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Dubai’s Best Area To Invest In Property

Dubai is a favorite destination among people looking to buy an investment property — and for good reasons. Its real estate market has been in robust shape over the years and estimates suggest that things will be even better in the coming years, especially with the pandemic phasing out. Real estate investors are spoilt for choice when it comes to picking a location, as Dubai boasts several hotspots. However, two areas particularly stand out. These are MBR City and Downtown Dubai. If you are looking to buy an investment property in Dubai, you may well want to start with either of these locations. Whether you are a beginner searching for your first investment or a real estate expert, both offer great returns in terms of lifestyle offerings, capital gains, and ROI. WHAT MAKES MBR CITY SPECIAL?Four reasons make MBR City a favorite among real estate investors. These are: LOCATIONMBR City is well-connected to the rest of Dubai, and the residents of this new master-community enjoy easy access to all important streets and highways. Plus, Dubai International Airport is just a 10-15 minutes drive away. As a result, it provides great connectivity to foreign travelers, visitors, and residents. PROPERTIESIn this new master-community, you will find a mix of residential communities and commercial establishments from many developers like Ellington Properties. In MBR City you will find a broad selection of luxurious villas and apartments, as well as mid-range apartments and townhouses within lush green, sustainable communities. LIFESTYLEThis part of the city is all set to become a popular destination among tourists and families with a range of services, amenities, and facilities catering to different cultural backgrounds. RETAIL AND SHOPPINGThe Meydan One Mall is home to Dubai’s biggest indoor ski slope and 620 retail shops, including a hypermarket and two major department stores. The residents of MBR City will enjoy easy access to one of the most exciting retail destinations in Dubai. LEISURE AND ENTERTAINMENTThere’s no shortage of entertainment options in MBR City. Among the most popular ones are Crystal Lagoons, the biggest man-made lagoon in the world, Meydan Golf Course, a 9-hole golf course spanning more than 7,000 yards of natural lakes and tee options, and Meydan Grandstand and Racecourse, one of the most popular race courses in Dubai. WHAT MAKES DOWNTOWN DUBAI SPECIAL?In Downtown Dubai, you will find thoughtfully designed spacious apartments. Some of the main reasons that make this part of the city popular among renters and buyers alike are as follows:   SOME OF DUBAI’S BEST SCHOOLS ARE IN DOWNTOWN DUBAIThere are several famous schools as well as nurseries in and around Downtown Dubai. These include Jumeirah International Nursery and Blossom Downtown Nursery. In addition to top schools and nurseries, the Downtown Dubai area is a few minutes drive from two of the best hospitals in Dubai, Emirates Hospital and Mediclinic Parkview Hospital. IT IS A CULTURAL AND NIGHTLIFE HOTSPOT IN DUBAINot only Downtown Dubai is home to the famous Dubai Mall, Dubai Opera and Burj Khalifa, but it also boasts some of the very best nightlife and dining venues that the city has to offer. Plus, there are many nightclubs and bars in this part of the city. IT IS CLOSE TO JUMEIRAH BEACHLiving in Downtown Dubai means you will never be far from the beach. If you are an avid beach-lover, that’s really good news. Jumeirah Beach is just a few minutes drive away from Downtown Dubai. OTHER OPTIONSApart from MBR City and Downtown Dubai, some of the other locations that you may want to add to your list include the following:

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DUBAI-BASED ARTIST MADIHA’S PAINTING ‘INTO THE SHALLOWS’ GRACES THE MAIN LOBBY OF BELGRAVIA III

