property watch magazine q2-q3 2014 | roots land real estate

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BY ROOTS LAND REAL ESTATEPROPERTY WATCH

Dubai Market Watch Q2-Q3 2014

by Roots

Cityscape Global Edition Q2-Q3 2014

Dubai / abu Dhabi price iNDeX

Market OvervieW Q2

prOperty prices OutlOOk

OWNer assOciatiON MaNaGMeNt

FiNaNcial Markets

FreQueNt leGal Q&a

prOperties

by Reidin

by JLL

by Propertyfinder

by Place & Mansions

by Daman Securities

by Dubizzle

For Sale & Rent

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03 DIRECTOR’S MESSAGE

20 OWNERS ASSOCIATIONS - THE DETAILS

07 DUBAI & ABU DHABI MARKET OVERVIEW

25 LEGAL Q&A - DUBAI REAL ESTATE

16 PROPERTY HIGHLIGHT - UAE WIDE

24 FINANCIAL MARKETS

32 PROPERTIES FOR SALE & RENT

30

38

26

37

4

32

cONteNts

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DirectOr’sMessage

At Roots Land Real Estate we work hard to provide valuable information about the real estate market and the economic effects, as well as the macro effects on the market.

To provide up-to-date insight, we conduct our own market research and studies, as well as gathering with other reputed real estate specialists to provide different perspectives, such JLL and Asteco, who provide valuable information about property market.

This information is designed to help investors and people working in the real estate sector, from investors to end-users in making the right investment decision and to increase their knowledge of the market.

We consistently do our best to cover a variety of subjects about the real estate industry, to provide investors, end user and institutions with best-in-class data and analysis.

Our Property Watch Magazine’s first edition, published during Cityscape Abu Dhabi in April, was well received by our readers who appreciated the overall quality of the magazine including the in-depth and objective analysis and info graphs. Today we are proud to release of our 2nd Cityscape Global edition, which has even more and varied content. We are working with new partners to ensure that subsequent editions provide a wider view on the UAE property scene, so that readers can benefit from our diverse partnerships in the future.

During the second and third quarter of the year we witnessed a stabilisation in the residential market which was characterised across the city by a lower number of transactions quarter-on-quarter and a slowdown in the pace of house price growth. Developers attracted investors and end-users with their off-plan projects, offering different payment plans; additionally the stock market has been an interesting alternative for investors as it promises higher return and is more liquid. In this context investors in the real estate market can negotiate more.

My thanks go out to all those who actively contributed to our second edition, and I believe that it will be even a greater success than the first one.

DIRECTOR

FADI BOUSH

RESEARCH & REPORT

ESTELLE RISSE

GRAPHIC DESIGNER

REHMAN ASHRAF

BUSINESS DEVELOPMENT

NATHALIE KLIER

POB 215273 Dubai, UAE

1310 Grosvenor

Commercial Tower

Sheikh Zayed Road

T +971 4 329 8333

F +971 4 329 8997

E [email protected]

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Fadi BoushManaging Director

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rOOts aNalysisDubai Market Watch Q2-Q3 2014

The country’s fundamentals have stayed strong this quarter; with the UAE Department of Economic Development predicting economic growth of 4.7% this year, which is being heavily driven by the tourism, trade, transportation and the real estate sectors. Dubai property market showed positive performance in the second and third quarters of the year with slight sale and rent increases in the majority of the districts across the city.

Sales transaction volumes recorded by the Dubai Land Department were marked by the usual Dubai market summer slowdown. With residents making the most of the holiday season to travel outside the country, residential transactions declined by approximately 36% q-o-q. Additionally, a majority of investors sought off-plan properties rather than completed projects, which reflects in sale transaction volumes. However, the opposite trend is observed for the end-users who prefer ready properties. This slowdown is a result of a moving market that motivates buyers to wait and see how it will perform in the near future; in the meantime the stock market is an attractive alternative to the real estate market giving investors more liquidity and promising higher returns.

It nevertheless provides a great opportunity for buyers to invest in properties as lower demand allows for more negotiation. This is reflected in the price stabilisation witnessed this quarter; indeed, the majority of the communities show prices rising at a slower pace, or in some cases, have even started to reduce in communities such as Business Bay or Dubai Marina, with y-o-y prices increasing by 25% on average in all monitored areas.

As for the rental market our analysis shows that the most searched for communities were Downtown Dubai, JLT and Dubai Marina; these areas are the most desired ones for new expatriates settling down in Dubai. During the second and third quarters rents stabilised in most

No. of transactions

However the impact of the Dubai Government’s cool down measures, introduced during the last quarter of 2013, as well as the doubling of property registration fees to 4% and the new mortgage cap, combined with the master developers’ stronger requirements for off-plan project buyers, have reflected positively on the real estate market with a slowdown in the sales volumes and in growing rates.

of the communities, year-on-year however rents increased significantly across the city. Despite this recent stabilisation we noticed residents tend to move out of these areas rather than move in; seeking more sustainable rents, they relocate to more affordable districts such as Jumeirah Village, Dubailand, Sports City or Motor City.

Alternatively, residents are shifting to the Northern Emirates; Sharjah being constantly congested and with fast growing rents, this is motivating Dubai residents to look for farer Emirates (Ajman and Ras Al Khaimah), which offer cheaper rents and are easily accessible via Sheikh Mohammed Bin Rashid Road and Emirates Road.

In the current prime residential market Dubai Marina and Downtown Dubai are the most sought-after communities for investors and end-users.

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Dubai Marina’s attractiveness remains high thanks to the innumerable possibilities the community offers to its residents; the Marina Walk provides numerous restaurants and cafes, while the proximity to the beach, to Sheikh Zayed Road and to public transport including the upcoming tram, which is due for completion at the end of the year, make it one of Dubai’s most bustling area. However the community shows slowdown in the sale transaction volume; residential sale prices stabilised in the second quarter and started declining this quarter.

prime areas sales transactions

attractiveness of this community stays high as it offers perfect balance between business and leisure to its residents, in its diverse restaurant, cafe and retail offering. With plans to expand them with the Dubai Mall Extension and the completion of several projects in the district. However we noticed a drop in residential sales volumes in the last two quarters, of 45% and 60% respectively, which we assume is due in particular to the off-plan projects recently launched in the district, master developer Emaar launched three projects in Downtown Dubai during the past five months: Opera Grand, BLVD Crescent Tower II and BLVD Heights.

prime areas avG sale rate

Developers offer attractive payment schemes for off-plan projects luring investors and end-users in spite of the recent increases in down payment requirements and the introduction of a ban on off-plan property resale implemented by master developers in the late 2013.

The volume of sales transactions declined on Palm Jumeirah this summer; while on the other hand the average sale rate increased during the second quarter by 12% but declined this last quarter by 5%.

In these communities our analysis shows rents stabilised in the past few months.

