Weekly Dubai real estate news digest. Issue 25

Picking up pace 
Welcome to the twenty-fifth issue of Market Insight, your weekly guide to what's happening in the Dubai real estate market.
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MARKET INSIGHT. Weekly guide to Dubai's property scene
Issue 25 |  December 22, 2013

Picking up pace 

Dubai's property market will see higher growth in 2014 as a result of the city's successful bid to host the Expo 2020 and tighter government regulations.

In fact, according to Mahdi Amjad, executive chairman and CEO of Dubai-based developer Omniyat, "We felt the impact of the Expo 2020 win on the real estate sector from the first minute the results were announced. Dubai's successful bid proved to the world that the emirate in particular and the UAE in general is a leading economic, tourism, construction and commercial hub."  

This is evident also in that Dubai remains the hottest property market in the world, with property prices rising at the fastest pace globally. Prices have jumped 6.48% in the third quarter of 2013 while the year-on-year increase has been 21.37%. According to publishers of the Global Property Guide, the strength of Dubai's housing market has been bolstered by the availability of finance, the city's status as a safe haven, an exchange rate pegged to the US dollar and improved consumer and investor confidence. 

The spotlight on the Emirates has also been intensified at the International Property Awards, where four property developments were awarded internationally-acclaimed prizes. Akoya by Damac and Dubai property developer Al Barari are some of the projects that were awarded. 

Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Over the past month, there has been a surge in activity in the realty sector, whether it be in terms of new developments being announced or new regulations being enforced. With the rapid development has come a surge in property prices, bolstered only by increasing consumer confidence in the market. We hope our round-up of key stories and expert opinions have helped highlight the changes happening in the city. We'll be sure to stay busy tracking the latest developments so that our readers are up-to-date with all that is happening in the city. 


Pashma Manglani


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Dubai sees highest property price increases

Dubai remains the hottest property market in the world with prices rising at the fastest pace this year, compared to 41 global cities in the UK-based Global Property Guide.

The organisation, which collates real estate data from across the world, revealed that prices jumped 6.48% in the third quarter, compared to the second quarter, while the year-on-year increase was 21.37%. 

A statement by the publishers said, "The world housing markets recorded their strongest performance since the boom years of 2006/2007. House prices are rising in many more countries than not and the momentum trend is strongly upwards."

Prices declined by 53% from Q3 2008 to Q3 2011 as a result of the financial crisis. Dubai started witnessing recovery from the second quarter of 2012. 


Read more on Emirates 24/7

First freehold tower in Deira

Royal Star International and Centurion Residence Limited have entered into a joint venture to launch the Centurion Star Tower - the first freehold commercial property in Deira.

It is spread across two twin mirror image buildings with a total built up area of 492,000 square feet. The 12-storey office building will have freehold retail spaces and offer views of the creek. 

"Commercial real estate sector is set to take a giant leap forward and with Dubai winning the Expo 2020 bid, this has now become a reality," said Hamzah Abu Zannad, director of operations, Royal Star International.  The office sizes start from 800 sqft to 1,500 sqft - ideal space for small and medium businesses. 


Read more on Emirates 24/7

UAE projects success at International Property Awards

Four UAE property developments have won internationally acclaimed awards at the International Property Awards.

Etihad Towers on the Abu Dhabi Corniche and Akoya by Damac on the outskirts of Dubai were among those recognised by the IPA in a set of awards for the best architecture on the globe.

Dubai property developer Al Barari also scooped an award for the best single home for a villa on its luxurious The Reserve scheme at Al Barari, a US$6.4 billion mixed used scheme in Dubailand. Architecture firm Aedas won an award for Best International Office Architecture for its work designing the twin 29-storey super-green Abu Dhabi Investment Council headquarters Al Bahr Towers on Salam Street. 

At a gala dinner at London's Grosvenor Hotel earlier this month, the IPA awarded Etihad Towers, the AED2.5 billion complex of five curved towers by Sheikh Suroor Projects Development, the prize for the best commercial high rise development. 

Also at the awards, Dubai developer Damac's 28 million square feet project for luxury condominiums around an 18-hole golf course was given the prize for the best international golf development. 


Read more on The National

AED600,000 flats near DWC

Damac has announced that it is currently developing a block of 270 serviced flats in the corner of the 140 square kilometre Dubai World Central district around the city's new Al Maktoum Airport, where the Expo will also take place. 

In a statement, Damac said that it has started selling apartments in the 10-storey Tenora block with prices started at AED610,000.

The company added that construction of the block was already "well-advanced" and was expected to be completed by summer 2015. 

Since Dubai was awarded the right to host the 2020 World Expo, property companies have announced a rush of new developments in and around the megasite. Last week, Emaar signed a deal with Dubai World Central to develop a 13.63 million square metre scheme, comprising villas, a golf course, hotels and a mall. 

Read more on The National

No increase in registration fees

There are no plans to raise property registration fees again after they were doubled in October, an official has said, dismissing rumours.

Responding to circulating rumours, Sultan Butti Bin Mejrin, director general of the Dubai Land Department, said that fees will not be raised by 50% in February, making it 6%. 

In October, the department doubled fees to four from two percent in a bid to prevent speculation caused by quick low-profit deals. 


Read more on Emirates 24/7

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