Spacious Two bed on High floor
AED 130,000 /Year
- 2 Bedrooms
- 3 Bathrooms
- 1450 SqFt
- Reference ID
- Property type
- Rental Period
- No of parking spaces
- BASEMENT PARKING
- BUILT IN WARDROBES
- CENTRAL AIR CONDITIONING
- SHARED SWIMMING POOL
- WITHIN A COMPOUND
- COMMUNITY VIEW
- SHARED GYM
- WALK-IN CLOSET
Two Bedroom apartment for Lease at Lake Shore, JLT – Dubai
– Two Bedroom Apartment
– 37th floor
– One Master Bedroom
– Good size living area
– Community view
– Bedroom with built-in wardrobes
– Powder room
– One Car Parking
– Total Area: 1450 sq.ft.
*Annual Rent: AED 130,000 /-
*NOTE – The Property is Vacant and ready for immediate occupancy!
Attach pictures 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
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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
Your tenancy contract is one of the most important documents to consider while residing in Dubai, and knowing your tenancy rights and obligations are key to ensuring that you have a mutually respectful relationship with your landlord.
The most important thing for both parties to remember is that where a tenancy contract is valid, it may not be unilaterally terminated during its term by the landlord or the tenant. It can only be terminated by mutual consent or in accordance with the provisions of this law
- The landlord should not give you a home that is in a bad condition. They are bound by law, to hand over the property in good condition, which allows the tenant full use as stated in the contract.
- The landlord should not make you responsible for maintenance. As per the law and during the term of the contract, the landlord should be responsible for the property’s maintenance works and for repairing any defect or damage that may affect the tenant’s intended use of the property.
- The landlord may not make any changes to the property or any of its amenities or annexes that would prevent the tenant from full use of the property as intended.
- The landlord must provide the tenant with the approvals required to be submitted to the competent official entities in the Emirate whenever and if the tenant wishes to carry out decoration works or any other works that require such approvals, provided that this does not affect the structure of the property and that the tenant has the official documents requesting such approvals.
- The landlord cannot threaten to withhold security deposit. If this happens, the tenant can complain to the rent dispute committee which will take a final decision
- The landlord is prohibited from disconnecting services to the property or preventing the tenant from benefiting from the property without notice. In the event of occurrence of such incidents, the tenant shall refer to police station in the same area to prove the case or to stop such prevention, and also file a case before the Rent Dispute Committee, enclosing supporting reports, for compensation of any damages.
- Rent increase for contract renewal is only allowed as per the RERA rental brackets as seen on the RERA website for different areas and types of properties.
- The tenant must pay agreed-upon rent on due dates and maintain the property in such a manner as any ordinary individuals would maintain their own property.
- The tenant cannot make changes to the property without getting permission from the landlord, and subsequently getting approval from competent authorities.
- The tenant may be required to pay a security deposit which the landlord agrees to return or refund upon mutually agreed termination or expiry of tenancy.
- Upon the expiry of the tenancy contract, the tenant must surrender possession of the property to the landlord in the same condition in which he or she received it at the time of entering into the contract, except for ordinary wear and tear, or for damage due to reasons beyond the tenant’s control.
- Unless stated otherwise in the contract, the tenant must pay all fees and taxes due to government authorities for use of the property as well as any fees or taxes prescribed for any sub-lease.
- Unless otherwise agreed by the parties, upon vacating and surrendering possession of the property, the tenant may not remove any leasehold improvements made by the tenant.
- Unless otherwise agreed by the parties, the tenant may not assign the use of or sub-lease the property to third parties without the written consent of the landlord.
Landlord: The person who owns the home and rents it out
Tenant: The person who enters into a contract to rent the home owned by the landlord
Tenancy Contract: The contract between the tenant and the landlord that details the information of the rental agreement, including rent, payment schedules, inclusions and other details.
17 Oct 2017
Damac Properties, a leading luxury real estate developer in the region, has announced the complete sell-out of all units in Phase One of Just Cavalli villas at its golf development, Akoya Oxygen, in Dubai.
Just Cavalli villas were borne out of a recent collaboration between Damac Properties and the Roberto Cavalli Group to launch the world’s first villas to feature interiors with the “Just Cavalli” signature-style, said a statement from the developer.
Located in one of Dubai’s most prestigious golf communities, the luxury villas perfectly embody the designer’s bold and iconic styling and ethos, with exotic and innovative interiors complemented by daring exteriors.
To cater to the strong investor interest, Damac Properties has announced the release of additional units for sale, it stated.
Priced from Dh1.3 million ($353,867) with an easy payment plan over three years, the latest collection of Just Cavalli villas will go on sale on October 21, across all of Damac’s sales offices in Dubai from 10am till 10pm, said the Dubai developer in its statement.
