Property Times eMagazine November 2014

People’s Choice Real Estate Awards: COMING SOON
///// Issue 24 - November 2014
Meet Rizwan Sajan,
The man with the midas touch
Building
Dreamz
26pg

LANNHILL REAL ESTATE’S
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FROM THE EDITOR
MORE PROJECT
LAUNCHES IN STORE...
After a series of high profile project announce-
ments at Cityscape Global 2014, October wit-
nessed yet another launch of a large scale devel-
opment. A joint venture by Emaar Properties and
Dubai Holding, Dubai Creek Harbor was unveiled
at a press conference attended by Mohammed
Alabbar, Emaar’s Chairman and Dubai Hold-
ing’s CEO, Ahmad bin Byat. Our contributor
Nicole Walter takes you through this upcoming
project, which will be developed in phases over a
period of time, depending on the demand from
buyers and investors. The announcement of this
development is indicative of the confidence of
big developers in the future of Dubai real estate
market and it will surely attract more and more
prospective buyers and investors to Dubai in the
coming years. In November and December, the
Dubai market is set to witness more launches
with G & Co, the developer of Millennium Estates
and Grand Views at Meydan and Danube Prop-
erties, the developer of Dreamz in Al Furjan,
hinting at more launches in the near future. The
recent announcements point to a brighter future
asthedemandforpropertiesinDubaiisexpected
to see a significant rise as these development
will near completion, with Expo2020 only a few
yearsaway.Inthisissue,apartfromtheextremely
useful regular Q & A’s, features and columns, we
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
SYED Ghayuor
Sales Manager
E. syed@propertytimes.ae
THINKAL Bhal
Manager - Special Operations & Events
E. thinkal@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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P.O. Box: 485100, Dubai, UAE
also have a number of relevant articles such as
RERA’s upcoming regulations for Dubai real
estate brokers, residents’ and office owners’
views of JLT as a community, an innovative way
for construction called Smart Box and a look at
Jumeirah Golf Estates from a real estate agent’s
point of view. The November issue also carries an
exclusive interview with the Head of Mortgages
of Mashreq bank who sheds some light on the
current situation in Dubai’s mortgage market.
The hospitality story focuses on the increasing
trend of theme park hotel development in Dubai.
Property Times and Propertyonline.ae recently
announced the launch of People’s Choice Real
Estate Awards 2015, a first of its kind initiative in
Dubai from Media Lab Publishers. We have so
far received an overwhelming response from the
industry members and in the next few days, we
will be announcing the dates for filing the nom-
inations. I am sure this will take the industry by
storm in the coming few months.
Those who are looking to buy or rent,
please visit the most comprehensive property
portal in Dubai, with a new look and most
updated community and property information;
www.propertyonline.ae.
/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media-labs-llc /+PropertyonlineAeweb/
November 2014 Issue -24 /// 5
propertyonline.ae

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08
NEWS AND ANALYSIS:
Dubai Tram launched
10
NEWS AND ANALYSIS:
Motor City update by REIDIN.com
12Column by Nita Maru,
TWS Legal Consultants
14PROPERTY EXPERT:
Dounia Fadi, elysian
16MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
18INTERIOR EXPERT:
Adam Riccio, Under One Roof
20LEGAL EXPERT: Jerry Parks, Taylor Wessing
22Damac wins international award
24Column by the Wolf of Real Estate
Themanwiththe
midastouch:Rizwan Sajan
DubaiCreekHarborby
Emaar and Dubai Holding
Stringent regulations from
RERA for brokers coming up
Liveandwork
in JLT26 30 35 46
39Smart Boxe: an effective way
of construction
42Meet the agents
48An ideal abode: Jumeirah Golf Estates
50Interview with Pawan Dhawan,
Vice President – Mortgages, Mashreq
52Select Group achieves record sales
for Marina Gate II
54Indian Property Show
56Theme Park Hotel Development
In The Limelight
56Hotel Operator Vs. Hotel Owner:
Column on by Jitheesh Thilak
64Exclusive property listings
84Photo feature: Dubai’s future
propertyonline.ae

News&Analysis
H
is Highness Sheikh Hamdan
bin Mohammed bin Rashid
Al Maktoum, Crown Prince,
Chairman of the Executive
Council inaugurated the Dubai Tram, in
presence of His Highness Sheikh Mak-
toum Bin Mohammed Bin Rashid Al
Maktoum, Deputy Ruler of Dubai, Vice
Chairman of the Executive Council and
His excellency, Mattar Al Tayer, Chair-
man of the Board and Executive Director
of Roads and Transport Authority (RTA)
and Henri Poupart-Lafarge, President of
Alstom Transport. This full system proj-
ect - that was assigned to Alstom by
Dubai Roads and Transport Authority
(RTA) - was launched to foster multi-
modal transportation use and to reduce
traffic congestion and pollution. This
first Tramway in the entire Gulf region
is expected to serve about 27,000 pas-
sengers per day and is anticipated to hit
about 66 000 by 2020.
His Excellency, Mattar Al Tayer, Chair-
man of the Board and Executive Direc-
tor of the Roads and Transport Authority
(RTA), said: “The Dubai Tram is a brain-
child of His Highness. Sheikh Moham-
med bin Rashid Al Maktoum, Vice-Presi-
dent and Prime Minister of the UAE and
Ruler of Dubai, to provide an advanced
transport system. When RTA was cre-
ated in 2005, His Highness ordered to
have an integrated and comprehensive
solution for the area in order to accom-
modate the huge urbanization projects
in the neighborhood, particularly the
JBR and the Marina and Al Sufouh area ”.
“The tram for Dubai, which we are proud
to have handed over ahead of schedule,
illustrates Alstom’s strategy to serve all
markets with a complete range of solu-
tions while demonstrating our leading
position in tramway systems. Thanks to
Alstom and RTA’s close collaboration
on the project, Dubai’s citizens can now
travel aboard one of the most sophis-
ticated and comfortable tram in the
world” said Henri Poupart-Lafarge, Pres-
ident of Alstom Transport
The Dubai Tramway includes many
Alstom’s technological breakthrough.
It is the first tram in the world able to
run in temperatures of up to 50 °C and
ALSTOM’STRAMWAYSYSTEMSTARTSOPERATION
ONTHEWORLD’SFIRST100%CATENARY-FREELINE-
ADELIVERYAHEADOFSCHEDULEINDUBAI
propertyonline.ae

to withstand harsh climate conditions
such as humidity and sandy atmo-
sphere. Equipped with APS ground-
level power supply, the system is also
the first in the world to be catenary-free
all along the line which is 10.6 km long
and counts 11 stations . This technology
enables perfect integration of the tram-
way into the cityscape. Lastly, it is the
first line to be equipped with air-condi-
tioned stations and automatic platform
screen doors. The Dubai Tram offers
high-end comfort. The Citadis tram is
44 metres long and can accommodate
408 passengers in “gold”, “silver” and
“women & children” classes.
The tram is equipped with real-
time passenger information and video
broadcasting. To better reflect the city’s
image, Citadis tram of Dubai has a dis-
tinctive diamond-shaped styling on the
front end. The Dubai Tramway is the
eighth system delivered by Alstom in a
decade. With seven others under imple-
mentation worldwide including the
Lusail tram in Qatar, Alstom is the world
leader in tramway systems.
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
M
otor City, since its incep-
tion, has witnessed a steady
increase in demand due to
its strategic location with
excellent access to various parts of Dubai,
good quality properties and affordable
pricing. Property Times in association
with REIDIN.com tracks the latest trends in
this community.
• Motor City has been gradually gain-
ing popularity over the years. What
makes it a good place to live in?
Location, Location, Location. Motor City
has proved to be a good location consid-
ering its connection to main highways
andeasyin-outgatescomparedtosimilar
communities in the area. Product quality
also adds up on top of the location prox-
imity of the project.
• Would you say Motor City is an
affordablecommunitytolivein?Why?
Certainly Motor City is one of the afford-
able communities as far as sales prices
and rents are concerned. Average sales
price of an apartment is around AED1,
000/square foot in Motor City, which
is a little above Discovery Gardens and
International city but way below the
Dubai average.
• How have the prices and rents
been performingover the past one
year or so?
Motor City is among the highestperform-
ing communities in Dubai w/ apartment
prices increased 24.7% in the last one year
but unfortunately prices witnessed a drop
in the villa segment. Victory Heights prices
fell around 6.3% in the last six months put-
ting last 12 months increase to 2% range.
That’s understandable considering the
steep rise of the villa prices in the last two
years. Rent rates look strong in Motor City.
Apartments saw a 23.1% increase in the
last 12 months and villas 14%, which is at
the normal market levels.
Great location and
good quality properties
are two major high-
lights of Motor City.
By Binesh Panicker
WELLCONNECTED:
MOTORCITY
propertyonline.ae

Source : REIDIN.com
REIDIN.com is widely used by real estate agents and investors for reliable, well-re-
searched 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 management deci-
sions. REIDIN.com ‘Data & Research Team’ together with a global network of infor-
mation partners endeavours to provide high-end analysis and research support
to its clients.
propertyonline.ae

