Issue No 300 - 24 Feb 2009
 
 
Dubai Focus to offer Dubai property data

A comprehensive collection of reports on real estate deals and transactions within Dubai is being offered by reidin.com through its product Dubai Focus, said a statement.

With a comprehensive database dating back to 1973, Dubai Focus provides daily information on all types of land, villa and flat deals, including sales, mortgage, lease, grant, inheritance that transpire within the emirate, with aims of addressing the unique requirements of real estate market professionals. As a testament to the credibility of its information, reidin.com’s exclusive partner and primary data source for this first-of-its-kind information service includes the Real Estate Regulatory Authority (RERA) and the Dubai Land Department.

“The real estate market is facing unique challenges today, with issues on liquidity and investor confidence posing significant threats to development progress and investment return promised by development companies to their customers,” said Ahmet Kayhan, CEO, reidin.com. “However, based on the trends, which we have established by looking into the extensive bank of market information at our disposal, we are positive that the Dubai property market will still be the busiest, as transactions and investments will remain comparatively high.

“With the USA and Europe reeling over the repercussions of the economic crisis, we predict a considerable rise in foreign investments who will be heading towards more stable regions such as the GCC, especially Dubai.”

Investments from across the GCC into the Dubai real estate market have crossed Dh5 billion ($1.35 billion) in 2008, thereby underlining the emirate’s strong pull among regional real estate players and its role in driving the UAE’s position in global land sales rankings, where it currently holds the fourth highest spot.

In 2008, the UAE has accounted for 5.8 per cent of worldwide land sales, which also reflected an increase of 1.348 per cent since 2007, according to Future Brand, a reidin.com information partner. The highest total GCC investment into Dubai came from the Saudi Arabian investors, who pumped over Dh2 billion into the market, followed by Kuwaiti investors, who have shelled out more than Dh1 billion.

Although a distant third, Omani investments into the Dubai real estate sector have topped Dh818 million, which is followed by Bahraini and Qatari investors, who have injected Dh615 million and Dh117 million respectively into the emirate’s property market. Despite a projected slowdown on the UAE economy’s growth from an expected 7.7 per cent in 2008 to 1.5 per cent in 2009, real estate investments are still continuously being funneled from various GCC countries, which indicate strong consumer trust in the market.

With an ever-growing repute as one of the top destinations for multibillion dollar developments, Dubai plays a pivotal role in the growth of the real estate market within the GCC. Although there are speculations of a drop on the GCC’s gross domestic product (GDP) in 2009 from 6 per cent to a minimal 2.8 per cent, continuous activity within Dubai’s real estate sector can still be expected due to the government’s efforts to soften the impact of the credit crunch by ensuring liquidity and supporting major developments.

According to information cited by reidin.com, the Dubai Government has spent about 33 per cent of its budget or $12 billion on infrastructure, with aims to cater to the emirate’s rapidly growing population, which welcomes a total of 25,000 people per month or 33 people per hour.

The total value of real estate projects under construction in the GCC is more than USD 2.39 trillion, Future Brand has reported.


Source: Trade Arabia News

     
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