Schon Properties, together with Emarat and Dubai Summer Surprises, has awarded the UAE national, Khalid Ebrahim Hussain, with the key to his new apartment in Dubai Lagoon. Schon Properties are the developers behind the Dh.3billion Dubai Lagoon development.

The Chairman of Schon Properties, Nasir Husain, stated that the promotion was a huge success and expressed his happiness to present the new dream apartment to the grand prize winner, just a day before the commencement of Ramadan.

Schon Properties is a newly established holding company, which has numerous real estate projects in the UAE. Dubai Lagoon is a major development in their portfolio, built in the heart of Dubai Investment Park, covering about 6 million square feet of development area. The project comprises 53 buildings, comprising studios, single, double and triple bedrooms and penthouse apartments. The Schon Buisness Park is the first business park of its kind located in the Dubai Investment Park.

The Dubai Department of Economic Development (DED) and Real Estate Regulatory Authority (RERA) in Dubai has entered into a partnership deal to improve the quality of support services offered to real estate investors and customers.

The Deputy Director General for Planning and Development, Khalid al Kassim, and RERA Chief Executive Officer, Marwan Bin Ghalaita, signed the agreement during a signing ceremony recently heald at DED headquarters in Diera.

According to agreement, RERA will use the license and business registration system applied by DED for issuing licenses pertaining to real estate activities. This is intended to ease licensing procedures pertaining to real estate activities and will enhance the overall performance of Dubai’s real estate sector.

The agreement is in accordance with strategic objective by DED to constantly review its existing procedures so as to simplify its rules and regulations. The business registration system at DED has been streamlined and made more user-friendly. Investors can now set up businesses with minimum procedures and paperwork, and DED will assist them by co-ordination with other government authorities and departments.

Al Kassim said that through this agreement with RERA, the company is emphasizing its commitment to work together on initiatives that support the progress of realty sector in Dubai.

According to Marwan Bin Ghalaita, RERA will form the basics of licensing for real estate activities and execute procedures that hasten the issuance of licenses for such activities. Through joint initiative, RERA and DED will explore mutually beneficial opportunities that enhance the quality of support services offered to realty investors and customers.

Business owners holding old licenses can correct their status inline with the new regulations. RERA is looking forward to launch real estate activities that adhere to international criteria for real estate licensing, Ghalita added.

The activities included in the list of real estate activities are consultation, realty development, selling and renting, brokerage in buying, buying land and real estate, rental services, organizing public auctions, timeshare residential units, timeshare residential units rental services, real estate pricing services and all real estate future activities.

DED was established in March 1991 aiming to organize, regulate, and boost trade and industry in the Emirate of Dubai.

Call for governance change in Bodrum region may result in boosting the local property market, according to experts.

Mazlum Agan, Bodrum’s mayor from the Republican People’s Party has said that booming tourism in various towns on the Bodrum Peninsula has meant that this would be more easily managed if one authority was dealing with them, rather than several, Hurriyet reports.

Commenting on the news of Bodrum to become a metropolitan authority, he said: “The potential problems can be rectified by uniting under the same roof as the Bodrum Metropolitan Municipality.” This development would help the Bodrum property market by helping to bring about a better local infrastructure.

Zoe Dare Hall in the property section of the Mail has written that Increasing disillusionment with high prices in Spain is driving buyers away from the costas to Bodrum region where properties are cheap and they can still buy new-build holiday apartments from £35,000. Already some 22,000 Brits have bought properties in Turkey. And that Turkey is becoming the destination of choice for a growing number of tourists.

Ms Dare hall comments: ‘Bodrum is Turkey’s Marbella, catering as much to the elite as the mass market. It-s where the jet set come to party.’

Turkish coastal town of Didim may see a large increase in the number of visitors next year, according to a media outlet.

Voices, the local English language newspaper has reported that less hassle and quieter nights are promised for Didim next year. Tourist and local authority bosses meeting insisted that the tourism sector needs to eradicate negatives such as sound pollution, hassle and bars continuing to serve beyond their allotted hours. This is because as in Turkey tourism sector underpins other sectors and also provides employment opportunities and helps to protect the environment.
Didim mayor Mumin Kamaci that the sound pollution in Altinkum and added that this problem will certainly be addressed next year. Head official Ali Katirci said that tourists had complained about the “hassle boys” and this serious issue will be certainly addressed this year.
Didim mayor said that the new Marina which will be completed in 2009 will be the Turkey’s largest and Europe’s second-largest marina. It will contribute much to Didim’s tourism potential. Didim will be the most important tourism centre of Aegean region, according to Anatolia news agency reports.

