3 MIN READIQI Dubai Weekly Recap November 2017 (Week 3)

Burj Khalifa developer’s shares flop on market debut

Shares in Emaar Development, which built Dubai’s Burj Khalifa, have fallen nearly 5% since they started trading on Wednesday, hit by nervousness among investors over regional instability and its impact on real estate markets.
Dubai’s biggest IPO in years raised $1.3 billion when the shares were priced on Nov. 2.
Then came the news of a surprise anti-corruption sweep in neighboring Saudi Arabia that included the arrests of dozens of princes, officials and high-profile businessmen, including global investor Prince Alwaleed bin Talal.

The Dubai stock market — the most active in the Gulf region after Saudi Arabia – posted losses for four straight days following the arrests and has fallen about 5% since the start of November.

Investors have also been shaken by rising tension between Saudi Arabia and Iran. Saudi officials described a failed missile attack on Riyadh airport by Iran-backed rebels in Yemen on Nov. 4 as an act of war by Tehran.

Source: CNN Money.

Expat Indians only too willing to snap up property back home

India’s real estate desperately needs non-resident Indians to start buying. And by the looks of it, they seem willing to comply.

A survey by the promoters of Indian Property Show shows a rise of 59 per cent in such prospective buyer support compared to June this year.

And 13 per cent want to buy immediately as opposed to only 8.15 per cent in June; whereas 35 per cent are keen on buying within next three months itself. In all, 70 per cent of those polled have shown interest in buying in India within next six months.

Source: Gulf News

Azizi starts work on 105-building community

Dubai: Azizi Developments has started construction on its 105-building ‘Azizi Victoria’ project in MBR City’s District Seven precinct. It will take up an area of 33 million square feet and eventually feed 30,000 residential units, a retail district and two hotels. This follows the earlier launch of the Azizi Riviera at the same master-development. “Azizi Victoria will further our vision of creating urban living spaces, which will revolutionise the meaning of community living in Dubai,” said chairman Mirwais Azizi. Construction is expected to be completed in four phases, with Phase 1 scheduled for May 2019.

Source: Gulf News

Dubizzle records rising demand for housing priced below Dh1,000/sq ft

“Mid-market” properties were the only price category of the Dubai residential market for which online searches on UAE marketplace dubizzle.com that rose this year, indicating continued growth in demand for “affordable” housing amid flat market conditions and increasing supply.

The proportion of dubizzle.com searches for mid-market properties – those cheaper than Dh1,000 per square foot – increased to 66 per cent of all property searches on the platform in September 2017, up from 42 per cent in September 2016, according to dubizzle.com and property consultancy JLL’s End of Year Property Report focusing on the Dubai residential market.

Mid-market properties accounted for 57 per cent of all property advertisements on dubizzle.com during the month, compared to 52 per cent last September, the report added.

Source: The National

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