Asian investors have shelled out approximately AED 9 billion in real estate investments into the UAE from March 2007 to the early months of 2008, according to recent market studies. Driven by the huge potential of marketing its developments to Asian-based investors, Bonyan International Investment Group has participated at the recently concluded Cityscape Asia 2008, where it showcased its AED 3.5 billion project portfolio.
As one of the five real estate companies that represented the UAE at the event, Bonyan’s participation was aimed at increasing its penetration in the Asian market to further reinforce its presence in the international real estate arena.
With industry experts projecting further growth in investment opportunities within the UAE real estate market, investors from India, Pakistan and Iran continue to patronise commercial, residential and mixed use spaces within the country’s most sought-after developments. Backed by a strong portfolio of high value real estate offerings and an array of value added services, Bonyan’s strategy is to develop more unique projects that can deliver outstanding investment returns.
In addition to favourable economic and geographical conditions, the involvement of governments through several landmark legislations being enacted across the seven emirates has further positioned the UAE as regulated and investor-friendly market.
“Our aim is to gain a worldwide repute as a developer of high value single development and large-scale community projects and build a project portfolio worth AED 10 billion in the next three years. Being able to penetrate and thrive within the highly competitive regional real estate market is truly overwhelming, and the next step for us is to venture out and seek a broader market for our high value offerings.
For us to be able to realise this vision, we are continuously exerting much effort to bring foreign investors to the country by underlining the outstanding business prospects in the country through events such as this,” said Eng. Abdullah Atatreh, Chairman, Bonyan International Investment Group.
Visitors and participants at the three-day exhibition gained a clearer overall perspective of the booming real estate landscape of the UAE and the Middle East region, and the outstanding investment opportunities being offered by Bonyan through its current development projects such as Dubai Gate 1 and 2, Sharjah Gate and ABBCO Tower.
The developer also showcased its full suite of integrated and research-based services, which include project management and value engineering, sales and marketing, and investment and feasibility, which are being offered across all Bonyan offices in Dubai, Abu Dhabi, Muscat, Qatar and Amman.
“As one of the five developers from the UAE that took part in this event, we were very excited to showcase our portfolio of commercial, residential and mixed use projects, which accurately represents the amazing progress of the real estate market in the country.
Participation in international events of this magnitude undoubtedly presents numerous advantages, not only in driving sales but also in expanding our networks and gaining valuable partnerships with other global players, and this year, we are confident that the results of our presence will exceed the outstanding opportunities that events of this kind have previously opened up for us,” concluded Atatreh.
About Bonyan International Investment Group, L.L.C.
Bonyan International Investment Group, L.L.C. started its activities in 2002 and is now being considered as one of the leading real estate groups in the Middle East. The Group’s main activity is the development of real estate projects through ownership, partnership, or as development consultants. Offering a full suite of integrated and research-based services, the Group leverages several partnerships and strategic alliances with key regional and international business partners.
Its wide array of value-added services include real estate project development, project management and value engineering, sales and marketing, as well as investment and feasibility studies, which are being offered to individual, corporate and institutional clients and partners. With offices in Dubai, Abu Dhabi, Muscat, Qatar and Amman, the company is playing an integral part in the development of the real-estate market in the region.
What is a timeshare? According to the New York Attorney General’s office, timeshare is defined as any arrangement for sharing ownership of a vacation home, condominium or other interest in realty where each of the joint purchasers may occupy the unit during a specified period each year.” Now that you know what you’re buying, let’s get down to how to buy it.
People seem to buy timeshares for one of two reasons. The first is that they want to vacation in a wonderful place during the same week(s) each year. The second is that they plan to exchange their week with other timeshares from all over the world. They would go to ABC Luxury Resort and the people they exchanged with would go to their resort, located at XYZ. There are over 5000 resorts worldwide to choose from. If you make the right purchase, you will have years of wonderful vacations.
Larry Hayden, from The Timeshare Users Group (TUG), provides several excellent tips when considering buying a timeshare:
1. Buy during a prime season- your timeshare will be worth more when you go to sell or exchange it.
2. Buy in a high demand area. Past demand for a particular resort will your re-sale price.
3. Buy where there is a reasonable maintenance fee.
4. Buy it as inexpensively as you can- it is definitely a buyer’s market. In many cases you will be able to buy from an owner, Owners Club, or Management Company at a dramatically reduced price.
5. If possible, buy into a resort that is part of a large management system so you are entitled to low rates at other resorts in the system.
6. Buy through a licensed real estate broker.
7. Make sure you receive the Title Insurance.
Other Tips
The New York Attorney General’s office offers some great advice on how to protect yourself when you go to buy your timeshare. (The tips they give are specific to New York but you can get similar information from your own state department.)
Beware of envelops bearing gifts. Many New Yorkers have recently received happy news in the mail- they’ve won a free trip to a tropical paradise.
If you have won something, the prize advertisement must state the following:
* a full description of the exact prize
* the cash value of the prize
* whether or not you are required to submit to a sales presentation (or possibly endless numbers of them)
* all terms and conditions attached to the prize
How to Protect Yourself
Your offering plan needs to be filed in your state.
In NY, you have the right to cancel the agreement within seven days. (This is called a “cooling off” period). Ask lots of questions and get everything in writing.
Does the deal make sense for you? Buying a timeshare often means a permanent benefit and commitment. After examining all the risks you still need to ask yourself if the convenience and appeal of a timeshare are worth the price.
