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Emaar to list UAE real estate development business in Dubai

June 11, 2017
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Emaar to list UAE real estate development business in Dubai Dubai developer Emaar has announced plans to list 30 per cent of its UAE real Estate Development business on the Dubai Financial Market (DFM). The funds raised through the sale of equity will be primarily distributed as dividends to Emaar’s shareholders, a statement said. The IPO will be the largest since the Emaar Malls IPO, which which raised Dhs5.8bn in 2014, it added. Emaar’s real estate business recorded sales of Dhs14.4bn in 2016, up from Dhs4.2bn in 2012. Until end of May 2017, the business recorded sales of Dhs9.7bn, up 24 per cent compared to the same period in 2016. Total backlog – representing t...

How does the rent in Dubai compare with its rising school fees?

June 4, 2017
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How does the rent in Dubai compare with its rising school fees? The Knowledge and Human Development Authority’s (KHDA) much awaited annual inspection results were released with several positive indicators. The report cites that there are now 185 private schools in Dubai with a total of 273,599 students. There are 32,103 Emirati students and 15,099 students with Special Education Needs and Disabilities (Send). For the first time, a majority of private schools now operate a level of provision for students with Send at 61 per cent, which suggests that schools are a good place for uniting the community. Curriculum Most schools with a UK curriculum were found to have an...

Buy now, pay later deals spur Dubai property market

June 4, 2017
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Buy now, pay later deals spur Dubai property market Developers have used payment plans as a key tool to reinvigorate the real estate market since 2014, changing from mostly front-loaded to back-ended payment plans. In 2013, more than 80 per cent of launches had payment terms that were front-ended, whereas in 2016, more than 55 per cent of launches had back-ended and post-handover payment plans, reveals a recent report by GCP-Reidin. "During the earlier cycle, I don't believe there was much initiative or a need for such incentives, with projects launching and selling on the same day or week. As demand became less and more supply emerging, most developers took the route of...

Dubai to host international forum for real estate professionals

May 30, 2017
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Dubai to host international forum for real estate professionals The Dubai Land Department, DLD, will host the 69th World Congress of the International Real Estate Federation, FIABCI, in Dubai on April 27 - May 2, 2018. FIABCI provides access and opportunity for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other. "Dubai made a prominent appearance at the 68th edition of the event, which took place under the slogan ‘Smart City, Smart Building in the European state of Andorra on May 23- 28," said Mahmoud Al Burai, Executive Director of Dubai Real Estate Institute (DREI), the educational arm of...

Landlords, retailers adapt to new market conditions

May 30, 2017
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Landlords, retailers adapt to new market conditions Landlords are offering flexible lease terms, including longer rent-free periods, in an attempt to retain their key occupiers as the UAE retail market faced continuing headwinds with a strong dirham continuing to dent sales. A new research by real estate consultancy Knight Frank also reveals that while well-established malls with higher footfall continue to maintain healthy occupancy rates, the delivery of additional retail supply is expected to put pressure on overall occupancy rates. The UAE shopping malls are also expected to experience further competitive pressures from online rivals, as more consumers embrace e-shop...

Dubai secondary office rents '18 months away from recovery'

May 28, 2017
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Dubai secondary office rents '18 months away from recovery' Rents in Dubai’s secondary office locations are not likely to recover in the next 12 to 18 months, according to a report. Core Savills, in its latest report, said the secondary office market such as Business Bay, Barsha Heights (formerly Tecom), Jumeirah Lakes Towers and old Dubai are not moving forward towards a recovery in its real estate cycle due to strong headwinds faced from the large amount of existing stock, despite marginal improvements in demand. “We have analysed the evolution of Dubai’s office supply in our new report and arrived at the conclusion that the secondary market is unlikely to recover in t...

Flood of buyers snap up Hong Kong flats because of this reason

May 28, 2017
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Flood of buyers snap up Hong Kong flats because of this reason Favourable payment terms attract thousands to offering from city's No.2 developer Thousands of people flocked to snap up flats in Hong Kong, lured by favourable financing terms offered by the city's No.2 developer even as authorities fret over sky-high prices that a series of cooling measures has failed to dampen. Potential buyers, clutching documents and flanked by agents, queued early for a chance to buy one of the 496 apartments developed by Cheung Kong Property Holdings, which is controlled by Hong Kong's richest man Li Ka-shing. The mostly local crowd buzzed around and blocked most of the passageways...

Ramadan unlikely to dent demand for Dubai real estate

May 23, 2017
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Ramadan unlikely to dent demand for Dubai real estate Ramadan is not likely to lower the number of investor enquiries in Dubai’s real estate market, a Dubai-based property listing site has claimed. Sales activity has been picking up this year, with Dubai reporting a 45 percent surge in the value of transactions in the first quarter compared to the same period last year. “Agents seem optimistic that current prices will prove ‘too tempting’ to resist for the many investors currently sitting on cash and that momentum will be little affected by Ramadan,” said Lukman Hajje, Propertyfinder group chief commercial officer. He added that though many industries slow down during R...

Off-plan homes are back in Dubai

May 23, 2017
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Off-plan homes are back in Dubai Off-plan property transactions are all the rage in Dubai today. Check out the numbers: Off-plan transactions accounted for 58 per cent of all residential deals in Dubai from January to April 2017, according to Chestertons. This is as against 53 per cent in 2016 and 49 per cent in 2015. Clearly, off-plan is responsible for the pick-up in market activity in the first quarter of 2017. There was a 45 per cent increase in off-plan transactions in Q1 2017 as against Q4 2016. The first quarter alone witnessed 6,000 off-plan transactions in Dubai. So, what is causing this surge in demand for under-construction properties? Smaller ticket sizes hav...

UAE developer launches phase 2 of residences

May 11, 2017
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UAE developer launches phase 2 of residences ARADA, a UAE-based developer, will launch the second phase of Nasma Residences after the first phase sold out ahead of schedule. The new phase will include five-bedroom signature villa, adding to the two and three bedroom townhouses, and four bedroom semi-detached villas already on offer. With phase one scheduled for completion in late 2018, Nasma Residences will feature a total of over 800 villas and townhouses, delivered over four phases. The developer will commence construction on 6,500 square feet community’s shopping centre, Nasma Square, in July. ARADA’s chairman Sheikh Sultan bin Ahmed Al Qasimi, said: “We are delighte...