Diamond Developers, the next-generation property developer in Dubai, has announced the start of the Diamond Views 2 project, located in Jumeirah Village South. Upon completion of the project, the project will be a mini-community with multi-story residential buildings and townhouses. In residential buildings, buyers will be offered spacious studios, eight types of one-bedroom apartments and three types of two-bedroom apartments. Townhouses will have layouts with two, three or four bedrooms.
Fares Said, CEO of Diamond Developers, said: “We are proud to have begun construction work on the Diamond Views 2 project. Our investors and clients have enthusiastically supported this new project, and it seems to us that the demand for real estate at affordable prices "Over the past few years, Diamond has become a prominent and recognizable brand in the Emirates real estate market, and the Diamond Views 2 project is a continuation of our slogan: houses of good quality at affordable prices."
The Diamond Views 2 project is located just seven kilometers from the famous shopping giant Mall of the Emirates, where shopping is transformed into art. Luxury brands are represented in large numbers in this mall, and there are all kinds of world-class restaurants and cafes, both in the center and in its environs. "All the amenities inherent in modern Dubai new buildings are presented in the Jumeirah Village microdistrict: sports facilities, parks, specialized paths for walking and jogging, excellent restaurants and cafes, cinemas, shopping galleries and stunning night clubs," added Fares Said.
The opening of trust accounts raises the real estate market in Dubai. The main reasons for the maturity of the real estate market in Dubai can be considered the publication of several laws relating to real estate, especially one of them, which regulates the rules for opening "trust" accounts.
Opening such accounts protects the money of investors and increases the confidence of the latter that they make profitable investments. In fact, the funds of investors who paid for a housing unit are protected by trust accounts, to which the seller does not have access until the completion of the construction of the object and its commissioning. This creates a certain pressure on developers to hurry up and complete their projects within the time frames announced to buyers.
Some developers will suffer damage from the introduction of the new law, as they will not receive first installments that would help them in the construction process or from which commission could be received.
The real estate, construction and economic sectors today show huge profits, coupled with the profits of banks that provide loans to their customers at incredibly high interest rates. Investments in the real estate sector are no longer short-term, they have become long-term, and therefore even the number of brokers and competing firms in the market has waned.
New companies and investors are equal participants in the construction boom in Dubai and in different parts of the region, entering this sector with the goal of making a profit that accompanies increased demand for real estate. Today, the law is designed to reduce the number of speculative transactions and fix a tight time frame for developers by monitoring the commissioned residential buildings and other facilities.
On the other hand, trust accounts will give new meaning to banking funds and financial companies, with an estimated real estate investment of $ 40 billion. Trust accounts will be less expensive tools in comparison with other resources of financial institutions, and will allow them to provide additional services to their clients.
If the trust account is used in many countries of the world, especially in the USA, then Dubai will take an example from the leaders, and this will help him build his best gigantic sights. Ultimately, it will be beneficial both to investors in the real estate sector and to developers. The new law will ensure the identification of Dubai and its best new buildings, thanks to a solid legal structure that protects the rights and interests of buyers, as well as the reputation of the market.
