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Latest data suggests slowing in residential markets in UAE
The residential property market in the United Arab Emirates seems to be going through a period of stabilisation with some locations seeing growth and others recording a slowdown. In the first quarter of 2016 sales and rental prices in upcoming, inland neighbourhoods across the UAE are rising while in prime areas they are falling, according to the latest property report from classified website Dubizzle. It records an increase of up to 13% in sales and rental prices in emerging locations such as Al Ghadeer, Al Reef and Al Furjan, when compared to the first quarter of 2015. For example, property sale prices in Abu Dhabi’s Al Ghadeer and Al Reef rose by 3% and 4% respectively when compared to the same quarter in 2015, while rental prices for one and two bed apartments in Al Reef rose by 9% while three bed apartments in Al Reef rose 11% and in Al Furjan in Dubai rents for one bedroom apartments increased by 13%. Meanwhile, prices in more established, central areas have dropped, for example rents dropped by 10% for one and three bedroom apartments in Abu Dhabi’s Corniche when compared to the first quarter of 2015. The same trend was seen in Dubai, where sales prices for properties in mature locations such as Business Bay, Dubai Marina, Downtown Dubai and Jumeirah Lakes Towers fell by between 8% and 10%. Business Bay saw rents for one bedroom apartments fall by 5% and two bedroom apartments were down by 4% while the rental price for three bedroom apartments remained unchanged. Data from property firm Bayut also records falls in some locations in Dubai in the first quarter of 2016. Rents were down by 3% year on year and sale prices down 6%. The firm believes that as more and more households move to the suburbs, investment opportunities in areas like Dubailand and Dubai Sports City could become more enticing. It suggests that the increased popularity of these localities coupled with low property prices has resulted in rental yields as high as 9%. ‘We think Dubai’s suburbs are ideal for both new home buyers who can still benefit from low prices and investors, who can enjoy impressive rental yields thanks to these areas’ rising popularity,’ the report says. Continue reading
Poll reveals how British people think their homes will be powered in the future
A wind turbine in the garden and electronic devices driven by exercise equipment are some of the revolutionary changes home owners in the UK can look forward to according to a new poll. Home owners certainly see homes being powered in a very different way from the current reliance on electricity from the national grid. A survey conducted by Gocompare Energy reveals that people think that in the future there will be wind turbines in gardens creating a personal power supply and little water turbines in gutter pipes and bathroom drains to harness further power. Other ideas that could become a reality include homes being roofed with tiles that have inbuilt solar technology while some of the more whacky ideas include floorboards that harvest energy as you walk across them. The poll asked if people thought that there would be changes in the way homes are powered in the future and the vast majority, 91%, stated that they thought there would. Of these, 84% believed power would come from ‘more sustainable sources’, with a further 61% believing that UK homes will become more ‘self-sufficient and independent’. Some 9% believed that homes will not be powered by any mains gas or electricity at all in the future. Some 55% thought appliances will be powered by exercise devices in the home, 51% believed that energy could be harnesses from water flowing through household drains and 43% thought gutters could generate power when it rains. Another 39% could believe that all roof tiles will automatically harness power from the sun and 22% could foresee a future with a wind turbine attached to every home while 14% thought flooring could be used to generate energy. In addition to these, 8% of respondents believed that certain modern gadgets that require a lot of energy would be banned in the future, including appliances such as kettles and washing machines and overall a third of respondents believed that these predictions could come into effect as soon as 2020. ‘It’s been fascinating to see what energy innovations people think we could see in our homes in the future. It’s no wonder that we are starting to see more people considering the sustainability of our power sources but that’s not to say that washing machines are going to be outlawed any time soon. If anything, they will just become more energy efficient,’ said Ben Wilson, an energy expert at Gocompare Energy. ‘What’s particularly interesting is that some of these predictions aren’t necessarily that farfetched. I could well envisage a workout station where you can charge your mobile phone while you work up a sweat, or the advance of solar technology to make it all a little more aesthetically pleasing for UK rooftops,’ he explained. ‘The industry is fast paced and alternative and renewable energy providers are constantly looking for new ways to generate power, so I could see some of these coming to British homes very soon,’ he… Continue reading
Research reveals deposit gap between Greater London and rest of UK
The average deposit for a Greater London property is nearly three times or 170% more that of the rest of the UK, at £127,000, new research shows. Average deposit has increased by nearly £30,000 or 30% for London home movers in the last three years, the report from My Home Move also shows. However, overall, the average UK deposit size as a proportion of purchase prices has decreased by 1.8% since 2013, but home movers’ deposits remain high as house prices increase. The figures show that national the average property price in 2013 was £162,040 with a deposit of £44,690, rising to £173,202 and £45,534 in 2014 and £182,293 and 46,976 in 2015. In Greater London the average property price was £377,855 in 2013 requiring a deposit of £99,375, rising to 439,399 in 2014 with a deposit of £112,266 and £482,512 in 2015 with a deposit of £127,141. So in the UK as a whole the deposit needed in 2013 was 27.58 of the purchase price, falling to 26.29% in 2014 and then falling again to 25.77% in 2015. But in Greater London in 2013 a buyer needed an average deposit of £26.3% in 2013, falling to 25.55% in 2014 but rising again to 26.35% in 2015. ‘The London property market has always commanded greater prices than anywhere else in the UK but our research has shown just how extreme the situation is becoming,’ said Doug Crawford, chief executive officer of My Home Move. He pointed out that London property prices have risen by 27% in the last three years and while the rest of the UK has seen a small decrease in the average deposit size, those looking for a London home are depositing 170% more than their UK counterparts. ‘This situation is unsustainable and has been driven by rising house prices. For some, their deposit will come from the equity in the property they are selling. However, for many, they will still need to save tens of thousands of pounds to make the move onto and up the property ladder,’ he explained. ‘Ultimately, it still begs the question – who is going to help those looking to enter the capital’s housing market and those on the lower rungs of the ladder, first time buyers and second steppers?’ he pointed out. He also pointed out that earlier this year the firm predicted that 100,000 properties would be purchased in 2016 using gifted deposits courtesy of the Bank of Mum and Dad and based on these figures, it looks like a very large portion of these could be based in the Greater London area. Having analysed over 60,000 purchase records to determine the average deposit size paid by home buyers between 2013 and 2015, My Home Move compared these findings to the average property prices held by the Land Registry for the same period. Continue reading
