Archive for February, 2019

Millennium Atria Business Bay soft opens in Dubai | News

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Millennium Hotels & Resorts has opened the Millennium Atria Business Bay. The property, which becomes the 40th in the region, will serve a growing hospitality and tourism sector. The first phase of the opening will cover 156 apartments out of the hotel’s total 347 units, which comprise studio, one-, two- and three-bedroom apartments. Other facilities,[…]

Dubai News: Double-digit drop in Dubai real estate companies

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A total of 486 property companies and real estate brokerages failed to renew their licences in 2018, according to new data collated by real estate portal Property Finder. According to Property Finder, data from the Dubai government’s ‘Dubai Pulse’ data initiative show that there are now 3,680 remaining brokerages that “stand strong in a market[…]

Dubai property market could remain depressed for years

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DUBAI, UAE – The property market in Dubai has been sinking since 2014, and is likely to remain depressed for years. S&P Global, the credit ratings agency, on Tuesday said the emirate’s property market was destined for more gloom. Dubai real estate prices escalated leading up to the GFC in 2008/9. When the crisis hit,[…]

Dubai real estate market recovery to be seen as of 2022: S&P

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DUBAI: S&P Global, the ratings agency, painted a grim picture for the real estate sector in Dubai, with a meaningful recovery in property prices expected only after 2022.At a presentation to journalists in the Dubai International Financial Center, S&P analyst Sapna Jagtiani said that under the firm’s “base case scenario,” the Dubai real estate market[…]

Property prices in Dubai set to plunge in 2019

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After peaking in second half of 2014, Dubai residential property prices have been declining over the past few years and are approaching levels last seen at the nadir of the 2009-2010 property crash, according to global ratings agency S&P. The property prices in Dubai are likely to stabilise by 2020 but doesn’t not see any[…]

Dubai News: Dubai property deals in a day? Now you can…

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Dubai Land Department (DLD) has announced the launch of the Smart Audit initiative that allows the completion of real estate transactions on the same day. During the first week of the audit, more than 112 transactions were implemented, DLD said in a statement. Through the 10X initiative, a customer may conclude any transfer transaction —[…]

Dubai News: Expo 2020 to ‘bring back business tourism’ to Dubai, says Dubai Properties

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Dubai’s Expo 2020 could lead to a boost in the city’s business tourism, which has seen a slowdown in recent years, according to the vice president of hospitality asset management at Dubai Properties Group. Speaking to Arabian Business at the Gulf and Indian Ocean Hotel Investors’ Summit (GIOHIS), Stuart Etherington said the six-month event is[…]