Luxury Branded Real Estate Drives Dubai Market

Limited Edition Collection of Luxury Homes the Highlight of Cityscape Global 2015. DAMAC Properties Showcases Select Living with Bugatti, FENDI, Versace, Paramount and Trump Limited edition collections of fashion & lifestyle branded luxury living experiences are the highlight of Cityscape Global exhibition, taking place in Dubai this week.

As prices in the Dubai market stabilizes, one leading luxury developer says it is the high-end, most sought-after units, which remain in high demand, and those which carry a desirable brand association are top of the wish list.

DAMAC Properties has just announced its latest brand association, with a limited number of exclusive villas designed and conceptualized by Bugatti within its AKOYA Oxygen master development. The company is also working with Versace, FENDI, Paramount Hotels & Resorts and the Trump Organisation.

"As you can see from the levels of interest here at Cityscape Global 2015, there remains serious interest in the Dubai real estate market," said Niall McLoughlin, Senior Vice President, DAMAC Properties . "We have seen a huge response to our limited edition collection of branded developments. It is clear that savvy buyers are excited by these exclusive living concepts which embody the brand of such globally admired companies such as Versace, FENDI, Paramount, Trump and Bugatti."

"It is critical that the brands are truly inspirational, quality companies that share our ethos of the highest quality in finish and design," added McLoughlin. "These branded villas and apartments are at the forefront of luxury living concepts the world over and are helping to enhance the Dubai real estate market in the eyes of international investors."

DAMAC Properties continues its drive as one of the most established luxury developers in the region, with a focus on construction and delivery this year. The company has released more homes within its two mega developments, including mansions overlooking the golf course by The Trump Organization at AKOYA by DAMAC and the region's first Rainforest within the lush green surrounds of AKOYA Oxygen.

The company has also launched a number of new concepts in the hospitality division including serviced Nova villas at AKOYA Oxygen and the new Paramount Residences at the Paramount Tower Hotel & Residences. DAMAC Maison - The Vogue and NAIA Breeze serviced have also opened this year as the company expands its luxury hotel apartments offering.

"The first nine months have seen a stabilization in valuations across the board in Dubai, which is a welcome sign of a maturing market," said McLoughlin, "However, the right projects, in the right location with trusted and established developers are still experiencing high demand from global investors and Dubai remains one of the most buoyant markets in the world."

DAMAC Properties is also working on its first project outside of the Middle East, with a 50-storey tower in the heart of London, UK. AYKON Nine Elms is a luxury private apartment tower complex with interior designs and styling from Versace Home.

The company has also recorded more than 50% growth in net profit for the first half of 2015, with figures of AED 2,650 million ($721m). Book sales also remained strong, highlighted the continued demand for the right product in the Dubai real estate market. Sales topped AED 5 billion in the first six months of the year, at AED 5,109 million ($1,390million).

As of 30th June 2015, DAMAC Properties has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning.

DAMAC Properties is participating at Cityscape Global from 8-10 September 2015 at Dubai World Trade Centre, on stand S3-B10 in Sheikh Saeed Hall 3.

Regulation for the Real Estate Appraiser Profession to be Addressed with Issued Resolution

With the efforts to properly regulate the Dubai real estate industry, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum issued a resolution to regulate the real estate appraiser profession. The resolution aims to restrict the profession to qualified real estate appraisers and those who are listed in the database of the Real Estate Regulatory Agency (RERA).

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, on Wednesday approved the Resolution No. 37 of 2015 regarding the regulation of the real estate appraiser profession.

The resolution also aims to ensure the accurate and regulated appraisal of real estate assets for the purpose of attaining credit facilities from banks.

RERA will be responsible for registering and renewing the registration of trained appraisers, as well as approving and renewing permit applications of sole proprietor establishments who wish to practice the profession. The resolution stipulates that only Emiratis are permitted to be real estate appraisers, and they must have the necessary qualifications and training that are specified by the resolution issued by the Director of Dubai’s Land Department. The appraiser must have a minimum of two years work experience or has completed the training specified in the aforementioned resolution.

Single proprietor establishments that are licensed to practice the real estate appraiser profession must sign an agreement with the body, requesting its services. The agreement must contain the obligations and rights of each party and specify the property that requires appraising, the purpose for carrying out the appraisal and the date in which the process will be completed.

A list attached to this resolution specifies the violations and value of fines. The value of the fine will be doubled if the same violation is committed within a year.

The new fold in real estate appraising is a welcome development for the real estate sector—a sector that needs more security measures and regulation in order to attract more investors, an issue that has been put on the spotlight recently.