The UAE real estate industry has been on a roller coaster ride for the last 5 years or so. Amazing boom-times followed by a massive crash in 2008. Since the crash, there remains uncertainty on the future of the real estate industry in the Emirates and the deliberation continues on how best to steer the economy along the path of recovery.
According to the National newspaper, property in the UAE has lost Dh734 billion (US$199.9bn) in value since the market peaked in 2008 (Shuaa Capital estimates). Capital values continue to decline in of Dubai’s tertiary areas, but most of the city’s prime locations do show signs of stability due to restricted supply, and buoyant demand.
A few things seem to be on the cards next year that may help uplift the real estate market in the country. As written in the Gulf News, the real estate community in Abu Dhabi is expecting the most significant piece of real estate legislation to be issued since it introduced its first real estate laws in 2005. The much anticipated real estate law is expected to introduce measures to support the real estate development market, particularly in the investment zones such as Saadiyat Island, Reem Island and Al Raha Beach.
In Dubai, a new visa rule that will allow foreign investors who own properties worth more than Dh 1 million to be entitled to three-year multiple-entry visit visa is something that may really woo real estate investors as their entry-and-exit to and from the city becomes more flexible.
Moving forward, the Real Estate Regulatory Authority (RERA), the regulatory arm of Land Department in Dubai, will impose an administrative fine of Dh50,000 against firms that commit violations against its policies and will take legal action against these entities if they do not follow RERA’s conditions and laws. In addition, recent news tells us that RERA has accredited 22 auditing firms and bureaus to conduct financial auditing of real estate projects registered with RERA. This is to boost the adoption of good governance measures for the real estate sector and enhance transparency, thus strengthening investors’ confidence in the real estate sector.
Sharjah’s Real Estate Registration Department (RERD) has just issued a new decree where developers must register all projects with the department before implementation. In addition, developers will be licensed for marketing and selling of real estate units and must submit guarantees from a bank operating in the country. The resolution also stipulates that a developer is not allowed to begin marketing and selling of real estate units until the submission of bank guarantee.
In terms of protection of rights of all parties in any real estate transaction with a broker, all these are great steps towards encouraging people to invest in real estate in this market.
All in all, the real estate market in the UAE appears to have bottomed out. However, significant progress has been made in restructuring and in governance within the industry, steps that are encouraging for the industry’s recovery. They say that a key catalyst of the projected solid growth in 2012 is the expected turnaround in the real estate market. Let’s keep our fingers crossed!
Happy New Year.
Kabir Mulchandani
About Author: Kabir Mulchandani is a CEO of Skai Holdings Dubai, a real estate development & investment company. http://skaiholdings.com
Kabir Mulchandani Interview - Arabian Business Forum Dubai
Kabir Mulchandani
Wednesday, December 28, 2011
Tuesday, December 6, 2011
A Peek into Buying Freehold Property in Dubai
A lot needs to be researched when buying property, especially when it comes to your entitlements. Before deciding to invest in a property, it is important to understand the difference between freehold and leasehold property and the rights and responsibilities owning a freehold property gives you, before you take the step to buy it. Owning freehold is usually much better than leasing for one main reason: control. As the owner, you can generally do what you want with your home provided you keep within the rules and the law.
In 2001, the Dubai government agreed to allow expats to have a 99-year lease of particular Dubai property, but in May 2002, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai issued a decree allowing foreigners to buy property on freehold ownership. The decree sparked the real estate boom in Dubai’s residential property.
The Dubai system offers freehold to owners of all nationalities, but in the case of high-rise and multiple occupancy buildings exactly what that means in terms of legal title has yet to be completely defined.Freehold areas in Dubai include plots in Jebel Ali, the Palm Island projects, The World islands, Dubai Marina, Emirates Hills and Al Barsha, among others.
Registration of your property with the Land Department is important to claim full ownership. Once a property is completed and handed over to the purchaser, the developer must register the title to the property in the name of the purchaser in the Real Property Register at the Land Department.Land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made.
The Dubai Freehold law specifies the functions and responsibilities of the Department of Land and Property, which has so far been doing all the work without much legal clarity. As per the law, the department will determine the survey areas; approve the land map and the fees for the services provided by the department.There is no way for a foreigner to own property in non-designated areas. If a foreigner wishes to own property in the non-designated areas, a long lease agreement is the best bet.
