70% of units are sold and the community is welcoming its first residents to discover the ultimate in beachfront living.
Palma Holding, one of the most prestigious names in Dubai’s real estate industry, has handed over its flagship AED 1.5 billion Serenia Residences project on schedule. 70% of the units have been sold and the luxury community is now welcoming its first residents to discover the ultimate in beachfront living.
Read MoreFinland is the world’s happiest country, according to an annual survey issued on Wednesday that put Burundi at the bottom of the happiness index and found Americans were getting less happy even as their country became richer.
The UN Sustainable Development Solutions Network’s (SDSN) 2018 World Happiness Report ranked 156 countries according to their scores for things such as GDP per capita, social support, healthy life expectancy, social freedom, generosity and absence of corruption.
Read MoreA few developers in Dubai spend millions of dollars promoting their projects to investors here in the UAE and internationally, and a few years ago, the sales message was all about low price per square foot but now it's about low entry prices.
Read MoreThe real estate industry in Dubai has become one of the most lucrative, transparent and secure property markets in the world.
The Dubai Real Estate Regulatory Agency (RERA) presented a model of inspiration for Indian authorities to reform their own regulatory framework in 2016.
In a recent Dubai Eye (103.8FM) Business Breakfast discussion, the early morning trio of Malcom, Brandy, and Richard interviewed Sam Graham from Rider Levett Bucknall about his RLB global crane index which shows that the number of fixed tower cranes in Dubai increased over the past year by 26%.
There are now 1128 cranes in the city, mainly deployed at private residential and commercial projects scattered across the city.
Read MoreThere have been some articles in the property sections of local newspapers recently that have reported on and listed the areas in Dubai that give the best rental yields/returns.
Interesting reading perhaps, but misleading, as these league tables are calculatedon the average values and rents across all buildings in each specific community or suburb.
Real Estate agents, pundits and owners all over the world speak about location, location, location however here in Dubai one cannot base the rent/yield/value on just this mantra.
Developer Ellington has made aesthetics and attention to practical living a priority in its building designs. This has been greeted with enthusiasm by residents of Belgravia 1, the first in a series of three residential mid-rise apartment buildings in the Jumeirah Village Circle (JVC).
Read MoreThe Dubai rental property cycle generally lags the sales market by about 12-18 months. As such, today’s average asking rents are broadly equivalent to levels last seen in early 2013. The Real Estate Regulatory Agency’s updated rental index for this year reflects this cycle, with no significant change recorded for freehold rentals as compared to last year.
Research has shown that many landlords have indeed either reduced their lease values or offered incentives for their tenants to minimise vacancy levels. Nevertheless, even with the current scenario, Dubai’s real estate rental returns are still considered among the top in the region as well as on a global level.
Read MoreNew legislation for non-government backed developers in Dubai has been proposed by the Real Estate regulatory bodies and its designed to protect investors further.
It's possible that developers will only be able to launch sales on off-plan projects once construction reaches the 50 percent mark. This is intended to reduce the risk of market oversupply and could result in consolidation among smaller private developers.
Presently the law states that the developer must complete 20 percent of the project or they must provide proof of 20 percent of construction funds in addition to a 10 percent performance bond by the contractor.
This proposal is likely to slow down the pace of off-plan launches in the short term. It will also reduce the current risk of a few developers flooding the market with sometimes lower quality properties at discounted prices and attractive payment plans.
Property discussions this week have been as follows: -
Read MoreThe month of March recorded the highest number of commuters, with over 49 million riders transported.
Mass transit means in Dubai transported a whopping 551.7 million riders in 2017, with daily ridership clocking 1.51 million. The Dubai Metro accounted for 36 per cent of the total commuters, followed by taxis (32 per cent), and public buses (28 per cent).
Read MoreMattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), revealed that mass transit means in Dubai comprising the Metro, Tram, Buses, marine transport (Abra, Ferry, Water Taxi & Water Bus), and taxis (Dubai Taxi & franchise companies) had lifted 551.7 million riders in 2017 according to RTA’s Statistics Section. It reflects an increase in the corresponding number recorded in 2016, which amounted to 543.6m riders in total. The daily ridership of public transport means in Dubai last year clocked 1.511m riders.
Read MoreDubai’s real estate authorities have decided to retain the status quo on the percentage developers should put up in escrow before launching offplan sales. But there could still be significant differences between what developers used to put up earlier and what they have to do now.
In a statement issued Thursday, the Dubai Land Department said developers need to place in escrow 20 per cent of the “total project value”. Developers until now had been used to putting up a bank guarantee of the “value of the construction”.
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