INSIDE VIEW DUBAI 2020 - Knight Frank
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INSIDE VIEW DUBAI 2020 PAGE 1
Overview
few cities could manage both at The upcoming Dubai Expo 2021 the world’s tallest building at over
the same time. is a major private and public one kilometre high and the future
sector focus, and the project and world's largest mall. The largest
However, Dubai is not one for its significant investments are China town in the Middle East will
standing still. Over the last year, coming to fruition. The six-month also feature here.
Dubai, and the UAE, has continued event, the first to be held in the
to improve its ease of doing Middle East, is expected to attract In the mainstream market,
business by implementing a new an estimated 25 million visitors. competition is fierce and
law that allows 100% on-shore Key infrastructure improvements developers continue to offer
foreign business ownership for 122 include the Metro extension and an array of sophisticated dbb
activities across 13 sectors. the continuing development of developments and incentives
Al Maktoum International airport, to entice buyers. Opportunities
Visa regulations have also been include Emaar Beachfront, Port De
eased. New legislations include which once complete will have
capacity to handle over 200 La Mer, Central Park at City Walk
the introduction of five year and Madinat Jumeirah Living. This
retirement visa for those over million passengers annually.
influx of supply has put downward
55 years old with an investment These developments will help pressure on values but has also
of AED 2 million or more in the the fabric of Dubai to continually enhanced affordability; allowing
property market, income in excess mature and attract an even families to upsize, first time buyers
of AED 20,000 per month or more diverse group of buyers to to enter the market, and an array
those with more than AED 1 million the market. We are observing of high yielding properties for
in capital. investors of various nationalities investors, benefiting from post
Other options include five year acquiring Dubai residential completion payment plans.
visa terms for investors who assets as part of their portfolio,
alongside their pied-à-terre in Most recently, the United Arab
purchase above the AED 5 Emirates has emerged as a world
million threshold. In addition to New York, a home in London
for their children’s education or leading example of decisive and
these property related visas a effective government during the
range of business investment a second home in the south of
France for their lifestyle needs. global covid-19 pandemic, and
visas have also been approved. as we see lockdown measures
Capital investments over AED 10 Our clients are truly global citizens
and Dubai is quickly establishing systematically relaxed the
Dubai: An emblem of
million in enterprise can obtain resilience of Dubai is taking
a 10-year visa, where up to itself as a key centre for property
investment. We see consistent shape. Stimuluses’ such as the
40% of the investment can be now increased 80% loan to value
demand for established prime
resilience and progress
related to property purchases. available for certain purchaser
Entrepreneurs in the UAE with markets in Dubai such as
Downtown, Emirates Hills and the types and record low interest
previous business investments rates on mortgage products
worth over AED 500,000 or Palm Jumeirah. These amenity
rich areas with their world-class have also made it a fantastic
Dubai has firmly established itself as a global hub, yet those with a business which time to consider entering the
continues to develop its built environment and soft and Frankfurt, are located within is accredited by a business property and mature communities
eight hours flight time, which will continue to be the epitome marketplace.
infrastructure in order to position itself as the world’s incubator, will be able to obtain a
smartest and most liveable city. covers two-thirds of the world’s five year visa with the possibility of Dubai’s live, work and play
population. of obtaining the aforementioned environment.
The United Arab Emirates gleams One of the driving factors for These fundamentals combine business investor visa, should Although new and upcoming
as a progressive beacon of Dubai’s development as a critical well with the city’s strong showing they eventually meet the criteria. neighbourhoods and master
political stability, social cohesion global gateway is it's geographic in the Global Financial Centres Finally, the approved legislation planned developments such as
and prosperity in the Middle position, being uniquely located Index, the Mercer Quality of Living also allows for a 10-year visa Dubai Hills Estate, District One
East. The emirate of Dubai, in to act as a hub for accessing Asia, Survey, the Economist Intelligence for high value talent in selected and Jumeirah Bay with their
particular, has showcased these the Middle East and Africa – all key Unit’s Global Liveability Ranking fields, as well as five year visas for incredible mansion villas and
fundamentals to the world. future economic growth centres. and Lonely Planet’s eponymous students who are studying in the sprawling modern apartments will
Through its rapid transformation Within a four-hour flight time, cool neighbourhood listing. The UAE, and their families. certainly challenge this status quo.
and business friendly environment, Dubai is able to access 10 leading fact that quality of life and ease Alongside these soft infrastructure Dubai Creek Harbour is certainly
Dubai has become a leading global cities, including Riyadh of doing business keep rising, developments, we are also seeing on its way to doing this, and when
global financial and business hub, and Delhi or a third of the world’s alongside stellar population complete this urban metropolis Matthew Cooke
the built environment in Dubai Partner
alongside being one of the world's population. A further 24 key cities, growth, points to the fact that continue to evolve. will be home to what is set to be Knight Frank
most visited cities. including London, Singapore Dubai has got many things right– Middle East
PAGE 2 PAGE 3
Lifestyle
Discover all
that’s possible
As a touristic destination, the United Arab Emirates (UAE)
is known for its world renowned architecture, gleaming
beaches and its extraordinary malls. This, world-beating
offering, is only just a part of the UAE’s offerings, there is
much more to Dubai and the UAE.
