4 MIN READIQI Dubai Weekly Recap 23rd – 29th Dec

No spike in sight for Dubai property prices in 2018

One thing is for sure — Dubai’s property values are unlikely to record any sharp increases in the new year. Developers and their off-plan ambitions will ensure that prices remain grounded.

“There has been no appreciation in off-plan launch prices,” said Firas Al Msaddi, CEO of fäm Properties. “And developers are still supplying the same range of products in new phases and with fresh payment plans and more attractive offers, including Dubai Land Department (fee) waivers or post-handover payment plans.”

All of which makes it doubly difficult for individuals to try and sell off their properties in the secondary market and at a premium to what they bought. “It’s almost impossible to resell because they can’t compete with the developer,” said Al Msaddi.

“If you bought in January and has paid 30-40 per cent and if I come to buy from you, I have to cough up the 40 per cent and a premium … which doesn’t exist today. But if I go to any developer, I can buy in the same project and get a fresh payment plan plus be part of any sales promotions.

According to him, there has been no price appreciation in the off-plan space through this year and that effectively means nothing much can happen on secondary market values as well. All of which makes it easier for anyone wanting to buy now.

Source: Gulf News

Dubai Real Estate Institute organizes Innovation in Real Estate Best Practices Event

Dubai Real Estate Institute (DREI), the educational arm of Dubai Land Deperetamnet (DLD), has organized the ‘Innovation in Real Estate Best Practices Event’ to coincide with the announcement of the second edition of the Gulf Real Estate Awards, which will take place in 2018. A select group of professionals from different segments of the real estate sector were invited to the event.

The aim of the event was to encourage the attendees to exchange ideas and experiences, providing the DREI with an opportunity to listen to the views of real estate experts, thought leaders and senior practitioners. The event provided insights into the best practices that will help real estate professionals to make progress and contribute to strengthening Dubai’s leading position among global destinations.

Source: Zawya

UAE property developer secures $272mln loan for mega-project

Arada, a newly-created United Arab Emirates -based property developer, has secured a 1 billion dirhams ($272 million) Islamic syndicated loan from UAE banks to help fund a major project in the northern emirate of Sharjah, it said on Thursday.

The money will help pay for the 24 billion dirham Aljada, a project designed to cater for growing demand for more housing and leisure activities in the northern emirates.

Traditionally, the larger and more glitzy real estate developments have been confined to the wealthy southern emirates of Abu Dhabi and Dubai.

Abu Dhabi Islamic Bank and Dubai Islamic bank acted as joint mandated lead arrangers and bookrunners on the transaction, Arada said.

Construction of Aljada will begin in the first quarter of 2018, with the first phase of the project to be delivered in 2019 and the entire development expected to be completed by 2025.
Source: Zawya

Dubai Industrial Park announces Wi-Fi access across labour accommodation

Dubai Industrial Park today announced that it will implement Wi-Fi connectivity across all its labour accommodations at highly affordable rates. This new initiative will benefit more than 14,000 residents across its labour village, offering them access to high-speed internet.

Saud Abu Al-Shawareb, Chief Operating Officer of Dubai Industrial Park, said, “There is no denying that the internet has brought a wave of positive changes to communities, from access to entertainment and education to enhancing the way we communicate. Our new initiative, in alignment with the smart Dubai vision to transform our city through technology and increased connectivity, aims to improve the quality of life for our residents.” He added, “We recognise that workers are important contributors and partners in the development of Dubai Industrial Park. Our labour villages are key in comprehensive offerings to our business partners, and we remain committed to continuously offering quality accommodation within world-class facilities.”

Source : Zawya ; Copyright Emirates News Agency (WAM) 2017.

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