I
n my line of business, I am often
found quoting the words of Amer-
ican author and academician John
M. Richardson, Jr. Marked by innate
simplicity, it is as simple to practice as
it is to preach: “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.
If you own or partially own a business
or a professional practice in the UAE, it is
important that your estate and succes-
sion planning begins today.
Ask yourself these few questions:
• What would happen to your business in
the event of the death or serious disability
of you or a co-owner?
• Who would run the business?
•Doyouthinkyourbusinesscouldsurvive?
Without adequate planning, your
business may be negatively impacted
or forced to close in a relatively short
period of time. Why? Not because you
did something wrong, but because you
did nothing. Consider this: less than
30% of family owned businesses survive
to the 2nd generation and less than
12% to the 3rd generation. There is only
a 3% survival rate to the 4th generation.
Have you wondered why?
There are two common reasons
why a family does not retain their
business after the first generation. The
first reason is straightforward - there
is no qualified successor. In such cir-
cumstances even though the busi-
ness would not be passed down to
the next generation, steps can still be
taken to ensure that the value of the
business survives.
The second major reason for unsuc-
cessful business transitions is more
unfortunate. In many cases, businesses
fail or are sold off due to a lack of plan-
ning. Although most of us are careful
to safeguard our personal assets, for
example by insuring our homes, many
business people do not plan ahead
to safeguard the value of their busi-
ness. At first glance, this lack of plan-
Nita Maru
LLB (Hons) UK
Solicitor and
Managing Partner
TWS Legal Consultants
THE FAMILY
BUSINESS & SUCCESSION
PLANNING
If you own or partially own a business or a professional practice in the UAE,
it is important that your estate and succession planning begins 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

ning seems incomprehensible. But
when you consider the personal and
family issues that can be involved, it is
easier to understand why many peo-
ple stave off dealing with the issue of
business succession.
Running a business is not easy, in
fact, it is very hard work. The daily
work required to make and run a
successful business leaves little or
no time to plan for the ownership
and management changes that will
inevitably occur.
None of us like to think about or dis-
cuss our own mortality. But the process
of succession planning, like good finan-
cial or estate planning, is all about what
will happen after we are retired or gone
for good. The longer business owners
wait to design and implement a succes-
sion plan, the greater the risk that the
plan will not meet their goals.
There is also a risk that a business will
fail along with the health of the owner.
When a business owner does not
implement a succession plan before he
or she is disabled or dies, the value of
the business often drops rapidly. This
may sound harsh, but in fact, it is not
uncommon that both the business and
the business owner die on the same
day. This may mean that the owner’s
intended beneficiaries will not receive
the full value of the business. Planning
five years in advance is good. Planning
ten years ahead is even better.
For business owners living in Dubai,
or in most places in the Middle East,
there is a pressing reason to consider
business succession planning. Under
Sharia law, company shares do not
pass automatically by survivorship and
have to be probated in the case of a
shareholder’s death. This often results
in lengthy processes that affect the
performance and profitability of the
company. This can be compounded
ExpertAdvice
TWS Legal Consultants, Office Suite 3001, HDS Tower, J L T , Dubai.
Tel: +971 4 448 4284, Email: info@willsuae.com
Website: www.twslegal.ae and www.willsuae.com
when the company has more than one
key shareholder, or upon the death
of a husband and wife who are joint
shareholders.
Sharia prescribes a set method of dis-
tributing a person’s wealth after death,
based on Islamic principles, and such
distributions differentiate between
male and female family members in
terms of the allocated shares . This may
appear risk-free or even pleasing in
theory. However, its implications and
implementation may not prove very
practical. For instance, a wife who has
children qualifies for only one eighth of
the entire estate, and this distribution is
automatically applied.
Unpaid bills, debts and mortgages
do not automatically die with the death
of a person. All assets, including bank
accounts of the deceased, are frozen
until such time that liabilities have been
discharged to the satisfaction of the
Court. The application of Sharia law is
particularly pertinent in circumstances
where the deceased is the sponsor of
his or her spouse and has a joint bank
account or shared assets (cars, rental
agreements, and freehold homes).
These jointly held assets may also be
frozen until the issue of inheritance is
determined by the local courts. Surviv-
ing family members are often left with-
out access to money until the author-
ities decide how the estate should be
distributed, a process that could take
months or even years.
Consequently all successful busi-
nesses, whether sole establishments,
partnerships, LLCs or free zone corpo-
rations in the UAE, should plan for the
eventual transfer, succession or sale
of the business. Good business suc-
cession planning addresses the death,
disability or retirement of a business
owner as well as the sale of a business
owner’s interest.
A sound business succession plan
intends to ensure that the business
owner’s objectives will be accom-
plished, that the most effective busi-
ness transfer is realized, that funds
will be available to provide maximum
financial flexibility and that the pos-
sibility of conflict among the remain-
ing principals, employees and heirs is
reduced thus lessening the prospect
of costly and time consuming pro-
bate and succession procedures or
damaging litigation.
One can opt to rely on a will. How-
ever, in many cases the better approach
is a more evolved method, involving
restructuring your company and off-
shore succession planning solutions .
Such restructuring can seek to avoid the
application of Sharia Law to your estate
and lengthy probate proceedings are
avoided. Business owners should seek
the counsel of specialized lawyers who
will work with you to ensure your per-
sonal assets, shares in a business and
investments can be structured effec-
tively for the long-term benefit of you
and your family.
The author of this article is Nita Maru,
a British qualified solicitor and Managing
Partner of TWS Legal Consultants.
Call: +9714-4484284
Email: info@willsuae.com
Website: www.twslegal.ae
www.willsuae.com
For further information please contact:
propertyonline.ae

If you have any queries about buying or renting, please email at editor@propertyonline.ae
Dubai is indeed a great place for
investment. Now depending on
your budget, we can determine
where and which type of property you
should invest in, however on a general
note I would say that there are two types
of investments: one is capital growth and
two is getting a good ROI. It has been
known in Dubai that villas won’t get you
the kind of ROI you are looking for but it
can surely give you a good healthy profit
margin once you decide to sell it off. This
is mainly because we have fewer villas
than apartments in the market right now.
This also applies on some apartment
developments such as Dubai Marina,
Downtown, JLT and Palm Jumeirah. The
maximum ROI you can get in these areas
is 4% - 5.5%. At the moment, the highest
ROI you can get is in areas like Motor City,
Sports City and Jumeirah Village with
up to 7.5% – 8% on some selective prop-
erties. Purchasing an off plan property
will definitely offer you a good capital
growth by the time the property is handed
over, but you will have to consider multi-
ple factors when purchasing an offplan
option such as location, developer, the
price you are buying for versus price for a
similar ready property.
Our expert answers the queries about your real estate investments.
w i t h p r o p e r t y e x p e r t
I am a property investor based
in the UK. I recently visited
Dubai and was quite impressed
with the city and its real estate mar-
ket. I am planning to come back and
invest in a few properties. As an inves-
tor, what type of properties should
I be focusing on ; apartments or vil-
las? And should I consider off-plan or
ready properties?
Dounia Fadi
Managing Director
Elysian
04 323 4545
ExpertAdvice
For this budget, we will be mostly
talking about townhouses and
not independent villas. The loca-
tion you prefer will determine the size of
the house you can get. The three main
communities where it is possible to get
a ready property for your budget right
now are Arabian Ranches (either Al
Reem with contemporary looking town-
houses or Palmera with Spanish/Medi-
terranean style townhouses); Springs in
Emirates Living if you wish to stay closer
to Sheikh Zayed Road wherein you can
buy an upgraded type 4 (two bedooms +
study) with a view or just a normal type
3 (three bedrooms + study) townhouse
and Jumeirah Village located between
these two developments where you can
getabiggerpropertyintermsoflandand
built-up sizes.
I currently own an apartment
in Downtown. I am planning
to sell it off and move to a
villa. My budget is around AED2.5
to AED3 million. Could you please
suggest some areas that fall within
this price range?
Most of the completed develop-
ments in Dubai have a family
community feel to them as they
all have shopping centers, kids' parks and
amenities. First step will be to identify
the budget, so If your monthly income is
AED 40,000 with no other liabilities, you
will be able to get a loan value of up to
AED3.2 million with an interest rate of
3.85%. This budget can get you either a
two- or three-bedroom townhouse or
an apartment. For townhouses, areas I
would recommend are: Emirates Living,
Arabian Ranches or Jumeirah Village. For
apartments, my personal choice is defi-
nitely Dubai Marina as it is a great place
for families. Both adults and kids have
plenty of fun places to go to in addition
to your access to the beach.
I have been a Dubai resident for
the past 20 years and have been
renting since then. I am think-
ing of buying a home now rather than
wasting money on rents. My current
monthly income is AED40,000. What is
your recommendation in terms of the
areasIshouldtakealookthatwillfitmy
budget and also offer me and family a
goodlifestyle?
propertyonline.ae

04 323 4545info@elysian.com | elysianrealestate.com
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www.elysianrealestate.com

