Renting a property in Dubai, UAE

Dubai is a fast growing city and the property sector is keeping pace with the influx of expatriates entering the country. With the EXPO 2020 just around the corner, the infrastructure upgrade to host this massive event has created opportunities for white collar professionals.

With the new workforce entering the country there are a lot of new residential projects in the market. These offer residential apartments and villas in varied sizes, number of bedrooms bathrooms and layouts.

There are new areas already developed close to the EXPO 2020 site consisting of residential towers to accommodate new expatriates. Since the recent slump in property price and rents, tenants are in the driving seat and a lot of unoccupied inventory available in the market has led to trends like free rental period and other offers. People are moving into larger units and closer to their workplace as the landlords are getting flexible.

In the current over supplied property market there are a few things to consider before searching for a property for rent in Dubai. 

Choose an area that is close to your workplace as this will save you a lot of time for the daily travel. Dubai's busy roads have traffic jams during peak hours of the day and living close by can be beneficial in the long run. If you are renting an apartment in a busy area, make sure you also rent a parking space that is within the building. In some busy areas of the city finding a parking can be a daunting task.

If you are a business and are renting a new office or upgrading to bigger unit, having an office within the reach of a metro train can be helpful for the staff. Also make sure there are eateries and restaurants around the office.

Renting a property in Dubai is simple and most of the documentation can be done online , yo can also appoint a realtor to help you find the best property and get get the contract done.

Technology is changing Real Estate Industry

Technology has had its impact on every industry in the world, from manufacturing to banking and to professional services; technology has changed the way we work. Since the first ever computer entered into a commercial establishments, it has only changed its size to being much more compact powerful, friendly and helpful in making the most difficult work easy and faster without much human intervention.

The impact of technology can also be seen in the real estate sector including brokerages and agencies. After internet became domestic and easily accessible people started searching for homes to buy and rent on their computers and this would give them a fair idea about the property's interior, location and size, high resolution images can show exactly how the property looks from inside and video tours can give you a 360 degree view of the property , thus saving time on viewings and short listing only properties that look interesting after browsing them on the brokers website and property portals.

Internet, computers, smart phones and tablets have changed how real estate is being delivered to the end user. Brokers and agents now manage more properties and have a wider audience than before. Using a C.R.M helps real estate Brokers to add and manage their property listings on the fly and they can make changes to them from anywhere at any time. Interacting with the clients became easier and money saving as agents use chat applications and internet calls with clients thus saving cost and sharing more information about properties and the processes. Technology also gives real estate agents, real estate brokers and real estate companies to create a good reputation through reviews and ratings on directories s and other website to show the appreciation publicly.

Technology is never going to stop improving and will continue its impact on every industry, the use of drones in real estate can make possible to take images and videos of skyscraper buildings from an aerial view which is not otherwise possible.

Most of the new property portals and websites of brokers and agents have a mobile friendly version which clients and end users can browse on their smart phones and decide whether the next step will be to physically visit and view the property this will save time for both the agent and the client and improve productivity for the real estate industry. Technology changed the way we do business and is extending the value of real estate agents and brokerages.

Jumeirah Park, a promise of a unique lifestyle

Any home buyer would be spoilt for choice when it comes to buying or renting a villa in Dubai. The enormous choice of villa communities provides a chance to choose the best based on priorities that could include location for some to nearby schools for other, whatever the priorities maybe there are a number of communities in Dubai that offer more than expected. Jumeirah Park is one such villa communities that provides a serene lifestyle blended with luxury and exceptional amenities. Jumeirah Park is developed by Nakheel, Jumeirah Park Villas offer different types of themes in architecture that include Heritage, Regional and Legacy. Better than one another these themed villas provide uniqueness in design and interiors. Jumeirah Park Styles of villas represent a single theme and are available in three to five bedrooms along with car park and a terrace. Jumeirah park villas are nestled amid lush and family oriented amenities creating a peaceful, modern community that welcomes people from different background and nationalities.

