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18.3pct price increase puts Dubai among world’s hottest property markets

Posted on 14 May 2013 by Laxman  |  Email |Print

Property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining it’s position among the top five best performing real estate markets in the world, according to a new report.
According to Knight Frank’s first quarter 2013 Prime Global Cities Index, the emirate is ranked fourth in the list of 29 global cities. Prices rose 5.4 per cent in the last three months (December 2012 to March 2013), the third highest in among the global cities compared………………………………………..Full Article: Source

Dubai: Hiring spree as property market rebounds

Posted on 14 May 2013 by Laxman  |  Email |Print

Property brokerage firms in Dubai are on a hiring spree with hundreds of new brokers likely to join company rosters in coming months. The local firms have stepped up hiring following Dubai property transactions rising 63 per cent to Dh44 billion in first quarter 2013 following rising global investor confidence in the emirate’s realty sector.
In the latest Knight Frank report, Dubai took the second position on the list of the most hottest property market in the world, with prices shooting up by 19 per cent in 2012………………………………………..Full Article: Source

Dubai: Delinking valuations from real estate cycles

Posted on 10 May 2013 by Laxman  |  Email |Print

Valuations should be based on solid surmises rather than led by demand spikes. “It usually takes five or six years to recover from a downturn” — such a statement was repeatedly used by many after the Dubai property market’s decline in 2008… and they were right.
Dubai’s real estate market cycle shows strong signs of reversal for the first time since then and many stalled developments have resumed. Dubai is now gearing up for the next boom………………………………….Full Article: Source

Real estate markets in the emirate of Sharja remain resilient says Cluttons

Posted on 10 May 2013 by Laxman  |  Email |Print

The real estate market in Sharjah remains resilient and is one of the Emirate’s top performing sectors, according to the latest report from property firm Cluttons.
Residential apartments in popular areas have witnessed an average rental increase of 10 to 15% and in the commercial sector landlords are becoming increasingly flexible with their office leasing agreements, boosting demand………………………………….Full Article: Source

S.Africa: Commercial property values reach new highs

Posted on 08 May 2013 by Laxman  |  Email |Print

Property values have fully recovered the ground that was lost during the last downturn and values are now one percentage point above their ‘07 highs. Commercial real estate values continue to benefit from a backdrop of low interest rates coupled with modest economic growth and it’s likely the upward momentum in values witnessed so far will be sustained.
Green Street’s Commercial Property Price Index is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted………………………………………..Full Article: Source

Saudi houing market: Pros vs. cons

Posted on 07 May 2013 by Laxman  |  Email |Print

According to the statistics that have been conducted in 2013 Saudi Arabia is a country of approximately 18 million citizens with a land area of about 1.96 million square kilometers (756,981 square miles). It has the second largest oil reserves, and the world’s biggest crude exporter, and also expects to become the top producer of refined products such as fuel and petrochemicals, so what’s the problem? Why can’t almost 60 percent of the Saudi citizens own their own houses given the fact that Saudi Arabia is a big country in the Arabian Gulf?
The land prices in Saudi Arabia’s main cities have jumped 50 percent in the last few years due to the absence of property tax, which have made the land owners keep their lands as a long term investment, whom the government nor the market can force them, owners of what are known as ‘white lands’ to lower their prices………………………………………..Full Article: Source

Dubai ranked world’s 2nd hottest property market in 2012

Posted on 07 May 2013 by Laxman  |  Email |Print

With the property price crash of 2008/09, induced as it was by the global economic slowdown, now a thing of past, Dubai has emerged as the second hottest property market in 2012.
According to a just published Forbes ranking of ‘The Hottest Real Estate Markets On Earth,’ which ranks real estate markets in 2012 based on the average house price growth, Dubai is ranked at No. 2, second only to Hong Kong, which saw house prices shoot up by a whopping 23.6 per cent last year………………………………………..Full Article: Source

Dubai’s off-plan property demons return

Posted on 07 May 2013 by Laxman  |  Email |Print

Damac Properties, one of the hardest-hit developers during Dubai’s real estate market meltdown five years ago, launched a 28 million-square-foot luxury villa and condo project on the outskirts of the city last month. To fund construction, the company is using a financing model that should be familiar to anyone who has experienced or read about Dubai’s bursting property bubble: off-plan sales.
Hussein Sajwani, Damac’s chairman, said on Sunday that construction of its new Akoya project, which includes an 18-hole golf course managed by Trump International, will be 80% financed by customers. Damac is only putting up 20% of the cost, although it also used its own funds to pay for the land upon which it is to be built………………………………………..Full Article: Source