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
Ideally, the guideline stipulates a
minimum of six months with a
current employer. Thus, if you were
employed with a multinational and have
just been recently relocated to the UAE,
the lenders will also consider your earn-
ings pre your relocation since you are still
employed with the same organization.
The premise is to ensure that the
borrower’s source of earnings is stable
enough to guarantee the repayment of
the loan. That having been said, there
exist cases where exceptions are made
by the lenders. Bottom line, the lenders’
decisions in such circumstances are made
according to the facts of the particular
situation. Defaulting on your mortgage
payments does not necessarily constitute
a criminal offense. UAE lenders are aware
that obligors go through exigent finan-
cial circumstances from time to time and
would rather assist in ensuring that you
meet your financial obligations than go
through the hassle of bringing up crim-
inal/civil charges against you. What is
most pivotal is to always keep your lender
engaged and updated on your financial
position when your mortgage repay-
ments become taxing. Lenders have a
host of loan restructuring methods that
can help alleviate your financial burdens
to ensure that you do not default on your
loan repayments.
I am from the UK. I have been work-
ing in the UAE for six months. I am
planning to apply for a mortgage
to purchase a villa. Do banks consider the
number of months the applicant has been
working for? Also is a mortgage default con-
sidered as a criminal offense as per the laws
oftheland?
ExpertAdvice
To summarize, once the buyer enters
into a Sales & Purchase Agreement
withthesellerofthemortgagedprop-
erty, the seller applies for a liability letter from
his/her mortgage to be sent to the buyer’s
lenders. The property is then appraised by the
buyer’s lender and, based on the appraised
value, the buyer is issued a final approval for
a mortgage loan. The seller’s outstanding
mortgage loan is liquidated by the buyer’s
lender (based on the information detailed
in the liability letter) and the Title Deed is
released to the buyer’s lender via an NOC
(No Objection of Change) from the master
developer. The buyer's 25% deposit and the
remainder of the mortgage loan availed to
the buyer (less the amount paid towards liq-
uidating the seller's existing mortgage loan)
is then remitted to the seller. The process is
called a seller buyout mortgage transaction
and these types of transactions may involve
different dynamics. My advice is that you
engage a mortgage brokerage firm that has
the expertise to ensure that your seller buyout
mortgage process is executed seamlessly.
Thatwayallyouneeddoissitback,relaxand
let your mortgage firm do the rest. As far as
the Emirate of Dubai is concerned, the buyer
always bears the 4% (of property cost) land
transfer charges.
The property I am planning to buy is
mortgaged.Ihavethepreapprovalfrom
abankformortgage.HowdoIclosethe
existing mortgage and transfer the property in
my name? How much does it cost and who will
bearthecost?
MortgageME offers the full com-
plement of mortgage brokerage
solutions for home ownership and
real estate investments. Our services cater
to resident expatriates, non-UAE based
clients, locals & GCC Nationals and corpo-
rate entities. Our mortgage brokerage ser-
vices include all residential & commercial
mortgage products for property buyers &
investors; mortgage buyouts for mortgage
obligors with existing mortgages looking
to replace their current mortgage deal with
a different package under better terms &
conditions; and equity release mortgages
for property owners looking to convert the
capital value of their properties into cash.
Our ABR service is offered under the brand
name of PropertyME and yes, it exclusively
represents property buyers and their inter-
ests. As an independent third party, Prop-
ertyME works with clients to establish their
property needs, their affordability and then
act on their behalf to source the properties
most suited to the generated criteria.
WhataretheservicesMortgageME
offers? Will you also act as buyer's
representativeoryouwillonlyhelp
thebuyerwiththemortgage process?
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
It depends on how you want your
living space. An obvious choice if
you do not have a live in maid-
would be to knock through the existing
storeroom and maid’s room and com-
bine into one bigger area. This could then
be fitted out with bespoke office shelving,
storage space and desks to fit your exact
requirements. A good fit out company
should be able to do all of this work for
you including new cabling, electrics and
make the space work for your needs.
They should also be able to give you a
3D Design of how the space could look
and samples of the final cabinets and
furniture for you to choose from as part
of their service.
I want to create an office
space in my apartment for
my personal work. Mine is a
three-bedroom apartment with a
storeroom and maid's room. Which
area do you recommend for the
office space?
Generally most developers no lon-
ger allow this type of conversion
although in the early days, some
conversions did take place. It is still worth
checking with your developer as the reg-
ulations with regard to this are always
evolving and depend on light, access etc.
It is very important to get proper approv-
als for the work done as these are then
registered as alterations to your property.
Without this, it could become difficult to
resell your property later. A reliable con-
tractor would not do any work on your
home without obtaining the necessary
approvals first.
I want to convert my garage into
a games room. Is it legal to do so?
WhoshouldIgetpermissionfrom?
Each developer has their own
set of rules and regulations for
approvals. In most cases these
are very detailed and comprehensive.
Usually they can be obtained from your
master developer’s office that deals with
your development. Once obtained, your
requirements need to be submitted, any
potential structural issues addressed,
and various paperwork such as passport
copies, deeds of sale etc submitted along
with deposits, some refundable, some
not. All of this can be done by your cho-
sen contractor who should have a qual-
ified engineer on their payroll to check
and submit the application on your
behalf. This work should be free of charge
and included as part of the services they
provide to you, assuming you go ahead
with the work.
It is always worth checking with your
chosen contractor as to how they gain
permissions for the work they do and
ask to speak to three or four previous
clients who have had done similar work
to which you require to see if they were
satisfied, to make sure they are qualified
to do the work. One thing to be aware of
is that no guarantee can be given by the
contractor as to whether they will obtain
approvals or how long those approvals
will take as that is up to the developers
to decide.
I have a four-bedroom villa,
which I bought last month in
the Springs. I want to com-
pletely redo the interiors as per my
requirements. What is the procedure
to get approvals?
Dubai Marina
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
Jerry Parks
Partner
Taylor Wessing
The first point to check is that the
company you appoint is licensed
with RERA to provide the services
in question. The company should hold a
licence the activity of ‘Leasing and Man-
agement of Other People's Property’. In
order to obtain such a licence the com-
panyisrequiredtoprovideaAED5million
bank guarantee, which gives you some
comfort and protection. You should ask
for a copy of this licence and also check
with RERA to confirm the company’s
registration status. You will need to enter
into an agreement with the company to
manage your properties, clearly setting
out the scope of the services they will
provide, and the basis on which they are
to be paid (be it a fixed fee or a variable
fee based on a percentage of the rental
income achieved).
Since I am an overseas investor
based in India, I would like to
appointalocalmanagementcom-
pany to manage my properties in Dubai.
WhatkindofagreementwillIhavetosign
with the agency and how does the law
protect investors like me in such cases if
somethinggoeswronginthefuture?
If you are buying a property off-
plan from the developer, then the
purchase price installments should
be paid into an escrow account, rather
than to the developer directly.
This is the requirement of Law 8 of
2007 which was passed to address con-
cerns that developers were not previously
obliged to utilize investors’ funds for the
projects in which that particular inves-
tor was investing. The funds held in the
escrow account can be released to con-
tractors upon independent certification of
construction progress.
I am in the process of buying a
home in Dubai and the real estate
company I am working with is
asking me to transfer the funds to their
company account for speeding up the
process. Is this legal? Should there be an
Escrow account for such transactions as
per the law?
There is no prohibition against
an individual renting more than
one apartment. If you are finding
that landlords will demand a higher rent
for corporate lets than for individual lets,
then you could rent units in your own
name. However, if you are then effec-
tively going to sublet those units to staff
members,youwillneedtoobtaintheper-
mission of the landlord to do so. Alterna-
tively, the executive level staff could take
the leases in their own names.
I run a manufacturing com-
pany in Dubai. When I tried to
rent a few rooms for my exec-
utive level staff, I found that land-
lords are asking for higher rent if its
for a company accommodation. Can
I rent few apartments in my name
so that I can save on the rents? Does
the law permit one individual to
rent multiple units?
Dubai Marina skyline
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L
uxury real estate developer,
DAMAC Properties, has won a
top industry award for the ‘Res-
idential Project of the Year’ at
the ‘Design and Build Awards’ held in
Riyadh, Saudi Arabia. Al Jawharah, an
iconic 47-storey luxury residential tower
on the banks of the Red Sea in Jeddah,
was named the best project in the King-
dom by Construction Week magazine,
a leading specialized publication in
the Middle East. DAMAC’s Al Jawharah
includes ‘DAMAC Residences’, the first
Versace Home styled apartments in
the country.
The distinguished project has wit-
nessed huge customer demand from
the day of its launch until its recent
completion, witnessed by the record
sales of the various apartments in dif-
ferent styles and sizes. Ziad El Chaar,
Managing Director at DAMAC Prop-
erties said: “We are glad of this presti-
gious award that showcases the high
quality and excellence in execution
that DAMAC always invests in its proj-
ects.” He added: “DAMAC’s excellence
doesn’t stop here; we are delighted
that our first completed international
project has won this prestigious award
and we are confident that our other
luxury projects in Saudi Arabia will
witness similar success.” DAMAC has
two major luxury residential projects
under construction in the Saudi capital
Riyadh; the first being DAMAC Esclusiva
with interiors by FENDI Casa and the
second, DAMAC Tower by Paramount
Hotels & Resorts, both luxury serviced
hotel apartments to be managed upon
completion by DAMAC Maison and Par-
amount respectively. The two projects
are making impressive progress and
recently reached a key milestone last
month with the topping off of both
towers. The projects both overlook the
Kingdom Tower on King Fahd road in
the heart of the capital city. “We have
seen such a positive response from our
customers to luxury living concepts in
the Kingdom of Saudi Arabia,” said Ziad.
“Al Jawharah in Jeddah, DAMAC Esclu-
siva and DAMAC Tower by Paramount
in Riyadh represents the new elegant
and luxurious way of living demanded
by a refined segment of Saudi’s living
in these two cities, or those visiting for
vacation or business purposes,” El Chaar
went on to say: “These projects pres-
ent a great opportunity for investment
while buying a place for living in one of
the most desired areas in Jeddah and
Riyadh. DAMAC Properties' experts will
be ready to provide more information
about the two luxury projects in Riyadh
for interested Saudi investors or cus-
tomers, during next week’s special sales
events to be held in designated loca-
tions that will be announced soon.” Al
Jawharah has won numerous industry
awards including ‘Best High-Rise Archi-
tecture’ at the 2010 Arabian Property
Awards and ‘Outstanding Development
of the Year’ from The Big Project awards
in 2012.
DAMAC’S AL JAWHARAH IN JEDDAH NAMED
‘RESIDENTIAL PROJECT OF THE YEAR’
Market
Al Jawharah In Jeddah
propertyonline.ae

