Premier Properties • Luxurious Living Issue 37 - November / December 2018 Mind Over Market Meet the Best Agents in the Uae
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PREMIER PROPERTIES • LUXURIOUS LIVING ISSUE 37 - NOVEMBER / DECEMBER 2018 MIND OVER MARKET MEET THE BEST AGENTS IN THE UAE #37 - NOV/DEC - AED 20 WE MAKE MORTGAGES 75% off set up fees EASY FREE valuation and more... We'll help you find and secure the best mortgage offers in the UAE. Get pre-approved today! Call us now +971 4 248 2 333 82 NOVEMBER / DECEMBER 2018 mortgagefinder.ae83 AT THE TOP by ISSUE 37 OF THEIR NOV/DEC 2018 LCM Publishing LLC GAME Al Hudaiba Awards Building 2nd December Street PO Box 50954, Dubai, UAE Dear Readers, EDITOR IN CHIEF Lukman Hajje 2018 has been an interesting year for the UAE real “In the running to estate sector. Whilst transactions may have declined CONSULTING EDITOR overall, this year has witnessed several positive be crowned Best Emma Procter developments in the industry. Landmark legislative reforms Agent in the 2018 DESIGN TEAM to residency visas, attractive rent-to-own and post-payment Ehab Al Afifi plans offered by master developers, and an increase in Property Finder Christian Meonada the speed at which new projects were handed over are Awards, our COVER PHOTO all initiatives which cultivate a pro-investor environment, Farel Bisotto increase confidence and are reasons to be optimistic. leading ladies and Marcollin Photography Services Makeup: Harsha Fernandes In an important milestone for Property Finder, this year gentlemen shared Venue: La Cantine du Faubourg saw the unveiling of an exciting new brand identity, Emirates Towers Hotel, Trade Centre 2, Dubai showcasing a fresh and bold new look with our new with us exactly mission to motivate and inspire people to live the life ADVERTISING what it takes to Property Listings they deserve. [email protected] It is our last issue of Prestige for the year, and also the be the best” 6th year anniversary of the magazine! A fitting time for PRODUCTION MANAGER Chanelle Kowalski the publication to undergo a refresh also. [email protected] For this issue, we gathered the real estate agents at the top of their game for lunch at La Cantine du Faubourg. PRINTED BY All are in the running to be crowned Best Agent in the Printwell Printing Press LLC 2018 Property Finder Awards. Our leading ladies and While the publishers have made every effort to ensure the gentlemen shared with us exactly what it takes to be the accuracy of information in this magazine, they will not be best in the industry. held responsible for any errors therein. As 2018 concludes, Lynnette Abad, Director of Data & Research at Property Finder presents a detailed summary of PUBLISHED BY market activity over the year, highlighting the top transacted LCM Publishing LLC, a publication of propertyfinder.ae areas, top searched areas, most notable handovers and expected supply for the remainder of the year. Prestige Magazine’s Editor-in-Chief and CCO of Property Finder, Lukman Hajje, takes a look at why the shared economy is thriving in the real estate sector and assesses the short-term leasing industry in Dubai. Our guest columnists, Mark Tolland, Managing Director of Abode Properties, Safura Abasniya, Managing Partner of Aston Pearl Real Estate, Wissam Karmouchy, Managing Director of Gold Mark Real Estate and Michael Burke, Managing Partner of Arabian Escapes offer their insights on the hottest industry topics. To our readers travelling home or holidaying abroad for the new years period, we wish you a safe journey and a very happy New Year! Michael Lahyani CEO & Founder Ensure you receive your copy of Prestige. To subscribe, please visit propertyfinder.ae 2 NOVEMBER / DECEMBER 2018 CONTENTS In this issue NOVEMBER / DECEMBER 2018 A ROYAL STAY 14 AT THE H DUBAI Royal Majlis 8 IN THE NEWS 20 12 MARKET INSIGHT Property Finder Group’s Lynnette Abad provides Private Cinema Experience 3 Bedroom Duplex Suite Private Terrace & Swimming Pool a review of the market in 2018 and what can be expected for the rest of the year 14 REAL TALK Property Finder Group’s Lukman Hajje on the good, the bad and the ugly of the short-term rental industry Regal, decadent and palatial - the Royal 16 GUEST COLUMNS UAE real estate experts assess the market Suite is the epitome of luxury in the beating heart of Dubai. Taking up the entire 20 PREMIUM PROPERTY LISTINGS penthouse level, spread across two floors and 1,130m2, our Royal Suite is your urban palace. One Sheikh Zayed Road | P.O. Box 125511, Dubai, U.A.E. Tel: +971 4 501 8888 | Fax: +971 4 501 8899 4 NOVEMBER / DECEMBER 2018 [email protected] | www.hhoteldubai.com CONTENTS L A C A N T I N E D U FA U B O U R G R E S TA U R A N T B A R LO U N G E 40 40 COVER STORY Delve into the minds of the UAE’s Best Agents 60 DÉCOR 86 Prestige curates the most glamorous, stylish pieces for your living room 64 INTERNATIONAL PROPERTY LISTINGS 82 VELOCITY Forget practicality and economy, the McLaren 600LT is all about absolute speed, precision and control 86 LUXURY CAR LISTINGS L o c a t e d i n J u m e i ra h E m i ra t e s To w e r s , D u b a i b o o k @ l a c a n t i n e . a e + 9 7 1 4 3 5 2 7 1 0 5 w w w. l a c a n t i n e . a e 6 NOVEMBER / DECEMBER 2018 NEWS NEWS A ROUND-UP OF THE REAL ESTATE AND DEVELOPMENT NEWS NEWS MAKING WAVES ACROSS THE UAE AND BEYOND. ANNUAL POPULATION % GROWTH RATE 7.7 population growth rate is contrary to trends sales prices declined by 3 percent. 