IQI Dubai Weekly Recap 3rd – 9th Feb 2018

Dubai issues law to regulate property sales

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has issued Decree No. 01 of 2018 regulating the sale of lands and houses granted in Dubai.

The decree aims to provide housing solutions for the beneficiaries of grants and their families, to protect households, and to preserve the demography of citizens’ residential areas.

Pursuant to the decree, the Mohammed bin Rashid Housing Establishment, MRHE, may permit the beneficiary of the grant, or his legal representative, to sell the house or land granted to him if the beneficiary owns another house or plot of land or if the house does not satisfy his requirements.

The decree stipulates that the purpose of selling the house or land should be to buy another house or plot of land and the beneficiary must agree in writing to the transaction being supervised by the MRHE. The beneficiary will not be able to apply for another house or plot of land once the house or land granted to him is sold.

The law also states that the buyer must be a UAE national. The property should not be attached to any legal or financial liabilities and the sale price should not be less than the market value. The Department of Land and Property in Dubai will issue the title deeds for the buyer only if all the conditions for the transaction are met.

The decree specifies the terms and conditions for selling inherited property, trading properties, purchasing adjacent government-owned property and renting a house built on granted land.

To sell a granted property, the beneficiary of the grant must complete the required form, apply to the MRHE or Dubai Municipality and submit the required documents. The MRHE’s Board or the Director-General of Dubai Municipality is authorised to approve the sale and charge any fees for the transaction. Any concerned party can appeal the decision to the MRHE’s Board or the Director-General of Dubai Municipality within 15 days of the date of notification. The MRHE’s Board or the Director-General of Dubai Municipality may form a committee to review the appeal and issue a final decision.

The decree authorises the Board of MRHE and the Director-General of Dubai Municipality to carry out any measures required to implement this decree.

The decree annuls any other legislation that contradicts or challenges its articles. The decree is valid from the date of its publication in the Official Gazette.

Source: Khaleej Times

January sees subdued property sales in Dubai

Dubai’s off-plan property sales slowed down in January. The volume of off-plan sales dipped 28 per cent and the value of such transactions decreased 40 per cent in January compared to a year ago, according to data released by GCP-Reidin.

Only a handful of developers launched new projects last month, including Emaar Properties and L-I-V Real Estate Development. This comes in the wake of an astounding year for off-plan sales in 2017. According to Chestertons Mena, off-plan transactions increased 60 per cent in 2017.

“In terms of residential property transactions, off-plan dominated the market throughout 2017. Going forward, we expect the off-plan market to decrease as the addition of new supply would suggest it will be ready units that will see an increase in demand,” said Ivana Gazivoda Vucinic, head of consulting and valuations and advisory operations, Chestertons Mena.

It seems that developers are being cautious about off-plan launches to factor in for the VAT effect. It will be hard to see the off-plan market perform to the same extent as it did in 2017. Developers will find it difficult to sustain the pace of launches, offers and incentives as 2017.

Source: Khaleej Times

Dubai undertakes preventive maintenance of 800 buildings

Dubai Municipality has successfully undertaken the preventive maintenance work of 800 buildings in the emirate in order to keep all its buildings and facilities in accordance with sustainability standards and requirements and to achieve its vision of building a happy and sustainable city, said a top official.

Dubai Municipality is keen to implement sustainability standards in all its operations and services, remarked Jabir Al Ali, the director of General Maintenance Department at Dubai Municipality.

“Engineers and supervisors from the department have accomplished preventive maintenance plans for all buildings and facilities of the Municipality during 2017 in accordance with the technical specifications and requirements approved by specialised maintenance contracts of various types such as air-conditioning, electrical, fountains, swimming pools and civil works,” explained Al Ali.

He pointed out that the estimated value of municipality buildings and facilities, which the General Maintenance Department supervises has exceeded Dh80 billion ($22 billion).

Source: Trade Arabia.