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Distress Sales Villa`s Property Type: Villa Development: All Bedrooms: 3 Size Sq.Ft: Various Selling Price: AED Various Description: We have a selection of Villas available at very low premiums both »More	Distress Sales Apartments Property Type: Apartment Development: All Bedrooms: Studio Size Sq.Ft: Various Selling Price: AED Various Description: If you were previously out priced in the Dubai market now is a great »More
European Business Center Property Type: Office Development: Dubai Investment Park Bedrooms: 0 Size Sq.Ft: 777 - 7,826 Selling Price: AED 107,750 Per Year Description: The European Business Center is a modern mixed-use office and »More	The Atrium Property Type: 0 Development: Dubai Waterfront Bedrooms: Studio Size Sq.Ft: 921 Selling Price: AED 2,200,000.00 Description: An Iconic Crystalline structure The Atrium will rise as two arching »More
Eclipse Commercial Tower Property Type: Office Development: Jumeriah Village Bedrooms: 0 Size Sq.Ft: 744 Selling Price: AED 1,197,851.00 Description: The tower, which will be completed by the end of 2010, features a »More	Dubai Sports City Universal Property Type: Apartment Development: Dubai Sports City Bedrooms: 1 Size Sq.Ft: 714 Selling Price: AED 880,000.00 Description: Universal Tower (G+17) comprises of 298 apartments of Studios, »More

Al Mazaya maintains timely delivery of Icon Towers at Lake Jumeirah

Al Mazaya maintains timely delivery of Icon Towers at Lake Jumeirah

One of the leading property companies in the region, Al Mazaya Holding, has maintained its schedule of delivering 800 residential units at the Icon 1 and Icon 2 projects at Lake Jumeirah.

Al Mazaya has put in lot of effort, to ensure timely delivery of these properties to the owners in early 2009. It has assured that the other projects by the company will also be delivered within two years, thereby contributing its bit to the target of Dubai market to receive 70,000 residential units during 2009-10.

The Icon 1 and Icon 2 are the first projects to be completely sold out at Lake Jumeirah, although 120 other residential towers are also underway. Both Icon 1 and Icon2 residential towers comprise a total of 400 units that overlook the Jumeirah Lake on one side, and Jumeirah Islands on the other.

Fathi Dhamiri, SVP Projects at Mazaya Dubai, mentioned that despite the challenges faced during the development of the tower, all obstacles have been overcome, and the project has been scheduled in time.

Dhamiri mentioned that the timely delivery of these residential units implies the company's commitment towards its clients, and added that, Al Mazaya is currently developing three commercial towers, called Business Avenue for the business class in the area. Currently Business Avenue is 50 percent complete, and the units will be handed over towards end of 2010.
Dhamiri also did mention that the project is strongly supported by the Dubai Government, and that it is the first to be developed on Lake Jumeirah.

Manhattan Luxury Apartments at Jumeirah Village on track

Manhattan Luxury Apartments at Jumeirah Village on track

Al Fara'a Properties yesterday confirmed that the company is making steady progress towards timely completion of its Manhattan Luxury Apartments project, despite the current market dynamics.

The company revealed that it has successfully poured 7500 cubic metres of concrete for 50 hours, covering 46,500 square feet for the basement level of Manhattan Development in Jumeirah Village.

The 12-metre cavity, with high density supports and piling, will house the basements and foundation of a signature collection of the New York-inspired apartments, comprising studios, single, double and triple bedroom units.

Manhattan Luxury Apartments offers high-quality apartments with signature amenities designed to offer a healthy lifestyle to its residents. The amenities include world-class gymnasium, swimming pools, sauna and steam facilities, and well-equipped children play area.

Majority of projects that are currently in progress in Jumeirah Village are that of Al Fara'a Properties. The Le Grand Chateau which won the CNBC Arabia's best development award is also one among the projects nearing completion by Al Fara'a.

The Director of Al Fara'a Properties, Natasha Gangaramani, when speaking about the scheduled delivery of the apartments, mentioned that the company has deployed 1200 strong workforce, which constitute a team of experts who would lead the project into successful completion.

With a planned property portfolio worth Dh.10bn, Al Fara'a Properties has launched successfully several residential, mixed-use and commercial developments spreading across Jumeirah Village, Downtown Jebel Ali and Dubai Maritime City.

The Palladium to be soft-launched in March 2009

The Palladium to be soft-launched in March 2009

The newest and most flexible venue of Dubai, The Palladium meant for international and entertainment events, worth $68mn (Dh.220mn) will undergo a soft-launch in March 2009. The venue will prove to be a model for a new generation of combined entertainment venues worldwide.

Built at a cost exceeding Dh.220mn, The Palladium is a dream-come-true for Raymond Gaspar, an entertainment and media entrepreneur. With a venue capable of staging everything from large scale musicals and theatre to classical and rock concerts, weddings and banquets, opera to exhibitions and conferences to seminars, The Palladium is currently undergoing finishing touches at the Dubai Media City.

The Palladium is the first-of-its-kind multipurpose venue in the region for entertainment and events. The facilities here are unique, with a capacity to stage theatre, musicals, concerts, circus, opera, ballet, cabaret, exhibition, conferences, seminars, launches, award shows, banquets, sporting events, festivals, sporting events, weddings and cocktail parties.

The Palladium is designed with a seating capacity of 3000 for retractable seating, 4000 for mixed seating and standing, and 5500 for standing and 1500 for banqueting. In addition, the main auditorium offers 2500 square metres of open space for exhibitions and concerts. The stage is the biggest in Middle East with a width of 25metres and depth of 16 metres.

