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Construction of $810m Mirdif Hills project set for Q4 2018 completion

April 24, 2017
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Construction of $810m Mirdif Hills project set for Q4 2018 completion Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, has announced that it plans to launch sales of the second cluster of its Mirdif Hills project. Nasayem Avenue, which is situated at the centre of the project masterplan, will be launched for sales soon, the company said in a statement. Nasayem Avenue is surrounded by a gated community garden and a mix of residential buildings ranging from two and three bedroom apartments to three and four bedroom duplexes. Being constructed in two phases across three clusters – Janayen, Nasayem and Al Multaqa Avenue, the construc...

Dubai rental market close to bottoming out

April 24, 2017
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Dubai rental market close to bottoming out House rents is a common thread that binds all expats' lives in the UAE, a pet peeve that dominates conversations at social gatherings and the biggest outlay for the common man. While some of you may have had to cough up more rents during lease renewals, in all probability, this was because you are still paying below-market rates. You may have moved into your apartment when the market dipped circa 2009 and are still paying historic rents. Other tenants may have managed to secure rent reductions after negotiating with their landlords. This rings true for both Dubai and Abu Dhabi, although the latter always lags the former in terms of...

Parsons chief remains upbeat on region despite payment issues

April 24, 2017
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Parsons chief remains upbeat on region despite payment issues The chief executive of Parsons has said that he sees "several good signs" in the Middle East market, despite the challenges that it has faced in getting payments from some clients over the past 12 months. In an interview with The National, Chuck Harrington cites a stabilisation of the oil price, greater Arabian Gulf sovereign debt issuance, projects linked to Dubai Expo 2020, Qatar’s 2022 Fifa World Cup and Kuwait’s modernisation attempts as factors for optimism in the region. The US engineering consultancy, which has about one-third (4,213) of its 13,000-plus global employees based in the Middle East, also...

Downtown Dubai homes register price gains

April 24, 2017
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Downtown Dubai homes register price gains A few pricey locations in Dubai are seeing value gains, with properties in Downtown Dubai performing well, according to consulting firm ValuStrat. Excluding the Burj Khalifa, Downtown Dubai apartments saw the highest monthly uplifts in capital values averaging 5.2 per cent in March, though prices there are still 19 per cent below their peak of 2014, says ValuStrat. In contrast, three locations - International City, Motor City and Media Production City - remain less than five per cent off the peak. Other communities that witnessed monthly capital appreciation were Jumeirah Village, Arabian Ranches, Jumeirah Park, International...

Ithra Dubai to develop communities for enrichment of society

April 24, 2017
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Ithra Dubai to develop communities for enrichment of society Ithra Dubai, a real estate developer and asset manager, announced on Thursday that work has commenced on two of its landmark projects in Dubai, One Za’abeel and Deira Enrichment Project. Ithra Dubai is wholly owned by Investment Corporation of Dubai, and was established to develop real estate projects that will serve Dubai’s diversity through enriching the city’s offering and supporting the needs of its social fabric in all its threads. Mohammed Ibrahim Al Shaibani, Chairman of Ithra Dubai, Executive Director and CEO of Investment Corporation of Dubai (ICD) commented, "The importance of the real estate sector i...

Ten questions to ask your mortgage advisor

April 19, 2017
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Ten questions to ask your mortgage advisor Buying a property, of course, goes hand in hand with mortgage finding, but before you add your signature to your home application forms, make sure to ask your mortgage advisor the following 10 important questions. . Did you do a review of the entire market? Are there any better deals available? . Why is this bank charging an upfront fee of one per cent? . Are there any hidden costs? . Why is this bank insisting on a salary transfer? . What are the negative points of having a mortgage that requires a salary transfer? . Can I choose my own life insurance provider? . What happens if I want to break the loan? . What happens if I...

Is there an ideal age to invest in real estate?

April 19, 2017
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Is there an ideal age to invest in real estate? In India, the current mantra is that property investment is ideal only for upcoming or established career makers - but is this true? How do banks, lenders and the property sector at large view investors who do not fall in that age bracket anymore? Can one be too old to put money into property? It is true that banks are willing to lend to a person only for so long; when a prospective borrower is looking at retirement in the near future, the concept of giving them a long-term home loan does not make much sense to them. When a person is in his or her 30s, they have around 30 years of active professional life ahead of them. Nat...

Emaar Properties declares 15% cash dividend of Dh1.074bn for shareholders

April 19, 2017
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Emaar Properties declares 15% cash dividend of Dh1.074bn for shareholders The 19th Annual General Meeting (AGM) of Emaar Properties PJSC today declared a cash dividend of 15 per cent of the share capital, equivalent to Dh1.074 billion ($292 million), for distribution to the company’s shareholders. The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme. Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for share...

Sugar-coated off-plan properties emerge buyer favourite

April 17, 2017
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Sugar-coated off-plan properties emerge buyer favourite Off-plan sales are currently taking the wind out of the sails of ready property transactions in Dubai. This is a result of competitive pricing and creative payment plans by developers to attract investors and end-users. With a large volume of units at their disposal, developers can control pricing and slowly edge out individual sellers. Developers are positioning their off-plan properties at marginally lower entry points than existing products of similar build quality, with attractive payment plans to boot. "The secondary market is struggling in the face of stiff competition from off-plan projects," says Mario Volpi...

Dubai office vacancy rates at 14% as demand persists

April 17, 2017
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Dubai office vacancy rates at 14% as demand persists Office vacancy rates in Dubai currently stand at 14 percent, highlighting the continued demand for high quality and ‘smart’ buildings, according to real estate consultants JLL. Its Q1 2017 Dubai Real Estate Market Overview report said the Greens area dominated new supply, with the two Onyx towers adding 66,000 square metres of gross leasable area (GLA) to the market during the first quarter of 2017. These strata titled buildings are the first completions of new office space in this location since 2006, JLL said, adding that the pipeline for the remainder of the year remains relatively active, with approximately 235,000...