As a result, investor interest in Dubai’s residential property sector continues to increase. This has been most apparent in areas where tenants seek out lifestyle developments aligned with their aspirations. This has created high demand and rising occupancy rates for some of Dubai’s most desired residential districts, particularly Emirates Living, Downtown, Dubai Marina and Palm Jumeirah.

Strong performance in Dubai’s property market has been reflected in real estate and related stocks which helped lift Dubai’s index 2.2 percent to its highest close since September of last year.

As explained by one of the Middle East’s largest private developers, the rental return on real estate investments in the UAE are at least three times higher than having cash in the bank. The rate of interest on a six month fixed term deposit at HSBC is 2.1% compared to rental yields in the UAE of between 7 – 12%.

Dubai’s rapidly recovering real estate sector has significantly aided the UAE’s wider economy which continues its impressive economic growth with another year of strong performance. The UAE recorded economic growth of 4% in 2011, following growth of 1.4% in 2010 and 1.6% growth in 2009. In 2012 the UAE is again to reach a 4% growth with Dubai likely to show similar performances, according to a report prepared by the CBRE Dubai Research Team.

This positive mood and improved confidence was reflected in the Consumer Confidence Index (CCI) from the Department of Economic Development (DED) which rose 15 points to 125 during the final quarter last year. Respondents were most optimistic about the economic recovery, personal finances and job creation.

Dubai property prices up 5% on last year Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Average global prices rose three percent in 2011, according to the latest Prime Global Cities Index by London-based real estate consultancy firm Knight Frank. The index ranked Dubai as the 15th most attractive investment location in the world, much higher than some of its regional Asian competitors and high profile European cities.

Industry experts are in wide agreement that the UAE will see an increase in property transactions over the next year, driven by private and wealthy buyers rather than institutions. “Lower prices, more choice of higher quality product and its role as a regional safe haven will increase the attractiveness of the UAE market to both occupiers and investors in 2012,” the report stated.

This confidence is mirrored in the Dubai Financial Market General Index 6.1 per cent up so far this year at 1,435.96. The Abu Dhabi Securities Exchange General Index closed up 0.43 per cent at 2,476.62 yesterday, helping to extend its gains for the year to date to 3.09 per cent.

There has been further confidence by the fact that the Abu Dhabi Commercial Bank’s board approved a Dh816.7 million (US$222.3m) cash dividend of 20 per cent after its fourth-quarter profits rose 39 per cent. It was the first payout by the bank since 2008.

Looking to 2012, Knight Frank was upbeat that investors would refocus their priorities into real estate. The desire amongst wealthy investors to target property and other real assets over financial products will reaffirm prime property’s safe-haven qualities in 2012.

Dubai Marina was the most searched area for buyers and renters at the end of 2011 with nearly 19% of all searches followed by Palm Jumeirah at 10% and Jumeirah Lakes Towers at 7.3%.

Dubai highlighted as top property investment city Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The Oxford Business Group is also confident of the UAE’s strong economic performance in 2012. Their report stated “Indeed, despite the concerns over the global economy, Dubai appears to be looking at the New Year with confidence, with the government set to step up investments aimed at bolstering growth,”

The report continues by predicting a considerable fall in the UAE’s deficit which is expected to shrink by 50% compared with 2011. “This strong turnaround from the higher deficits of the past few years since the 2008 global economic crisis should further restore investor sentiment and encourage growth,”

The improved sentiment has been clearly visible in Dubai’s property market where 2011 saw a 20% increase in transactions spurred by lower prices. But despite low prices unit prices, $38.9 billion was invested into Dubai property in 2011.

Director General of the Dubai Land Department, Sultan Butti bin Mejrin said “quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai”, adding he expects “strong recovery” in 2012.

Source: Emirates 24/7 and Arabian Business

UAE economy improves and ‘strong recovery’ forecast in 2012 Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The gradual improvement of Dubai’s real estate market through-out 2011 was helped by several factors including the Arab Spring which saw capital flowing into the emirate as the safe haven of the Middle East.

Properties in prime locations saw the highest increase in values attracting high demand from local residents and investors alike due to better standard of living and higher than average rental returns.

Property in Dubai is expected to increase more sharply in 2012 as market confidence fully recovers.

Dubai property prices up 1.09% in December Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The solar energy project will be the largest of its kind in the region and will incorporate several forms of solar technology including Photovoltaics, which is the process of directly converting sunlight into electricity and also system of reflective panels that direct sunlight into one spot to heat water and create electricity.

Saeed Al Tayer, the vice chairman of the Supreme Council of Energy said “We have a plan to diversify the energy [sector] in Dubai and to increase solar power to 1 per cent by 2020 and 5 per cent by 2030,”

As part of this process, Dubai aims to increase its output from 4.5MW to 1,000MW. This will significantly reduce the cost of energy in the long term, not only due to the reduced dependency on non-renewables but also because the price of energy created by solar has fallen 41% since 2004 thanks to advances in technology.

Mr Al Tayer explained “We hope that in future we will witness more decreases in price,” adding, “It is fantastic. It is another market place for sustainable energy in the Middle East,”

Dubai invests to expand solar sector Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Tourism levels have been increasing month on month for a considerable amount of time. This can be measured by the increase in international air passenger traffic which has increased at an annual rate of 15.5% over the last few years.

Part of the recent surge in tourism has been attributed to the ‘Arab Spring’ which saw tourism leaving countries like Egypt and Tunisia and being re-directed towards Dubai. This has also affected domestic tourism within the Middle East, with a sharp increase in Saudi holiday makers who would have traditionally travelled to Bahrain, now visiting Dubai instead.

However, it isn’t just tourists that are boosting Dubai’s expanding retail sector. Domestic spending is also on the increase. A combination of better market conditions and a recovering economy have created a much better consumer sentiment. With confidence on the rise, Dubai is witnessing a significant improvement in retail revenue.