Al-Hayl Castle international influences which Al Rufaisah Dam and
have shaped the UAE remain Wadi Shawka
1 hour evident to today.
drive Fujairah 3 hours
Fujairah Castle, also known as drive Sharjah Wadi Shawka
Whilst Snoopy Island, just off Al-Hayl Castle or Fujairah Fort,
the coast of Fujairah, has put the was built over 250 years ago and Al Rufaisah Dam sits in Khor species in the UAE is the avicennia
sits in the Hajar mountains, close "The country’s Eastern Mangroves
emirate on the map and is a must Fakkan, a town located on the marina or grey mangrove. These
for snorkelers and divers, the to Al Hayl village. The fort has east coast of the United Arab natural wonders 1 hour mangroves showcase the variety
emirate of Fujairah offers a range been involved in many battles Emirates. The dam itself was built and history offers 15 mins Abu of wildlife and nature that the UAE
drive Dhabi
of historic attractions. throughout history and has now in the 1980’s and has resulted in a is home to. The forests are home
everything the
turned into a historical landmark beautiful lake which is surrounded to fish and turtles species. They
The UAE's historic value is not country’s residents The natural mangroves in the
of Fujairah. by rocky mountains. Visitors will also provide a safe haven for birds
acknowledged as much as it UAE are a important part of the
enjoy the expansive scenery and visitors country’s marine ecosystem. that are nesting or migrating.
should be. Given its central Although not significant in size,
location, both in the region and a visit to Al Hayl castle will offer
from the rest area or get more could desire." Mangroves are the unique woody While there are mangrove forests
involved by checking out the plants that grow along the UAE's
globally, throughout history an insight into the country's sprinkled across the UAE, they
boating facility. The location truly coast lines, covering thousands
it has been a key trade and history and is a good example of transports you to another world, are mostly situated in Abu Dhabi.
shipping hub. Remnants of these traditional architecture. of hectares. The most common Mangrove forests are among the
visitors are most likely encounter
swans, eye-capturing plant life top experiences for nature lovers.
and many like-minded people. The Eastern Mangrove Lagoon in
Abu Dhabi is very popular for sea
Those looking for a more activity paddlers. Visiting the mangroves
based adventure should drive to paddle through the routes
over to Wadi Shawka. The Wadi, between the forests a great way to
which translates to "the valley", spend an afternoon for individuals,
floods and dries depending families and couples.
on the season. As a result its
scenery and the activities one can
partake in change from month-
to-month. Due to this, it is gaining Thomas Farmer
popularity with explorers, it is a Associate Partner
prime location to get some hiking, Head of Marketing
and Communications
mountain biking, swimming and Knight Frank
camping in. Middle East
Al-Hayl Castle Eastern Mangrove Lagoon
PAGE 4 PAGE 5
Meet the Experts – Visas
Dubai: the
home of the
global citizen
Murtaza Khan is Managing Partner for Middle East & Africa at
Fragomen, the largest global immigration advisory firm.
Dubai remains an attractive as a whole, the principal option to of categories including investors, The rules in themselves also world, sustainability and longevity "In 2019, the long
location for high net worth reside in the country continues entrepreneurs, specialist talent, make provision for these of schemes are often considered term residency
individuals (HNWI). It continues to be under the category of retirees and outstanding students. residence permits to be available important. In that context, it is
to expand its offering of high temporary residence. This is on the basis of ‘no sponsorship’, worthy to mention that the UAE’s
or ‘golden visa’
quality lifestyle choices, housing, usually in the form of a two or
Real estate investors with truly recognising the value of policy overall aligns with its longer scheme was
property values above AED 1
education and healthcare and, three year renewable residence
million in Dubai were previously
respective talent or capital in itself term vision as set out in the introduced in
with the exception of consumption permit based on the sponsorship as a determinant for long term UAE Centennial 2071 pillars.
taxes such as VAT, remains limited to a two or three year immigration status. These pillars consist of a future-
the UAE."
of an employer. Investors and
largely free of personal or income renewable residence permit. focused government, excellence
HNWIs continue to also benefit,
taxes. The government’s strategy With the new legislation, property Whilst the long-term residency in education, diversified economy
in their capacity as business or
includes continually strengthening owners with values exceeding AED scheme has been implemented including advanced industries,
property owners, in a similar form
Destination Dubai as is shown by 5 million may qualify for a five year in parts, the authorities are and a happy and cohesive society.
of a renewable two or three year residence permit. continuing to work through this to
its upward charge through various residence permit.
global indices and rankings. ensure the application facilities, No doubt, passing of this
Furthermore, investors with a adjudication processes and legislation has been a significant
In 2019, the long term residency broader portfolio of investments
Dubai ranks as the number one timings, along with standards of and exciting milestone in terms
or ‘golden visa’ scheme was in the country valued at more
city across the Middle East and review and eligibility are further of immigration policy of the
introduced in the UAE. This was than AED 10 million, may be
Africa (MEA) region in the World clarified. As can be seen from country. It provides leadership
taken announced late in 2018 but eligible for a 10 year residence
Bank’s Ease of Doing Business wide press coverage through the in the region by creating a
formally adopted as legislation in permit, subject to certain rules
ranking (11th worldwide) and year, many such HNW business pathway for individuals with
2019 and has led to the creation including specific provisions on
Mercer’s Quality of Living index owners who were already invested talent or capital to take a longer
of significant additional categories portfolios. In addition, there are
(74th worldwide). The latter report in the country in a significant way term outlook in relation to their
of immigration options, many of further provisions for five year
also ranks Dubai as the safest city have indeed been issued with 10 immigration status and, as a
which would be interesting for renewable residence permits
in MEA (73rd worldwide). year residence permits. result, also investing their capital
HNWIs. These include longer- for retirees above the age of 55 and talent in the country. Murtaza Khan
For the large number of foreign term , either five or 10 years, with certain de minimis financial When looking at similar attempts Managing Partner, Middle
residents in Dubai, and the UAE residence permits for a spectrum resources requirements. at immigration reform around the East & Africa, Fragomen
PAGE 6 PAGE 7
UAE Residency Guide
The application process • With the new title deed and approval from the DLD. (Note: DLD
Procuring a UAE Dubai investor
visa rules Three-year investor visa
supporting documentation, entry
permit application is lodged
along with the registration for
approvals can take up to 30 days
in some instances as security
checks will be conducted).
