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Abu Dhabi Sees World’s Sharpest Decline In Property Prices

Property prices in Abu Dhabi declined faster in 2017 than they did anywhere else in the world, according to a new report.

According to Knight Frank’s Global Residential Cities Index for 2017, property prices in the UAE capital declined by more than 9% last year. It was ranked 150th out of the 150 cities listed on the index.

Dubai didn’t fare that much better, if we’re honest. The report ranked the UAE’s second city 134th on the index, having seen property prices slump by an average of 2% in 2017.

Dubai and Abu Dhabi were two of just 26 cities listed on the index that had seen property prices fall over the past year. Almost half of those cities were in Europe. As for the Middle East, overall, prices are going up, despite the 2017 slump seen by Dubai and Abu Dhabi. Over the past five years, regional property prices have grown by 58%.

Experts believe, however, that 2018 will be the year in which UAE property prices bottom out, with some expecting growth towards the end of the year.

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PROPERTY Buying Property In Dubai Costs Less Than You Might Think

If you’re looking to buy property in Dubai, now could be the best time. New data from Dubizzle suggests that there is a big difference between the prices that are advertised on property portals and the actual prices that buyers pay.

RELATED: Tired of renting? Start owning! Click here to compare UAE mortgages

So, what does that mean? In essence, it means that, if you’re a potential home-owner, you could pay a lot less than the asking price advertised online.

The areas in Dubai with the largest gaps are Discovery Gardens, Jumeirah Village Circle and Dubai Sports City. Research noted that some property buyers were purchasing properties for 20% less than their advertised sales price.

Mahmoud Hesham El Burai, CEO of the Dubai Real Estate Institute, said, “I believe this is a healthy gap that allows buyers bargaining power and allows sellers room to reach a more realistic print point to transact at.”

With recent news about the UAE property market heavily relying on buyers, it seems that you don’t necessarily have to accept the first price that is given to you.

SEE ALSO: Five Dubai Apartments To Buy For Less Than AED 1 Million

Tenants and buyers are in control in the current property market, so now is the time to start the negotiations. But before you start, make sure you understand the market properly. This will give you leverage when it comes to getting what you want.

If you want to negotiate a lower property price, think reasonably. You want to achieve the end goal of paying a lower asking price, so make sure you provide leeway in a situation, and hopefully the buyer will have the same mentality.

And if the buyer doesn’t appear to be budging then you can always search the market for better offers.

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This JLT Tower Is On Track For A 2019 Completion

Planning to invest in Jumeirah Lakes Towers (JLT)? Well, the all-new MBL Residence tower, located in the heart of Dubai’s waterfront community in Cluster K, is on track for completion in 2019.

The tower will feature 472 one-, two- and three-bedroom apartments as well as a gym, steam room and sauna, outdoor swimming pool, leisure desk, and barbecue patio. There will also be 17 retail shops with a series of restaurants and cafés around the building.

MAG Lifestyle Development has completed all enabling works, such as shoring, piling and excavation. And construction is set to develop quickly thanks to MAG’s AED 260 million deal with Ali Mousa & Sons Contracting.

“In line with our meticulous approach to timely project delivery, we are pleased to have concluded enabling works at MBL Residence in less than six months,” Talal Moafaq Al Gaddah, CEO of MAG LD told Arabian Business.

The contractor has already completed 20% of the project since beginning in July and will be on track to complete the tower by the fourth quarter of 2019.

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Here’s How You Can Save Up To 20% On Your Next Dubai Property

Looking to save a whole lot of money on your next property investment in Dubai? Obviously you are, so you should probably get yourself down to the Dubai Property Festival, which is set to be the largest property promotion event in the Middle East.

The event comes as the result of a partnership between the Real Estate Investment Management and Promotion Center, the investment arm of Dubai Land Department (DLD), and the International Property Show. It’ll take place at the Dubai World Trade Centre from April 9 to 11.

It will include a series of global activities aimed at attracting investment into the UAE’s real estate market. Offers on the lowest mortgage rates with a profit margin of 1.85% per annum will be available, as will discounts of up to 20% on certain projects.

And if you see a property you like, you’ll be able to place a down payment on the spot, because the event is authorised by the Real Estate Regulatory Agency (RERA).

“The festival will offer discounts and exclusive promotions for three days, with developers providing special rates, reasonable introductory payments, and lower registration fees. In order to offer all real estate services under one platform, free legal services and consultations will also be available, as well as a property auction and local deals through live auctions,” said Dawood Al Shezawi, Head of the Dubai Property Festival Organising Committee.

“In addition, the banks will be offering exclusive promotions including no registration fees or service charges, and customers can receive pre-approvals during the festival at discounted rates.”

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Dubai Property Prices Are Down 2% Year On Year

The average selling price of a residential property in Dubai fell 2% year on year for the first quarter of 2018. That’s according to research by chartered surveyor and property consultant, Cavendish Maxwell.

The report noted that villas and townhouses traded at an average of around AED 2.7 million and apartment transactions averaged AED 1.2 million.

While prices declined across Dubai, there were variations between areas and types of property.

“Price movement in the last 12 months has varied not only between communities but also among different buildings within the same community, thus reflecting greater differentiation in how available properties are now trading,” the report noted.

“This differentiation is expected to continue as buyers have an increasing supply base to choose from and property fundamentals such as developer track record, proximity to social and public infrastructure, ease of access, maintenance, among other factors will drive price movement.”

The steepest declines in apartment prices were seen in JBR (-2.5%), while the biggest fall in villas/townhouses was in Jumeirah Islands (-3.0%).

Approximately 3,800 residential units were handed over across Dubai in Q1 2018, with more than 92% of the units being apartments. International City, Jumeirah Village Circle and Dubai Studio City each accounted for more than 250 handovers.

