Aggressive Pricing Shakes up the Market
There is a concentration of activity in the affordable segment with the Dubai Land Department (DLD) reporting that the value of mortgage transactions in property increased to Dh60 million in the first six months from Dh48 million over the same period last year.
Source: Gulf News
Dubai’s hotel serviced apartments are now hot picks
In Dubai Marina and the Downtown, the premium is at the 50 per cent mark now, while those serviced apartments at the Palm fetch 38 per cent more than others in the neighbourhood, according to data from the consultancy GCP-Reidin.
These price differentials are also showing up in the off-plan launches. “This year has already witnessed several launches in the serviced unit space, with the Address Harbor Point having the highest launch price of Dh2,300-Dh2,400 per square foot,” said Sameer Lakhani, Managing Director at Global Capital Partners. “But there have been multiple launches at even higher price points earlier, at the launch of Dukes Oceana, the Palm Tower, The One, and Opera Grand.”
Source: Gulf News
Nakheel ex-boss appointed CEO of Emaar Development
The appointment of Chris O’Donnell comes as Dubai’s largest listed developer, Emaar Properties, prepares to sell 20 percent of its Emaar Development unit.
O’Donnell was CEO when a collapse in property prices forced Nakheel into a $16 billion restructuring during the global financial crisis. He left Nakheel in 2011 after five years in charge and later took over as head of Dubai’s Al Futtaim Real Estate Group.
Source: Reuters News
Dubai heading for greener construction, but developers still reluctant to spend, says expert
A challenging macroeconomic climate, the absence of data on cost savings, and a lack of significant incentives for private sector developers to invest in making their projects more energy efficient are just a few of the barriers to building sustainable developments in the United Arab Emirates (UAE) and wider Middle East region, an expert has said.
A study by design, engineering and project management consultancy Atkins said three out of five of the firm’s experts – 61 percent – believe that all buildings in the region will be environmentally-friendly and sustainable within the next 50 years.
However, several challenges need to be overcome to see this prediction become a reality, according to Atkins Middle East and Africa’s head of digital disruption, Marc Durand.