In related news, Today’s Zaman has reported that Didim has already been pronounced a tourism centre by the nation’s Ministry of Culture and Tourism and the growth in the tourist trade could make buying a property in Didim a profitable venture for overseas investors.

In a bid to deliver its project on schedule, Damac Properties is said to be making steady progress on the ‘Ocean Heights Tower’ project at Dubai Marina, by completing one floor every 5.2days.

The leading construction contractor, Arabtec, is constructing the 84-storey skyscraper and currently the staffs are successfully delivering one entire floor in little more than five working days, it has been reported.

The Damac CEO, Peter Riddoch, said “Ocean Heights is likely to be one of the most iconic projects with a twisting architectural design, which is now taking shape. People passing by the building at Dubai Marina can catch a glimpse of the “turning” appearance of the building, as it reaches its 30th floor.”

He added that, Damac is closely working with Arabtec, and more swift progress could be expected by early 2009 on this iconic building.

On completion, Ocean Heights is likely to house 680 single, double and triple bedroom apartments with underground parking bay. The tower incorporates all necessary amenities such as swimming pool, state-of-the-art gymnasium, beaches, tennis, serene gardens, artificial lakes, and jaccuzi.

The tower enjoys easy access to Jumeirah Beach, Wild Wadi Water Park, Dubai Marina, Ibn Battuta Mall and Emirates Golf Club.

Tourism and property in Turkey gets a boost as Turkey has been awarded “Best Golf Destination of the Year in Europe 2008″ by the International Association of Golf Tour Operators (IAGTO).

IAGTO is the global trade organization for the golf tourism industry, including over 320 specialist golf tour operators in 45 countries and comprising more than 1040 companies in 73 countries. The IAGTO Awards serve to reward a few exceptional contributions to the world of golf travel.

Robert Nixon, Operations Director, Nirvana International, specialists in property in Turkey has said that this is a tremendous accolade for Turkey. The Ministry of Tourism has recently announced the allocation of new land for five international golf clubs to be completed in two years time and in the Belek region a Golf Society was launched in 2006.The Awards has encouraged private and public sector organizations to work closely together in the development and promotion of golf destinations in Turkey, making them accessible to and enjoyable by the widest range of golfers.

The Turkish government is aiming to attract affluent golf lovers by creating new facilities for them. Plans for new resorts have been proposed to encourage foreign property buyers and golfers to visit Turkey. Property experts have stated that Turkey could possibly compete with more established golfing destinations such as Spain and Portugal on the grounds that its property values were much cheaper, despite offering facilities of the same high standard.

Moreover, Turkey is becoming a major player in the golfing world as not only are they building superior courses but also they are helped by the fantastic Mediterranean weather. An all year round facility with stunning natural sceneries makes this truly a place for those seriously interested in golf.

With the RAKBANK announcing new mortgage finance service schemes for several existing and upcoming projects in the city, potential buyers stand a good chance of owning their dream home in Abu Dhabi.

The RAKBANK, together with Aldar Properties and Sourouh Real Estate, have entered into a deal, wherein the bank, being a strategic mortgage partner for the developers, is offering upto 90 percent mortgage finance and 25-year loan tenure for all their residential freehold properties in Abu Dhabi.

The projects include the Al RAha Beach and Yas Island by Aldar, and Shams project on Reem Island by Sorouh, and the iconic architecture underway for the Sun Tower, Gate district, Alghadeer and Sky Tower.

According to Graham Honeybill, the General Manager of RAKBANK, the announcements of several unique landmark projects, multi-billion dirham investments and growing demand for housing, has made the Capital a property hotspot in the Gulf region, and therefore, mortgage finance provider becomes the focus area.

RAKBANK, the National Bank of Ras Al-Khaimah, was one of the first conventional banks to offer mortgage finance in the UAE four years ago, and has thereafter built a reputation in providing fast, flexible mortgage services in the UAE. This new partnership deal is the latest by the bank, although it is already offering mortgage finance services to several major residential projects developed by other developers such as Nakheel, Emaar, Emaar Bawadi, Mizin, Dubai Properties, ETA Star and Deyaar.

Both Sorouh Real Estate and Aldar are two largest property developers with about Dh.60bn and Dh.45bn worth developments in hand. Aldar owns 51mn square meters of land in Abu Dhabi, while Sorouh is undertaking development of 22million square meters of land in the city.