Industry forecasters expect Dubai’s retail sector to experience 8% growth annually through to 2014, in line with the general improvements also experienced within the aviation industry and hospitality sector.

Dubai’s retail sector shows strength Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

In terms of the breakdown of sales, 74.98% of all property deals were flats or apartments.

Director General of the Dubai Land Department, Sultan Butti bin Mejrin, explained, “The transactions’ quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.”

A number of industry experts have come forward to explain the reasons behind the uplift. Vineet Kumar, Head of Business Development at Asteco, highlighted a number of factors that positively affected Dubai’s property market in 2011.

“Financing has remained tough since the property downtown began in the third quarter of 2008 but sentiment has improved as banks began to offer more attractive mortgage rates this year. The government’s declaration that property buyers in Dubai will be given a visa for three years instead of just six months will also help boost investor confidence. Transaction levels have also risen as job security and increased market confidence result in people seeking tenancy upgrades and home ownership,” he said.

The Chief Executive Officer of Landmark Properties shared this sentiment, explaining that positivity was created by “Changes in visa regulations allowing owners of properties of over Dh1 million to have a 3-year residency visa, mortgage rates continued to fall and banks were more liquid, oil prices remained buoyant which supported the local economy, announcements by Emirates Airlines and Dubai Civil Aviation expanding the aviation sector and supporting growth of tourism.”

Emaar, one of Dubai largest developers and the creators of the World’s tallest building predict that 2012 will see further positive growth throughout Dubai’s property market. In a statement to Zawya Dow Jones Emaar said,

“Dubai has effectively restructured its economy, following the challenges of the global financial crisis, and is now steadily consolidating its fundamentals. Following the socio-political changes emerging from the Arab Spring, elsewhere in the Middle East, more businesses are looking to establish their regional headquarters or expand their market presence to the UAE and Dubai. The property sector of the city is poised to benefit from this and record positive growth in 2012, across residential, commercial, retail and hospitality,”

Dubai property market improves in 2011 with positive outlook 2012 Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Industry experts have been extremely positive about Dubai’s first ever bulk auction of foreclosed property which successfully highlighted the renewed confidence in this sector. There have been previous attempts by banks in conjunction with the Dubai Lands Department to sell off foreclosed properties on a much smaller scale with little success.

Richard Paul, head of valuations at Cluttons explained, “Initially reserve prices were just too high and now they are far more realistic and as a result they are attracting buyers,”

As well as previous unsuccessful attempts creating stumbling blocks for widespread sell offs, some officials were concerned over the process of auctioning off foreclosed properties through the fear of flooding the market with low-priced-homes, at a time when prices were already 50% lower than peak values in some places.

Yet the evidence from this auction has been the contrary, with all the properties sold achieving much higher than the reserve price in what was described as ‘brisk bidding’. The properties sold included villas in the Al Thnnyah and Al Safa districts as well as apartments in Dubai Marina.

Not only were a number of properties sold, but confidence has been boosted through-out the market, reflecting in today’s property stock prices. Despite the instant market reaction, the most influential restoration of confidence has been amongst the Banks who now know, if buyers default, they will be able to retrieve capital through this process.

“As the [foreclosure] system becomes more streamlined it will give lenders greater comfort to be more aggressive in lending,” said Jean-Luc Desbois, managing director of Home Matters Mortgage Consultants.

As a result experts widely expect higher levels of lending in 2012, prompting increased levels of property transactions and improving the market considerably.

Source: Emirates 24/7, The National

Dubai property auction improves market confidence Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The founder of Campaya, Claus Pedersen explained why Dubai was so popular amongst Brits.

“Dubai is popular because of what it guarantees: sunshine, great beaches, excellent shopping and luxurious restaurants. For many the fact that the recent property crisis has resulted in some exceptionally luxurious properties being available as rental properties at great rates is making Dubai extremely popular this Christmas,”

The poll also found that the Caribbean and Egypt ranked highly amongst the most popular Christmas destinations, differing from the top summer locations which are Spain, France and the US

Source: The Telegraph

Dubai tops Christmas holiday destination list Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Just 3 penthouses left in the Torch, the tallest residential tower in the world! The Torch occupies an enviable position at the mouth of Dubai Marina. The 86 storey super tower boasts stunning views of the Marina itself and out towards The Gulf and the Palm Jumeirah. Owners have access to a list of excellent facilities including a pool, sauna, steam room and concierge service. With a growing demand for high-quality rental property on the Marina, The Torch’s prime position creates a number one rental opportunity and properties here will consistently achieve between 9 -12% per annum.

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The Torch Penthouse Open Day – Thursday 17th November Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Emirates 24 7 asked several leasing companies within to Dubai to find they all held Dubai Marina amongst their top three in terms of demand for rentals. There are numerous reasons for the Marina’s emergence as the neighbourhood of choice in Dubai, however it all seems to stem from the fundamental rule of location, location, location.

Positioned on the main arterial road through Dubai, just 5 minutes from the major business districts and running adjacent to the famous Jumeirah Beach, Dubai Marina really unites prime city centre living with a 5 star holiday destination.

It’s because of this ideal positioning that Dubai Marina is home to a district of ‘Manhattan style’ sky scrapers including the world’s tallest residential tower, The Torch as well as the Dubai Marina Walk, a famed social spot lined with shops and cafes.

As a result, property located within the Marina attracts a wide spectrum of buyers and tenants as no other area offers the complete work and lifestyle balance that can be found on Dubai Marina.

Emirates 24 7 went on to report that rent for a one-bedroom in Dubai Marina is between Dh55,000 to Dh75,000 and in some cases goes up to Dh85000 or even Dh90,000, whereas a two-bedroom can be leased for anything between Dh70,000 to Dh140,000.