Is architecture an art form? Or is art infringing into architectural territory? The lines between them are often blurred yet somehow, they find beautifully entwined ways to enchant. At Ellington Properties we encourage this infinitely stretching conversation between art and space through Ellington Art Foundation. The initiative, now in its 8th year, has attracted an eclectic mix of artists and produced works of art that adorn our properties. The newest entrant in this ever-growing community of artists is the interior designer turned painter Madiha, gracing Belgravia III’s main lobby with her painting “Into the Shallows”. Madiha is from Pakistan and has been living and working in Dubai for the last seven years. The first step in her initiation into artistic space was as an interior designer, working with leading design organizations. During the Covid-19 lockdown she found herself gravitating towards painting – an antidote to the heaviness surrounding the world. In painting Madiha found her artistic passions renewed. It became her way of interacting with her surroundings and sharing the joy that it brought her with the world.   Her work is inspired by the art world, but she also experiments and explores the possibilities or her own imagination. Her artistic sensibilities are inhabited by the works of artists like Jean-Michel Basquiat and Vincent van Gogh. Despite the riot of artistic influences that permeate her mental space, she has developed her own process. Detailing her process, she said, “Whenever I start a painting, whether it’s a commission or for my ongoing series, I always take time to think it through before starting on actual canvas, from doing a lot of research to creating endless compositions and swatches either on sketchbook or digital, to make sure it’s aesthetically pleasing, well balanced and perfectly aligned. I believe when you’ve been associated with the design industry, obsession with forms and composition comes naturally.” ‘Into the Shallows’ is an attempt to condense the expanse of the ocean and its magnificence onto the canvas. Employing acrylic and metallic embellishments, she captures the movement and mood of the sea by layering and blending many tones and hues. With this artwork she heightens the drama of the ocean and then lays it on the canvas for the residents and visitors of Belgravia III. Since switching to painting she has collaborated with multiple designers and art consultancies within and outside the UAE, majoring on large-scale contemporary abstract art in various mediums. She is not just creating art but also enjoying the process of its creation. It motivates and inspires her to live life to the fullest.

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Harrington House

Five reasons to invest in a new property in Dubai

Growing at a faster rate than most other cosmopolitan cities, Dubai is replete with skyscrapers, idyllic spots, picturesque water views, and more. From the world’s largest artificial islands built in the shape of a date palm tree to the world’s tallest tower, Dubai has a lot that impresses anyone landing here for the first time. Looking to purchase property in Dubai? The real estate market here is as diverse as you can imagine and includes not only a standard commercial and residential inventory but also high-rise buildings, detached houses, and ultra-modern complexes. Plus, Dubai is ideally located between Asia, Africa and Europe, which is a big reason why experienced real estate investors from all over the world flock here. Here are top 5 reasons why investing in a new property in Dubai right now is a smart decision. Trustworthy, regulated real estate market The latest Global Real Estate Transparency Index from JLL ranks Dubai (along with Abu Dhabi) as the most transparent market in the entire MENA region. This index is regarded as key indicator of the health of the real estate market of any city. The government understands the importance of having transparent real estate policies, which is essential for attracting a lot of foreign investments. A case can be made for the new Open Data Law. It paves the way for the sharing of non-confidential data between non-government and government entities without any obstacles. What’s more, the Real Estate Regulatory Agency is also doing its bit to streamline processes. For instance, it has introduced several measures in the past few years to make Dubai’s real estate more regulated. Today, its real estate market is as well regulated as any other top international destination, like Singapore or Paris. Stable economy Dubai is no longer just an oil-dependent economy. Instead, the UAE has diversified its economy immensely in the last several years by developing other sectors like manufacturing and tourism. Dubai features many tourist attractions, like Palm Jumeirah and Burj Khalifa, and the ongoing 2020 Expo is expected to deliver a further boost to its travel and tourism industry.    Attractive Rental Yields Dubai, unlike many other cosmopolitan cities, offers a high ROI, which stands for return on investment. A key component of real estate returns is rental income. In contrast to capital appreciation, rental income matures immediately. Capital appreciation, on the other hand, is attainable only when you sell a property or release considerably home equity through a home loan. Dubai apartments achieved a 7% rental yield last year on average, despite the global slowdown due to the Covid-19 pandemic. Villas in Dubai, in contrast, registered a 5% ROI. In simple language, it means that if you buy a 2-bedroom unit for AED 1,000,000 and rent it, you will be able to recover the entire property value in 14 years only, even if the rental rate doesn’t grow further. Safety & High Living Standards Another reason to buy a new property in Dubai is its high standard of living. Dubai not only offers a modern lifestyle, but it also has a very low crime rate. As a matter of fact, the crime rate in the UAE is very close to zero, and consequently, it is considered as one of the safest countries in the globe. Different Types of Residential Units Dubai real estate has an impressive and diversified portfolio of residential properties. From ultra-modern apartments and studios in JVC or Downtown or beautiful townhouses and villas in Jumeirah, MBR City and Dubailand, Dubai has it all. No wonder then it is frequently referred to as the real estate capital of the Middle East. Where to buy a residential property in Dubai? Dubai is a prime real estate market offering all types of properties, including affordable and luxury assets. From an investment perspective, there are hundreds of suitable properties in Dubai. These include studios, apartments, villas, and townhouses.  If you are interested to invest in a high-yield apartment or a luxury townhouse in Dubai, then take some time out to check out all the available options on our website at www.ellingtonproperties.ae. Alternatively, you can also contact us anytime and we will be glad to assist you.

