Developers will factor in VAT rebate and extend benefits.
Dubai: Dubai’s developers are likely to get even more generous with their offers as they compete to reduce the unsold stock on their books. And unlike in other sectors, the introduction of VAT (value added tax) is not going to impact on developer plans.
In fact, VAT could even be a marketing advantage with off-plan launches. “Introduction of VAT is likely to set off more favourable payment plans from developers,” said Faisal Durrani, Cluttons’ Head of Research. “Simply because of the tax rebates available to developers and the fact that VAT kicks in only three years after completion of development.” (As things stand now, residential off-plan sales are believed to be exempt from VAT.) But the fact is that in the last six months or so, developers here have already been quite generous, many of them waiving registration fees, allowing for a lower payment upfront and the bulk of the instalments to be made after handover.
Developers are also stretching the number of years after handover in which those payments can be made. Two years was the norm and that is slowly inching up to five years and even longer.
According to Durrani, it should be on the post-handover payment period that developers will focus further. Five years and more could even become the norm. “As such, extended post-handover payment schemes would be a permanent feature of the property market,” said Durrani. “People sense that the Dubai residential realty is nearing the bottom of the current cycle.
“We don’t think oversupply is going to be an issue in Dubai … as long as the government’s target of doubling the population by 2030 is met.”
Survey carried out to measure how secure people feel living in the emirate.
Dubai: Some 95.3 per cent of Dubai residents feel safe and secure living in Dubai, latest figures from a survey suggested.
The survey, carried out by Dubai Police’s Public Opinion Survey Centre in cooperation with Criminal Investigation Department in 2016, also shows that 97.8 per cent of people trust in the justice system.
Major General Khalil Ebrahim Al Mansouri, Assistant to the Dubai Police Chief for Criminal Investigation Affairs said the study, which included 2,716 respondents of Asian, Arab and other nationalities, was carried out to measure how secure people feel living in the emirate.
Discussing the survey details, Lieutenant Colonel Faisal Al Khaimari, Director of the Survey Centre said the survey measured the security level across different areas during different times of the day. It covered residential areas, markets, parks and places of worship.
He said that 94.3 per cent of people felt secure at these places, during the day or night, while 95.8 per cent said that they did not have to be worried about crimes. Some 96.4 per cent said there were enough police present throughout the day in these areas, even during holidays.
Major General Al Mansouri said the results were not new to the emirate. He said even though there are more than 200 nationalities living in the UAE, they all live in harmony, which has contributed to residents feeling safe and secure in the city.
Lieutenant Al Khaimari added that the harmony and peace between residents was due to the strength of security and people’s confidence in the just judicial system here.
Residents were interviewed by Dubai Police to understand what made them feel safe and secure in the city.
One resident, Dr Mohammad Al Laham, said Dubai is a place where he can leave his car with the engine running at the petrol station while buying things from the convenience store, without worrying about it being stolen.
“I also don’t fear worried while travelling from one emirate to another on highways in the early morning,” he said.
Another resident said she moved to the UAE five years ago and she never felt scared going out late at night.
“I don’t have to think about closing my purse while walking in a shopping mall because I know Dubai is a safe city to live in compared to other places,” said Sara Demakaling.
Source: Gulf News
Trump's two sons, who now run the Trump Organization, attend a gala at the golf course
During a brief speech made to a crowd of several hundred people - including property developers and other members of the business community from around the Gulf - Donald Jr. praised the leadership of His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Delivering his keynote at the 'UAE Economic Outlook 2017' hosted jointly by the Dubai Department of Economic Development and the Abu Dhabi Department of Economic Development, he also revealed that Dubai will announce its future economic outlook twice every year from now onwards - in January and October. The economic outlook will shed light on growth opportunities in the emirate both at the macro-economic and sectoral levels and against the global economic backdrop.
'Dubai Harbour' is also set to enhance the city's profile as a magnet for wealth and investment.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the development of 'Dubai Harbour', a unique new waterfront destination that will feature the Middle East and North Africa (Mena) region's largest marina.
The announcement was made in the presence of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; Shaikh Ahmed bin Saeed Al Maktoum,President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group; Shaikh Mansour bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai International Marine Club; Khalifa Saeed Sulaiman, Director General of Dubai Protocol Department; and Abdulla Al Habbai, Group Chairman of Meraas.
The project, located on King Salman bin Abdulaziz Al Saud Street, in the area between Jumeirah Beach Residence and Palm Jumeirah, also known as Mina Al Seyahi, will be developed by Dubai's leading holding company Meraas.
The iconic luxury waterfront destination, spread over 20 million sq. feet, will include a 1400-berth marina as well as a cruise ship port and terminal, a shopping mall covering 3.5 million sq. feet, an events arena, luxurious residential buildings, hotels, offices, retail stores, public services, restaurants and cafes and 'Dubai Lighthouse'.
Dh4.8 billion contracts signed to kick start work on hotels, resorts, infrastructure
Dubai: The European company developing a cluster of islands that will feature luxury floating villas and bring snow and rain to The World, just off the coast of Dubai, has signed Dh4.8 billion contracts to kick start construction work.
Kleindienst announced on Wednesday the appointment of three companies to immediately start building the necessary infrastructure, hotels and resorts on the six artificial islands which will comprise the “The Heart of Europe” development.
Russia-based luxury developer Forum Group launched its first Dubai venture with twenty-two luxury villas, covering 4.6ha, on Palm Jumeirah.
Situated near the end of the Palm Jumeirah West Crest, residents of the Mediterranean architecture-inspired XXII Carat villas will enjoy a luxury hotel-inspired lifestyle offering spacious accommodation with convenience of 24X7 concierge and exclusive access to privatebeachfronts spanning 720 ft.
Property experts have said that the Dubai market has shown signs of bottoming out, with no significant price declines in recent months. Satish Kumar / The National
Dubai’s residential market is on the verge of an "imminent" increase in prices as a result of improving economic conditions and a relatively stable supply, according to a new Reidin/Global Capital Partners report.
The study, A Tale in Three Markets, says that recent trends in equity and oil markets and the limited supply of new completed units all point to a citywide increase in property prices in the near future.
Lootah called the financial crisis “a good lesson learnt,” adding that the property market in Dubai was “very stable – demand is less but it has stabilised”.
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