Saudi Arabia is trying to reduce its dependence on oil. A neighbor has already done it.For more than 100 years, the Middle East has been defined by oil exploration, production and its boundaries. Now the region is getting repurposed by its aspiration to grow beyond fossil fuel. The shake-up in Saudi Arabia's royal family was as much about becoming a 21st-century economy as it was about rooting out corruption.
Read MoreDubai is often hailed as the queen of luxury housing. After all, it has some of the world's tallest and most expensive properties, securing a spot among top housing markets globally. As the business hub in the Middle East, Dubai surely has a real estate market to match and it is rapidly growing, and it's only going to grow stronger in the coming years.
Read MoreI was hoping to start this New Year newsletter by including some forecasts for the 2018 Dubai Property Market. However, after an extensive search through the online news channels, the end of year reports from the property portals and those of the major real estate companies, it is almost impossible to find a consensus of opinion.
Nobody can accurately and consistently forecast the property market and one should not put too much faith in predictions. However, some things can be ‘guesstimated’ with reasonable accuracy. The market will go up and down and investors will rarely ever buy at the bottom of the market and will never sell at the top of the market. The astute property investor must ignore the noise and focus on the basics of property investment:- location, quality, design and value within a diversified portfolio whilst investing for the long term.
Read MoreTo all my readers, I wish you a wonderful year ahead
On January 1, 2018, the UAE implemented a Valued Added Tax (VAT) at the rate of 5% on selected goods and services.
Read how it affects real estate here
We are all having to quickly learn what is exempt, what is zero-rated, when we need to add VAT or when we must pay, next step is how we can claim a refund, but we have a few months to learn that one.
The UAE remains a predominately Tax-Free country with zero Income Tax, zero capital gains, zero inheritance tax and zero corporation tax (except for oil and gas entities and some banks), so a 5% tax is unlikely to have a dramatic effecton the way we spend our money.
This week’s meetings and discussions have included the following
Dubai recorded 69,000 real estate transactions, worth more than $77.6bn (AED285bn), in 2017, it has been revealed.Announcing the emirate’s real estate market results, the Dubai Land Department (DLD) said in a statement that 2017 transactions recorded a 6% increase in value compared to 2016’s $73.2bn (AED268.7bn), and a 4% rise compared to 2015’s $75.1bn (AED275.8bn).
Read MoreThere are old town spots that everyone knows. Ravi’s, The Irish Village and XVA Gallery to name just a few. There are plenty more places, however, that probably aren’t on your radar, but definitely should be. We love all of the tried-and-tested, age-old frontiers, but there are golden oldies that have faded off the map in light of a slew of new openings, but that remain as worth-visiting as they ever were
Read MoreHappy New Year, to all my readers
2017 will be remembered as the year where the number of off-plan sales transactions exceeded those for the secondary market and agents, developers and pundits talked about affordable housing but couldn't agree on what was "affordable".
Value Added Tax (VAT) is now a reality, and although residential real estate in general is either exempt or zero-rated, commercial property dealings will attract an extra 5 per cent on top, affecting residential in a more roundabout way.
So what is taxable?
Read Mores the clock chimed 12, Burj Khalifa came alive with the most spectacular laser show that triggered a collective gasp from thousands gathered here! It also establish a new Guinness world record for the largest laser light and sound show on one single structure. The world's tallest tower was bathed in dazzling laser lights in a dynamic dance synchronised with music.
Read MoreNew Year’s Day will bring many things. Well-wishers and revellers will gather at tourist spots and significant sites around the UAE to mark the arrival of 2018 with a bang, as they come together to watch one of the official fireworks displays. Some residents and citizens will, undoubtedly, baton down the hatches on the evening of December 31 and wake up with a little trepidation in their hearts the following morning as the country says hello not just to a new year but to a new era as well, with the introduction of value added tax. Many others, one suspects, will make a more literal step into the unknown by heading down to Dubai’s newest attraction, the Dubai Frame, which opens on January 1. Billed as a new year’s gift to the public, it promises to be a little different.
Read MoreDubai enters the ranks of the top cities in the world, joining Abu Dhabi and Riyadh on the global list.
The economic diversification drive initiated by the GCC governments has started to bear fruit, as Dubai enters the ranks of the top cities in the world, joining Abu Dhabi and Riyadh on the global list.
Read MoreDubai: Dubai’s upcoming super-tall masterpiece, The Tower, which is set to surpass the height of Burj Khalifa, is now taking shape.
New photos have emerged of the ongoing construction of the future iconic observation tower, providing the public a glimpse into what goes on at the site.
The aerial images, courtesy of Dubai Media Office, showed the ongoing work at the base of the tower, which broke ground only a little over a year ago.
Read More