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Cryptocurrency

Cryptocurrency payments for Dubai real estate transactions are gaining traction

Would you buy a studio apartment in Dubai using cryptocurrency? Or invest in your dream villa using Bitcoins? Many developers in Dubai are actually willing to accept cryptocurrency as a mode of payment.  With these innovative modes of payment gaining popularity in Dubai real estate transactions, mortgages and cash are no longer the only ways you can purchase a home. However, it is important to highlight one caveat: Property purchases in Dubai using cryptocurrency are in reality cash purchases at the core, since the cryptocurrency is actually converted into cash at a crypto exchange house prior to the transfer. This is because using cryptocurrency to purchase real estate in not yet officially permitted in the UAE. Estimates suggest that using cryptocurrencies to buy residential properties generally occurs when their prices are at their peaks. Using them is just as easy and convenient as using a home loan or cash to secure a deal. More and more developers in Dubai are now offering the option to pay through these novel methods. When it comes to cryptocurrency payments for Dubai real estate, here are some key points to remember: Developers who accept the payment in Bitcoin or any other cryptocurrency, will always sign the sales and purchase agreement (SPA for short) in UAE Dirhams and receive actual cash. But they will run their own know-your-customer (KYC for short) programs and offer cryptocurrency as a payment mode via a third-party crypto broker. At present, no developer in Dubai can sign an SPA based on Bitcoin or any other cryptocurrency. That’s because the law of the land will first have to be modified to permit cryptocurrency as an official, direct means of payment. Only then cryptocurrencies will be able to become mainstream in real estate transactions. As of now, the UAE Central Bank doesn’t approve the use of virtual currencies as a mode of payment or for conducting online transactions. All this means is that currently the seller and buyer must go through a crypto-trading firm that’s licensed.  There’s no regulatory activity in Dubai that limits the usage of cryptocurrency or regulates its oversight. For these reasons, even though Bitcoin and various other cryptos are gaining traction, they have a long way to go before they can become a direct, integral part of the Dubai real estate market. Advantages of buying real estate with crypto Once cryptocurrencies become a direct and mainstream mode of payment for real estate transactions, there will be several key advantages that will be unlocked. Here are the main ones: Reduced transaction costs Bitcoin transactions tend to be cheaper because transaction costs are much lower compared to other traditional modes of payment. Most leading crypto exchanges allow free Bitcoin accounts and charge lower fees than conventional financial institutions for moving funds. 2. Quick and timely payments Digital sales are convenient because they can be done almost instantaneously. You no longer need to worry about transferring money between foreign banks or about currency conversions. These things often slow down the process by days, even a few weeks. 3. Less paperwork Last but not the least, buying real estate using cryptocurrencies involves less paperwork. The procedures are less time-consuming, hassle-free, and short. Some words of advice When paying through Bitcoin or any other cryptocurrency, it is important that you pick a reputable crypto trading firm. Make sure the firm you choose has previously executed crypto transactions. Also, ensure that the firm you pick is fully in compliance with the law of the land. In addition to these things, cover all bases before you close the deal. This involves making sure the property you have chosen is being constructed by a genuine and reputable developer like Ellington Properties. Also, ensure all the paperwork is in order. So, the key takeaway is… The UAE law prevents cryptocurrencies from going mainstream as of now. They will have to be fine-tuned before cryptos can become a key part of real estate transactions in Dubai. The Central Bank of UAE at present prohibits using virtual currencies as a payment mode. However, there’s a way out. And it involves using the services of a 3rd party operator. In fact, at present buyers and sellers use this workaround to get a real estate deal cleared and to make sure things are done in accordance with the law of the land. There are many such 3rd party crypto brokers in Dubai, and you can easily find one if you want.