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T
here was a time when the property
game was for the wealthy investor
and those with only small amounts
to invest had to look elsewhere to
invest their hard earned capital. This is no lon-
ger the case due to the rise of new investment
platforms which enable even the smallest
of investors to enjoy the returns of investing
in property.
One such platform which is relatively new
to the local market is the REIT. REIT is an acro-
nym for Real Estate Investment Trust which,
as a trust company that accumulates a pool
of money through an initial public offering
(IPO), buys, develops, manages and sells real
estate assets. The IPO is identical to any other
security offering with many of the same rules
regarding disclosure and reporting require-
ments and regulations.
Investors,whetherlargeorsmall,insteadof
purchasing stock in a single company, have
the opportunity to buy a unit which is actually
a portion of a managed pool of real estate.
This pool of real estate then generates income
through renting, leasing, selling and financ-
ing of property and distributes it directly to the
REIT holder on a regular basis.
Units held in a REIT can be bought like a
stock on a stock exchange. The REIT invests
in real estate directly, either by buying, sell-
ing or leasing properties or by investing in
property mortgages.
There are 3 types of REIT’s. Equity REITs
invest in and own properties and therefore are
focused on increasing the value of those prop-
erties while also accumulating revenues from
their properties' rents. Mortgage REITs deal in
investment and ownership of property mort-
gages. These REITs loan money for mortgages
to owners of real estate, or purchase existing
mortgages or mortgage-backed securities.
Their revenues are generated primarily by
the interest or profit that they earn on the
mortgage loans while Hybrid REITs combine
the investment strategies of equity REITs and
mortgage REITs by investing in both proper-
ties and mortgages.
Individuals can invest in REITs either by
purchasing their shares directly on an open
exchange or by investing in a mutual fund
that specializes in REITs that are listed on
the stock exchange. Among other things,
REITs invest in shopping malls, office build-
ings, apartments, warehouses and hotels.
Some REITs will invest specifically in one
area of real estate - shopping malls, for
example - or in one specific region, state or
country. Investing in REITs is a liquid, divi-
dend-paying means of participating in the
real estate market.
REITS allow both small and large inves-
tors the ability to invest in real estate with-
out investing large amounts of capital or
devoting a lot of time in directly managing
a property portfolio. A REIT also allows a
greater amount of portfolio diversification
because of the large amounts of pooled
funds available to the REIT Management
team enables the accumulation and oper-
ation of different types of property assets in
different locales.
Investing in a REIT is no different to invest-
ing in any company. Some companies repre-
sent lucrative opportunities, while some com-
panies may represent too much risk or poor
value. Investors still need to look at the REITS
performance in terms of Nett Asset Value
growth and dividend payment history, cur-
rent portfolio composition and performance,
the management team, future plans for the
REIT as well as have an understanding of the
likely performance of the property market
and overall economy in which the REIT par-
ticipates. Investors, having completed a thor-
ough and in depth assessment of the proba-
bility that the REIT will provide desired returns,
can participate at the level that is consistent
with what they can afford to invest.
Another investment platform which allows
smaller investors to participate in the prop-
erty market is Crowdfunding. A relatively new
concept Crowdfunding entails the pooling of
funds by a group of individuals to finance ini-
tiatives such as real estate investment projects.
This is usually done via the internet.
The advantages are obvious. Investors get
access to the real estate market with small
amounts of money and can pick and can
efficiently choose which Real Estate projects
they wish to invest in, thereby spreading risk
and enabling the possibility of building a port-
folio made up of a variety of assets, in a vari-
ety of locations being developed by a variety
of developers.
For developers, Crowdfunding provides
another source of funding for their projects.
Using the internet is an efficient way of attract-
ing interest to their projects and the reach that
the internet provides magnifies the potential
for raising funds more quickly.
However, as with any investment, Crowd-
funding is not without its risks. Obviously,
investors will be exposed to any gyrations in
the market along with all the other investors.
In addition, the risk of default from developers
can be higher when compared to peer-to-
peer and direct real estate investment fund-
ing. In addition, unlike investing in a REIT, the
absence of a secondary market restricts the
ease with which an investor can liquidate his
or her position. These risks need to be consid-
ered carefully when determining the type of
return required and, as with any investment,
extensive due diligence by all investors, regard-
less of whether they be big and small, is of par-
amount importance.
REAL ESTATE … NOW FOR SMALL
INVESTORS AS WELL!!
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

D
anube is a familiar name
for Dubairesidents, so is its
Founder and Chairman Rizwan
Sajan. A leader in the building
material industry with an unwavering
faith in Dubai’s real estate market, Riz-
wan is one of the top investors with a
diversified portfolio of properties in the
UAE. He has now stepped into a differ-
ent realm of the property market and
set up Danube Properties with an aim
to build luxury homes for the middle-in-
come group. The company’s first proj-
ect, the AED520 million worth Dreamz
with 171 townhouses located in Al Fur-
jan, was sold out within three hours of
the sales launch. At AED2.5 million, each
townhouse comes with a wide array of
facilities and amenities, completely
unheard of in Dubai for this price range.
He tells Property Times flashing his
signature smile, “This is just the begin-
Property Times catches up with Rizwan Sajan, the extremely humble yet articulate
Chairman of Danube Group, who has recently ventured into property development with
Danube Properties, after having steered the group into the number one position in the
UAE’s building material industry. By Binesh Panicker
“THISISJUST
THEBEGINNING”
ning,” hinting at the future projects he
has in store.
RIZWAN ON
DANUBE PROPERTIES…
We wanted to enter the property
development business ten years ago,
but at that time the market was grow-
ing at a speed, which nobody could
imagine. I felt the pace of growth
during those days was unrealistic and
then the recession stuck the market a
few years later.
Looking back, I feel we made the
right decision not to get into the prop-
erty market during the boom time. But
post the crisis, especially over the past
couple of years, the market has been
growing at a rate that's more realis-
tic; that means in the range of 10% to
25% per annum depending on the
CoverStory
propertyonline.ae

area. The government introduced a
number of laws such as 4% registration
fee to keep flippers out of the mar-
ket. Developers can’t launch or even
advertise their project unless and until
the land cost is 100% paid and all the
approvals from RERA are secured. All
these things are good for the market
as it protects the investors and the seri-
ous developers. That's why we felt the
time was right to enter the property
development business.
THOUGHT PROCESS
BEHIND DREAMZ …
In most of the projects in Dubai such
as Burj Khalifa, Bur Al Arab, Media City,
Internet City and the Metro project,
Danube supplied building materials at
some point in time. When we thought
of launching our first project, we knew
we had an edge over other developers
“Post the crisis, especially
over the past couple of
years the market has
been growing at a rate
that's more realistic; that
means in the range of
10% to 25% per annum
depending on the area.
The government intro-
duced a number of laws
such as 4% registration
fee to keep flippers out of
the market.”
Dreamz by Danube, Al Furjan
CoverStory
propertyonline.ae

in terms of construction cost because
of our building material supply back-
ground. So we decided to come up with
a project that the middle-income group
can afford. Our first project Dreamz
highlighted this affordability factor as
we were selling three-bedroom town-
houses at AED2.5 million. We managed
to offer the units at AED900 per square
foot at such a location as Al Furjan, in
the heart of new Dubai, close to Dubai
Marina and Emirates Hills. More import-
ant are the amenities on offer at the
project. In other developments, one
may have to do a lot of renovation
or decoration after buying the prop-
erty, but in Dreamz, we are making
sure buyers will get all the amenities
and facilities.
Units at our project will have Italian
marble, modern kitchen, Italian bath-
room fittings, Jacuzzi, Swiss origin par-
quet flooring, landscaped gardens with
gazebo, double glazed windows, water
bodies etc. The idea is we want to cre-
ate a name in the market for Danube
Properties so that people know buying
from Danube offers much more values
as you get more than just a property.
Nakheel is the master developer of Al
Furjan, which will soon have all ame-
nities and facilities such as community
centre, pools, health club etc.
TARGETED CUSTOMERS
We signed up ex Indian cricket legend
Sunil Gavaskar as our brand ambas-
sador because we were targeting the
Asian customers including Indians,
Pakistanis, Sri Lankans etc. I felt that
many expatriates from these countries
are mid income groups and I wanted
to create a luxury development for
them at unbelievably affordable prices.
People often ask how I manage to sell
at such low rates and the answer is
simple; we get better prices for all the
building materials than all other devel-
opers, which help us save on our con-
struction costs and we pass it on to
our customers.
MAD RUSH AT THE SALES LAUNCH
All the 171 units were sold out in three
hours on the day of the sales launch
of Dreamz. We had more than 2,000
enquiries about the project prior to the
launch, which was a testimony to the
tremendous interest in the market and
on the day of the launch about 1,000
people turned up to snap up the prop-
erties. It reminded me of pre-recession-
frenzy. Luckily for us, everything fell into
place as far as Dreamz was concerned
such as the location, type of properties,
amenities and facilities etc. First and
CoverStory
propertyonline.ae

foremost, I don't think we could offer
a better location than Al Furjan at that
particular price. Within five minutes, you
can reach Sheikh Zayed Road from our
project. Pricing turned to be extremely
good for the location we were offering.
Design also proved to be a major attrac-
tion for the buyers compared to similar
properties that are coming up in Dubai.
We decided to have a very contempo-
rary, modern look. Most importantly,
the reputation Danube built over the
years has played a key role in attract-
ing many buyers as we have a proven
track record in the building materials
industry. We will be launching our sec-
ond project soon called Glitz in Studio
CIty,as we feel that there is a growing
demand for studios, one bedrooms and
two bedrooms.
THE BUBBLE
I don't think there is going to be a bubble
anytime soon. The biggest advantage of
buying a property in Dubai is that the
rental income is higher than many other
global markets. You will get back your
investment within ten years with a rental
return of around 10% in Dubai. Also the
property prices in Dubai are three to four
times less than many international mar-
kets such as Hong Kong, Mumbai, Singa-
pore and London.
“When we thought
of launching our first
project, we knew we
had an edge over
other developers in
terms of construc-
tion cost because of
our building material
supply background.
So we decided to
come up with a
luxury development
that the middle-in-
come group can
afford.”
CoverStory
propertyonline.ae