Source: Emirates 24 7

Dubai Marina property the favourite amongst tenants Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

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Open Day in Botanica, Dubai Marina Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

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Penthouses in the World’s Tallest Residential Tower! Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Following the dramatic price correction caused by the global financial crisis, Dubai’s property market matured to become more segmented, comparable to established cities like New York, London or Paris. Fluctuations in Dubai’s real-estate values began to depend on ‘real demand’ dictated by the quality and desirability of certain properties within different districts.

As a result, Dubai’s property prices haven’t moved in a uniform direction for three years, with some hot spots like Dubai Marina and Downtown experiencing growth while less desirable areas have continued to witness price declines. The Gulf news recently reported on how Dubai Marina and Downtown Dubai were ‘bucking the trend’ by gaining high rental demand due to the two districts exclusivity which then pushed up prices.

However the latest data from REIDIN, a world leading real estate information company, has found that prices have now risen across the board. More importantly, this price increase has been recorded in Dubai’s quietest month, which usually sees price declines due to minimal levels of tourism and Ramadan which dominates the entire month.

This is a significant point in Dubai’s road to recovery. The Emirate’s economy is already expected to grow at a much faster rate than the major European nations or the USA this year according to the IMF, but with the added boost now predicted from a growing property market, Dubai is very well placed.

This news has caught the attention of property investors worldwide who now have the security of knowing prices have not only hit the bottom, but values are already on the increase.

Source: The International Business Times, Gulf News

Dubai property prices increase 0.5% from July to August Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The report stated “non-oil economic indicators in Dubai look positive, in line with our positive view on the emirate this year.”

In terms of trade, exports and re-exports increased by 16.5% in the first half of 2011 highlighting the Emirate’s central location linking Africa, Asia and Europe. In addition, tourism climbed this summer with passenger numbers in Dubai International Airport growing by 8.9% in the first 6 months of the year and occupancy rates up across the board.

“These figures suggest that this year, Dubai’s core strengths of trade and tourism will continue to benefit from the emirate’s excellent infrastructure,” the report explained.

Despite difficult economic conditions, Dubai continued to invest heavily in its infrastructure and over the last few years. It is now ranked amongst the world’s leading international cities like New York, Paris and London and the favored location for much of the region’s business.

The report also looked at the position of Dubai’s property market.

“Dubai’s property market is also likely to receive a boost from the UAE’s decision in June to offer extended visas of three years to buyers of properties worth more than $272,000 [Dh1 million].”

“The decision will be positive for the Dubai property market in the medium to long term; many expats already live or base their families in the emirate while working in other parts of the region. The decision is likely to be a key factor in attracting expats in the region to buy first or second homes in Dubai, particularly as recent regional instability has reinforced the emirate’s safe-haven status within the region,” the report said.

Source: Emirates 24/7

Dubai’s trade and tourism ‘back in business’ Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

However the most recent development in this process is that people now seem more focussed on quality as opposed to price. Low rental values are allowing tenants to upgrade however they are choosing to spend even more to live in their chosen apartment.

Over the past couple of years the major factor influencing tenants was affordability and people looked to save themselves as much as possible. Now the true extent of the gap between price and quality has been realised meaning that just 10,000 AED a year more can actually buy tenants so much more.

The Gulf News interviewed several people living in Dubai who have all upgraded. The most important things they all looked for were quality of property, size and location in relation to local amenities like schools, transport links and social hot-spots.

This on-going trend is predicted to directly affect the more desirable neighbourhoods in Dubai like Dubai Marina which have already seen strong rentals recently.

Source: Gulf News

Dubai’s ‘flight to quality’ improves rental rates Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai’s Chamber of Commerce based their forecast on the rapidly expanding trade, tourism and logistics sectors which have all witnessed strong growth so far this year.

The heavily publicised Dubai real-estate sector has also been also showing signs of improvement with rents and prices stabilising across the emirate as a whole while some individual localities like Dubai Marina have already recorded growth.
Mr Ghurair stressed that the real-estate sector was secondary to Dubai’s major industries and will follow suit as a result of their growth.

“In Dubai, these were always support sectors, even during the height, to main sectors like trade and tourism,”

The Chamber also released data that highlighted exports and re-exports have increased 17.1% compared with the same period last year, which puts emphasis on Dubai’s position as an international hub linking east and west.

Source: The National

Dubai economy to grow by over 5% in 2011 Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

This process has seen areas like Dubai Marina and the Palm Jumeriah experience upward pressure on values while mass-market real-estate across other less exclusive areas still struggles.

With tenants becoming more selective, the latest research has highlighted the effects the relatively new metro network has had on property prices across the emirate. Data compiled by industry experts in Dubai found that renters are prepared to pay 20% more for property near a station on the city’s metro network.

According to experts, the Metro network has added a whole new dynamic to Dubai’s real estate market forcing the rental disparity between desirable and less desirable areas even more significant.

Once again, property on Dubai Marina in particular has benefitted as the Marina boasts a metro station of its own. Moreover, prices are expected to increase further for properties within easy reach of Metro stations as the network opens up new lines, effectively increasing the catchment area for commuters.

Dubai property near Metro stations gain 20% more rental Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Responding to the IMF report which highlighted the GCC’s positive economic outlook, one industry professional explained how the news will affect real estate.

“Right now, the Gulf region is outperforming most major developed economies around the world. Investors are positive about the future, and that sentiment is resonating in the property market. Real estate is a popular asset class for investors in this region, and a rebound in investor sentiment tends to manifest in the property sector,”

The UAE’s property market or more specifically, Dubai’s property market has been famous over the past six years experiencing significant growth followed by a severe price correction. The outlook for Dubai in particular now looks much more positive with more affordable property already creating considerable demand.

Dubai’s real estate now also benefits from higher levels of regulation and a much more mature market place which has enhanced security and provides scope for strong growth in certain areas such as Dubai Marina and the Palm Jumeriah.