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Dubai

Dubai’s post-pandemic properties rental market trends

The UAE is one of the few countries that have managed coronavirus well. Thanks to the great success of the UAE’s vaccination drive, the Covid-19 cases in the country are presently at the lowest in the last one year. This, coupled with the fact that Dubai Expo 2020 — touted by many as the biggest global event ever — is currently underway, has pushed the rental market upwards. All experts are unanimous in their opinion that the buildup to this global event has been spectacularly good for the UAE’s economy. Plus, they believe the positive regulations adopted by the government have helped spur business growth in the region. At present, the demand for certain class of real estate properties is very high, so much so that it exceeds the supply. As a result of this, rentals prices as well as real estate prices have gone up. This is particularly true for areas which are close to the mega event. All prominent residential areas near Expo 2020 have seen a remarkable surge in rental demand. These include, among others, the following: Jumeirah Village Circle Dubai South Dubai Investments Park Al Furjan Jebel Ali Dubai Production City Dubai Motor City Dubai Sports City As expected, Dubai Expo 2020 has drawn visitors in large numbers. According to many sources, during this month, Dubai will see no fewer than 25 million visits, which is not a small number by any means. Many of these visitors want to live in close proximity to Expo 2020, and this has resulted in an exponential increase in the demand for rental properties in all the aforementioned areas. Compared to this time last year, the buzz in Dubai is completely different now. Much of that is due to the re-opening of schools, resumption of most flight routes, re-opening of offices, and restaurants and malls at increased occupancy. Of course, it goes without saying that the successful inauguration of Expo in October 2021 has helped too. The successful transition to normalcy with comprehensive public safety and health measures in place has heralded the end of the coronavirus-related restrictions in the country and pushed the real estate industry’s recovery. Here are some important post-pandemic property rental statistics: The 3rd quarter of 2021 witnessed an upward trend in the real estate market. The affordable housing registered an increase of 14% whereas the luxury housing surged by an impressive 30%. Economists are of the opinion that the fourth quarter will be no different, perhaps even better. The reason for this optimism is obviously the commencement of Dubai Expo 2020. Dubai Expo 2020 recorded over 411,000 visitors in the first 10 days. Before the event ends, experts believe near to 25 million people will visit Dubai and the UAE. From these impressive figures, one can easily ascertain that areas in close proximity to the Expo site will be in high demand during October 2021 to March 2022. Both the rental demand and rental prices will grow in such places. Residential rents in Dubai will continue to improve in 2022, but the rental recovery, in all probability, will be segmented. Segments that are likely to see the most growth are prime apartment locations and villa districts. On the other hand outer apartment districts and most affordable districts might see slower stabilization rates. The apartment rates increased by 3% on average during April, May, and June 2021. In contrast, villa rates increased by 8% during the same period. With many tenants still preferring to work from home, there’s a greater demand for rental units that offer better amenities and greater private space. Similar trends are visible in popular localities like JBR and Dubai Marina. However, villa developments like Victory Heights and Arabian Ranches posted much better improvements both annually and quarterly. How tenants are paying has also changed. Tenants prefer to pay in more cheques instead of one or two payments that was the trend some time back. Most tenants are going for rental renewals, which indicates that renters don’t mind an increase in their rent as much as the moving costs and the hassle linked to it. For sure, Dubai Expo 2020 has boosted the rental market. However, as to the question whether this is a long-term effect or not, that is something only time will tell.