T
hose who have snapped up a
unit in the first release of Emaar’s
Dubai Creek Residences, which
went for sale earlier this month,
have chosen to live in town yet close
to nature right for a rich water-fronted
life. “The waterfront experience can’t
be emphasized enough. This is going
to be the next great harbour city of
the world,” says Harold Thompson,
Vice President at RTKL – Dubai, the firm
tasked with master-planning this huge
area, about 2.5 times the size of Down-
town Burj Khalifa. “We take the Creek for
granted but there are very few projects
which can draw on its heritage, some-
thing this site around 12 kilometres
from the Gulf needs to take advantage
of,” he remarks. Mohammed Alabbar,
Chairman of Emaar Properties, recalls his
memories of life at the Creek, describing
the project as continuing Dubai’s story.
“It is nice to come back to the Creek,
where I was born and learnt to swim. To
be able to reflect this lifestyle in a mod-
ern way today is a wonderful opportu-
nity,” he says.
THE NEXT PREMIER WATERFRONT
ADDRESS: DUBAI CREEK HARBOUR
AT THE LAGOONS
Emaar Properties and Dubai Holding join hands to deliver a world-class waterfrontliving community at The Lagoons
Words and Photography : Nicole Walter/freelance writer
Market
Views from Dubai Creek Harbour
propertyonline.ae

Live a different lifestyle
Living at Dubai Creek Residences will
afford sweeping views of Dubai’s sky-
line, and with binoculars at hand the
pink sea of flamingos, as well as migra-
tory birds home in the neighbouring
Ras Al Khor wetlands. Nestled around
a marina set on an island within the
Dubai Creek waters, the apartments
designed to be light and airy, come
with a host of lifestyle related compo-
nents, with hotels dotted around the
neighbourhood, including Emaar’s own
hospitality brand Vida. The launch of
the first two 40-storey towers of Dubai
Creek Residences may have past but
they form part of a six-tower cluster,
leaving the door to this lifestyle open
to others. While the developer wouldn’t
reveal the starting price of the units,
Mohammed said they would be in line
with market expectations. “We look at
the market at a daily basis,” he says, add-
ing that getting the price right is a bit
like preparing the right recipe. “We look
at how the last launch went, its price
point and where the buyers came from.
So, if I launched at a certain price point a
few weeks ago and it was ok, but today
the price point is different, then I need
to go back to the kitchen and adjust a
few things, and then usually on the day
you sell out,” he explains.
Future buyers should also be able to
take advantage of Emaar’s ‘skip the line’
buying programme, whereby it gives
preference to those making a down
payment of 30% and ask for ownership
to be maintained until handover. Dubai
Creek Residences forms only a minute
part of the first phase, which includes
the first of nine districts, the Island
District, of Emaar and Dubai Holding’s
Dubai Creek Harbour at The Lagoons
master-development, stretching over
one and a half acres.
Meticulous planning
Envisaged to become a new downtown
in the Emirate, interconnected districts
with residential, as well as retail, busi-
The waterfront
experience can’t be
emphasised enough
this is going to be the
next great harbour
city of the world.”
Harold Thompson,
Vice President at RTKL
– Dubai

ness, cultural, educational and enter-
tainment components and plenty of
green spaces are on the drawing board,
as well as three green line metrostops.
“We have about 10.5 million square
metres to be developed within 25-30
years. It is very important that we get
the mix of uses correct, recognizing
that over time the project will develop
and adjust but maintain the right bal-
ance. Massing is sensitive to the wildlife
sanctuary, which we will preserve and
enhance and make it educational, whilst
the Sanctuary District will be low-rise,
so the density is focused on the core of
the project,” explains Harold. The Core
would be home to the highest twin-
tower development globally, at just
under 600 metres, surrounded by lots
of F&B as a strong centre of excitement
and activity, similar to Downtown Burj
Khalifa, from which the other districts
radiate, says Harold. “The Canal District
continues the waterfront experience on
the mainland side of the Creek, imag-
ine other canal cities in the world. The
width of the canal is about 45 metres for
only smaller watercraft like water taxis
to operate,” he says.
''The public realm connection to the
water and walkability were a key direc-
tive given by Emaar to the master-plan-
ners,'' says Harold. “We planned the dis-
tricts so you can get to any of them in
the site within a ten minute walk, and
a five minute walk within the individual
districts. We have a nice hierarchy of
blocks, plazas and squares so it feels like
an accessible pedestrian friendly envi-
ronment,” he details.
Equally, the Retail District won’t be
home to a giant mall, but a series of
interconnected small malls based on
the pedestrian high street concept. A
business district, like the others will also
be intelligently connected. “The other
remit we have that this not just needs
“It is nice to come
back to the Creek,
where I was born and
learnt to swim. To
be able to reflect this
lifestyle in a modern
way today is a
wonderful opportu-
nity,” Mohammed
Alabbar, Chairman,
Emaar Properties.
Market
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to be the next downtown development
of Dubai but has to take that up to the
next level in terms of smart technology,
including transportation and infrastruc-
ture,” says Harold.
Each district, including three residen-
tial, will have an amenity centre as its
focus, and green fingers radiating from
central park spaces around which resi-
dential, offices or community facilities,
schools etc. are placed. In addition, a
green necklace The Boulevard Crescent
park, will snake through the master-de-
velopment. “For sustainability the value
generators are not just congregated in
the centre but evenly spread through-
out the site,” remarks Harold.
While Phase I should be completed
sometime in 2017, the developer
couldn’t reveal the total value of this
project yet, and the ultimate develop-
ment speed would depend on demand
and supply behaviour.
“We don’t have a specific timeframe
for the completion of the whole devel-
opment. Its just a fact of life that some
years are slower or faster than others,
it’s a cycle with ups and down, and we
should be fit enough to be able to deal
with that,” Mohammed remarks.
“We try to move as fast as we can,
but we’re a profit making company, if
the market isn’t there we have to adapt
to that, our shareholders won’t allow us
to do anything else,” he says, adding he
didn’t see a real estate bubble forming
since banks and developers have learnt
a tough lessons they should remember,
welcoming the market cooling down
a little. “We’ll continue to supply the
market, which is good for our custom-
ers because it keeps prices at reason-
able level. The market is still good, but
what I saw in 2013, people were hungry
getting out of control; I am glad I don’t
see that, but instead things are going
extremely well but reasonable.”
Dubai Holding’s CEO, Ahmad bin
Byat concurs: “All the stakeholders in
the business here in Dubai have learnt
the lessons and matured, primar-
ily the buyer and the sellers, as well
as the banks, real estate developers
and regulators.”
Market
Mohammed Alabbar, Chairman of Emaar with Dubai Holding’s CEO, Ahmad bin Byat
“All the stakeholders
in the business here in
Dubai have learnt the
lessons and matured,
primarily the buyer
and the sellers, as
well as the banks, real
estate developers
and regulators.”
Ahmad bin Byat,
CEO, Dubai Holding
propertyonline.ae

