches to how one engages with clients. Everyone has their own start, and I will endeavour to make my mark gently.”
14 Nov 2017
Real estate developer Union Properties reported on Tuesday revenues of Dh116 million fort he third quarter of 2017, compared with Dh253 million for the same 2016 period.
While the third quarter saw Union Properties diversify its operations with two new subsidiaries, its operating expenses in the same period fell to Dh161million, compared with Dh221 million in the same 2016 quarter.
In a statement, the company said the decrease in both revenues and operating expenses was primarily in relation to the managed wind down of Thermo LLC, a subsidiary of Union Properties that undertakes contracting work.
The company reported a net loss of Dh45 million for the three months ending September 30, compared with a net profit of Dh32 million in the corresponding period of last year. Nasser Butti Omair bin Yousef, Chairman, Union Properties, said the third quarter of has seen Union Properties continue to take the steps required to achieve sustained growth over the long-term.
“With our operations now refocused around the company’s new strategic direction, we are moving forward as a stronger and more efficient company with the capabilities to seize new opportunities both in the UAE and internationally,” said Yousef.
The third quarter of 2017 saw Union Properties unveil a new masterplan for its flagship MotorCity development in Dubai with a completed value of more than Dh8 billion. It will comprise of 44 new high and low rise buildings, more than 150 villas, and a wide range of residential, commercial, entertainment and hospitality facilities, Union Properties said.
Union Malls, one of the two new fully-owned subsidiary companies launched by Union Properties in third quarter, provides retail and leisure options in Union Properties developments. Its inaugural mall will be “The Central,” a 100,000sqm complex located in MotorCity spread over four floors offering shopping retail, dining and a wide range of leisure options, the statement said.
The developer said the second subsidiary, Al Etihad Hotel Management, would develop and manage luxury hotels and furnished residences in Dubai. It is expected to provide hospitality services and facilities management for approximately 3,000 serviced apartments and 3,500 hotel rooms throughout MotorCity, before expanding its business to the rest of Dubai and beyond. It launches with a pipeline of three hotel projects in MotorCity under development.
14 Nov 2017