Dubai takes the Aquatic Route to emerge at the Top of the Tourism Charts

Living with the fishes couldn’t have been any more fun. In what is called a show of confidence, Dubai seems to be shaking off its slowdown garb and going in for a techno-driven makeover. Having seen the past decade being dedicated to fantastic residential, commercial and mixed-use monuments reaching out to the sky, Dubai is now ready to take a dive.

 

Plunging into the depths of the ocean, leading shipbuilding, conversion and repairs major – Drydocks World decided to team up with some Swiss precision. Its venture partner, BIG InvestConsult AG is a technology transfer major and is said to be representing the Polish firm to whom the techno-wizardry of the hospitality project originally belongs.

The design brains behind the project that’s been dubbed the Water Discus Hotel, Deep Ocean Technology (DOT) have used a pair of ‘discs’ or disc shaped structures to give it a unique visage. One disc is sited well above the water in order to remain unaffected in the event of a surface level calamity. It is to feature an oceanic themed garden, an aquatic spa and a swimming-pool to boot. Boarding the elevator that travels through a custom shaft about 30 feet below the waterline, guests will be lead into the underwater section that is to house the 21 living accommodations, a bar and an underwater dive centre. During their stay, guests will be able to observe oceanic life from close quarters and get a first hand experience of life under water. The hotel is to also feature waterproof cameras fitted with special macro lens systems to offer guests a heightened experience of the ocean.

Those worried about safety features can relax in peace as special evacuation systems can get the submerged portion to surface in as low as 15 minutes if the situation so demands. The entire hotel is also designed to be towed away to another location, making it a true oceanic traveller. Some enthusiasts have already started making plans for a visit to Dubai. They have begun inquiring about travel bookings and sightseeing activities in Dubai to coincide with the opening of the hotel. One thing is for sure, the Water Discus Hotel is sure to reaffirm the city’s claim of being high up there with the other leading traveland tourism destinations in the world. Even more reason for you to come visiting, eh!

The Long and Short of Dubai Property Rentals

Short-term leasing is apparently a very popular activity in the Middle-East and this phenomenon holds true even in Dubai. Such is the wide-spread ‘popularity’ that a mere declaration that one is looking for property to rent in Dubai is enough to flood the inbox with various short term lease deals. Short term leasing can in reality put quite a strain on the community and surroundings. The residential market in Dubai has been the result of well thought out initiatives. Considerable planning has been involved in the design and development of each residential community. Every aspect and element is particularly geared towards offering a rich and involving residential experience. 

Short term leasing of Dubai property rentals can be quite disruptive in nature. With the residency patterns changing at frequent intervals, it may lead to increased interference with the living environment in the community. This potential instability can lead to increased friction among the long term residents as well as the community resources.

This is why the Dubai authorities have drafted in specific laws to govern the transactions involved in both short-term as well as long term residential rental activities. Short term lease agreements have been restricted to those entities that hold a specific trading license. This trading license has been made available only to hotel apartment companies. Thus is it them and them alone who can offer short term leases to those seeking a Dubai apartment for rent. 

In-fact, the Laws clearly state that only hotel apartment companies are in a position to offer apartments for a tenure that does not extend to beyond a year. Anyone beyond such entities, to offer short term rentals is sure to fall foul of the law and may be subject to prosecution and penalties from the authorities. Short term lease rentals are considered to be a tourist activity and are expected to be carried out only in areas or buildings that have been specifically demarcated for this purpose.

The authorities too have begun cracking down on such illegal activities. Shoreline communities have been particularly attractive for tourists and residents alike, with leases being in high demand. But residents have now reported to have been cautioned off by the authorities over indulging in short term rental activities. The Department of Economic Development, in an attempt to demonstrate that it means business, has even reportedly warned residents at high-end developments such as The Palm Jumeirah.

In light of developments such as this, it makes sense to proceed with caution when looking for residential apartments for rent in Dubai. It therefore would be wise to conduct a thorough research and background check before entering into any agreement.

Thinking of a Dubai Property Rental? Here's a checklist that saves you from being somebody's fool!

April 2012 has brought some great news to those looking at apartments for rent in Dubai. The property slump that coincided with the economic bubble burst has served to sober down the inflated property prices that had become the norm in recent years. The residential market appears to be bottoming out and the trend is here to stay, as developers release newer units into the market that further serve to keep the prices of existing units in check. Such is the sentiment in the market that rates are lower by up to a fourth of the rates that were prevalent just a year ago. The decline in rates has been the strongest in the apartment segment with Tier 2 & Tier 3 areas being the most susceptible to a rate drop. In-fact, reports are starting to pour in that suggest rates in certain areas dropping to the lows that were observed in late 2007 through till early 2008! A phenomenon that would have been declared insane and unconceivable, just a year or two ago! 

