Tag Archives: construction-status
Neighbouring emirates benefit from high Dubai rents
The strong demand for properties in Dubai has enabled landlords to significantly increase their rents in recent months and this is having a knock-on effect in neighbouring emirates.Cluttons has revealed that many people looking to relocate to the UAE have been priced out of Dubai and are instead heading slightly further north to Sharjah, the National reports.This has inevitably led to rising rents in the smaller emirate, with property brokers confirming that rates have soared by 15 per cent in the last six months. Experts also predict a further 15 per cent increase in the second half of 2013.In more exclusive parts of Sharjah, landlords are demanding rents that are almost at the same level as those charged in 2007 when the real estate market was booming.Shane Breen, associate director at Cluttons in Sharjah, told the news provider: “Landlords are taking advantage of higher rents in Dubai and tenants are paying.”He added that the massive demand for rented accommodation in this particular emirate has caught the attention of property investors.”Investors are not looking to develop their own projects at the moment but we have seen a number of these people coming in and buying existing buildings,” Mr Breen was quoted as saying.It does not take long at all for Sharjah residents to travel into the heart of Dubai and there is every chance that transport networks between the two emirates will be strengthened in the near future.Migrants continue to flood into the UAE in search of better job opportunities and a more relaxed way of life, which is having an impact on property availability.Farouk Soussa, the chief economist in the Middle East for Citigroup, told the same news provider that he expects Dubai house prices to go up by 35 per cent this year and rental rates will rise by a similar amount.His comments came shortly after the Dubai Statistics Centre confirmed that property prices increased at their fastest rate for more than three years in April 2013.The First Group can help you find perfect properties in the UAE Continue reading
Dubai airport passenger numbers up 19% in April
April was the fifth consecutive month with more than five million passengers passing through the Dubai airport. Dubai International recorded nine straight months of double-digit growth as passenger numbers in April jumped 18.7 per cent to 5.41 million over the same period last year, operator Dubai Airports said in a statement on Monday. It added that April was the fifth consecutive month with more than five million passengers passing through the world’s second busiest airport for international passenger traffic. India led the April growth at the Dubai airport with a total of 672,557 passengers, followed by the UK (419,053) and Saudi Arabia (405,695), Doha (207,146), London (201,587) and Jeddah (151,517), as per the report. The year to date traffic, meanwhile, increased by 16.3 per cent to 21.9 million passengers compared to 18.8 million recorded in the first four months of 2012, Dubai Airports said, adding that the largest increase in total passenger numbers was recorded on the Western European routes (+207,120 passengers). And the Middle Eastern routes that were affected by political instability until the beginning of 2013 recorded moderate growth in April (+23,365). Paul Griffiths, chief executive of Dubai Airports, said in a statement that growth should continue at a similar pace in the next quarter and beyond. “Accordingly we are continually increasing capacity at Dubai International, the most recent example of which was the opening of the first phase of expansion at Terminal 2,” he said. Aircraft movements at the airport, meanwhile, increased by 6.9 per cent to 30,469 compared to 28,503 recorded in April 2012, as per the estimates, while year to date aircraft movements totalled 121,599, an increase of 6.2 per cent compared to 114,517 during the same period in 2012. On the cargo front, April saw freight volumes increase by 7.3 per cent to 199,985 tons compared to 186,385 tons in April 2012. And the year to date cargo totalled 784,832 tons, up 11.5 per cent to 703,826 tons during the first four months last year. Continue reading
