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Dubai rental law: a timely refresh?

June 21 - ORE Blog

Experts weigh in on Dubai’s proposed ‘smart rental index’

The Dubai Land Department (DLD) announced a new rental law in the works that will enhance transparency in real estate leases. Calling the new regulation a smart rental index, the DLD is making the switch from a one-size-fits-all index to a more specific benchmark for each type of asset class, whether residential, office, retail, health care or schools. The index will also include sub-categories based on how a property is maintained or built.

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Number of multi-millionaires buying second homes in Dubai growing

June 20 - ORE Blog

Dubai is one of the world's top favourite destinations for wealthy individuals looking to buy a second home

Dubai:  When leisure-seeking, jet-setting wealthy individuals want more out of life, they do whatever suits their fancy:  splurge on yachts, vacation in exclusive resorts, or buy a second property.

And when it comes to acquiring a new abode, trend-setting destinations like Dubai always come to mind.

Data compiled by New World Wealth, a specialist in high-net-worth residents, showed that Dubai, known for its white sandy beaches and year-round sunshine, is now the top fifth second-home hotspot for the ultra-rich and is well on its way to becoming the top pick among the world’s well heeled.

There are currently around 522,000 multi-millionaires, those wealthy individuals with at least $10 million (Dh36.7 million) in the bank and other assets, globally. New World Wealth estimates that approximately 87 per cent of these individuals have bought second houses in other places.

Dubai has emerged as one of the most popular locations for these homes, with an estimated 8,600 multi-millionaires acquiring second properties in the city as of December 2016.

Every year, real estate listings in Dubai feature a number of high-end luxury homes, such as the Signature villa in The Palm (pictured above) costing Dh58 million. And every year, more investors with deep pockets come to the emirate to splurge on these types of homes.

According to New World Wealth, the number of wealthy individuals acquiring second homes in the emirate has increased notably over the past year and surpassed those recorded in popular areas, such as The Hamptons, Miami, Geneva, Paris, Zurich and Los Angeles.

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UAE the world’s 35th most innovative country

June 18 - ORE Blog

Global Innovation Index results officially announced during June 15 at the UN’s offices in Geneva


Abu Dhabi: The UAE has improved its standing in the 2017 Global Innovation Index, GII, topping all Arab countries and ranking 35th globally to improve six places from last year’s 41st position cementing its status as one of the world’s most innovative countries.

The results of the index were officially announced during a press conference held on June 15 at the UN’s offices in Geneva, Switzerland that was attended by Ambassador Obaid Salem Al Zaabi, the UAE’s Permanent Representative to the UN and other international organisations in Geneva. It affirmed the UAE’s significant progress in several areas, the most prominent of which are ‘human capital and research’ as well as ‘creative outputs’.

This year’s 10th Global Innovation Index measured the innovation-related performance of 127 countries and economies representing 92.5 per cent of the total world population and the vast proportion of global GDP. It relied on detailed measures of innovation inputs and outputs, including 81 indicators providing comprehensive insights on the various areas of innovation, most notably institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.

The UAE achieved a six-rank increase in 2017, up from 41 in 2016 to reach 35 globally. Over the past two years, the UAE has exhibited a consistent performance by repeatedly ranking as number one in the Arab world. This year, the UAE also experienced the highest surge among the top 40 most innovative countries with its six-rank increase.

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Dubai property gets Ramadan boost

June 17 - ORE Blog


Analysis of monthly sales transactions over the past seven years reveals Ramadan months are not the slowest


Property sales and transactions slow down in Dubai during Ramadan. This is a myth. With the holy month falling during summer, which traditionally sees a lull, for the past few years, there has been a common perception that Ramadan dents demand for property sales and other transactions in Dubai. This couldn't be farther from the truth.

David Godchaux, CEO of Core Savills, said: "One of the key reasons is seasonality. The holy month has fallen during the hot summer months over the last few years, and it has induced a bias in market players' perceptions as these months coincided with the period of the year that typically sees lower activity levels."

As Ramadan moves away from summer over the next few years, the holy month is unlikely to be cited as a factor which will impact property transactions negatively.

"Ramadan has fallen during the summer months over the past four years. Many naturally assume that this will be a quiet period, but online searches and enquiries on propertyfinder.ae indicate the opposite. Due to the heat and shortened working days, people spend more time at home and have excess time to search online. Consumers are spending more free time browsing the web on their mobiles, tablets, laptops, desktops and even their smart TVs. Even when people are shopping at malls, socialising at friends' houses or travelling, they remain connected," said Lukman Hajje, Propertyfinder Group chief commercial officer.

According to an analysis by Core Savills of monthly sales transactions in Ramadan over the past seven years, it has been revealed that Ramadan months are not necessarily the slowest.

The slowest months on average have been August, followed by September and October since 2010. Transactions peak towards the end of March, as well as June and December - which represent the end of Q1, Q2 and Q4 respectively.

Performance in March and December have an amplified effect due to financial year closures, while June's peak is attributed to sellers and buyers attempting to make transactions before the summer lull.

According to propertyfinder, January and February are peak months, with daily enquiries 11 to 23 per cent above average. Activity then slows slightly from April to July. Sales enquiries rebound from August, a time when families are preparing for the start of the school year and many new residents arrive.

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Municipality meets with real estate developers in Dubai

June 11 - ORE Blog


First five months see strong support despite stiff competition from off-plan

Dubai Municipality’s Planning Department recently organised a meeting with real estate developers in the emirate to discuss procedural improvements in the service of reviewing and approval of major urban projects.

The meeting was organised based on the principle of participation of customers and effective communication with them regarding procedures to be introduced and to take their views and feedback in order to reach optimal solutions that achieve the goals of both the parties and contribute to the improvement and development of the service.

The meeting was also part of the department’s keenness to realise the municipality’s vision of “Building a Happy and Sustainable City” by achieving its strategic objective of “Sustainable Urban Planning for the Future Dubai” and establishing its values of participation and happiness through effective communication with real estate developers in Dubai, who contribute to the city’s growth and development.

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