Quotes: US 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.



 






  MENA News Headlines
 Aug 22 2014 - Saudi - Agriculture sector advances 1.3Arab News
(MENAFN - Arab News) The Saudi stock market continued its positive movement and managed a fourth straight rise on Wednesday accumulating more than 56 points.The Tadawul All-Share Index (TASI) set out ...

 Aug 22 2014 - Hollande: France armed Syrian rebels 'a few months ago'Arab News
(MENAFN - Arab News) SAINT-PIERRE France: President Francois Hollande said on Thursday that France had delivered weapons to rebels battling the Syrian regime of Bashar Assad 'a few months ago.'The ...

 Aug 22 2014 - Europeans in push for new UN resolution on GazaArab News
(MENAFN - Arab News) UNITED NATIONS: Britain France and Germany have put forward key points of a new UN Security Council resolution on Gaza in a fresh bid to end six weeks of violence diplomats said ...

 Aug 22 2014 - Saudi - Woman kicked fined for trying to enter giraffe penArab News
(MENAFN - Arab News) MILWAUKEE: A California woman who got kicked in the face after trying to climb into the giraffe exhibit at a Madison zoo has paid a fine and apologized.Police say 24-year-old ...

 Aug 22 2014 - Ice Bucket Challenge injures firefighters in USArab News
(MENAFN - Arab News) WASHINGTON: Four US firefighters were injured two seriously Thursday as they were helping run a so-called Ice Bucket Challenge at a Kentucky university.'We express heartfelt ...

 Aug 22 2014 - Asian shares slip as China manufacturing data weighsArab News
(MENAFN - Arab News) HONG KONG: Asian markets mostly fell with downbeat Chinese manufacturing data dragging down Hong Kong and Shanghai as concerns grew about the pace of recovery in the world's ...

 Aug 22 2014 - Saudi - Street car cleaners in the capital feel the heatArab News
(MENAFN - Arab News) Authorities have stepped up the campaign against car cleaners operating illegally on the city's streets.Four Bangladeshis who had been scouring Riyadh's Al-Ahsa Road in search of ...

 Aug 22 2014 - Saudi - No Zamzam hassle for IndiansArab News
(MENAFN - Arab News) Indian pilgrims will no longer be troubled by having to pack cans of Zamzam water into their luggage when returning home after completing their Haj.As part of the arrangement ...

 Aug 22 2014 - Saudia urged to focus on domestic Umrah servicesArab News
(MENAFN - Arab News) Saudi Arabian Airlines (Saudia) held a ceremony at the Jeddah Hilton on Wednesday to celebrate the achievements of its former director-general Khaled Al-Molhem in the presence of ...

 Aug 22 2014 - Saudi - Inspection of cafes in the offingArab News
(MENAFN - Arab News) The Jeddah Municipality plans to launch a campaign of inspection of coffee shops and Internet cafes in the next couple of days spokesman Abdulaziz Al-Ghamdi told Arab News. 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

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