S.Arabia: ‘Real estate authority needed’

Posted on 03 May 2013 by Laxman  |  Email |Print

Experts have called for the creation of a “real estate authority” following in the footsteps of the Capital Market Authority (CMA) to draft legislation, safeguard the rights of landlords and tenants and regulate the relationships between the two parties.
Experts have predicted that the real estate market will witness a decline in prices during the next period in light of the recent rulings on the housing sector by Custodian of the Two Holy Mosques King Abdullah. The Ministry of Municipal and Rural Affairs and other agencies will have to hand over all developed pieces of land to the Ministry of Housing which will, in turn, distribute them to citizens along with construction loans………………………………………..Full Article: Source

Will series of Dubai mega-projects create market glut?

Posted on 03 May 2013 by Laxman  |  Email |Print

The first phase of Mohammad Bin Rashid City is being promoted as a tourist destination but with a rush of similar entertainment, residential and retail projects announced recently, is there a danger of a glut in the market? Some analysts suggest that despite the return of mega-projects to the market, there is a more calculated approach by developers to execute them.
“The development time line for these recently announced projects will likely be linked more closely to demand. Even with the most rapid construction and absorption these projects may see a 10 year delivery cycle,” said David Macadam, a real estate expert………………………………………..Full Article: Source

Doha property market stable

Posted on 02 May 2013 by Laxman  |  Email |Print

Property sales in Doha have carried on at a swift pace, with the total value of transactions increasing by an estimated 2% in the first quarter of 2013.
The latest Asteco Q1 2013 Qatar report points out that, compared to fourth quarter 2012, there has been a 6% increase in total transaction value and an 8% growth in the number of villa transactions. During the same period, the total value of transactions for apartments fell by 56%. On the whole, there was a 2% decline in sale volume across all sectors………………………………………..Full Article: Source

Dubai defies luxury property slowdown with 5.4 pct rise in prices

Posted on 30 April 2013 by Laxman  |  Email |Print

Dubai has defied a global slowdown in the luxury property market after witnessing a 5.4 percent rise in prices during the first quarter of this year, according to Knight Frank. The emirate came fourth in a ranking of the world’s luxury property markets, behind only Jakarta, Bangkok and Miami in terms of price rises, the property consultancy said.
Prices of luxury villas and apartments in the emirate rose by 5.4 percent in the first quarter compared with the final three months of 2012, Knight Frank said. That represented an 18.3 percent increase on the first quarter of last year………………………………………..Full Article: Source

Sharjah residential rents rise 15pct since October

Posted on 30 April 2013 by Laxman  |  Email |Print

According to Cluttons, a real estate consultancy, the increase in rent is due to demand outstripping supply for the first time since the global financial crisis.
Apartments in popular areas such as Al Majaz, Al Nahda and Al Qassimiya saw an average rental increase of 10 to 15 per cent since October 2012. In areas such as Sharghan, Al Fisht and Al Falaj, villa rents went up a similar 15 per cent due to strong growth in demand and a lack of quality stock………………………………………..Full Article: Source

Bahrain residential property market seeing increased demand

Posted on 25 April 2013 by Laxman  |  Email |Print

That along with the planned US$1 billion GCC aid will also contribute towards the nation’s social and infrastructure development programme and in the coming months the residential lettings market is expected to experience a surge in supply.
Cluttons, the real estate specialist which has been operating in the Middle East since 1976, says that several major residential developments will be brought to market over the next six months, including those being built under the government’s housing programme………………………………………..Full Article: Source

Dubai’s real estate sector posts 16th straight month of steady recovery in March, Deutsche Bank says

Posted on 24 April 2013 by Laxman  |  Email |Print

Signalling a return of investor confidence, Dubai property prices and rents recorded their sixteenth consecutive monthly increase in March, Deutsche Bank said in a press release on April 22. The global investment bank cited figures from its latest research report showing that apartment prices were up by 1.5 percent, while the cost for villas in the emirate increased by 1.6 percent from February to March. Rental values showed similar trends, with apartments up one percent and rental rates for villas rising 0.7 percent month on month.
According to the report, price gains were recorded across most areas of the emirate, with Jumeirah Island leading the way with a nine percent increase. Palm Jumeirah villas were featured at the bottom of the table with a negative six percent change in prices………………………………………..Full Article: Source