As newer properties get released into the market stock, the pressure is beginning to rise on those that are located in sub-prime areas or apartments that are lacking in a great view, amenities, connectivity, maintenance, etc. The entire Dubai rentals segment is witnessing the phenomenon where people are choosing to upgrade to better properties, in prime locations and with better amenities. As this demand grows stronger, stray incidents are beginning to emerge, where people have had to rethink their upgrades after having moved in, often with far reaching repercussions. To help avoid becoming somebody’s fool, one need’s to follow a checklist like the one below, if they’re thinking of a Dubai property rental:

One may be tempted to save some more money and prefer to deal direct with the landlord, minus any intermediaries, say an agency for example. The rents may be low and the terms and conditions attractive too. Although tempting, one must tread cautiously in such cases. Properties can be mortgaged and the lender could hold a lien over them. In such cases, if the landlord were to default on their payments, it is the tenant who could find themselves displaced midway through their contract! It therefore becomes prudent to verify the ownership of the property being rented. A great place to begin this would be at the Dubai Land Department (DLD).

The realty segment was in turmoil at the end of last year. A particular developer had stirred up the hornets nest with a controversial move revoking tenant access to community facilities such as the club house, gym and the common beach areas. According to reports, the developer had exercised their right to recover outstanding dues that were to be received from property owners. Unfortunately, it was the tenants who ended up being barred from their own apartments, despite having cleared their rents in full, as per the agreed schedule. While the matter was quickly resolved with the authorities stepping in and smoothing things out, it did highlight an important issue. When renting a property, one must first seek and secure a confirmation from the landlord stating that there are no outstanding dues to be settled with the developer.

The Dubai Land Department (DLD) encourages tenants and landowners alike to register their rent agreements with them. Such a move guarantees, the landlord as well as the tenants, an extra safety net, should there be any disputes that arise during the course of the contract.

A common mistake that many greenhorn renters make is that they take considerable time moving into their new accommodation. A contract when signed is binding on the tenant. If they were to delay their arrival and the living conditions were to generate in the meantime, it leaves the tenant in a fix. Such situations often lead to unsavory disputes as the landlord too is in a position to dispute the conditions, citing the satisfactory inspection approval by the tenant at the time of signing the contract.

Tenants often rush into contracts with just a cursory glance at the fine-print. It is only when things start to go wrong that they realize, that the devil lies in the details. By then, it is already too late and they are reduced to beating a sorry retreat while licking their wounds. Irrespective of whether one is looking to move into their first rental home or if they are a veteran of multiple contracts, one must always discuss the various clauses included in the contract. Period!

Stories of landlords using the deposit amount as an extra bonus have long become the stuff of legend. The advancement in technology has made it rather simple to find an amicable solution to this problem. Mobile-cameras have become rather good at clicking clear images & shooting videos. They can easily be used to document the condition of the apartment a few days prior to handover, should the landlord refuse to be present for a joint inspection. One the outside chance that one hasn’t upgraded to a quality handset, remember that most standard point-and-shoot cameras too do the job and are cheap enough to boot!

Things to watch out for when moving to Dubai – one of the hottest residential destinations in the world

Image Source:- Debtsettlementlink.com

What happens when you are one of the largest developers in the world and you spend the last few years launching grandiose schemes at breakneck speeds? Clueless, well, if you don’t catch yourself, you tend to rack up multi-billion debts that threaten to sink faster than your latest artificial island development fills up its foundations. Nakheel, the developer best known for iconic developments like palm-shaped islands and their ilk is also a subsidiary of the Government owned Dubai World. With debts skyrocketing towards the $4 Billion mark, it is one of the many firms that have been caught out by one of the fiercest financial crises to rock the Middle-Eastern regions in recent times.

When you have a debt this large, it is somewhat expected that one would try every trick in the book and look for ways to generate some funds. Sometime at the fag end of last year, a number-cruncher or two came up with a brainwave to get back some of the outstanding revenues from flat owners in its luxury Shoreline property. Fair enough, every business is entitled to recover its outstanding dues and when the debts have piled up as high as they were for Nakheel, no one would have grudged them their dues. The spanner-in-the-works with this plan was the way in which they went about implementing it. Ideally speaking, when one purchases a property, it usually includes access to most if not common areas. Areas such as gym facilities, parks, recreation areas and if one resides in a beach-front property, beach access too is included. Mind you, that is the norm. In Dubai, such charges are aggregated and collected under service fees that developers tend to charge home owners on an annual basis. Also included under service fees are the cooling charges (given the climatic conditions in Dubai, cooling counts as one of those bare necessities). So far so good, no complaints this far.

Image Source:- App1.kuhf.org

The problem begins when Nakheel suddenly wakes up to realize that its property owners owe it tons of money, money that is sure to come handy to pay those humungous debts off. However, instead of serving notice to the owners, the developer turns around and serves notice to the tenants that reside there instead! Going a step further, it begins to bar access to the community areas for those tenants residing in flats with outstanding dues. For the tenants, all charges and dues are supposed to be included in the rent that is charged by the flat owners. So this move was a tad too abrasive on the developers’ part. There were even reports about payment notices being served upon tenants and a minor number of them getting locked out of their own apartments.