Investor Visa Freehold Properties: The
property should be in a freehold
area. If you have purchased a
• Reference Letter obtained from
Dubai Land Department (DLD)
and submitted to the Dubai Police
an Emirates ID.
• Investor will need to complete
• After approval, investor will need
to complete a medical which
based on Property property in a leasehold area, you
are not the rightful owner of that
property. Your title deed in this
for issuance of a Police Clearance
Certificate (PCC).
a medical which includes blood
test and biometrics as part of
this process.
includes a blood test.
• Subject to receiving a clear
Ownership • PCC, government fees, and medical, original documentation
case will specify how many years
• Subject to receiving a clear including investors original
you have leased the property. all supporting documents are
medical, the residence permit passport, original title deed and
Furthermore, if the purchase is submitted to the DLD for an
application, investors original other supporting documents are
off-plan; or there is a dispute against officer’s review.
After the successful acquisition of a new property, investors passport, newly issued title deed lodged at DLD immigration.
it; or it is not in habitable condition,
and other supporting documents
may be eligible to apply for an Investor visa, subject to you would not qualify for an investor
• If all is in order, application will be
• After 24-48 hours, a five year
accepted, and applicant typically are lodged at DLD immigration.
obtaining guidance from reputable immigration professionals. visa. investor visa for property
waits approximately seven to
In this 2020 UAE Residency guide, Nofi Mojidi, Senior Manager for • After 24-48 hours, a three owners is endorsed into the
Multiple Property Ownership: 10 business days to receive an
Fragomen's Worldwide Private Client Practice (Middle East & Africa) year investor visa for property investor’s passport.
Previously, investors could only approval from the DLD (Note: DLD owners is endorsed into the
provides an overview of the UAE investor visa categories, along
apply for a visa against only one approvals can take up to 30 days investor’s passport. • Once passport is endorsed,
with the process for procuring an investor visa linked to property property. In the case of a three applicant can apply for Emirates
in some instances as security
ownership. year investor visa, an applicant is Identity Card.
checks will be conducted).
eligible if the total investment is
Five-year investor visa
2019 was an unprecedented year issued two year investor visa for • Upon approval, a Professional
AED 1,000,000 or above in one • In order to begin the process, DLD fees
in the UAE as the Cabinet approved property owners although the License is applied for and
of maximum three properties. applicant must be inside the
comprehensive long-term visa conditions for applying for the subsequently issued by the DLD Three-year visa – Approximately
Furthermore, properties can carry UAE. Approval Letter obtained
options for investors, entrepreneurs, three year remain unchanged. The AED 15,000 for end to end process
a mortgage if the purchase price after five to seven business days. from DLD after submission of
specialized talents, outstanding purchase price (not the current for the individual investor. Additional
is AED 1,000,000 or above and supporting documentation and
students and retirees. Respective market value) of the property • Upon Issuance, original title deed filing fees for each dependant
at least 50% of the mortgage relevant fee payments.
conditions must be met in each of must be at least AED 1,000,000 is submitted to the DLD and between AED 4,000-AED 7,000.
has been paid off by the time of
the five categories for the applicant or above. Previously, Dubai replaced with a new title Deed • If all is in order applicant typically
application. Moreover, owning
and any qualifying dependant(s) to Property visas were only issued linking the investor’s property to waits approximately five to ten Five year visa – Approximately
multiple property whose purchase
receive either a six month, three year, against residential properties (i.e. his/her immigration file. business days to receive an AED 4,000 for end to end process
price add up to AED 5,000,000 or
five year, or ten-year visa. As of the Apartments/ Villas) however, the for the individual investor. Additional
above, will qualify an investor for the
beginning of 2020, more than 2,500 DLD is now accepting applications R E Q U I R E D D O C U M E N TAT I O N filing fees for each dependant
five year investor visa.
investor visa's have been issued for commercial properties (i.e. THREE YEAR FIVE YEAR between AED 3,000-AED 4,000.
TYPE OF DOCUMENT
INVESTOR VISA INVESTOR VISA
across the long term visa categories. Hotel Rooms, Hotel Apartments, Joint Ownership (different
Original passports √ √ All government fees payable to
Serviced Apartment Offices, and entities): If the property is owned
Passport photos (on white background) √ √ the Dubai Land Department
Property linked visa types Warehouses) as well. The three by multiple individuals, each person
Police Clearance Certificate √ X
(DLD) and General Directorate of
year visa is exclusively available for can apply for the investor visa if
Non-Objection Certificate (NOC) from
Residence and Foreign Affairs
There are three types of investor investors with properties situated each person has a share of the √ X
developer (as applicable) (GDFRA) are subject to change at
visas available to individuals who in the Emirate of Dubai. purchase price equivalent to at Health insurance card / certificate √ √ the DLD’s discretion.
have purchased properties in the least AED 1,000,000 or above. Emirates ID registration forms √ √
UAE: 6-month Multiple Entry, three • In 2018, the UAE Cabinet
Title deed must be in the name of Medical certificates: all applicants over 18 √ √
There are also further points for
year Investor visa, and five year announced that a five year
the individual/ investor and not a Sponsor’s Ministry of Foreign Affairs (MOFA)
consideration for which we advise
Investor visa. investor visa will be issued to √ √
company. attested marriage certificate clients to seek professional advice.