Long leases differ from freehold property. Long leases in areas other than those designated cannot be registered at the Land Department by foreigners under the new Law. However despite this, these leases remain as personal rights and are legal. Unregistered long leases in areas outside of the designated ones remain enforceable as personal contractual rights between the parties. In regards to any dispute that might arise from an unregistered long lease, judgment will be passed by the Rent Committee.
As far as residency is concerned, in principle, a person could own a property in the UAE and choose not to reside in the property, so you do not need to be a resident to buy freehold property as it could be your holiday home. Developers offer visas with property purchase where buyers are entitled to a six-month multiple entry visa.
According to Gulf News, a recent cabinet decision entitles foreign property owners to a three-year residence visa if they buy a property worth Dh1 million or more, however this is not yet a law. Ownership of property and residency or sponsorship are interrelated but should be looked at separately.
Good luck with your decision!
Kabir Mulchandani
Skai Holdings
http://skaiholdings.com
Dubai-UAE
In 2001, the Dubai government agreed to allow expats to have a 99-year lease of particular Dubai property, but in May 2002, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai issued a decree allowing foreigners to buy property on freehold ownership. The decree sparked the real estate boom in Dubai’s residential property.
The Dubai system offers freehold to owners of all nationalities, but in the case of high-rise and multiple occupancy buildings exactly what that means in terms of legal title has yet to be completely defined.Freehold areas in Dubai include plots in Jebel Ali, the Palm Island projects, The World islands, Dubai Marina, Emirates Hills and Al Barsha, among others.
Registration of your property with the Land Department is important to claim full ownership. Once a property is completed and handed over to the purchaser, the developer must register the title to the property in the name of the purchaser in the Real Property Register at the Land Department.Land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made.
The Dubai Freehold law specifies the functions and responsibilities of the Department of Land and Property, which has so far been doing all the work without much legal clarity. As per the law, the department will determine the survey areas; approve the land map and the fees for the services provided by the department.There is no way for a foreigner to own property in non-designated areas. If a foreigner wishes to own property in the non-designated areas, a long lease agreement is the best bet.
Long leases differ from freehold property. Long leases in areas other than those designated cannot be registered at the Land Department by foreigners under the new Law. However despite this, these leases remain as personal rights and are legal. Unregistered long leases in areas outside of the designated ones remain enforceable as personal contractual rights between the parties. In regards to any dispute that might arise from an unregistered long lease, judgment will be passed by the Rent Committee.
As far as residency is concerned, in principle, a person could own a property in the UAE and choose not to reside in the property, so you do not need to be a resident to buy freehold property as it could be your holiday home. Developers offer visas with property purchase where buyers are entitled to a six-month multiple entry visa.
According to Gulf News, a recent cabinet decision entitles foreign property owners to a three-year residence visa if they buy a property worth Dh1 million or more, however this is not yet a law. Ownership of property and residency or sponsorship are interrelated but should be looked at separately.
Good luck with your decision!
Kabir Mulchandani
Skai Holdings
http://skaiholdings.com
Dubai-UAE
Wednesday, November 23, 2011
Real Estate in the UAE: Laws and Regulations
The UAE experienced a tremendous building boom up till 2008 when the financial crisis hit. During that period, foreigners wanting to invest in the UAE were plenty. Today, post financial crisis as the market here is recovering, that appetite to buy new property and lease better property is once again on the rise.
UAE and GCC nationals can own property in the UAE. As a foreigner in the UAE, owning and / or leasing property needs to comply with laws and regulations that change from time to time. That said, in Dubai and the UAE, property law is young and is still taking shape.
In the UAE, each Emirate has developed its own laws. For example, to the best of my knowledge, in Fujairah, foreigners cannot buy property. However in Dubai, foreign ownership of freehold real property is permitted. There are “free-zones” within each Emirate designated for specific use. Each zone is a tax-free jurisdiction and has its own rules and regulations. A company established in a free zone can be 100 per cent owned by foreign nationals and may own freehold interests in real property within that zone.
Choosing the right real-estate agent is crucial to getting the right information, price and ultimate deal. A bit of your own research on what is out there, and what you are willing to spend over how long would also be beneficial.
You don’t have to be in Dubai to buy the property; it is possible for you to give Power of Attorney to a person to handle all the aspects of the purchase on their behalf but it is advisable that they check all the documentation and ensure that everything is clear before signing the deal.
Legalities regarding freehold ownership by non-UAE nationals and non-GCC nationals are ambiguous, as are the practices and procedures for issuing residence visas to expatriate buyers and their families. Some local banks offer mortgage finance to expatriates wanting to buy property in the UAE. It seems that finance can be arranged through overseas banks if you have assets overseas.
