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The world’s tallest tower, Burj Khalifa has finally opened following five lengthy years of building. And, despite the last-minute name change, the presence of the world’s tallest tower will produce direct economic rewards towards emirate of Dubai.

Emaar’s flagship venture is substantial in numerous ways. This provides yet another iconic structure to Dubai’s skyline, coordintaing with the Burj al-Arab in international identification and also plays an arguably even better role since the anchor task to Emaar’s broader Dhs73bn ($20bn) In town Burj Dubai system.

Whilst the emirate has suffered at the hands with the global recession, with prices a part of their top, there’s confidence the scheme being a entire will recover and benefit directly from the presence from the Burj Khalifa,.

Recent numbers from Dubai-based Landmark Properties reveal housing sales within Downtown are currently Dhs3,500 – Dhs4,500 per square foot, and commercial building prices are among Dhs3,000 – Dhs5,000 per square foot. These prices at their peak reached Dhs13,000 per square foot and Dhs14,500 per square foot respectively. However inside previous 2 months, based on Landmark Properties, lease rates for units in Downtown Burj Dubai increased by 13%.

‘The most considerable impact with the launch of Burj Khalifa are going to be the overall master development encircling the structure. The launch is a single huge step towards the completion on the master development. Although the last completion is not predicted inside the medium term, a big as well as functional portion on the area is completed,’ Michael Michael, director of sales and leasing with Landmark Properties informed AMEinfo.com.

‘Further interestingly, you’ll find it grows agglomeration economies, thus switching the Dubai property market into the development of 1 primary Central Organization District (CBD). While in the past Dubai was building several CBD’s beneath the free zone structure. Considering the combination in the markets, particularly the commercial markets, Dubai could begin to conform to extra traditional city Dubai real estate models with one primary CBD and premiums connected with the proximity on the CBD. This particular CBD might comprise of Downtown, DIFC, Sheikh Zayed Road (between Defence and Trade Centre Roundabouts) along with, in the end, Business Bay. Slowly but surely this agglomeration will aid to stabilize the area like a whole.’

Capitalizing on Downtown district
With greater stability, and a slow come back of confidence on the marketplace, Emaar is set to capitalise with a plethora of additional housing and company schemes within the Downtown venture. There is the nine-tower ‘The Residences’ and also the Old Town which attributes 1,560 residential units propagate across six quarters. Inside the Old Town itself you will find an additional 405 apartments, 161 hotel rooms, 83 suites and 15 restaurants and cafes.

You will find presently 5 hotels inside of the Downtown; The Address Downtown Al-Manzil, The Palace, Burj Dubai, Qamardeen and the Address Dubai Mall. Imminently, a sixth will be added in when the Armani hotel going to opens its doors. And The $750m Dubai Mall itself is another addition to a town already synonymous with retail. It functions One million square metres of space with much more than 1,200 stores as well as includes a Gold Souk. The Old Town also characteristics the Arabesque Souk al-Bahar, which itself capabilities over 100 shops and 22 restaurants and cafes.

The installation of an anchor task to generate Dubai property and real estate investment in a very particular scheme is a model that is exploited elsewhere within the state and also wider GCC. Notably in Saudi Arabia where the local Kingdom Holding plans to produce an $11bn mixed-use task on the north of Jeddah on the Red Sea coast, which will function at its heart a high-rise tower reputed to achieve 1 kilometre high. It had been announced in June 2009 that Kingdom Holding had selected Emaar to be the master developer of Kingdom City, which will cover 23 square kilometres and can function the kingdom tower as a landmark.

Before the real Dubai real estate crash, warrior construtor Nakheel had as well drawn up ideas for the Nakheel Harbour & Tower real estate venture, which would certainly function a tower reputed to become the world’s tallest situated in a master planned development accommodating 50,000 people. That tower is presently on hold.

Soneva Kiri is the name for the new luxury resort development in the Gulf of Thailand. Set in 150 acres of flourishing rainforest, the architecture is planned to compliment the natural habitat. It will have its own private beach and the resort developer, Six Senses designed a range of accommodation for customers to from a two, four or six bedroom villa either on the beach, hill or cliff.