property investors in all seven Children’s Ministry of Foreign Affairs (MOFA)
√ √
• The six month multiple entry Emirates. This came into effect in Joint Ownership (husband &
attested birth certificates
visa enables its holder to enter the July 2019. The five year Investor wife): If the property is owned
Professional license √ X
UAE and complete the procedures visa carries a five year validity and jointly by husband and wife,
Proof of minimum monthly income of AED 10,000
√ X
or equivalent in a foreign currency
related to their Investor category. can be renewed before or upon then either spouse can apply Recent DEWA / (utility) bill in name of sponsor if
√ √
expiry. To qualify, an applicant for UAE investor visa even if the sponsoring any dependents
• The three year Investor visa Nofisatu Mojidi
must invest at least AED 5 million property’s total purchase value is Sponsors bank account IBAN number if sponsoring
√ √ Senior Manager,
carries a three year validity and can in one or more properties; with no
any dependents
Worldwide Private Client
AED 1,000,000 divided between
be renewed before or upon expiry. mortgage on any of the properties.
Sponsors bank account statement evidencing
√ X Practice, Middle East &
the both. An attested marriage 50% mortgage paid-off Africa, Fragomen
As of January 2019, the three year Furthermore, the property must be
visa has replaced the previously certificate would be required to
retained for at least three years. supplement the application.
PAGE 8 PAGE 9
Meeting the Experts – Buying Guide
The developer will arrange to have
title to the property registered
The Purchase
with the DLD.
Secondary Market
Procedure in Dubai Completion will involve the transfer
of title to the purchaser at one
of the Dubai Land Department’s
Real Estate Registration Trustees’
Buying property in Dubai should be relatively straightforward, offices. The purchase price (less
but we would always recommend that you engage the services the deposit and any of the balance
of a reputable agent, lawyer, and notary. Simon Green, Partner, of any deferred / post-handover
and Poras Dhakan, Associate, at Charles Russell Speechlys an stage payments as applicable) is
international law firm, decipher the buying procedure in Dubai. paid to the seller.
The parties will also usually be
Residential real estate • Reviewing title information; required to pay the DLD and the
transactions in Dubai agent’s fees of 4% and 2% of the
• Raising standard enquiries with
purchase price, respectively.
A transaction for the purchase the seller;
of a property in Dubai generally 5. Post-Completion
• Carrying out a physical
involves the following steps:
inspection of the property; and
Following completion, the
1 . Due diligence prior to exchange;
• If the property is tenanted purchaser should:
2 . Exchange of contract; and the purchaser requires
• Notify all relevant utility
3 . Pre-completion matters; possession of the property
providers of the transfer of title
following completion, the
4 . Completion; and tenancy contract should be
and create a new account in
their name; and
5 . Post-completion matters. reviewed and considered to
determine the options available • If the property is tenanted then
to gain vacant possession. notice should be sent to the
1. Due diligence tenant in respect of the transfer
prior to exchange receipts issued by the DLD and an 3 . Pre-Completion managers cheques and and to confirm that all future
interim title registration certificate. documents, especially corporate payments should be made to
Off-Plan Properties 2 . Exchange Off-Plan Properties documents pertaining to foreign the purchaser.
Secondary Market entities, which may take several
Due diligence will generally It is important to note that The purchaser will be provided
involve raising standard enquiries exchange will give rise to a legally with the opportunity to inspect weeks to notarise and legalise.
The Dubai Land Department
of the developer and reviewing binding contract and there may (DLD) has introduced standard the property and prepare a list of
their responses alongside all be penalties where a purchaser snagging items for the developer 4 . Completion
forms of contracts which the
title information, the Sale and wishes to withdraw from the to rectify prior to the handover date. Off-Plan Properties
parties must enter into in respect
Purchase Agreement (SPA) and transaction after this stage.
of the transaction. These forms Secondary Market
other relevant documentation The developer will write to the
Off-Plan Properties only cover essential legal terms
provided by the developer. The parties must obtain the purchaser to confirm once the Simon Green
and in practice, the parties construction of the project has Partner
Other searches and investigations Following exchange, the developer / the owners’ association
will prepare a set of additional been completed and the unit is Charles Russell
may also be made depending on purchaser will be required to consent in order to transfer title Speechlys
terms to address various other ready to be handed over.
the nature of the transaction and commence payment of the agreed to the property to the purchaser.
contractual provisions.