It’s in the UAE’s interest to allow buyers to own property and therefore there I have read about two new real estate laws that will improve protection for buyers, investors and landlords – and they are as follows: A buyer can request the courts to cancel a contract if the developer ‘significantly changes’ the agreed specifications, or refuses to deliver the unit without a good reason. Buyers can also seek legal action if developers do not bind payments to approved construction based milestones or the unit is proved unstable due to major structural defects.
The regulations also stop developers from selling off plan units before taking possession, which includes actual control of the land. Leasing accommodation is most common in the UAE. Contracts normally last a year during which the landlords are not permitted to increase the rent, until its time for renewal. Landlords of leased apartments are normally required to handle the annual maintenance of their property and they are not permitted to evict a tenant without just cause within the tenancy contract time period. All-in-all, the UAE is a great place to live and buy property. However, careful research into laws and regulations in a timely manner is a must.
Kabir Mulchandani
Skai Holdings
Dubai-UAE
UAE and GCC nationals can own property in the UAE. As a foreigner in the UAE, owning and / or leasing property needs to comply with laws and regulations that change from time to time. That said, in Dubai and the UAE, property law is young and is still taking shape.
In the UAE, each Emirate has developed its own laws. For example, to the best of my knowledge, in Fujairah, foreigners cannot buy property. However in Dubai, foreign ownership of freehold real property is permitted. There are “free-zones” within each Emirate designated for specific use. Each zone is a tax-free jurisdiction and has its own rules and regulations. A company established in a free zone can be 100 per cent owned by foreign nationals and may own freehold interests in real property within that zone.
Choosing the right real-estate agent is crucial to getting the right information, price and ultimate deal. A bit of your own research on what is out there, and what you are willing to spend over how long would also be beneficial.
You don’t have to be in Dubai to buy the property; it is possible for you to give Power of Attorney to a person to handle all the aspects of the purchase on their behalf but it is advisable that they check all the documentation and ensure that everything is clear before signing the deal.
Legalities regarding freehold ownership by non-UAE nationals and non-GCC nationals are ambiguous, as are the practices and procedures for issuing residence visas to expatriate buyers and their families. Some local banks offer mortgage finance to expatriates wanting to buy property in the UAE. It seems that finance can be arranged through overseas banks if you have assets overseas.
It’s in the UAE’s interest to allow buyers to own property and therefore there I have read about two new real estate laws that will improve protection for buyers, investors and landlords – and they are as follows: A buyer can request the courts to cancel a contract if the developer ‘significantly changes’ the agreed specifications, or refuses to deliver the unit without a good reason. Buyers can also seek legal action if developers do not bind payments to approved construction based milestones or the unit is proved unstable due to major structural defects.
The regulations also stop developers from selling off plan units before taking possession, which includes actual control of the land. Leasing accommodation is most common in the UAE. Contracts normally last a year during which the landlords are not permitted to increase the rent, until its time for renewal. Landlords of leased apartments are normally required to handle the annual maintenance of their property and they are not permitted to evict a tenant without just cause within the tenancy contract time period. All-in-all, the UAE is a great place to live and buy property. However, careful research into laws and regulations in a timely manner is a must.
Kabir Mulchandani
Skai Holdings
Dubai-UAE
Tuesday, November 15, 2011
Working in the Real Estate Industry
I have worked in many fields throughout my life, but working in the real estate industry has been the most exciting and satisfying. I like it because it is a dynamic environment. It's challenging,and there are no limits to your success.Real estate as a profession offers one of the broadest career selections in the business world today. Helping people buy and sell homes,office buildings, industrial property,property management,real estate counseling, are a few examples of the diverse aspects of a career in this sector. However,residential sales seem to be the most common career path in this sector.
There are multiple advantages of working in this sector. You can earn an income not restricted by a salary, as sales commissions are significant. Real estate sales is a very fast past market and daily sales transactions are directly related to the effort you are willing to put into the process. Once you obtain a license, you can work as an independent real estate agent and organize your own calendar making your diary flexible to accommodate your own arrangements.
Your creative skills as a salesman can be applied in this sector - there is no set rule or way to sell. As long as you are good with people, you are likely to succeed!
Ability to build trust plays a key role in repeat sales and referrals. Word of mouth is the fastest form of marketing and if your reputation is reliable and people have confidence that you can get them the best deal, sky is the limit. Attention to detail and documentation is another asset to have if you want to succeed in the real estate industry. Real estate transactions involve a lot of paper work and legal contracts that need to be filled out correctly. Understanding of the law of where you are selling is also key to your success.
