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Dubai renters started to buy in 2017

Posted by Seven Century on January 4, 2018

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The last 12 months have Dubai residents switch their rental contracts for mortgages, according to a new report from Propertyfinder Group. Attracted by improved affordability in a real estate market that has consolidated over the last two years, as well as more generous payment plans from developers, residents have decided in increasing numbers to snap up properties in the likes of Jumeirah Village Circle, Dubai Land and Al Barsha. Such is the popularity of places

A year when off-plan trumped everything else

Posted by Seven Century on January 3, 2018

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One of the key trends of Dubai’s residential real estate market in 2017 was the rise in off-plan sales, which comprised two-thirds of all homes purchased. Even though residential transaction volumes for existing properties were flat as compared to 2016, the rise of off-plan drove the total residential transaction volumes up by 15 per cent. Based on the ValuStrat Price Index — Residential (VPI), we found that residential capital values for existing freehold properties declined

How VAT works in real estate

Posted by Seven Century on January 2, 2018

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Value Added Tax (VAT) is now a reality, and although residential real estate in general is either exempt or zero-rated, commercial property dealings will attract an extra 5 per cent on top, affecting residential in a more roundabout way. So what is taxable? •     Any commercial property in the UAE, whether leased out or sold, such as offices, retail and even car parking is taxable, unless provided as part of a residential property. •     In

Dubai realty still a winner

Posted by Seven Century on December 24, 2017

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Dubai remains an attractive market for property investors despite softening rents and sale prices this year as the emirate still offers stable returns on real estate investment, a latest report says. Property portal Bayut.com’s annual report for 2017 indicated a seven per cent and five per cent average return on investment on apartments and villas, respectively, in Dubai this year. It identified Dubai Marina as the most sought-after area for both renting and buying apartments

2017: The year of the skyscraper

Posted by Seven Century on December 23, 2017

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More skyscrapers were built in 2017 than during any other year in history, according to a report released by the Council of Tall Buildings and Urban Habitat (CTBUH). A total of 144 buildings measuring 656 feet or taller were completed in the world this year, up on 2016’s record by more than 13 per cent, CNN quoted the report as saying. China dominated the list accounting for more than half of this year’s global total,