Jumeirah Beach Residence (JBR) witnessed the highest percentage of changes in the last two quarters with a drop in residential sales transactions of approximately 50% as recorded by Dubai Land Department. However, the sale rates increased by 8% during the second quarter but stabilised during the third quarter. Construction work of the tram in JBR and Dubai Marina have created major traffic congestion over the past few months; nevertheless JBR remains one of Dubai’s most popular districts attracting tourists as well as residents all year long on its famous Walk, its new Beachfront Mall and its numerous private and public beaches, offer good value and we expect the demand to rise with the cooler weather and the completion of construction work.

Downtown Dubai’s sale rates increased by 11% in the second quarter and stabilised in the third one. The

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rOOts aNalysisDubai Market Watch Q2-Q3 2014

villa avG sale rate (mid-end)villa avG sale rate (high-end)

In this quarter the top villa communities are The Springs and The Meadows, Arabian Ranches and Jumeirah Park with over 75% of the overall volume of sale transactions recorded in these areas. The summer season was quiet again this year in the villa market with a lower number of sales transactions overall in the areas we monitor. Moreover several villa projects were launched by developers in the last two quarters, thus expanding the off-plan market, which explains the decline in registered sales with the Dubai Land Department. However the number of properties these projects will bring to the market is relatively low in comparison with the expected demand; nearly 3,000 villas were launched for sale in the last six months including three projects in Arabian Ranches (Aseel, Mira Oasis and Samara Villas) and two in Dubailand (Fendi and Mudon Villas).

The average sale price recorded rose during the second quarter in the high-end segment, this quarter on the other hand a decline was recorded in the same communities except in Arabian Ranches. This luxurious and peaceful community offers state-of-the-art facilities, built around the Arabian Ranches Golf Club, conveniently located in the heart of the desert along Sheikh Mohammed Bin Zayed Road, which allows residents to have easy access to Dubai, Jebel Ali and Abu Dhabi, and avoiding traffic congestion. Additionally the community’s development of infrastructure and services keep investors’ and end-users’ interest up.

Emirates Hills has shown a high increase in the average sale rate in the second quarter that corrected itself during the third quarter; however this sudden increase should be treated with caution, as the volume of transactions that quarter was low.

Palm Jumeirah’s outstanding beachfront views, peacefulness and relaxing environment, in a chic and

exclusive atmosphere along with the on-going residential and hospitality projects on the island and the upcoming development of Nakheel Mall is keeping buyers’ interest high. The community is the second villa district in which sale transaction volume increased during the second quarter (after Arabian Ranches): however with summer season the activity slowed down in the third quarter, while sale rates declined by 13% q-o-q.

In the mid-end segment average sale rates stabilised this quarter in most of the communities; the villa rental market follows the same trend.

A brand new villa district, Jumeirah Park showed stable sale rates decline in the volume of sales. The community’s current absence of facilities as well as the on-going infrastructure work can explain this stabilisation.

Turning to supply, we’ve noticed that over the past 24 months a majority of the projects launched by developers were luxurious products destined for the market’s higher-end. Despite the importance of the mid-segment, forming a major chunk of the working population of Dubai, it is largely ignored in the current real estate perspective. The services sector, mainly the hospitality and retail segments, are likely to attract a work force which is expected to fall in this segment with monthly salary brackets of AED 15,000 to 25,000. Although recent regulations implemented by Dubai Government have to an extent helped in controlling speculator activity, we realise by looking at property advertisements that it can be stated that speculation still prevails in the market. A focus from developers on this segment of the population would increase end-user buyers and, to an extent, help in weeding out speculators.

For more information about Dubai property market please contact Roots Land Real Estate at 04 329 8333 or email [email protected]

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Dubai Residential Property Price Indices: Sales Price Indices

Residential property prices in Dubai housing market performed still well in April 2014. The Dubai Residential Property Sales Price Index for all residential increased by 9.2 points, from 277.3 to 286.5, which represents an increase of 3.33% in April 2014. On the other hand, prices increased 37.50% y-o-y.

Apartment sales prices registered an increase in April 2014. Prices increased 3.62% m-o-m and 41.7% y-o-y.

Villa sales prices registered an increase on a m-o-m basis in April 2014. Prices increased 2.16% m-o-m and 22.6% y-o-y.

Dubai Residential Property Price Indices: Rental Price Indices

Residential property prices in Dubai rental market increased by 1.70 points, from 98.50 to 100.20, which represents an increase of 1.73% in April 2014. On the other hand, rental prices increase 26.2% y-o-y.Apartment rental prices show an increase on a m-o-m basis in April 2014. Prices increased 2.08% m-o-m and 29.5% y-o-y.Villa rental prices registered a decrease in April 2014. Prices decreased 0.03% m-o-m but increased 11.8% y-o-y.

Abu Dhabi Residential Property Price Indices: Sales Price Indices

The Abu Dhabi Residential Property Price Index for all residential increased by 0.30 points, from 82.60 to 82.90, which represents an increase of 0.43% in April 2014. On the other hand, prices increased 21.0% y-o-y.

Apartment sales prices registered an increase in April 2014. Prices increased 0.67% m-o-m and 23.5% y-o-y.

Villa sales prices registered a decrease in April 2014. Prices decreased 0.42% m-o-m but increased 14.4% y-o-y.

Abu Dhabi Residential Property Price Indices: Rental Price Indices

Residential property prices in Abu Dhabi rental market decreased by 0.40 points, from 64.50 to 64,10, which represents a decrease of 0.71% in April 2014. On the other hand, prices increased 3.4% y-o-y.

Apartment rental prices decreased 2.63% in April 2014 compared to March 2014 but increased 0.7% compared to April 2013.

Villa rental prices decreased 0.53% in April 2014 compared to March 2014 but increased 6.3% compared to April 2013.

Dubai / abu DhabiResidential Property Price Indices

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Dubai resiDeNtialPrice Index

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abu Dhabi resiDeNtialPrice Index

Dubai real estateMarket Overview Q2 2014

Dubai Market suMMary

Dubai priMe reNtal clOck

The Dubai real estate market maintained its positive performance in Q2 2014. Although the residential sector saw prices and rents increase across most areas, there are signs that the rate of growth is slowing down with Q2 seeing a marked slowdown in the volume of residential

Q2 2013 Q2 2014

* Hotel clock reflects the movement of RevPARNote: The property clock illustrates where JLL estimates each prime market is within its individual rental cycle as at end of the relevant quarter - Source: JLL

sales, particularly in respect of existing villas. While the retail and hotel sectors continue to experience growth, recovery in the office sector remains patchy, constrained by the large level of supply and high vacancy rates, that are placing pressure on overall rental values.

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Dubai residential property rent and sale indicescurrent supply (2011 - 2014)

Future supply (2014 - 2016)

resiDeNtial supply resiDeNtial perFOrMaNce

Although the residential sector saw prices and rents increase across most areas, the rate of growth has started to slow from that seen earlier in the year.

Average sale prices grew by 6% in Q2, down from 10% in the previous quarter. With signs of reduced sales activity (particularly in the secondary villa market), it is likely that asking prices in this sector will decline further in coming months. Sales volumes have declined in all sectors recently, with data from the Dubai Land Department showing villa sales in May 2014 down by almost 50% on the same month in 2013.