3,136,400 in any other parts of the world where growth For rentals, prices declined at a steeper is usually driven by natural population 11.2 percent on average in September, with 2,904,000 increase (births and deaths). Growth in apartment rental rates in Abu Dhabi falling Dubai’s Emirati population, in contrast, is by 11.7 percent annually and villas by 9.9 driven by natural factors. percent. Reidin’s Abu Dhabi Residential The latest population data from DSC also Property Rental Price Index decreased by 2017 END OF Q3 2018 END OF Q3 shows that males constitute 49.5 percent of 0.7 points month-on-month, to 81.7. the Emirati population while females account DUBAI POPULATION for 50.5 percent (89 males to 100 females). NOW MORE THAN 3 INDUSTRY MILLION SEPTEMBER SEES WATCHDOG RICS EMAAR he population of Dubai has crossed DUBAI RESIDENTIAL URGES NEW the three million milestone, registering PRICES SLUMP 7.7 SECTOR T a 7.7 percent growth since last year, SHAREHOLDERS Dubai Statistics Center (DSC) has PERCENT STANDARDS revealed. The emirate’s population grew by 232,400 to reach 3,136,400 at the end ental and sales property prices he Royal Institution of Chartered of the third quarter of 2018. continued to decline across much of Surveyors (RICS), a global association SCORE DH1 “The rise in population reflects Dubai’s R the UAE in September as the fight for T of property professionals that works to growth as a dynamic economic and tourism affordability persists, according to raise ethical and practical standards in hub. The population of non-resident workers new data. Average residential sales prices real estate, is discussing with the UAE about BILLION CASH and temporary residents in Dubai is currently in Dubai decreased by 7.7 percent year-on- adopting international guidelines on how 1,155,000, while the total active daytime year that month, according to a report by property is measured and valued to achieve population of the emirate is 4,291,400. market analyst Reidin. consistency, as well as a mediation platform PAY-OUT As much as 37 percent of Dubai’s active Its Dubai Residential Property Sales Price to resolve construction disputes, according daytime population comes from outside Index, researched on a monthly basis, to The National newspaper. the emirate,” said Arif Al Muhairi, DSC decreased by 2.1 points to 235.6 – a 0.8 The proposals are intended to give Image: Shutterstock Executive Director. percent month-on-month drop. greater confidence to investors looking to He added that the DSC adopts Villa sale prices registered the steepest acquire property in the UAE at a time when international standards and methodologies declines of all types of residential property in the national government is also taking steps to monitor Dubai’s rapidly changing Dubai in September. Prices decreased by 9 to increase transparency. The Dubai Land The master developer of Burj Khalifa will be population profile. percent year-on-year, while apartment sales Department (DLD) is currently creating a “Data of both the resident and transient prices declined by 7.3 percent. blockchain-based digital platform to record population of Dubai is crucial to identify Property prices across the UAE have fallen property sales and rentals by 2020 and distributing special cash dividend after selling infrastructural, social and economic needs. over the past few years amid a three-year make it easier for overseas investors to It is necessary to provide planners, decision- oil price slump. Global oil prices have conduct transactions. makers and investors an integrated and recovered to above US $80 per barrel now, “Having consistency around the world billions worth of properties holistic picture of the demographic realities but rising supply and a maturing market is really important in bringing professional and movement of people within the emirate,” offering a broader range of price points are standards to the marketplace and AE property developer Emaar will be in Dubai, as local and international buyers offered up 3,600 residential units for sale he said.