4 MIN READIQI Dubai Weekly Recap 26th May- 1st June


UAE property players react to Dubai’s online real estate plan

Two of the UAE’s best-known web portals have welcomed the announcement by Dubai Land Department (DLD) to move all real estate transactions online.

Propertyfinder and Dubizzle Property hailed the move, saying it will promote transparency and ease the process of buying and renting homes in the UAE.

DLD on Monday announced plans for the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime which will be fully developed by the first quarter of 2020.

Source: Arabian Business

Gulf stocks hit by real estate and bank reversal

DUBAI – 27 May 2018: Gulf markets made a tentative start to the week, with Dubai and Abu Dhabi stocks weighed down on Sunday by profit-taking in property and banking shares, which made big gains last week.

The Dubai index dropped 0.4 percent with shares in Emaar Properties down nearly 1 percent at 5.14 dirhams ($1.40).

The stock had risen to an intraday high of 5.42 dirhams on May 21 after a decision of the United Arab Emirates to grant residency visas of up to 10 years to investors and specialists.

But it has since lost most of those gains as investors remain cautious about the outlook for Dubai’s property market.

The Abu Dhabi index was hit by a reversal in First Abu Dhabi Bank shares following a rally in banking stocks which had been fueled by Emirates NBD’s deal to buy Turkey’s Denizbank from Russia’s state-owned Sberbank .

First Abu Dhabi Bank was down 1.6 percent and Emirates NBD was 1 percent lower.

Meanwhile, Saudi stocks were flat, hovering above the psychological barrier of 8,000 points as investors await a potential upgrade of the market to emerging markets status by index firm MSCI in June. ($1 = 3.6730 UAE dirham)

Source: Egypt Today

Dubai rent deals: Dream homes for less with huge price drops for the Palm and Downtown

UAE-based Sooma Real Estate Developer has announced the completion of Al Fouad, one of the first ready residential buildings located in Al Furjan, a 5.6-million-sq-m master development from Nakheel.

Al Fouad is just a 15-minute car drive away from Ibn Battuta Mall, 15 minutes away from Dubai Marina, 18 minutes from Al Maktoum International Airport and 30 minutes from Downtown Dubai.

The completed and ready-to-move-in Al Fouad development houses 105 apartments all with Dewa connection in place. The building boasts two retail units on the ground floor, a rooftop swimming pool and gym, and underground/over-ground shaded parking, with family-friendly amenities.

Attractively priced and strategically located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, adjacent to the Discovery Gardens community, the property houses studios, one-, two- and three-bedroom units.

Buyers are being given a choice of closed or open kitchens, and all apartments come with balconies offering villa community and Dubai Marina views.

The prices for the residential units start from Dh850 per sq ft with the Dubai Islamic Bank is providing mortgages to buyers.

Sooma said the developer’s focus was to ensure timely delivery of Al Fouad along with a choice of high-quality fixtures and finishes for their flagship project.

Al Furjan, one of the Dubai developer’s most popular and fastest-growing communities, is currently home to more than 5,000 people – with a projected population of over 65,000 when completed.

The mixed-use community blends unique urban living experiences with a wide range of amenities, including parks, landscaped walkways and kids’ play areas, schools, medical facilities, mosques and retail and community facilities.

Al Furjan is home to its very own retail unit, Pavilion, with a second under construction, as well as the recently-opened Al Furjan Club, which is a new dining and leisure complex with restaurants, pool, gym and sports courts.

Sooma Real Estate Developer CEO Omar Hafez said: “The completion of our first residential project in one of ‘New Dubai’ popular locations address the emirate’s rising demand for family-friendly and affordable communities.”

“With forecasts hinting at a rise in the number of first-time home-owners in Al Furjan, thanks to enticing returns, attractive prices, post-completion payment plans, and proximity to the upcoming Dubai Metro station, we aim to set a new standard of living with our unique development. As a ready property, Al Fouad apartments bring investors immediate returns,” he noted.

Engel &Völkers, exclusive sales partner of Sooma, has announced an attractive payment plan for the prospective buyers, which gives them a chance to pay 30 percent of the purchase price after moving into the property.

The extension of the Dubai Metro network to connect the Expo 2020 site will make Al Furjan accessible by metro, further enhancing the connectivity. Besides Al Fouad, Sooma Real Estate Development has many new projects in the pipeline in the same area.

Source: Trade Arabia

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