Bahrain’s property market has bottomed out - CBRE

Posted on 23 April 2013 by Laxman  |  Email |Print

Bahrain’s real estate market has bottomed out but continuing political unrest is still holding back an upturn, CB Richard Ellis has said in a new report.
The real estate firm said the residential leasing sector in most areas has now stabilised in terms of their occupancy and rate………………………………………..Full Article: Source

UAE: Property investors seek income generating assets

Posted on 22 April 2013 by Laxman  |  Email |Print

Ultra-prime homes in some markets outside the region have become dearer, with values doubling over the last seven years, as the ultra-rich are shifting their capital to income-generating residential unitsAnalysts have noticed a shift in investor behaviour. Whereas before billionaires used to seek safe haven in real estate, they are now seeking to set up homes in locations that pay dividends.
Last year, huge pickings were noted in places like New York, Moscow and London, where gross residential yields ranged between 5.2 and 6.4 per cent“The motives for real estate acquisition have shifted………………………………………..Full Article: Source

Abu Dhabi rents slip 3pct in Q1, says CBRE

Posted on 22 April 2013 by Laxman  |  Email |Print

An Abu Dhabi government ruling for its employees to live in the emirate is starting to have an impact on the local property market, CB Richard Ellis has said in a new report.
The real estate firm said the initiative had lifted leasing volumes in the emirate although residential rents still fell by an average of three percent in the first quarter of 2013 compared to the previous quarter.CBRE said it expected to see further government-led interventions to take place to stimulate the market in the future but did not elaborate on what they might be………………………………………..Full Article: Source

Dubai real estate market remains on growth track

Posted on 19 April 2013 by Laxman  |  Email |Print

Ample demand for private and commercial properties fuel the real estate sector in the Gulf Arab sheikhdom which benefits from ongoing turmoil in some Arab countries.
Earlier in the week, real estate service provider REIDIN said in a study released last Sunday that property sales prices increased in Dubai (2.5 million inhabitants) on average by 18 percent year on year in the first three months of 2013. This increase was even more an indication for Dubai’s new economic strength, added REIDIN, as during the first quarter 2,200 new objects were added to the market in the sheikhdom………………………………………Full Article: Source

Dubai housing market is seen bouncing back

Posted on 19 April 2013 by Laxman  |  Email |Print

Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said. The new properties to be built between 2013 and 2015 will represent 11 percent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013.
It said that a total of 28,000 dwellings are expected to be completed in 2013. Around 2,200 residential units, mostly apartments, have already been handed over in Q1 of the year, which include the Spirit Tower in Dubai Sports City, Lakeside Tower in JLT, Bay Central in Dubai Marina, as well as the Al-Furjan Villas by developer Nakheel………………………………………Full Article: Source

Cluttons in Oman: The Sultanate’s real estate sector is being driven forward by increased government spending

Posted on 19 April 2013 by Laxman  |  Email |Print

Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, today releases its Q1 2013 property market report for Oman. The Sultanate’s economy continues to perform well and recent government figures indicate that the national GDP grew by 13.2% during the first three quarters of 2012. According to ratings agency Standard and Poor (S&P), the government budget will remain in surplus for the next two years, although it is strongly reliant on sustained oil prices. Fortunately, sector analysts are forecasting that oil prices will remain stable or even show a small increase this year.
Government spending on development and infrastructure projects during the eighth Five Year Plan (2011 - 2015), part of a long-term development strategy set out in the ‘Vision 2020, will now amount to RO 16 million compared with the initial projection of RO 12.1 billion. It will include a 45% rise in expenditure on housing, from RO 323 million to RO 469 million during 2013. The economic outlook for the country remains positive but reliant on sustained oil prices and production. (Press Release)

King orders land and home loans for Saudis

Posted on 18 April 2013 by Laxman  |  Email |Print

Custodian of the Two Holy Mosques King Abdullah has issued orders to grant citizens plots of land that have already been developed to build houses, and loans to construct houses on that land. The directive follows an earlier order of the King allocating SR250 billion to build 500,000 housing units for citizens without a home throughout the Kingdom.
Minister of Housing Dr. Showaish Al-Dhuwaihi said that the King’s new order shows his keenness to make available adequate housing facilities for citizens. King Abdullah ordered the Ministry of Municipal and Rural Affairs to immediately hand over all government land designed for housing purposes to the Ministry of Housing…………………………………..Full Article: Source