the identity of the parties. instalments towards the purchase Additional forms of consent might The developer may require the
price. Such payments should Where the purchaser is providing also be required, such as the DLD’s purchaser to pay service charges
Secondary Market only be made into the project’s consent where the property is being and the balance of the purchase
the seller with a deposit, due
escrow account. bought by a corporate entity. price at this stage (if applicable and Poras Dhakan
In a secondary market property consideration should be given
Associate
transaction, the following due The developer will then provide to how the deposit will be held The purchaser will also be assuming no deferred payment
Charles Russell
diligence is typically carried out: the purchaser with a set of and released. required to prepare all required terms have been agreed to). Speechlys
PAGE 10 PAGE 11
Dubai Overview
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1 Palm Monorail M
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M Dubai Metro Red Line
M Dubai Metro Green line
M Dubai Metro Route 2020
POPULATION & LOCATION TRANSPORT EDUCATION INFRASTRUCTURE HOSPITALITY AND LEISURE LIFESTYLE
DUBAI: A PLACE TO CONNECTED WORLD CLASS EDUCATION VISIONARY A LEADING DESTINATION ASPIRATIONAL LIFESTYLE
CALL HOME
The world's busiest 209 schools providing Home to the World's tallest 15.92 million international Almost 3,500 annual
3.2 million residents international airport with over over seven curriculums Building, the Burj Khalifa at visitors in 2018 hours of sunshine
94% increase in the decade to 2018 89 million passengers including UK, US, IB, French 828 metres high The world's fourth most visited city
handled in 2018 and Swiss Ranked the most
Almost 2,200 Clinics liveable city in the
Catering for almost 290,000 students
International Influence and Health Centres 118,345 Hotel Rooms
Dubai's location allows MENA region
92% of residents are expats, access to: 17 Higher Education
Dubai International $30.82 billion spent by
comprising of over 200 nationalities A third of the world within Institutions
Financial Centre (DIFC) tourists, $1,900 per visitor
four hours With over 16,500 enrolled students
Dubai leads in overnight international
A gateway to the Middle • Opened in 2004 and is the
Two-thirds of the world visitor spending globally
East, Africa, and South Middle East, Africa, and South
within eight hours
Asia which accounts for Asia's leading financial centre
approximately three Dubai Metro: The world's • Ranked 8th globally in
billion people, a little M longest driverless metro the latest Global Financial
under half of the global line at 52.1km Centres Index
population • Ranked 7th in the world’s
top Fintech Locations of the
Future 2019/20 for Economic
Sources: Knight Frank Research: The Economist, fDi Markets, Knight Frank Global Lifestyle Review, DTCM, DIFC, DP World, MasterCard and Dubai Statistics Centre
Potential Index
PAGE 12 PAGE 13
Palm Jumeirah Community Guide
Aquaventure Water Park
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Atlantis Aquaventure
Station
Maritime
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1 Palm Mall Station
1 Ittihad Park Station
Burj Al Arab
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Marina 1
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Gateway Station
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KEY M
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1 Palm Monorail M
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M D M
DMCC
Station DAMAC Properties M M Dubai Metro Red Line Emirates Towers M
Station Nakheel
Station M Dubai Metro Green line
Burj Khalifa / Dubai Mall Station M
Dubai Internet
M Dubai Metro Route 2020
Shiekh Zayed
Station
M M M
City Station M
M Road – E11 M
M M M M
The Palm Jumeirah is the
Nakheel Metro Station
M Financial Centre
K E Y FACT S Business Bay M A R K E T S TAT I S T I C S
Station
world's largest man-made Station
island, comprising of a two 2001: The year construction started. 2006: First units handed over Burj Emirate M
Dubai Mall
kilometre trunk, 17 fronds and AV E R AG E S A L E S P R I C E
Khalifa
A V E R A G E R E N TA L P R I C E
Towers
AV E R AG E Y I E L D S M
a surrounding crescent. The AED/SQ FT, YTD 2019 AED/SQ FT/YEAR, YTD 2019 SEP 2019 (GROSS)
visionary development is shaped
like a palm tree and stems from TOTAL APARTMENT: AED 1,516 APARTMENT: AED 83 APARTMENT:M5.4% M
mainland Dubai. An unrivalled TOTAL VALUE OF VILLA: AED 2,053 VILLA: AED 73 VILLA: 3.7%
standard of beachfront living NUMBER SALES PROPERTY SOLD
lies at the heart of The Palm (2019) (2019)
883
Jumeirah and its instantly
AED 3.7 M Airport T1 Station
recognizable design offering its SELECTED UPCOMING PROJECTS
residents a lavish lifestyle with BILLION THE ROYAL ATLANTIS NAKHEEL MALL PALM TOWER
Al Jadaf Station
Airport T3 Statio
stunning views over the Dubai M
skyline and access to the world The Royal Atlantis Residences Set on the top of the trunk on the The Palm TowerCreek
is aStation
52-storey
class facilities and amenities for
a vibrant lifestyle.
D are destined to become a world-
renowned address. Located on
world famous Palm Jumeirah,
Nakheel Mall is set to offer five
hotel and residential complex,
offering 432 luxury residences
Emirates Station
the iconic Palm Jumeirah, the retail levels with 350 shops, and a five star 289 room hotel
DUBAI HILLS
T R AV E L T I M E S T O K E Y L A N D M A R K S residences feature architecture restaurants and leisure attractions set among an array of dining
from the finest international spread across 1.2 million sq. ft. of and leisure facilities.
ESTATE
Dubai
designers and benefit from leasable space Creek Tower
uninterrupted views of the ocean
and the Dubai city skyline. The THE POINTE
Dubai Nearest Dubai Dubai International residences offer a selection A 1.5km promenade with
International Shopping Mall Mall Financial Centre of two, three, four and five more than 100 restaurants
Airport (DIFC) bedroom apartments, sky courts, and retail outlets set over
28 mins | 35.5 km 4 mins | 2.4 km 20 mins | 23.9 km 24 mins | 26.9 km penthouses and garden suites. 1.4 million square feet.
