Minute with Elysian

We are proud to launch the newest feature to our website called “A MINUTE WITH ELYSIAN” –a variety of videos, hosted by one of our top agents Maral Khalili, geared to educate buyers and sellers on the various steps involved in purchasing and selling properties in Dubai. No longer should you have uncertainty about the real estate market in Dubai. These simple videos will help clarify your frequently asked questions.

Dubai is world’s hottest property market

he global house price boom continues with house prices jumping in 30 of the 39 world’s housing markets, according to Global Property Guide.

Though Asian governments in particular are imposing cooling measures to avoid a repeat of the past as prices are rising, overall the real estate prices are rising, the organization said.

Here is the list of five cities where property prices saw the highest growth in the past 12 months:

#5 Turkey


(Shutterstock)


Turkey is the fifth best performer with house prices increasing by 7.51 per cent during the year to Q3 2014, after an annual rise of 4.65 per cent in the previous year. The Turkish economy is expected to expand modestly by 3 per cent this year, from annual growth rates of 4 per cent in 2013.

#4 UK


(Shutterstock)

The UK property market continued to show impressive performance with nationwide house prices rising by 8.95 per cent y-o-y in Q3 2014, a sharp improvement from an annual increase of 1.47 per cent in the previous year and the second biggest increase since Q4 2004.

The economy grew by 3 per cent in Q3 2014 from a year earlier, after annual real GDP growth rates of 3.2 per cent in Q2 and 2.9 per cent in Q1 2014. The UK economy is projected to expand by 3.2 per cent in 2014.

#3 Ireland


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Ireland retained its spot as the third best performer in the global survey, with residential property prices surging by 14.52 per cent during the year to Q3 2014, a remarkable improvement from a year-on-year (y-o-y) increase of 3.45 per cent in the same period last year. House prices rose strongly by 6.43 per cent q-o-q in Q3 2014. The Irish economy is projected to expand by a healthy 3.6 per cent this year, the IMF has said.

#2 Estonia

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Estonia maintains its second position as the best housing market in the world. House prices rose 2.51 per cent quarter-on-quarter (q-o-q) during the third quarter.

Estonia’s economy is expected to grow slightly by 1.2 per cent this year, from annual growth rates of 1.6 per cent in 2013 and 4.7 per cent in 2012, according to the IMF.

#1 Dubai

(Shutterstock)

Dubai’s real estate market is the only one in the world that has seen over 140 nationalities investing in it and the new report by Global Property Guide reveals the emirate remains on top of the chart of the world’s best performing markets for seven consecutive quarters.

Property price increases have, however, decelerated to an average of 23.73 per cent during the year to Q3 2014, down from annual increases of 33.26 per cent in Q2 2014 and 31.57 per cent in Q1 2014. House prices dropped 1.13 per cent during the third quarter, the company said which tracks prices in 39 global cities.

Dubai saw one of the worst housing crashes from Q3 2008 to Q3 2011, with house prices falling by 53 per cent. Then in Q2 2012, Dubai’s housing market started to recover and since then Dubai has seen double digit house price increases.

The UAE’s economy is expected to expand by 4.3 per cent in 2014, after real GDP growth rates of 5.2 per cent in 2013 and 4.7 per cent in 2012, according to the International Monetary Fund (IMF).

Source emirates247

Dubai initiative sees 43 stalled projects worth $2.7bn given green light

Stalled projects worth AED10 billion ($2.7 billion) have been revived by Dubai Land Department (DLD), according a senior official.

A total of 43 projects that were stalled have been revived through a DLD initiative called Tanmia, which looks after incomplete projects in difficulty and not progressing, according to Emirates 24/7.

Launched in 2011, the initiative sees DLD play a mediator role between developers of such projects and investors who might be interested in buying and/or investing in same.

“We have facilitated takeover of 39 projects valued at AED10 billion by various developers under our Tanmia initiative,” Duaa Issam Dablan, senior deputy director, Dubai Land Department, told a real estate seminar last month.

 “We arranged funding for another four projects under our programme,” he added.

Emaar has ‘project plans for the next 150 years’

ubai developer Emaar is planning project to last for up to the next 150 years, it’s chairman Mohamed Alabbar told reporters as he emphasised the company’s long-term vision.

Last week, Burj Khalifa developer Emaar Properties and investment firm Dubai Holding launched its latest multi-million project known as Dubai Creek Harbour at The Lagoons.

The mega project will include 3,664 office units, 8 million square feet of retail space, 39,000 residential units and 22 hotels with 4,400 rooms, while the centrepiece will be The Dubai Twin towers, which will be the tallest twin towers in the world.

Speaking on the sidelines of a fashion event this week, Alabbar told The Daily Star newspaper that Emaar had no plans to slow down its massive construction drive “in the near future” and “are also expanding in Saudi Arabia, Egypt and India.”

With further developments in Downtown Dubai around the iconic Burj Khalifa and The Dubai and the luxury Dubai Hills community among its plans, Alabbar said it had projects in the pipeline for many years to come.

“Emaar’s projects are long term and we don’t make plans for the next five years but for the next 50 years, 100 years and 150 years… As long as the country [is witnessing economic] growth we will pursue our projects. We are very optimistic about the future,” he was quoted as saying by the Beirut-based The Daily Star newspaper.

