Surge in real estate activity

Dubai's property market is set to gain momentum, according to Nakheel Chairman Rashid Lootah. He pointed out that serious investors have returned to the market and this bound to bring with it a surge in activity. Dubai has been moving full steam ahead with new projects this week, a testament to the fact that the market is not slowing down. Besides new developments, the market is bound to see new investment after the emirate announced new inheritance rules, which will allow expats to pass on property to their heirs for the first time. The DIFC has launched a Wills and Probate Registry, which is the first of its kind in the Middle East that allows non-Muslims to register English-language wills under Common Law. It creates legal clarity for expats from all over the world living, investing and conducting business in Dubai in that their assets can be transferred to their loved ones upon death according to their wishes, reflecting their own laws, traditions and cultures. In addition to working on the regulatory framework, the city continues to attract attention with its mega-projects, including plans for its second tallest tower has been confirmed. A Saudi Arabia-based developer, RP Global, has announced plans to build RP 1, which will be located on Business Bay. The architectural firm of Atkins is working on the design of the building, which is set to become another iconic skyscraper in the city's skyline. Meanwhile, in the Palm, the first residential-only development opened this week. Serenia Residences, a scheme by Palma Development, comprises of 250 units, including one to four-bedroom apartments and penthouses. On the hotel front, the InterContinental Hotels Group announced plans for Hotel Indigo, which will have 100% of its energy needs met by solar power. It will be built in the Sustainable City and the hotel will source product from the organic farm in the development in addition to using sustainable measures for waste and water management. Dubai's property market is set to gain momentum, according to Nakheel Chairman Rashid Lootah. He pointed out that serious investors have returned to the market and this bound to bring with it a surge in activity. It's clear that prices may have fallen in some parts of the city, but this doesn't mean the market is slowing down.