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Dubai apartments

5 Tips to Help You Rent Out Your Apartment in Dubai

Renting an apartment is a great way to secure a monthly income in the UAE, but you will definitely have to put in conscientious efforts to make your property more appealing and optimize your rental yield. Here are five tips to help you rent out your apartment in Dubai. 1. Hire a reliable broker It is important that you partner with a broker you can trust and with whom you can build a win-win professional relationship. Often, property owners in Dubai spend less time picking a real estate agent than picking a restaurant, and that’s where things start to go wrong. It’s paramount that you invest time and effort to find the right broker then have an honest and open conversation with him or her so that they can fully understand your needs and expectations. So, how can find such a broker? A good first step is by getting recommendations from people whose opinions you trust and then following up with interviews of your own. 2. Perform real estate due diligence You may already have a rental figure in your mind, but the question is – is that price realistic and achievable in the Dubai market? Sift through various property portals to find out the average rental price for properties similar to yours in your area. Of course, your broker is going to share their inputs and that’s great, but you should also do some homework of your own. 3. Offer flexibility and add-ons Convenience is one word that resonates well with all potential renters. If you are flexible in the rental contract, you are likely to have a signed contract sooner. Here are four things you may want to consider to make your rental offer more attractive in Dubai: Multiple rent payment cheques: Not all forms of rent payment are equal. If you want to rent out your apartment in Dubai as quickly as possible, you should offer payment options that are easy and convenient for potential renters. One way to do that is by offering multiple payment instalments. It’s no secret that not many renters are interested in signing a one cheque rental contract unless it comes with a hefty discount. One month free rent: Apart from the word ‘convenience,’ another word that can pique renters’ interest in a property is the word ‘free.’ If your Dubai property has been sitting vacant for a few months, why not sweeten the deal for potential renters by including the one-month free offer in your contract? Short-term contracts: While one-year contracts are the norm, the rules of the game are not as rigid as before. Why? Glad you asked. A large number of expats new to Dubai now look for shorter-term contracts until they get acquainted and comfortable with the city and their new jobs. If you want to make your rental offering more attractive, consider offering shorter-term contracts, like 6 or 3 months. Utilities included: As a property owner, it’s up to you whether to include utilities as part of the monthly rent. Before you set the rent and write up the terms of the lease, decide who will pay for things like gas, electricity, heat, water, and so on. If your property is located in an area popular with professionals, especially singles, you may want to draw up an “all utilities included” rent agreement. That’s because busy working professionals are looking for such an arrangement, as that means they will not have to make the effort of setting up payments under their account upon moving in. 4. Consider turning your property into a holiday rental Want to escape the lower rental yields? If so, consider turning your apartment into a vacation rental property like the ones offered on Airbnb. Doing so is simple and easy and doesn’t involve hefty fees. You can take the first step in this direction by registering with the Dubai Department of Tourism and Commerce Marketing. Once you have done that, you will be able to list your studio or apartment on Airbnb and other similar websites. 5. Pay attention to the upkeep Nothing turns off renters more than a property that is being poorly maintained. When a potential tenant visits your apartment, he or she pictures it as their future home, at least for the next few months or years. They don’t expect to see — nor would they appreciate — surfaces that are scratched or unclean or walls with paint peeling off them.  Make a strong impression on all potential tenants by keeping your property in top condition.

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