Dubai Property News
Real estate upturn is boosting trade in Dubai
Leaders of Dubai Customs believe the recent upturn in activity in the city's real estate market is helping to drive trade with other countries.Director general of the organisation Ahmed Butti told the Financial Times the emirate's thriving property industry – coupled with continued success in tourism and aviation – has strengthened Dubai's overall economy.He expects to see further growth of between 14 and 15 per cent by the end of the year and it seems that all sectors are performing well.”We can see real estate again driving growth and companies still come to Dubai as a base to cater to other parts of the region,” he told the news provider.Non-oil trade rose by 13 per cent in 2012 and there has also been a significant upturn in the amount of gold and diamonds being sold through Dubai.In the past, Dubai has done a lot of business with Iran, but trade between the two fell by around a third in 2012. This is partly because Iran's currency has dropped in value.However, Dubai is no longer reliant on its links with Iran and has established closer ties with major economic powers like India and China.Meanwhile, trade with Africa rose by 27 per cent last year and there was also a 28 per cent upturn in business between Dubai and its neighbouring Arab states.Mr Butti insisted the emirate is in a good position to respond to market needs.”Dubai is a big supermarket which caters to the region. We are traders – we trade whatever will bring business,” he was quoted as saying.The recovery of Dubai's property market in the past 12 months has indeed been astonishing and there are signs that 2013 could be a vintage year for real estate investment in this part of the UAE.Last month, the Dubai Land Department revealed the value of real estate transactions increased by 63 per cent in the first quarter of 2013 when compared with the corresponding period in 2012.Looking for apartments in Dubai? The First Group can help you out Continue reading
Dubai government keen to promote solar power
The Dubai government is pondering a number of initiatives aimed at encouraging property owners to install solar panels.Electricity consumption generally skyrockets at this time of year across the city, as residents and holidaymakers ramp up their air conditioning.Like many countries around the world, the UAE is desperate to reduce its reliance on fossil fuels and the authorities think solar power holds the key to slashing the nation's carbon emissions.The Dubai government unveiled plans for a huge solar park last year, but it also wants to see more small-scale panel installations.With so many towering skyscrapers throughout the emirate, it makes sense to have more photovoltaic panels dotted around the place.According to Ivano Iannelli, the chief executive of the government-owned advisory company Dubai Carbon Centre of Excellence, new legislation could soon be introduced that incentivises grid-connected solar power, the National reports.”In the next 12 months, we will see a constant increase of solar infrastructure. Not only standalone facilities such as solar pumps, but to actually power our villas, our parks, our residential communities,” he told the news provider.A number of schemes, such as feed-in tariffs, are being considered by the government and the Dubai Electricity and Water Authority is likely to play a huge part in the city's drive to become more eco-friendly.It is hoped that by building a reputation for being green, Dubai will attract plenty of investment from other parts of the world.Dubai is one of the fastest growing cities on earth and it is also home to some of the biggest and most power-thirsty structures around.The city has taken part in a number of international events aimed at raising awareness of green energy and power-saving methods, including Earth Hour, which took place at the end of March.This is a scheme that was first launched in 2007 and encourages people all over the world to switch off their lights and any unnecessary appliances for an hour at a specific time on a set day.In doing so, Dubai alone managed to cut its carbon emissions by an incredible 120 tonnes. Continue reading
Another impressive hotel lined up for Dubai Marina
Yet another impressive hotel is being built in the immensely popular Dubai Marina.A number of recent studies have shown the largest man-made marina on earth is a firm favourite among property investors and some of the world's leading hotel chains have erected towering buildings in the exclusive area.The latest firm to do so is the Wyndham Hotel Group, which has outlined plans for an attractive 33-storey building that will cover nearly 6,800 sq ft. The complex will feature 497 guest rooms, 251 luxurious suites and almost 2,500 square feet of spa and leisure facilities.Wyndham has struck a deal with Sigma III Limited – a subsidiary of The First Group – to manage the hotel and it is expected to open within the next three years.Although the organisation has an incredible 7,380 hotels around the world, this will be its first foray into the lucrative UAE market and president and chief executive officer of the company Eric Danziger is excited about the venture.”We're very excited to be bringing our namesake Wyndham Hotels and Resorts brand to Dubai, following its successful introduction to the region through the spectacular Wyndham Grand Regency Doha,” he remarked.”I have no doubt that Wyndham Dubai Marina will be another superb addition to the brand, which we are already growing in key cities throughout the Middle East.”Wyndham is also set to launch two other Gulf-based hotels – the Wyndham Grand Manama and Wyndham Grand Riyadh – which should both be ready by the end of next summer.It is certainly a good time for investors to be exploring the Middle East's hospitality sector, as the number of people visiting destinations in this part of the world continues to rise sharply.Dubai is a particularly lucrative market, with TRI Hospitality Consulting recently reporting that hotel occupancy rates in the city reached 89.8 per cent in March 2013. This was a 2.3 per cent upturn on the corresponding month in 2012 and is a clear indication that the sector is heading in the right direction.The First Group can help you find properties for sale in Dubai Continue reading