Jumeirah Park is located in close proximity to the most important areas of Dubai including the Airport, Business Bay and other locations like Dubai Marina, Jumeirah Lake Towers etc.

Jumeirah Park villas sizes range between 4000 to 5000 square feet approximately and there are a total of 2000 villas. Jumeirah Park is a self contained community and provides amenities like jogging, walking and cycling paths, parks and children’s play areas. Other facilities include Gymnasium, shopping center, restaurants, community clubhouse and a mosque.

Jumeirah park community provides an excellent opportunity to setup a home as some of the most reputed schools in Dubai are located within a short distance which is a major concern for families to decide which community to choose, also major shopping malls can be reached from in a short span of time and these include the Ibn Batutta mall and Dubai Marina Mall.

Jumeirah Park is a popular community as it promises a unique lifestyle in its luxurious villas in a lively yet filled with quietude atmosphere.

2015 - A challenging year for Dubai Real Estate

The current has been a challenging period for Dubai Real Estate as property transactions declined and property prices dropped, apartment prices have dropped around 12% at the end of the 3rd quarter. This drop in property prices is expected to stay at least till the coming few months, experts believe. The property start falling after the land lard imposed a mortgage cap and increased the transfer fee, these efforts worked well to cool down the market but at the same time some external factors like a drop in oil price, property fluctuations and new inventory that is on the way to release. The new inventory of property has been exaggerated and developers are now looking to release new inventory of properties which is in line with the absorption rate of the current market. 

This is a good move to regulate the supply and demand fundamental and will also help to stabilize the property market in the longer run. On the other hand rental prices have not seen any major fall and seem to relatively stagnant or have fallen by a negligible percentage. This is welcomed news for buy to let investors as they can now pay less to buy property and get the same rental yields as in the peak time of the real estate market. Though sales and rental prices are driven by different factors one common factor is the supply and demand level. 
Rental prices are mainly affected by this phenomenon while as sales prices are decided by a number of factors put together which include economic growth, supply demand, investor’s sentiment, interest rates and currency fluctuations. 

Amid the slowdown Dubai developers are optimistic about the things to turn positive as work starts on infrastructure projects for the EXPO 2020, major projects have been lined up for this mega event which is expected to bring a huge number of visitors to the country and create jobs for accomplishment of infrastructure projects. The new projects around the site of the EXPO 2020 will extend the city to a larger extent and new residential and business opportunities will be created. 

Other major off plan projects are also underway with some of them as iconic as previous ones and other that will be a huge than what Dubai Real Estate market has witnessed so far, these new developments will further add to the amazing skyline of the city and is expected to bring investors as the city gears up for the Expo 2020.

The government is also emphasizing on affordable housing which is a huge need of the real estate market as majority of the population in Dubai are away from being landlords due to affordability reasons. Affordable housing will open a new segment and will bring the mid-income earners into the property scene this can have a huge impact on the local demand and open a new line of products for investors which can be a prolific investment looking at the influx of people into the country. Affordable housing will also lower the pressure on the city road and train infrastructure as people can choose to live near to the workplace and this can help in the overall economic growth of the country.

Clear optimism amid falling prices

Property prices are falling since the start of 2015 and continue to fall in the 3rd quarter. There is also a decline in sales transactions within the real estate sector. In Q3 2015 apartment prices fell by 3 percent compared to the second quarter. Villa prices have also reported a downfall in the first half of 2015. Rental prices are however not seen any major fall, a mere 1% decline has been reported in Q3 of 2025 which is a negligible number.

Sales are rental prices do not necessarily follow the same trend as there are different factors influencing the two. Prices depend on supply- demand, investor sentiment, economic growth and various factors while as rental prices majorly depend on the supply demand fundamental. The market is going through a challenging phase as investors are adopting a wait and watch approach.

This slowdown can be a beneficial time to buy for investors as in this state of the market investors can get some good deals, the investors are still waiting as they wait for the prices to come further down and buy property at the lowest price possible. There are some major projects underway and a lot of residential inventory to  be released, though the actual number of the inventory has been exaggerated, developers are also looking into the possibility of delaying the release to create a balance between supply and demand and the market gets enough time to absorb the currently available inventory. 

