2013 Residential Rental Hot spots in Dubai

Dubai real estate has regained its status of fast progressing and profitable industry in the region. The Q1 market report of residential real estate sector display high efficiency. Positive economic activities improve real estate developers and investors confidence to start new projects all over the UAE. Dubai is known as safe-haven in Middle Eastern region due to its lowest crime rate and stable political conditions. Such favorable economical and political conditions efficiently drag attention of wealthy and middle-class individual from neighboring regions of Asia and Europe. As more foreigners stared considering Dubai to live, work and business directly increases demand of residential and commercial real estate across the emirate. Higher demands for rental and for sale properties also increase asset prices and rents. According to recent rent index update by RERA for year 2013, specific Dubai communities and apartment projects are showing exceptional rise in rent rate.




Residential Rental Hot Spots in Dubai for year 2013


Arabian Ranches 

Arabian Ranches offers exclusive lifestyle facilities in variety of freehold villas and townhouses. It is established in the heart of desert located on Emirates roads, which heads to Abu Dhabi, Al Ain and Dubai. Residents can enjoy fine dining, exotic bars and entertainment/retail facilities within the community. For year 2013 rental rate for villas showed 22% hike.



Jumeirah Islands

 It is a housing development, which consist of 50 small islands. 46 clusters are exclusively used for residential purposes whereas remaining four clusters are used for Club House, restaurant, supermarket, gym and leisure facilities. Each residential cluster comprises of 16 villas. Recent rent index showed total percentage rise of 6.4% in villa rental rate.


Palm Jumeirah

The project itself considered as the 8^th wonder of the world. This destination is known to provide highly luxurious living in collection of villas and apartments. It provides idyllic beachfront residences for luxury lovers. In year 2013 this community has earned the status of highly prices community to rent a villa. Rental rates for four-bed villa units ranges between AED300,000 and AED400,000 per annum.


The Greens

The Greens is a residential project of Emaar Builders consists of mid-rise apartment buildings that provide studios and one to four bedroom apartments. The project is located in close proximity to the Emirates Golf Club, Dubai Internet City and Dubai Media City. Highest rise around 28% in rent has observed for 2 bed apartments, 22% for studios and 15% for one bedroom apartments. This community is very famous among expats.


Dubai Marina

 Dubai Marina is the world largest man-made Marina. This neighborhood is also famous as new Dubai. Most of the Western and European expats prefer to live here as it offers stunning accommodation in high rise towers along with finest restaurants. Emaar built 6 high-end towers in this Marina that provide luxury accommodation and premier retail outlets. It is also showing 18% rise in rental rates for two bedroom apartments.



Downtown Dubai

 Downtown Dubai is a dazzling and ultra modern neighborhood that strongly supports Emirate’s image as a global player. It offers urban lifestyle amenities, incredible entertainment and tourism spots. Accommodation options include villas and apartments, which are located among stunning retail and entertainment spots. This community houses world’s largest mall, The Dubai Mall, world’s largest aquarium, iconic Burj Khlifa, The Address Hotel and residences. It comes on third position in terms of rental rise. Total 16% hike in rental cost for two bedroom apartments has observed.



Residents are showing great interest to find accommodation in areas that are well connected with main roads and metro stations. Further they also consider accessibility to retail and entertainment amenities in area.
 

Role of Real Estate Agents in Dubai

Real Estate agents are the professionals responsible to play critical role to operate primary functions of real estate section in Dubai. They not only help home owners, sellers, buyers and tenants to make flawless estate transactions rather they also support overall growth and progress of the whole estate and property industry. Asset market in Dubai is one of the dynamic real estate markets of the world where investors purchase lot of properties from developers from developers and homeowners. RERA the Governmental Real Estate Regulatory Authority has developed a proper licensing system for professionals and also designed a proper legal frame work to disallow agents to make illegal transactions. Such steps are extremely helpful to maintain a healthy environment and it allows buyers and sellers to ask agents to show their licensure before finalizing their negotiations about property deals.

Primary Roles and Responsibilities of a Professional Real Estate Agent

Duties of real estate agents may vary upon the type of sector they are working for. Irrespective to their specific departments they all work for the interest of their clients. Below are the few important duties of professionals, working as a real estate agent in Dubai. Primarily their duties may depend upon the role they are performing. Some of them help their clients to buy or sell properties where as some works as a property manager. Generally, professionals deal with property management, lease, pricing and buying of residential, commercial, rural and industrial properties or undeveloped piece of land on behalf of their clients.