For a limited period only, Damac Properties has made it even more attractive for customers by waiving 50 per cent of the DLD registration fees, with customers set to save Dh26,000 or more, depending on the unit they choose, it added.
Niall McLoughlin, the senior vice-president of Damac Properties, said: “Our unique Just Cavalli product has been a tremendous success, drawing interest from investors and end-users who appreciate the novelty of bespoke products and premium location within a golf community, recognising great value for such properties.”
“Due to popular demand, we are pleased to release new units for those customers who missed the opportunity the first time,” he stated.
Just Cavalli villas are available in a variety of configurations and sizes including three-bedroom options that offer additional choice with rooftop terraces and unique lower ground floors that provide additional recreational or utility space for the family.
A standalone six-bedroom option is also available for larger families who seek additional space. The villas feature separate living/dining area and kitchen and have access to the community’s Just Cavalli gym equipped with modern equipment, kids play area, multi court, barbeque area and outdoor cinema.
“The success of the first phase demonstrates the commitment of Damac to deliver dream homes and unparalleled lifestyles. As the pioneer in the branded real estate space in Dubai, we are proud of the associations we have forged with prestigious global brands to bring aspirational living concepts to customers who seek it,” remarked McLoughlin.
“Not only do they offer a unique and iconic style, Just Cavalli villas also present great value for money and are priced competitively for properties that have signature elements and touches from a major fashion house,” he added.
Set within Akoya Oxygen, these villas will also have access to the many amenities on offer in the master development including nature-inspired facilities, gourmet fare, retail boutiques, its own rainforest and an 18-hole international golf club.
17 Oct 2017
Average rentals in Dubai continued to decline in the third quarter of the year, with average rents for a studio apartment falling to below Dh50,000 for the first time in three years, fresh data shows.
According to property consultancy CBRE’s MarketView report for the third quarter of 2017, Dubai’s average rentals have declined by 1.5 per cent from the previous quarter even as there were some notable variations in performances at a sub-market level.
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MarketView data shows that average prices for a one-bedroom unit in Dubai are now below Dh70,000, a two-bedroom unit will set you back by less than Dh100,000 while an average three-bedroom now goes for under Dh140,000, all at a three-year low.
A quick scan of PropertyFinder.ae data by Khaleej Times shows that studios in Dubai can be rented for as low as Dh25,000 per year or Dh2,084 per month.
Several studio apartments in Dubai’s International City area being offered for rent for less than Dh30,000 per annum (Dh2,500 per month).
One-bedroom apartments, on the other hand, start at Dh36,000 per annum (Dh3,000 per month) in Dubai’s Barsha South and Al Nahda areas, with some landlords even offering to pay the monthly utility bill as incentives for prospective tenants.
Rentals for two-bedroom apartments in Dubai start at Dh42,000 per annum (Dh3,500 per month) in Muhaisnah and Dh46,000 per year (Dh3,834 per month) in Al Nahda area.
Low rents, however, are not a deterrent for prospective investors as the number of transactions in Dubai’s residential markets is on an upswing.
According to CBRE, data from the Dubai Land Department shows that the total value of residential transactions increased by approximately 11 per cent in H1 over the same period last year, driven by growth in overall transaction numbers, which rose by close to 29 per cent.
However, average sales prices experienced a minor dip, falling by around 1 per cent. “The disparity between rising deal volumes and the performance of the leasing sector, demonstrates how investors appear to be taking a longer-term view on the residential market, looking beyond softening rentals and focusing on the availability of attractive prices and the increased flexibility of payment plans offered across both completed and off-plan projects,” said Mat Green, Head of Research & Consulting UAE, CBRE Middle East.
Future supply levels continue to grow, with an array of new projects announced during the quarter, including a new joint venture between Meydan and Sobha Group, ‘The Residences’ in Mohammed Bin Rashid City, Nakheel’s ‘Palm Residences’, and Wasl’s new flagship development ‘Wasl One’ located in Al Kifaf area.
16 Oct 2017
All the action in the Dubai property sector is transpiring in the under-Dh1 million price market. Not only does this signify an effort by developers to tap the mid-income market segment but also the willingness of banks to finance more end-users.
According to GCP Properties, in terms of expected supply that has been announced, 37 per cent is below the Dh1,000 per square foot while 45 per cent of the property transactions conducted since 2015 have been below the Dh1 million mark.
“This suggests that there has not only been a definitive shift in the part of developers to cater to this latent demand, this shift has also met with success as Dubai moves its focus to cater to the more mid-income segment of the demand curve,” says Hussain Alladin, head of research at GCP Properties.
In terms of new supply, a majority of off-plan units being launched is below Dh1 million, mostly apartments and townhouses.
