Tag Archives: dubai investment news
Dubai property deals rise 63%
Real estate transactions touched Dh44bn in Q1. The total value of real estate transactions in Dubai rose 63 per cent to Dh44 billion in first quarter 2013 compared to same period last year, data from Dubai Land Department (DLD) reveals. The number of transactions amounted to 14,260 at a rate of 223 per day and 32 per hour with “impressive” growth registered in the residential and commercial sector. Total sales transactions reached 10,913 valued at Dh24 billion, with mortgage amounted to Dh17.8 billion. Other transactions amounted to Dh2.2 billion. Dubai Marina took the lead in terms of value of transactions, registering 2,079 transaction worth Dh3.5 billion as total value of residential transactions touching Dh13.9 billion. In 2012, total value of real estate transactions rose 8 per cent to Dh154 billion compared to Dh143 billion in 2011. UAE nationals had topped the list of investors in 2012 while Indians coming second in the list of top property buyers. Total investments by Gulf Cooperation Council, Arab and foreign investors stood at Dh58.6 billion with the total number of investors reaching 18,635, while foreign investors, numbering 13,573, invested Dh36 billion in the market. Sultan bin Mijrin, Director-General, DLD, said: “Dubai real estate market has shown durability and flexibility when it comes dealing with the requirements of investors, with the past three months showing a new breed of investors entering the market in order to capitalize on opportunities that have risen on the even of price correction witnessed in the market over the past two years.” He added: “As the market continues to unfold, investors will be encouraged to increase their spending in Dubai.” Jones Lang LaSalle, a global property consultancy, in its first quarter 2013 report, said Dubai property sales prices were about 18 per cent higher in the first quarter of 2013 compared to the year earlier period. Recently, Deutsche Bank said real estate prices and rents in Dubai rose for the 16th consecutive month in March, continuing the steady recovery in the sector. Property prices increased by 1.5 per cent from February to March with price increases recorded across most areas, with prices and rental values remaining significantly below their peak of 2008. Continue reading
Dubai International Airport ‘will remain a top priority’
Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has insisted that the expansion of the city's main airport will continue to remain a priority.The UAE prime minister recently visited the aviation facility and he was happy with the work that has taken place in Terminal 2.Once the new hall opens on April 29th, the state-of-the-art terminal will be capable of accommodating 7.5 million passengers a year.More than 57.6 million people passed through the airport last year and this figure is expected to rise to 66 million in 2013. The overall capacity of the airport has increased to 75 million passengers per year and it is predicted to be the busiest aviation hub on earth in the next few years if current rates of expansion persist.Mr Al Maktoum was quoted by the WAM news agency as saying that Dubai International “represents the face of the country and is the symbol of its culture and progress”.He also paid a visit to the Dubai Airport Free Zone (DAFZA), which continues to attract scores of influential investors.The facility was first established in 1996 as part of the government's plans to move the city towards an investment driven economy and it is now home to more than 1,600 companies from a range of sectors, including freight and logistics, IT and aviation.There are many incentives for firms to set up a base in the DAFZA, as they receive 100 per cent exemption from corporate tax, import and export duty and personal income tax. This perhaps explains why so much money has been poured into the area in the past 17 years.Mr Al Maktoum toured a number of the buildings that have sprung up throughout the free zone and he was clearly very impressed with what he saw.”The success achieved by the DAFZA is a first step forward for more progress in the way of excellence that we thrive,” he added. Continue reading
Dubai leader welcomes young investors
A group of young investors have been welcomed to Dubai by the city's ruler His Highness Shaikh Mohammad Bin Rashid Al Maktoum.The UAE prime minister took time out to speak with 36 members of the Zurich-based Young Investors Organisation and he offered a few words of advice to the youngsters, the WAM news agency reports.Mr Al Maktoum said he was pleased that they had chosen to explore the many investment opportunities that Dubai has to offer, particularly in the renewables sector.The meeting took place at the Dubai International Financial Centre and the group will also host a three-day forum in the emirate.Dubai's tourism industry has grown significantly over the years and the city's property market has also recovered well in the past 12 months, so it is no surprise to see the next generation of investors turning their attention towards the UAE.Mr Al Maktoum told the news provider: “Dubai is pleased to welcome ambitious young investors who are looking for a safe place to settle down, live, invest and achieve personal goals and to contribute to the economic growth of the country they invest in.”He added that Dubai's meteoric rise is a good example for ambitious investors to follow, as the city clearly knows what it takes to overcome tricky obstacles.”The global financial crisis was the major challenge facing us, but we by nature love challenges because we are the people of the desert,” the Dubai ruler continued.A recent study by Jones Lang LaSalle highlighted just how strong Dubai's real estate sector is at the moment.While residential buildings have been selling well for quite a long time, the demand for offices and other commercial properties has been largely subdued – until now that is.The research indicated that all divisions of the city's real estate market are in a strong position to grow in 2013 and this is the first time this has happened since mid-2008. Continue reading