As this South Eastern part of Thailand is a preferred tourist destination for customers in the Gulf Corporation Council (GCC), Six Senses and Hamptons International have announced a new partnership to market this resort exclusively in this region. In essence this partnership is a positive move for both companies. Six Senses are an experienced resort and spa management company and with Hamptons International they will have a larger outreach in their desired target area. The Dubai properties company are globally renowned for their extensive portfolio and have a strong presence in the MENA region.

Lynn Villadolid, Senior Director of Six Senses said “Thailand offers one of the most robust and attractive property investment destinations which will appeal to customers in the Middle East…Through our partnership with Hamptons, we are confident of attracting strong investments in Soneva Kiri, a truly remarkable project.”

Hamptons International will undoubtedly add marketing expertise for Soneva Kiri as they have offices in Dubai, Abu Dhabi, Oman, Saudi Arabia, Egypt and Morocco. They also offer a diverse range of services from residential and commercial sales and leasing, property management, valuations and research, advisory and mortgage service. It is through this wide range of options in all of the above locations that will give them the insights into the desired customer base for the resort.

In fact, a Hamptons International Spokesperson stated that “With a global network of offices and experience of over 140 years addressing the needs of customers around the world, Hamptons offers a perfect fit for Six Senses. Our reach in the Middle East, especially with Dubai real estate, will offer them an ideal sounding board to explore the potential of the market here.”

The exceptional location of the resort and its developer’s desire to ensure it encompasses every type of amenity for the discerning customer further compliments their aim to offer the utmost private and peaceful holiday experience. Furthermore these particular benefits will mean that customers may not only want to “holiday” in Soneva Kiri but will also offer them a long term investment opportunity for customers wanting a second or third home in the region. Hamptons added that they will “leverage our exclusive customer base and regional market reach to highlight the property.”

Essentially, the partnership between the global property company and the experienced spa operator will mean that both companies can draw on their strengths to build a one-of-a-kind Thai luxury resort and market it to the desired GCC customer base efficiently.

Working as a real estate broker is a rewarding career in Dubai, knowing the number of sales and purchase that take place. Real estate agents are in demand because the majority of investors, buyers and sellers are not fully aware of the dynamics of the market, since most of the investors are coming from other countries. Lack of knowledge regarding real estate laws and matters make them vulnerable against various types of frauds, except when they are represented by an experienced broker. In past, some fraudsters took advantage of the absence of any specific regulations controlling real estate agents. These swindlers managed to defraud both buyers and sellers. Thankfully, RERA took quick steps towards making and implementing regulatory measures to curb these fellows who were giving bad name to the entire market. 

Starting a business in Dubai:

Before we move on to the guidelines for setting up a real estate business in Dubai, let’s have a brief look at the general procedures for starting any kind of business in Dubai. The first thing you need to do is to get familiarized with the region, for the reason that there are some pretty unique rules and regulations, ignoring them can be risky. For example you need to involve a UAE citizen as a partner, in fact the partner is supposed to own at least 51% of the interests, which allows them to be in charge most of the time. Certainly, a big put off for most entrepreneurs but that’s how it goes. Also, you must be having at least $10,000 dollars in your bank account before you are approved by the ministry of commerce.

Starting a real estate agency:

Along with the general requirements, you must meet specific requirements set by real estate regulatory authorities. First, you need to obtain a separate license for each and every service you are going to offer. For example, license for buying and selling, license for real estate leasing, license for real estate consultancy or a license for property management. Similarly, licenses are required in case of property inspection services, real estate exhibition, real estate mortgage broker, consultancy, and the likes.

Another requirement worth mentioning is the training provided by RERA, all real estate agents must pass this course before they can practice. Remember, only UAE or GCC nationals can apply for the ownership license for the brokerage after presenting the certificate of good conduct issued by CID. However, if you are not a UAE or GCC national, you can apply for the license to work as a real estate consultant if you’ve got at least 5 years of experience under your belt.

Sharon and Ro show more features of the Dubai mall such as ice skating, shops, movies, water feature, Address Hotel and carpark.

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