GCC Investors show Stability and Strength to the Property Community Across the World

A new survey by global market research company YouGov paints a vibrant picture of the UAE and Dubai real estate property sector. The said survey revealed that 60% of investors expect the real estate market in Dubai to flourish even more in the coming 12 months.

It also found out that over half of home buyers (54%) feel a positive vibe with regards to the continuing growth of the Dubai real estate industry, and another 58%, or three-fifths expects an increase in sales and rental prices over the next year. All these factors indicate a buoyancy in the residential market of real estate in Dubai.

The research was initiated in preparation for an influx of thousands of real estate property investors for the Cityscape Global, one of Middle East’s largest real estate property event.  It will be held at Dubai World Trade Centre from 8 – 10 September, where more than a hundred local developers are expected to participate in the 14th edition of the event where they will showcase their latest projects.

The YouGov survey only shows that location is indeed a significant factor for investors to determine properties they will purchase in the Emirates. According to 861 UAE residents who were part of the survey, the most attractive and in-demand real estate are the ones near public transportation (56%), followed by the ones close to grocery stores (44%), shopping malls (41%), and Mosques (37%).

The survey’s sponsor is Informa, Cityscape Global’s organizers. The study further reveales that studios and one-bedroom apartments are growing in popularity in the UAE real estate market, with investors shifting to more affordable and more ergonomic apartment designs.

Jumeirah Golf Estates is among the developers to first take note of this trend, and will capitalize on this opportunity as they unveil their latest development, AlAndus, which will offer a new definition of affordable luxury.

Yousuf Kazim, Jumeirah Golf Estate’s CEO said: “Jumeirah Golf Estates has had a productive first half of the year and is continuing to reinforce the growth momentum plans for ongoing development. As the progress of construction continues, we are continuing to partner with businesses to ensure our residents are provided with the ideal living community.”

Meanwhile, Sky View Real Estate Brokers and Myra Real Estate Development will also be offering end-users and investors an affordable option with their Botanica Project located in Jumeirah Village Circle.

Sky View Real Estate Brokers’ Director Kash Kanjwani said: “For any mature market there has to be balance between luxury properties and affordable properties.  Previously developers had tried to launch affordable properties, however due to speculators and high demand some of these properties appreciated at such high rate that they reached the same price point as luxury properties.”

“With new regulations in place, the speculation of properties has been controlled and because mortgage LTV has been limited at 50% for off plan projects, most developers are offering easy payment plans and the right pricing.  Demand for affordable housing is now greater than ever and we look forward to showcasing our next project at Cityscape Global.”

This year’s Cityscape Global is supported by the Dubai Land Department and Foundation partners: Emaar Properties, Dubai Properties and Nakheel; Gold sponsors: Arma Properties; Garanti Koza and Al Marjan Island; Silver Sponsor Sobha LLC; District Operator Sponsor: Ejadah Asset Management; Project Marketing Sponsor: Aqua Properties and Property Registration Trustee Partner: Tamleek Property Transfer.

Luxury Hotel in RP Global’s Tower to be Operated by Jumeirah Group

The world-renowned hospitality and hotels company Jumeirah Group has been appointed by leading Dubai real estate property development company RP Global to operate a mixed-use property within its US$1 billion iconic tower. Dubbed the Jumeirah Business Bay, the new property will have 200 hotel rooms, 325 services apartments, and 290 luxury residences.

Intended to be an urban luxury destination, the new property will showcase a dynamic and thrilling sky deck with a bar on it. This will give its visitors a unique view of Downtown Dubai, as well as the buildings found in Business Bay. The tower will house a variety of food and beverage shops, banquet and conference areas, and an award-winning Talise Spa and Health Club. The tower – designed by Atkins Global, the same firm behind the world-famous Burj Al Arab – will have a total floor area of over 3 million square feet once completed.

In relation to the new agreement between the Jumeirah Group and RP Global, Jumeirash Group’s President and Group CEO Mr. Gerald Lawless says: “RP Global is a company committed to excellence, and we look forward to working together and operating this outstanding property. Jumeirah has a reputation for luxury and exceptional hospitality, and our partnership reflects the strong synergies between Jumeirah Group and RP Global. As Dubai moves towards its tourism vision of receiving 20 million visitors a year by 2020, we are proud to be strengthening our Jumeirah portfolio in Dubai.”

“We are investing close to US$1 billion of our own resources into Dubai’s real estate sector to develop a world-class tower that will be operated by the esteemed luxury hospitality brand, Jumeirah Group. RP Global is committed to superior quality and timely delivery and like the Jumeirah Group, we strive to create well designed, innovative lifestyle concepts for our buyers. Dubai’s resident population is growing rapidly and we are looking forward to adding an iconic tower to Dubai’s skyline in partnership with Jumeirah”, says Dr. Ravi Pillai, Chairman of RP Group of Companies, the holding company of RP Global.

The new management agreement was inked between the two companies in a ceremony which took place at the Burj Al Arab, Jumeirah Group’s flagship property. The Jumeirah Group has a number real estate in Dubai and all over the world. It currently has 23 hotels in operation across the Middle East, Europe, and Asia. It also has 25 more in the pipeline that will be established and run under both Jumeirah and Venu brands.

RP Global is the property development and real estate Dubai company of RP Group of companies, a conglomerate founed by Dr. Ravi Pillai. Its operations can be found across 20 cities and 9 countries. The group has a wide range of investments in hospitality, construction & industrial, education & trading, and healthcare & wellness services. Currently, it has conducted projects amounting to US$25 billion globally.