With the residential sector witnessing continued demand from investors, the market has witnessed a number of new project launches and announcements. Contracts have been awarded for around USD 5.4 billion of residential projects over the first half of 2014, while other new projects remain at the announcement or launch stage with no construction work yet occurring.

A common theme across many of these projects is an emphasis on sustainability and energy saving features, in line with the recent decision of the Dubai Government to extend its green building codes and regulations to all new real estate projects.

Market suMMary hOt tOpic

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Dubai resiDeNtial Market OvervieWQ2 2014

Dubai OFFice Market OvervieW

While continued economic growth has improved sentiment and generated demand for commercial space, the high level of both current vacancy and future supply continue to constrain the market. The Dubai office market operates as a number of quite different submarkets, based upon location, tenure (strata or single ownership), licence structure (freezone / onshore) and quality. While overall market vacancies remain high (25%), there are pockets of shortage that have resulted in major occupiers seeking to have new space built for their requirements rather than occupy sub optimal space in existing buildings.

With vacancy rates falling in preferred locations / buildings, there is likely to be upward pressure on rental levels in selected locations over the second half of 2014. An indicator of this trend is the decision by TECOM to revise its rentals for both existing and new tenants to reflect continued demand and the low vacancies within TECOM owned premises in Internet City / Media City.

TECOM have replaced their previous rental matrix with a standard rate of AED155 per sq ft, plus service charges of AED30 per sq ft, with these rates now applying to leases of all sizes.


current supply (2011 - 2014)

Future supply (2014 - 2016) prime cbD rents (per sq m)

vacancy rate

Q2 2014

OFFice supply OFFice perFOrMaNce



Dubai retail Market OvervieW

With limited additions to stock and continued interest from retailers, rents in the best performing super regional malls have increased by as much as 12% over Q2.

Increases have been more modest in smaller centres and secondary malls but the retail sector has benefitted from higher spending from both tourists and local residents.

Confidence in the retail market is reflected in the announcement of the Mall of the World, a planned new mall around twice the size of the Dubai Mall, on Sheik Zayed Road immediately opposite the existing Mall of the Emirates.

This announcement recognises the importance of tourism spending on the Dubai retail market, with plans for up to 100 new hotels to be linked to the new mall within a massive air conditioned dome.


Future supply (2014 - 2016) average retail rents (per sq m)

vacancy rate

Q2 2014

retail supply retail perFOrMaNce

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Dubai hOtel Market OvervieW

Despite the completion of around 1,500 additional rooms in Q2, the Dubai hotel market continues to grow, recording the highest RevPAR levels since 2008.

Average occupancies remained relatively stable at around 85% during the year to May 2014, with room rates increasing by 3% to USD276 making Dubai one of the stongest performing hotel markets globally.

The major news within the hotel market has been the proposal to develop additional hotel supply in the vicinity of the proposed Mall of the World in the Umm Sequeim area.

This area already has an existing cluster of beachside hotels operated by the Jumeirah Group, with the new plan envisaging a major expansion of this cluster rather than the development of a new cluster of hotels (Bawadi) within the Dubailand area as previously envisaged.



Future supply (2014 - 2016)

hOtel supply hOtel perFOrMaNce

vacancy rate

prime cbD rents (per sq m)

Q2 2014


DeFiNitiONs aND MethODOlOGy

The supply and stock data is based on our quarterly survey of 37 sub markets, starting from 2009. This data excludes labour accommodation and local Emirati housing supply.

Completed building refers to a building that is handed over for immediate occupation.

Residential performance data is based on the REIDIN monthly index. REIDIN.com Dubai Residential PropertyPrice Indices (RPPIs) use monthly sample of offered/asked listing price data and land registry price data (transactiondata). Index series are set at 100 starting at the beginning of each data set.

The supply data is based on our quarterly survey of 20 sub-markets, starting from 2009.Completed building refers to a building that is handed over for immediate occupation.Central Business District includes DIFC, DTCD, Sheikh Zayed Road, Burj Khalifa Downtown.

Prime Office Rent represents the top open-market net rent (exclusive of service charge) for a new lease thatcould be expected for a notional office unit of the highest quality and specification in the best location in a market,as at the survey date. Data relates to headline rents, exclusive of incentives.

Vacancy rate is based on estimates from the JLL Agency team.

Hotel room supply is based on existing supply figures provided by DTCM as well as future hotel developmentdata tracked by JLL Hotels. Room supply includes all graded supply and excludes serviced apartments.

STR performance data is based on monthly survey conducted by STR Global on a sample of more than 32,000rooms across Dubai.

Classification of Retail Centres is based upon the ULI definition and based on their GLA:• Super Regional Malls have a GLA of above 90,000 sq m• Regional Malls have a GLA of 30,000 - 90,000 sq m• Community Malls have a GLA of 10,000 - 30,000 sq m• Neighbourhood Malls have a GLA of 3,000 - 10,000 sq m• Convenience Malls have a GLA of less than 3,000 sq m

Primary Malls are the good performing malls with high levels of turnover. Secondary Malls are the averageperforming malls with lower levels of turnover.

Prime Rent Shopping Centre represents the top open market net rent that could be expected for a notionalstandard in line unit shop of 100 sq m situated in a specified shopping centre as at the survey date.

Vacancy rate is based on estimates from the JLL Retail team, and represents the average rate across standardin line unit shops at regional malls.

This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of JLL IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. JLL does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2014

Q2 2014

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Q2 2014 real estateReview of the Market Highlights for the UAE in Q2

The second quarter of this year saw a continuation of the slowdown in Q1 2014 residential sales performance for Dubai with the market witnessing marginal growth, up 6% and 3% respectively for apartments and villas in Q2 2014; but the latest market report from Asteco, the Middle East’s largest full service real estate company, anticipates renewed interest and activity in Q3 2014.

H1 2014 activity was marked by sector stabilisation and consolidation as the market continued to absorb the rapid growth witnessed in 2013. According to the Asteco Dubai Q2 2014 report, interest shifted to peripheral communities such as Jumeirah Village, Dubai Sports City and Dubai Silicon Oasis, as many prospective purchasers remained priced out of the more popular areas of the city such as Downtown Dubai and Dubai Marina.

A raft of recent new launches, including Dubai Properties Group projects such as Manazel Al Khor in Culture Village, Rahat Villas at Mudon, and 200 new units at Remraam, have joined a growing list of announcements with Damac also launching its NAIA Hotel and Hotel Apartments, 34 premium Fendi Villas at Akoya Drive, and two hotel apartments at Jumeirah Village.

Stevens also noted that sellers who raised their prices following the Expo 2020 announcement are intent on maintaining their position, which has resulted in a reduction in transaction levels, especially for higher priced properties within established communities.

Montazah Tower

We recorded positive growth rates of around 10% in Q2 for these areas, but at the same time there was a decline in interest in the previously popular affordable communities of Discovery Gardens and International City, which only registered minimal growth, indicating that they are now topping out price-wise and any further growth will take them

out of the affordable bracket.

