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Dubai : New permit strategy to boost realty sector

Dubai Real Estate August 18, 2017

The new strategy for issuing building permits in Dubai is expected to benefit both developers and investors in the emirate’s real estate sector by speeding up procedures for getting approvals.

Property developers and analysts say they expect the strategy to streamline the process of getting government approvals needed to build new projects. This will also benefit investors and increase confidence in Dubai’s property market.

“Investors and developers will benefit hugely from easier and faster processes, which will in turn further boost Dubai’s already-strong position as one of the world’s key locations for investment. We wholeheartedly welcome this initiative as a major enhancement to Dubai’s real estate sector,” a Nakheel spokesperson told Gulf News.

The new strategy was approved last weekend by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. It aims to enhance Dubai’s position as a hub for real estate and construction.

Niall McLoughlin, senior vice president and Damac Properties, said the strategy will “streamline the real estate industry’s ability to acquire the documentation it needs to build faster, and will have a direct, positive impact on the sector’s growth”.

In an emailed statement, he added that the strategy will build on Dubai’s competitiveness.

Other developers in the emirate agreed with that view.

Mona Al Tamimi, vice president of marketing and corporate communications at Deyaar Development, said that such efforts will help the property industry advance amid major potential for future growth.

“The new standardised process will enable the real estate sector to optimise government procedures throughout the different phases of construction. Given the tremendous amount of projects currently in the pipeline leading up to 2020, time is of the essence,” she said.

Al Tamimi added that simplifying the permit process will allow developers to focus on more pressing matters.

Aside from making procedures easier and faster for developers, the new strategy is also expected to benefit investors in Dubai’s property market.

Craig Plumb, head of research for the Middle East and North Africa at JLL, said any moves to streamline regulations “will be welcomed by both developers and investors, and are likely to increase the attraction of the Dubai market to both [sides].”

He added that the strategy will improve confidence in the market, and result in higher levels of investment.

“If the new procedures reduce times [for getting different permits], this is a welcome initiative. We await the results of the research showing how much time will be saved, and a subsequent comparison of the before-and-after situation to quantify the level of time saving achieved,” Plumb said.

“It [the strategy] will also reduce costs and delays for developers. While this will increase the profitability of individual projects, it may also result in higher levels of development, which would be a negative for the overall market, which is already experiencing potential over-supply on some sectors,” he warned.

The new strategy is built upon three pillars; streamlining building permit procedures, unifying systems and requirements, and providing a ‘one-stop shop’ where all processes can be completed.

The three pillars are meant to ensure speeding up the process of acquiring permits. A government committee is currently working on putting unified building regulations for Dubai.

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Want rented apartment in Dubai? Check this list

Dubai Real Estate July 25, 2017

 

If you are looking for a new rented apartment or villa in the emirate, the options are aplenty now.

Landlords of new properties in Dubai’s secondary locations are becoming increasingly generous in their negotiations with prospective new occupiers, a study published sometime back indicated. Competitive rates to relocate are giving advantage to the budget-conscious tenants. The trend is similar in the villa rental market.

For those interested to invest in property, the market is wide open with opportunities galore.

Property finder website published a list of the prevailing rents of apartments and flats in Dubai. Let’s take a look at some of the interesting areas where one could take a rented apartment and the prevailing rents at some of the villas and apartments in the emirate.

Competitive rates come to tenants’ advantage

Top 10 rising areas to rent in Dubai
Place Apartment (Average annual rent) Villa (Average annual rent)
Mirdif Dh79,143 Dh140,000
Dubai Silicon Oasis Dh70,000 Dh205,000
Deira Dh86,000 Dh165,000
International City Dh39,999 Dh125,000
Dubai Land Dh56,500 Dh195,000
Al Barsha Dh88,500 Dh 275,000
Bur Dubai Dh 99,500 Dh 206,000
Remraam Dh78,500  –
Al Qusais Dh66,050 Dh200,000
Al Quoz Dh 69,825 Dh 255,000
Top 10 rising areas to buy in Dubai
Place Apartment (Average annual buy) Villa (Average annual buy)
Dubai Silicon Oasis Dh735,000 Dh3,924,995
Dubai Sports City Dh789,555 Dh5,450,000
Jumeirah Lake Towers Dh1,340,000 Dh1,500,000
The Springs Dh2,590,000 Dh 2,599,999.5
Discovery Gardens Dh 710,000
International City Dh475,000 Dh1,670,000
Greens Dh1,744,995
The Views Dh 2,050,000 Dh3,525,000
International Media Production Zone Dh820,000
Dubai Investment Park Dh719,714 Dh2,700,000

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UAE calls for a tougher US line

Politic July 3, 2017

The United States should consider moving its airbase out of Qatar, the UAE ambassador to the US said on Tuesday, encouraging the Trump administration to use its leverage to further pressure Qatar over its support for extremism.

