The Master Developers in Dubai have removed the clause that guarantees a residence visa for property buyers from contracts they enter into with sub-developers
“There was a clause in our previous contracts that assured us that master developers will guarantee residence visa. The clause has now been removed,” a developer. Emaar Properties, the master developer of Burj Dubai and Dubai Marina, has sent a notice to sub-developers to hold processing of residency visas until further notice.
The Dubai government introduces new mortgage laws to try and regulateinvestment property in Dubai.
Another new law has just been introduced in Dubai, covering mortgages, and is expected to help better regulate the market and boost investor confidence in investment properties, officials and analysts said on Tuesday.
After years of rampant growth and short-term speculation, it appears the authorities are going to take measures to discourage this continued growth and are looking into ways to slow things down
The prices of building materials are expected to rise by approximately five per cent during the third quarter of 2008 due to record oil prices, rising freight overheads and soaring demand.
The volume of property sales in Dubai is poised to rise as more global investors enter the Gulf markets, said Blair Hagkull, MD of Jones Lang LaSalle, a real estate investment and advisory firm. Dubai is projected to record a 55.2% increase in property deals to hit $195 billion in 2008.
More on Investing in Property in Dubai – No shortage of new developments
According to Standard Chartered Bank, real estate speculators need to be rooted out of Dubai’s housing market, and introducing a fifty per cent capital gains tax on properties bought and sold within a period of twelve months could be the best way to discourage short-term flippers
More on Dubai property investing – goodbye to the speculators?
A report released yesterday said Dubai Real Estate is witnessing a seasonal slowing in price appreciation.
The residential property investment market recorded a 1.6 per cent month-over-month gain in June, which indicates a slower price appreciation compared to the four point four percent in April and three point five per cent recorded in May. The report came from Al Mal Capital’s “Real Estate Monthly Report” for June.
More on Investing in Dubai Property – Seasonal slowdown seen
Dubai (UAE) real estate developer Sweet Homes has awarded a six hundred million dollar contract to Sweet Homes General Contracting for the construction of its flagship project – Ajman Uptown
SHGC is a new division of the Sweet Homes Group (SHG) launched during the groundbreaking ceremony to commemorate the start of construction work on the Dh3 billion township in Ajman.
More on Dubai Arab UAE Properties – $600 million contract awarded
New regulations covering off-plan sales of real estate are to be issued soon to prevent developers from charging registration fees
The Dubai Lands Department said the rules would set out clear mechanisms and procedures – and officials hope they will reduce the number of disputes between developers and buyers.
The Gulf property market still has attractive opportunities for investors seeking to escape a global fall in property investment transactions according to a leading real estate consultancy
Robin Williamson, managing director of DTZ’s Middle East operations, said although the worst of the first phase of the sub-prime crisis appears to have passed, the credit crunch has further to go and will continue well into 2009, particularly across the European and US property markets.
More on Dubai is Still an Attractive Investment Market and News of Another Super-Tower in Dubai
