Industry News

  • Dubai moves towards new rental law

    Dubai’s Land Department is working on a new rental law that will give separate weightage to commercial real estate such as offices, malls, health and educational property, apart from residential. The law, which is in front of the legislative committee, will replace the current one-size-fits-all rental regulation, top officials said.

    That could pave the way for each property asset class to have its own rental index and contractual obligations between negotiating parties. If the law passes, it would signal another major step up for Dubai’s property market in terms of having a more equitable relationship between tenant and landlord. Currently, the Dubai Rental Index, dominated by residential property, is updated annually. (Source: Gulf News)

     

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  • Dubai orders $327m highway expansion Gulf Property

    Dubai government has approved a $327 million (Dh1.2 billion) highway expansion project that will ease traffic between Dubai and Abu Dhabi while easing traffic movements near Dubai Expo and Dubai South region where the world’s largest greenfield airport with a design capacity to handle 160 million passengers annually is being built.

     The Al Yalayis and Al Asayel roads are designed to enhance links between Sheikh Zayed Road, Sheikh Mohammed bin Zayed Road and Emirates Road. Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum has approved the awarding of two contracts worth Dh1.2 billion for roads designed to improve traffic flow from Abu Dhabi.

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  • Downtown Dubai homes register price gains

    A few pricey locations in Dubai are seeing value gains, with properties in Downtown Dubai performing well, according to consulting firm ValuStrat.

    Excluding the Burj Khalifa, Downtown Dubai apartments saw the highest monthly uplifts in capital values averaging 5.2 per cent in March, though prices there are still 19 per cent below their peak of 2014, says ValuStrat.

    In contrast, three locations - International City, Motor City and Media Production City - remain less than five per cent off the peak.

    Other communities that witnessed monthly capital appreciation were Jumeirah Village, Arabian Ranches, Jumeirah Park, International City, Media Production City (IMPZ), Discovery Gardens and Remraam.

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