News in brief
01 February 2015
Dubai realty deals reach $59bn
THE value of the real estate transactions in Dubai, UAE, surged to more than Dh218 billion ($59.3 billion) in 2014, a clear indication of its property market’s ability to gain momentum from year to year.
The emirate registered a total of 53,871 transactions last year which were diversified and were all over Dubai, according to the Dubai Land Department’s (DLD) annual report issued by Real Estate Research and Studies Department.
Of this, the major share of transactions were related to the property sales (51 per cent) compared to the other categories, while mortgages accounted for 44 per cent, leaving all remaining operations at only five per cent, stated the report.
According to DLD, the total number of transactions in term of sales soared to 38,113 worth over Dh112 billion ($30.4 billion). The market recorded 12,511 mortgage transactions exceeding Dh97 billion ($26.4 billion), while the remaining operations accounted 3,227 transactions with a total value of Dh10 billion ($2.72 billion).
The Al Thenaya Al Thaletha area of Dubai emerged as the hotspot for investors, with the value of transactions hitting Dh4.71 billion ($1.28 billion) through 1,427 deals. This was followed by Al Thenaya Al Khamesa with a total of 1,016 sale transactions worth Dh4.29 billion ($1.16 billion), where Al Barsha South Four took the third place with 910 transactions worth Dh4.58 billion ($1.24 billion), said the report.
Business Bay clinched the first spot in apartment sales, with 4,315 transactions worth Dh7.2 billion ($1.95 billion), followed by Dubai Marina with 4,121 transactions worth Dh9.17 billion ($2.49 billion) and Al Thenaya Al Khamesa with 2,615 transactions valued at Dh3.40 billion ($925 million).
Oqyana to develop private island villas
KUWAIT-based Oqyana Real Estate has signed a deal with floating island expert Dutch Docklands to create a series of private island villas within the ‘Oqyana World First development’ on The World Islands project in Dubai, UAE.
One of the leading real estate developers, Oqyana said the deal will see Dutch Docklands bring centuries of water management expertise to help shape personalised private islands and villas within the ‘Oqyana World First project.
Each private island will house just one villa to craft the pinnacle of exclusive island living, says Ali O Alghannam, the chief executive officer of Oqyana Real Estate.
On the deal, Paul van de Camp, the chief executive officer of Dutch Docklands, says: “This new development will diversify the already impressive Dubai real estate market to a new level of luxury. Our ‘Amillarah Private Islands’ are completely self-supporting, and all contain the latest state-of-the-art technology. Each one will be a piece of art that you can live in,” he states.
‘Oqyana World First’ is the developer’s flagship project, composed of an archipelago of artificial islands together forming the continent of Australasia in ‘The World’ development off the coast of Dubai.
Qatar realty deals hit $15bn
THE combined value of the real estate transactions in Qatar hit QR55.4 billion ($15.2 billion) in 2014, up 24 per cent over the previous year, said a report.
In December, the transaction value hit a record QR7.8 billion ($2.1 billion) compared to QR3 billion ($823 million) for the same period in 2013, reported The Peninsula.
The top deals were closed in the Umm Salal, Al Khor, Al Dhakira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra areas, stated the report citing the data from Real Estate Registration department at the Ministry of Justice.
Doha Municipality topped the transactions’ list with a share of 69.6 per cent, it added.
Ajman freehold project handed over
SWEET Homes Holdings (SHH), a leading UAE-based developer and multi-service provider to the real estate sector, has announced the completion and handover of the first phase of Paradise Lakes Towers project.
The project, which is the first freehold development to be fully completed by a private developer in Ajman, has already received certifications from the Municipality of Ajman and the Office of Civil Defence. Paradise Lake Towers (B5, B6 and B9) is expected to be turned over to its first batch of investors shortly.
“This 100 per cent freehold ready project is expected to give its residents a taste of the good life – breathtaking ambiance, exquisite interiors and your dream of a luxurious and serene lifestyle that is also close to nature,” says Fahad Sattar Dero, managing director, Sweet Homes.
The real estate development, which is composed of a total of eight towers, comprises a ground level, four parking levels, 25 typical floors and a health club. It is ensconced between two major highways – Sheikh Mohammad Bin Zayed Road and Emirates Road – offering quick access to the other UAE emirates of Dubai, Sharjah, Abu Dhabi, Ras Al Khaimah Umm Al Quwain and Fujairah. It also offers modern amenities and facilities like high-speed elevators, swimming pool and game area.
