4 MIN READIQI Dubai Weekly Recap 6th – 12th Jan 2018

Dubai Real Estate Activity Rises 14%

Dubai’s real estate activity picked up in 2017 even as average prices—particularly at the high end—continued to decline, according to an end-of-year government report.

The number of transactions last year totaled 69,000, a 14% increase over 2016. The value of those transactions also rose 6% to AED 285 billion (US$77.594 billion), according to a report Tuesday from the Dubai Land Department. The department’s definition of transactions includes housing stock, land, new mortgages and so-called “other” transactions.

The data “confirm the current strength of the Dubai real estate market, in particular when compared against the past two years,” said Sultan Butti bin Mejren, director of the Dubai Land Department, in the report.

Source: Mansion Global

Dubai’s real estate records robust Dh285b in 2017 deals

Developers’ offplan push and sustained demand for plots ensured Dubai’s real estate market ensured an overall transaction value of Dh285 billion — and 10 per cent higher than the Dh259 billion in 2016.

The 2017 total was achieved through just over 69,000 deals, according to Dubai Land Department states.

That compares with 41,776 deals entered through 2016 worth Dh259 billion and 63,719 transactions in 2015 worth Dh267 billion.

Investment into Dubai’s real estate during the period was valued at Dh107 billion, with 39,480 investors coming on board. UAE nationals made up the single biggest buyer demographic, committing Dh25.30 billion, and followed by Indian buyers, with Dh15.6 billion (Dh12 billion the year before).

Source: Gulf News

Dubai reveals plan to launch new real estate festival

Dubai Land Department (DLD) on Monday announced plans to launch of Dubai Property Festival, a three-day sales and purchase event to be held at the Dubai World Trade Centre on April 9–11.

The real estate authority said the festival would coincide with a series of events in Dubai aimed at attracting more global investment to the UAE.

DLD said in a statement that the three-day festival is expected to generate considerable buying and selling activity by hundreds of participants including property developers, brokers, lenders, mortgage providers, investors and home buyers.

Sultan Butti bin Mejren, director general of DLD, said: “DLD plays a vital role in reshaping Dubai’s real estate sector to help drive the economic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“This festival initiative is in cooperation with the International Property Show, and part of our ongoing efforts to support the real estate sector and provide an ideal environment for all relevant parties. We are confident that with this festival and beyond, the real estate sector will continue to grow and contribute to strengthening our economy.”

The festival will be annual event and will be instrumental in attracting and encouraging more buyers to the emirate, he added.

Source: Arabian Business

Lootah Real Estate acquires property in Dubai’s International City

Dubai-based property developer, Lootah Real Estate Development, has completed the acquisition of a B+G+7 residential building in Phase 3 of the emirate’s International City.

The company revealed in a statement that the move supports its 2020 strategy of growing its existing assets portfolio and expanding its regional market share.

According to Lootah Real Estate Development, it will finalise the remaining 40% of construction work on the property, including the enhancement of the façade, before handing it over for leasing in Q1 2018.
The property, called Lootah Residence II, will feature 100 apartments, comprising 38 studios, 48 one-bedroom apartments, and 14 two-bedroom.

Commenting on the company’s new acquisition, Saleh Abdullah Lootah, executive director of Lootah Real Estate Development, said: “We have a very positive outlook on the future of the real estate market in the UAE, and we believe that the Dubai property market will only grow and mature in the years leading up to 2020.

“The demand on new projects and the size of investments entering the country are on the rise”.

He added: “International City is a flourishing residential district, and we’re looking forward to contributing to this community.”

Source: Construction Week Online

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