60% of the UAE’s property sold to foreign nationals is bought by Kuwait investors according to that latest data from the Ministry of Finance.

“Dubai’s real estate market is now more stable and sustainable. Gulf investors are flooding back into Dubai and the broader U.A.E.’s property sectors on signs that the market’s bottomed out and is already well advanced with the recovery phase” the same industry expert commented.

With Dubai’s recovery well underway many localised investors in the Middle East have recognised its potential and it is thought western investors will be following suit very soon.

Source: International Business Times

UAE investor confidence surges after IMF growth forecast Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Matthew Green, head of research and consultancy at CB Richard Ellis, a world leading commercial property advisor told Gulf News,

“Emaar’s main cash cows are their hospitality and retail divisions. The retail sector is doing well here. Dubai Mall has been successful with high occupancy rates. Marina Mall has been less successful, but has still done well. The Address in Downtown has also been a good success story for them,”

The growth is consistent with improvements seen across Dubai this year with significant uplifts in tourism as well as improved confidence across the hospitality and retail sectors as a whole. As a result there have been widespread improvements in the outlooks for commercial and residential property in Dubai this year.

Green explained that this may partly be helped by the unrest across the Middle East.

“Tourists being deflected from Egypt, Tunisia and to some extent Bahrain has meant that there has been a lot of positives for the UAE hospitality market and has had implications for the retail sector,”

No matter the cause, Dubai has certainly seen an up-lift this year and experts across the industry are confident in its recovery over the next few years. With property values so low and already experiencing growth in some localities, investors are seriously looking at the emirate once again.

Source: Gulf News

Dubai developer Emaar announces hospitality revenues up 20% Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Interestingly, the data confirmed numerous reports that have highlighted a surge in GCC investors entering Dubai’s property market this year. The official report revealed that almost 6.8 billion AED had been pumped into Dubai’s real-estate sector by GCC investors during the first 6 months of 2011. The figure represents approximately a quarter of the total inward investment into Dubai in that time frame. Sultan bin Majran, director general of Dubai’s land and property corporation explained,

“investors from the other Gulf Cooperation Council (GCC) countries accounted for nearly 23 per cent of the total as their investments are estimated at Dh6.814 billion,”

Source: Emirates 24 7

30 Billion AED invested in Dubai real estate in 2011 Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Alan Robertson who stepped into the role only last month explained that the outlook for property in the area was widely positive.

“The property market in the GCC will recover and in some parts of the region, it is showing signs of recovery.”

Mr. Robertson also gave his views on the UAE property market highlighting its potential in the long term.

“The UAE’s real estate market is currently undergoing a tough time. The industry is suffering from oversupply in some segments. However, there is light at the end of the tunnel — in some areas.”

The Gulf News then asked Mr. Robertson’s expert views on Dubai as a relative newcomer to the territory.

“I haven’t seen anything like Dubai’s fast growth in real estate and I cannot think of anything comparable. The quality and scale of build is stunning. The best schemes here are as good as the best properties in the United States — world class.”

“Although there are short-term challenges, the world-class assets built in Dubai are for the long term, and should give it a good competitive advantage going forward.”

Mr. Robertson’s views match those held by many of the industry’s leading experts, all of which expect Dubai to perform strongly over the medium to long term. Reasons for this include its central position linking East and West and as Mr. Robertson also noted, its sate of the art infrastructure, high quality property and incomparable lifestyle.

Interestingly, Mr. Robertson also commented that Jones Lang LaSalle have seen a 50% increase in transactions in the UAE so far in 2011, mirroring what many industry professionals have recorded in Dubai this year.

Source: Gulf News

Dubai Property is “world class” and “built for the long term” Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The results were overwhelmingly positive. The head of research at RERA, Hamda Al Shamsi said, “94 per cent of investors confirmed their satisfaction with the council’s decision to extend the visas of real estate investors for a period of three years.”

RERA’s press release continued to explain that when just investors alone were analysed, a resounding 83.3% thought the new rules would serve to improve the rental market in Dubai.

The results of the survey were equally positive amongst real estate brokers and developers. 89.3% of brokers and 85.7% of developers thought that the new measures would significantly affect the market by helping to increase demand and reduce supply.

The comprehensive survey confirms a sentiment that is widely shared in Dubai. Confidence is growing and the property market has been performing much better in 2011. However the new rules regarding 3 year residency are set to improve the situation further with investors, developers and brokers all in agreement.

Source: Emirates 24/7

New investor survey finds Dubai market outlook is positive Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Analysts have suggested this is primarily because the emirate offers a developed regulatory system and value for money. One industry expert commented on the findings.

“These figures suggest there are properties available that have reached a good price at which people can afford to buy,” adding that “Investment in completed property that meets the rental market’s checklist of requirements has historically been a safe method to protect and generate wealth.” amongst GCC nationals.

They finished by adding “The cross border living of GCC nationals, who have grown their business throughout the region or see value in spreading their operations and diversifying their risk by exposure to a larger market place, also see value in participating in the real estate sector,”

It has also been suggested that the effects of the unrest in the Middle East continue to benefit Dubai which is now seen as the region’s ‘safe haven’. Many investors from Egypt Libya and Bahrain have all entered the market in recent months investing heavily in Dubai real estate sector.

Source: Gulf News

GCC property investors flock to Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Prominent developer Sheik Maktoum bin Hasher Al Maktoum said to Arabian Business,

“What we have is a situation where realtors are pushing prices down using the myth of excess supply because they are trying to push through higher volume transactions, because that’s their main interest,”

“So we hear a lot about the massive amounts of new inventory coming online, which is keeping prices low. But this has led to a misleading situation, as not all of the property coming to the market is actually for sale.”

