Residential values have risen by 13.6% since the building’s completion in January 2010     Values have risen by 87.5% since units first launched in July 2006     Apartment prices rise by 25% during 2013     2013 values indicate sustainable growth     Values are up 50% since the market low in 2009 Dubai: 30 December 2013: As the fourth anniversary of the completion of the world’s tallest building, the Burj Khalifa, approaches on January 4th 2014, values of residential apartments are reflecting the more sustainable growth seen ..read more

Dubai: Tenants in Dubai can have an instant update on where they stand vis-à-vis the new rental decree by inputting their lease details into the ‘Rental Increase Calculator’ on the Dubai Land Department-operated portal. Doing so will let you know immediately whether you are liable to pay a higher rental during the lease renewal and how much landlords are eligible to demand as per the strict range set by the decree. The average rentals for all the key residential neighbourhoods are provided, which will be updated to ensure they are in sync with the prevailing asking rates. It will also tell ..read more

Home buyers will no longer be allowed to seek personal loans or use their credit cards to meet their down payment requirements, the UAE Central Bank has said.“Down payment required from the borrower (home buyer) of its own sources and not from sources of borrowing again, including personal loans or credit cards,” said the apex bank. A number of investors, inspired by profit-making flippers, were applying for personal loans to meet down payment requirements.This meant that they were burdened with payments not only for the personal loan, but even for their mortgage. Most of these lost a fortun ..read more

Property investors will be able to save Dh30,000 plus in court fees as the Dubai Land Department (DLD) will set up a new settlement committee from next week to resolve disputes. “The committee will aim to resolves disputes and issue refunds to investors by auctioning the project,” said Sultan Butti Bin Mejren, Director General, DLD. “People who generally pay over Dh30,000 in court fees will not have to pay anything. The committee will work free of charge,” he added. No details were shared how investors could file their claims and the time taken to resolve the disputes. Emirates 24l7 reported t ..read more

The Dubai Land Department (DLD) on Sunday announced the doubling of the property registration fee to 4 per cent of the control from 2 per cent earlier. The new registration fees covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses. The new fee structure will start to be implemented from October 6, 2013. DLD Director-General Sultan Butti bin Mejren said: "The move is aimed to stop quick transactions (flipping) which are unhealthy for the market and result in sudden price increases. “The decision has come at the right time… the market ha ..read more

Dubai could soon enforce ammendments to its real estate law intended to hasten procedures for the settlement of property disputes between landlords and tenants and allow for an appeal within three days, a newspaper reported on Tuesday. The committee for the settlement of rent disputes has presented a draft of the amendments to the government with the aim of slashing time needed to resolve rent rifts and stimulate the market in the region’s business and trade hub. “The committee has drafted a new amendment to the law which was presented to the competent authorities. We expect it to be enforce ..read more

Saudi Arabia opened its doors to the world on Friday after it announced that tourist visas will be available to citizens from 49 countries. For the first time, tourists can now apply for a visa through Saudi embassies and consulates across the world Marking a milestone in Saudi Arabia’s history, Ahmed Al Khateeb, Chairman of the Saudi Commission for Tourism and Heritage (SCTH), announced the launch of the tourist visa for the Kingdom of Saudi Arabia at an event in Ad-Diriyah, a Unesco World Heritage Site in Riyadh. Citizens from 49 countries will also be able to apply for an e-visa or ..read more

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new law regulating the Real Estate Regulatory Agency. The new law issued, Law No. 4 of 2019, states RERA as a public institution, to come under the Dubai Land Department . The new law includes restructuring the legal provisions of the agency, which was established pursuant to Law No. (16) of 2007. According to the new Law, the objectives of RERA include contributing to the development of Dubai’s real estate sector within an integrated system of regulatory a ..read more