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
 Jul 5 2015 - Emaar Misr to add USD2.26b to market capitalizationMENAFN
(MENAFN) Emaar Misr will add USD2.26 million to the market capitalization after being listed over the Cairo bourse, according to the bourse chief, Amwal Alghad reported.The affiliate of the United ...

 Jul 5 2015 - Saudi Looks for 'Guinness' Record with 50,000 Coins MuralSaudi Press Agency
(MENAFN - Saudi Press Agency) A Saudi citizen seeks to set a Guinness Record with drawing the largest painting mural in the world with more than 50,000 coins, in support of his talent initiated since ...

 Jul 5 2015 - PM: Jordan is a stable country with well-defended bordersJordan News Agency
(MENAFN - Jordan News Agency) Prime Minister Abdullah Ensour said Jordan is a stable country, owing its security to the wisdom of its leadership and its people's awareness, which are its source of ...

 Jul 5 2015 - Jordan- Moderate weather forecast until TuesdayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate until Tuesday in the hilly areas while it will be relatively hot to hot in the Badia, the Jordan Valley and Aqaba with high clouds and ...

 Jul 5 2015 - Israeli forces arrest 9 PalestiniansJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation troops arrested 9 Palestinians in the occupied West Bank, the Palestinian Interior Ministry said in a statement Sunday.The occupation forces broke ...

 Jul 5 2015 - Jordan- Border guards receive 275 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 275 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the past 72 hours.The border guards provided the ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Venezuela on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Venezuela Nicolas Maduro a cable of congratulation on the ...

 Jul 5 2015 - Kuwait- Message from His Highness the Amir delivered to Nicaraguan PresidentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait's non-resident ambassador to Nicaragua, Samih Johar Hayat, has delivered a message from His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Cape Verde on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Cape Verde Jorge Carlos Fonseca a cable of congratulation on the ...

 Jul 5 2015 - Terrorism main topic of Arab Parliament's urgent meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab Parliament (AP) held an urgent meeting here Sunday which focused on the recent terrorist attacks that hit a number of Arab countries.A press release by ...

more...


 






Google

Click to Apply

 
 

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