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Seven in 10 UAE residents lack home insurance

July 16, 2017
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Seven in 10 UAE residents lack home insurance The majority of UAE residents are not signed up to a home insurance policy - despite understanding the risks associated with not being covered by home contents insurance - according to a recent survey from compareit4me.com. The survey revealed that 69.1 per cent of people in the UAE are currently not signed up to a home contents insurance policy. This is despite the fact that the vast majority (84.5 per cent) of UAE residents admit that they would feel more comfortable in the knowledge that their belongings are covered by home insurance when they travel. The reasons why so many UAE residents aren't signed up to home insurance...

Good communication will solve any confusion over a rental contract's end date

July 16, 2017
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Good communication will solve any confusion over a rental contract's end date I have a question about the interpretation of  Article 13 and Article 14 of the Law No. 33 of 2008 regarding "amending some provisions of Law No. 26 of 2007 regulating relationship between landlords and tenants in the emirate of Dubai" (the Rental Law). Am I obliged to give the landlord 90 days' notice, even if the contract expires on a specific day? Is this how the term "amend" used in these articles is interpreted?  I have checked the legal definition and nowhere is this term interpreted as "termination"; also we have a clear expiry date on the contract. And should any information about 90 days not...

Off-plan property sales in Dubai drop in Q2

July 16, 2017
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Off-plan property sales in Dubai drop in Q2 The total number of residential property sales transactions in Dubai declined 23 per cent quarter-on-quarter in the second quarter of 2017, according to a new report by real estate consultancy Chestertons MENA. The sales of off-plan properties plummeted by 28 per cent in terms of volume and by 43 per cent in value. Meanwhile transactions of completed-units were also down by 17 per cent in terms of volume and 7 per cent in value – as compared to the first quarter of the year. Sales were “seemingly impacted negatively by the onset of summer”, the report said. “The positive momentum from the first quarter did not translate i...

Dubai rental and home prices ease during the second quarter, Asteco says

July 11, 2017
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Dubai rental and home prices ease during the second quarter, Asteco says Dubai rental and home prices eased for a second straight quarter on the back of rising supply, according to Asteco, the Dubai-based real estate services firm.  Apartment prices fell 2 per cent quarter-on-quarter and 7 per cent year-on year, the company said. Housing supply is expected to double in 2017 to 17,700 units compared to 8,750 in 2016, according to Asteco. The growing supply is likely to amplify the downward price pressure in the second half of the year, the agency said.   That's good news for tenants who are now in a strong position to negotiate better deals for themselves, the agency said...

Landlords willing to negotiate rents in Tier 2 areas

July 11, 2017
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Landlords willing to negotiate rents in Tier 2 areas If you are a new tenant seeking out rental accommodation in Dubai, you are at an advantage. Landlords of new properties in Dubai's secondary locations are becoming increasingly generous in their negotiations with prospective new occupiers, says the Q2 market report by real estate consultancy CBRE. However, tenants on existing leases are generally not finding the same level of flexibility from landlords, although rental increases are becoming less prevalent. Future supply levels continue to grow at a rapid rate, with a significant pipeline of new properties set to be completed in the build-up to Expo 2020, with annual d...

Dubai developer says luxury Palm apartments sold out

June 27, 2017
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Dubai developer says luxury Palm apartments sold out Dubai-based luxury property developer Seven Tides has announced that its DUKES Dubai Sky Collection apartments have sold out, just a month after the properties were launched. The mix of 60 studio and one bedroom properties is the final phase of hotel apartments at the Palm Jumeirah development, located on the 16th and 17th floors of the building, the developer said. It added that investors were made up of a mix of nationalities including Indians, Egyptians Syrians, Chinese, South Africans, Brits and Emiratis. They were lured by a payment plan, which comes with a developer-backed 10 percent guaranteed ROI over five y...

Dubai residential sales dominated by off-plan purchases

June 27, 2017
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Dubai residential sales dominated by off-plan purchases Off-plan property transaction now make up almost half of all residential sales in Dubai, with buyers taking advantage of increasingly generous payment plans, according to listings portal propertyfinder.ae. The company said cheaper homes and lower deposit requirements were driving investors towards off-plan deals. It said median prices for homes have fallen by 20 per cent between November 2015 to April 2017, extending a slump that had begun two years earlier.  Yet lower prices have not affected developers’ sales of off-plan homes, with Emaar Properties and Damac Properties reporting higher sales in the first quarter...

Investor awareness, improved regulatory environment necessary for GCC REITs to flourish: Survey

June 27, 2017
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Investor awareness, improved regulatory environment necessary for GCC REITs to flourish: Survey Investor sentiment and lack of understanding, along with a weak regulatory environment, are the biggest challenges for the growth of REITs (real estate investment trusts) in the Middle East, according to the latest survey by CFA Society Emirates, which gauged the opinions of the society’s members and charterholders in the UAE. The survey revealed that the majority of CFA Society Emirates’ members ranked expected returns from a REIT portfolio higher than cash equivalents and bonds, and said that they intend to invest in REITs. However, they believe that the returns from REITs w...

Emaar hires Goldman Sachs to manage IPO of real estate unit

June 11, 2017
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Emaar hires Goldman Sachs to manage IPO of real estate unit Emaar Properties hired Goldman Sachs Group to manage the sale of shares in its UAE real estate development business in Dubai, Chairman Mohamed Alabbar said. The developer of the world’s tallest tower expects to complete the initial public offering by November with a size similar to its Emaar Malls offering, Alabbar said in an interview with Bloomberg Television. The malls unit IPO raised about $1.58 billion in 2014 and is the largest share sale in the UAE in the past nine years, according to data compiled by Bloomberg. Emaar, listed on the Dubai Financial Market, announced plans to spin-off its real estate un...

Surprise UK election outcome to create brief window of opportunity for property investors

June 11, 2017
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Surprise UK election outcome to create brief window of opportunity for property investors The UK’s surprise election result could create a short window of opportunity for overseas property investors, brokers say. James Roberts, chief economist at Knight Frank, said property investors should expect downwards pressure on the pound sterling and volatility in the financial markets over the next few days. "However, there is actually an upside to the current election result from an economic and commercial property perspective," he added. "The current period of uncertainty, and sterling weakness, could present a limited window of opportunity for overseas property investors t...