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Dubai property app to offer buying, renting advice

October 20, 2016

Dubai property app to offer buying, renting advice   Dubai Land Department (DLD) has updated its Investment Map app to allow investors and renters get details of properties and amenities such as schools and malls in close proximity. A simulation system will provide answers, responses and comments on some of the questions asked, with the app displaying locations matching their requirement. It is also linked to a website for display, sale and ownership transfer of properties.\ “The investment map has consolidated the Dubai real estate market’s position as one of the best and most developed investment destinations,” Majida Ali Rashid, assistant director general, DLD, said in...

Office rents in Dubai continue to fall

October 18, 2016

Office rents in Dubai continue to fall Office rents in Dubai continued to come under pressure in the third quarter of the year as companies retrenched staff and considered future strategy. According to the latest Dubai Office Report from Core Savills, average office rents in nearly half (six) of the submarkets the broker analyses fell during the three months to the end of September including Downtown Dubai, JLT, Bur Dubai and Garhoud. Average rents in another six submarkets including Sheikh Zayed Road, DIFC, Business Bay and Tecom remained flat, Core Savills said, as companies cut back on office requirements in the wake of the oil price rout and the economic slowdown els...

High-quality standards help ensure our safety

October 16, 2016

High-quality standards help ensure our safety Last year, people around the world paused their New Year’s Eve celebrations when they saw images of the multistorey fire at The Address hotel in Dubai. Thankfully, fewer than 20 people suffered injuries, most of them minor. In the days and weeks that followed, this newspaper published stories that brought to light the importance of using and correctly applying technical standards in the construction industry. Indeed, standards play a crucial role in giving people and businesses confidence that their property and lives are protected when they enter buildings, drive on roads and go about their daily lives. As Gulf cities and...

UAE consumers increasingly interested in buying property

October 16, 2016

UAE consumers increasingly interested in buying property Consumers in the UAE appear to agree with the current real estate market sentiment that now is good time to buy property, according to statistics from compareit4me.com, the Middle East’s leading finance comparison site. Using data from its mortgage comparison platform, compareit4me can reveal that there was an 119.5% increase in the number of people searching for mortgages in the third quarter of 2016, compared to the same period in 2015. This indicates a great willingness among UAE consumers to take on finance in order to take advantage of a buyer-friendly property market. According to a recent study from Core Sav...

Twice as many UAE residents are looking for home loans

October 12, 2016

Twice as many UAE residents are looking for home loans It's exciting times in the Dubai real estate market. This year, we've had a host of new housing developments come online, and property giants have shown off plans for plenty more projects, which should be ready in time for Expo 2020. You have Damac's Akoya project, which this week had the Akoya Selfie golf community added to its ranks; you have the affordable apartment projects from Danube; and you have the glitz and glamour of headline developments from the likes of Emaar. Small wonder then that with all these projects coming onto the market, the head of Danube Properties recently declared that now has never been a bet...

Developers welcome Rera rule on property ads

October 12, 2016

Developers welcome Rera rule on property ads The Real Estate Regulatory Agency's new regulation requiring permission to announce or advertise on-shore and off-shore properties in Dubai has been welcomed by developers as a strategic move to regulate the market and protect investors from misleading ads. Under the new rule, which came into effect on October 1, developers and marketers need to obtain online permission from Rera - the regulatory arm of the Dubai Land Department - before issuing any property announcements or ads through print, radio and social media. Violators of the rule will be fined Dh50,000. Welcoming the new rule as an effective way to increase transparen...

New Dubailand community offers cluster homes

October 10, 2016

New Dubailand community offers cluster homes   Dubai Properties (DP) has launched Villanova in Dubailand, a community offering Dubai's first cluster homes along with standalone villas and apartments. The Mediterranean-inspired cluster homes offer a combination of clusters with four different unit types within an enclosed court, with each unit having a private backyard. Villanova is a large project of cluster homes, villas and apartments complete with walking and biking trails, parks and fountains. The project contains recreational facilities, each one including a pool, children's play areas, barbecue zones and basketball court, as well as other community facilities su...

Dubai’s Rera to inspect new projects for quality, service charges

October 10, 2016

Dubai’s Rera to inspect new projects for quality, service charges The Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department (DLD), will conduct field visits to new projects to check their services, facilities and service charges of common areas. A dedicated team has been established to undertake the field visits in order to upgrade the specifications of the buildings and ensure they comply with the highest international standards. Mohammed Khalifa bin Hammad, Senior Director of the Real Estate Regulatory Relations Department said: “The control programme has been applied to help us to ensure that developers commit to finishing building requirements...

Dubai to overtake London as top pick for wealthy GCC investors

October 10, 2016

Dubai to overtake London as top pick for wealthy GCC investors   Softening prices in Dubai was cited as the top reason for its increase in attractiveness. Dubai’s property market is set to overtake the international destinations of London, New York and Singapore as the top choice for the GCC’s wealthiest investors next year, a report has found. The region’s high net worth individuals ($1m-plus) ranked London in second place alongside Paris and Doha in Cluttons’ third Middle East Private Capital survey, while Toronto made a surprise entry at number three. For this year, London remains the top destination outside the Middle East for Gulf investors, cited as a top thr...

Dubai is poised for theme park boom

June 8, 2016

With demand for leisure tourism on the rise, Dubai's first major theme parks are expected to prove a significant draw when they open for business later this year. Leisure and entertainment (L&E) represents an important segment of Dubai's tourism industry, with theme parks in particular seen as a high-growth industry due to their wide appeal. Strong client association with media tie-ins and little in the way of regional competition should put these and other attractions on a sound footing as the emirate continues efforts to increase visitor numbers from 14.2 million in 2015 to 20 million by 2020, in addition to the 25 million visitors anticipated during the six-month World Expo 2020...