It's been a busy week in the realty market. Daily property transactions jumped five times as owners rushed to complete the registration process before the transfer fee is hiked to 4% from 2%.
Advancements have been made to the Dhs21 billion mega project for Mohammed Bin Rashid City's District One. Private developer Meydan and Sobha are jointly developing 1,500 luxury villas, set in 1,100 acres of parkland around the world's biggest man-made lagoon. The project will form the first phase of the planned multi-billion dollar project, located between Sheikh Zayed Road, Emirates Road and Al Khail Road.
In the same week, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the Dubai Water Canal, which will connect the Business Bay with the Arabian Gulf. Developers are looking at the stretch across the canal to ride value gains from the water body. "Waterfront areas are a value addition and important indicator to the beauty of any city in the world," said Mahdi Amjad, executive chairman and CEO at Omniyat Properties.
Residential house prices and rents have continued to rise in Dubai for the third consecutive quarter. According to a report by Jones Lang LaSalle, the increase is happening at an "unsustainable rate," and may see correction over the next 12 months.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. With the Expo 2020 coming up, Dubai has put in all its efforts towards developing the city. We hope that our round-up of stories and expert opinions has helped give you an overview of some of the exciting developments that will soon be available.
With Cityscape just around the corner, we're sure to have an issue full of interesting stories next week, focusing on market trends and new developments. Be sure to catch our next edition!