Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Property boom in Dubai to continue  Join our daily free Newsletter

MENAFN - Khaleej Times - 19/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Value of transactions jumped by 53% to Dh236b in 2013 against Dh154b in 2012



Property buying activity in Dubai is expected to witness significant growth in 2014 after registering a more than 50 per cent jump in the number of transactions and their values in 2013, a top government official says



Dubai's ideal environment and safe haven status attracted a large number of property investors in 2013 as transactions increased by more than 52 per cent to 63,652 in contrast to 41,767 transactions in 2012, according to the latest data released by the Government of Dubai Land Department on Saturday



Value of transactions jumped by 53 per cent to Dh236 billion last year, compared to Dh154 billion in 2012. Values of property transactions increased to Dh128 billion in the second half of 2013, as against Dh108 billion recorded in the first six months of last year



"The transaction figures for 2013 reveal a high level of optimism currently prevailing in the real estate market. These can be attributed to the new regulations and procedures issued during the past year, which have contributed to the strengthening of trust and confidence between the various categories of investor," Dubai Land Department director-general Sultan Butti bin Merjen said in a statement to Khaleej Times



Last year was very important for property sector in the UAE and particularly in Dubai as the UAE Central Bank introduced new mortgage rules and fixed different lending limits for UAE nationals and expatriates to deal with speculation in property market and avert the situation like 2008 when property prices fell more than 50 per cent in the wake of global financial crisis



The Dubai Land Department (DLD) also took measures to curb any price speculation and doubled the property registration fees from two to four per cent in the last quarter of 2013. Soon after the announcement the department witnessed all-time record transactions of it's 50-year history that crossed Dh11 billion mark



All these measures were adopted to deal with any drastic increase in property prices and stop speculative activity as property prices increased by more than 20 per cent in 2013 and expected increase further this year. But the head of DLD revealed recently that the increase in realty prices was much higher that estimated by different stakeholders in the emirate



"We are anticipating a further rise in the growth index this year, boosted by Dubai's winning bid to host World Expo 2020," Bin Merjen said



A financial report issued by the Real Estate Sector Development Department, recorded Dh166 billion worth of land mortgages and sales and Dh62 billion of housing unit mortgages and sales for 2013



Bin Mejren also indicated that the department is reviewing off-place transactions and may introduce new regulations in the second or third quarter



DLD's report revealed that sales accounted for half of the total value of transactions at 50 per cent, with the share of mortgages at 46 per cent, leaving all remaining operations at only four per cent of total activity

 


Khaleej Times




  MENA News Headlines
 Dec 18 2014 - MEA ICT spending to hit USD270b in 2015MENAFN
(MENAFN) According to a recent report by International Data Corporation (IDC), the Middle East and Africa spending on information and communications technology (ICT) is expected to register a growth ...

 Dec 18 2014 - Expo 2020 to generate USD37.83b in revenue for DubaiMENAFN
(MENAFN) The UAE Ministry of Economy said that it expects the Expo 2020 to bring financial returns of about USD37.83 billion to Dubai, as well as attract more than 25 million visitors, 70 percent of ...

 Dec 18 2014 - Qatar Airways to boost Oman's Salalah serviceMENAFN
(MENAFN) Qatar Airways announced it is planning to add four new services to Salalah, Oman's second largest city, by next February, thus bringing the number of its flights to the city to eight weekly ...

 Dec 18 2014 - Abraaj , Kellogg bidding war intensifies over Egypt's Bisco MisrMENAFN
(MENAFN) The bidding war between UAE's Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt's ...

 Dec 18 2014 - UAE's ME Digital Group acquires CoboneMENAFN
(MENAFN) Middle East Digital Group, the online publishing, content and services company and owner of Expatwoman.com, announced it has acquired the online coupon website Cobone in a multi-million ...

 Dec 18 2014 - Dubai's real estate to lead economic growth in 2015MENAFN
(MENAFN) Dubai's Department of Economic Development said that it expects real estate and construction will likely drive economic growth in 2015, which is expected to grow 4.5 percent next year ...

 Dec 18 2014 - Oman's Orpic to invest USD3.6b on increasing productionMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Company (Orpic) announced that its production capacity of polypropylene and polyethylene will increase to 1.4 million tons, when its USD3.6 ...

 Dec 18 2014 - Qatar- HH the Emir, HH the Father Emir Attend National Day Parade -1Qatar News Agency
(MENAFN - QNA) The parade started with the national anthem and the firing of 18-shot gun to celebrate the National Day, followed by a recitation of verses from the Holy Quran. The parade included ...

 Dec 18 2014 - China to become Dubai's largest trading partner in 2014MENAFN
(MENAFN) According to a new study by Invest Dubai, Falcon and Associates, China is set to overtake India to become Dubai's largest trading partner for 2014, Emirates 24/7 reported.The study indicated ...

 Dec 18 2014 - UAE's IHCC wins hospital construction project in AjmanMENAFN
(MENAFN) International Hospitals Construction C. (IHCC) announced it has won a contract to build a 300-bed Saudi German Hospital in Ajman, Gulf News reported.Under the contract, IHCC will oversee the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help