Dubai Property
The fact that Dubai is the worlds biggest boomtown just at the moment is cause for any investor
to take a good close look at the property market, but its far from the only one, here are few more
Many believe that Dubai property is well below those of comparable cities around the world.
Property prices are currently estimated to be c. 50% below real market value (compared to similar commercial hub cities with mature property markets such as Hong Kong, Singapore, Kuala Lumpur)
1,000sqft apt in downtown Singapore = GBP560,000.
Comparable apt in Dubai (currently in v short supply) = GBP170,000.
1 bed apts in DSC just GBP115,000.
Villa prices (per sq ft) increased by 31% in 2005.
Apartment prices (per sq ft) increased by 10% in last six months (applies to occupied, not off-plan properties).
Land prices are up 184% on this time last year.
There is 53% less development land available than this time last year.
Sources: AME Info, Dubai Investment Boutique Housing Price Index, Construction Weekly Magazine and CBR Ellis
Rental Demand
Rental rates increased by 38% in 2005.
New decree issued in 2005 to cap annual rate incs at 15%.
Cap does not apply to new rentals, or to new tenants.
Current market rental rates in Dubai c. GBP12.50 per sq ft.
A 475 sq ft studio in Dubai Sports City would yield an annual rent of c. GBP5,750 today = 10% rental return.
On completion in 2007 rental rates should have risen by another 25% – 50%, yielding GBP7,450 GBP8,450 per year, or a 12.7% – 14.8% rental return.
Dubai’s construction is happening at a blistering pace. Dubai Holding’s iconic
Burj Al-Arab Dhow Sail shaped Hotel was one of the first iconic buildings to
grace Dubai’s skyline. However views from the top of Burj Al-Arab also
illustrate that Dubai Holding’s is not the only player reshaping the Dubai
skyline. Nakheel’s three Palm Islands have captured the World’s real estate
watchers imagination and caused a ripple of excitement that that helped act as
the catalyst of the Dubai Real Estate boom.
A restaurant on the 27th floor of the same Hotel gives a breathtaking view of
the 300 Islands being built 4km off the Dubai coastline, but before these are to
complete, Emaar, the Emirates third largest player is due to complete Burj
Dubai. It is set to complete in 2008 and stand 700 metres high, making it the
tallest building in the World. The competitiveness between the three is being
played out on a grand scale, and Nakheel has already announced the building of
Al Burj, which will no doubt be higher still than Burj Dubai.
Lets dive in and look at the reasons Dubai has become such a hotbed for the global investor community.
Dubai is positioning itself to be a worldwide contender in the tourism industry.
Dubai is one of seven emirates that make up the United Arab Emirates, and has 1,318 kilometres of coastline and a population of about 1.5 million.
Dubais growth of the last fifty years has been incredible. In the 1966, Dubai which was already a relatively wealthy trading centre discovered oil.
The oil revenue led to accelerated economic and social reforms.
Tourism contributes to over 40% to Dubais economy, with 4.7 millions tourists in 2002, and projections of 15 million in 2010.
Dubai has sub tropical and arid climate. Winter temperatures are as low as 10 to highs of 50 degrees Centigrade in summer.
The pace of economic growth in Dubai over the last 20 years has been incredible. Trade has grown 9% per annum over the last 10 years.
With strong growth projected with the development of the following large scale projects:
Dubai Festival City
Dubai International Financial Centre
Dubai Flower Centre
Dubai Internet City
Dubai Marina
Dubai Silicon Oasis
The Dubai Mall
Burj Dubai
Dubai Healthcare City
Dubai Autodrome and Business Park
Dubai Humanitarian City
Dubai Investments Park
Dubai Media City
Dubailand
Dubai Maritime City
The Palm
The World
At present the three companies are working on combined projects of $100bn.
Nakheel itself has $30bn worth of projects under construction. Emaar is the only
one of the three listed on the stick market. Its share price consequently saw a
646% rise in a little over a year. Many say a Nakheel listing is inevitable.
Many are asking about the sustainability of such development. Population growth
is set to grow from 1.4m in 2005 to 5m by 2020.