High energy and enthusiasm needs to be maintained all the time. This is not easy, as when you try hard and don't close a deal, depression sits at your doorstep. You have to remain positive and not give up. The real selling starts with the first "no". How do you react? What do you do to change it to a yes?
Successful sales people are good at hearing a no, but are also good in asking follow-up questions to see how they can steer the conversation in another way. When rejections are accepted gracefully, then the odds are you still have a chance with the customer. Most customers keen to buy usually have 50 per cent more objections than people who don't so you can't be afraid of a rejection. You have to overcome it quickly, learn what you can and move on. As a property agent you must believe in your job, be passionate about it and set personal goals. This is closely tied in with self-motivation, which is pretty much a per-requisite for any sales job.
Set high targets and have high expectations and try to live-up to them. Show your customer the value you have to offer them. Real estate is a great profession to be in. If sales is your thing, this is a sector you must explore.
Article by Kabir Mulchandani, entrepreneur and CEO of Skai Holdings Real Estate Investment Firm.
There are multiple advantages of working in this sector. You can earn an income not restricted by a salary, as sales commissions are significant. Real estate sales is a very fast past market and daily sales transactions are directly related to the effort you are willing to put into the process. Once you obtain a license, you can work as an independent real estate agent and organize your own calendar making your diary flexible to accommodate your own arrangements.
Your creative skills as a salesman can be applied in this sector - there is no set rule or way to sell. As long as you are good with people, you are likely to succeed!
Ability to build trust plays a key role in repeat sales and referrals. Word of mouth is the fastest form of marketing and if your reputation is reliable and people have confidence that you can get them the best deal, sky is the limit. Attention to detail and documentation is another asset to have if you want to succeed in the real estate industry. Real estate transactions involve a lot of paper work and legal contracts that need to be filled out correctly. Understanding of the law of where you are selling is also key to your success.
High energy and enthusiasm needs to be maintained all the time. This is not easy, as when you try hard and don't close a deal, depression sits at your doorstep. You have to remain positive and not give up. The real selling starts with the first "no". How do you react? What do you do to change it to a yes?
Successful sales people are good at hearing a no, but are also good in asking follow-up questions to see how they can steer the conversation in another way. When rejections are accepted gracefully, then the odds are you still have a chance with the customer. Most customers keen to buy usually have 50 per cent more objections than people who don't so you can't be afraid of a rejection. You have to overcome it quickly, learn what you can and move on. As a property agent you must believe in your job, be passionate about it and set personal goals. This is closely tied in with self-motivation, which is pretty much a per-requisite for any sales job.
Set high targets and have high expectations and try to live-up to them. Show your customer the value you have to offer them. Real estate is a great profession to be in. If sales is your thing, this is a sector you must explore.
Article by Kabir Mulchandani, entrepreneur and CEO of Skai Holdings Real Estate Investment Firm.
Thursday, November 3, 2011
The Choice for Investors in the Middle East
Foreign direct investment (FDI) is the life-blood of any economy. It drives change and growth, brings prosperity, and improves the quality of life. Increased jobs, opportunities, more knowledge sharing and technology transfer alongside the inflow of foreign currency are some of the key advantages of FDI.
The UAE has always lead the Middle East region in terms of investor confidence, and Dubai is the main hub. Dubai’s competitive advantage stems from the fact that it is much safer compared to other Middle Eastern countries; perhaps something that is a result of its political neutrality. It is slightly less bureaucratic and has a sustained high level of investments made in road and rail infrastructure to keep up to speed with the growth in the countries’ economic development.
The global economic crisis has affected most aspects of the economy worldwide. Though FDI levels have certainly reduced due to the global recession, there are signs of recovery and indications of a more positive future, especially in the medium and long term.
Pre-crisis, the UAE economy was booming and business opportunities were limitless. The UAE’s investment climate has always been open to foreign direct investment it allows full repatriation of profits. However, according to the Dubai Economic Department’s FDI survey, despite the recession in the UAE, majority investors have not considered shifting their investments elsewhere, unless they suspect fundamental changes to the growth prospects of Dubai and the region. Respondents of the survey were C-level executives and business heads across a variety of sectors, nationalities and countries.
“I have been in Dubai for the last 8 years or so. Investing in this city has changed by business and my life,” says Kabir Mulchandani, entrepreneur and CEO of SKAI Holdings. “Despite all the challenges, I continue to invest in the real estate sector of the UAE because I believe there are clear opportunities for success.”
