Raha Beach has a push

We have been saying it all year!Off plan is dead but completed or nearly completed stock has a chance depending on location.

We had a few sales this week in Abu Dhabi and quite frankly they came out of the blue. We have not advertised AD for over 7 months and the website is totally out of date! We put our heart and soul into The Palm and then 3 quick sales from somewhere off the radar.

I actually worry about things like this, convincing myself that i am missing a trick and too slow to see what is happening.After scratching my pate for 48 hrs I decided to get in the car and see for myself how the Capitol was bucking the trend.

Here is what i saw.

This is the New Head Office for Aldar and in my opinion totally breathtaking. I don't suppose it is particularly economic on useable space but on this occasion i don't care. It is going to be the centre piece for some time for Al Raha Beach and allows Aldar bragging rights to say they have arrived and mean business.

Muneera and Bandar projects are a short distance away and unfortunately it was a sandy day and difficult to get decent photos.

These projects are progressing well and have come out of the ground siginificantly which must account for the recent activity.

There is a huge lack of housing in Abu Dhabi which sees rental rates still rising. It is in need of properties reaching the market as soon as possible. These projects benefit from being close to the Etihad headquarters and will be full of Pilots etc.

Despite the recent downturn it looks to me like Al Raha beach is going to have a good run as all the fundamentals are in place and to top it all Abu Dhabi Finance ( along with other banks) are throwing money around at would be homeowners.

I don't suggest we all go buying off plan properties again just yet but the prices you can buy AL Raha beach for today are going to rise considerably in the 12 months.

Grand Lady of the seas arrives

A week after the Atlantis party it took the 'Grand Lady of the Seas' arrival to bring some class to the usually more over the top Dubai. With the glamour of last week still ringing in our ears the QE2 bought a touch of elegance to the Dubai shores.

Launched in 1969 she is undoubtedly going to need a full refit and Dubai will be responsible for this sensitive project. Mr Ursprunger, CEO of QE2 Nakheel, has this task and his new first lady seen by millions as a demure sophisticated lady is about to have a full Hollywood style extreme makeover. She is going to totter into the Beverly Hills drydocks 90210 of Port Rashid looking a bit saggy and after a couple of years come out completely transformed into the usual 'fur coat and no knickers' sparkler Dubai is famous for. For $250m of facelift lets hope they don't use the same surgeon as Cynthia Weinstein.


There are plenty of rumours surounding what the QE2 will offer so straight from the unenhanced lips of Mr Ursprunger here is my current take on what the new project will offer.

A spur of reclaimed land just past Al Khudrawi will be named the 'QE2 Precinct' where the liner will be docked. The liner will be converted into a 200 room hotel offering a theatre capable of supporting Broadway shows, 5 Reastaurants, a huge spa, and a maritime museum.

The land area will consis of 65 residences, English Gardens and marina facilities. All in all this project is a massive plus for the Palm Jumeirah and those of you who have invested in the Shorelines must be feeling very smug. When this project is finished the Palm will be a true resort and prices for real estate will be through the roof.

Property
The market is quiet at the moment but the hard core investors are pinching themselves with excitement. I spoke to one of our more cavalier clients a couple of days ago who is convinced that this 'correction has provided the opportunity to make some great deals and duplicate what he has achieved over the past 5 years'. Good Luck my friend but please show some loyalty and remember our number.

Amlak and Tamweel ( Mortgage Lenders) are now merging their businesses which in essence makes them the Fannae and Freddie of the UAE. I expect this power house to start lending again in the new year and kickstart the market. Over the past 4 weeks property sales have been slow but only because buyers are struggling to get finance. Once this nationalised mortgage lender gets started you will see prices firm up considerably. In addition to this Abu Dhabi have created their own lending arm, AD Finance, which will be run by our old friend Philip Ward ( ex Barclays). This guy knows how to set up mortgage departments and Abu Dhabi will pump mega money into this company to stimulate growth.

This is all the market needs to see a real difference as the rents are spiralling out of control and many of these over charged tenants are looking to buy.

I promised you some big news last week which has not materialised.. My collagen free lips will have to remain sealed a while longer before i spill the beans ....

Thanks for the comments last week and a big hello from the Villa to Louise.