Projects such as The World costing from 5.7bn to 22bn, and Dubailand have also been intended to capture the attention of the global media as well as the interest of
international property investors. Dubailand covers 2 billion square feet, and comprises 6 sports zones. Few predicated a few years ago that Dubai would become a burgeoning middle east financial hub in the shape of the DIFC zone, as well as having one of the largest airlines.
Dubai has a hereditary monarch. The current ruler Sheikh Mohammed bin Rashid al-Maktoum. He was succeeded his late brother, and now performs the role of Vice President and Prime Minister of the UAE. Dubai has seen exceptional growth under the stewardship of Sheikh Mohammed , and hence has one of the worlds highest GDPs per head.
Visitor numbers doubling to 5.5m upto 2004 has fuelled property speculators, and the dubai property gravy train has roared ahead. This train has been partly fuelled by petro-dollars, as well as funds also finding their way into the stock market.
The new property law will allow expats that have purchased new off plan homes to register them with the Dubai Land and Properties Department. The new law has been predicted to boost demand by allowing long term mortgages and has allowed conveyancing by International much easier, since it now sits within a legal formal frame work.
Another important underpinning to the Dubai market is that the three top players (Dubai Holdings, Nakheel and Emaar) will always be able to manipulate the supply side of the equation. The three and the government are intertwined and co-operation to avoid any property bubbles would be the most likely were the market to become hostile.
Like any market being slowly heated, a key is always at what point you are entering the market. Many believe Dubai has a long way to go yet, since the largest projects have yet to be build; mortgages are still not freely available; tourism has not yet peaked and the freehold law has only now been formally acknowledged, lastly the tax advantages are enough to make the average swiss banker wince no local income tax, capital gains tax , inheritance tax or stamp duty.
Costs of Construction Drives up Prices.
Across the Gulf States construction project management milestones are slipping. Residential, Office and Hotel projects are suffering delays due to shortages
in labour and to a lesser extent materials. The Gulf, China and India are competing for construction raw materials, and this is feeding through to
construction costs of estimates of 15% over the last two years. Expat workers labour on the large Gulf infrastructure projects, such as the Palm.
Arab GCC states 15th biggest economy.
The GCC states comprising: Bahrain, Kumwait, Oman,Qatar, Saudi Arabia, and the UAE, now have a combined GDP that would place them 15th amongst the world’s
largest economies. Many of these economies have doubled in the last five years.
Emaar’s chairman gives his views on Dubai’s Real Estate Sector.
Mohamed Alabbar is the chairman of Emaar, which is the largest listed real estate developer within the GCC states.
Founded in 1997 it now has a capitalisation of $40bn. It developed the worlds tallest buillding the Burj Dubai. Emaar
started with building themed onshore communities, many of which were aimed at the expat community.
A recent partnership with Italian designer Giorgio Armani to create the first Armani Hotel.
It will offer 175 rooms within the Burj Dubai.
Dubai’s new financial role
Dubai International Finance Centre has grown by by 15%, and has overtaken Luxembourg in the area of Islamic bonds. The six states of the GCC (Gulf Cooperative Council) have achieved double digit GDP growth. Making the GCC the fastest growing economy after China and India. An estimated $450bn of foreign assets have been added over 2006/7. A surplus of 30% of GDP is being invested and spent on domestic social and infrastructure projects. Dubai based banks are managing much of the petrodollar funds, which was not the case in previous oil price booms.
The lure of cities
Beautiful snowy peaks! green hills! Sunny days! Friendly people! Local organic food! Locally brewed alcohol sipping with herb marinated organic hen. Be in the lap of nature. Relaxing environment. Away from the noise and crowd of vehicles of the city and people. Anything more…
This is the perfect travel or holiday in the Himalayan nation of Nepal. Fly to Kathmandu from Europe or Asian cities. You can catch a flight from Gulf or Qatar direct from London to Heathrow or if you are flying from other Asian cities then there is the direct flight from Bangkok, Hong Kong, Singapore and Seoul. Or you can fly from New Delhi or other cities of India to Kathmandu. Stay one night or two in Kathmandu then take a taxi to Pokhara or fly there.