According to real estate agents in Dubai, property can still reap considerable profits. They have warned that owners need to be realistic about the value for which they can sell their homes in the current market condition.

The boom growth during the recent past has now come to an end, and property sellers need to slash prices. Despite this, the agents say that the profit margins are still higher than that in the European and US markets, and in case the sellers reinvest wisely, they will be able to make bargains, and can continue to make money.

Many sellers who have lowered their prices have already seen huge appreciation in the value of their homes and are not much worried about the squeeze on profit margins, the agents said.

For instance, a penthouse at Jumeirah Beach Residence sold after reducing its value from Dh.21m to Dh.14m, and also two luxury villas on The Palm were priced at Dh.13.5mn and Dh.13.7mn, as against the earlier Dh.24mn.

The villas were originally purchased for Dh.5mn to Dh.7mn, which implies that the seller had still made a profit of more than 100 percent, rather than the 300 percent profit, otherwise obtained during the boom time.

The market is very tough and nobody wants to make a loss on property. But still, it is possible to make 100 percent profit, the margin which cannot be obtained in Europe or the US, agents claim.

Investors selling their properties can still consider reinvestment with so many bargains doing rounds, the agents point out.

According to Asteco, Dubai, the recent price correction has only resulted in a more “meaningful” market.

The completed properties were being sold for 15 to 25 percent lesser than that was happening a year ago, when off-plan properties were sold at their original properties. Also several people who have completed their properties have taken the decision of renting them out, rather than selling, due to fall in prices, Asteco said.

Gastro-tourists are said to be heading to the Cappadocia region in order to sample its well-known local delicacies, according to an expert.

Mustafa Durmaz, chairman of Goreme Tourism Development Centre, told AA that tourists cometo the region to visit the famous chimney rocks are also interested in learning about the traditional and regional flavors of Turkish food, reports Worldbulletin.net. Mr Durmaz said that the tourists most interested in local cuisine were from Japan, Spain, Germany and the US.

Cappadocia now boasts some excellent year-round restaurants serving the tourists. Seafood is naturally one speciality that tourists should not miss in the town. In fact Turkish cuisine is among the most flavorful Turkey has to offer. Eating out is very popular in the region and is much cheaper than the UK and Ireland.

Travel experts say that in the past, consumers have been unfairly branded as unadventurous with their culinary choices abroad, so the research findings underline that tourists are adventurous when traveling.

Meanwhile, Official figures reveal that 14 per cent rise in the number of tourist arrivals in 2008, rttnews.com reports. Further analysis revealed that 61.8 per cent of Turkey’s overall tourist arrivals arrived from OECD countries, while 22.87 per cent visited from eastern European locations.

Buyers and property analysts in the UAE are of the opinion that UAE property developers should offer investors with an “affordable exit route” in order to keep away from distress sales.

According to the analysts, given the current situation of global financial crisis and thereby the sudden slump in property sector, it is imperative for developers and authorities in-charge to arrive upon a series of measures to restore investor confidence.

A leading banker in the UAE has suggested that probably an initiative from the government’s end, such as reconsidering provision of residence visa facility for buyers of free-hold residential units, would help restore the confidence and boost the property sector.

He pointed out that when the property boom in Dubai began, several developers had given an impression that buying a free-hold property would entitle buyers with residential visa status. This resulted in a major boom in the sector and brought about considerable growth. But, just a couple of months ago, when the authorities clarified that buying a free-hold property does not grant a residential visa status, several international investors backed out of the market.

Despite several legislations such as the Escrow Account, interim real estate register rule by RERA, all helped in building investor trust, the sector needs more proactive measures for revitalization, he added.

The Founder-Chairman of Overseas Indians Economic Forum, Dr. Ram Buxani, said that those who bought several units to take advantage of lucrative earning opportunities, should be granted with an affordable exit route, so that they do not end up with distress sales, which would further delay recovery of property market. Also, the projects that are yet to tak-off or get started should be put on hold and incapable investors should be allowed a convenient exit.

Dr. Buxani explained that about 30 percent of property buyers in the market are individual investors, who play a major role in boosting property sector. Another area that needs to be considered is the penalty clause, which should be maintained at a reasonable level of below 5 percent for those intending to exit. In cases where cash refunds are impossible, even issuing bonds which could be redeemed in 3-4 years are a better option.