Ambassador Yousef Al Otaiba said Arab states would give the US a list of specific actions Qatar must take before punitive steps are lifted. He said the list would likely include Qatari sanctions on bank accounts of individuals that the Gulf states have already sanctioned – and possibly on the banks themselves.

“We’ve gotten fed up. We’ve had enough,” Al Otaiba said.

US President Donald Trump echoed their accusations that Qatar funds terrorist groups and foments instability in the Mideast. Al Otaiba said both his country and the US had allowed ‘bad behaviour’ by Qatar to continue for ‘a very long time’.

“If I want to be honest, I think the reason action hasn’t been taken against Qatar is because of the air base,” Al Otaiba said, referring to Al Udeid airbase, not far from Doha. “The airbase is a very nice insurance policy against any additional pressure.”

Home to some 10,000 US troops, the base has emerged as a flashpoint in the dispute between Qatar and its neighbours. The forward headquarters of the US military’s Central Command is a staging point for US air campaigns in Iraq, Afghanistan and Syria.

“Maybe someone in Congress should have a hearing and just say, you know, ‘Should we consider moving it?'” Al Otaiba said. “And maybe not moving the entire base. Maybe just distribute to various countries so you don’t have all your eggs in one basket.”

Al Otaiba told reporters that the UAE hasn’t told the US it should consider moving the base, but is “willing to have that conversation”. And he suggested American troops could be moved to his country, instead. Pointing to new defense cooperation deal the US and the UAE signed last month, Al Otaiba said the “infrastructure is in place” to have the conversation if the US wanted to relocate.

Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic ties with Qatar last week, accusing it of backing terrorism and promoting policies that destabilise the region. – AP

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Dubai’s Palm Jumeirah gets new monorail station

Dubai Transport July 3, 2017

Passengers using The Palm Monorail in Dubai can now board and alight at the newly-opened Al Ittihad Park Station for easy access to Palm Jumeirah’s central park, thousands of residences, and the Golden Mile Galleria Mall, master developer Nakheel announced on Monday.

Located at the heart of The Palm’s Al Ittihad Park, the station is close to The Golden Mile and within easy reach of The Shoreline Apartments.

Around a million people already use The Palm Monorail each year, with the figure set to rise dramatically as more attractions open on the island.

The number of monorail users has risen by 70 per cent in the last four years. In 2013 there were 590,000 passengers, 685,000 in 2014, almost 878,000 in 2015 and a million in 2016. With around 3,000 people now taking trips each day, the number of passengers in 2017 is expected to exceed 1.1 million.

Nakheel chairman, Ali Rashid Lootah, said, “The Palm Monorail is one of Palm Jumeirah’s biggest success stories. The opening of Al Ittihad Park Station is a massive boost for the island’s investors, residents, visitors and retailers, and further cements our commitment to providing new services and attractions at this world-famous community. More people than ever can now enjoy the growing number of facilities on Palm Jumeirah without using a car to reach them.”

The Palm Monorail, which opened in 2009, currently runs from Gateway Station to Atlantis Aquaventure, stopping at the new Al Ittihad Park Station in between.

 

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  • Dubai : New permit strategy to boost realty sector

    by on August 18, 2017 - 0 Comments

    The new strategy for issuing building permits in Dubai is expected to benefit both developers and investors in the emirate’s real estate sector by speeding up procedures for getting approvals. Property developers and analysts say they expect the strategy to streamline the process of getting government approvals needed to build new projects. This will also […]

  • Dubai's Palm Jumeirah gets new monorail station

    by on July 3, 2017 - 0 Comments

    Passengers using The Palm Monorail in Dubai can now board and alight at the newly-opened Al Ittihad Park Station for easy access to Palm Jumeirah’s central park, thousands of residences, and the Golden Mile Galleria Mall, master developer Nakheel announced on Monday. Located at the heart of The Palm’s Al Ittihad Park, the station is […]

  • Want rented apartment in Dubai? Check this list

    by on July 25, 2017 - 0 Comments

      If you are looking for a new rented apartment or villa in the emirate, the options are aplenty now. Landlords of new properties in Dubai’s secondary locations are becoming increasingly generous in their negotiations with prospective new occupiers, a study published sometime back indicated. Competitive rates to relocate are giving advantage to the budget-conscious […]

  • UAE calls for a tougher US line

    by on July 3, 2017 - 0 Comments

    The United States should consider moving its airbase out of Qatar, the UAE ambassador to the US said on Tuesday, encouraging the Trump administration to use its leverage to further pressure Qatar over its support for extremism. Ambassador Yousef Al Otaiba said Arab states would give the US a list of specific actions Qatar must […]

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