4 MIN READIQI Dubai Weekly Recap 7th – 13th April 2018

Dh58b total real estate transactions for Q1 2018

DUBAI: The Dubai Land Department, DLD, has revealed that real estate transactions in Dubai for the first three months of 2018 totalled Dh58 billion through 13,759 sales.

Commenting on the announcement, Sultan Butti bin Mejren, Director-General of DLD, said, “The Dubai real estate market continues to show growth, driven by general optimism and confidence in the real estate sector.”

“Achieving almost Dh58 billion in transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year.

“Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020,” he added.

According to the report issued by DLD’s Department of Real Estates Studies and Research, Q1 2018 saw a total of 9,092 sales transaction worth about Dh19 billion, 3,717 mortgage transactions worth over Dh30.6 billion, and 950 other transactions valued at Dh8.4 billion.

Source: Khaleej Times

Omniyat secures $40m financing for Dubai real estate project

Dubai-based developer Omniyat has $40 million in construction financing from Kuwait’s Burgan Bank for its twin tower project, The Sterling.

Located in Dubai’s Burj Khalifa area, the Sterling will consist of two towers – the East House and West House – and will offer views of the Burj Khalifa, Mohammed bin Rashid City and The Creek.

“This is a key milestone in The Sterling by Omniyat’s journey and we are delighted to be working with Burgan Bank,” said Mark Phoenix, managing director at Omniyat. “It’s vital to partner with companies that share our vision and ethos, and this deal is the first step to making The Sterling yet another outstanding landmark on Dubai’s skyline, featuring intelligent architecture and crafted interior design.”

The luxury development will include 385 residential units, including penthouses, apartment residences and townhouses, as well as two retail spaces.

“As a representative office for Burgan Bank Kuwait in the DIFC, Burgan Bank Financial Services Limited continues to pin down successful deals and partners with renowned corporates to cater for their financial needs at every stage of their business cycle,” said Raed Al-Haqhaq, deputy CEO of Burgan Bank.

“It is exciting to be part of a venture that will contribute to our neighbouring partner’s growth and help conceptualize a future vision.”

Source: Arabian Business

Emaar to offer incentives to buyers at Dubai Property Festival

Emaar Properties, the UAE’s largest real estate developers by market capitalisation, said it will waive real estate registration fees and offer special payment plans on projects showcased at the government-backed Dubai Property Festival this week.

“We are supporting the event not only as its founding strategic partner but also offering a never-before incentive for our customers,” said Ahmad Al Matrooshi, managing director of Emaar Properties.

“They [investors] will have the opportunity to buy into some of Dubai’s most sought-after lifestyle destinations … in Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate, Emaar South, Emaar Beachfront, Arabian Ranches and Dubai Marina.”

The offer applies to Emaar schemes including Beach Vista and Sunrise Bay on the private island Emaar Beachfront project; Saffron, the first townhouse community in Emaar South close to Al Maktoum International Airport, and The Grand, a luxury residential community that is part of Dubai Creek Harbour.

Dubai’s real estate market has been subdued in the past two years, with sales and rental prices declining in most segments amid sluggish economic conditions and muted demand. However, analysts have predicted that the market could bottom out this year and witness a stronger investor sentiment on the back stabilising oil prices and a more buoyant business environment.

The Dubai Property Festival has been created by the Government of Dubai in partnership with the Dubai-based events company, International Property Show.

It is intended to promote the sale of completed and distressed properties across the emirate and attract more overseas investors, Sultan Bin Mejren, director-general of Dubai Land Department, told media at an event in January.

Source: The National

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