Quotes: US 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
 Oct 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

 Oct 26 2014 - Russia still has troops in Ukraine NATO saysArab News
(MENAFN - Arab News) MONS Belgium: Russia still has troops in eastern Ukraine and retains a very capable force on the border despite a partial withdrawal NATO's military commander said on ...

 Oct 26 2014 - Canadians seek to understand Parliament shootingArab News
(MENAFN - Arab News) OTTAWA Ontario: Authorities and ordinary Canadians sifted through confounding shards of a gunman's life seeking to understand what motivated the man to storm the nation's seat of ...

 Oct 26 2014 - French Accor expects UAE revenue to grow 10-11 percent in 2014MENAFN
(MENAFN) Accor, the French hotel group, said it is expecting a growth in revenue by 10-11 percent in the United Arab Emirates in 2014 compared to last year, and that they are targeting a growth of ...

 Oct 26 2014 - Iraq's oil exports to rise in OctoberMENAFN
(MENAFN) Iraq's oil exports from its southern terminals are maintaining their high levels, with an average of 2.55 million barrels per day (bpd), while Kurdish shipments are climbing in terms of ...

 Oct 26 2014 - Abu Dhabi int'l Airport traffic up 23.9 percent in SeptemberMENAFN
(MENAFN) Abu Dhabi Airports reported an increase in passenger traffic by 23.9 percent during September compared to the same month last year, with 1.696.651 passengers using the airport during the ...

 Oct 26 2014 - Morocco, Chad sign agreementsMENAFN
(MENAFN) Morocco announced it has signed a set of agreements and memoranda of understanding with Chad regarding several fields, QNA reported.The agreements which were signed by both countries include ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help