Then you can have an enjoyable trek to Kagbeni in Mustang district bordering with Tibet. Take a fun trip either riding in the horse or mule. Or you can enjoy the ride donkey if you are not so heavy. Only people of small size like me can enjoy the donkey ride.
Then comes the heaven of the earth. You will reach Kagbeni, a small local market with beautiful scenes. Small traditional hotels provide local food and you can also get the taste of continental food if you cannot change your eating or drinking habit.
Relax in the wooden chair just outside the hotel which were known as Bhatti, tavern, in the past. Drink a glass of locally brewed Jand, beer. The mighty snowy Himalayas are in your side. Big hills are there everywhere.
The snowy mountains seem to be very close to you. You will think that it can be reached within a few minutes walking distance, however, it is not so close. It may take a few days walk to reach and touch the snow.
And look at the menu. What you want to eat and drink. Cold or hot drink or some alcoholic drink. It is there in your service. Relaxation. No noise. No sound. No pollution. No hectic and stressed life of the cities. You will think that you are not in this earth- somewhere in another planet or in the dream. It is the perfect heaven, the paradise of the earth.
Then comes the snacks of locally prepared organic food. Bread, noodle, momos,rice or whatever you like.
Local hen is being prepared for you. You will be smelling the naturally gifted herbs. Sandheko Kukhura,chicken marinated in the local herbs. The mouth watering food and drink is coming towards you. You will certainly forget your days in the big cities and think that you want to be there forever.
Cheap but healthy food and naturally gifted beautiful place of the world. Relax, smile and dive into the depth of happiness with your friends.
Learning Rugby
Rugby Football believed to have originated in 1823 when William Webb Ellis took the football in his hands and ran with it to the goal post, has matured in to a game of skills and masculine power. Although this is not confirmed as one hundred percent true, the story is given credence due to the fact that the Rugby World Cup trophy is named “William Webb Ellis Trophy.”
In Asia, ASIAD Rugby tournament supposed to have originated in mid nineties is a grand event. The twentieth ASIAD Rugby Football tournament that was to be staged from the 18th to 25th of November in Sri Lanka now stands postponed due to participating teams, particularly, Hong Kong, Singapore and Japan expressing concerns over the prevailing security situation in Sri Lanka. However, the Sri Lanka Rugby Football Union, the Sri Lanka Olympics Committee and the Ministry of Foreign Affairs have assured VVIP level security at the host hotel Galadari, Colombo and at the three venues for the twelve participating teams. It was also pointed out that no sporting event in Sri Lanka had come under attack during the two decades or more of conflict and foreigners are never a target in this war.
The tournament was to have got off the ground with the first fixture to be played on the 18th November at the Royal Complex between China and Chinese Taipei. The Chairman of Singer Sri Lanka the principal sponsors of this tournament said in an interview that rugby could attain a similar status as cricket in the country during the forthcoming twentieth ASIAD to be staged in Colombo from November 18-25. Incidentally, it was Singer Sri Lanka that was the sponsor of the Sri Lanka Cricket Team when it won the World Cup in 1996.
Participating countries like Thailand, China, Chinese Taipei, India and Kazakhstan have pledged their support and confirmed their participation in the tournament. In fact the Chinese Taipei and Kazakhstan had already bought their air tickets to come to Colombo. Meanwhile, the International Rugby Board is yet to announce a new host city for the Asian qualifiers. The top team will qualify for the Rugby World Cup to be held in France next year.
It is a shame that conflicts have endangered the sporting activities of peace loving people. Sporting activities or tournaments are promoted to bring out the best in individuals and/or a group of individuals playing together as a team while promoting friendship and discipline among teams and individuals. However, vested interest fighting for narrow ideologies disregards moral values in sports. This affects the very fabric of society.
The rise in popularity of Cosplay in the US
August 24, 2009 by admin
Filed under Restaurants
Cosplay, or “costume play”, refers to dressing up as Japanese Animation, Manga (comic book), or video game characters. Though amongst “cosplayers” in Western society, it’s become accepted to extend that term to dressing in virtually any type of costume. Cosplay in Japan is considered a hobby, and many cosplayers meet to show off their hand-made costumes at conventions (like Comiket in Japan) or in trendy, Harajuku, Tokyo. Since 1998, Tokyo’s Akihabara district has had many “cosplay cafe’s”, cafes where the staff will cosplay, open.
