The revival of the capital gains tax on Indians buying property overseas could have a knock on effect on Dubai’s residential property market, according to a real estate consultancy.
Growth in Dubai’s retail sector is stimulating demand for warehouse and distribution facilities, says report.
Real estate deal value in Dubai fell to Dhs52 billion during the second quarter of this year from Dhs61 billion in the first quarter of 2014, official figures reveal.
The company made a quarterly consolidated net profit of Dhs62.5 million ($17 million) compared with Dhs27.3 million in the corresponding period in 2013.
Residential rents in Dubai grew 20 per cent year-on-year during the second quarter of 2014, with apartments seeing the strongest rise, a CBRE report says.
The Loretto project, which has nearly 300 luxury apartments, is located in Damac’s flagship AKOYA development.
Residential sales prices in the emirate grew seven per cent in the second quarter of 2014, a new report says.
The Marina 101 project in Dubai, being developed by Sheffield Holdings, is slated for handover in early 2015.
Residential rents in the emirate also rose 24 per cent year-on-year during the second quarter of 2014, according to a JLL report.
Net profit in the three months to June 30 was SAR121.3 million ($32.3 million) compared to 103.7 million in the same period a year earlier.
The project, which has an estimated construction value of Dhs2.5 billion, is expected to be completed by 2016.
Housing, water, electricity, gas and fuels recorded price increases of 4.6 per cent during the first six months of the year.
The project is expected to be launched in the next 12 months, confirms CEO George Kostas.
The project will comprise of residences, two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.
Rents in Ajman are growing as budget-conscious residents move from Dubai and Sharjah, where rents have soared, finds Asteco.
The Qatari lender said it had agreed to sell its 50 per cent stake in Seef Lusail Real Estate Development.
Policymaking complacency and the launch of larges scale projects such as Mall of the World could lead to property bubble, finds report by the Bank of America Merrill Lynch.
Dubai’s property market is showing signs of overheating, but banks seem better insulated this time around, say experts.
Investor confidence in the capital’s property market has returned with off-plan projects being sold out, according to a report by Asteco.
Factors such as oversupply and weak occupier demand have led caused rental rates to stagnate.
Strong revenue from property development along with improving performance in Nakheel’s retail, leasing and leisure businesses contributed to these results, the company said.
The city’s political stability and rising demand from a burgeoning workforce have been instrumental in attracting international investment to its property market, a new report says.
The offer is open to investors in Damac projects in the Burj Area, Dubai Marina, Jumeirah Village and AKOYA by DAMAC.
Dubai recently announced plans to build the “Mall of the World”, including the world’s largest mall, a theme park and 100 hotels and serviced apartments.
Emaar has launched many new residential projects this year and is also expanding its flagship Dubai Mall.
Jumeirah Beach Residence saw the highest increase in rent prices at 10 per cent quarter-on-quarter, according to a report by Asteco.
The eight million sq ft mall will be connected to a theme park, theatres, medical tourism facilities and 100 hotels and serviced apartments.
Engineering consultancies Green Energy and Energoprojekts will carry out design review and infrastructure site supervision services for the 132/11kv substations, the developer said.
Prime rents in the city rose six per cent in Q1, and are up 16.4 per cent year-on -year, the report found.
The market has matured to a level capacity although rents continue to increase, says CEO