Seeing that things had gotten way out of hand, the Real Estate Regulatory Agency (RERA) who is the local watchdog for such flare-ups, decided to step in and smoothen things out. Reports were coming in of projects being delayed or put on hold, voices were being raised and tempers began to flare up. Investors who had been flocking to the Emirate for their dream vacation apartments and villas in Dubai began to feel cheated and the demand for getting their monies back has only begun to rise. The Dubai Land Department has started to transfer such cases to the legal department and in genuine instances, even directed developers to refund the investments.

Moving to Dubai still ranks as one of the top ten decisions with most expatriates. However, it is not a move that is fraught without risk. The recent economic crisis and the resultant downturn in the industry have shown that sometimes, even the hottest of investment destinations run into rough weather. Thus, it may be a wise decision to seek the assistance of consultants who have a thorough understanding of the local conditions and then serve you solutions that best meet your needs.

5 Tips for buying that Dream Holiday Villa in Dubai

The sluggish property market in the entire Middle Eastern region has affected every Emirate in varying intensity. While property investors are having their fingers burnt, there has been a silver lining to the dark cloud. Many genuine buyers, who’d kept away citing the sky-rocketing prices during the boom period, are now beginning to show interest in purchases again.

So if you are one of those wise people who have been waiting to purchase that dream Holiday Villa in Dubai, then here are some tips to help guide you in your dealings. For a promising market, such as this, won’t stay sluggish forever

Avoid Speculation:        
One of the key mistakes that investors made in the recent property bust was to make speculator purchases. There were reports of people trying to outbid others in an attempt to get ahead in property draws. Prices that were already on a rise were sent spiraling out of control by investors that were pouring good money into bad transactions. So, unless you have several compelling reasons, it’d be wise to stick to offers of ready-to-move-in properties

Go Visual:          
 Sure, anyone can create a swanky website and splash a lot of money on the promotions. But, the reality could be quite different. A holiday home is quite a commitment and involves a large sum of your hard earned money. While the initial research may be conducted online, it does help to pay a personal visit to the shortlisted properties and choose the best one yourself.

Credibility:

A developer that cares for their property long after they have handed it over to the residents speaks volumes about their credibility. Reputed developers usually tend to use materials of a high quality and do not cut corners. A great way to check for this is by asking for references of current home owners. You could also do a background check on the developer with the local authorities like the Real Estate Regularity Authority (RERA) or the Lands Department. This comes handy when dealing with anyone other than a Tier-1 developer.

Unnecessary Loading:

Property taxes in Dubai are often calculated on the total area of the plot. It therefore makes more sense to pick up a 5000 square feet villa that’s located in a 10000 square feet plot rather than one that’s located on a bigger plot. Apartments too are not spared from this malaise and an apartment purchase also includes a certain component that’s added on for all the common areas (balconies, landing areas, etc.)

Research Extensively:

There is plenty of help available on-line available for all those who are willing to make the effort. Forums, for example are a rich source of information to help you with your purchases. One can easily uncover the real picture of a particular property or area by asking the right questions. Utilities costs, transport facilities and other ground-realities, they can all be found out online.

So, good luck with your hunt for your dream purchase. Remember, if that dream villa still seems out of reach, a holidayapartment in Dubai might just fit the bill! 

The need for thorough paperwork when dealing with rental properties in Dubai

When a move is finalized, one of the first steps for an expat is to start hunting for a Dubai property rental that best suits their needs. It is indeed an exciting time for anyone to be moving to this Emirate. A new life awaits them and it brings with it a lot of promise for happiness and prosperity.

Both apartments as well as villas are a popular residential option among the international population. Depending upon one’s preferences and budget, there are many residential options waiting to be discovered. Dubai rental properties in up market areas like the Palm Beach Jumeirah, Umm Suquiem, Safa, etc. are a popular option among the well heeled expatriates. For those on slightly reduced budgets, there are quite a few quality options available.

  

But a word of caution for those negotiating on a residential deal; make sure you run thorough background checks and ensure that the paperwork is complete in every aspect. Recent developments where master developer, Nakheel was forced to send a strong message to landlords who had withheld long term dues on service charges are a prime example. The developer even went on to highlight the names of defaulters, in a bid to get them to succumb to social pressures and pay up the outstanding dues.

While the developer was well within their rights to do so, it was the tenants who were caught up in between. They suddenly found themselves being barred from common recreation areas like clubs, gyms, gardens, swimming facilities, etc. This tactic has been panned by critics who felt that tenants, most of them who had been regularly paying the dues to the landlords, were being punished for no fault of theirs.

This just drives home the point that one can never be too sure about anything. This is why, one should take that extra effort in ensuring that their paperwork is up-to-date in every aspect, to avoid such unsavory incidents at a later stage.