It’s said that the term cosplay was coined by Nov Takahashi at Worldcon, a science fiction convention, in 1984. It’s also believed that his reports back to Japan of Americans dressed as science fiction characters later gave rise to Japanese cosplay. Though it’s highly debated over that Americans are the originators of cosplay.
Japanese cosplay has only recently become popular in the US, boasting some 20,000+ individuals of every race, creed, and color. Yet Western cosplay does deviate from Japanese cosplay in that there’s masques (masquerades), cosplay competitions that occur at conventions where cosplayers will display their costume(s) for judging and/or perform a skit on stage by themselves or with others. Prizes consisting of money, dvds, etc. are offered to the winners, varying on the category of difficulty the cosplayer entered. Many cosplayers also attend conventions for panels on various topics, Cosplay Chess (Human Chess in cosplay), and the Anime Dating Game. Cosplay has even become common at movie theaters on opening nights for popular science fiction and fastasy films (like Lord of the Rings and The Matrix).
The Americanized version of cosplay has even spread into Europe, Mexico, Austrialia, and the Philippines. While Hong Kong, Singapore, Taiwan, and other Japanese influence markets have embraced the more traditional Japanese cosplay. And while American cosplayers are generally frowned upon as being “nerds or geeks who play dress-up”, it’s becoming a more and more acceptible hobby as MTV, G4TV, and various cable networks, magazines, and print media continue to promote cosplay in a positive manner.
The world and its presidents
Despot and Dictator President Robert Mugabe of impoverished Zimbabwe signed a power sharing agreement recently with Morgan Tsvangirai just before locking up two of its most prominent members.
Cholera grips Zimbabwe. One fourth of all Zimbabweans are exiled abroad. Hyperinflation stalks the land. People are starving. Zimbabwe, the former white ruled Rhodesia where the natives were excluded by white colonials was capable of feeding its own people and was described as the bread basket of Africa.
Mugabe is banned from the European Union and the United States. Grasping Grace Mugabe (44) wife of 84 year old Mugabe, his former mistress and secretary, has visited Asia, specificaly Hong Kong, Singapore, Vietnam, Thailand and Malaysia in order to purchase properties for their inevitable exile from justice. Mugabe has developed strong contacts with intermediaries in Malaysia where they are believed to have property and bank accounts. The only overseas branch of a Zimbabwean bak is found in Malaysia. Grace and Robert Mugabe are fully funded by the Zimbabwean Central Bank. The Mugabes like to visit Singapore, Hong Kong and Bangkok specifically the Meritus Mandarin Hotel, Singapore, the Shrangri-La in Hong Kong and the InterContinental in Bangkok. Entire hotel floors insulate the Mugabes from unwelcome riff-raff.
Mugabes financial dealings are shabby, involving clandestine paper work and hotel bills settled with bags of cash. In November 2008 the United States treasury department tightened sanctions against Mugabe and his associates who kept him in power by means of violent intimidation of opponents who had defeated him and his party at the polls. All of Mugabe’s assets and those of his associates within United States jurisdiction were frozen. Western governments state categorically that Mugabe runs one of Africa’s most corupt regimes and that he has siphoned off millions of pounds from Zimbabwe into bank accounts and properties.
Mugabe and grasping Grace will very soon have to worry about the security of their Far Eastern investments. These will come under closer scrutiny in Hong Kong where new money laundering laws have enacted a special category of ‘politically suspect persons’ for surveillance. Experts say regulators are obliged to monitor their transactions.
The Hong Kong legislation defines such persons as those persons from countries ‘where corruption is widespread’ and includes such risk factors as ‘unexplained wealth’, the use of accounts at a government bank and any request for secrecy.
Why has Mugabe lasted so long? South African President Thabo Mbeki supported him for a long time until he resigned last year. Incoming President Jaco Zuma promises to deal with Mugabe. Will he?
