Weekly Dubai real estate news digest. Issue 74

30.11.2014
Thinking out of the box
Welcome to the seventy-fourth issue of Market Insight, your weekly guide to what's happening in the Dubai real estate market.
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MARKET INSIGHT. Weekly guide to Dubai's property scene
Issue 74 |  November 30, 2014

Thinking out of the box

Dubai has come so far in its real estate sector by continuously pushing the borders and it's not about to stop now. 

In fact, in this transformative period, the emirate is all set to tackle new projects that are focused on new technology and innovation to bring about another revolutionary change in the market.

One area the market is clearly taking a stand on is sustainability, something that fits into Dubai's Vision for 2030 perfectly. The Dubai Land Department has just recently launched the regional centre for resource efficient and sustainable cities for the Arab region in collaboration with the United Nations Environment Program. Dr Rashid Ahmed bin Fahad, UAE Minister of Environment and Water, said that the establishment of the centre will enhance the leadership role of the UAE in the field of sustainable cities, praising the efforts made by DLD in partnership with UNEP for the establishment of this centre.

“The UAE, which has succeeded in adopting and implementing many options and solutions designed to achieve sustainable development, such as sustainable building standards and sustainable transport, clean energy and promote energy efficiency, started the work for the UAE 2021 vision, to move to the concept of smart cities based on innovation and employing the latest technologies values in resource management, conservation and sustainable production and consumption patterns to maintain our way of life and strength it,” he said.

Besides building some of the world's tallest skyscrapers, Dubai has also been exploring novel projects to add to the emirate's portfolio. One such project has been through a London-based architect firm to build a house that adapts to the seasons. At a cost of AED11 million, David Grunberg and Daniel Woolfson have proposed a concept house that literally unfolds itself like a Rubik's Cube and is adaptable from winter to summer and day to night. 


Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. It's clear that whatever steps the emirate is taking towards innovation is working. The Dubai index recovered from their lowest level in three weeks on Thursday, led by major property developers such as Arabtec and Emaar Properties. The only exciting thing left is to see what other out-of-the-box projects the emirate comes up with next.

Sincerely,

Pashma Manglani

Editor


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Dubai may soon get homes that adapt to season

Dubai's real estate sector has always made headlines and now an architect firm in London is looking to provide the emirate with yet another ground-breaking project - a house that adapts to the seasons.

At a whopping AED11 million, David Grunberg and Daniel Woolfson of D*Haus Company, have proposed a concept house that can respond dynamically to its environment by controlled adaptation to seasonal, meteorological and astronomical conditions.

“The largest part of the house will remain stationary with solid foundations (plumbing, electrics and services),” the spokesperson said to Emirates 24/7, adding, “Each of the component of house will be sealed from the elements to keep internal spaces weatherproof, and when the modules link together, a sealed connection similar to a car door will allow transition from one space to another.” The flexibility of the house allows adaptation from winter to summer and day to night, by literally moving inside itself.

“D*Dynamic literally unfolds itself like a Rubiks Cube,” the company says.

 

Read more on Emirates 24/7

Centre for Sustainable Cities launched

The Dubai Land Department (DLD) has launched the regional centre for resource efficient and sustainable cities for the Arab region, in collaboration with the United Nations Environment Program (UNEP), an international organisation in the environmental field.

The centre was launched following a memorandum of understanding signed between DLD and UNEP, and will serve as a regional hub for promoting, supporting and enabling the efficient use of resources in cities in the Middle East and North Africa.

The ‘Centre for Sustainable Cities’ will be located at ‘The Perfect City’ – the first specialised sustainable city in the world, Emirates 24/7 reported.

 

Read more on Emirates 24/7

Index recovers from 3-week low

The Dubai index rose more than a per cent on Thursday, recovering from their lowest level in three weeks led by property majors like Arabtec and Emaar Properties, even as other markets in the Gulf fell. The Abu Dhabi index, however, fell.

According to Zawya, the Dubai Financial Market General Index ended 1.15% higher at 4,494.37, recovering from a low of 4,387.99, a level last seen on November 6.
Arabtec, which was the most active stock in value, ended 6.15% higher at AED3.95 per share.

“Dubai rebounded after a couple of weak sessions,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

“Arabtec on particular was up due to the resolution of ex-ceo’s stake and wider markets remained nevourness on the back of falling prices and uncertainty over outcome of the Opec meeting,” said Khokhar

 

Read more on Zawya

Investors write to Ruler over stalled Palm project

A letter signed by 74 investors in Nakheel’s Palm Jebel Ali project has been sent to the office of Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the uncertainly and negative impact the delay in delivering the project has had on the group.

The letter, addressed to His Excellency Mohammed Al Shaibani, chief executive of Dubai Investment Corporation and director general of The Ruler’s Court, was also forwarded to management at Nakheel, the master developer behind the project.

“We purchased our homes on the Palm Jebel Ali between 2003 and 2008 because we are excited to be part of this world class development… Since 2003, we have all paid between 30 percent and 50 percent of the price of our homes to Nakheel and many of us have paid far more than this via the secondary market,” the letter stated.

“The lack of certainty as to when our homes will be built has caused, and is causing, tremendous financial and emotional suffering for us and our families and many of us continue to endure on-going mortgage and rental costs whilst we are waiting. Many of us have invested our life savings into the Palm Jebel Ali,” it added.

 

Read more on Arabian Business

Developers start work on Cityscape projects

UAE developers are no longer merely announcing projects at realty exhibitions; they are now ensuring work starts on them at the earliest.

Union Properties, a Dubai-based developer, will commence construction on phase 3 of Green Community in Dubai Investments Park (DIP) by January 2015 with completion expected by June 2017, a company spokesperson told Emirates 24|7.

“We had unveiled the phase 3 of Green Community, DIP, at Cityscape 2014. However, we plan to do an exclusive launch once construction starts, which is expected in January 2015,” the spokesperson added.

Similarly, Abu Dhabi’s Tourism Development & Investment Company (TDIC) will commence work on Mamsha Al Saadiyat, a 1.4 kilometre beachfront mixed-use project in Saadiyat Cultural District, by year-end, a company spokesperson told Emirates 24|7.


Read more on Emirates 24/7

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