Supply has been considerably reduced with the cancellation of over 217 projects this year by Dubai’s government. The effect of these cancellations have not been fully realised by many agencies providing misleading data while others have failed to note that no new projects have been approved for over two years. This means new real estate stock in developments that haven’t started yet will be years away from entering the market.

Khalid Al Malik, the CEO of Dubai Properties Group, the developer behind Dubailand and Jumeirah Beach Residence shared Al Maktoums sentiment and also told Arabian Business that no agency had the correct figures and therefore it was difficult to know if there was an overhang of property supply.
Source: Construction Week

Dubai real estate – no property oversupply according to experts Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

New figures released by the UAE Ministry of Finance show an increase in the number of registered real estate contracts held by Gulf nationals in the UAE. The statistical report on the Gulf Common Market, which was released on Saturday, revealed the number of contracts had increased to 4,604 in 2010 from 4,024 the previous year.

“These figures suggest there are properties available that have reached a good price at which people can afford to buy,” said Elaine Jones.

Source: Full Article on Gulf News

Dubai Safe Haven for GCC nationals Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Head of research at Jones Lang LaSalle, Craig Plumb said “We’ve talked about selective stability in the past, and now we can be more positive and talk about selective recovery,” adding “Certainly, toward the end of the year the recovery in the top end should continue,”

Some of the area’s that have benefitted from the ‘flight to quality’ the most are Dubai Marina and the Palm Jumeriah where luxury villas saw price increases of 3% so far in the second quarter of 2011.

Industry experts have commented on a growing tendency in buyers to opt for the higher profile residential areas that offer good value for money as opposed to what is described as ‘secondary stock’ where prices continue to fall.

Furthermore Jones Lang LaSalle added that Dubai’s future stock will predominantly be in “less established areas” such as Business Bay and Dubai Silicon Oasis Craig Plumb explained.

This suggests gap between exclusive and less desirable areas will widen over the next year contributing to a much more segmented market place similar to those found in London or New York.

Source: The National

Dubai property on the road to recovery Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai’s housing market is expected to receive a considerable boost following new rules regarding residency visas. The Government have announced that property buyers will now be able to gain a 3 year residency visa opposed to the current 6 month visa. The move has been welcomed through-out the industry with experts and analysis’s saying the new law could be the spark to reignite Dubai’s property sector.

The issue of residency in Dubai has been a point of concern for property buyers over the last few years, and the unavailability of long-term visas has been a major restriction to the emirate’s property market. The six month visa often failed to cater for business professionals moving to Dubai on a 2 to 3 year posting and carried further restrictions for bring their family members to live with them. Now property owners will be able to live with their families in Dubai for a much longer time period thanks to the new rules.

In terms of the property value needed to qualify for the visa, the rules are unchanged. Buyers will be able to apply for the 3 year residency visa only if the property they have purchased is worth over 1 million AED.

The extension of the residency visa is expected to significantly aid Dubai’s property sector. The emirate will become infinitely more appealing to those wishing to move there with thousands expected to buy property to gain residency and investors using the opportunity to re-enter the market. Current owners will also benefit from considerable price increases due to the influx of demand about to enter the market.

Source: The National

Update: 3 year residency visa available to Dubai property buyers Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai International Airport traffic experienced a year on year increase of 8.8% in May. This pushes the yearly volume of passengers to 20.5 million, an increase of 8.6% compared with last year. Dubai Airports CEO Paul Griffiths said,

“Passenger volumes are on course to top 51 million by year end which should put us hot on the trail of Hong Kong International as the world’s third busiest airport for international passenger traffic,” adding “By 2015 we expect to overtake London Heathrow for the number one spot when passenger numbers surpass 75 million.”

International passenger traffic has walked hand in hand with the position of Dubai’s tourism industry which has also witnessed improvements. In February 2011 overall occupancy in Dubai stood at 92% with hotels on Dubai Marina reporting rates of over 100% in some cases. This is all the more impressive when compared with last year’s highest point, November, when occupancy rates stood at 87%.

In terms of trade, Dubai’s Chamber of commerce announced this week that the value of exports in May reached their highest monthly total in 3 years. This represented a 26% increase from May of last year which followed 5 successive moths of growth. Abdul Rahman Saif Al Ghurair, Dubai Chamber Chairman said,

“In the first quarter, the members’ exports and re-exports increased by 15.6 per cent while in April 2011 alone, the figures show a 14 per cent increase compared to April 2010. Overall, these figures are a strong indication that Dubai is on track to attain its forecast economic growth of 3.5 to 5 per cent for this year,”

Two key members of the Supreme Fiscal Committee summed up the general feeling in Dubai at the moment with their thoughts. Sheikh Ahmed bin Saeed al-Maktoum, Chairman of Dubai’s Supreme Fiscal Committee said,

“The core business of Dubai is doing very well”

Ahmed Humaid al-Tayer, another Supreme Fiscal Committee member and Chairman of Dubai International Financial Centre added

“All the economic indicators are good,”

“The sectors of trade, tourism, air transport, services, all have seen growth in 2009, 2010 and the first half of this year,”

Source: Reuters, Gulf News, Emirates 247, Khaleej Times

Dubai’s “economic indicators are good” Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

“We think there are signs of price stabilisation across the residential market, with the recovery in Dubai (in selected areas) stronger than Abu Dhabi.” the report stated.

The report’s author Chet Riley added

“In the past two months, we find some positive momentum in the market – but this is prior to the traditionally slow summer season. We expect residential prices to ‘hold’ rather than ‘fold‘over the next six months.”

This is excellent news for Dubai’s property market and those who have invested in it. Nomura’s opinion is shared with Jones Lang LaSalle who reported earlier in the month that real-estate supply in Dubai had peaked, ushering a new era of price stability for the emirate.