The 2010 AT Kearney FDI Confidence Index tracks investors’ affinity to invest in countries over the next few years. The top Middle Eastern destination according to this index is the UAE which ranks at 11. It is also the sixth highest-ranked emerging market in the world, after large growth markets such as China and India.
In addition, Dubai was recently crowed as the Middle East City of the Future 2010 / 2011 by FDI Magazine. According to newspaper Emirates 24/7, in their evaluation, Dubai scored a 100/100 for economic potential. Evaluation was on the basis of aspects such as population, GDP, total number of FDI projects, number of companies in R&D, global competitiveness, etc
According to an article in Gulf News, Foreign Direct Investment (FDI) in the UAE is believed to have reached $13.7 billion in 2010 and FDI flow would grow from $1.5 trillion in 2010 to $1.8 trillion in 2014.
Kabir Mulchandani stated: “There are still many challenges to overcome, but with the strength of existing businesses, and the commitment to develop the UAE further, the future of Dubai and the UAE looks promising”.
Kabir Mulchandani
Dubai-UAE
The UAE has always lead the Middle East region in terms of investor confidence, and Dubai is the main hub. Dubai’s competitive advantage stems from the fact that it is much safer compared to other Middle Eastern countries; perhaps something that is a result of its political neutrality. It is slightly less bureaucratic and has a sustained high level of investments made in road and rail infrastructure to keep up to speed with the growth in the countries’ economic development.
The global economic crisis has affected most aspects of the economy worldwide. Though FDI levels have certainly reduced due to the global recession, there are signs of recovery and indications of a more positive future, especially in the medium and long term.
Pre-crisis, the UAE economy was booming and business opportunities were limitless. The UAE’s investment climate has always been open to foreign direct investment it allows full repatriation of profits. However, according to the Dubai Economic Department’s FDI survey, despite the recession in the UAE, majority investors have not considered shifting their investments elsewhere, unless they suspect fundamental changes to the growth prospects of Dubai and the region. Respondents of the survey were C-level executives and business heads across a variety of sectors, nationalities and countries.
“I have been in Dubai for the last 8 years or so. Investing in this city has changed by business and my life,” says Kabir Mulchandani, entrepreneur and CEO of SKAI Holdings. “Despite all the challenges, I continue to invest in the real estate sector of the UAE because I believe there are clear opportunities for success.”
The 2010 AT Kearney FDI Confidence Index tracks investors’ affinity to invest in countries over the next few years. The top Middle Eastern destination according to this index is the UAE which ranks at 11. It is also the sixth highest-ranked emerging market in the world, after large growth markets such as China and India.
In addition, Dubai was recently crowed as the Middle East City of the Future 2010 / 2011 by FDI Magazine. According to newspaper Emirates 24/7, in their evaluation, Dubai scored a 100/100 for economic potential. Evaluation was on the basis of aspects such as population, GDP, total number of FDI projects, number of companies in R&D, global competitiveness, etc
According to an article in Gulf News, Foreign Direct Investment (FDI) in the UAE is believed to have reached $13.7 billion in 2010 and FDI flow would grow from $1.5 trillion in 2010 to $1.8 trillion in 2014.
Kabir Mulchandani stated: “There are still many challenges to overcome, but with the strength of existing businesses, and the commitment to develop the UAE further, the future of Dubai and the UAE looks promising”.
Kabir Mulchandani
Dubai-UAE
Wednesday, October 26, 2011
It’s all about Jobs in Middle East
Not the Jobs who sadly left us too early, but employment. Various recent studies have pointed out how employment in the region and particularly the Middle East is on the rise. According to findings released by The Monster Employment Index (monster.com), Middle East online recruitment in September escalated to its highest levels in the past 12 months.
The findings of the index show that major economies like KSA, UAE and Qatar showed ongoing positive momentum in hiring trends in sectors like retail trade, logistics and their related occupation groups like finance and accounting.
What does this have to do with real-estate?
Increase in job opportunity has a direct impact on the demand for real-estate. One of the reasons why companies are able to attract more talent to the region is because accommodation costs are now affordable. New expatriate workers who had previously found it hard to save in the region because of rising cost of housing, now have a wide variety of options available.
Adding to this is the easier terms for buyers and leasers from banks and real-estate agencies. What was previously thought of as a hassle or nightmare – finding decent accommodation – has now become simple. Government authorities such as RERA in Dubai have also brought more transparency into the paperwork of how contracts are drawn up and implemented. Resident’s associations are becoming more vocal and are monitoring their expenses to keep maintenance costs low. All these factors are bringing in a new found momentum to the real-estate sector.
