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Affordable housing boom to draw residents back to Dubai

September 17, 2017
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Affordable housing boom to draw residents back to Dubai With Dubai's affordable housing programme getting a major fillip following the government's strong support - and given that an increasing number of developers are looking at provide such housing schemes - Dubai's southern districts, where most of the low-cost developments are coming up, are set to witness a sharp growth in the working class population. Dubai's low-cost housing initiatives, gaining momentum since the recent approval of the low-income housing policy by the government, is also having a knock-on effect in the Northern Emirates. "A spate of new affordable housing projects coming up in Dubai's southern pa...

Dubai realty attracts Dh78b investments to-date

September 17, 2017
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Dubai realty attracts Dh78b investments to-date Dubai has attracted Dh78 billion worth of investments in the real estate sector so far this year, said a senior official on Saturday. "Thanks to high-quality, meticulously designed projects that hold their value, Dubai's real estate market attracted Dh78 billion of investment from January 2017 to date. These figures reflect the world's confidence in Dubai's real estate market, which is based on a strong system of regulatory legislation that guarantees the rights of all," said Majida Ali Rashid, assistant director-general and head of the Real Estate Investment Management and Promotion Center - the investment arm of Dubai Land D...

Watch: Foundations for Dubai Creek Tower completed

August 28, 2017
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Watch: Foundations for Dubai Creek Tower completed Dubai Media Office have released a video showing the construction of the foundation for The Tower at Dubai Creek Harbour. Completed in May, the construction involved the insertion of 145 barrettes 75m deep into the ground to make up a stable core for the 928m tower. The barettes were surrounded with 211,200 tonnes of concrete and 15,000 tonnes of steel caging.   Video: Construction of The Tower at Dubai Creek Harbour pic.twitter.com/Q7fxX1h5d4 — Dubai Media Office (@DXBMediaOffice) August 25, 2017   Some 170,000 cubic metres of soil was excavated to make way for the tower which will stand 100m taller higher...

As tourists or investors, Arabs just love London

August 23, 2017
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As tourists or investors, Arabs just love London Arabs have historically chosen London for its safe-haven credentials, such as political and economic stability, the secure legal system and the benefit of being able to deal in English. However, Middle Eastern investors are becoming increasingly more considered with their financial decisions post Brexit, observing longer-term economic trends to safeguard their investments and increase their yields from property investments. There was also further anxiety around the new guidelines from the UK Treasury, which came into force this April, which decreed that non-domiciled residents who own a residential property in the UK will be...

Dubai realty market rides on robust off-plan demand

August 23, 2017
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Dubai realty market rides on robust off-plan demand Total transactions by the Dubai Land Department amounted to Dh132 billion for the first half of 2017. Approximately 25 per cent of these transactions are from residential transactions with investment in the Dubai off-plan market year to date standing at Dh21.4 billion and Dh11.3 billion in the secondary market. The total number of off-plan sales to date has already surpassed the entirety of off-plan sales in 2016. As the off-plan market looks positive heading into Q3 and Q4, the total number of off-plan sales could hit 25,000 units by year end. Property transaction data taken from Property Monitor, a real estate data in...

Why home insurance sales are soaring in the UAE

August 20, 2017
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Why home insurance sales are soaring in the UAE A steep increase in home insurance is being witnessed in the UAE, with a majority of Dubai residents not having one, a study from ServiceMarket has revealed. Emre Guclu, head of insurance at ServiceMarket said: "We often experience a peak in home insurance sales after incidents. People don't like to think about risks until something rather dramatic happens. However, it's better to cover yourself in advance and have the peace of mind. After all, no one can predict what might go wrong when." Around 90 per cent of people do not have home insurance in Dubai, and therefore after certain cases, residents are likely to be left wit...

Dubai registers 68 property projects worth Dh21 billion in H1

August 14, 2017
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Dubai registers 68 property projects worth Dh21 billion in H1 The Dubai Land Department (DLD) has announced on Saturday that 68 real estate projects were registered during the first half of 2017, representing a value of Dh21 billion. The first half of this year also saw the launch of 68 new projects. This compares to 88 real estate projects launched from the beginning of 2016 until H1 2017. Sultan Butti bin Mejren, director-general of DLD, said: "Dubai is currently witnessing increasing interest from international investors, which has reinforced confidence in our real estate sector and its future prospects." Property consultant Cavendish Maxwell estimates 30,402 homes...

What to watch out while refinancing your mortgage in the UAE

August 14, 2017
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What to watch out while refinancing your mortgage in the UAE Have you ever felt the need to change your mortgage lender, knowing there may be better, more affordable mortgage options out there with better terms? This inclination is only natural when you believe now is as good a time as any to refinance your current mortgage. There are numerous benefits to be had through a mortgage refinance, the most notable one being more leeway to meet monthly payments. You can enjoy the lowest interest rates along with more flexible terms as long as you understand what benefits and stipulations your mortgage product offers. Why consider refinancing The recent US interest rate hikes h...

Small homes fetch best yields in Dubai

August 8, 2017
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Small homes fetch best yields in Dubai The city of Dubai attracts property investors from around the world as residential rental yields in some areas are higher than other global investment destinations such as Manhattan, London and Singapore. On closer analysis, it is found that affordable freehold communities offer the best gross yields in town - International City at 9.16 per cent and Discovery Gardens at 8.85 per cent. Other communities that offer mid-tier housing such as International Media Production Zone, Barsha Heights, Jumeirah Village Circle and Dubailand also offer gross yields close to eight per cent and above, according to statistics from property consultancy C...

Gulf real estate firms bullish on growth

August 6, 2017
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Gulf real estate firms bullish on growth Real estate professionals in the Gulf have a bullish outlook on growth for their sector, notwithstanding a strong dollar, low oil prices and economic headwinds. Over half of 300 firms surveyed at the recent Gulf Real Estate Awards predicted considerable growth over the next 12 months. On average, 32 per cent of those surveyed expected their growth to be slightly higher across all key business areas over the next 12 months, with 49 per cent expecting it to be considerably higher. Less than 10 per cent expected the sector to see a dip in performance across key business areas over the same period. Firms in the UAE ranked growth, r...