Those with property investment interests in the UAE may welcome research from HSBC which shows that property prices are rising in the emirates.
The new Property Ladder study shows that there has been a marked growth in the UAE property sector, in part spurred by a relaxation of maximum loan-to-value (LTV) rates that have allowed more people to get on the housing ladder.
“Anecdotal evidence also suggests that foreign investors seem to be back in the market and there are bulk buyers of property for investment purposes,” the report claimed.
Cash has continued to be the dominant force in UAE property sales, although mortgages are gaining ground and are becoming an important part of the market, the study goes on to state.
In March, HSBC announced that it would be relaxing its lending criteria for those looking to buy Dubai properties and elsewhere in the UAE, with the company now offering an LTV rate of up to 75 per cent on villas, 70 per cent on completed apartments and 50 per cent on off-plan property.Your browser may not support display of this image.
The recent opening of prestigious estate agency and property management firm Hamptons International in Abu Dhabi confirms the evidence of increased foreign investment interests. Recent ‘roadshows’ held by Hamptons in Abu Dhabi and Dubai attracted a number of UAE property development agencies, seeking to boost the healthiness of the region’s property market.
Speaking at the Cityscape Connect business breakfast, UAE real estate specialists including the chief executive of Dubai-based property agency Asteco, Elaine Jones and Steven Henderson, partner in legal firm Clifford Chance, concurred that the prospects for strong growth were becoming evident.
“Industry sentiment has moved into positive territory and it is equally important that Cityscape through the Connect series of events continues to provide a platform for open debate,” said Rohan Marwaha, managing director of the company.
From NUBRICKS
Showing posts with label UAE. Show all posts
Showing posts with label UAE. Show all posts
Wednesday, 24 June 2009
Tuesday, 2 June 2009
UAE property prices rise for the first time in months
Property prices in the United Arab Emirates increased in April and May, according to international bank HSBC.
Prices in Dubai and Abu Dhabi rose 4% in April compared with March and 5% in May, says the bank's latest transaction survey. But it warned that it is too early to call it a trend.
'Market data from April and May show a range of positive indicators. Agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria,' said David Lepper, head of equity research for the region.
'However, we will not be able to discern a sustainable trend until later in 2009 and while we note these positive developments, the market as a whole is coming off a very low base, given the sharp declines since the market peak. Credit growth remains subdued, and the UAE economy still has challenges to deal with,' he added.
A survey of brokers by the bank also confirmed that prices have started to stabilise on the back of renewed interest and sellers pulling their properties off the market or putting them up for lease.
'Foreign investors also seem to be back in the market and the majority of transactions are being conducted in cash,' says a report from a team of analysts.
However compared with the peak in the market last September property prices are still considerably lower. Agreed prices are down 23% while asking prices were 65% lower.
Investment Property For Sale
Prices in Dubai and Abu Dhabi rose 4% in April compared with March and 5% in May, says the bank's latest transaction survey. But it warned that it is too early to call it a trend.
'Market data from April and May show a range of positive indicators. Agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria,' said David Lepper, head of equity research for the region.
'However, we will not be able to discern a sustainable trend until later in 2009 and while we note these positive developments, the market as a whole is coming off a very low base, given the sharp declines since the market peak. Credit growth remains subdued, and the UAE economy still has challenges to deal with,' he added.
A survey of brokers by the bank also confirmed that prices have started to stabilise on the back of renewed interest and sellers pulling their properties off the market or putting them up for lease.
'Foreign investors also seem to be back in the market and the majority of transactions are being conducted in cash,' says a report from a team of analysts.
However compared with the peak in the market last September property prices are still considerably lower. Agreed prices are down 23% while asking prices were 65% lower.
Investment Property For Sale
Friday, 29 June 2007
Dubai
Dubai is the fastest growing city in the world. It is estimated that 50% of the world's supply of cranes are at work in Dubai on projects worth $100bn including an estimated $800m on construction of the world’s tallest building, the Burj Dubai, which will stand 800 metres tall when completed. Dubai is home to the world's only seven star hotel, the Burj Al Arab and an indoor ski centre. Other developments include an underwater hotel, a Chess City (buildings in the shape of chess pieces) and Dubailand, which will become the world’s biggest theme park. It has been forced to diversify to compensate for far more limited hydrocarbon reserves. The economy is based on Dubai's reputation as an entre pot for the region, its vibrant tourist industry and thriving free trade zone.
GEOGRAPHY
Dubai is situated on the Persian Gulf coast of the United Arab Emirates and is roughly at sea level (16 m/52 ft above). The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast. Hatta, a minor exclave of the emirate, is surrounded on three sides by Oman and by the emirates of Ajman (in the west) and Ras Al Khaimah (in the north). The Persian Gulf borders the western coast of the emirate. Dubai is positioned at 25.2697° N 55.3095° E and covers an area of 4,114 km² (1,588 mi²).
Dubai lies in the Arabian Desert. However, the topography of Dubai is significantly different from that of the southern portion of the UAE in that much of Dubai's landscape is highlighted by sandy desert patterns, while gravel deserts dominate much of the southern region of the country. The sand consists mostly of crushed shell and coral and is fine, clean and white. East of the city, the salt-crusted coastal plans, known as sabkha, give way to a north-south running line of dunes. Farther east, the dunes grow larger and are tinged red with iron oxide.The flat sandy desert gives way to the Western Hajar Mountains, which run alongside Dubai's border with Oman at Hatta. The Western Hajar chain has an arid, jagged and shattered landscape, whose mountains rise to about 1,300 meters in some places. Dubai has no natural river bodies or oases; however, Dubai does have a natural inlet, Dubai Creek, which has been dredged to make it deep enough for large vessels to pass through. Dubai also has multiple gorges and waterholes which dot the base of the Western Al Hajar mountains. A vast sea of sand dunes cover much of southern Dubai, which eventually lead into the desert known as The Empty Quarter
GEOGRAPHY
Dubai is situated on the Persian Gulf coast of the United Arab Emirates and is roughly at sea level (16 m/52 ft above). The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast. Hatta, a minor exclave of the emirate, is surrounded on three sides by Oman and by the emirates of Ajman (in the west) and Ras Al Khaimah (in the north). The Persian Gulf borders the western coast of the emirate. Dubai is positioned at 25.2697° N 55.3095° E and covers an area of 4,114 km² (1,588 mi²).
Dubai lies in the Arabian Desert. However, the topography of Dubai is significantly different from that of the southern portion of the UAE in that much of Dubai's landscape is highlighted by sandy desert patterns, while gravel deserts dominate much of the southern region of the country. The sand consists mostly of crushed shell and coral and is fine, clean and white. East of the city, the salt-crusted coastal plans, known as sabkha, give way to a north-south running line of dunes. Farther east, the dunes grow larger and are tinged red with iron oxide.The flat sandy desert gives way to the Western Hajar Mountains, which run alongside Dubai's border with Oman at Hatta. The Western Hajar chain has an arid, jagged and shattered landscape, whose mountains rise to about 1,300 meters in some places. Dubai has no natural river bodies or oases; however, Dubai does have a natural inlet, Dubai Creek, which has been dredged to make it deep enough for large vessels to pass through. Dubai also has multiple gorges and waterholes which dot the base of the Western Al Hajar mountains. A vast sea of sand dunes cover much of southern Dubai, which eventually lead into the desert known as The Empty Quarter
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