John Stevens, Managining Director, Asteco

With rents increasing steadily since 2013, many existing tenants have elected to remain where they

are and absorb the rent increase, as indicated by the RERA rental index, rather than start from scratch and incur the cost of moving, agent commissions

etc.


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Sharjah in particular has benefited in recent months due to aggressive rental rate increases in neighbouring Dubai, but this quarter saw a

degree of stabilisation in Dubai’s more affordable communities, which led to a reduction in the number

of residents choosing to relocate.


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A slowdown in transaction volume and more sustainable levels of rental and capital appreciation defined Abu Dhabi’s residential sector performance according to Asteco’s Q2 2014 real estate report.

On average apartment sales prices increased by 4% quarter-on-quarter, and 29% since Q2 2013, while villa sales prices remained relatively stable over the same period, showing an average increase of just 2%. Average apartment rental rates ran in parallel with villas recording modest Q2 growth rates of up to 8%.

“Ongoing tenant preference for newer, master planned communities drove demand for apartments in prime developments within investment areas, while affordable villa locations continue to be popular,” Jerry Oates, General Manager, Asteco Abu Dhabi.

“Market sustainability will be further buoyed by Abu Dhabi’s plans to launch its own rental index this year, designed to create a more transparent market for UAE national investors, regulating maximum rental increases”, he added.

The market received a vote of confidence from investors following the successful off-plan sales launch by Aldar, with its Al Hadeel project at Al Raha Beach, selling out in a matter of hours and Ansam on Yas Island selling approximately 300 units out of 540.

Abu Dhabi office leasing figures recorded moderate quarter-on-quarter rental growth of 3% for Grade A fitted commercial space whereas ‘average quality’ Grade B commercial rates remained stable, for both fitted and shell & core.

On Abu Dhabi Island, Grade A office space achieved net effective rental rates estimated at AED 1,700 per square metre for fully fitted space; while rental rates for upscale Sowwah Square remain unchanged over the last 12 months, as leasing is on hold pending confirmation of free zone status.

Rental rates for Grade B office space stood at AED 800 per square metre for fitted and AED 700 for shell & core with good quality older stock also renting from AED 700 to AED 1,100 per square metre.

Demand for affordable housing continued to attract new arrivals to Sharjah and Ajman in Q2 2104. The latest Northern Emirates market report from Asteco highlighted a slowdown in residential rental growth rates as the supply and demand dynamic underwent a geographic shift.

The emirate of Sharjah recorded 3% quarter-on-quarter growth for apartment rentals with year-on-year growth dropping to 31% from 38%, whilst annual rates in the other Northern Emirates of Fujairah, Umm Al Quwain and Ras Al Khaimah remained stable with nominal increases of 2% and 1% respectively.

Bucking the trend, Ajman’s residential real estate sector received a fillip, registering a 7% increase in Q2 2014 and driven by the emirate’s ultra-affordability, with two-bedroom apartments available for between AED 30,000 to AED 45,000 per annum in comparison to up to AED 80,000 in Sharjah.

Ajman is now taking over the mantle as the relocation destination for budget-conscious residents as landlords in Sharjah ask higher than average rental rates, particularly for brand new buildings in popular locations like Al Nahda, Corniche and Al Wahda. However, this eagerness to capitalise on market opportunity is not being matched by transaction volume, confirming that budget issues are still a key driver.

abu Dhabi Market NOrtherN eMirates Market


Dubai, abu Dhabi prOperty pricesAverage Prices Q2 2014 Oulook by

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OWNers assOciatiON reGistratiONEstablishing Success from the Outset

The wind of change is in the air as owners start taking control of their buildings. With the introduction of the directions relating to the Jointly Owned Property Law, developers are now obliged to form Owners Associations for their buildings and the owners cannot wait to get involved. But where to start?

To ensure a smooth transition from developer to owner and to prevent future heartache, both the owners and the developers must work together to complete the following steps:

1. Hold an Interim General Assembly2. Form an Interim Board3. Select an Association Manager4. Understand the Building Operation – Seek Advice

Below is a brief explanation of steps above.

1. Hold an Interim General Assembly

The first step on the road to forming an Owners Association is to contact the building developer. Owners should request the developer to convene an Interim General Assembly for the building. A General Assembly is a meeting of all owners within the building. The purpose of the Interim General Assembly is to form the Interim Board for the building; however other matters can also be considered at an Interim General Assembly such as reviewing the financial statements of the building or approving the forthcoming budgets and service charges.

2. Form an Interim Board

The Interim Board comprises of a minimum of 5 owners and a maximum of 7 owners and 3 reserve members. The Interim Board is not a legal entity and therefore cannot make binding decisions or enter into contracts. The purpose of the Interim Board is to liaise with the developer to gain an understanding of the building, to appoint an Association Manager to assist during the transition phase, review the existing service contracts and to prepare to take over the control of the building from the developer.

In order to register the Interim Board at RERA, each member must provide certain documents to the developer for the developer to forward to RERA. These include:

5. Prepare & Lodge Jointly Owned Property Declaration and Common Area Site Plan6. Register the Owners Association7. Post Registration Activities

In order to register the Interim Board at RERA, each member must provide certain documents to the developer for the developer to forward to RERA. These include:

• Passport and visa copy;

• Title deed;

• Authorization from owner if the unit owner is a

company; and

• A certificate of good conduct from the Police.

Interim Board members must also sign a statement agreeing to comply with the Board Member Code of Conduct outlined in the directions relating to the Jointly Owned Property Law. The developer will provide all of these documents to RERA so that the Interim Board can be registered.

3. Select an Association Manager

One of the first tasks that a new Interim Board should undertake is to communicate with the owners in the building to introduce themselves and to seek feedback on the wants and desires of the owners for the building. With the assistance of the developer, the Interim Board should start the process of selecting an

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Association Manager to manage the handover process from the developer and then the ongoing management of the building. It is important that the Interim Board understand the owners needs when tendering for an Association Manager, so that the Interim Board can ensure that the selected Manager meets the requirements of the owners. A clearly defined tender document that stipulates the required services will ensure that the tenders received can be easily compared and that the owners expectations can be met.

For example the Interim Board should define its requirements, including requirements for onsite staff such as a full time manager, facility supervisor or a concierge. The more information that is provided in the request for tenders, the more likely the Association Manager will meet the Interim Boards and the owners expectations.

4. Understand the Building Operation – Seek Advice

Once the Interim Board has selected an Association Manager, the hard work is done. The Association Manager can start acting on behalf of the Interim Board. The Association Manager has a number responsibilities when commencing an appointment, particularly so during the transition phase. These include conducting a condition survey of the building, tendering service contracts, establish service charge collection procedures, managing the cash flow of the building including the Owners Association bank account (or establishing a separate account if not done by the developer), preparing facility management strategies and the preparation of a service charge budget. The Association Manager and the Interim Board may meet several times during this transition phase. The transition phase may take several months depending on the availability and condition of the existing books and records supplied from the developer. It is important for the Interim Board members to be patient during this transition phase and ensure they have a full understanding of the building operations. If due process is followed during this time, the strong platform will be set for a smooth operation in the future.