Most off-plan transactions in this price range is concentrated in areas such as Dubai South, Al Furjan, Town Square, Jumeirah Village Circle, Jumeirah Village Triangle, MBR City, Akoya and Akoya Oxygen. Emaar, Dubai South, Azizi, Damac, Nshama and Danube are only some of the developers offering properties in this price point.
“The most popular off-plan transaction is a 1-bed in Dubai South with an average sale price of Dh583,000, followed very closely by a 2-bed in Dubai South with an average sale price of Dh860,000,” informs Lynnette Abad, partner and head of Property Monitor.
The sub-Dh1 million mark is mostly made up of studios and one bedrooms, and to this extent, there is supply in more upscale areas such as Dubai Marina, Business Bay and Meydan. It is only when you look at two bedrooms and above, does the number of communities shrink.
Meanwhile, if you are looking to buy a ready property on the secondary market below Dh1 million, consider communities such as Discovery Gardens, International City, Dubai Sports City, Silicon Oasis, IMPZ, Dubai Investments Park, Al Khail Heights, Jumeirah Village and areas in Dubailand that include Liwan, Majan, Arjan and Dubai Residential Complex.
“The average apartment sale in Discovery Gardens is Dh706,000 for a 1-bed and Dh494,000 for a studio,” adds Abad.
In areas such as Dubai Marina and Jumeirah Lakes Towers, there are a lot of ready units available below Dh1 million, according to Lewis Allsopp, CEO, Allsopp & Allsopp.
“There are also off-plan options on the Palm Jumeirah that you can buy for under Dh1 million as well as in Dubai Hills, Dubai Creek, Business Bay and JLT,” he adds.
However, anecdotal evidence suggests that it is still mostly investors who are picking up homes below Dh1 million.
“The biggest challenge to date is for an end-user to come up with a 25 per cent down payment. If developers can create a scheme which caters to this group, whether it’s through a rent-to-own option etc, they will capture a very large end-user market which has been yearning to purchase property in Dubai,” observes Abad.
Although end-users are buying properties where the developer offers attractive payment plans, activity is expected to pick up considerably once the properties are handed over and buyers can get banks to finance 75 per cent of the purchase.
“The challenge has always been for end users to obtain financing. Banks have become more willing to provide financing, and this is reflected in the mortgage statistics. Mortgage transactions have risen from 20 per cent of overall activity in 2012 to more than 55 per cent in 2017. Nonetheless, demand will be even higher should financing conditions ease further,” reckons Alladin.
Besides the down payment, end-users must also pay several processing fees during their property purchase.
“We’re talking approximately 32 per cent of the property value, once we consider bank fees also. It’s a lot of money for people to be able to save up
17 Oct 2017
Developers in Dubai are shifting their strategy to affordable housing. However, how much of the announced new supply is actually affordable to end-users in Dubai? Not much.
“Anecdotal evidence suggests a mismatch between affordable stock and the requirements of prospective home owners. While studio and one-bed units appeal to investors, end-user demand is for smaller two-bedroom units at similar entry prices,” according to a new report released by property consultancy Core Savills.
Lower-income occupiers remain hesitant to buy while investors drive demand for off-plan sales, particularly below the Dh1 million price point.
Sales transactions for ready units in the third quarter of 2017 increased modestly at seven per cent, but were overshadowed by the 62 per cent rise in off-plan sales when compared to Q3 2016. Even with this spike in off-plan transactions, the average unit value is 11 per cent lower than last year, reflecting the strategy shift that developers are resorting to by bringing lower entry products to the market while competing on prices.
“Instead of adjusting supply to demand, a few developers are taking the risky route of adjusting prices – by occasionally offsetting quality or shrinking their margins. This brings a significant amount of lower quality stock to the market which may find short-term investor take-up on the back of lucrative payment plans, sometimes aided by the high level of marketing spend. If sales and tenant demand for such products has been overestimated, this may not be sustainable in the long term,” warns David Godchaux, CEO Core Savills.
Burgeoning off-plan activity is also affecting the ready sales market. Individual landlords are trying to keep pace with the overhang of off-plan projects by reducing sales prices, as a result bringing the area average down. This presents opportunities for home buyers.
For instance, in Dubai Marina, due to increasing competition from off-plan apartment deliveries launched at higher entry points, many investors are opting for ready units at lower prices.
The weakest performing villa districts in terms of sales were Jumeirah Islands and Jumeirah Park, both dropping almost six per cent. A two per cent price increase was recorded in Emirates Hills while few large transactions of new or refurbished villas on the Palm Jumeirah have seen average prices in the area decline by 2.5 per cent, according to Core data.
The consultancy claims there has been widespread rental contractions across districts in Dubai. As sales prices have not dropped at the same rate, yield compression has been witnessed across most areas and is expected to continue in 2018.
