Category Archives: Real Estate

Top reasons why residents are ready to move

By Anitha Lakshminarayanan

As the real estate markets soften in Dubai, Many residents are willing to explore and   shift to another community within Dubai and here are the top reasons:

  • The Primary reason being – falling of rents, which will allow them to live in bigger size homes than before.
  • Not only a better quality of living, but expats also preferred to relocate to reduce their time spent on commuting, particularly while enduring traffic. And so, they changed their house to a place that was close to their office.
  • Another reason for moving was because of the landlords, who want to sell their property and also due to maintenance issues.

What do experts feel

Many top property experts commented that “Many are shifting from Palm Jumeirah, and Springs to locations such as Nshama and Mira as the rents are 20-30 per cent cheaper in these places”.

As per a recent study by Service Market

61.4% moved to bigger houses, while 23.4% moved into a house of the same size and only 16.2 per cent downsized.

And the top trend in the move-in market segment

Business Bay is the trending area, particularly when it comes to the move-in market segment

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Sooma delivers Al Fouad in Al Furjan

cropped-255-e1411031451419.jpgReady apartment building Al Fouad, located in Dubai’s Al Furjan community, offers unique urban living experience with family-friendly amenities

Sooma Real Estate Developer LLC, a Dubai-based real estate company, announced the completion of Al Fouad, one of the first ready residential buildings located in Al Furjan, a 560-hectare master development from Nakheel. The developer’s focus was to ensure timely delivery of Al Fouad along with the display of high-quality fixtures and finishes of their flagship project. The official public launch took place earlier this month and so far, 51 percent of the apartments are sold out. Attractively priced and strategically located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, adjacent to the Discovery Gardens community, the property houses studios, one, two and three bedroom units.

Fueled by the growth in the economy, combined with the emergence of more affordable housing options, the UAE’s property market is starting to gain momentum once again, with a focus on community-based living spaces. According to the Dubai Land Department (DLD) 69,000 real estate transactions in Dubai accounted for approximately AED 285 billion transaction value.

The completed and ready to move in Al Fouad development houses 105 apartments all with DEWA connection in place. The building boasts two retail units on the ground floor, a rooftop swimming pool and gym, and underground/over ground shaded parking. Buyers are given a choice of closed or open kitchens, and all apartments come with balconies offering villa community and Dubai Marina views. Prices start from AED 850 per sqft and the Dubai Islamic Bank is providing mortgages to buyers.

Omar Hafez, CEO of Sooma Real Estate Developer LLC, said: “The completion of our first residential project in one of ‘New Dubai’ popular locations address the emirate’s rising demand for family-friendly and affordable communities. With forecasts hinting at a rise in the number of first-time home owners in Al Furjan, thanks to enticing returns, attractive prices, post-completion payment plans, and proximity to the upcoming Dubai Metro station, we aim to set a new standard of living with our unique development. As a ready property, Al Fouad apartments bring investors immediate returns.”

Engel & Völkers, exclusive sales partner of Sooma, have announced an attractive payment plan for the prospective buyers, which gives them a chance to pay 30 per cent of the purchase price after moving into the property. The company also provides around the clock assistance including renting the property to the right tenant. Show apartments are now ready for daily viewings.

Al Furjan, one of Nakheel’s most popular and fastest-growing communities, is currently home to more than 5,000 people–with a projected population of over 65,000 when completed. The mixed-use community blends unique urban living experiences with a wide range of amenities, including parks, landscaped walkways and kids’ play areas, schools, medical facilities, mosques and retail and community facilities. Al Furjan is home to its very own retail unit, Pavilion, with a second under construction, as well as the recently-opened Al Furjan Club, which is a new dining and leisure complex with restaurants, pool, gym and sports courts.

Al Fouad is just a 15-minute car drive away from Ibn Battuta Mall, 15 minutes away from Dubai Marina, 18 minutes from Al Maktoum International Airport and 30 minutes from Downtown Dubai. The extension of the Dubai Metro network to connect the Expo 2020 site will make Al Furjan accessible by metro, further enhancing the connectivity. Besides Al Fouad, Sooma Real Estate Development has many new projects in the pipeline in the same area.

Falconcity of Wonders fosters knowledge exchange in first Arab Land Conference as key to addressing sustainable land use  

Developer supports pioneering regional platform as Platinum Sponsor

 February 26, 2018

As part of its commitment to sustainable land use development in the Arab region, Falconcity of Wonders LLC, the developer of the Falconcity of Wonders (FCW) multipurpose mega project currently being built in Dubai, has provided support as the Platinum Sponsor, for the Arab Land Conference, being held for the first time under the patronage of the Dubai Government and the Arab League. The event is serving as a strategic platform for discussing the latest research and innovation in land governance and other regional experiences in partnership with the World Bank, Global Land Tool Network, UN-Habitat, and the Arab Union of Surveyors.

The conference saw the participation of ministers and other top-level government officials across the region, land experts, the academe, businesses, international organizations, aid agencies and civil society representatives.

H.E. Salem Ahmad Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, was also presented with an award in appreciation of the strategic role as Platinum Sponsor of the first Arab Land Conference.

Commenting on the conference, H.E. Salem Ahmad Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, said: “Dubai’s hosting of the first Arab Land Conference is a landmark event and a timely initiative which highlighted the trends in land use and regulations in the region. Falconcity of Wonders fully supports such activities and we are positive that our participation helped in facilitating the exchange of knowledge amongImage (15).jpg stakeholders and further contribute towards meeting the UN’s Sustainable Development Goals. We find it a valuable endeavour to support such events that contribute to social and economic development, particularly in real estate development in the Arab region. We are thankful for this opportunity and we remain supportive of such activities in every feasible way.”