5. Prepare & Lodge Jointly Owned Property Declaration and Common Area Site Plan

While the Association Manager is working hard at the transition (and getting more grey hairs!), the developer has its own work to do. The Jointly Owned Property Law outlines the obligation of the developer in regard to the registration of the Owners Association. These include the preparation of a Jointly Owned Property Declaration and Common Area Site Plans. The Jointly Owned Property Declaration is the governing document for the Owners Association. It documents the rights and obligations of the owners and the developer; it contains a schedule of the entitlements (or contribution and voting rights); outlines easements that are applicable to common area; contains architectural codes which stipulate minimum maintenance standards; and contains the community rules relating to the building. The Common Area Site Plan is a plan that is prepared

by a surveyor registered with the Dubai Lands Department and it identifies the common areas within the building. Both of these documents must be prepared by the developer; however the documents should be reviewed by the Interim Board before it is lodged with the Dubai Lands department for registration. The Association Manager can assist the Interim Board by providing advice on the proposed documents.

6. Register the Owners Association

Once the above documents are finalized and the Interim Boards comments are incorporated, the Developer can lodge these documents with RERA for registration. If RERA is satisfied with the documents and has received all the personal documents from the Interim Board members, RERA will register the Owners Association. At this point in time the Interim Board becomes the Board of the new Owners Association. The Board with the assistance of the Association Manager, should now fully understand the operations of the building and be confident to take control of the building.

7. Post Registration Activities

Even at this point the developer is not off the hook. After the registration of the Owners Association, the developer must arrange for a transition audit of all service charges collected and all expenses paid. The scope of this audit has been prepared in conjunction with RERA and therefore the audit should satisfy the most skeptical of owners. The developer must also convene the first General Assembly of the new Owners Association. This is the first meeting of the new Association. The agenda for this meeting should include the confirmation of the current budget and service charges and the formal appointment of the selected Association Manager.

Following the first General Assembly the Board, with the assistance of the Association Manager, should work to establish the strategic direction for the Owners Association. Like any organization, an Owners Association must plan for the future and develop long term goals. These goals can relate to the maintenance and future upgrades of the physical building structure, communication with owners or creating community spirit within the building. Examples of goals could be to install sub-metering for chilled water, creating a web site for the Owners Association or establishing a fund to contribute to a charity.

The whole process of establishing an Owners Association requires the mutual cooperation of the owners and the developer. The owners and developer need to work together to complete the process and sometimes both parties need to compromise to move forward. By working together the owners and developers will ensure a smooth transition to owner control. Once the above steps are completed, owners will then have full control of their buildings and will be able to make the community that they want.


OWNers assOciatiON MaNaGeMeNt Getting the Best out of Your Owner’s Association

Owners Association (OA) concept has been adopted and implemented in many countries around the World and is known in Dubai as Jointly Owned Property (JOP) Law that was first developed in 2007 under Law Number 27.

The JOP Law recognizes OA roles and responsibilities, and enables owners to make decisions on financial governance and operational activities provided to the communities. The JOP Law requires every owner in a jointly owned community to become a member of the Owners Association.

Owners Associations represented by the Board (usually 5-7 elected unit owners), although being non-profit organisations, become more and more involved in day-to-day operations, which is no doubt a very positive sign. However, having ‘interim’ status, OA’s activities and in some cases rights are still limited. Real Estate Regulatory Agency (RERA) confirms that Dubai’s real estate market is still in a transitional state in relation to OA’s taking full responsibility for JOP communities and has only recently

In Dubai current community per registered OA management company rate is about 8.3 and growing, considering that there is around 2,000 communities waiting to be handed over by developers to OA management companies. The OA market is currently dominated by a few relatively large Management Companies, however, size and number of communities in a portfolio not always equals quality.

Evolution of the Dubai’s real estate market and high demand for quality from the unit owners has raised the quality of OA management services to a new level. Many OA Managers offer concept of a so-called ‘part

started OA’s registration process after which status ‘interim’ will be removed and OA’s will be given a legal status as any other company in Dubai, and recognized by Dubai Economic Department (DED).

Historically, residential and commercial communities in Dubai have been managed by developers, property managers (different from OA managers) and Facility Management (FM) companies, however latest changes in property market attributed to economic downturn forced the owners to pay more attention to the quality of management services as well as quality of maintenance of the facilities in order to sustain and even increase the value of their property.

In the light of the above, and considering that Dubai’s real estate market is on its fast recovery path OA’s require certified management companies with the appropriate expertise providing professional services that include administrative, financial and facility management services.

time’ management when companies propose to have an Association Manager spending, for instance, only 30% of his/her time on site having managed other communities at the same time. Although this concept makes a lot of sense from the OA Management Company’s perspective, it almost certainly affects the quality of services.

OA Managers, usually taking only administrative role, must start recognizing that appointed FM or Technical Services contractors often do not comply with basic community rules and regulations, health and safety standards, quality standards etc. and must not only develop and implement

current residential Market and Q4 2014 projection

23www.rootsland.com

Experience shows that those managers who are not deeply involved into activities of FM contractors significantly jeopardise the quality of services.

It must be noted that one of the areas of OA Manager responsibility is the community rules and regulation enforcement. Therefore, managers, spending only limited time on site have difficulties to monitor and control this process.

Another important area of OA Managers responsibility is Service Charge collection and community debt management. Service Charges are paid by unit owners to cover community costs such as utilities (DEWA), cost of equipment maintenance, security services, cleaning, landscaping, administration, etc. Part of the Service Charges paid by the owners is accumulated in Reserve Fund for future expenses such as, for example, installation of new lighting, repair of equipment in case of breakdown, community improvements, etc.

OA Managers usually offer owners to pay Service Charges by cash, bank checks or wire transfers not having convenient credit/debit card payment facilities due to current situation with OA’s bank accounts. Therefore, not having an Accountant based in the community makes owners visiting OA Manager’s office located elsewhere to pay the fees.

In conclusion, it is usually not easy finding the best OA Manager the Association can afford. The management company also must fit into OA’s lifestyle and satisfy the owners’ needs. Owners must also be sure they are paying appropriate rate and get desired value for money. And the Manager keeps the promises that were made during the bidding process and protects the community from surprizes. And finally, OA needs to know how to handle the Management Company that is not meeting its responsibilities.

With a great OA Manager the Owners Association will prosper, with a week one, the Owners Association will struggle. Therefore, Owners Association in Dubai must look into raising the quality standards so that the Managers follow and improve on services.

Written by Alexander Karabet, Founder and Managing Director of Mansions Owners Association Management for Property Watch Magazine!

Key Performance Indicators (KPI’s) system, Service Level Agreement (SLA) and sets of guidelines but also be present on site and keep involved in the community life on a daily basis.

At MANSIONS we believe that desired quality of services can only be achieved having full time in-house based Association Manager that would provide a single point interface for unit owners and would have a full control of provided facility services.

Given the nature of property owners profile in Dubai where most of them leave outside the UAE or travelling frequently outside the country, collection of Service Charges often become a challenge and, as a result, Service Charge debt grows.