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
PAGE 14 PAGE 15
M M
Downtown Community Guide
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M
Emirates Towers M M
Burj Khalifa / Dubai Mall Station M M
Station
M M M
M Shiekh Zayed
Road – E11 M
M M M
Financial Centre M
Business Bay Station
Station
Burj Emirate M M
Dubai Mall
Khalifa Towers
M
M
M
M M
1
1
1
M
M M M
1
T T
T T T T T
T T T T M
M M
M M M
M M
M D
M M M
M M
M M
KEY
M M M M
M M M M
M M
M
M M
M M
M
M
M
M
M
M M
M
M M
M M
M
M M M
M
M
M
M
1 Palm Monorail Airport T1 Station
M
M
M
M
KEY
T Dubai Tram
M
M
M
Al Jadaf Station
1
M Palm
DubaiMonorail
Metro Red Line
T Dubai
Dubai Tram
Metro Green line
Airport T3 Station M
M
M
M
M Dubai
Dubai Metro
Metro Red Line
Route 2020
M Dubai Metro Green line Creek Station
The two square kilometres of K E Y F A C T MS Dubai Metro Route 2020 M A RStation
KET SM
TAT I S T I C S
M
Emirates
Downtown Dubai are home to
some of Dubai's, and indeed 2004: The year construction started. 2030: Master Plan Completion
AV E R AG E S A L E S P R I C E A V E R A G E R E N TA L P R I C Dubai
E AV E R AG E Y I E L D S
the world's most spectacular
AED/SQ FT, YTD 2019 AED/SQ FT/YEAR, YTD 2019*
International SEP 2019 (GROSS)
architecture. Located in the
heart of the city, Downtown
plays host to some of Dubai's TOTAL Dubai
key landmarks including the TOTAL VALUE OF CreekAPARTMENT:
Tower AED 1,990 APARTMENT: AED 99 APARTMENTS: 6.1%
world's tallest building, the Burj NUMBER SALES PROPERTY SOLD
M
Khalifa, and one of the world's (2019) (2019)
2,796
largest Mall, Dubai Mall.
AED 7.4 M
BILLION SELECTED UPCOMING PROJECTS
IL PRIMO GRANDE VIDA DUBAI MALL DOWNTOWN
VIEWS II
The 77-storey Il Primo Located in the Opera Vida Dubai Mall's two
sits in the heart of The District, the 72-storey towers feature luxury Downtown Views II is a
T R AV E L T I M E S T O K E Y L A N D M A R K S Opera District and Grande is set to become one, two, three and 55-storey tower offering
comprises of four, five and one of Downtown Dubai's four-bedroom serviced over 410 residential units
six bedrooms and duplex highest residential and branded apartments. of one, two and three
units occupying half or full towers. It offers one, two, bedroom apartments
Dubai Nearest Dubai Dubai International floor plates. three and four-bedroom and duplexes with
International Shopping Mall Mall Financial Centre apartments with incredible unimpeded views of
Road – E3
Airport (DIFC) vistas, plush interiors Downtown Dubai.
11
15 mins | 14.1 km 1 mins | 0.1 km 1 mins | 0.1 km 8 mins | 2.8 km and lavish amenities.
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
Al
PAGE 16 PAGE 17
Emirates Hills Community Guide
1
Burj Al Arab
Dubai
KEY
Marina 1 1 Palm Monorail
T T
T T T T T
T Dubai Tram
M Dubai Metro Red Line
T T T T M Dubai Metro Green line
M Nakheel Station M Dubai Metro Route 2020
M M Dubai Internet City
M D
Shiekh Zayed Road – E11
Damac Metro Station
M
Emirates
The Views
M
Emirates Golf Club
International
M M M
School
M M M
The Lakes M
Meadows Mo
ontgomeriee
Burj Emir
Dubai
M Village Golf Club
Centre International 1
Khalifa Towe
Academy 1
Dubai
1
M M M
1
T T
T T T T T
T T T T M
M M
M M M
British School
M M
M D
M M M
M M
M M M M
M M M
M M M M
M M
M M
M M
M
Jebel Ali M
M
M
M
M M
M M
M M
Racecourse M
M M M
M
M
M
M
M M
Meadows M
M
M
M
Town Centre
Emirates Hills has established K E Y FACT S
itself as one of Dubai's most M A R K E T S TAT I S T I C S
private and elegant communities.
The ultra-luxury villa community AV E R AG E S A L E S P R I C E A V E R A G E R E N TA L P R I C E AV E R AG E Y I E L D S
is set overlooking an 18-hole AED/SQ FT, YTD 2019 AED/SQ FT/YEAR, YTD 2019 SEP 2019 (GROSS)
TOTAL
championship golf course
TOTAL VALUE OF
and comprises of ready-made
NUMBER SALES PROPERTY SOLD
villas and plots which allow for (2019) VILLA: AED 1,488 VILLA: AED 57 VILLAS: 3.2%
(2019)
31
residents to create their own
architectural wonders. AED 730
MILLION
KEY AMENITIES
DU
H
66
d–E
MONTGOMERIE 17 LAKES OVER THREE ACCESS TO TWO MAJOR
GOLF CLUB INTERNATIONAL SCHOOLS COMMUNITY MALLS
T R AV E L T I M E S T O K E Y L A N D M A R K S IN THE AREA
Roa
Dubai Nearest Dubai Dubai International
International Shopping Mall Mall Financial Centre
Airport (DIFC)
30 mins | 35.9 km 14 mins | 8.2 km 22 mins | 24.3 km 26 mins | 27.3 km
l Ain
Emirates R
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
PAGE 18
oad – E311 PAGE 19M
Creek Harbour Community Guide
M
M M
KEY M
M
TO SHA
1 Palm Monorail M Airport T1 Station
T Dubai Tram
M
Al Jadaf Station
M Dubai Metro Red Line
Airport T3 Station M
M Dubai Metro Green line M
M Dubai Metro Route 2020
Creek Station
M
M
Emirates Station
Dubai
International
Dubai
Creek Tower
M
1
1
1
M
M M M
1
T T
T T T T T
T T T T M
M M
M M M
M M
M D
M M M
M M
M M M M
M M M
M M M M
M M
M M
M M
M
M
M
M
M M
M M
M M
M
M M M
M
M
M M
M M
M
M
M
M
Dubai Creek Harbour is set to K E Y FACT S M A R K E T S TAT I S T I C S