Sure, there might be some of you out there thinking, Kabir Mulchandani is in the real estate business, he will link anything to show demand is rising. So don’t just take Kabir’s word for it. Let’s see what the California State University Fullerton, has to say about this.
Researchers Youguo Liang and Willard McIntosh found that, “Employment growth contributes to property markets return in the short run.” If employment keeps rising, growth will rise too. In a highly expatriate employment driven market like ours, this has a huge impact on real-estate markets.
On occupation six-month trends, Monster survey shows that critical areas such as healthcare (up three per cent) have been registering successive month-on-month growth since June ’11. We still have a long way to go before we reach the pre 2008 growth levels but we have certainly crossed the dip.
Adding to this, the UAE improved its global ranking by two to reach 33 this year in the World Bank's annual Doing Business report. The new report by the World Bank and the International Finance Corporation (IFC) — Doing Business 2012: Doing Business in a More Transparent World — assesses regulations affecting domestic firms in 183 economies. The report finds that 11 out of 18 economies in the Middle East and North Africa improved regulations for entrepreneurs in the past year, despite political and economic uncertainty in the region.
The danger of being optimistic is that unlike a pessimist you don’t get the luxury of being pleasantly proved wrong. But it’s one risk Kabir Mulchandani is willing to take. 2008 was a long time ago, jobs and low costs are bringing in more people and this will fuel more demand. And this time we are better prepared to manage our real-estate market.
Kabir Mulchandani
Skai Holdings
Dubai-UAE
The findings of the index show that major economies like KSA, UAE and Qatar showed ongoing positive momentum in hiring trends in sectors like retail trade, logistics and their related occupation groups like finance and accounting.
What does this have to do with real-estate?
Increase in job opportunity has a direct impact on the demand for real-estate. One of the reasons why companies are able to attract more talent to the region is because accommodation costs are now affordable. New expatriate workers who had previously found it hard to save in the region because of rising cost of housing, now have a wide variety of options available.
Adding to this is the easier terms for buyers and leasers from banks and real-estate agencies. What was previously thought of as a hassle or nightmare – finding decent accommodation – has now become simple. Government authorities such as RERA in Dubai have also brought more transparency into the paperwork of how contracts are drawn up and implemented. Resident’s associations are becoming more vocal and are monitoring their expenses to keep maintenance costs low. All these factors are bringing in a new found momentum to the real-estate sector.
Sure, there might be some of you out there thinking, Kabir Mulchandani is in the real estate business, he will link anything to show demand is rising. So don’t just take Kabir’s word for it. Let’s see what the California State University Fullerton, has to say about this.
Researchers Youguo Liang and Willard McIntosh found that, “Employment growth contributes to property markets return in the short run.” If employment keeps rising, growth will rise too. In a highly expatriate employment driven market like ours, this has a huge impact on real-estate markets.
On occupation six-month trends, Monster survey shows that critical areas such as healthcare (up three per cent) have been registering successive month-on-month growth since June ’11. We still have a long way to go before we reach the pre 2008 growth levels but we have certainly crossed the dip.
Adding to this, the UAE improved its global ranking by two to reach 33 this year in the World Bank's annual Doing Business report. The new report by the World Bank and the International Finance Corporation (IFC) — Doing Business 2012: Doing Business in a More Transparent World — assesses regulations affecting domestic firms in 183 economies. The report finds that 11 out of 18 economies in the Middle East and North Africa improved regulations for entrepreneurs in the past year, despite political and economic uncertainty in the region.
The danger of being optimistic is that unlike a pessimist you don’t get the luxury of being pleasantly proved wrong. But it’s one risk Kabir Mulchandani is willing to take. 2008 was a long time ago, jobs and low costs are bringing in more people and this will fuel more demand. And this time we are better prepared to manage our real-estate market.
Kabir Mulchandani
Skai Holdings
Dubai-UAE
Sunday, October 23, 2011
Kabir Mulchandani Gets Clean Chit - Gulf News
Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged 'smear campaign' to malign its reputation, officials said. The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged 'wrongdoing', Gulf News has learnt.
Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another". One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
"Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement.
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation."These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.
Gulf News - By Saifur Rahman (Business Editor)
Kabir Mulchandani
Dubai-UAE
Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another". One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
"Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement.
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation."These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.
Gulf News - By Saifur Rahman (Business Editor)
Kabir Mulchandani
Dubai-UAE
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