Therefore, in order to improve the Service Charge collection rate to appropriate >90% level OA Managers may start thinking of having a full-time Accountant for the communities of certain size, mainly residential with >200 keys.


FiNaNcial MarketsReal Estate Makes Investment Sense

This article sheds light on the performance of capital markets’

constituent sectors as well as their exceptional performance witnessed by the end of the year 2013. The Dubai Financial Market

General Index closed at high for 2013, up over 68%, thus topping the

list of the best performing markets in the Middle East. Moreover, the total trading volume of the year surpassed that of the past three years collectively, with the market value for locally listed companies’ shares reached around Dhs 464 billion, securing a 70.45% increase.

Looking into the performance of the various sectors, we see that investment and services came out on top of the list, as it skyrocketed by 162%. It was followed by real estate with an increase of 117%, then the banking sector which rose by 74%; transportation, up by 70.50%; the industrial sector, by 61%; communications by 40%; services by 32%, and finally the energy sector, with an increase of 31.8%.

Further, the number of listed companies in 2013 reached 120. Focusing specifically on the real-estate sector, it is clear that this sector alone secured almost half of the total UAE capital market trading transactions executed during 2013. The total trading value for this sector stood at Dhs 119 billion out of a total of Dhs 244 billion, and its market value peaked at Dhs 95 billion.

This outstanding performance can be attributed to the economic recovery witnessed in this sector over the past few years, following the severe financial crisis that took away investors’ hopes during the past five years. This recovery is currently reflected in the distinguished financial performance demonstrated by real-estate companies,

as it is evident that all real-estate businesses turned profitable during 2012/2013/2014. A closer look at the elements of profitability growth for this sector leads to the fact that this recovery helped those companies attract investors who are willing to invest in this market sector in the UAE, by owning residential or commercial properties. This in turn encourages real estate companies to generate new projects that cater to the increasing demand in this sector, particularly with the UAE winning the rights to host Expo 2020, which further solidified and strengthened the UAE’s position as a vital economic zone that attracts investors’ attention.

Additionally, pending projects since the previous global crisis were being completed and turned profitable. It is without doubt that the strong bond between the commercial real estate and banking sectors played a major role in such successful performance. Banks’ surplus liquidity was the main tool for refinancing major real-estate companies and opening the door for investors to benefit from banks’ offered financing opportunities.

It is also important to note that, despite the stringent international accounting standards for calculating real estate investment profits now in place for more than four years, these companies managed to develop, construct, and hand-over properties over short periods. This enabled them to recognize substantial profits in most cases, far from re-evaluating their assets. This has definitely enhanced their performance, solvency, and shareholders’ equity, which was clearly reflected in the remarkable changes in such companies’ share prices.

Recently, market performance witnessed clear fluctuation during 2014; hovering between general index increases reaching over 50%, and heavy profit taking diminished almost 70% of such increases.

percentage of turnover by sector

25www.rootsland.com

”The Know Your Rights initiative is in place to help drive legal transparency on the property law in both Dubai and Abu Dhabi. We wish to empower people to better understand their rights and protect themselves from any form of unfair practice.” Ann Boothello, Property Product Marketing Manager at dubizzle.

What is the best way to communicate with my landlord? Via email or written documents?

It is most practical to communicate with your landlord via email on all matters except for Eviction notices.

I have rooms in my house that I want to rent out on short term as a ”bed and breakfast”. Can I legally do this/ do I have to pay a fee/ is it regulated? I’m unsure because I dont know if this falls under a RERA or Hospitality regulations? Secondly, is the answer the same if I don’t live in the property. So if I want a second property for this purpose, would that be allowed too?

Short term lets of bedrooms in residential homes are not permitted by law. The same would apply if you do not live in the property. The only subletting permitted by law is that of the whole unit with the proper written consent of the landlord. Secondly, if you own the property, by law you can not rent out a room, only the whole unit.There is soon to be a new decree enforced by the DTCM (Decree No. 41 of 2013 Regulating Rental Activities of Holiday Homes in the Emirate of Dubai) - which requires PMCs to obtain a permit for each unit given on short-term lease but will only allow for whole units to be rented out and not rooms within a unit.

My landlord has asked to increase my rent by 20% while RERA calculator clearly states 5% and this increase was informed to me a week before my re newal was due also my landlord insists in placing the non-renewable clause in the tenancy agreement or else refuses to renew the contract reason being he wants to sell the property. This is my first tenancy renewal for this property. What are my options in this regard, do I accept this and leave the next year?

Firstly, the notice period for rent increase has passed as your landlord should have informed you of any rent increase at least 90 days beofore the expiry of your tenancy. Moreover, if the rent calculator says that a 5% increase is the maximum the landlord is allowed to do, then he has to abide by it otherwise it will be illegal for him to increase the rent any further. As for the non-renewable clause, you may choose to sign on it but RERA will not accept such a clause if the lanlord choose to evict you the next year. The only way the landlord can legally evict you is by sending you a written notice at least 12 months in advance either by notary public or registered

Dubai real estateFrequent Legal Q&A

Q

Q

Q

A

A

A

Q

Q

A

A

mail. The reason for eviction has to be in accordance with articel 25(2) of The Tenancy Law and selling the property is considered one of those reasons.

My landlord has demanded a Dhs2,000 contract renewal fee, but no agencies or third parties are involved. Is such a fee legal and enforceable?

There is no mentioning in the law that the tenant has to pay a renewal fee. However, there are small administrative costs (approximately AED 160) involved when renewing a lease. The landlord and the tenant can agree on who will be paying these administrative costs. Moreover, RERA allows for agents and property management companies to charge renewal fees provided that the fees reflect the service which the agent or property management company will undertake e.g. updating the tenancy agreement, collecting and depositing cheques, applying for Ejari, etc. Such renewal fees can also be shared equally between the landlord and the tenant. However, this is a service which the landlord or the tenant need not take should they decide to do all the paperwork and procedures on their own accord. To this end, the landlord cannot then charge a renewal fee to the tenant as he himself is not an agent nor third party. Hence, if the landlord is charging you a renewal fee, you have the right to refuse the entire amount on the basis that this fee is not prescribed by law and there is no legitimate claim to it. Note: This question has been answered on the assumption that the renewal fee is not based on any outstanding payments or charges that have not been settled by the Tenant.

My tenant is not letting me show the property to a prospective buyer. What are my rights as a landlord?

As an owner, you are entitled to showcase your property to potential buyers, provided that you give the tenant reasonable time to do so without interrupting the tenant’s right to enjoy the property. For example, surprising the tenant with a viewing would more likely be construed as an intrusion on his rights. So this matter is best resolved by negotiating with the tenant and give him prior notice(A notice of at least 72 hours in advance is reasonable) The tenant would also be more agreeable to allowing potential buyers in the property if you have already sent the tenant a notice for eviction beforehand.


burj DaMaNLuxury Throughout

Burj Daman an AED 1.6 billion mixed-use real estate development in the heart of Dubai International Financial Centre will be the most sophisticated mixed use Complex in the metropolis.

