‘Mohammed Bin Rashid’ City with World’s Biggest Mall
Last week a new city has been announced by Sheikh Mohammed – ruler of Dubai as follows:-
-It is called Mohammed Bin Rashid City
-It is the biggest Dubai project announced since the financial downturn of 2008
-The master developers will be Emaar and State owned ‘Dubai Holdings’
-This massive new city lies between developed areas of Business Bay, Burj & Meydan in the North and Emirates Road & Dubailand in the south
-The City will be over 5 square kilometres and will include Malls, Parks, golf courses, over 100 hotels and complete Residential Communities
-The main mall will be the biggest mall in the World (much bigger than existing Dubai Malls). It will be called “The Mall of the World”
New “Multiple Visit Visas” have been announced by Dubai Government this week. There are several types of new visas and these are of benefit to a range of cruise tourists, businessmen and property owners & their families.
6 Month Visit Visa for Property Owners
For ANY Property Owner the following benefits apply:-
-The visa will be for 6 months
-Property owners can stay for length of Visa (6 months)
-Dependents of Property owners can also stay 6 months at a time
-It allows multiple entries
-After 6 months a property owner can apply for another 6 months visa.
-Visa only allows residence – you would still have to apply for a work visa in order to work.
Top 10 Questions About Dubai property
Here is a list of the most popular questions asked by customers looking to buy a low cost investment property
1.Why are prices rising in Dubai?
After massive drop in 2008/2009 and relatively stability for 3 years prices are now starting to rise. The 3 main reasons are:-
-Dubai Population Growth (50% increase in next 4 years)
-Massive increase in Tourism
-Return in confidence to Dubai
Click the link below to view the Panorama Map in your browser. Take a look at this AMAZING view
Dubai Panorama Map –The Burj Khalifa Pinnacle Panorama – Click Here
This shows you a 360 degrees view of Dubai from the very top of the Burj Khalifa. You can Pan and Zoom (High res) and see virtually any landmark in Dubai. In conjunction with the Property map you can relate different property areas to key visible landmarks. Although some areas are in the distance you can zoom in.
Click on the above link to view the Map. You can use the mouse or arrow key to pan and zoom
Openshore Dubai Property Map
Please email us to request the new Openshore Dubai Property Map. This is a pdf files that gets updated regularly and is not on this site.
If you are looking to buy a property in Dubai, you should spend some time looking at the Property Map and reading the information below.
The Map is on two A3 sheets and is divided into 4 pages. “Old Dubai” is at the top of pages 1 & 2. The rest is sometimes referred to as “New Dubai” and is shown in pages 3 & 4 and bottom of pages 1 & 2. Overseas buyers can only purchase freehold properties in the “New Dubai” areas. See below the following sections:-
1. Dubai Property Map Summary
2. All Property Areas by Type of Property
3. Property Price Trends & Actual Prices
Dubai Land Department have recently announced, (as of January 1st, 2011) that it is has banned the registration of Dubai property in the name of virtually all “offshore companies” or companies not registered onshore in Dubai. The one exception to this “offshore company ban” is the Jebel Ali Offshore Company. This new rule does not effect individuals, only foreign or “offshore” companies looking to purchase property.
The following Q&A is to inform non GCC purchasers and investors, of the implications of the Land Department’s new rules, and how the recent changes will affect foreign companies purchasing and registering property in Dubai.
Openshore does have a convenient method to enable the purchase by a non-Dubai company but only for properties already owned by Openshore. Please discuss with staff if you wish to have details of this process. However, in general, non Dubai companies apart from Jebel Ali Offshore Company cannot buy property in Dubai – See the Q&A below:
Following the price crash which happened over one year ago at the end of 2008, many are wondering if Dubai will ever recover.
Now at the beginning of 2010, Dubai prices are rock-bottom and there many different views as to what is likely to happen. One view envisages Dubai prices remaining low for 2 to 3 years before a recovery that would see prices gradually returning to the peak 2008 levels by 2015. This is summarized in the chart below and is the most likely outcome in our view.
However, others think that recovery may actually start at the end of this year with prices growing again in 2011. Generally most forecasters do not envisage prices going down even further from the current very low levels.
The past 12 months have been worrying for many Dubai property investors. Property prices have fallen by over 50% and many off-plan projects (for which customers have typically paid 10% to 40% on a payment plan) are severely delayed and on hold.
Here is the Timeline
Dubai property prices have been rising ever since we have been involved with Dubai property. Whilst everyone is routinely warned that property prices in general can go down as well as up – no-one ever imagined that this would happen in Dubai (and that includes us).
From early 2003 to 2007, the Dubai property market has grown every year. Property prices increased 2.5 fold during this period with average annual increase of over 25%.
Over the 12 months from September 2007 until September 2008, property prices increased by over 40% due to intense demand from investors all over the world. Prices on off-plan property in neighbouring emirates such as Ajman and Ras-Al-Khaimah also increased by similar percentages.