The view from the ground has added to the optimism with industry experts reporting increased enquiries and transactions across the board. A strong level of interest has emerged domestically as well as from the wider MENA region. As well local investors, Dubai is now receiving increasing numbers of Indian, Russian, Chinese and British buyers now entering the market with renewed interest.

This report comes in conjunction with an article by Bloomberg reporting that one arm of the previous debt stricken Dubai World has announced they will be restarting business now demand has picked up. The head of projects for Dubai World’s Limitless said,

“Hopefully, we can start on the residential side in early 2012 because there is good demand for it,”

Dubai property market enjoys stability after increased demand Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

First and foremost, Dubai offers the complete package in terms of property investment fundamentals. It’s a safe environment that promotes secure business. The property market is tightly regulated and there is no capital gains tax or taxes on rental revenues. Dubai also offers a world class infrastructure and a high standard of cosmopolitan lifestyle that inherently attracts tenants and buyers alike.

As a result, Dubai enjoys some of the best rental yields in the world with owners consistently gaining between 7 – 10%, and some even achieving up to 12% in more prime locations like Dubai Marina or the Palm Jumeriah. Property is relatively easy to rent out or re-sell, provided the property is priced correctly and in the right area. The benefits for Landlords are further improved in Dubai where yearly rents are traditionally paid in cash up-front.

In addition Dubai is currently in position where prices have bottomed out, even beginning to see growth in some key areas of the city like Dubai Marina. Indian investors clearly expect growth over the next few years, a sentiment shared by several official sources and industry bodies.

Dubai shares strong links with India, they are major trade partners and a large segment of the UAE’s population is Indian. It has been widely suggested this is why they have been the first to take advantage of the deals available in Dubai. Meanwhile there has been a marked global increase in interest from Russian, Chinese and British investors who are expected to buy significant amounts of property in Dubai in coming years.

Property investors flock to Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

In March, the Real Estate Regulatory Agency’s (RERA) CEO, Marwin bin Ghalita, announced that 220 projects would be going forward but over 220 would be cancelled; with the number of cancelations expected to rise in 2011 with projects that haven’t started.

According to several industry professionals, there could almost be a 90% reduction in the amount of property previously expected to be on the market by 2020. This is good news for current owners and has already created further interest amongst investors who have been waiting on the sidelines for the right time to get back into the market.

In fact the JLL survey found that buyers now outnumber sellers in MENA markets with appetite for the residential sector being the strongest. JLL’s survey went on to identify more established areas such as the Palm Jumeriah and Dubai Marina as the best performing regions within Dubai.

Source: Emirates 24/7, Zawya

Jones Lang LaSalle survey says Dubai’s property supply set to fall Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The expansion plans have been created to answer for Dubai’s rapidly increasing international passenger traffic which is expected to reach 98.5 million by 2020. Furthermore, cargo volumes are expected to exceed 4.1 million tonnes by 2020 as Dubai solidifies it position as a central hub for trade and transit between the east and west.

Dubai’s airports are now benefitting from Emirates Airline’s success in diverting business transit away from traditional European hubs to become the sole gateway from the west to China and India and vice versa.

Dubai to spend $5.98 billion on airport expansion to keep up with demand Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Properties vary from individual residential homes to tourism properties. Other buildings on offer on the day will be commercial premises, 5 star hotels, part or whole developments. The event will showcase one-off deals not available anywhere else. Figures are strictly ‘off market’ and not listed publicly with the seminar itself by appointment only. However we can report that many of the properties are already 40% below the current market valuations with even further discount likely to be offered to serious investors.

Investors can take advantage of up to 75% finance and a twelve month payment holiday, creating a fantastic opportunity for individuals to invest in unique property.

Fernando Rodríguez Palmero, International Director of Bancaja Habitat commented: “The seminar is a once in a lifetime opportunity to buy repossessed properties of this magnitude direct from the bank. With the prices below the estimated market valuations it offers a great chance to invest in secure properties with instant equities and lengthy finance options.”

To reserve a place at the seminar or book an appointment, contact the event’s official sales agent Select Property on 04 446 2757 or email Bankdisposal@selectproperty.com. Places are limited and are on a first come first serve basis.

Dubai Chosen to Host One of The Biggest Disposals of Spanish Bank Assets Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Due to the high levels of demand for Spanish property in the Middle East, the event is expected to be extremely popular. Having already attracted interest from hundreds of investors in Dubai and the surrounding the areas the bank are confident that the event will represent their single largest disposal of real-estate.

To entice buyers and groups of investors, Bancaja Habitat has also announced they will be releasing some incredible investment opportunities exclusively available to those who attend on the day. The deals include property discounted by up to 62% while also offering finance of up to 75% with interest only re-payments for the first 12 months.

The largest one-off disposal of Spanish bank assets ever! Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

RERA’s (Real Estate Regulatory Agency) CEO Marwan Bin Ghlaita said

“The total value of transactions in Dubai in the first quarter was Dh30 billion ($8.2b) with 10,554 transactions, which is up by 20 per cent from Q4 of 2010,”

“Price-wise, the market is correcting itself. We are seeing more investors coming in. The top three real estate investors continue to be Indian, Pakistani and UK nationals, but we are also seeing new nationalities entering the top 10 real estate investors such as Syrians,”

Industry professionals across the board have seen significant increases in Dubai property enquiries.

Giles Beswick, Director of Select Property, Europe’s largest seller of UAE property said

“We’re certainly doing more business in Dubai. We have witnessed a renewed interest following the significant improvement of market conditions in the emirate – there is a considerable appetite for property in Dubai at the moment.”

Dubai property transactions and enquiries increase significantly Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai’s popularity has increased significantly this year experiencing growth in population, tourism and property investment. This has improved the city’s investment prospects for the future placing it amongst some of the most highly anticipated markets in the world.

