Dubai’s Waterfront

Dubai's Waterfront

DubaiWaterfront was expected to become the world’s largest waterfront and man-made development.  The project consists of collection of canals and artificial archipelago. Occupying the last remaining Persian Gulf coastline of Dubai, it will add 70 kilometers to Dubai's coastline and encompass an area of 1.4 billion square feet of water and land developments. The artificial man-made island will include commercial, residential, resort and amenity areas thus providing world’s top notch destination for visitors, residential, businesses. It is built by worlds largest privately held real estate developers Nakheel – constructors of Palm Islands. The shape of the waterfront will resemble the Islamic symbol, the star and cresent. Dubai waterfront is planned to consist of 10 key areas including Madinat Al Arab, expected to become the new downtown and central business district of Dubai.

High residential Values in Dubai

Burj Al-Arab, Dubai

Due to the increasing property values, speculations concerning about a bubble burst in the near future. It was observed that the average capital values of residential property inDubai were 53% higher in third quarter of 2013. Although capital values haven’t reached the peak as in 2008 but are far better than in 2009.

"The vibrancy in the residential market has resulted in growing confidence in the real estate sector," Steve Morgan, head of Cluttons Middle East, said in the report. "But we believe concerns of the market overheating are still overly negative, especially given that despite the recent gains, average residential values remain well below the market peak."

Property values in Dubai have been increasing, causing concern among analysts of a bubble repeat in the city. For this purpose Central Bank of the United Arab Emirates have taken measures and issued rules to cool the market and put a stop to the repeating property boom-and-bust cycle. Mortgages valued at less than 5 million dirhams ($1.4 million) will be capped at 75 percent for foreigners buying their first home, while financing will be limited to 60 percent for foreigners buying a second home. For a sustainable pace of growth, The Dubai Land Department also doubled the property registration fees from 2 percent to 4 percent.

Future growth in values remains uncertain; but the market is viewed as more sustainable than ever.
"Although the long term effect remains to be seen, short term indicators show that recent regulation appears to be stemming further sharp increases in property prices," Mr. Morgan said. "Rather than being fuelled by 'fly-by dealers', current demand is primarily being driven by a growing population and rising employment levels." 

The Palm Jumeirah

The Dubai Palm Islands are the most amazing project of Dubai. These artificial archipelagos are named Palm Jumeirah, Palm Jebel Ali, and Palm Deira. Palm Jumeirah is the smallest of the three. It is a manmade island in the shape of gigantic palm tree and extends 6.5 km into the Arabian Gulf Sea, creating an extra 78 km of waterfront property to Dubai coastline. Its construction was started in 2001. The island consists of a trunk, a crown with 16 fronds and a surrounding crescent where the world famous Atlantis resort is now situated. The crown is connected to the main Island by a bridge and the crescent is connected to the top of the palm by an underground sea tunnel. The overall area of the palm island can be considered approximately larger than 800 football pitches thus doubling the length of Dubai coastline.

The purpose of the construction is to increase Dubai’s tourism by providing a one-of-a-kind tourist destination overflowing with contemporary world-class hotels, upscale services and facilities and hundreds of more miles of Dubai beaches all in a world unique to anything anyone has ever seen before.

The project almost took over 4 years to complete and now acts as the dream home to nearly 10,000 people. The island is divided into themed hotels, resorts, apartment buildings, luxury villas (Signature Villas, Garden Homes and Canal Cove Town Homes) and many retail outlets.

Dubai World Sells Atlantis Resort

The Atlantis Hotel, Dubai

With the purpose to raise funds for repayments after a $25 billion restructuring plan was created two years ago; a state-owned group Dubai World sold its Atlantis resort to state-owned Investment Corp (ICD) of Dubai.

ICD purchased the resort, which sits at the head of the emirate's palm-tree shaped island, from Istithmar World, for an undisclosed amount.

"Our acquisition of an asset that is a major contributor to the domestic tourist industry is in line with our overall strategy to support long-term sustainable growth for Dubai," Khalifa Al Daboos, deputy chief executive officer of ICD, said in a statement.

Dubai World came under a debt during the property market crash in the emirate. They are repaying $4.4 billion in May 2015 as part of the debt. To raise funds for the dept The Atlantis sale is the second disposal by Dubai World, after selling the British logistics warehouse developer Gazeley in the summer. Its next plan is to sell The Fontainebleau hotel in Miami Beach, Florida.

At Night, The Atlantis Dubai

Why Live in Dubai Marina?

Dubai Marina is a self-contained lively high-rise district home to residential apartments, serviced apartments and hotel towers offering an array of entertainment venues and restaurants. The  is a waterfront lifestyle destination complete with marinas, beaches and promenades (JBR Walk) along the sea and its 3.6 km man-made canal (Marina Walk), snaking through its midst. It has its own metro station, Dubai Marina Mall for a spot of retail shopping, Waitrose supermarket and cinema and Gourmet Tower restaurants. Amenities and facilities are scattered across Dubai Marina. Conveniences like stores, gyms, beauty parlors and spas, restaurants, cafés and large numbers of hotels contribute to nightly entertainment options. Dubai Marina offers a vibrant community offering a sociable lifestyle with over 150 towers to choose residency from. Properties available at Dubai Marina are with good rental and sales deals.

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Provisions to Include in a Land Sale Contract

A land sale contract should include these five provisions:

·         Purchase Price

·         Property Description

·         Payment Terms

·         Easements

Purchase Price

It is the most important provision to include in a land scale contract. This should include the down payment as well as the total purchase price. If either the buyer or seller tries to default on the contract, they can take it to court.

Property Description

The land sale contract should include complete description along with “Legal Description” of the property.  Legal descriptions contain surveyor language that describes the exact location of a parcel of land.

Payment Terms

This section should specify how often payments should be made, the total number of payments, the start and stop dates and the amount of each installment. It should also include interest rates and late fees.

Obligations of the Parties

The land contract should set forth the duties and responsibilities of each side. It must specify the obligations of both the buyer and the seller. This avoids misunderstandings.