Abu Dhabi property market powers ahead

13 November 2019

Abu Dhabi’s Aldar Properties is on track to achieve Dh4 billion in off-plan sales and generate Dh1.7bn in net operating income from its asset management business this year, said the company as it reported a rise in third-quarter revenues.

The year-to-date off-plan sales climbed to Dh3bn and “we feel very confident that it will be fulfilled. So we are not changing that [guidance] through the fourth quarter,” said Greg Fewer, chief financial officer of Aldar.

“Both those guidances represent significant growth on where we … Read more ›

Abu Dhabi property market moving in a positive direction

29 October 2019

Property sales prices in Abu Dhabi have taken a positive turn with the prices either holding steady or slightly increasing during the third quarter of 2019.

Bayut’s latest market report shows that the Abu Dhabi real estate market offers healthy conditions for home buyers and investors after the opening of key investments zones for freehold expat property ownership.

During Q3, neighbourhoods like Al Reem Island, Al Raha Beach, Al Reef and Saadiyat Island dominated the investment sector while established suburbs such as … Read more ›

JP Morgan sees long-term growth in Middle East

13 October 2019

JP Morgan, the biggest US lender by assets, is undeterred by a slowdown in Middle East economies and sees long-term growth for its business in the region, as sovereigns and corporates continue to issue debt, attract investment and drive mergers and acquisitions deals.

The lender, which has the biggest share of the global investment banking market, does not plan to alter its business strategy in hydrocarbon-rich economies facing headwinds on the back of oil price volatility and softening of global growth, … Read more ›

UAE Central Bank mortgage settlement rates dropped to just 1%

13 October 2019

The UAE Central Bank removed the 3 per cent early settlement fee for mortgages introduced last year and reverted to a 1 per cent, or Dh10,000, cap as part of a series of moves aimed at easing home loan rules.

A maximum age requirement, which stipulates that loan holders must be under 70 before their last repayment is due, was also lifted by the central bank, according to a statement released on Thursday. Age requirements will now be set by lenders … Read more ›

Exciting new mixed development gathers pace on Yas Island

03 October 2019

An 18,000 capacity indoor arena, dozens of cafes and restaurants, a pier, promenade, infinity pool, hotels and even room for a metro. Welcome to Yas Bay.

Work is advancing rapidly at Abu Dhabi’s Dh12 billion mega project on the southern end of Yas Island.

Thousands of workers are toiling at the site, while scores of cranes dominate the skyline.

On a tour of the site on Tuesday, the pace of development is clear. Yas Bay Arena – the emirate’s new indoor venue – … Read more ›

UAE’s market rebound! A positive outlook on UAE’s property market by financial journalist Peter Cooper.

02 October 2019

Housing markets always require a magic spark or catalyst that causes a recovery.

The UAE property sector has softened since December 2014 as oil prices tumbled. The decline came following the authorities’ doubling of fees on sale transactions to 4 per cent and significantly increasing the down payment required on mortgages to deter market speculation and flipping of property.

Since then, however, oil prices have rebounded and the speed at which property prices are declining has slowed, which is generally a good … Read more ›