Property Newsfeed

Dubai’s Q3 off-plan sales value jumps 118 per cent

The value of Dubai’s third quarter off-plan transactions jumped 118 per cent to Dh4 billion from the previous quarter, while there was a decline in the value and volume of sales of completed properties, a real estate consultancy said. The number of off-plan deals in the third quarter climbed 86 per cent from the previous quarter, diminishing interest in built up units, whose volume fell 11 per cent and value
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Homefront: What happens to absconders that flee mortgaged Dubai properties in negative equity?

  Homefront: What happens to absconders that flee mortgaged Dubai properties in negative equity? Given the fall in property prices in Dubai, I know several people that have fallen into negative equity and are considering walking away from their mortgages and returning to their home country. Can you explain any potential legal repercussions in this scenario for the owner? NC, Dubai The first thing I would like to say is
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What does VAT mean for the UAE’s property seekers?

  What does VAT mean for the UAE’s property seekers? Everyone with a roof over their head wants to know how the revised VAT law will impact property sales in the UAE. Since Propertyfinder Group relies on our data and prior performance to provide market insight, even we are thinking, prepare as much as you can, but then we will have to “wait and see”. It is possible, however, to
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Dubai tenants welcome home handovers as rents dip

Rents in Dubai continued to witness single-digit declines in the third quarter of 2017, according to real estate consultancy JLL. This was on the back of more supply – approximately 3,300 homes were delivered in Q3 – which resulted in more vacancies as tenants scouted for better deals. “Numerous residential buildings, even within prime areas such as Downtown and Duba Marina, are seeing increased vacancies, and as such, tenants have
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Dubai realty attracts Dh78b investments to-date

Dubai has attracted Dh78 billion worth of investments in the real estate sector so far this year, said a senior official on Saturday.“Thanks to high-quality, meticulously designed projects that hold their value, Dubai’s real estate market attracted Dh78 billion of investment from January 2017 to date. These figures reflect the world’s confidence in Dubai’s real estate market, which is based on a strong system of regulatory legislation that guarantees the
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Affordable housing boom to draw residents back to Dubai

With Dubai’s affordable housing programme getting a major fillip following the government’s strong support – and given that an increasing number of developers are looking at provide such housing schemes – Dubai’s southern districts, where most of the low-cost developments are coming up, are set to witness a sharp growth in the working class population.Dubai’s low-cost housing initiatives, gaining momentum since the recent approval of the low-income housing policy by
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Watch: Foundations for Dubai Creek Tower completed

Dubai Media Office have released a video showing the construction of the foundation for The Tower at Dubai Creek Harbour. Completed in May, the construction involved the insertion of 145 barrettes 75m deep into the ground to make up a stable core for the 928m tower. The barettes were surrounded with 211,200 tonnes of concrete and 15,000 tonnes of steel caging. Video: Construction of The Tower at Dubai Creek Harbour
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Dubai realty market rides on robust off-plan demand

Total transactions by the Dubai Land Department amounted to Dh132 billion for the first half of 2017. Approximately 25 per cent of these transactions are from residential transactions with investment in the Dubai off-plan market year to date standing at Dh21.4 billion and Dh11.3 billion in the secondary market.The total number of off-plan sales to date has already surpassed the entirety of off-plan sales in 2016. As the off-plan market
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As tourists or investors, Arabs just love London

Arabs have historically chosen London for its safe-haven credentials, such as political and economic stability, the secure legal system and the benefit of being able to deal in English. However, Middle Eastern investors are becoming increasingly more considered with their financial decisions post Brexit, observing longer-term economic trends to safeguard their investments and increase their yields from property investments.There was also further anxiety around the new guidelines from the UK
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Why home insurance sales are soaring in the UAE

A steep increase in home insurance is being witnessed in the UAE, with a majority of Dubai residents not having one, a study from ServiceMarket has revealed.Emre Guclu, head of insurance at ServiceMarket said: “We often experience a peak in home insurance sales after incidents. People don’t like to think about risks until something rather dramatic happens. However, it’s better to cover yourself in advance and have the peace of
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