Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

The Specialists leverages global network of customers to help restore investor confidence in Dubai property market

The Real Estate Specialists has recently announced that it is leveraging its extensive global network of partners and customers to support an ongoing campaign to boost consumer confidence in the UAE’s real estate market. Furthermore, The Specialists revealed that it has taken steps to help make it easier for investors, particularly foreign nationals, to buy properties as part of initiatives aimed at boosting liquidity in the property sector and sustaining market growth.The Specialists disclosed that government intervention will also play a major role in creating new avenues for fresh investments to enter the property sector by implementing investor-friendly policies and streamlining investment processes. The banks’ renewed interest to offer financing facilities has been another important deciding factor identified by The Specialists that will help attract new capital into the country’s real estate industry. Mohamed El Sabbagh, Managing Director, The Real Estate Specialists said: "Efforts to boost consumer confidence are crucially important to reach our ultimate goal of reinvigorating the property market. The Specialists has contributed to such a campaign by leveraging our global network of partners and customers to create awareness about the positive developments that are happening in the property market of Dubai and the UAE. Investors need to be properly informed to make rational investment decisions and to encourage them to resume their investment activities." "The decision to provide short-term, multiple-entry visas to foreign owners of properties was certainly a very commendable move by the UAE Federal Government that will surely create a positive impression on foreign investors. Measures such as this are clear indications that the UAE is moving in the right direction towards ultimately recapturing the confidence of international investors," added Sabbagh. The UAE Federal Government recently introduced a multiple-entry visa for owners of properties and residential units in the UAE, allowing them to stay in the country for up to six months. Furthermore, the new law also allows the applicant’s spouse and children to stay in the country. The Specialists expects that such measures will provide the impetus to drive consumer confidence and help in gradually stabilising property prices in the UAE. The Specialists delivers a comprehensive range of services to cover all types of property transactions within both the commercial and residential markets, for lease and for sale. The company additionally offers comprehensive property management services to clients in the UAE, while it has also been expanding across other key markets in the Middle East including Lebanon.

Sherwoods boosts portfolio of resale offerings as investors, buyers focus on secondary property market

Sherwoods Independent Property Consultants has recently announced that it has beefed up its portfolio of services and offerings catering to the reseller market to address a sharp surge in re-sale transactions within the UAE’s property sector. Sherwoods noted that re-sales accounted for an estimated 95 per cent of property transactions in the first quarter of 2009, a complete turnaround from just around 30 per cent in the previous year.Sherwoods pointed out that the major shift to re-sale activities has been the result of steady corrections in the property market. Furthermore, Sherwoods noted that the decline in prices will subsequently bring property values to more appropriate levels and ultimately help set sustainable benchmarks for new development projects in the property sector.Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants commented: "Although actual figures are not available, based on Sherwoods’ experience I would say that in the first quarter of 2009, only around five per cent of property investments have gone into new projects, while 95 per cent has been channelled to the re-sale market. This is a considerable turnaround as off-plan project sales accounted for around 70 per cent of transactions in the previous year with only 30 per cent going to the reseller market.""As a natural reaction to the global downturn, the property market is experiencing a slowdown in the launch of new projects, which has subsequently shifted the focus on ready-to-occupy properties. Moreover, with asset valuations seeing sharp correction and prices falling in the re-sale market, we can expect the entire property sector to benefit in the long run as values get back to the right levels, which will become the new and more sustainable benchmarks for developers to launch their new projects," added Rehman.Sherwoods also pointed out that the competitive price range in secondary markets has been a key factor in boosting the growing buying interest of international investors, who are also taking advantage of fluctuations in the exchange rate to optimise their long-term investment initiatives. Furthermore, Sherwoods emphasised that availability of bank financing will be an important factor in fully harnessing the huge potential in the secondary market as end-users rather than speculators are now more inclined to buy property in view of the excellent range of offerings in the ready property market."Although the sharp correction in values of property in the secondary market and the significant savings being brought about by differences in exchange rates have greatly empowered buyers to choose from a wider selection of premium properties, bank financing must also have to come back into full swing to fully realise the market potential of genuine buyers," Rehman concluded.Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the leading international real estate companies. Sherwoods has established several international branch offices in the UAE, UK, France, and soon in other key locations around the world. The company offers a diverse range of services, including search & acquisition of properties; development consultancy, land appraisals and valuation; sales & lettings of residential/commercial property; new home sales; residential & commercial property management services; legal, tax and insurance services; and mortgage & remortgage.

UAE’s Property Sector Gaining Momentum Amidst Steady Market Correction

Ongoing corrective measures have transformed the UAE’s property trade into an end-user market, observes The Specialists, a complete real estate solutions provider with over 20 years of experience in the Gulf region.

The Specialists notes that more real estate developers and owners are shifting their sales strategies away from speculators and towards end-users, focusing on meeting the unique needs of prospective owners. A noteworthy rise in foreign investments in recent months is further sustaining the momentum being enjoyed by the industry, with improved lending conditions across domestic banks adding to the positive trend. Another welcome development is the resilience of the industrial property segment, with Dubai alone still significantly benefitting from its reported 50 per cent increase in industrial rents in 2008.