Abu Dhabi home, office rents to fall on supply, CBRE says

Posted on 18 April 2013 by Laxman  |  Email |Print

Residential and commercial rents in Abu Dhabi are expected to drop further as homes and offices are built four years after the credit crisis roiled the United Arab Emirates’ real estate market, according to CBRE Group Inc. (CBG)
“The impact of sustained growth in overall housing stock is reflected in the continued decline of lease rates and reduced tenant loyalty amidst abundant and more affordable options,” Matthew Green, the Los Angeles-based broker’s head of U.A.E. research, wrote in a report………………………………….Full Article: Source

Prime Abu Dhabi property prices up 8pct in Q1

Posted on 17 April 2013 by Laxman  |  Email |Print

Sale prices of prime Abu Dhabi residential properties rose by 8 percent in the first quarter of 2013, according to a report from Jones Lang LaSalle (JLL).
The real estate services firm’s latest Abu Dhabi Market Overview Report found that average asking prices within investment areas increased to AED12,000 per sq m for villas and AED9,900 sqm for apartments……………………………………Full Article: Source

Dubai property market rebounds

Posted on 17 April 2013 by Laxman  |  Email |Print

A market report finds that an estimated 40,000 new homes will be available for buyers in Dubai over the next two years. Published by consultants Jones Lang LaSalle, the report shows that a number of new properties will be developed between 2013 and 2015, which would account for 11 percent of the 357,000 units envisaged by developers.
Those figures suggest that the emirate’s real estate market has made a strong comeback as developers start to revive projects that were abandoned in the aftermath of global financial crisis. After reaching its peak in 2008, property prices fell by as much as 50 percent as investors quickly retreated from the scene……………………………………Full Article: Source

Abu Dhabi’s property market follows Dubai’s growth path: report

Posted on 16 April 2013 by Laxman  |  Email |Print

The gap in rental and sales prices between the UAE’s capital Abu Dhabi and Dubai is narrowing in the first quarter of 2013, reflecting that Abu Dhabi’s property market is following Dubai’s growth path, a report said Sunday.
According to the report released by Dubai-based real estate agency Asteco Property Management, average rental rates in Abu Dhabi rose by eight percent in the first three months this year, while sales prices in upscale areas soared by 13.5 percent………………………………………..Full Article: Source

Dubai property market surges

Posted on 15 April 2013 by Laxman  |  Email |Print

Residential property sales prices in Dubai rose by about 18 per cent in the first quarter of 2013 compared to the year earlier period even as 2,200 units were added to the stock inventory amid rising investor confidence and stronger macroeconomic fundamentals, Jones Lang LaSalle said on Sunday.
Dubai apartment prices were up 18 per cent and villa prices by 17 per cent in the first quarter, according to the REIDIN general Residential Sale Index………………………………………..Full Article: Source

Prime office rents rise in Dubai

Posted on 15 April 2013 by Laxman  |  Email |Print

Property brokers have called the bottom of the Dubai office market as rents in the best-quality buildings began to rise for the first time in more than four years. Rents for prime offices in the city rose 10 per cent during the first three months of the year after falling in some areas by as much as half during the downturn, according to Jones Lang LaSalle.
The upturn marked the first time since the survey started in 2009 that all sectors of the Dubai property market have shown signs of recovery. Rents in Dubai’s top office districts such as Sheikh Zayed Road, Burj Khalifa Downtown, Jumeirah Lakes Towers and Tecom rose by 4 per cent over the quarter to an average of Dh1,690 (US$460) per square metre………………………………………..Full Article: Source

Abu Dhabi’s property market follows Dubai’s growth path: report

Posted on 15 April 2013 by Laxman  |  Email |Print

The gap in rental and sales prices between the UAE’s capital Abu Dhabi and Dubai is narrowing in the first quarter of 2013, reflecting that Abu Dhabi’s property market is following Dubai’s growth path, a report said Sunday.
According to the report released by Dubai-based real estate agency Asteco Property Management, average rental rates in Abu Dhabi rose by 8 percent in the first three months this year, while sales prices in upscale areas soared by 13.5 percent………………………………………..Full Article: Source

