Nakheel, one of the world’s largest privately-held property developers, has announced the enormous success of the first day of public sales for Al Furjan, a family-oriented residential community, located in the heart of new Dubai.
More than 500 of the available homes were sold in just one day, adding to the overwhelming success of last week’s exclusive ‘women only’ joint sales initiative with Johara, the female banking division of Dubai Islamic Bank. Phase 1 of Al Furjan is now completely sold out with more than 800 homes snapped up by customers.
Al Furjan, meaning ‘a collection of houses or a small village’, is comprised of four communities which will be defined by their individual neighborhood centre. These neighborhood centres and other amenities, such as schools, are situated within easy walking distance of homes.
Mohammed Rashed Bin Dhabeah, Director, Al Furjan, said: ‘We have been delighted by the success of the first day of public sales, which follows the overwhelming success of the ‘women only’ launch held last week. It’s an incredible achievement to think that we have sold more than 800 homes in such a short time.
‘The success of this launch is a ringing endorsement of Al Furjan - and is reflective of all of the hard work the team has put into the masterplan. Seeking advice from families, we found that people wanted a walkable, pedestrian friendly neighborhood that provided easy access to community amenities. We believe we have created a truly distinctive community for Dubai and it’s no surprise the development has proved so popular.’
Boasting more than 4,000 elegant homes complemented by an abundance of open spaces and a multitude of amenities, Al Furjan is a new model for community living. The development is designed for the family with open spaces integrated into the master plan to provide areas for children to play and families to interact.
Feel free to contact us for any further information on this project.
Dar Al Arkan, DIFC sukuk
The Dar Al Arkan Real Estate Development Company has listed a $600m sukuk on the Dubai International Financial Centre. The sukuk is the first from a Saudi issuer to list on the DIFX and takes the total number of sukuks listed to six, with a total value of $9bn. The sukuk is solely listed on the DIFX and was sold to investors in Europe, South East Asia and the Middle East.
Strong sales in Kuwait
A report by the National Bank of Kuwait has revealed 1,140 property sales transactions, worth $1.1bn, were recorded in April, a 7% lift on the previous month and 85% up on the same month in 2006, reported the KUNA. The residential and commercial sectors saw growth of 31% and 33% respectively. In the first four months of the year, there were 70% more sales than during the same period last year.
Memon offers Cambridge
Memon Investments has launched the Cambridge Business Centre, a $21.8m development located at the Dubai Silicon Oasis. The commercial tower is slated for completion in 2009 and will occupy a 160,000 sqft plot. The ten storey property will house 108 offices of varying sizes and 11 retail outlets on the ground floor.
Deyaar launches BB towers
Deyaar has launched two towers at Dubai’s Business Bay: the Mayfair Tower and the Mayfair Residency, at a cost of $97.9m. The towers will offer one and two bedroom apartments, with the Mayfair Tower comprising 218 residential units and the Mayfair Residency 213 apartments. Those interested in purchasing a unit need to pay a 10% booking fee before making the next instalment in June 2008.
Cyprus has been rated as the best place to invest in property anywhere in the world. Situated less than three hours flight direct from Dubai, Cyprus sits at the No.1 position in the Where on Earth Hot Property Index, or WHOEPI. The monthly WHOEPI assesses countries viability as an investment destination using a dozen factors. These include each countrys level of Foreign Direct Investment (FDI), its political and economic climate, its GDP, the number of the new developments being built there, the number of internet hits a country gets and how much promotion a country receives in the media.
Cyprus scored highly in new property developments, political climate, and very highly in net hits and media coverage. Popular for its year-round sun, the island is expecting a strong 2007 (realtor Knight Frank predicts 12.5 per cent capital value growth). Purchasing in Cyprus is simple, secure and puts you on on the European property ladder. Cyprus is a full member of the European Union and with that comes peace of mind from long standing property legislation.
A rush of new investors is expected towards the end of this year due to the planned adoption of the Euro in January 2008. Joining the eurozone should lower interest rates, making borrowing cheaper, and in turn fuel property purchases. So where in Cyprus? Areas traditionally popular for overseas investment include Limassol, Pafos and Agia Napa. Prices however reflect the demand, which is why the region of Larnaca in particular offers a new window for investors with relatively low prices on off-plan property along with the opportunity for excellent appreciation in property values.
With EU grants being offered to the region, Larnaca will be undergoing strong development over the next few years; new international airport, new marina for cruise liners, and the regions first PGA golf course all of which bode well for new investors. Specialising in international property investment, Mackenzie Macmillan advises a solid client base throughout the GCC. Partnered with Quality Group, one of the Cyprus leading developers and the Bank of Cyprus, Mackenzie Macmillan will host a four-day Investment Interactive from tomorrow to March 11 at the Fairmont Hotel, Dubai, from 2pm to 9pm daily.
The event gives potential investors of all levels the opportunity to sit and discuss investment opportunities directly with the developer and gain invaluable property investment advice from Mackenzie Macmillan.
However, having hung around some of the portside establishments on numerous occasions, I admit I find this surprising. There were plenty of two-headed space cowboys lounging at the Star Wars bars in the vicinity as I recall. Regardless, Bordeaux is an endearing European city seated at the head of Aquitaine a region of south west France renowned for its vineyards, les chateaux and exquisite gastronomy.
It has been popular with Britons for decades and has witnessed increasing foreign interest since the city embarked on a rejuvenation programme some years ago. There are those that draw comparisons with the redevelopment of Manchester in the UK: I can assure you that the weathers far better but the football team is not!
Most property seekers focusing on Bordeaux will find inventory for all seasons at relatively low prices as compared to other major European cities. It is still possible to buy impressive townhouses and apartments in the historic central areas of Bordeaux for less than dhs1.6 million supported by mortgages at modest interest rates.
Despite the motley crew I encountered on the Gironde estuary, Bordeaux is an intelligent city. A centre for military, space as well as aeronautics research and with a contingent of 100,000 students, the university is lauded for its research units in crop science, new materials and nanotechnology. 2007 has been tipped as a regional investors El Dorado as prices flatten.
Prior to this, property values had increased by an average of 13 per cent per annum from 2004, while those of classical apartments rose by 17 per cent. Beside the town centre, some of the most popular areas are Chartrons, Cauderans, Le Bouscat and Victoire. The regions to the north and east of the Gironde are now teeming with UK expatriates, making integration with French society for the newcomer increasingly difficult. These areas also tend to be entirely rural and lacking in facilities so, unless you genuinely crave the rustic way of life, Gironde provides a more stimulating and sophisticated environment.
With 270 kilometres of fine beaches, Europes best surfing locales and a climate rated by many as even better than the Mediterranean, Bordeaux surely has to be worth a look.
Andy McTiernan is editor-in-chief of Property World Middle East. Contact him at: pworld@eim.ae
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