With a 3.3 million square foot built-up area standing on a 220,000 square foot plot, Burj Daman houses the ultra-luxurious hotel, Rosewood Dubai, four stunning penthouses and 28 exclusive hotel-branded residences – the only branded residences available for sale in DIFC. Catering to an exclusive business clientele, Rosewood Dubai features 251 guest rooms and suites alongside an array of fine dining venues, a spacious ballroom, a state-of-the-art business center and Sense, A Rosewood Spa® featuring a rooftop pool and fitness center.

Burj Daman is home to almost 50,000 sqft of prime office space, deluxe 1, 2, 3 bedroom and duplex residential apartments, as well as an international managed five-star hotel. Burj Daman sets new standards for commercial and residence environments in the UAE with its pioneering mix of cutting-edge technologies, groundbreaking architecture and state-of-the-art facilities nestled in an ambience of sophistication and luxury.

The impressive features of Burj Daman’s innovative and functional design includes high-performance elevators, a cost-efficient under-floor air-conditioning system, and a

Burj Daman

27www.rootsland.com

glass curtain-wall façade system that gives spaciousness and natural lighting while providing amazing views across the DIFC Gate complex, Burj Khalifa, Zabeel area and beyond.

Designed with efficiency as one of its cornerstones, Burj Daman provides optimum levels of flexibility, space utilisation and functionality.

Set in beautiful city gardens, Burj Daman’s opulent environment comes together to present the perfect blend of retail outlets, leisure and business services.

Integrating the very latest technological, sports and leisure facilities, along with a stylish shopping hub, Burj Daman provides both residents and the business community with a prestigious address in the heart of the financial district of Dubai.

For sales & leasing inquiry04 329 8333 | [email protected]


MOrtGaGe Market upDateSeptember 2014

Jean-Luc Desbois, Managing Director, Home Matters

The introduction of a Central Bank mortgage cap and increase in Dubai Land Department fees from 2% up to 4% late last year, have taken the steam out of the UAE property market.

House prices have been softening all year and after a slow summer, sellers are starting to reduce asking prices. This is good news for prospective buyers, particularly as rental prices have continued to surge over this period.

Our forecasted adjustment in property prices need not be a cause for concern, unless you have to sell quickly of course. We forecast only a mild correction in property prices this year as there are still a number of positive f u n d a m e n t a l s , which bode well over the medium term. The market was over inflated in 2008 by speculators and investors transacting mainly under construction properties. Today, the majority of transactions are for completed properties or projects close to handover. There are many more end-users and interest rates have dropped by over 50% from 8% to under 4%. Instability in the wider region is also accelerating growth in the population.

We have over 30 banks actively lending in the market and most offer competitive products with greater transparency. The Central Bank regulation of 28th December 2013 was not solely intended to reduce maximum lending levels (Loan to Value) by the banks. It also introduced more stringent rules of assessing eligibility and restrictions on maximum exit fee penalties banks could charge customers. This has created far better value mortgage products for consumers.

Is it the right time to buy? Well, this can only be answered once you have assessed your financial position and future plans in detail. If you are in stable employment and intend to remain living in the UAE for a minimum period of 3-5 years, most definitely. It is likely that we will experience some volatility leading up to 2020 but highly probable that property prices will be higher than today.

A typical 3-bedroom villa (Saheel or Savannah style) at the Arabian

Ranches development will rent today for circa AED250,000

per annum. Buying the same property with a 75%

mortgage will cost as little as AED16,150 per

month (AED193,800 per annum).

A typical 2-bedroom S h o r e l i n e apartment on Palm Jumeirah will rent for approximately AED 180,000 per annum. Buying the same property

with a 75% mortgage will cost as little as

AED9,543 per month (AED114,516 per annum)

Even after factoring in service fees, buyers can significantly

reduce their outgoings, compared to tenants.

To find out how much you can save by buying instead of renting, contact us today on www.homematters.ae for a free consultation.

29www.rootsland.com

hOspitality assetEvolving the Dubai Hotel Promise

Dubai is renowned as a luxury haven, but how much does it cost to visit this haven?

A growing number of travellers are curious about Dubai, many of which are with a medium disposable income, yet they are quite reluctant to visit Dubai due to their price sensitivity.

Visionary hoteliers must capitalise on this growing demographic by creating a product that exceeds travellers’ expectations while not scaring them off with over-budget room rates.

Dubai is a live exposition for some of the world’s greatest designs. The luxury of its hotels is an extension of a culture that appreciates beauty and cultivates on sophistication in design and execution. In this essence, hoteliers that are interested in developing the right product mix should never neglect the importance of the tangibility and intangibility of their products.

Independent hoteliers that are not bound by brand restrictions must revolutionize the industry in Dubai by

targeting a growing demographic eager to experience luxury at a modest price. A hotel with five star services and four star properties for a three star rate is not impossible to create. When you consider the expertise this city has accumulated in the hospitality sector and the supply of qualified work force, you realize that providing a five star service at a lower cost is quite attainable.

Equally, Dubai is now home for many designers, architects, developers and interior contractors that reaching high end finishing is less of a challenge for the money paid. Construction and fit-out facilities based in the GCC has made it feasible for hotelier to reach higher standards of design and execution for lower costs.

With the right mindset and through a strategic alliance between developers and hoteliers, synergies can be formed and a lucrative segment of travelers can be sought after through a well-developed, well-executed and well-presented hotel product.


Following an extremely successful pre-launch sales period, site mobilisation has begun on IFA Hotels & Resorts’ newest project; The 8.

IFA HR expects to meet the project’s projected completion date of Q4 2016 and are pleased with the progress achieved to-date.

At eight-storeys, the project will bring an additional 300 units to the Palm Jumeirah’s limited and highly sought-after inventory. With a spectrum of residential units to choose from, including two- and three-bedroom apartments, signature townhouses

and a limited number of penthouses, with complementing hotel apartment units ranging from one-, two- and three-bedrooms to a palatial presidential suite with bespoke furnishings.

Ultra-sleek and modern, The 8 is inspired by the fashion, glamour and jet-set lifestyle of Miami Beach. Lightweight architecture and spaciousness feature throughout the design, from the exterior focus on wide-open balconies to the airy and minimalist interiors. Floor to ceiling windows and large terraces maximise the development’s panoramic views; with one-side facing the stunning Marina skyline and the other a seemingly endless view of the Arabian Gulf.

Motivated by the world’s leading fashion houses; such as the clean lines of Dior and the timelessness of Chanel, the interiors are simple, yet sophisticated; adorned with modern, high-quality finishes including marble floors and European kitchens that combine the best of Western design and Eastern comforts. More art gallery than apartment, The 8 is fast becoming one of the Palm Jumeirah’s most desirable addresses.

A destination unto itself, the development will offer an array of resort-style facilities including extensive water-sport rentals, gym, tennis courts, signature beachfront restaurant, beach cabanas, barbeque and event areas, as well as a dedicated child’s area and family pool.

