Real Estate & Mortgage News in United Arab Emirates from Propertyshowrooms.com

Rise in Dubai property transactions positive for UAE real estate?

Fri, 6 Jan 2012 00:00:00 GMT

Investors interested in the UAE property market may take heart from new figures revealing a 20 per cent rise in Dubai real estate transaction values in 2011 compared with the previous year.

The Dubai land department said it recorded the completion of 35,297 deals - including mortgages and property sales - worth 143 billion UAE dirhams (£25 billion) last year and attributed this to local government's efforts to support the real estate market.

Mortgage activity increased by 12 per cent, with flat sales reaching 27 billion UAE dirhams and villa sales standing at 4 billion UAE dirhams.

According to the Dubai land department, the figures point to a return to normality for the Dubai real estate sector. Director-general Sultan Butti bin Mejrin predicted this will lead to a robust recovery in the near future.

Despite this, it is likely Dubai property prices will continue to fall, according to some experts. Speaking to the Wall Street Journal, Ronald Hinchey of Cluttons Dubai said while the sector experienced a certain level of stability last year with values rising in some prime areas, "prices are seen further softening over the next five years or more as the global economic decline continues and more units come online".

UAE house prices to continue to fall

Thu, 3 Feb 2011 00:00:00 GMT

House prices in Dubai will continue to fall this year, albeit at a slower pace then previously, Jones Lang LaSalle has forecast.

The news may interest those looking to buy property in the UAE, with real estate values unlikely to bottom out in the short-term.

Over the course of 2010, the property consultancy revealed that house prices in Dubai fell by 12 per cent, while in 2009 they dropped by 25 per cent compared to the previous year.

And any expected pick-up in activity and transactions in the country in 2011 is expected to be offset by a continued oversupply of housing in the city, the report added.

"25,000 new units are expected to come online in Dubai this year, compared with 7,800 last year," Jones Lang LaSalle said.

Craig Plumb, the head of research for Jones Lang LaSalles's Dubai office, commented: "The key to transaction levels is going to be liquidity and the availability of mortgages. Clearly we're getting closer to the bottom, but in our view we are not at the bottom."

Banks remain selective in their lending in the UAE

Sat, 23 Oct 2010 00:00:00 GMT

Banks in the UAE remain selective in their lending and as a result it is unlikely that many large-scale real estate projects will get off the ground in the short-term.

This is the latest news to come out of the Reuters Middle East Investment Summit, with the once booming property market in Dubai the hardest hit by bank’s tightening of their lending criteria.

“Banks are still reluctant to lend to real estate. We see a slow return to very selective mortgage lending and where we see it, it is lending where there is very limited risk,” said Sameer al-Ansari, chief executive at investment bank Shuaa Capital.

“Major real estate lending by the banks, I don’t see that coming.”

Individuals looking to buy property in the UAE may be interested to learn that real estate prices in Dubai have fallen by 60 per cent when compared to their 2008 peak, primarily as a result of massive oversupply in the market.

RAKBANK launches mortgage finance for Aldar and Sorouh properties in Abu Dhabi

Mon, 22 Dec 2008 00:00:00 GMT

Prospective homeowners looking to buy their dream home in the capital city of Abu Dhabi have a wider choice in mortgage finance today, with RAKBANK's announcement...

Abu Dhabi Investment Firms Set Up Mortgage Provider

Thu, 27 Nov 2008 00:00:00 GMT

Five of Abu Dhabi's major investment, real estate and finance companies on Wednesday announced the launch of a new mortgage provider, Abu Dhabi Finance...

HSBC And Lloyds To Curb Lending

Wed, 12 Nov 2008 00:00:00 GMT

Two of the largest British banks operating in the country, HSBC Holdings Plc and Lloyds TSB Group Plc, announced steps that would curtail lending to individuals in the UAE...

UAE Mortgage Market Will Triple In Three Years

Mon, 25 Aug 2008 00:00:00 GMT

The UAE's mortgage market will leap from Dh20 billion by the end of this year to reach Dh64 billion over the next three years, according to a recent market study...

Majority feel 'priced out' of UAE realty market

Mon, 18 Aug 2008 00:00:00 GMT

More than half the people who took part in a survey said they felt priced out of the UAE property market...

Mortgage Loans in UAE Up 55% in March

Fri, 8 Aug 2008 00:00:00 GMT

Mortgage loans in the UAE grew 55 per cent to Dh64.95 billion in the year to March from Dh41.86 billion a year ago while loans, advances and overdrafts reached Dh489.85 billion, a 38-per cent rise from Dh354.71 billion for the same period...

Dubai Property Prices To Fall 10%

Wed, 6 Aug 2008 00:00:00 GMT

Property prices in Dubai are likely to fall 10 per cent by 2010 as supply outpaces demand, but they are expected to rise in Abu Dhabi's undersupplied market, Morgan Stanley said in its latest report...

Dubai Residential Prices Could Ease In 2010

Thu, 17 Jul 2008 00:00:00 GMT

House prices in Dubai are set to moderate in 2010, as supply and demand begin to strike a balance, according to industry analysts...

Dubai prices see seasonal slowing

Thu, 17 Jul 2008 00:00:00 GMT

Dubai is witnessing a seasonal slowing in price appreciation, said a report. The residential market recorded a 1.6 per cent month-over-month gain in June, the figure still indicative of a slower price appreciation compared to the 4.4 per cent in April and 3.5 per cent recorded in May, said Al Mal Capital's Real Estate Monthly Report for June...