Saudi real estate sector to see accelerated growth

Posted on 11 April 2013 by Laxman  |  Email |Print

A recent study by Injaz Development Co. has pointed out that the Saudi real estate market is set to witness a sustained increase in demand and strong growth in line with the expected boom in other key sectors such as retail, manufacturing and construction, thanks to the upturn in the Saudi economy in the first half of 2013. The study indicated that these positive indicators are a result of the major development projects being undertaken in vital sectors in order to keep pace with the growing demand.
The Saudi construction and building sector is expected to grow by 7.5 per cent during 2013, which in turn will enhance the performance of the real estate sector through the major construction projects being launched. (Press Release)

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Positive signs in UAE property market

Posted on 11 April 2013 by Laxman  |  Email |Print

There are positive signs in the UAE property market and investors have every reason to remain upbeat, according to a new report. Al Masah Capital explained in its Mena – Alternative Investment Strategy 2013 that demand for both residential and commercial real estate remains strong, with new projects continuing to come onto the market. This is thanks to economic improvements, a rising population and burgeoning tourism industry.
Dubai is proving to be particularly attractive for investors and Al Masah Capital believes conditions are ripe for buyers after a pleasing performance in 2012………………………………………..Full Article: Source

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Prices soar for low-budget housing in Dubai

Posted on 11 April 2013 by Laxman  |  Email |Print

Rising confidence in Dubai’s residential property market has helped boost prices for low-end villas by 20% over the past six months in the emirate, according to a new report by Cluttons. In its Q1 report, Cluttons said prices are also rising at the higher end of the residential market, just not as fast. Between Q3 2012 and Q1 2013, average prices for high-end villas in Dubai rose by 8.9%, while mid-range villas gained 14.9% over the same period.
This trend has been mirrored in the apartment segment, where lower-budget units registered sale price growth of 14.6% over the same period. By comparison, both high and mid-range apartments recorded average price increases of 10% each. (Press Release)

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S.Africa: House prices turn the corner

Posted on 10 April 2013 by Laxman  |  Email |Print

The year-on-year growth in the average value of homes in some categories of the middle segment of South Africa’s residential property market appeared to have reached “an upper turning point”, Absa Home Loans property analyst Jacques du Toit said .
As expected for some time, base effects and slowing monthly price growth since mid-2012 had caused year-on-year price growth to start moderating, he said. Absa’s latest house price index revealed that middle-segment house prices last month grew year on year by 11.8 percent after rising by a revised 10.9 percent in February………………………………………..Full Article: Source

Dubai sees a rise in expat property owners

Posted on 09 April 2013 by Laxman  |  Email |Print

There has been a rise in the number of expat property owners buying real estate for themselves in Dubai. More expats are becoming home-occupier purchasers in Dubai. There has been more 100-plus% increase in the last four years. This is due to the improving job market in the UAE encouraging homebuyers to stay.
Dubai-based property consultancy firm Unitas Consultancy revealed there has been a rise in the number of expats buying property rather than renting. Sameer Lakhani, Managing Director of Unitas Consultancy, said: “The growth of end-users indicates the maturing of Dubai real estate market as comparable to other international cities.”……………………………………….Full Article: Source

Value of razed properties without title deeds in Makkah put at SAR6bn

Posted on 08 April 2013 by Laxman  |  Email |Print

Yusuf Al-Ahmadi, a member of the Real Estate Appraisal Committees in the Makkah Chamber of Commerce and Industry (MCCI), said the value of demolished properties lacking title deeds has reached SR6 billion at an average rate of SR600,000 per property, Al-Sharq Arabic daily reported.
Al-Ahmadi said the properties, about 1,000 in total, are distributed in districts such as Jabal Al-Sharashef, the parallel road (Al-Tariq Al-Muwazi), Shaab Amer and Dahlat Harb. He demanded that the situation of these properties be finalized so that the owners are compensated. He added that there are over 60 unplanned sites in Makkah that have been demolished………………………………………..Full Article: Source

Can UAE’s new mortgage caps check speculation?

