Dubai Stock Market Ends Bullishness

Dubai shares plunged down to 20 percent from a peak in May and bringing an end to the bull market since 2005. 

Arabtec Holding Co. led the fall of the all-time high stocks of Dubai since 2005, bringing its bull-market to an end.Arabtec shares fell by 48% this month after Aabar Investments PJSC cut their stakes to 18.85. DFM General saw a fall of 4.3% to 4296. Emaar, another leading company saw a decline of 4.9% to 8.80 Dirhams.

Several reasons are being speculated for the drop. The Central bank of the country worries about imbalance in the property market indicated by price rise.

In spite of this fall, Dubai still remains the top performer in the world, in dollars, amongst 90 others, tracks Bloomberg. 

Dubai tops real estate transparency list amongst Gulf States

Dubai maintained its rank as the most transparent real estate market for global investors in 2014 as well.

Image Courtesy: Time.com

‘The Global Real Estate Transparency Index’ for 2014 that is released annually by JLL ranked Dubai 49th while Abu Dhabi came 53rd. The greatest improvement though has been applauded for Qatar.

Transparency refers to how easily, investors can exit and enter a particular market. Dubai took several drastic measures to ease the real estate venture for foreign investors along since 2008. That’s when it topped the Middle east countries and continues to do so.

Dubai’s win of Expo 2020 bid has increased foreign investment in the land.

Dubai Real Estate legislation booklet- Now in English

DLD (Dubai Land Department) has now issued the previously Arabic-only real-estate legislation booklet in English, providing access of all necessary information to the English speaking population interested in this venture.

Image Courtesy: emirates247.com

Sultan Betti bin merjen, the director of DLD explained that this booklet will help foreign parties involved in real estate understand their rights and obligations. It will also benefit new businesses, real estate agents and consultants.
The 2014 issue of the legal guidelines includes 17 local laws issued by the government of Dubai. The booklet is cost free and can also be downloaded at the DLD website.

DLD Website: www.dubailand.gov.ae

Oman's Ministry of Tourism bans Holiday Renting

The Ministry of Tourism (MoT) has moved to prevent owners of furnished residential properties leasing them on a daily or weekly basis without obtaining the requiring mandatory approvals.

 http://www.juweirahotel.com/photos.htm

With the boom of real estate in oman, property has been asset of many and unused ones are given in lease or rent with the help of local agents that includes foreigners as well.

Damac steps up to lure investors

Damac properties, one of the leading real estate firms in the Middle East has decided to launch a campaign to highlight the Dubai real estate market.There has been an increase in African investment attracted by tax-free income and stable market conditions. Damac hopes to attract this particular populace through its region wide campaign.

Damac has also launched a website for this purpose that details everything a potential investor may want to know. These include latest trends and investment opportunities along with upcoming events or exhibitions.

The Dubai property market has seen a steady boom since last year continuing well into the first half of the current year.

Dubai’s Real Estate Registration Fee to be Risen by 2- 4 per cent

In order to discourage speculation, DLD plans to increase fees or introduce restrictions in the sales of off-plan properties. This move, according to IMF, would further discourage speculative demand.

Last October, the registration fee was increased from 2 to 4 % as similar moves have been made by other countries that face the bubble crisis. As a counter measure, most developers have imposed restriction on sales of property before 40- 50 % of the payment is made.

The country is fearful of another property bubble burst as the Central Bank and IMF revealed low rental yields indicating imbalance and overheating in the property market.

Nakheel gets ready to build new shopping mall near Jebel Ali waterfront

Dubai's real estate big player Nakheel has invited contractors to bid to build a community retail center within the Badrah near to Jebel Ali waterfront.
Nakheel plans to have of 15 retail units and 10 food and beverage outlets as well as a ground floor supermarket.