6 MIN READIQI Dubai Weekly Recap 17th – 23rd Feb 2018

Wealth Migrate to present block chain-based global real estate platform at Finovate Middle East

DUBAI, United Arab Emirates, Feb. 25, 2018 (GLOBE NEWSWIRE) — Wealth Migrate, the blockchain-based global online real estate platform, has been selected to showcase its newest technology at Finovate Middle East 2018 (Dubai, February 26-27). Finovate is the premier demo-based conference for innovative start-ups and established companies in the banking, financial technology, and payments sectors.

Founded in 2010 by global fintech and real estate investors Scott Picken and Hennie Bezuidenhoudt, Wealth Migrate opens the opportunity for retail investors to collaboratively invest in international commercial real estate while simultaneously reducing complexity through its proprietary Global Investment Due Diligence System (GIDDS™). The platform simplifies the entire real estate discovery and transaction process from taxation and structuring through to meeting KYC and AML verification requirements for cross-border transactions.

Finovate Middle East, held in partnership with the United Arab Emirates Ministry of Finance, will take place at the Madinat Jumeirah Conference and Events Centre, Dubai. Wealth Migrate’s on-stage demonstration will take place on the first day of the event, February 26, during Demo Session One.

Source: Global News Wire

Developers need to put 20% of project value in escrow

Elevated view of modern skyscrapers along Sheikh Zayed Road, Dubai.

In response to recent media reports, the Dubai Land Department (DLD) has confirmed that developers only need to deposit 20 per cent of the project’s value in escrow ahead of launching off-plan sales. They also need to verify ownership of the project and pay its value in full, in addition to receiving all approvals from the competent authorities, according to a statement issued on Thursday.

Sources had told Khaleej Times on Tuesday that a proposal was being mulled which would force developers to launch off-plan sales only once construction had reached the 50 per cent mark. This was to reduce the pace of off-plan launches in Dubai.

But in the latest statement, there is no mention of any plan to raise the 20 per cent limit to 50 per cent as a requirement for developers to launch sales.

Sultan Butti bin Mejren, director-general of the DLD, said: “There is a strong coordination among all relevant government institutions, including the DLD, as well as between developers and various parties in the market to establish confidence among investors and achieve the highest degree of transparency in Dubai’s real estate market.”

The Land Department’s statement said 150 new projects were registered in Dubai during 2017, at a combined value of Dh82 billion and that 90 projects were completed during the period.

Source: Khaleej Times

Dubai, Abu Dhabi property prices continue to fall in January

Average residential property prices in Dubai continued to fall in January, according to new research from analysts REIDIN.

Its UAE Residential Property Price Indices (RPPIs) for January 2018 showed that prices in Dubai fell marginally by 0.14 percent.

The index also showed that prices fell by 3.67 percent year on year. Apartment sales prices dropped slower than villas although the annual decrease was larger – 3.74 percent compared to 3.36 percent for villas.

REIDIN said a few areas in Dubai such as Dubai Sports City, Discovery Gardens and Dubai Marina registered a sales price increase last month.

The Dubai Residential Property Rental Price Index revealed a decrease of 0.43 percent in January and a 7.65 percent decline year on year.

Apartment rental prices registered a decrease in January of 0.29 percent and a 7.43 percent annual decline while villa rental prices registered a 1.22 percent month on month drop and 8.85 percent slump year on year.

Rental prices in some affordable areas such as Discovery Gardens, Jumeirah Village Circle and Dubai Silicon Oasis showed minor uptick changes, REIDIN added.

Ozan Demir, REIDIN’s operations and research director, said: “Dubai and Abu Dhabi residential sales markets have continued to soften during January albeit on a lower rates when compared to previous periods due to subdued real estate investment activity. Even though average sales transaction ticket prices remained unchanged, a number of residential transactions in the secondary and off-plan markets have declined around 25 per cent year-on-year in January 2018.”

The Abu Dhabi Residential Property Sales Price Index showed a 0.40 percent fall in January and a 8.04 percent decrease year on year.

Source: Arabian Business

Developer makes Dubai debut with a bang

You would expect a developer making its debut in Dubai to go down the off-plan route for sales. Not so for Signature Developers, a boutique builder, which has just unveiled its completed project in Downtown Dubai, The 118.

The group believes customers, mostly high-net-worth buyers, need to see and feel the units before committing to a purchase. The tower offers 28 apartments, with 26 residences taking up a floor each and two duplex penthouses.

The developer has already sold 45 to 50 per cent of the apartments through word of mouth.

“How many developers can boast building, delivering and then selling in Dubai? We have done it. We waited for the product to be ready so that people who understand quality could come and see it. We did not want to do off-plan sales aggressively,” says Jayant Ganwani, also CEO of Signature Developers and CEO of Lals Group.

The apartments are priced from Dh3,500 to Dh5,000 per sqft. The units cost anything from Dh23 million to a whopping Dh65 million for the penthouse. The project’s gross development value is over Dh400 million.

Luzhabitat luxury sales specialist Alexander von Sayn-Wittgenstein says: “This development is perfect for those who enjoy privacy and are used to a certain level of service and convenience when travelling to be able to just lock the door and know that their asset is safe and well-looked-after in their absence. Its quality is of the highest standard, and therefore commands a higher price point than neighbouring buildings in the area. Demand has been steady for the project.”

The purchasers are mostly second home buyers from London, Romania, Spain and India. “People have started moving in. An American celebrity has also purchased a unit with us,” discloses Shroff.

The 118 also offers a driver’s room for each unit, five floors of parking, 24/7 concierge and valet, and other amenities.

“Up until now, luxury buildings featured 100 to 200 units. We offer exclusivity. Ours is not just another sqft building,” emphasises Ganwani.

Signature Developers will also complete its second project in Jumeirah Lakes Towers, titled The Residences, by the end of this year. The Taj Group will operate the hotel component of the JLT tower.

Source: Khaleej Times

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