Exchanging
There is something quite wonderful about a timeshare especially if you are able to trade or swap your week with someone who holds a timeshare somewhere else in the world. This can make your timeshare a real, lifelong bargain.
Some Important Don’ts:
* Never buy into a timeshare that isn’t built yet. Timeshares have a nasty habit of living up to your expectations.
* Never buy into a timeshare that doesn’t have an Owners’ Club.
* Don’t buy if you think the management fees are too high. It is very unlikely that they will ever go down.Don’t rush your decision. It’s a buyer’s market. You have the luxury of waiting until you find your “perfect” deal.
Dubai real estate property prices fall by 50% due to lower demand frm buyers.According to reports,
the real estate market in Dubai is falling from 20% to 50%.It is predicted by experts that aparment prices
will fall by an average of 20% .Individual decline between 10% to 50%.Some how it depends on development.
Villa prices will remain stable with an average drop of 10%.United Arab Emirates capital Abu Dhabi suffered a fall of 20% prices since last summer.Qatar suffered a fall of 10%.It has now become a Buyer’s market rather than a Seller’s market.Buyers have more advantage in negotiating prices.
The property prices will continue to fall for 9 to nine months which resembles a situation in hong kong 11 years ago.The values fell ranging from 20% to 50%.Expert predicted that investors would come back if property becomes more affordable as the asking price now is unsustainable.From international News, projects worth $72.35 billion are in a dilemma causing great lose to pakistani investors.Although there is no official annoucement about projects development on hold from developers,reporters stated that over 50 building projects can be seen in standstill.Real Estate projects worth $3.275billion has confirmed to to be cancelled.If this crisis continues,job losses will increase in constrution field which will worsen the situation.Following day,news said that the real extent of the halt in developments in Dubai has been revealed by an international bank which estimates that projects worth £53 billion have now been put on hold.According to HSBC 59 projects have been severely affected by the global downturn and of these eight have been cancelled and the rest put on hold.In a report note the banks says that high end residential projects and commercial developments are those at most risk in the current economic conditions.Hopefully good news will come in coming months.
Working in the Gulf comes with its share of challenges and rewards. There are loads of expatriates who move to the Gulf each year to pursue a career full of dreams. While Dubai is the most popular destination to work in the Gulf, other Gulf states also welcome expatriates and offer good opportunities. Qatar is one such destination. Working in Qatar too comes with lot of monetary advantages along with some getting used to living in the country. To get a job in Qatar, one needs to follow a set procedure and also needs to know about the country beforehand. Lifestyle and the culture in Qatar would be very different from the country of your residence if you live outside Gulf. To fully enjoy one’s stay here, it requires some getting used to.
While money remains the biggest puller for Qatar jobs, the lifestyle and the country in itself is also welcoming. In fact, money is the main attraction that attracts trained foreign workforce into the Gulf. The compensation offered is handsome and the best part is that no tax is deducted from the salary. So, whatever one earns is for one to keep. This is the main driver of people into the Gulf. They come here to make huge savings for life. In a job in Qatar, you can enjoy more than just money. It is a nice place to work in that offers a superior life style. One can easily hire domestic help in the home and enjoy on the money earned. Alcohol is allowed unlike some other Gulf countries and there is tolerance towards clothing and dressing style. Also, geographically, it is not that the whole country is an arid desert. There is a lot of greenery and efforts are being taken to improve it aesthetically.
To get a job in Qatar, you need to apply to a suitable job through recruitment agencies or a job site or directly to the company. Once, you are selected your employer will call you for an interview and other formalities. This trip is paid by the employer only. Once you are selected for the post, your employer will have to send a letter to the Ministry of Civil Service and Housing Affairs to seek permission to employ you. Once that permission is granted, the labour department requires a copy of the employment contract. Apart from this, the other documents required include- a letter from the family sponsor giving permission to work, original academic and professional qualifications and their photocopies, two photographs, original passports and ID and photocopies of you and your family sponsor. It is advisable to submit only the photocopies of all documents unless the originals are asked for. Your employer will act as your sponsor to get you into the country.
If you move in with your family, your spouse or any other relative would require a licence to work. However, women who wish to take up a job in Qatar, and are already on a family sponsorship would not further require a separate work permit. All they need to do is to get themselves registered as a working woman at the Labour Department. They require a formal signed permission letter of the sponsor for this. For women, employment in Qatar is opening up these days. A lot of Qatari women are also working while wives of expatriates working in Qatar also take up jobs during their stint here. Women are entitled to the same salaries, training and promotion opportunities but they are not hired for any type of hazardous work. Women are advised to wear non-revealing clothes with full sleeves and trousers although covering head is not mandatory.
If you are looking for a job in Qatar, try to get employment in a big international company because they are more reliable and offer better benefits and perks. It is good to avoid small firms and start-ups as they are under the danger of going bust anytime leaving their employees in the lurch. Big companies take care of their employees and offer handsome salaries along with other residential, travel and holiday benefits. The employment contracts are written in Arabic. They are translated into English or any other foreign language but in case of a discrepancy in translation, the Arabic version is adhered to. One must go through the contract very carefully and get to know all other details regarding the job profile, pay package, promotion, dismissal rules and duration etc clearly before agreeing to the job. Once this is taken care of, a job in Qatar could be a very rewarding experience.
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