You can download a full copy of the report here.

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You Can Now Pay Dubai Land Department Fees In Installments

Dubai Land Department (DLD) is allowing Emirates NBD customers to pay DLD fees in installments without incurring charges for the privilege of doing so.

The agreement follows DLD’s discovery that around 38% of DLD’s fees were being paid by Emirates NBD customers, either through cheques or by credit cards.

“This advanced service enables customers to pay their fees using credit cards issued by the bank and to receive fee installments at a rate of 0%,” said Saad Abdulla Al Hammadi, Senior Director of Finance and Administrative Affairs at DLD.

“We also confirm that the bank does not impose any interest to its credit card holders, given that installment plans can be provided for a period longer than six months.”

Dubai Land Department (DLD) is the organisation responsible for regulating the real estate industry in Dubai. It includes the Real Estate Regulatory Agency (RERA), which sets price bands for rents in Dubai, and the Rental Dispute Centre (RDC), the judicial arm that mediates in disputes between landlords and tenants.

This latest move by DLD should be welcomed by investors, who have recently seen small drops in the overall value of property units in Dubai.

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USD 100 Million Court Tower On Track For October Finish

Saudi Arabia-based Tanmiyat Group says its USD 100 million The Court Tower in Dubai is on track for an October finish.

With views of Dubai Canal, The Court Tower will add 280,000 square feet of office space, 198 apartments and 28,000 square feet of retail space to Dubai’s residential and commercial mix. The project is currently around 83% sold.

“We are extremely pleased with the developments made on the project to date,” said Saleh Tabakh, spokesman of Tanmiyat’s management board. “At Tanmiyat Group, we have always been committed to offering impressive and outstanding facilities to our investors. To that end, we’ve been working closely with our contractor to deliver the project on time.”

“Once complete, The Court Tower will be our second successful project in Business Bay after delivering the Exchange Tower in 2016. The way the market is shaping, we look forward to investing in more emirates across the country,” he added.

Tanmiyat Group has other projects on the go in the UAE, including Living Legends at Dubailand, a gated community covering 14 million square feet and made up of 500 standalone villas, 12 apartments buildings, a 150 shop retail centre, 4-star hotel and boutique hotel.

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LIV Developers Releases Second Phase Of LIV Residence

LIV Developers has opened sales phase two of its LIV Residence Dubai Marina following the completion of phase one.

The company, which has projects in Los Angeles, New York and Dubai, said it will introduce new property types, including two-bedroom units starting at AED 1.79 million.

LIV Residence Dubai Marina is a 27-storey tower located in Dubai Marina offering studios, one, two and three-bedroom apartments, and penthouses. It is scheduled for completion in 2019.

It will include a residents’ lounge, play areas, gym, spa, infinity pool and terrace overlooking the marina.

“The sell-out success of LIV Residence Dubai Marina’s first phase illustrates the strong demand for this key waterfront location, matched with a competitive price point with immense attention to all design details,” said Latif Habib, CEO of LIV Developers.

“The combination of both has attracted a healthy mixture of end users and investors of all nationalities.”

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Banyan Tree Residences Sells Quickly In First Month On Market

The Middle East’s first Banyan Tree Residences has done around AED 100 million in sales in its first month on the market, according to developer Sweid & Sweid.

Due for handover in the third quarter of 2019, the 244-unit tower is located on Al Telal Street, at the intersection of Emirates Hills, Emirates Golf Course, Montgomerie Golf Course and DMCC.

Around 90% of the 110,000-square-foot site has been dedicated to resort-style amenities and lush landscaping, according to the developer.

The amenities include a clubhouse with Banyan Tree Spa, a fitness centre with saunas and squash court, an indoor children’s play area and a poolside cafe.

“The Banyan Tree Residences promises to be one of the most prestigious addresses in Dubai,” said Sweid & Sweid managing partner, Maher Sweid.

“Having all the leisure facilities and amenities in a setting that provides residents with rarely-found abundant green space, we are confident that tremendous value will be created for buyers and investors for the years to come.”

Prices start from AED1.49 million for a one-bedroom apartment, AED2.3 million for a two-bedroom unit and AED3.9 million for a three-bedroom residence.

“We’re seeing a lot of demand for larger units – especially the duplex apartments, which offer private gardens and double-storey living rooms, a unique aspect of the project,” said Sweid.

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Nakheel And Austrian Developer To Build USD 160 Million Dubai Resort

Nakheel plans to team up with Austrian hotel chain Vienna House to create a USD 160 million, 600-room beach resort in Dubai.

Under a planned partnership, the two companies will build a beachfront holiday complex, Vienna House Deira Beach, at Deira Islands, a series of artificial islands built off the Northern coast of Dubai.

The agreement is still at the letter of intent stage, but if it goes ahead, this will be the third hospitality joint venture at Deira Islands. Nakheel says it already has 1,400 hotel rooms underway at the destination through JVs with Spain’s RIU Hotels and Resorts and Thailand’s Centara Hotels and Resorts.

“Our ongoing strategy is to bring new, highly-reputable hospitality brands and concepts to Dubai as part of our commitment to supporting the government in realising its tourism vision,” said Nakheel Chairman Ali Rashid Lootah. “Vienna House at Deira Islands will be a shining example of how this strategy is coming to fruition.”

Nakheel has big plans for Deira Islands, which were originally intended to be Dubai’s third Palm, after Palm Jumeirah and Palm Jebel Ali.

The developer plans to build eight hotels and resorts at Deira Island, across different categories including five star and all-inclusive, along with two flagship attractions, Deira Mall and Deira Islands Night Souk.