Tag Archives: dubai property news
Dubai rents ‘will continue to rise’
From a property investor's point of view, it is always encouraging to see rental rates increasing in Dubai, as this suggests that demand for accommodation is strong.Landlords in many parts of the city were forced to lower their asking prices when the global economy took a turn for the worse, but it seems that things are now firmly back on track.Farouk Soussa, the chief economist in the Middle East for Citigroup, told the National that increasing rents are something of a trend in Dubai.”Going forward we expect further increases in rent in Dubai as we forecast house prices to rise by 35 per cent this year and rents to be not far off it,” he was quoted as saying.According to the Dubai Statistics Centre, housing costs in April 2013 rose at their fastest pace for more than three years.Dubai certainly appears to be a more profitable market than Abu Dhabi, as figures suggested that rents in the latter fell last month.”The rate of population growth in Abu Dhabi is still short of Dubai and the investment interest in Dubai's property market is higher than Abu Dhabi,” Mr Soussa added.Unsurprisingly, certain parts of Dubai attract more interest from lodgers than others and it seems that more exclusive areas like Dubai Marina are particularly popular.Earlier this year, the Real Estate Regulatory Agency revealed that The Greens is another region that is highly desirable.The cost of renting a studio apartment in this part of town went up by an incredible 22 per cent between the end of 2012 and March 2013, Emirates 24/7 reports.In addition to this, owners of one-bedroom apartments hiked their rents by 15 per cent over the same period, while two-bedroom properties were 28 per cent more expensive.Although there has been a sharp increase in the number of new buildings being erected across the city, experts predict that rising population figures will ensure that rents continue to go upwards in the near future.The First Group can help you find some of the best properties in Dubai Continue reading
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