Godchaux explains: “Widespread falls in rents continue to force the market to adjust downwards – an effect that will persist as the next cycles of lease renewals inspire further rent reductions and relocations, particularly among tenants whose rents are yet to reflect the softening market. Although widespread, the magnitude of these drops will likely remain limited.”
According to the report, Dubai Marina and the Palm Jumeirah were the weakest performers, with rents dropping by 10 per cent year on year.
Core estimates that over 5,950 units were delivered in Q3 and forecasts that 17,800 units will be handed over for the whole year.
Godchaux concludes: “Although actual handovers may vary substantially from expected supply figures and even with stronger regulations in place, we remain very cautious about the possible risk of oversupply in the lower end of the market.”
10 Oct 2017
Dubai’s residential property market has slowed with a correction likely ahead as rents fell in the second quarter of 2017, sales were down to a six year low and vacancies are rising.
Phidar Advisory’s Dubai Real Estate Investment Demand Index (REIDI) increased by 32.6% compared to the first quarter of the year but the firm points out that while this might look positive, it is weak, in relative terms.
Indeed, the apparent improvement in the second quarter of the year is because the in the first quarter of 2017 the index recorded its lowest value since 2002 and the current value is on par with the average last seen in the first three months of 2015.
According to Jesse Downs, managing director of Phidar Advisory, short term gains were driven by exchange rate fluctuations and modest weakening of the US Dollar.
‘We estimate that the residential market is still over valued by around 15% to 20%. “False expectations of a 2017 recovery kept the market temporarily stable, but the fundamentals indicate another phase of correction is required before the market can recover,’ she pointed out.
‘The false start of early 2017 is over and the cracks are starting to show. Sale volumes of completed properties are at a six year low and vacancies are rising across the city,’ she said.
The report also shows that in August, quarterly lease rates declined another 1.1%, while sale prices decreased nominally by 0.2%, pushing yields down slightly to 7.34%, based on a three month moving average.
The consistent, albeit slower, rent declines indicate that sale prices need to adjust downward. The quantitative and qualitative analyses indicate rent declines will continue through 2017 and into 2018 as job growth remains low and new supply is handed over.
‘Rent declines slowed over the summer, but higher vacancies should push rents down faster in the coming real estate season. This is positive because the city will become more affordable for residents, which helps businesses by reducing employment costs. There is a fundamental shift in the demographics of Dubai and the real estate market has not yet adjusted to this new reality,’ added Downs.
Off-plan market transaction volumes remained steady due to developer subsidies in the form of post-handover payment plans. The report says that the result is a shadow financing market, which is creating an unhealthy divide between the primary and secondary markets.
‘Steady off-plan volumes are not an indicator of a healthy residential market. The post-handover payment plans artificially boost demand and will likely lead to overbuilding, compounding the problem in the years to come,’ Downs concluded.
16 Oct 2017
Dubai’s visitor numbers have continued to rise at an impressive rate, recording a total of 9.2 million during the first seven months of 2017, a 7 per cent increase on the 8.4 million travellers received in the same period in 2016, according to a report by the global real estate consultancy CBRE.
This was driven by substantial increases in tourist arrivals from Russia (96 per cent), China (53 per cent), Iran (23 per cent) India (21 per cent) and Jordan (21 per cent). However, declines were noted for some regional markets, including Oman (down 27 per cent) and Saudi Arabia (down 2 per cent), which reflected the ongoing challenges in the Middle East economy at this time.
India remains the emirate’s top international source market, with close to 1.2 million visitors recorded during the first seven months of 2017. This was followed by Saudi Arabia with 904,000 visitors, the UK with 712,000, Oman with 506,000 abd China with 466,000.
Whilst there has been some pressure on hotel revenues, demand levels have actually remained quite robust, with occupancy rates reaching 75.4 per cent for year-to-date August figures, representing a 0.4 per cent increase from the same period in 2016, as per figures from STR.
Around 28,000 hotel keys and 7,500 hotel apartment keys could be delivered by the end of 2019 alone. The sizeable additional room supply will help to keep affordability levels in check, which is important as the emirate tries to reach 20 million visitors by 2020.
If all developments under construction or in the later stages of planning become operational as per current timelines, Dubai could become the fifth largest hospitality (by supply) globally by 2020, according to STR.
Average daily rates (ADR) remain under pressure, making the emirate a more competitive market for international visitors. This trend is being driven by the heightened price competition between the properties during the lower summer season. ADR’s reached Dh668 ($181.8) per room/per night for year-to-date August, versus Dh695 ($189.1) per room/per night for year-to-date 2016, representing a change of 3.9 per cent year-on-year.
Limiting price competition by increasing communication between the properties, as well as offering packages during the low season instead of only competing on rates, are some of the initiatives that have been put forward by the hospitality industry to enable Dubai to continue its positive evolution as one of the world’s key tourism market.
17 Oct 2017