Earlier this year, the property giant was rolling out one new project every week in 2014 across Dubai, with sources suggesting the trend could continue throughout the year.

“You just need to stay alert and weigh your options,” he continued. “When the market is calm you slow down your drive but when it’s booming you move full force.”

Dubai’s real estate has gone from boom to bust to boom again in the space of eight years. The market soared late in the last decade, then crashed as a bubble burst, cutting residential prices by more than half and nearly causing Dubai to default on its debt.

Since then, an influx of foreign money, particularly from Arab countries blighted by war and civil unrest, has helped Dubai’s property sector rebound strongly. Prices are now roughly around pre-crisis levels, up by about a third from a year ago.

“We will continue to supply the market – supply in the market is good for our customers because it keeps prices at a reasonable level,” Alabbar told reporters at the launch of its latest project at Dubai Creek.

“In 2013, things went crazy because supply was limited. For me as a long-term developer, this spike scares me, so I’m glad people are saying, ‘Oh, the market is cooling down.’ I think that is healthy.”

A September report by property consultants JLL found Dubai’s residential rents and sales prices rose 2 percent and 1 percent respectively in the third quarter of 2014 compared to the previous quarter. That was slower than 3 percent and 6 percent increases in the second quarter.

Source: Arabian Business

Dubai’s real estate investor protection law awaiting approval

The Real Estate Investor Protection Law, or Tanweer, is ready and with the ruler’s court for approval, a Dubai Land Department (DLD) official has said.

“We had issued the draft law in the media and we got a lot of feedback. We then fine-tuned the draft law and now it waiting for approval from the Diwan (Ruler’s court),” Duaa Issam Dablan, Senior Deputy Director, DLD, said while talking at the Dubai Real Estate B2B Conference on Wednesday.

No information was given on when the law will be issued.

The draft law regarding the protection of the real estate investor in Dubai was released on June 20, 2012 to get feedback from people involved and concerned with real estate investment.

“We got a number of comments and suggestions from the public and subsequently we have made necessary changes in the law,” Majida Ali Rashid, Senior Consultant and Senior Director of Planning & Organizational Development, DLD, told Emirates 24|7 in December 2012.

Tanweer, the first of its kind regionally and globally and will take full and accurate inter legislative laws and regulations issued between 2003 and 2008 to ensure optimal application of those laws and legislations.

The draft Real Estate Investor Protection Law allows investors to get full refund if the developer fails to complete or handover a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.

Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specification in violation of the contract for sale after obtaining an expert’s report to that effect.

Source: Emirates 24/7

RERA Launches Service Charge Index

rear service charges

Dubai, UAE :- The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), has announced the launch of the first Service Charge and Maintenance Index for properties within Dubai’s freehold areas.

Designed to be applied to services areas and common spaces and be under the management of owners associations and property developers, the Service Charge and Maintenance Index is one tool in a range of e-services that DLD has launched at GITEX, the technology exhibition currently underway at the Dubai World Trade Centre, to improve government services and to encourage investment in the emirate’s real estate sector.

“The launch of the Service Charge and Maintenance Index enables landlords and property investors in Dubai to know the service charges and fees that are paid for each project. It represents a necessary step in light of the diversity of the emirate’s real estate offerings to expand the scope of e-services that we offer to our clients and ensure the maximum possible level of convenience and transparency,” said Mohammed Khalifa bin Hammad, Senior Director, RERA.

The Service Charge and Maintenance Index is based on accurate data audited by RERA, with the information being verified with owners associations and real estate developers. The Index has been divided into four main categories of residential property: apartments, offices, shops and villas and the level of service and maintenance charges is determined by a Dirhams-per-square-foot formula.

The Service Charge and Maintenance Index is updated directly via an e-link with ‘Mollak,’ a system that has been developed specifically to assist property developers and owners associations in complying with all RERA registration and management requirements. The information is derived through audits carried out by RERA on service charges and maintenance fees before the owners associations and developers claim the charges from the property owners.

Through access to the link via the DLD website, the user can receive answers about maintenance and service charges to be paid for a particular project. The system, which has recently been introduced onto the website, is easy to use, with the user asked to choose the project area from the list of given areas and then enter the type of project and its year to receive information on the applicable fees.

RERA has been able to audit the service charges and maintenance fees of 420 projects, with the current number of developments currently available in the Index numbering 300. The Index includes properties located in 22 major development projects; notably: Business Bay, Dubai Marina, Jumeirah Beach Residence, Jumeirah Lakes Towers, International City, Motor City and Silicon Oasis.

“Since its inception, the Service Charge and Maintenance Index has covered a wide range of areas of development in Dubai and we are working hard to include even more projects. In the near future we aim for the Index to cover all of the emirate’s urban areas and provide this service to all our customers,” added Bin Hammad.

DLD is developing and introducing a comprehensive array of electronic services that are compatible with the Dubai government’s vision for being the world’s smartest city within three years. The department is enhancing its initiatives to reduce the time and effort involved in checks and other routine procedures that take up so much of their customers’ time, especially in light of the existence of Dubai’s electronic infrastructure and the proliferation of smart devices in the region.

 

Source Gulf Property

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