host Dubai’s new icon, the Dubai
Creek Tower, the final height is 2016: The year construction started. 2040: Master Plan Completion
AV E R AG E S A L E S P R I C E
yet to be revealed however the
AED/SQ FT, YTD 2019
tower is set to be taller than the
Burj Khalifa. Dubai Creek Harbour,
an ecologically responsible
TOTAL
community, is situated on the VALUE OF APARTMENT: AED 1,600
Al A
TOTAL
banks of the Ras Al Khor Wildlife NUMBER SALES PROPERTY SOLD
Sanctuary where which is home to (2019) (2019)
2,534
Dubai's flamingos and Japanese
cherry blossoms amongst other
AED 4.3
wir
natural flora and fauna. The real BILLION SELECTED UPCOMING PROJECTS
estate in Dubai Creek Harbour
n Oasis
offers world class amenities set
THE GRAND PALACE CREEK EDGE SURF
Ro
in a location which is one of the
cornerstones of Dubai's heritage. RESIDENCES
The Grande is a Set on the north edge Dubai Creek Harbour's
cutting-edge 62-storey Palace Residences of the Creek Island mid-rise cluster is
ad
T R AV E L T I M E S T O K E Y L A N D M A R K S waterfront tower offering offers five-star one, two, with jaw dropping views home to Surf the final
one, two and three- three and four bedroom of Downtown Dubai, mid-rise cluster within
bedroom apartments, branded residences. Creek Edge's two the west edge of the
–E
TO HATTA
four-bedroom The development offers 30 and 20 floor towers Creek Beach. The
Dubai Nearest Dubai Dubai International penthouses and resort style facilities and offer modern and development offers
44
International Shopping Mall Mall Financial Centre podium townhouses direct access to the new minimalist one to four desirable one to three
Airport (DIFC) with stunning views Palace Hotel at Dubai bedrooms apartments. bedroom apartments.
11 mins | 10.0 km 13 mins | 8.2 km 16 mins | 17.0 km 19 mins | 16.9 km across Dubai. Creek Harbour.
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
PAGE 20 PAGE 21M
M
Dubai Hills Estate Community Guide
D M
Emirates Towers M
Burj Khalifa / Dubai Mall Station M M
M Shiekh Zayed
Station
M M M
M Road – E11 M
Sharaf DG Station M M M M
M Financial Centre M
Mall of
Business Bay Station
The Emirates First Abu 1
Station
Station Dhabi Bank
Station
1
1
Burj Emirate M M
Dubai Mall
M
M M M
Towers
1
T T
Khalifa
T T T T T
T T T T M
M M
M M M
M M
M D
M M M
M
M M
M M M M
M M M
M M M M
M M
M M
M M
M
M
M
M
M M
M M
M M
M
M M M
M
M
M M
M
M M
M
M
M
M
M
M
M
M Airport T1 Station M
M
Al Jadaf Station
GEMS Wellington
ington A
Academy
Acad
GEMS Internattional School Airport T3 Station M
M
Creek Station
M
City Hills
KEY
M
Golf Club Emirates Station
1 Palm Monorail
KEY
T Dubai Tram Dubai
1
M Palm
DubaiMonorail
Metro Red Line International
T
M Dubai
Dubai Tram
Metro Green line
M
M Dubai
Dubai Metro
Metro Red Line
Route 2020
Dubai
Creek Tower
M Dubai Metro Green line M
Dubai Hills Estate uniquely K E Y F A C T MS Dubai Metro Route 2020 M A R K E T S TAT I S T I C S
blends indoor and outdoor
living. Luxury homes surround 2031: Master Plan Completion AV E R AG E S A L E S P R I C E A V E R A G E R E N TA L P R I C E
M
an 18-hole championship golf AED/SQ FT, YTD 2019 AED/SQ FT/YEAR, YTD 2019
course. Often referred to as a
city within a city, Dubai Hills
Estate is well equipped with APARTMENT: AED 1,421 APARTMENT: AED 72
TOTAL VILLA: AED 1,201 VILLA: AED 52
children’s play areas, schools, TOTAL VALUE OF
hospitals and shops - a true NUMBER SALES PROPERTY SOLD
(2019)
2,391
work, live, play location. (2019)
SELECTED UPCOMING PROJECTS
AED 5.2
BILLION
Emirates R
GOLF PLACE HILLS VIEW CLUB VILLAS EXECUTIVE COLLECTIVE
oad – E311
RESIDENCES II 2.0
These modern luxury Located by the 18- The Club Villas
villas, available in hole championship are set in walking Executive Part of Dubai Hill's
four to six bedrooms course, Club Villas at distance of Dubai Residences II offers co-living offering,
and a range of high- Dubai Hills – available Hills Golf Club. Key a home and business the Collective 2.0
end finishes, offering in three and four- amenities such as licence in one offers one and two
T R AV E L T I M E S T O K E Y L A N D M A R K S
Al A
the perfect coupling bedrooms and in local hospitals and package. The one bedrooms and is
ass Road – of quality real estate five unique aesthetic schools are all within to three bedroom uniquely set within
E611
and elegant location styles – offer opulent close proximity. luxury apartments a collaborative and
with a 18-hole living and facilities The development are set in a chic social setting.
wir
Dubai Nearest Dubai Dubai International championship golf to boot. offers three and four urban environment
International Shopping Mall Mall Financial Centre course on your bedroom villas in five with residents able to
Airport (DIFC)
TO AL AIN Silicon Oasis
doorstep. unique styles. benefit from all of the
20 mins | 23.3 km 16 mins | 13.1 km 19 mins | 14.9 km 15 mins | 15.6 km benefits of DMCC.