Posted on 08 April 2013 by Laxman  |  Email |Print

If Sultan bin Nasser al Suwaidi has his way, by the end of this year it will be that little bit harder for people in the UAE to buy their own homes. The central bank governor is preparing to impose new limits on the amount that anyone can borrow to buy a house or apartment in an effort to prevent a return to the days of uncontrolled property speculation which proved so damaging in the past.
The limits have yet to be finalised, and are part of an ongoing consultation exercise between the central bank and lenders, but expatriates are likely to find them more restrictive than locals………………………………………..Full Article: Source

Emiratis to get 48,000 plots

Posted on 08 April 2013 by Laxman  |  Email |Print

UAE citizens will need about 48,000 plots of land for building houses in the emirate of Sharjah until 2025, according to Salah Butti Al Muhairi, head of the Sharjah Directorate of Town Planning and Survey (DTPS).
13,616 residential plots of land in the emirate were allocated to citizens from 2006 to 2012, he added. Al Muhairi said this during a meeting of the Sharjah Advisory Council which discussed DTPS policies………………………………………..Full Article: Source

Dubai property market still benefiting from Arab Spring, Euro and Cypriot crisis

Posted on 05 April 2013 by Laxman  |  Email |Print

All residential developments in Dubai, especially those with quality buildings or those in prime areas, have continued where they ended 2012 with a strong Q1 2013 performance. Apartment sale prices grew on average by 12% in the three months to the end of March 2013, standing at 27% year-on-year growth. In comparison, although average villa sales prices only climbed 5% in Q1 2013, growth averaged 24% over the past 12 months.
The performance of rental rates was also impressive, average apartment and villa rents grew by 3 and 4% compared to Q4 2012, but still managed to climb 19 and 21% respectively over the past year………………………………………..Full Article: Source

Indian expatriates drive Dubai’s property growth

Posted on 05 April 2013 by Laxman  |  Email |Print

Indian expatriates are among the top investors in Dubai’s property market, which is expected to grow 10-12 per cent this year, company officials and analysts say.
“Expatriates, mainly from India, Russia and Saudi Arabia, are leading the growth. Indians are among the top five investors in Dubai’s property market,” Ziad El Chaar, managing director of Dubai-based Damac Properties, said. He said Dubai’s real estate sector witnessed around 10 per cent growth in 2012 and this was likely to further accelerate this year………………………………………..Full Article: Source

Saudi housing units on installment basis proposed

Posted on 02 April 2013 by Laxman  |  Email |Print

The Shoura Council Housing Committee plans to submit a proposal on the construction and sale of housing units to employees on installment within the next two weeks. The proposal, prepared by Zainabdeen Barri, a former Shoura Council member, is based on a government plan to build housing units of different sizes whose costs will range between SR 500,000 and SR 1 million.
According to the proposal, the government will sell housing units to government employees in installments for a period of up to 30 years………………………………………..Full Article: Source

Dubai property ‘recovering strongly’

Posted on 02 April 2013 by Laxman  |  Email |Print

Dubai’s property market is strongly recovering after reaching its lowest point since the 2008 global fiscal distress although the recovery remains uneven through the emirate’s various areas, according to a key Saudi bank.
Indications point to a continued recovery in this sector, a key component of the emirate’s GDP, but the momentum could be hampered by supply overhang and government plans to introduce caps on mortgage credit to individuals, the Saudi American Bank Group (SAMBA) said in its monthly bulletin………………………………………..Full Article: Source

Dubai Marina leads UAE property market

Posted on 27 March 2013 by Laxman  |  Email |Print

Dubai Marina is the most sought-after destination in the UAE, accounting for more property searches than any other area in the country. This is according to The Move Channel’s At a Glance report, which showed Dubai Marina accounted for 27.89% all property searches for the UAE over the last 12 months.
The Move Channel’s Editor Ivan Radford said: “The fact that some of the most popular resorts within the Emirate are still under construction is telling, with investors returning to the market regardless, drawn by the appeal of Dubai Marina and other luxury developments.” He added that Dubai remains “the clear favourite” place for property investments in the UAE, with the destination dominating Google searches………………………………………..Full Article: Source

South African property sector records positive returns amidst wider market turmoil

Posted on 26 March 2013 by Laxman  |  Email |Print

The South African property sector delivered an improved 15.2% total return in 2012, the highest return on property since pre-recession levels according to the SAPOA / IPD South Africa Property Index report.
The 15.2% total return represents a marked upturn over the 10.3% generated by the sector in 2011. Income return was relatively steady at 8.9%, while the uplift was provided by a 5.8% capital growth. Property, however, still underperformed against both equities at 20.6% (MSCI South Africa Equities) and bonds at 18.2% (JP Morgan 7-10 Year South Africa Government Bond Index). ……………………………………….Full Article: Source

