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Palm Jumeirah property rents slump amid Dubai supply glut

May 2, 2017
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Palm Jumeirah property rents slump amid Dubai supply glut Dubai tenants remained budget-conscious, taking advantage of additional supply and competitive rates to relocate to new properties or negotiate existing contracts, placing downward pressure on rental rates, according to a new report. Asteco's Q1 2017 Dubai market report said that in contrast, sales prices in communities with good infrastructure, amenities and limited future supply potential recorded marginal increases. Apartment rental rates declined 3 percent on average compared to the previous quarter and and 8 percent over the year. High-end properties were most affected with Palm Jumeirah witnessing price d...

Rera: India's real estate sector poised for urban renaissance

May 2, 2017
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Rera: India's real estate sector poised for urban renaissance The Real Estate (Regulation and Development) Act (Rera), which launched on Monday, is expected to usher in an urban renaissance in India. There is a certain palpable sense of excitement among all the stakeholders as 2016 ended on a dismal note for the real estate sector, thanks to demonetisation. We couldn't have expected 2017 to start with more refreshing outlook. The real implications of Rera can only be gauged over a period of 2-3 years, but it will bring in a whiff of fresh air for the real estate sector so far reeling under a lack of funds and missed deadlines. Flat property prices over the past two years ha...

Dubai’s new surveying law will provide more consistent data, says trade body boss

May 2, 2017
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Dubai’s new surveying law will provide more consistent data, says trade body boss The Dubai Government’s introduction of a new law to cover surveying will help ensure that data used for the emirate’s development is much more accurate, according to one of the global property industry’s biggest trade bodies. The Government said last week that a new law, Law No (6) of 2017, would cover activities such as land surveys, hydrographic surveys and seismic surveys carried out across the city. It said Dubai Municipality would now regulate this activity and become the official source of land survey data, including the management of all city maps and site maps on both government and...

Dubai homes: Bargains get bigger, better

May 2, 2017
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Dubai homes: Bargains get bigger, better The tides are slowly changing. Dubai property is not only seeing a shift in preference from lower value ticket items to higher, but there is also currently more demand for larger ticket sizes According to a recent report released by GCP and Reidin, off-plan deals above Dh1 million ticket sizes accounted for 47 per cent of overall transactions in Q1 2016, whereas one year later, it accounts for 64 per cent. The market is also shifting towards larger ticket sizes, indicating greater end-user activity. "In communities driven by investor demand such as Downtown and Sports City, there was a shift from larger to smaller size units. W...

Huge residential land plot in Dubai sold for Dhs60m

April 30, 2017
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Huge residential land plot in Dubai sold for Dhs60m A huge land plot in Dubai’s Meydan district has been sold for Dhs60m, property agent PH Real Estate Brokers (formerly PowerHouse Real Estate Brokers) has said. The broker claimed that the sale was the biggest residential land sale in Dubai so far this year, according to Dubai Land Department (DLD) records. Gulf Business has approached the DLD to confirm the figures. We are still awaiting their response. The plot in the Meydan district is 120,000 sq ft and was sold by businessman Kamel Alzarka to an Emirati buyer, a statement said, without disclosing his name. The new buyer plans to build three custom-designed mansion...

Paragon fund offers Australian real estate to Middle East investors

April 30, 2017
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Paragon fund offers Australian real estate to Middle East investors Wealthy investors from the Middle East are being offered the chance to invest in Australian real estate or mortgage assets through the Paragon Premier Investment Fund (PPIF). PPIF is an open fund and the minimum investment amount is $1 million. The fund's track record shows that the rate of return on investments has been as high as 18 percent. Paragon Premier Investments said the time is right to invest in Melbourne, a city with a population of 23 million which is expected to double in 19 years, because all of Melbourne infrastructure and housing must double to accommodate for this growth. Melbourne h...

Affordable rentals drive more people to Dubailand

April 27, 2017
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Affordable rentals drive more people to Dubailand Cheaper rents and less traffic congestion is driving more residents to move to Dubailand, according to a new report. ServiceMarket, a moving and home services provider, said in its bi-annual moving trends report that 13 percent of all their move-in requests received in the first quarter 2017 were for Dubailand compared to mere five percent same period last year. “There could be many reasons for this shift in housing trends, which includes affordable rents, less traffic, and emergence of new shopping malls, schools and facilities in these suburban areas,” the company said, adding prices too were "significantly lower than M...

Flat profit in first quarter for Nakheel

April 27, 2017
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Flat profit in first quarter for Nakheel Nakheel reported first-quarter profit of Dh1.48 billion, flat on a year earlier, as handovers slowed. The Dubai government-owned property developer reported a profit of Dh1.47bn in the same period last year. Nakheel said that it delivered 412 units to customers during the quarter, compared with 536 a year earlier. The developer said that its profits were in line with company forecasts, and that its retail, hospitality and residential leasing businesses continued to perform "solidly". "We continue to execute our long-term business plan, in turn contributing positively to Dubai’s real estate sector," said the Nakheel chairman,...

Recovery in prime London property expected to overcome ‘hard Brexit’ fears

April 27, 2017
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Recovery in prime London property expected to overcome ‘hard Brexit’ fears Despite fears of a "hard Brexit" and Theresa May’s decision to call a snap general election in the UK, property experts predict that house prices for prime central London property will start to recover next year. At the Middle East Real Estate Forum in Abu Dhabi yesterday, Cluttons said that after a dip of 3.5 per cent in 2016, it expected average house prices in prime central London to fall by another 1.5 per cent this year before starting to level out in 2018. The property broker said that even in the event of a "hard Brexit" with the UK giving up all access to the single market, it expects cumu...

Dubailand is most popular community to move to in Dubai

April 27, 2017
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Dubailand is most popular community to move to in Dubai Dubailand has emerged as the most popular neighbourhood in Dubai that residents moved to in the first quarter of 2017, according to ServiceMarket, a UAE platform for moving and home services.  In its bi-annual moving trends report, which outlined neighbourhoods with the highest influx of new residents in Q1 2017, ServiceMarket observed that many people are opting to move to suburban areas instead of Dubai's high-rise communities. While Dubailand was the most popular area to move to, with 13 per cent of all move-in requests, it was followed by Dubai Marina/Jumeirah Beach Residence (JBR), Downtown Dubai, Barsha Height...