3 MIN READIQI Dubai Weekly Recap 24th – 30th March

Dubai Property Market to Banish Real Estate Gloom by Exploiting ‘Expo 2020’

Dubai residential property prices and rents declined by 5 to 10 percent overall in 2017, according to data from Standard & Poor’s (S&P), the credit ratings agency. It expects that a “three-year downturn” in Dubai’s property market is likely to continue until at least 2020.

Still, S&P notes that the property sector could still benefit from the potential increase in economic activity and positive business sentiment attached to the Expo event, as an expected 25 million visitors and new residents support the market. “We anticipate a speculative surge in prices, devoid of any demand and supply mismatch,” the report added.

According to Oxford Economics, Dubai GDP recorded a growth of 3 percent at the end of 2017 and is expected to grow at a lower average annual rate of three percent over the next three years. The OECD expects global growth of about 3.9 percent this year and next.

“That growth spike was unsustainable, so we have seen a softening in value. This is not like the crash after the recession. It’s a gradual softening rather than a sharp correction. There is still an expectation that there will be a rise in demand before 2020.”

Dubai Expo 2020 is expected to attract up to 300,000 visitors a day when it opens. Standard Chartered has predicted it will also create around 300,000 new jobs and attract new residents in the emirate city, which currently has a population of three million.

Source: El Bawaba News

Dubai developer set to unveil new $1.28bn project

MAG Lifestyle Development, the development arm of Dubai-based MAG Group is preparing to launch its AED4.7 billion ($1.28 billion) project MAG EYE at Cityscape Abu Dhabi next month.

A fully gated townhouse and villa community situated in Meydan District Seven in Mohammed Bin Rashid City, MAG EYE will be one of five major flagship projects showcased by MAG Lifestyle Development.

MAG Creek Wellbeing, MBL Residence, MAG 230 and MAG 318 will share the spotlight, all of which will be available for sale at the exhibition, it said in a statement.

Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development said: “Anyone working in the UAE property market can see that the sector has reached maturity and that sustainable growth is now being achieved.”

“The question now is how to remain on this upward trajectory, which is an endeavour that will require developers to go beyond simply constructing buildings. It is now time to do more, to think bigger, and to outdo ourselves by gearing every single aspect of our projects toward truly enhancing peoples’ lives”.

Taking place from the April 17-19 at the Abu Dhabi National Exhibition Centre, the 12th edition of Cityscape Abu Dhabi is held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

Source: Arabian Business.

Dubai’s next Raffles hotel gets into project mode

Proposals have been called for the next Raffles hotel and residences in Dubai. Nakheel, which is building the twin-tower structure on the Palm, wants submissions on ground preparation proposals for the structure.

The main tender will be released later this year and the project has an announced completion date of 2021.

The ground clearing works will eventually pave the way for what will be the Palm’s tallest structure — a 260-metre development comprising Raffles The Palm Dubai Hotel and Raffles Residences PALM360.

The project will also have the “world’s largest sky pool”, connecting the two towers at 170 metres above ground.

Located on the island’s western crescent across 500,000 square feet, the Palm360 will have 125 hotel rooms and 331 Raffles-branded residences, including 16 ultra-plush penthouses spanning up to 12,000 square feet. Each penthouse is to have its own Infinity pool.

It was last year that Nakheel confirmed Raffles as the hotel operator for its latest prestige project. Raffles already operates a property in Dubai, near Wafi Mall.

Source: Gulf News

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