It also includes seven private Skyboxes with 12 plush seats and dedicated butler. There are two corporate hospitality areas of 200 square metres each, facing the auditorium.

The Palladium is also in the process of developing integrated high-class food and beverage outlets and a club environment, open throughout the day, the complete details of which, will be unveiled soon.

In law, the word real means relating to a thing (from Latin res, matter or thing), as distinguished from a person. Thus the law broadly distinguishes between [real property] (land and anything affixed to it) and [personal property] (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. (The word is not derived from the notion of land having historically been "royal" property. The word royal — and its Spanish cognate real — come from the unrelated Latin word rex, meaning king.)

With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Cities such as Vancouver, British Columbia have experienced remarkable growth in real estate prices in the new millennium. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Appraisal - Professional valuation services
Brokerages - Assisting buyers and sellers in transactions
Development - Improving land for use by adding or replacing buildings
Property management - Managing a property for its owner(s)
Real Estate Marketing - Managing the sales side of the property business
Relocation services - Relocating people or business to different country
Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate.

"Internet Real Estate" is a term coined by the internet investment community relating to the parallel that exists between high quality internet domain names and real-world, prime real estate.


Levels
According to The Economist, "developed economies'" assets at the end of 2002 was

Residential property: $48 trillion
Commercial property: $14 trillion
Equities: $20 trillion
Government bonds: $20 trillion
Corporate bonds: $13 trillion
Total: $115 trillion
That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. Assets not counted here are bank deposits, insurance "reserve" assets, and human assets; also it is not clear if all debt and equity investments are counted in the categories equities and bonds. For US asset levels see FRB: Z.1 Release-- Flow of Funds Accounts of the United States.

International Real Estate Directory & Property Information Portal - Buy, Sell or Rent your Property, Commercial Property, Hotel Apartments, Apartments or Villas - anywhere in the world!

Panorama Towers: High end luxury Condominium

Real estate or immovable property is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate (immovable property) is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personality). However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from real property, referring to ownership rights over real estate. The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property. In recent years, many economists have recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. In most societies, rich or poor, a significant fraction of the total wealth is in the form of land and buildings. In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgages -- bank loans for which the real property itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because if the borrower does not make payments the lender can foreclose, that is, file a court action that lets them take the property and sell it to get their money back. But in many developing countries there is no effective means by which a lender could foreclose, so the mortgage loan industry as such either does not exist at all or is only available to members of privileged social classes.

Real estate business brought into tax net

CVT, WT on stock trade doubled
RECORDER REPORT ISLAMABAD (June 06 2006): Bringing real estate business into the tax net, the government has imposed capital value tax (CVT) at the rate of 2 percent on the value of land as per registered sale deed on all urban immovable property measuring 500 square yards or one kanal which ever is less.

However, this limit would not be applicable on the commercial property. In case the value of property is not recorded, CVT will be collected at Rs 50 per square yard of the land area. The urban areas falling within the limits of Islamabad Capital Territory, cantonment board or municipal body and areas defined under the Urban Immovable Property Tax Act, 1958.

The withholding tax on the cash withdrawal above Rs 25,000 from banks has been enhanced from 0.1 percent to 0.2 percent. The limit of Rs 25,000 per transaction has been changed to per day.

The withholding tax and CVT applicable on the stock exchanges has been doubled. The withholding tax on trading transactions made at the stock exchanges has been raised from 0.005 percent to 0.01 percent. The capital value tax (CVT) on the stock exchange transactions has been raised from 0.01 percent to 0.02 percent.

The exemption available to Mutual Funds on making investment in carryover trade (COT), (Badla) in stock exchanges has been withdrawn.

The exemption on corporatisation of individual stock exchange membership would continue in 2006-07.

The withholding tax on import of motor cars and fertiliser by manufacturers proposed to be made adjustable and minimum income tax on turnover on Murabaha financing has been proposed to be taken away.

The income tax exemption available to the venture companies has been extended up to 2014 and depreciation at the rate of 30 percent for the machinery producing IT products has been allowed by the income tax department.

The government has also decided to encourage investment in the trading houses in the country. Minimum income tax in the cases of Trading Houses proposed to be suspended for first 10 years.

The government has also given exemption of income tax on the income of Real Estate Investment Trust (REIT). Income would be exempted if 90 percent of the income is distributed to members.

The simplification of salary taxation has been done by applying effective rate on gross salary. Basic exemption limit proposed to be raised to Rs 150,000 with tax rates ranging from 0.25 percent to 20 percent on the gross salary. The raise to Rs 150,000 is technical adjustment, which would not result in any benefit to the taxpayers.

Similarly, the tax rates for non-salaried persons proposed to be rationalised, would range between 0.5 percent to 25 percent.

The government also announced special tax concession for women taxpayers. The basic exemption limit has been proposed to be raised to Rs 200,000 for salaried and to Rs 125,000 for non-salaried women taxpayers.

The rebate for teachers and researchers has been extended to officers posted in government training institutions, while the tax rebate for senior citizens has been reduced from age limit of 65 to 60 years. While comprehensive changes have been made in the withholding tax regime, the withholding tax on commission and brokerage has been rationalised and a single rate of 10 percent has been levied under the Presumptive Tax Regime (PTR). The PTR has been extended to services as well.

The withholding tax on various imports has been rationalised and the levy on supplies of rawhides and skins proposed to be withdrawn to provide level playing field. Moreover, the rate of withholding tax rate has been proposed to be enhanced in cases where NTN/CNIC is not disclosed by the taxpayers.

The deduction in corporate tax rates introduced through Finance Act would continue.