Market
A
lthough illegal, the reality on
the ground in Dubai’s real
estate market partly remains
one of unlicensed middle-men
squeezing themselves into a deal,
leading to loss of deals and confusion,
licensed brokers lament. “For us from
the outside, it is very difficult to under-
stand the market because there are so
many people involved in the industry,
we’re still trying to figure out how it
works here. What I heard from mem-
ber companies referring business was
that there are countless middlemen
involved. That is something I don’t see
in too many places worldwide,” Chris-
topher Dietz, VP International Opera-
tions, Leading Real Estate Companies
of the World - London, which represent
550 brokers globally, says. Christopher
highlighted that the confusion has led
to less international agencies referring
business to agents in Dubai, leaving
the clients to findtheir own way. “They
are not sure who to talk to because
they expect a full brokerage firm, which
adheres to the rules and regulations, to
stand behind a person they are deal-
ing with, but on negotiating fees they
suddenly find out that there is actually
no licensed company behind this per-
son entitled to sign this agreement,”
he explains.
Marwan Bin Ghaleita, RERA’s CEO
made clear that after regulating the
industry for seven years now, everyone
should be holding a RERA card accord-
ing to Law No.85 and who participated
in a deal without it could be fined and
even go to prison.“Everything should be
correct with no grey areas. The tough-
est part for agents is probably driving
away those intruders who come as a
middleman, they should fight this and
not give them a commission and report
them to RERA,” he remarks.
“Easier said than done, brokers point
out: “We know and we follow that
STRINGENT REGULATIONS IN
STORE FOR REAL ESTATE AGENTS
Dubai’s Real Estate Regulatory Agency (RERA) sets out to reduce the number of property brokers to ensure a
professional market. By Nicole Walter/freelance writer
advice, but then they say we’ll use an
agent who will do it, cousins, brothers
etc. pop up and then it’s difficult to
fight,” says Mario Volpi, Managing Direc-
tor at Prestige Real Estate - Dubai. “Yes,
that what everyone is telling me; if we
follow the rules and regulations, we will
lose clients because somebody else is
willing to deal with a freelancer but this
is their choice, if they continue to accept
freelancers within a deal we will never
regulate the market,” responds Marwan,
though adding that he felt that inves-
tors today were choosing their brokers
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more wisely. Cecilia Reinaldo, Manag-
ing Director at Fine & Country, says too
many, even licensed brokers, meddling
in one deal was simply not helping with
client confidence as they were not sure
who represented whom. “Because of
that, the broker’s value has been dimin-
ished and sellers and buyers are playing
on that to negotiate fees, even agents
negotiate referral fees among them-
selves to get hold of certain properties,”
she describes.
Solutions
RERA is coming up with a solution,
which should curb both, middlemen
appearing and reducing the number of
brokers, in the market. Currently, there
are around 2,205 brokerage firms and
5,021 property agents in Dubai, about
half that of peak times. Mario believes
RERA had done well to reduce numbers
from the height of the market six years
ago. “But understanding the size of
Dubai, when a buyer/seller or landlord/
tenant has a choice of say, 500 agencies,
is this not enough?,” he remarks.
Marwan concurs that current num-
bers are still too much for Dubai. “This
year alone, 567 new offices opened as
people woke up and said I will start a real
estate company because the market is
doing good,” he highlights. “So what
shall I do to fight this? These are already
people on the ground I cannot just take
them out, that’s why we are regulating
them making it more tough to pass the
exam increasing the minimum pass rate
to 85 %, and putting new regulations in
place,” he adds.
The new regulations includes replac-
ing the broker card with the Emirates ID
highlighting the profession for agents
to use in property deals, everyone
involved in carrying out transactions
would have a card reader and a new
smart application would ensure peo-
ple could verify an agent’s authenticity,
explains Marwan. “I think by mid-June
next year, none of the agents will have a
broker card. So all the transactions and
the moves that real estate agents will
do will be linked to their National ID and
we can measure their performance,” he
says. Performance would become par-
amount to staying in the business, as
RERA plans to withdraw licenses from
those who don’t. “We will be tough, yet
we will consult and give time to imple-
ment new rules, it is not going to come
tomorrow or the day after, but I need
only professional people on the ground.
I expect everyone to make sure they do
the transaction themselves, not passing
it on to a middlemen or another agent.
I will send a letter to their office within
six months to a year telling them to let
this agent go, or change his position,
this way we will reduce the number,”
explains Marwan.
Cecilia believes that as Dubai’s regu-
latory framework evolves and becomes
more complex, it would become very
difficult for most companies to be
compliant, and that in itself and mar-
ket forces, was big challenge for sur-
vival for agents that were in business
“Everything
should be
correct with
no grey areas.
The toughest
part for agents
is probably
driving away
those intruders
who come as
a middleman,
they should
fight this and
not give them
a commission
and report
them to RERA.”
Marwan Bin
Ghaleita, CEO,
RERA
Market
Dubai Marina
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for the wrong reason, already. “RERA
and DLD have achieved much in a
relatively short period of time in one
of the most dynamic and challeng-
ing real estate hot spots in the world.
So, ensuring that brokers adhere to
tighter controls is indeed good news,”
says Cecilia, who reckons it would also
make it even harder for non-registered
brokers to operate. “Brokers themselves
are already now reporting freelancers to
the regulator and clients are becoming
more aware of the necessary IDs that
are required for a broker to operate,”
she welcomes the move.
Although Mario reckons it was diffi-
cult to predict the outcome of using the
EID as a broker card, given the mentality
of some of the brokers in Dubai, they
may still do deals with unregistered
agents, he would welcome seeing even
a small reduction in these kind of trans-
actions as a step in the right direction.
“Tighter controls on what brokers are
doing can only be a good thing. The
“RERA and DLD
have achieved
much in a rela-
tively short period
of time in one of
the most dynamic
and challenging
real estate hot
spots in the world.
So, ensuring that
brokers adhere to
tighter controls
is indeed good
news.” Cecilia
Reinaldo, Man-
aging Director,
Fine & Country
professional agents amongst us have
nothing to hide. So, if this helps to weed
out the bad agents in the market then I
welcome it,” he adds. Sandrine Loureiro,
Head - Commercial Sales & Leasing at
Better Homes Head Office, is convinced
that the Emirates ID was another pos-
itive step against freelancers operating
in the market. “Since the introduction
of freehold sales in Dubai, the Land
Department have experienced a large
number of Trade Licenses opening
during good times, then closing, and
many remain inactive,” she remarks.
“Every week, we see new brokerages
opening up and employing agents
who may not have the right credentials.
We need our industry to be regulated
and more professional. Real estate is a
profession,” Sandrine says, adding that
the new process should allow RERA to
monitor serious players looking at the
long term and not just those in the
market to make a quick buck. “The con-
solidation of labour cards, employment
visas, RERA registrations and broker
offices licenses registrations will con-
tinue to deter "fly by night operators".
Thereafter, it is up to each broker and
brokerage firm to ensure that they do
not work with non-registered agents.
When all of us are on the same page, we
will all benefit,” she emphasizes.
In addition, RERA will make it more
difficult for new real estate companies
to grow too fast for the sake of it. “I will
only give them four agents as a start up
company. And let us watch their per-
formance for the whole year, if they are
doing good we will add the fifth, and
if they are doing well and need more
agents they will have to pay extra fees,”
Marwan remarks.
Cecilia reckons reining in recruitment
at new companies should ensure that
the first brokers they hire are properly
trainedandsufficientlyequippedbefore
they can operate as most new compa-
nies didn’t have enough resources for
ongoing training they tended to fail
meeting the basic needs of the costum-
ers. “I am pleased that there are numeri-
cal restrictions on the number of broker
licences given out to new agencies, as
I firmly believe that there are far too
many companies and individuals work-
ing in the real estate industry here in
Dubai,” Mario concludes.
Market
Sheikh Zayed Road Skyline and Dubai Metro
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T
o most people in the region,
shipping containers are mam-
moth steel boxes that transport
cargo across land, air and sea –
and rather imposing on roads. But not
to Arjun Menon, Managing Director
of Smart Box, Dubai. To him they are
SMART boxes – Steel, Modular, Archi-
tecturally engineered, Recyclable and
Transportable boxes – Lego blocks that
he plays with, to create some of the
greenest habitats in the region.
Arjun is truly a green advocate, a
fact that is evident from the environ-
ment-friendly practices he follows in
his office. Perhaps, this commitment
towards the cause is the reason he
studied container conversion at such
length, and opted for SMART construc-
tion. “Very often, we see up to a third
of used containers lying in ports at any
given time. This is usually the result of
trade imbalance, when it becomes
unviable for shipping lines to transport
empty containers back to their places of
origin,” he explains. “A container is usu-
ally declared non-seaworthy when the
cost of repairing it exceeds that of man-
ufacturing a new one. A container that
is not seaworthy still retains its inherent
qualities of strength and durability, and
can be given a new lease of life. To me,
upcycling used containers is an envi-
ronmentally responsible alternative to
abandoningtheminpilesonvacantlots.
These otherwise redundant resources –
well past their initial intended use in the
transportation industry – are capable of
providing adequate, affordable square
footage for housing, commercial and
other purposes,” he says. “Selecting
containers that are conversion wor-
thy, however, is important. At Smart
Box, we ensure that the containers we
choose for conversion are free of con-
taminants, chemicals and spillage,”
Arjun clarifies.
What is SMART?
“From the environment point of view,
SMART roughly translates to minimal
creation and consumption of new
resources for construction, which sig-
nificantly reduces carbon footprint. By
upcycling containers, you cut down on
the use of traditional building materials
such as cement, brick, mortar and steel,
providing comprehensive economic
Arjun Menon’s commitment to sustainable practices brings container upcycling technology to the MENA
region. He tells Mini Shivakumar Menon why he chooses SMART as his way forward.
and environmental benefits,” he adds.
Arjun has been repurposing shipping
containers for residential, commercial
and institutional uses at Smart Box since
1997, meeting the spatial needs of con-
struction, mining, defense, hospitality,
marine and engineering industries
worldwide. His landmark achievement,
however, came in 2013, in the form of
MENA region’s first approved perma-
nent modular building made of con-
verted shipping containers that Smart
Box constructed for Geo-Chem Middle
East in Dubai’s Techno Park. The 13,440-
sq. ft. office-cum-storage space com-
prises 42 units of 40’ containers, and
meets all the requirements of a typical
office building: an open-plan office, a
reception area, several individual cab-
ins, a pantry-cum-dining room as well
as conference, IT, prayer and ablution
rooms. In addition, the facility hosts a
capacious archive spread across 5,200
squarefeet. Rajiv Bahl, Managing Direc-
tor of Geo-Chem Middle East, wanted
to be atrendsetter, opting for a green
building for their new headquarters –
and he loved the idea of building with
containers. Apart from the fact that a
SMARTANDGREEN–
THEFUTUREOFCONSTRUCTION

Market
shipping container structure is made up
to 98% of recycled materials, there are
other factors that make SMART build-
ings green and sustainable. For one,
they can easily be adapted to become
the most energy efficient constructions
in the region. “An insulated container
module is more energy efficient than
any other traditional or alternative con-
structionoption.AccordingtotheWorld
Steel Association, the energy saved by
recycling reduces the annual energy
consumption of the steel industry by
about 75%, enough to power 18 million
homes for one year,” says Arjun. “Smart
Box has the capability to convert con-
tainers into completely green buildings.
We can incorporate environmentally
friendly options into a SMART build-
ing, right from superior quality insu-
lation and natural lighting for energy
efficiency to water recycling and solar
panel electricity system – if the client
so wishes,” continues Arjun. The Geo-
Chem headquarters has the advantage
of maximized natural lighting through
tubular skylights and LED down lights,
as well as rockwool and fire-rated gyp-
sum insulation.
SMART buildings do not require tra-
ditional foundations to be dug; this
means that the land on which they
stand can be easily restored to its orig-
inal state if and when the buildings are
dismantled. Additionally, these build-
ings are recyclable – they can be reused
more than once, and at the very end
of their lifecycle, can be sold for the
value of steel. Shipping containers are
made of Cor-Ten, specialized ‘weath-
ering’ steel that is also used to build
bridges and create outdoor sculptures.
It is 75% stronger than mild steel, and
has superior bonding properties with
paints and coatings. This ensures that
SMART buildings are among the most
durable, with a virtually infinite lifespan.
The steel shell also makes them fire,
termite and mould proof. Designed to
withstand the hostile maritime dynamic
environment, shipping containers are
immensely capable of withstanding
earthquakes, tornadoes and other nat-
ural calamities.
Aesthetic elements
For many, the question that would
come to mind is about aesthetics – both
in terms of interiors and the exterior.
One look at Arjun’s very elegant confer-
ence room in Al Quoz is enough to put
the minds of skeptics to rest. “We joined
three units of 40-ft. containers side by
side and removed the inner walls. We
then divided the space into two, and
this is one half,” he says. The other half
of the building sports a sample luxu-
ryone-bedroom hotel suite that was
made as a model for a hotel for a Saudi
Arabian developer who wanted to build
a hotel in Kampala, Uganda. The interi-
ors are stunning. “SMART buildings can
be adapted to any design aesthetics; be
it the minimalistic simplicity of their raw
industrial lines, or ‘dressed up’ to stand
out, or blend into any background. Aes-
thetic enhancements can be added by
painting the exteriors, or in the form of
facades that suit the surroundings or
zoning covenants. Exteriors can also
be standardized in design using any
traditional cladding structure , or their
greener alternatives, depending on the
client’s choice,” Arjun adds.
So far his Smart Box Industries has
recycled thousands of steel containers
to build offices, homes, storage facili-
ties, ablution units and more the MENA
region and the UAE. Though a relatively
new concept in the region, an increas-
ing number of environmentally sensi-
tive and innovative entrepreneurs are
now opting for SMART construction.
Smart Box’s impressive list of projects
in the pipeline has some of the region’s
most fashionable names including
Dubai Design District (D3), Dubai’s cut-
ting edge concept aptly termed as ‘a
collective of creativity’.
Building with containers is not a new
concept. Container City in the heart
of London’s Docklands is a very popu-
lar collection of five-storey structures
that have been in existence for over a
decade now. Its success prompted the
developers to build Container City II,
a commercial space that is equally in
demand. They later built small stadi-
ums, hotels, schools, all with containers.
There are other commercially success-
ful construction projects in countries as
diverse as New Zealand, Australia and
the USA. Keetwonen in Amsterdam, a
1,000-unit dormitory with all facilities,
is made entirely of containers, and is a
huge success among students. SMART
is certainly the future of construction.
With modular construction coming of
age and Expo 2020 timelines looming
large, Menon feels it is breakout time
for Smart Box. His plan to build the first
7-storey residential building using con-
tainers in Dubai is set to take off in 2015.
That will be Smart Box’s coming of age,
feels Menon. “SMART construction is
greener, smarter, safer and quicker,”
he concludes.
Conference room
propertyonline.ae