• If a real estate agent assists his clients to sell or purchase a property then he provides comparative analysis of current market to give his client an idea about how much price he should set to list his asset to sell or how much he should offer for an asset to purchase. In contrast a manager will give information about recent rental rates.
• They also market properties of their clients for sale or rent purposes. They also try to find suitable buyer or tenant for his client’s assets.
• Real estate agents also promote their client’s assets on web on their own website and blogs. Or they may be also associated with property management firms and list their properties on company websites to get more exposure.
• In real estate market of Dubai, such professionals are not help homeowners in selling and renting their properties rather they also help common people and real estate investors to find suitable property for accommodation or establishing business or for investment purposes.
• Professional real estate agents in Dubai also contribute in preparing contracts to complete whole process of real estate transaction. They open escrow account to facilitate payments and funds transfer to seller or home owner account. They also arrange property inspections for buyers and tenants before finalizing deal.
• Property transactions are complex and involve large amounts of money. Buyers and sellers always expect their agents to possess good knowledge and skills to make the process flawless and smooth. All real estate professionals who are performing the role of agent must be proficient in handling whole process of asset deal from start to end. They must have good understanding of property laws and rules and regulation.
• A professional agent must be able to identify the needs of his clients. He should not just force them to look at homes and other properties to purchase or rent. They should try to educate their clients in a way that they become able to take a wise decision to sell their assets.

Despite of understanding their duties and responsibilities, professional real estate agents must be disciplined and confident enough to build a trusted relationship with their clients. They also try to improve their skills and keep themselves up to date with current market trends.

What is RERA? [Quick Review]

RERA is an abbreviation for Real Estate Regulatory Authority. It is government agency whose establishment was supported by Dubai Land Department. RERA is being established with the aim to regulate the real estate sector in Dubai. RERA was established in 2007 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, vice president and Prime Minister Ruler of Dubai. It is a legal arm of Dubai Land Department which is responsible to regulate real estate sector of the emirate and help to formulate strategies and regulatory activities to control landlords and property management companies. It also regulates activities of real estate agents. RERA also finalize specific standards to authorize lease contract registration and certifications. Moreover, it also issues licenses for real estate developers.

Emerging Residential Communities in Dubai Investment Park

Dubai Investment Park is a modern mixed use property development located just 30 minutes away from Dubai Downtown. Its prominent neighborhoods include Jabel Ali Port, Al Maktoum International AirPort and the famous Green Community. Presence of such world famous landmarks makes it a valued place to live and startup your business.  DIP is also well connected with various leading roads of the city, which include two major roads the Emirates Road and Sheikh Zayed Road as well as some of the famous roads of main city also directing towards DIP, like Lahbab Road, Jebel Ali and extension of the Academic City and Dubai Bypass Road.

Dubai Investment Park is an ultra modern well planned development, which has quickly recognized itself as one of the premier multipurpose projects. It provides excellent residential, commercial and industrial properties that allow people to live and do their business in an eco friendly environment.  Residential communities of this project are famous among expats and local residents. It offers a broad range of accommodation options like villas and townhouses to different apartments and quarters to accommodate staff. Irrespective to the type of residence, all type of residences are built according to international standards and provide high quality, comfortable and spacious accommodation. DIP is a multi phased project that spread on total area of 3,200 hectares. Major developers of Dubai are taking keen interest to take part in construction of this project. It is one of the highly equipped projects that housed almost all amenities of modern lifestyle like educational, medical and logistics facilities.

Dubai Investment Park has established its image as one of the most diverse development project that offer a huge selection of apartments from simple studio apartment to one, two or three bedroom luxury apartments. Every apartment complex in DIP is fully equipped with world class community facilities for the comfort of residents living here.

Following are major residential communities of Dubai Investment Parks.

• Green Community
• The Palisades
• Ritaj
• Dunes Village
• Crown City
• Dubai Lagoon
• EWAN Residence
• Staff Accommodation

Green Community
Green Community covers 67 hectares and offer residential, leisure, retail and commercial properties. This project has beautifully maintained greenery to make this place peaceful and calm. Residential properties available here include variety of apartments and villas that are designed to execute needs of residents with diverse needs. Villas, Lake Apartments, Terrace Apartments are few major property types provided by Green Community. 

The Palisades

The Palisades is a super luxury community of Dubai Investment Park that provides luxury lifestyle like Regency and Victorian residencies of London. On its completion the apartment complex of this project will be able to accommodate 55,000. Due to its high quality and structural finish it will be an iconic development in housing sector of Dubai. This project also has a huge central park and a waste management and recycling facility.

Ritaj

Ritaj is known to provide quality residence at affordable prices with intention to make it within the range of people having low income. This project has comfortable and spacious studio apartments, one, two or three bedroom apartments for singles, couples and families. The whole project will consist of 2,200 units, accommodation place for hotel staff, shops, supermarket, mosque and restaurants.

