IQI Dubai Weekly Recap 21st – 27th October 2017

Sobha releases more homes in MBR City

Sobha Group has announced the launch of building 5 in Hartland Aflux as part of phase three in Sobha Hartland Greens. They are 12-storey apartment buildings located on the Dubai Water Canal.

Building 5 in Hartland Aflux will comprise 1, 2 and 3-bedroom apartments. Apartment sizes will range from 812sqft to 2,232sqft. Expected completion date is October 2019.

P.N.C. Menon, founder and chairman, Sobha Group, said: “This project caters to the affordable luxury segment and offers the perfect home for nuclear families and first-time buyers. The product has been developed with both investors and end-users in mind.”

Source: Khaleej Times

Foreigners pump in Dh43 billion into Dubai reality in nine months

Foreign investors accounted for the bulk of real estate investments in Dubai in the first nine months of 2017. They invested over Dh43 billion in Dubai properties through 22,667 transactions, according to the Dubai Land Department (DLD).

Sultan Butti bin Mejren, director-General of DLD, said: “The real estate market continues to maintain its momentum, driven by a general optimism among Gulf, Arab and foreign investors. The Dh84 billion worth of real investments made during this period is also a sign of sustainable growth and the market’s ability to absorb the developer demand for residential, commercial, office and industrial properties. The real estate market is in full harmony with other economic sectors in the city.”

Source: Khaleej Times

UAE’s bankruptcy law: influence on real estate

The UAE made a huge step late last year towards further raising the country’s attractiveness as a business and investment hub with the introduction of a bankruptcy law. While the law is still in its infancy, industry experts says the long-term effects of the regulation will be beneficial to various industries, including real estate.

The Federal Law 9 of 2016, or the bankruptcy law, applies to all private sector companies in the UAE, including those incorporated in free zones, except those companies incorporated in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), which have their own insolvency regimes, according to Joe Neilson, associate at Trowers & Hamlins.

Source: Zawya.com

Burj Khalifa and its neighbourhood pull in Dh6.2b

Cash-rich investors are making a strong return to Dubai’s property market, with the Burj Khalifa and its immediate neighbourhood becoming the top-selling location by taking in Dh6.2 billion in the first nine months.

Business Bay followed with Dh5.5 billion while Dubai Marina had Dh5.3 billion, according to figures from Dubai Land Department.

In all there were Dh204 billion worth of realty transactions in the first three quarters from 52,170 deals.

Land in Dubai is proving a sought after commodity, with plot sales attracting Dh143.4 billion, achieved from 11,169 transactions.

Source: Gulf News