Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

The evolving UAE real estate market  Join our daily free Newsletter

MENAFN - Khaleej Times - 06/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Chinese are now one of the fastest growing realty investors

Steering towards maturity the uae real estate market has taken off to a solid start this year. it’s no secret that property prices have begun surging. however despite significant price rises average apartment prices in dubai continue to be lower than where they were during the 2008 peak suggesting that they still have scope to rise. the uae has also seen a population rise of close to 400000 over the last two years with dubai recording a 200000 increase in resident numbers during the same period.


The market has also transformed significantly since the downturn. more regulation is kicking in with the industry moving away from the off-plan sales model towards a longer-term model and experiencing growth in terms of prices transaction volumes equity and rental yields. the dubai land department recently revealed that property transactions in 2013 jumped 53 per cent from 2012 figures. the department which increased property registration fees to discourage flipping has indicated that more regulations to control speculation are likely to be announced in the coming months.


At the crossroads of asia europe and africa dubai is a global investment hub featuring amongst the world’s strongest performing and fastest growing luxury property markets. the population of high net worth individuals attracted to the emirate’s favourable tax environment multi-world charm and plethora of properties is rising. whilst indians britons and pakistanis have always topped the list of dubai’s most active buyers chinese investors are now one of the fastest growing investors in the market. many wealthy chinese seek to invest abroad to diversify given that prices in dubai are much lower than those in china. expo 2020 will further enhance dubai’s status as an investment destination as buyers home in on the city ahead of the exhibition.


Aside from mega projects newer addresses are emerging due to the development of infrastructure in suburban areas in preparation for the expo. the launch of master-planned communities in dubai world central which includes the expo site and the new airport are driving the trend towards developments in the fringes of the city. our latest quarterly report provides statistical evidence to illustrate the growth that these emerging addresses offer — both to investors and renters — for their developing infrastructure affordable pricing and long-term value. for instance we see a 100 per cent quarter-on-quarter rise in renter interest in dubailand. the community has moved up one spot from its position last quarter ranking fourth in the list of neighbourhoods most searched by buyers this year. dubai sports city which placed 11th in q1 2013 has also climbed two places to grab ninth spot in the list of sought after rental neighbourhoods this quarter.


Interestingly we’re also seeing the blending of real estate with leisure. developers are launching projects that integrate luxury residences with world-class tourism ventures and using real estate to fuel dubai’s ambitions of trebling the contribution made by tourism to its economy. the increasing impetus on real estate can also be seen from the launch of new projects every other week. emaar has been rolling out new developments since the start of this year beginning with the “lila” spanish coastal villa project in arabian ranches “vida residence” “boulevard point” and blvd crescent” in downtown dubai other townhouse communities in and around arabian ranches and the latest samara villas project.


Whilst all this growth is exciting price expectations and supply need to be managed in the years leading up to 2020. we also need to sustain the positive investor sentiment and build greater transparency so that we continue to move ahead as a mature market. earlier last month abu dhabi and the uae central bank agreed to refinance the 20 billion loan is a sign of confidence in dubai’s recovering property market. late last year dubai became the first country to announce its support for an international property measurement standard an initiative that looks at addressing global inconsistencies in the way property is measured leading to greater transparency and market stability.


Given dubai’s ever-changing landscape don’t just consider the immediate value a property may offer you. instead hold on to it because by 2020 dubai — in terms of its skyline resident mix and economic performance — will be different from what it is today.


The writer is the deputy ceo of propertyfinder.ae. views expressed by him are his own and do not reflect the newspaper’s policy.



 


Khaleej Times




  MENA News Headlines
 May 28 2015 - Kuwaiti-backed firm to sign USD3.2b financeMENAFN
(MENAFN) London Resort Company Holdings (LRCH), a Kuwaiti firm based in the United Kingdom, is ready to sign a USD3.6 billion financing deal to construct a theme park in Kent, Arabian Business ...

 May 28 2015 - Abu Dhabi's The National Investor posts USD6.26m profit in Q1MENAFN
(MENAFN) The National Investor, the leading Abu Dhabi-based investment management and advisory firm, recorded USD6.26m net profit in the first quarter of the year, Gulf News reported.The Investor, ...

 May 28 2015 - Trading at Kuwait bourse diverse for 2nd dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Trading at the Kuwaiti bourse, one of the main regional stock markets, was mixed in early trades on Thursday, the week's closing session.The divergent performance ...

 May 28 2015 - Kuwait FM holds luncheon banquet for OIC delegationsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah held a luncheon banquet in honor of delegations participating in the ...

 May 28 2015 - Saudi King receives letter from Russian Pres.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received a letter on Wednesday from Russia's President Vladimir Putin.The letter was ...

 May 28 2015 - OIC chief blasts Israel's escalated attacks against PalestiniansKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Israeli occupation has escalated its attacks against Palestinian people in an unprecedented manner, chief of the Organization of Islamic Cooperation (OIC) ...

 May 28 2015 - EU condemns assassination attempt on Libyan PMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The EU Wednesday condemned yesterday's attack on Libyan Prime Minister Abdullah Al-Thinni as "an outrageous assault to further destabilise Libya." "Thankfully the ...

 May 28 2015 - Jordan FM urges coop. to overcome challenges facing IslamKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Jordan's Deputy Prime Minister and Minister for Foreign Affairs and Expatriates Nasser Judeh said on Wednesday challenges Islam is facing require cooperation to ...

 May 28 2015 - Egypt reiterates confidence in Kuwait as head of OIC FMs councilKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Egypt's Foreign Minister Sameh Shukry on Wednesday said that his country is confident that Kuwait would fulfil its mission effectively as head of the Organization ...

 May 28 2015 - Jarallah receives Sudanese Min.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Undersecretary of the Foreign Ministry Khaled Al-Jarallah on Wednesday met visiting Sudanese Minister of State for the Foreign Ministry Dr. Obaidullah Mohammad ...

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