MEETTHEAGENTS
When did you come to Dubai: August, 2009
Previous profession: Retail
First sale in Dubai (villa, apartment or commercial? Which year? And
value of the transaction: Two-bedroom apartment in The Burj Resi-
dences Tower for AED4 million
What you like about your profession: I love the energy and the buzz
around the office coupled with the excitement of finalizing a deal.
Hobbies: Real Estate/ Sport / Music / Learning French.
Favorite hangouts: La PetiteMansion
Why you love Dubai: It is a dreamland with unlimited opportuni-
ties. So I am very happy to live here.
When did you come to Dubai: November, 2013
Previous profession: Account manager for a mobile network software company
First sale in Dubai (villa, apartment or commercial? Which year? And value of the
transaction: My first sale was an Al Furjan villa, three-bedroom, in March this
year, worth AED3.9 million
What you like about your profession: I like interacting and meeting with new
people, and the ability to see very tangible results from the hard work you put in.
Hobbies: My hobbies include playing rugby, going to the gym, or relaxing by
the beach with friends
Favorite hangouts: My favourite hangouts include Barasti beach bar, kite beach
or anywhere that involves being able to get away from the hustle and bustle
of Dubai life.
Why you love Dubai: I love Dubai because of the opportunity it presents. It's a
city that's fast paced, dynamic, multicultural, and geared around making and
spending money. It is one of the best places to be as a young guy or girl.
Anna Zavarzina : Russian
Aston Pearl Real Estate (Sales &
Brokerage Division). BRN. 30729
James Bush : English
PowerHouse Properties, BRN. 30962
Market
propertyonline.ae

When did you come to Dubai: 2012
Previous profession: Luxury jewelry broker for brands such as Cartier, Rolex etc
First sale in Dubai (villa, apartment or commercial? Which year? And value of the transaction:
My first sale was a penthouse in Emirates Crown in 2012 and the value was
AED17 million
What you like about your profession: Every day there is a new challenge. It is a profes-
sion about beautiful things. I love to see my clients happy when I find the dream home
for them.
Hobbies: I love sports, adventure, spa weekends and discovering new things in Dubai.
Favorite hangouts: My favourite places are Zuma (DIFC), Roberto's (DIFC)
Why you love Dubai: love Dubai because it is multi-ethnic, where you meet people
from all over the world. It is one of the safest countries in the world. It is full of opportu-
nities and with Sheikh Mohammed's vision; it will reach new heights of success.
When did you come to Dubai: 2009
Previous profession: Accountant / cabin crew
First sale in Dubai (villa, apartment or commercial? Which year? And value of the trans-
action: It was a three-bedroom apartment in Dubai Marina last year with the most
breathtaking views for almost AED4 million.
What you like about your profession: Surprises, the good ones… The role is always
exciting and full of newchallenges. Plus I have the advantage of meeting great
people, all of which are absolutely different and unique characters.
Hobbies: I am currently doing my Masters in International Business, so there is not
much time for my favourite hobby, horseback riding. I tried to do some vocals, but
my sister asked me to stop.
Favorite hangouts: Jumeirah Beach Residence “the Walk” is my favorite place for
my tea time.
Why you love Dubai: I love Dubai because of the Downtown Burj Khalifa Fountains.
I love that magical place with beautiful views, water and music.
Stefano Leopaldi : Italian
Al Habtoor Properties,
Sales manager, BRN. 29695
Dinara Saidova : Uzbek / Russian
Property Success Advisor
at GGICO properties, BRN. 31461
Market
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JUST GOT BETTER...

RESIDENTIAL POINTERS -
THE WOWS AND WOES
For residents Jumeirah Lakes Towers
has slowly become a fully developed,
self-sufficient community and recent
additions have demonstrated an
increased focus on safe and expanded
play-zones for children as well as
enhanced road-works, parking and
leisure facilities for adults. While most
mixed-use communities suffer from a
lack of extensive residential services,
JLT boasts a significant array of services
catering to the needs of residents. From
medium to large groceries to nurseries
and learning centers, from day-care and
medical facilities to laundromats and
catering services, the community has
grown into an all encompassing and
thriving space for residents.
“It has proven to be a good decision”,
says Mohammed, a resident of JLT for
the last six years. “When we first came
to live here, it was a nightmare! It was
completely deserted - no support ser-
vices, no restaurants, roadworks still
underway. But over the years we have
seen a drastic change. I think credit
must go to DMCC for having turned
the place around. Now we look forward
to coming back home. And people all
around, from Discovery Gardens and
even Marina, plagued by traffic and
other woes, are seeking out options to
stay in JLT” he adds.
The initial launch years had seen JLT
grappling with a lot of issues from smell
of stagnant water to traffic and security
concerns as well as the biggest draw-
back for families with kids – a complete
lack of play areas for kids. To the benefit
of residents all these issues have been
tackled head-on by DMCC and JLT
now boasts a smell free, bustling, cos-
mopolitan environment, with smooth
traffic arrangements and access roads.
The greatest change and development
has, of course, been in the space of
play zones for kids. “Its incredible what
they have done now. Each cluster now
has its own play area for children, safe,
with a dedicated security guard. For
families with kids, this is a big boon,”
adds Mohammed.
JLT has often suffered from a ‘traffic
merry-go-round’ label, owing its one-
way traffic rules that require you to
go all around the Clusters for access
COMMUNITY FOCUS:
JUMEIRAH LAKES TOWERS
Is a JLT an ideal option for residential and commercial buyers and tenants?
By Neha Kaul/freelance writer
to buildings or to get back onto the
main highway. However residents
feel otherwise. Mohammed is quick
to point out. “Yes we might have to
take a full round, but it’s smooth, orga-
nized and moving traffic. Not like some
other areas around, where friends tell
me they get stuck on the supposedly
straight road for an hour to reach the
Sheikh Zayed Road!!”
Parking however continues to be a
key concern, and the free three hours,
followed by a fine of AED200 for over-
stepping the three-hour bracket is lead-
ingtoraisedtempersandfrequentargu-
ments with security guards. “This is one
thing DMCC seriously needs to work on.
As a rule it makes no sense. I cannot ask
my guest to leave in three hours! Plus if
they charge AED20 or AED50 per hour
after the first three hours, it still makes
sense. Straightaway charging AED200/-
is too steep and unreasonable,”
feels Mohammed.
Frequent community events keep
residents connected and provide net-
working and fun opportunities for
children and adults alike. The recent
addition of the inflatable water park
Market
JLT, Dubai
propertyonline.ae