Ro
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
ad
–E
PAGE 22 PAGE 23Mohammed Bin Rashid Al Maktoum City - District One Community Guide
M M M
M
M
1
1
M
1
M
M M M
1
T T
T T T T T
T T T T M
M M
M M M
M M
M
M D
M M M
M
M
M
M M M M
M M M
M M M M
M M
M M
M M
M
M
M
M
M
M M
M M
M M
M M
M
Shiekh Zayed Road – E11
M
M M M
M
M
M M
M M M
M
M
M
M
M
M
Burj Khalifa / Dubai Mall M
Business Bay
Station
Station
Emirates M M
Burj
Towers
M
Khalifa M
M
M M
Mohammed Bin Rashid
Al Maktoum City
KEY M
1 Palm Monorail
KEY M Airport T1 Station M
T Dubai Tram
1 Palm
DubaiMonorail
Al Jadaf Station
M Metro Red Line M
T
M Dubai
Dubai Tram
Metro Green line Airport T3 Station M
M
M Dubai M RouteLine
Dubai Metro
Metro Red 2020
M Dubai Metro
Creek Green line
Station
Mohammed Bin Rashid Al Emirates Station M
K E Y FACT S M Dubai Metro Route 2020 M M A R K E T S TAT I S T I C S
Maktoum City - District One is
only minutes away from many of 2015: The year construction started. 2031: Master Plan Completion Dubai AV E R AG E S A L E S P R I C E
Dubai’s world-class attractions, International
AED/SQ FT, YTD 2019
landmarks and transport links.
District One is next door to
APARTMENT: AED 1,631
distinguished leisure facilities TOTAL M
such as the Meydan Racecourse TOTAL VILLA: AED 1,415
VALUE OF
and Grandstand, The Track, NUMBER SALES PROPERTY SOLD
(2019) M
272
Meydan Golf, a 9-hole flood-lit golf (2019)
SELECTED UPCOMING PROJECTS
course, the 5-star luxury Meydan
Hotel and soon to be developed,
AED 1.1
Meydan One Mall.District One’s BILLION MANSIONS VILLAS RESIDENCES
truly unique locale and lifestyle
promises its residents a plethora Each of District One’s eighteen District One Villas come in three Situated in low and mid-rise
of remarkable and distinct distinctly styled mansions distinct Contemporary, Modern towers that range from G+ 4 to G+
experiences. Nad Al Sheba
is meticulously designed to Arabic and Mediterranean styles 16 floors, District One Residences
ensure affluent tranquil living that promise an unrivalled lifestyle is a gated community, adorned
T R AV E L T I M E S T O K E Y L A N D M A R K S in glorious surroundings. The of refined elegance while reflecting with a glistening Crystal Lagoon
villa’s come in 3 architectural your individual taste. From the and plush greenery. Right from
Styles – Contemporary, vast captivating architecture, right spacious dwellings marked by
Mediterranean and Modern down to the minute finer details, aesthetic minimalism and smart
Arabic. Extravagance is these homes create the perfect functionality, the water-front
rates Road
Dubai Nearest Dubai Dubai International simply a way of life in these ambience for distinctly lavish living, apartments are bathed in natural
– E311
International Shopping Mall Mall Financial Centre magnificent homes. every single day. light and imbue the charm of
Airport (DIFC) high-end, tranquil living.
Al A
15 mins | 17.4 km 15 mins | 13.5 km 12 mins | 7.0 km 10 mins | 9.5 km
Source: Knight Frank Research/ REIDIN Note: *Based on asking rents
wir
TO AL AIN
PAGE 24 PAGE 25
ROur Team
The Dubai Network
In addition to our offices in Dubai, Abu Dhabi, and Riyadh,
the Knight Frank Middle East team works closely with our
global network including our Asia Pacific, Europe, and Africa
offices as well as the US based Douglas Elliman Fine Homes.
UAE
MARIA MORRIS YASIN VALIMULLA
Partner, Head of Residential Associate Partner
Knight Frank Middle East Prime Residential Sales
+971 56 4542 983 +971 50 5054 135
maria.morris@me.knightfrank.com yasin.valimulla@me.knightfrank.com
MATTHEW COOKE TAIMUR KHAN
Partner Associate Partner
MENA Project Marketing Development Consultancy & Research
+971 50 6138 350 +971 56 4202 312
matthew.cooke@me.knightfrank.com taimur.khan@me.knightfrank.com
ANNE OGILVIE THOMAS FARMER
Associate Partner Associate Partner
Prime Residential Sales Head of Middle East
+971 50 5518 705 Marketing and Communications
anne.ogilvie@me.knightfrank.com +971 56 4204 312
thomas.farmer@me.knightfrank.com
Important Notice: © Knight Frank LLP 2020. This report is published for general information only and not to be relied upon in any way.
Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no
responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or
reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP
in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of
Knight Frank LLP to the form and content within which it appears. Knight Frank UAE Limited – Dubai: Prime Star International Real Estate
Brokers (PSIREB RERA ORN: 11964 trading as Knight Frank with registration number 653414. Our registered office is: 5th Floor, Building 2,
Emaar Business Park, PO Box 487207, Dubai, UAE.
KnightFrank.ae
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