“Just recently the UAE Minister of Economy stated that the country has managed to overcome the crucial stages of the financial crisis, and that significant economic gains could be expected in the second half of this year. This has greatly stimulated market-correcting activities which are raising the appeal of properties and moving emphasis towards end-users” said Dr. Sobhi Suleiman Agha, General Manager, The Specialists.

Meanwhile, banks across the Emirates are gradually increasing lending and mortgage activities, although they are exercising more caution in the form of rigorous background checks. Also, the UAE Central Bank and the Ministry of Finance have been implementing several measures to improve liquidity in the financial sector and restore market confidence. A senior official of the Central Bank has affirmed that they will concentrate on liquidity and asset quality towards 2010.

The banking authority will specifically monitor the effects of the property trade on the financial sector.

“Today’s evolving markets have actually opened several opportunities to foresighted property firms. The key is for developers and owners to keep close track of trends and corrections and create tailored packages for both their existing and prospective clients. The UAE remains one of the world’s top property destinations, so banks will definitely continue to extend mortgage facilities to investors, albeit with a little more caution. A little creativity and patience can still lead to highly-profitable returns for real estate businesses,” concluded Agha.

The Specialists itself constantly monitors local and regional trends to make sure that it develops and delivers high-quality and timely services. The Specialists delivers a comprehensive range of services to cover all types of property transactions within both the commercial and residential markets, for lease and for sale. The company currently conducts its operations in the UAE, Jordan, Lebanon and Syria.

Sherwoods To Organise Auction For Competitively Priced Properties In UAE To Stimulate Market Activity

Sherwoods Independent Property Consultants has announced that it will soon organise an auction for the public sale of a range of competitively priced properties as part of efforts to stimulate market activity and open new gateways for real estate investors to channel fresh investments into the UAE’s property sector. Sherwoods further revealed that it has coordinated with concerned authorities such as Dubai’s Real Estate Regulatory Authority (RERA) and has assembled a dedicated auction team to assist all prospective purchasers.The auction will gather genuine sellers who are looking for an effective platform that can generate the best possible deal from genuine property buyers and investors. Furthermore, Sherwoods has also assured prospective buyers that the selling price during the auction will be the total amount they will pay for the property, inclusive of all transfer fees and sales commission charges.Jeremy Mayhew-Sanders, Head of Investments & Developments, Sherwoods Independent Property Consultants said: "Sherwoods continues to innovate and create new opportunities to generate sales revenue for property sellers, while providing an excellent opportunity for buyers from across the region to get optimum value for their investments. Auctions act as a good barometer of the market, serving as an indicator of where true open market value lies. It also provides a high-intensity sales environment of willing sellers and willing buyers, which ensures high sales rates.”“We believe that investors are now taking a serious look at new investment opportunities in the local real estate market; creating an entry-level platform that ensures best-value prices for properties is surely an excellent way to further cultivate investor interest,” he added.Sherwoods has revealed that a number of the properties to be auctioned off also offer financing options, including some where up to 90 per cent finance is available. Property viewing sessions will also be conducted prior to auction to generate greater sales interest.Sherwoods has pointed out that one of the main advantages of holding an auction is that it eliminates the need for time-consuming offer and counter offer negotiations, consequently speeding up the sales process and ensuring prompt payment and quick handover of the property. Furthermore, sale by auction ensures greater marketing exposure and wider advertising coverage compared to traditional routes.Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the leading international real estate companies. Sherwoods has established several international branch offices in the UAE, UK, France, and soon in other key locations around the world. The company offers a diverse range of services, including search and acquisition of properties, offshore company information, selling of properties, mortgage services, valuation and appraisal, legal and tax services, and lettings and management.

Falconcity Of Wonders Welcomes ’Real Estate Coalition’ Initiative

Falconcity of Wonders (FCW), the mega project within Dubailand, is strongly supporting the initiative of the Real Estate Regulatory Authority (RERA) to create a “real estate coalition” that would raise the level of transparency among the various players within the property sector.

The recent move by RERA and the Land Department to institutionalize a regular assembly among developers, real estate companies and investors was welcomed by FCW Chairman and CEO Salem Al Moosa.

“I strongly support the initiative. It’s about time that we, the developers, regularly update real estate companies, as well as investors, and, of course, government regulatory agencies, on the issues confronting us and vice-versa. When we know the complete picture of the property landscape then it will be easy for everyone to come up with a win-win formula,” explained Al Moosa.

Some of the goals of the “real estate coalition” are to study regulations and related legislation and also make proposals that would enhance market opportunities; to encourage investment in the real estate market; and to communicate with similar groups in the Gulf and the Arab world.

The initiative will also contribute to the economic development of Dubai, as more regional and international investors will reconsider the emirate as a sound investment.

FCW complements the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice-President and Prime Minister of the UAE to turn Dubai into one of the leading tourist destinations in the world.

The mega project features structures based on famous sites and the architectural marvels of the world, such as the Pyramids, the Hanging Gardens of Babylon, the Eiffel Tower, the Taj Mahal and the Leaning Tower of Pisa. The city is shaped to represent the falcon, emblematic of the UAE’s heritage.