Dubai sits alongside emerging markets like Russia and China which are all expected to perform strongly over coming years. One professional body involved with survey said “They look set for a dramatic upswing in their status, with each expected to climb by between six and eight places over the next decade.”

Dubai gaining popularity with property investors Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The $182 million Torch tower boasts 676 apartments that span over 86 floors and has been described as a ‘defining landmark’. Commenting on the achievement, Mr. Rahail Aslam, CEO of Select Group, the creators of The Torch said:

“This is a milestone for the Group and we are proud to be contributing to the list of global firsts Dubai has achieved over the years. We would like to position The Torch as our tribute to this cosmopolitan city which despite the downturn in the real estate sector and fluctuations in the economy has shown resilience to weather the extreme economic downturn.”

Giles Beswick, a Director of Select Property who exclusively sold out The Torch said:

“We sold out the Torch very quickly and have been successfully concentrating on re-sales ever since. As a very a popular development, The Torch has always attracted high levels interest from investors and lifestyle purchasers alike – we’re very happy it can now be officially recognised as the world’s tallest residential building. After a difficult period for the global property market we’ve seen a real upturn in demand recently for distinctive properties in the best locations in Dubai. This underlines our belief in the long term appeal of the market, in particular the Marina, where unique developments like The Torch are showing that this area will grow from strength to strength.”

Record Breaker – The Torch, Dubai Marina Officially the World’s Tallest Residential Building Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

A senior retail consultant for CB Richard Ellis (CBRE) explained “Historically, Dubai has been the entry city to the Middle East, but now retailers are looking to replicate their success in other Middle Eastern countries with a similar consumer base.”

Since 2006, Dubai’s retail sector has exploded gaining over 1.2 million square meters of additional retail space. CBRE have attributed the growth to the changing demographics of the emirate’s population. The creation of a wealthy, well educated, well travelled populous has been the catalyst for Dubai’s emergence as an internationally renowned shopping destination.

The City of Shoppers: Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai’s financial markets as a whole ended positively this week with The Dubai Financial Market General finishing 1.4% higher.

The head of asset management at Daman Investments in Dubai said “You’re seeing a lot more liquidity coming into the market where people were once on the sidelines,” “Money which was in fixed income is now being put to work,” he added.

The news comes in conjunction with widespread confidence returning to Dubai’s tourism and real estate markets that have seen something of so far this year. The success of property companies on the stock market has been mirrored in real terms with enquires for property in Dubai increasing significantly.

Dubai market conditions improve Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

According to experts from across the Middle East, North Africa (MENA) region, Dubai has emerged as a safe haven for money, businesses and residents alike.

“We have seen companies repositioning themselves to run their business at least for the time being from Dubai,” Fahd Al Gergawi, chief executive officer of the Dubai government’s foreign-investment office, said in an interview.

Vitol Group, the world’s largest independent oil traders have moved employees out of Bahrain and re-positioned them in Dubai.

Simon Williams, an economist at HSBC Holdings explained why businesses in the region are re-aligning their interests to focus on Dubai.

“The U.A.E. and Qatar are the only places that have not seen any form of protests, and I think it does strengthen the argument of the U.A.E and Dubai in particular being the natural hub for businesses working across the Middle East,”

Along with businesses moving across to the emirate is a surge of expatriates. Enigma Relocation, which helps expatriates find homes and settle in Dubai have been extremely busy re-locating residents. The company’s chief operating officer, Mark Pierotti stated that they have seen a number of ‘important people’ and business executives moving across to Dubai.

“We are extremely busy,” added Debbie Powell, a director at Enigma.
Money is also readily flowing into Dubai as investors from across MENA recognise the emirate as a safe place to own assets.

“[People] are trying to bring money in as they consider this a safe haven,” explained P Krishna Murthy, the head of the financial-services division at the Al Rostamani Group, owners of the financial exchange service, Al Rostamani Exchange. “The U.A.E. and Dubai happens to be at the forefront of this.”

Viswanathan Shankar,CEO of Standard Chartered’s Middle East, Africa, Europe and Americas divisions summed up Dubai’s current transition.

“In a funny sort of way, Dubai’s problems, the fact that they happened in 2009, is not a bad thing,” “Today, that looks like history and today Dubai looks more like a safe haven.”

Source: Bloomberg

Dubai 2011: A ‘safe haven’ for investors Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

“The market is in a stable state. We are seeing around 50 transactions a day in the Land Department and I am talking about fresh transactions” he told Arabian Business. “[It’s] those coming to Dubai to take advantage of the opportunities in real estate.”

This official data has been strongly supported by reports from the ground where industry professionals have recently seen a surge in enquiries and successful sales. Giles Beswick, Director of Select Property one of Europe’s largest sellers of overseas property commented on the current situation.

“Having sold over 3,500 properties in the UAE over the last 7 years, we are very in-tune with the changing market conditions there and we have definitely noticed an upward trend. Dubai enquires have increased by nearly 60% compared with this month last year. We are actually launching a new Dubai Marina product this week to keep up with demand”

Source: Arabian Business

Dubai has 50 property transactions a day! Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

The Dubai Statistics Centre (DSC) has revealed that Dubai’s active population now exceeds 3 million people during the day. In addition to the 1.9 million residents there are 1.07 million workers who enter the emirate everyday on business.

This figure increases further when tourism is taken into account making the daily population swell by an additional 56%. This news comes in conjunction with a report by The Department of Tourism and Commerce Marketing (DTCM), that shows Dubai’s hotel establishments served over 8,684,387 guests in 2010. When this increase in visitors is added to the increases across all types of holiday accommodation it was revealed that Dubai hosted over 26.6 million tourists last year; a staggering increase of 17% on the year before.

Dubai is rapidly gaining visitors and experts cite market recovery as the major cause. Emirates have already added additional flights to accommodate the increasing demand and occupancy rates across the premium residential sectors are increasing. Everyone involved with Dubai knew the emirate would recover in spectacular fashion; it was just a matter of time. It seems 2011 will be that time.