The reality behind Dubai’s property recovery

Posted on 26 March 2013 by Laxman  |  Email |Print

Dubai’s oft-reported property rebound is a mirage, a bit of deception worthy of the emirate’s well-deserved reputation for theatrics. Dive into the recent analyst statements and it’s clear that the recent uptick in residential property prices was largely confined to very specific areas, primarily high end villas and luxury apartments.
Existing homeowners are simply moving up to bigger homes and investors are competing for quality properties available at bargain basement prices, pushing prices up as much as 20 percent for the best homes………………………………………..Full Article: Source

Saudi: New property law favors consumers, says law firm official

Posted on 25 March 2013 by Laxman  |  Email |Print

New property law taking effect soon lean to ward the end-consumer rather than banks, Dr. Eyad Reda, Country Managing Partner of DLA Piper KSA, an international law firm, said.
The law is part of the ongoing judicial reforms and hope to alleviate the current housing crisis and population influx. “The new Saudi property law regulates the relationship between the end-consumer and the banks,” said Reda. “It (the legislation) has been years in the making and will be implemented in its final stage within two weeks.”……………………………………….Full Article: Source

Saudi King gifting land undercuts homebuilding promises

Posted on 25 March 2013 by Laxman  |  Email |Print

Saudi Arabia’s King Abdullah is paying the price for his own generosity as past land giveaways undermine his plans to build half a million homes and open up the country’s mortgage market.
State gifts of urban land complete with roads, water and power have left the government with almost no space of its own to develop within Saudi Arabia’s cities, according to Adnan Ghosheh, an adviser to the country’s Housing Ministry………………………………………..Full Article: Source

Women invest Dh13.3bln in Dubai real estate market

Posted on 25 March 2013 by Laxman  |  Email |Print

Female investors spent Dh13.3 billion on property in Dubai last year, representing 23 per cent of the emirate’s real estate market. According to data from the Dubai Land Department (DLD), 5,434 women invested in property. This was only a slight increase from last year when 4,704 female investors poured Dh10.5 billion into the real estate market, making up 22 per cent of total investments, the DLD said.
Personal finance advisers and property analysts say they have seen an increase in demand by female investors for real estate recently………………………………………..Full Article: Source

Ajman property deals up 50pct

Posted on 22 March 2013 by Laxman  |  Email |Print

Total value of property transactions in Ajman jumped by 50 per cent to Dh300 million in 2012 compared to 2011, signaling a recovery in the market. “The property market is witnessing a large interest from Gulf Cooperation Council investors and has been aided by recovery of the market in Dubai,” Yafea Eid Al Faraj, Executive-Director, Ajman Real Estate Regulatory Agency (Arra), said.
No details were given on number of buildings/apartments completed in 2012. Al Faraj, however, stated there was demand for ready residential buildings located in the centre of the city………………………………………..Full Article: Source

Lack of regulatory framework weighs on Saudi property market

Posted on 20 March 2013 by Laxman  |  Email |Print

The lack of a regulatory framework in Saudi Arabia’s property market continues to be a major factor contributing to the affordable housing problem in the kingdom, according to a new report by CBRE.
Affordable housing, which remains largely out of reach for the majority of the population, has emerged as the key issue over the past few years in the kingdom’s residential market. About 60% of the Saudi national population lives in rented accommodation, as high land prices make it difficult for developers to meet the price requirements of mid to low-end sectors of society who wish to buy a property, the report said………………………………………..Full Article: Source

Housing inadequate for 30pct of Saudis

Posted on 19 March 2013 by Laxman  |  Email |Print

Abdullah Sadiq Dahlan, member of the Jeddah Economic Forum (JEF)’s organizing committee and chairman of the board of trustees at the University of Business and Technology, warned of an imminent threat of a housing crisis exploding in the Kingdom over the coming years in the absence of realistic housing plans.
Dahlan said that 37 percent of Saudis do not own houses and pay rent, while 30 percent live in inadequate housing facilities. He also pointed out that the Kingdom is in need of 350 million sq meters to accommodate a growing population with 67 percent of the population currently searching for affordable housing………………………………………..Full Article: Source

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