“I feel JLT is the
cosmopolitan pocket
of Dubai. It’s a full-
fledged city out here
and as businesses
we lack no services
or amenities, all the
way from banks to
car rentals.” Jyoti
Karmali, CEO and
Managing Director, JK
Eventz
and water-slides, some of them being
deemed the largest inflatable water
rides in the world, is the most current
example of the DMCC’s initiatives to
provide value for community residents.
But more remains to be done as resi-
dents feel DMCC suffers from commu-
nication lapses wherein information
about such events is not circulated
properly. “They are doing a lot. Recently
there were Eid celebrations in the com-
munity. But unfortunately we were not
informed of the same. One poster in
the parking lot does not suffice in tell-
ing residents about such community
events. There should be email invita-
tions and updates, as well as fliers dis-
tributed to our doors, so as residents we
can all participate and enjoy and take
benefit from these DMCC initiatives,”
concludes Mohammed.
COMMERCIALLY VIABLE -
THE WOWS AND WOES
Jumeirah Lakes Towers has rapidly
grown from being just another free
zone space to becoming one of the
largest free zone developments in
Dubai. The 200-hectare mixed-use free
zone is located in the heart of new
Dubai and comprises both freehold
and leasing options, commercial as well
as residential.
Regulated and promoted by DMCC,
the Dubai Multi Commodities Centre,
a government entity set-up in 2002
to enhance trade flows across sectors,
the Jumeirah Lakes Towers district has
attracted major multi-nationals and
SME’s to make it their business base.
For business owners JLT has become
a haven compared to other increas-
ingly expensive commercial spaces in
the Dubai market. Office rentals range
from AED90 to AED100 per square feet,
while the current rate for buying an
office is around AED1,200 per square
feet. Jyoti Karmali, CEO and Managing
Director, JK Eventz, who runs a bou-
tique events agency from JLT, feels
the perfect balance of low rentals and
selling prices coupled with simplified
registration and licensing processes
have led to JLT’s increasing popularity
as a thriving business hub. “I was con-
sidering various locations before mov-
ing here two years back. As an events
company, I could be located anywhere.
But I chose JLT as even then it was one
of the most rapidly maturing commu-
nities in Dubai, offering affordable pric-
ing and easy start-up options for SME’s.
JLT is a value-for-money proposition for
any business. DMCC makes the licens-
ing process smooth. The infrastructure
has developed really well and sup-
ports the growth of the community,”
adds Jyoti.
Speckled alongside the array of
prestigious commercial and residen-
tial towers are highly developed retail
and leisure amenities and services,
including restaurants,spas, salons, edu-
cational institutes (nurseries, world
class universities, language learning
centers and music institutes to name
a few), recreation parks, lakes and play
areas as well as hotels & conferencing
facilities. “I feel JLT is the cosmopolitan
pocket of Dubai. It’s a full-fledged city
out here and as businesses we lack no
services or amenities, all the way from
banks to car rentals. And DMCC ensures
members are kept updated on all the
new additions, services and advance-
ments in the community, including
parking, traffic diversions, educational
workshops and lectures as well as lei-
sure developments.” However, the
single biggest benefit of JLT, as cited
by business owners, is its connectiv-
ity to the rest of Dubai due to its easy
access and proximity to the Metro.
Jyoti enthusiastically adds, “ This is a big
boon for us when hiring staff who find
the access to the metro a key benefit of
working here”
While the community continues to
grow further, the current biggest woe
of residents is the traffic and parking
situation. Getting into and out of JLT
is being seen as rigmarole of sorts due
to the construction all around. “We
are finding it hard to invite and guide
clients to their offices. Plus the lim-
ited parkingspaces, the ceiling on free
hours of parking and the paid-park-
ing requirements is becoming a daily
issue. But we do realize and hope this
is temporary, and that the launch of the
Dubai tram service and the completion
of the JLT infrastructure works will lead
to enhanced services for all community
members,” feels Jyoti.
Market
JLT, Dubai
propertyonline.ae

established now. The courses have
been operational for four years and
represent a lush green oasis located
in the desert of Dubai with the PGA
Race to Dubai Tour being played
on the Earth course in November
and it is certainly now on the World
Golf Tournament map.
3. The villas
The units are located around the perim-
eters of the two courses and offer amaz-
ing views with very high quality designs
and specifications with smart home
systems, high quality kitchens with Ger-
man appliances. Some developers are
offering properties complete with land-
scaping packages with soft landscaping
and swimming pools and are based pri-
marily on European styles with strong
Spanish and Italian concepts in most
operational with the remaining two golf
courses slated for completion in phase
II The entire development will cover a
staggering 1,100 hectares when com-
pleted, while Phase I covers 375 hect-
ares. There are 13 communities within
the first phase, with five communities
currently occupied and the remaining
communities are mostly ready with
the handovers commencing in 2015.
There are a couple of large plots avail-
able for developers wishing to build
on the development to complete the
remaining communities. The size of the
communities range from 40 villas up to
180 townhouses.
2. Golf courses
The two prestigious golf courses were
designed by Greg Norman nicknamed
the Great White Shark are very much
AN IDEAL ABODE:
JUMEIRAH GOLF ESTATES
Property Times catches up with Property Boutique Real Estate’s Jumeirah Golf Estates specialist Paul Bennett, who has over
four years of experience and extensive knowledge about the community. He tells us why he is so passionate about this golf
development and why many people are choosing to live in this high quality development of villas located around two
championship golf courses. By Binesh Panicker
PAUL ON…
1. The community
Jumeirah Golf Estates is located near
the junction of the Al Khail Road, Al Fay
Road extension with Sheik Mohammed
Bin Zayed Highway. It is a high quality
gated golf course development featur-
ing three- to six-bedroom townhouses
and villas. Having been delayed due
to the market crash of 2008, the devel-
opment is certainly underway now.
The early birds in the community will
be soon celebrating their first anniver-
sary of moving into the development,
which features approximately 900 lux-
ury properties in the first phase which is
located around two 18-hole champion-
ship golf courses named after the four
classical elements; Earth, Fire, Wind and
Water. Currently Earth and Fire are fully
Market
Jumeirah Golf Estates, Dubai
propertyonline.ae

designs. Most villas will be facing the
golf course by the design of the devel-
opment while the remaining units will
offer landscape or lake views.
The villa sizes range from three- to
four-bedroom townhouses to large
detached villas with up to six bed-
rooms, with purchasing prices rang-
ing between AED5 million to AED25
million. Mortgages are available and
payment plans are on offer for villas
under construction.
4. Security
Security is a high priority in this gated
community, which features the main
security gate to the perimeter road
of the development and again gated
security access to the individual com-
munities, which is a major attrac-
tion to the residents of Jumeirah
Golf Estates.
5. Amenities & facilities
Amenities on offer include discounted
golf club membership which allows
for discounted green fees for owners
and those leasing on the development
and access to both the Fire and Earth
golf courses and being a full member
currently provides access on weekdays
to Yas links golf course in Abu Dhabi
as well. Current facilities include a ten-
nis academy, golf academy with Euro-
pean tour centre of excellence which
includes state of the art tuition facilities
and of course the long awaited perma-
nent 120,000 square feet club house
due to open in November replacing the
existing temporary structure offering
significantly more facilities including
bars, restaurants, cafes and large out-
door swimming pools.
6. Local attractions
As far as facilities in and around the area
are concerned, there are many options
in the neighbouring vicinities with
Motor City only a five to seven minutes
drive away. Motor City has one of the
largest Spinneys, multi food outlets and
local shops. Recently a small Carrefour
has opened as well.
For a wider range of facilities, Mall
of the Emirates is around 15 minutes
drive away while Mirdif City Centre is
approximately 25 minutes away. A new
mall is due to open near the entrance
of Jumeirah Golf Estates at IMPZ (Inter-
“Security is a
high priority
in this gated
community,
which features
the main
security gate to
the perimeter
road of the
development
and again
gated security
access to the
individual com-
munities, which
is a major
attraction to
the residents of
Jumeirah Golf
Estates.”
national Media Production Zone ) by
Majid Al Futtaim Properties (MAF). The
first phase of the mall will cover 300,000
square feet and an investment of
AED275 million has been announced.
This mall is expected to be ready by
2015 and one more phase will follow
over the next few years.
7. Schools
There are many schools available
in the area with Jess and Repton
less than 20 minutes drive away.
More international schools are com-
ing to the area such as Nord Anglia
International School.
8. Transportation
Jumeirah Golf Estates has direct access
to Al Khail Road and Sheik Moham-
med Bin Zayed Road, which enables
residents to reach most parts of Dubai
easily. With Downtown Dubai 20 min-
utes away, Dubai International Airport
25 minutes away and the new Dubai
World Central and Expo 2020 site all
within 20 minutes drive, JGE is certainly
a great choice for those who are look-
ing for a dream home.
Market
Jumeirah Golf Estates, Dubai
propertyonline.ae

With the competition heating up
among mortgage providers, what
benefits can end users expect from
banks in terms of interest rates and
easier availability of mortgages?
Interest rate is the key component
of any asset product. The rate deter-
mines the monthly installment for the
borrower, and home being one of the
largest purchases, the rate at which the
loan is provided becomes a key compo-
nent of the proposition. Current inter-
est rate on mortgages are in the range
of 3.49% to 4.99% depending on the
transaction type & the period it is being
fixed for. Mortgage lenders and banks
view mortgage loans as a low-risk
secured asset with a stickiness factor
due to the nature & lifecycle of the
product. In 2011 there were only a
handful of lenders providing mortgage
financing in the market and that too
with stringent financing terms, but as
we speak and over the past 24 month
more and morefinancial institutions
are lining up to tap into the opportu-
nities that surround this sector. Banks
have started attracting consumers by
introducing different product variants &
propositions, making mortgages easily
available in the market.
Top mortgage lending banks like
Mashreq who offer a wide range of
solutions to cater to customer require-
ments across segments will stand to
benefit. Over and above the array of
options to choose from, the person-
alized service with host of other bank-
ing benefits will act as a competitive
advantage for Mashreq customers
availing mortgages.
What is the current situation in the
mortgage market in terms of demand
and supply? As a mortgage pro-
vider, have you seen an increase in
demand recently?
The later part of the year 2012 saw the
revival of the real estate sector with
capital appreciation reaching up to
35% during the year 2013. The home
finance sector garnered the benefits
of this upsurge in the reality sector
with banks and financial institutions
flocking in to take advantage in 2013.
We had witnessed a reduced demand
in re-sales mortgage transactions Q2
& Q3 this year, however this was com-
pensated with increase in equity release
mortgages, consequently keeping
the demand at sustainable levels. We
expect the demand levels to remain
stable, and with all macroeconomic
indicators looking positive, we expect
the demand to gradually increase over
the long term.
What are the latest mortgage prod-
ucts from Mashreq that will benefit
the end users?
Mashreq offers a complete and com-
prehensive range of home loan solu-
tions which are tailored to suit individ-
ual needs of our clients. So, whether our
clients are salaried or self-employed;
our high finance amounts, competitive
profit rates, wide network of approved
developments, and quick processing
are designed to ensure peace of mind
throughout the process.
Over the last year, Mashreq has
enhanced its traditional mortgage offer-
ing introducing various variants and
plans which cater to the needs of our
"REALESTATEMARKETIS
POISEDFOR STABLE GROWTH
IN THE COMING YEARS"
In conversation with Pawan Dhawan, Vice President - Head of Mortgages, Mashreq
By Binesh Panicker
Market
propertyonline.ae

Property Times eMagazine November 2014

Property Times eMagazine November 2014

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