The current slowdown indicates a correction which has been triggered by efforts made by the government and the Land apartment, these include the federal mortgage cap and doubling the transfer fee, and these efforts have been successful in eradicating speculations and flipping of market that results in over heating of the market. After implementing these cooling measures the slowdown was expected however certain external factors also affected it a little further. 

Despite of the slowdown the real estate sector is positive of an upward trend as the infrastructure projects needed for EXPO 2020 will create a huge number of jobs and other positive factors like the influx of capital from troubled countries in the region will help the real estate sector create more activity.

World's Tallest Commercial Tower

Dubai's real estate market has been in the limelight over the years for record breaking structures and there is more to come and more records to be broken. After the mighty Burj Khalifa became the tallest residential tower in the world, it’s now time to build the tallest residential tower that will surpass New York’s One World Trade Center which is currently the world’s tallest commercial building.

The architects who designed the Burj Khalifa architects have been selected for this next wonder in Dubai   that will have a sustainable and innovative design and will adheres to the standards of green buildings. This record breaking structure has been named as Burj 2020 and will stand tall among the other iconic towers in Jumeirah Lake Towers.  The Almas Tower in JLT is the tallest commercial tower in the Middle East.

Dubai Multi Commodities Centre (DMCC) has envisioned the Burj 2020 as a world class business address and a futuristic business community in Dubai. DMCC is expecting to have 10,000 members by 2015, the current member companies are 7,800. The Burj 2020 and the surrounding business park will create efficient commercial office spaces targeting multinational companies as there is a direct demand of commercial space and offices in JLT, and in order to cater to the growth in the number of businesses, the 107,000 square meters D.M.C.C. Business Park will be able to meet the demand.

JLT comprises of 87 residential, office and mixed user towersbuilt over man-made lakes and currently a rough total of 80,000 people work and live in this world class community. Jumeirah Lake Towers has been built over the concept of work and play and offers a serene lifestyle to residents providing superior amenities. The residents and the people working in JLT's commercial establishments are benefited with an array of facilities and amenities that include waterfront cafes, restaurants, supermarkets; children’s play area and other amenities. One of the lakes was drained with the intention of creating a huge park that will encourage people to spend time outdoors and will be a beneficial step to create more green space within the community. The park will have playgrounds and exercise zones, basketball court, and picnic areas for families. 

The Forte Twin Towers in Opera District, Downtown Dubai

Downtown Dubai is all set to launch the Forte Towers in Opera District which is a clear indication that the recent slowdown in prices is not a slump but just a market correction that will be beneficial for the property market in the long run.

The Forte is a twin tower development which will be launched on May-30-2015. The Forte is located in Opera District of Downtown Dubai and is the first residential tower in this development. The Opera District is a spectacular development of Arts and Culture and living within this area is a unique experience.

The Opera District will feature luxury hotels, a retail plaza, waterfront promenades, park, and space for recreational activities. The Dubai Opera in the Opera District will have a seating capacity to accommodate 2000 people at a time and is envisaged to become a global destination for performing Arts.

Dubai Opera is designed like a traditional sailing vessel of the Arabian Gulf. The ‘bow’ of the structure will be the main stage, orchestra and seating areas, and the Sky garden and restaurants. The hull will have the waiting areas, taxi-drop off area, and parking.

Downtown Dubai is already the most vibrant and the most visited area in Dubai. This community is a host to many local and international events some of them being the very large scale events. Large-scale events like New Year’s Eve celebrations; The UAE National Day Parade; and the Dubai Festival of Lights. Downtown Dubai is home to the prestigious Burj Khalifa and Dubai Mall, the two record breaking structures for being the tallest building and the largest shopping mall. Downtown Dubai attracts millions of visitors every year and happens to be the most promising mixed use development in Dubai. Downtown Dubai is on top of the list of visitors who come to this amazing city every year.