Source: Emirates 247

Dubai’s tourism and population increase considerably Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Qatar Airways and Etihad have both also added an additional daily flight, doubling the amount of passengers they carry from Manchester. The three airlines now carry a combined 14,000 passengers a week out to the Gulf States from Manchester alone.

It had already been widely reported that Dubai’s average hotel occupancy was up 13% in January however reports from the ground say Dubai’s leading hotels are now struggling to accommodate the enormous demand, stating they are fully booked and operating at over 100% occupancy in most cases.

‘Build it and they will come’ – Dubai’s tourism rapidly increases Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Director General of the Lands department Sultan bin Butti bin Mejren said 2011 will be “better in Dubai”, due to improved market transparency and greater investor confidence. This was after a “promising” 2010 where Mr bin Mejren said Dubai had impressively recorded $32.67 billion worth of property sales

The Landmark Advisory also released a report stating that “sentiment overall has improved and there are signs of investors reconsidering the UAE, in particular Dubai, as a place to invest again”,

The news comes in conjunction with the Arab Real Estate Urban Development Conference which has just been held in Dubai. Speakers at the conference were keen to talk about the unrest in MENA however their opinions on how the troubles will affect the wider region were very positive; especially for the UAE where the property market is expected to continue to increase as a result of the political unrest.

Jones Lang LaSalle had once been very pessimistic about the future of Dubai favouring other MENA hotspots such as Egypt and Saudi Arabia and was doubtful of the prospects of the UAE. The chairman of Jones Lang LaSalle’s MENA office, Blair Hagkull said,

“What is happening now is the pendulum is moving in the UAE’s favour,” “People are looking for a place where real estate can retain value,” said Mr Hagkull who went on to explain that the UAE market is considered very stable in the region.

The UAE has benefitted in some way from every major political crisis in the past 20 years and it looks as though it will be the main benefactor of this one as well.

Source: The National

Property Investment: ‘the pendulum is moving in the UAE’s favour’ Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

A new wave of migration from the neighbouring emirate of Sharjah has swept into Dubai. Sharjah’s residents have been keen to seek out addresses in newly completed projects such as some of those on Dubai Marina.

“We expect that older properties [in Sharjah] which have been neglected in terms of investment and maintenance will be the first ‘victims’ in the shift in market dynamics,” said Ihsan Kharouf, director at the Sharjah office of Cluttons.

“There is a perception Dubai properties have been finished to a higher quality, which may also be a symptom of the scale of development that took place in Sharjah,” said Kharouf. “The difference in supply is another reason for the rate differences.”

The flocking of UAE nationals from the northern emirates to Dubai has had the most effect on Dubai Marina and Business Bay with tenants looking for “Affordable quality”.

Source: Gulf News

Increasing number of UAE nationals move to Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

 Craig Plumb, Head of Research, Jones Lang Lasalle MENA said “locations such as Dubai Marina, Palm Jumeirah and Burj Downtown are showing signs of stability,”

These findings have become more significant as we enter 2011, and the unrest across MENA. Within this region Dubai and the wider UAE is considered very stable due to comprehensive regulation and complete infrastructure. Also politically the situation is sound as the emirates host a diverse mix of residents calling upon wide international interests.

“The situation in the UAE is stable. There is no fear with regard to security,” Dhahi Khalfan Tamim, Dubai’s police chief and a member of the emirate’s Executive Council. There are so many nationalities present. We are not afraid, and we aren’t taking any new initiative to reinforce security,” Tamin added.

Between $500 million and $1 billion a day left MENA nations facing political instability and the majority of that money is thought to have flowed straight into Dubai. Although the emirate is predicted to grow by 3.2% in 2011 according to the IMF, some now think this figure will be much larger.

Source: Emirates 24 7, Arabian Business - Boom time again for Dubai Property, Arabian Business - Greater stability seen in Gulf real estate markets in 2011

MENA unrest highlights stability in UAE Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

While GCC countries are already pulling over $1 billion a day out of the ground, a price hike of the predicted scale could double that. The increased capital flooding into the area will promote business growth, cause banks to lend more freely and will inject massive investment into infrastructure projects.

As a result Dubai’s property market is likely to experience considerable growth as the city’s residents become wealthier, rents increase and values appreciate.

Source: Arabian Business

Increasing oil prices to spark new era of wealth in Dubai Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

One local estate agent said “From the end of last year onwards, we have seen a definite increase in interest from overseas clients. Such investors are mainly from countries within the GCC or Eastern Europe, indicating a growing sentiment that Dubai’s property market is now offering investors greater value for money”.

The Foreign Investment Office of Dubai Economic Department has come to similar conclusions after conducting a recent survey. The comprehensive report highlighted that 80% of all investors asked are planning to not only maintain their current investments but increase their interests in Dubai in the near future.

Saeed Hashmi, Head of Valuation and Advisory at Landmark Advisory, said: “Although the market is still relatively immature in terms of large institutional overseas investors, Dubai now seems to be back on the agenda for many parties.”

“In comparison to mature western markets, investment property in Dubai attracts much higher equivalent yields, i.e. a nine per cent plus for prime property, albeit under differing terms, suggesting that the significant yield margin and long term growth prospect in certain sectors is re-attracting healthy investment appeal.”

Select Property, the largest seller of UAE property in Europe has also experienced a considerable increase in enquiries for Dubai property. So far in 2011 Select Property have received an incredible 157% increase in Dubai property enquiries compared with the same period last year. More importantly, interest is accelerating every month with January gaining 88% more enquiries than December, February receiving 153% more enquiries than in January and March starting very strongly.

Source: Emirates 24 7 Business

Interest in Dubai Property accelerates in 2011 Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555