Dunes Village

Dunes Village is a gated apartment complex consists of 19 residential buildings with unique design. All buildings are well equipped with range of modern facilities and extras like gym, Jacuzzi, swimming pools, lush green gardens, mosques, shops, cafes, clinics and restaurants. This project has 1000 spacious apartments with balconies. The design of this project is totally based to provide high level of comfort to communities.

Crown City

Crown City encompasses 52 buildings with total 8,000 housing units. It is the Lakeside residence that provides one to two bedroom apartments with world class amenities.

Dubai Lagoon

Dubai Lagoon covers 1.75 million square feet area. This project has multistoried residential complexes and 53 low rise apartment buildings in 8 different shapes. Almost 75% of community land is devoted to community facilities like roads, landscaping, gardens, pools, waterfalls, fountains and a water park at Lagoon.

EWAN Residence

EWAN residence displays a perfect and unique mix of traditional Arabian culture and modern lifestyle. Project has wind towers and residential complexes built to reflect Emirati, Arabic and Andalusian design. It is also a gated community, which provides several community facilities like children play area, swimming pools, jogging track throughout the complex. Shopping areas in this community offer souq like environment that give its residents a chance to explore traditions of this region.

Staff Accommodation

Dubai Investment Park also provides world class accommodation facilities from apartments to labor camps. Staff accommodation area is well equipped with modern living facilities like shopping centers, super markets, clinic, mosques and recreational facilities. Public transport facility is also available. Companies can easily utilize this accommodation facility to provide their employees accommodation facilities with job.

Dubai Investment Park provides super luxury accommodation to locals as well as expats and migrant workers living in Dubai. The diverse range of accommodation options satisfies needs of singles, couples and families. Comfort is the main factor that has made this project unique among other property developments. Residents will find all the apartments equally comfortable irrespective to its size or number of bedrooms.

Buying your First Residential Property in Dubai

Deciding to buy a residential property is exciting. Whether it is a way to step on to the property ladder or buy a holiday home, rushing into a purchase could have you regretting your decision. So, while the house your real estate consultant just showed you might seem to be the perfect pad you’ve always dreamed of, don’t let emotions cloud your judgment. Before you make an offer or sign on the dotted line, consider all the factors that will affect your decision.

With regard to Dubai residential properties, you need to decide where you want to buy your Dubai apartment or Dubai villa. This decision should be linked to why you want to buy a property in the first place and how you plan to use it – are you buying to live, enjoy a re-sale return, rent it out to a tenant or use as a retirement home later. If you’re looking to get rental returns, then you need to look for Dubai houses that are located in high-demand areas and close to amenities and conveniences. Next, you need to decide the sort of Dubai houses you should be looking at - an apartment by the beach, private villa with a pool or a condo in the heart of Dubai’s business corridor?

Once you are sure of the type of residential property you wish to buy, the next element to factor in is price. Decide how much you can afford to spend before you start looking for Dubai apartments or Dubai villas. Be realistic and calculate all the costs involved. If you are looking to buy Dubai villas, then you will need to include maintenance costs of the residential property, pool, garden, etc. Remember to also consider legal and consultant fees and other expenses in your budget. Always enquire upfront any other fees, except, transfer fees to avoid unpleasant surprises later. Pay attention to the view. Full sea-view Dubai residential properties are more expensive than apartments facing the main road. Then, explore the community and the vicinity. If you’re looking at Dubai houses near the airport or hospitals, be ready to hear planes or ambulances at odd hours. Also expect to put down a 5 to 15 per cent deposit on residential property under construction. Check if the residential property is mortgaged. Mortgage finance options for Dubai houses are also available, so find out the maximum loan to value amount (how much of the property value your mortgage lender is prepared to lend you) you are eligible for.

Work with a registered and reputed real estate agency to handle your purchase of Dubai residential properties. Hire the services of a brokerage company that has RERA-certified consultants. A consultant representing such an agency will show you a wide selection of Dubai houses that meet your requirements and budget, answer any question you may have concerning buying Dubai residential properties and guide you through the property buying process from start to finish. Above all, do your own research. Read information online or ask around for average prices of Dubai apartments or Dubai villas in the communities you are interested in so that you don't pay over the odds. Set up a local bank account as you will need one to kick start and during the buying process.

Dubai offers buyers worldwide some of the best residential property. Whether you wish to live on an island, by the beach, downtown or in the world’s tallest building, Dubai makes it possible. With prices stabilising and the market showing greater signs of regulation and maturity, investing in Dubai residential properties is a wise move for any type of property investor.