Tag Archives: dubai property news
Dubai hotels report strong occupancy figures for March
The number of people taking a holiday in Dubai rose sharply in March, as hoteliers reported very strong occupancy rates.According to the latest HotStats survey of full service four and five-star hotels by TRI Hospitality Consulting, 89.8 per cent of rooms were full during the month, which was up by 2.3 per cent on March 2012.Revenues per available room rose by 11.8 per cent, while the average room rate increased by nine per cent year-on-year.This goes to show just how lucrative Dubai's hospitality sector is at the moment and explains why so many investors are pouring money into the emirate.”2012/13 has been one of the strongest tourist seasons in Dubai's history,” commented Peter Goddard, managing director of TRI Hospitality Consulting in Dubai.”Tourism arrivals from all regions have shown significant growth as the city's leaders have ensured that both capacity and connectivity matched the growing tourism demand and visitor requirements.”He pointed towards the fact Dubai has the second busiest airport on the planet, which is now a “major international transit hub”. Mr Goddard also stated that hotels had benefited from the UAE's spring school holidays in March.This is certainly not the first study to highlight the strength of the Gulf's hospitality sector. Indeed, figures recently compiled by HotelsCombined showed that Middle East and North African (MENA) resorts have increased their room rates by eight per cent in the past year, which is double the global average. This statistic is even more impressive when you consider the well documented troubles that have been reported in certain MENA countries like Syria, which will have had an effect on the final overall figures.PR and community manager at the company Kristen McKenzie said the addition of world-class attractions, such as the biggest ferris wheel on the planet, will continue to set Dubai aside from other destinations.With 66 million people expected to fly into Dubai International Airport in 2013, it is hardly surprising that so many renowned global hotel chains are opening new resorts in the city, especially in more upmarket and popular parts of town. Continue reading
Dubai property enjoys strong first quarter
The total value of real estate transactions in Dubai increased by 63 per cent year on year in the first quarter of 2013, according to new figures.Data released by the Dubai Land Department (DLD) showed that 223 property deals per day – or 32 per hour – were registered during the three months to the end of March.This means a total of 14,260 transactions were carried out by the emirate's property buyers and sellers in the first quarter, placing the total value of deals at AED 44 billion (£7.7 billion).Sultan bin Mejren, director general of the DLD, described the figures as “an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors”.He added that the emirate's property market “saw an impressive high in the first quarter, with the number of transactions soaring in the residential and commercial sector”.Mr Bin Mejren said he believes property prices will continue to rise on the back of increasing demand for land, villas and apartments in Dubai, with more investors expected to enter the market this year.The DLD figures were published shortly after a report from Deutsche Bank revealed that prices rose for the 16th consecutive month in March, jumping by 1.5 per cent on the previous month.Speaking last week, Standard Chartered's global head of macroeconomic research Marios Maratheftis said the fundamentals are now in place for solid and sustainable growth in the Dubai property market.He explained that the “rapid loan growth” that characterised the ill-fated real estate boom of a few years ago is absent this time.”It looks like it is fundamentals-driven market now which is dominated by true investors and by end users … It is a healthy and sustainable rally in the housing market,” Mr Maratheftis said.The First Group can help you find apartments for sale in Dubai Continue reading
DLD auction highlights growing demand for UAE properties
The Dubai Land Department (DLD) raised a total of AED 85.6 million (£14.9 million) by selling 11 properties at a recent private auction.A selection of 13 leasehold properties in Dubai were put up for sale and the DLD managed to find buyers for all but two of them, with the units fetching 11.7 per cent over their base price overall.The most expensive property at the auction was an apartment building in the Al Murraqabat area of eastern Dubai that went under the hammer for AED 39 million – AED 1 million above its base price.Humaid Omran Al Shamsi, manager of the DLD's public auction section, told Gulf News that the UAE Central Bank's recent approval of a new cap on mortgage loans has not dampened investor demand.”Most participants are investors, as opposed to end users. The emirati buyers all paid in cash. There is no effect from the mortgage rules, the prices speak for themselves,” he explained.Mr Al Shamsi added that property auctions have benefited from increasingly buoyant demand among investors over the last 12 months. He commented: “It's excellent. Now most of the property market is active and investor confidence is back.”Earlier this year, data supplied by the DLD revealed that a total of AED 58.6 billion was invested in the Dubai property market during 2012. The total number of investors reached 18,635, with foreign buyers numbering 13,573. Indians accounted for the biggest proportion of overseas buyers, making AED 9 billion worth of purchases over the year, while British citizens spent AED 5 billion on property in Dubai. The figures were hailed as further evidence of the growing recovery in the emirate's real estate sector, with the government having taken steps to stabilise the market and restore investor confidence.Looking for properties in Dubai? The First Group can point you in the right direction Continue reading