31www.rootsland.com For more details contact: 04 329 8333 | [email protected]

Developed by

Palm Jumeirah, Crescent West

As an investment, holiday home or a primary residence, The 8 offers a compelling combination of location, product and price. While 45,000 new residential units are scheduled for completion by the end of 2015, only 4% of these projects will take place on the Palm Jumeirah, ensuring real estate in these areas continues to be highly sought. The island’s limited residential opportunities combined with its unique setting have placed it at the forefront of rental yields as well, with Palm Jumeirah apartments and villas commanding a significant premium over other affluent areas of Dubai.

Attracted to its glitz and glamour, the Palm has become a playground for the rich and famous. Enticed by its Michelin-star restaurants, exotic cars, high-end fashion and thriving social scene, those who are lucky enough to live here year-round enjoy a pampered lifestyle, where housekeeping is taken care of, dry-cleaning delivered, spas come to you and every night offers an array of events to attend. From the concierge who knows your name to the neighbour you met at last night’s gala, life at The 8 is about enjoying everything this stylish destination has to offer while benefiting from the security of a sound investment decision.

33www.rootsland.com

bay ceNtral West, Dubai MariNa

al FattaN MariNe tOWer, Dubai MariNa

OceaNa, palM juMeirah

rOyal OceaNic, Dubai MariNa

MariNa tOWer, Dubai MariNa

juMeirah beach resiDeNce

1 Bed | 770 SQFT | Fully Furnished

Partial Sea View

3 Beds | 2300 SQFT | Type 02 Unit

Full Sea View

Full Sea and Atlantis View, 1, 2, & 3 Bedroom’s Apartments

Size from 1,300 SQFT | Furnished & Un-Furnished

2 Beds | 1900 SQFT | Fully Furnished

Full Panoramic Palm and Sea Views

3 Beds | 1700 SQFT | Type 01 Unit

Full Marina View

Collection of Apartments | Furnished & Un-Furnished

Partial Sea and Marina View

Dubai MariNa, jbr, palM juMeirahFor Sale Inquiry: 04 329 8333 | [email protected]


the villa, Dubai laND

juMeirah park

MariNa resiDeNce, palM juMeirah

MiraDOr, arabiaN raNches

the spriNGs

5 + Maid’s | BUA 6,400 SQFT | Plot 10,193 SQFT

Type C1

Regional & Legacy Large Villas | Size 3,527 & 4,335 SQFT

Plot Size from 7,000 SQFT | For Sale & Rent

3 Bed | 4,100 SQFT | Sea View

Town House

4 + Maid’s | BUA 4,331 SQFT | Plot 6,887 SQFT

Type 10

Selection of Townhouses from 2 to 3 Beds Available

For Sale & Rent with Full Lake View

villas & tOWN hOuse

palM juMeirah

Signature & Garden Home Villas Available | For Sale & Rent

With Full Sea & Atlantis Views

For Sale Inquiry: 04 329 8333 | [email protected]

35www.rootsland.com

liWa heiGhts, jlt

citaDel tOWer, busiNess bay

priMe tOWer, busiNess bay

arMaDa 2, jlt

churchill tOWer, busiNess bay

sObha ivOry, busiNess bay

Full Floor Offices | Size 11,000

Multiple Offices Size from 1,200 - 1,700 SQFT

Fully Fitted Offices

Size from 888 - 1200 SQFT

Shell & Core Office

Size from 800 SQFT

Fully Fitted & Shell & Core Office


Semi Fitted Offices


Shell & Core Retail Shops

Size 2,015 SQFT

OFFices & shOpsFor Sale Inquiry: 04 329 8333 | [email protected]


• Easy access to Business Bay crossing

• Swimming pool and gyms

• Two level shopping mall at Bay Avenue

• Close to Dubai Mall and Burj Khalifa

• Close to Business Bay metro station

• Serviced by off-site district cooling system

Features

The Executive Towers community is a unique opportunity for professionals and families to buy into downtown living in the heart of Dubai, strategically located near Sheikh Zayed Road, Business Bay, and the Business Bay metro station. 11 residential and one commercial tower are complemented by the Bay Avenue retail promenade.

LOFT & TERRACE APARTMENTSAVAILABLE FOR SALE

BUSINESS BAY AND BURJ KHALIFA VIEWS

eXecutive tOWerBusiness Bay

37www.rootsland.com

juMeirah bay X2, X3 OFFices - jltFor Sale & Rent

Jumeirah Bay Towers is situated in the heart of New Dubai on Sheikh Zayed Road and between two metro stations, Jumeirah Lakes Towers or JLT, is the ideal address to live, work and play.

With such a high level of demand for mixed use freehold property in Dubai, this expansive development offers a much needed supply of office space with easy access to the city.

The buildings at Jumeirah Lake Towers represent a variety of commercial and properties for freehold purchase and aim to be a further extension to Dubai’s growing business community.

BOOK YOUR OFFICE IN JUMEIRAH X2, X3FULLY FITTED AND SHELL & CORE INDVIDUAL UNITS

- SIZE FROM 587-1,250 SQFT

SHELL & CORE FULL FLOOR OFFICE

- SIZE 9,500 SQFT

FULLY FITTED OFFICES ALSO AVAILABLE FOR RENT

bOuZNika Oasis villasLive the Luxury in Morocco

• LANDSCAPE GARDEN• PRIVATE AND COMMUNITY POOL• BEACH ACCESS• CLOSE TO THE GOLF COURSE• CHILDRENS PARK & PLAY AREA• WATCHMAN ROOMS• 24 HOURS SECURITYFe

atu

re

s

فـــــيالت الواحـــــــة يف بــــوزنيقــــــة عــــــــش الـــــرفـــاهيـــــة يف املغــــرب

للحجـــز يـرجى االتصـــال عىل الرقــم 043298333

BOuznikAcAsABlAncA RABAT40 KM, Approx. 20min drive50 KM, Approx. 30min drive

For more details contact: 04 329 8333 | [email protected]

For more details about our career opportunities please visit

www.rootsland.com/career

Disclaimer

This publication is the sole property of Roots Land Real Estate Brokers LLC and must not be copied or reproduced in any form or by any means, either in whole or in part without the prior written approval of Roots Land Real Estate Brokers LLC.

The data and other information contained in this publication have been obtained from sources generally regarded to be reliable and every effort have been made to ensure maximum accuracy. However we make no guarantee, warranty or representation in respect of the accuracy and completeness of the information contained herein. Roots Land Real Estate Brokers LLC does not accept any liability whether in negligence or otherwise to any party for any loss or damage suffered as a result of negligence, errors, omissions, change of price or other on this publication.

The material presented in this publication does not necessarily represent Roots Land Real Estate’s view and opinion.

The listings are correct at the time of printing, availability and prices are subject to change without notice. Photos are for illustration purpose only.

Our People the Seeds of

OUR SUCCESS

T +971 4 329 8333 F +971 4 329 8997 E [email protected] 215273 Dubai, UAE HQ. Sheikh Zayed Road BR. JLT BR. Downtown

www.rootsland.com