Real Estate

Mawarid Finance offers financing for The Centrium purchasers

Mawarid Finance, a Dubai-based public joint stock company, specializing in Islamic Finance, have entered into a partnership agreement with ETA Star, for providing finance to purchasers of units in 'The Centrium' at International Media Production Zone (IMPZ) in Dubai. Potential buyers can get up to 95% finance, and will have to pay installments after moving into their apartments.

The 'Centrium' in Dubai, comprises of four towers, interlinked to each other by bridges and with common facilities in a spacious garden setting. The apartments are available in configurations of single, double and triple bedroom apartments with latest hi-tech amenities.

The Chief Executive of Mawarid Finance, Mohammed Al Neaimi, said that the financing of the 'Centrium' units is based on Ijara principle, with an undertaking to transfer title on fulfillment of buyer's contractual commitments.

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source: estatesdubai.com

Dubai property prices unlikely to stabilize in next few years

The real estate prices in Dubai are unlikely to stabilize during the next five years, in case the rent-cap is not lifted, and if the government does not take initiative to implement measures that could contribute in improving the supply market, say experts.

A study of the Dubai real estate sector by the Dubai Chamber of Commerce and Industry (DCCI) revealed that demand and supply of real estate will reach equilibrium only in 2023, provided, the government does not interfere or bring in new policies.

The Director of DCCI's Data Management and Business Research, Dr. Belaid Rettab, said "Equillibrium is when demand meets supply, and the prices remain stable."

Imposing rent cap, apart from delaying the process of stabilizing the market, will not be able to address price hikes too. Being supporters of liberal business, we do not prefer to have rent caps. The simplest solution to prevent price hikes is to bring in more supply to the market. The government, apart from supporting development of mortgage sectors, will also have to arrange finance facilities to developers so that they could build more, Rettab said.

The DCCI study revealed that the property prices have increased by a 10 percent cumulative annual growth rate in the medium term. The long term increase was 4 percent, which translates itself into an average price hike of seven percent, equivalent to the current rent cap imposed by Dubai government.

The DCCI study revealed that the government policies will positively influence income, population, cost, financing availability, tastes and preferences of buyers and speculation of future prices that could contribute to increase in demand.

The increase in supply will depend on the financing, production inputs cost, construction technology and expectation of future demand.

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source: estatesdubai.com

Ground-breaking held for Indigo Spectrum 1 and 2

One of fastest growing real estate development companies, Indigo Group, has announced the ground-breaking of their project, Indigo spectrum 1 and 2 in the Central District of International City, Phase 1 in Dubai.

The eight-storey Indigo Spectrum 1 and 2 comprises exquisite residences, with single, double and triple bedroom apartments, and feature a rooftop pool, ground floor retail, and fully equipped gym that represent contemporary metropolitan living.

The Director of Indigo Properties, Anand Lakhiani, expressing his delight over the construction, said that Indigo Spectrums 1 and 2 are set to deliver an exciting living experience at International City. He said that he was confident about the concept being embraced by the market, which would make way for a series of stylish, affordable living solutions.

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source: estatesdubai.com

Abu Dhabi plans to set-right property laws

Abu Dhabi is planning to create a legal framework to protect the emirate's property investors to support the current property boom, said senior government officials.

Speaking during a seminar on 'Abu Dhabi Property Laws', the Undersecretary of the Department of Municipal Affairs, Ahmad Mohammad Shareef, said Abu Dhabi is currently witnessing a construction boom that is expected to continue during the next 15 years. The recent launch of Al Raha Beach, Reem Island and Saadiyat Island are sufficient proof of evidence for this.

However, an essential element for success of mixed-use projects depends is, owning the right regulatory framework that provides legal protection and clarity to property owners and investors. Currently, the Al Tamimi & Company is drafting "implementation regulations" that provides guidance on various aspects of property laws. The lawyers and property specialists have requested the Abu Dhabi government to establish a regulatory body, just as Dubai's RERA.
The experts have also urged the government to implement a property registration system in the emirate. Analysts are of the opinion that property valuations in Abu Dhabi are cheap and have further potential for growth.

With the Abu Dhabi property sector gaining credibility, the market remains extremely tight, with high growth in rents, which grew by 22 percent, and prices, which grew by 18 percent. Further improvement in Abu Dhabi's current property laws are necessary, as registration of property rights and ownership rights are expected to have a positive impact on property market.

Although, there were two laws that were issued in 2005, pertaining to ownership and registration of property rights in Abu Dhabi, the law does not stipulate the rights of the land upon which the apartment or building is located. A Strata Law is likely to be implemented shortly, that would define the rights of ownersâ€™ of units and the common property in multi-owned buildings and communities.

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source: estatesdubai.com

Delavan Lake Resort

Located on over 3 acres of waterfront on Delavan Lake just 10 minutes west of Lake Geneva, your condominium is “enjoyment-ready” for your year-round stays.

All suites have fireplaces, kitchens, private bedrooms and some of the suites include boat slips.The many amenities at the resort include indoor and outdoor pools, whirlpool, game room, fitness center, an elevator to all floors, satellite television and wireless internet throughout the resort as well as to your privately-owned suite. And the rental program helps with your costs.

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source: keeferealestate.com

Friday, December 14, 2007