01 June 2020

Abu Dhabi’s Q1 real estate deals, mortgage values up 22pc

Abu Dhabi’s real estate market has witnessed marginal declines in both values and rents during the first three months of the year. The market, however, saw a 22 per cent increase in transactions and mortgage values which rose to Dh19.2 billion ($5.22 billion), according to Chestertons, a global real estate services company.

Off-plan sales in some of the capital’s most sought-after locations, including Al Reem Island, Saadiyat Island and Al Reef collectively accounted for over half of the total transaction value.

A range of favourable developer-led off-plan payment options, and the more recent revival of rent-to-own schemes, have piqued the interest of potential buyers, states Chestertons in its Abu Dhabi Market Report Q1 2020 report.

Overall, the capital’s real estate market continued to see declines in both values and rents, although at a slower pace. Average apartment sales prices declined by 1.2 per cent and villas by 1.8 per cent quarter-on-quarter (Q-on-Q). In the rental market, apartments witnessed decline of one per cent, while villas fell by just 0.6 per cent in Q1, states the report.

 

Al Mazaya Holding unit sells Dubai property for $21m

Al Mazaya Holding, a leading real estate development company in Kuwait, says one of its UAE-based subsidiaries has signed an agreement for the sale of a property in Dubai for Dh77 million ($20.9 million).

A major player in the region, Al Mazaya provides a wide spectrum of real estate products and services – from purchasing, apportionment and developing of large areas in select zones to offering ready-to-use residential and commercial spaces. It is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait.

The deal will be implemented in both cash and kind, where the cash sum amounts to Dh40 million ($10.8 million) and the payment-in-kind to Dh37 million ($10.1 million), says the company.

The transaction will be settled by transferring other income-generating real estate units, from the buyer and registered through their fair value (FV) as per the International Standards for Financial Reports (ISFRs), it adds.

 

Sharjah issues decree on real estate expropriation

HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on May 10 issued a decree on the expropriation of real estate for the public benefit in the Emirate of Sharjah.

The new decree-law stipulates that property may not be expropriated except in the public interest and in exchange for fair compensation, in accordance with the law’s provisions.

The decree, in line with the public interest law in the emirate, has specified the following:

• Urban planning, rehabilitation and replacement projects.
• Establishing or developing public projects, infrastructure, public and service facilities, government buildings, etc.
• Establishing natural reserves and pastoral areas.
• Positioning and protecting the physical cultural heritage sites.
• Expropriating the surrounding or adjacent properties that negatively affect public projects, infrastructure, public and service facilities, government buildings, etc, or on expropriated properties, in terms of deriving public benefit and achieving urban form, appearance, area, improvement, or required development.
• Achieving security, serenity, health and public morals.

 

MAG launches new Uber-style home maintenance app

UAE-based property developer MAG Lifestyle Development, which is a part of MAG Group Holding, has launched a new Uber-style home maintenance tracking app, called MAG FM, in co-ordination with home maintenance company Hitches & Glitches.

The MAG-branded smart technology platform will enable owners and tenants living in all MAG developments, to request home maintenance services, allowing customers to browse a wide range of home maintenance packages, or customise their own package specific to their individual needs.

App-users can also book and make payments via the smart platform through Google and Apple Pay for any parts or service carried out in their home, offering a quick and hassle-free way to pay online, says the developer.

Initially, the online services will be launched for residents living in MAG5 Boulevard in Dubai South and then rolled-out across all MAG developments throughout Dubai.

Senior Executive Vice Chairman Talal Al Gaddah says: “MAG 5 Boulevard is an affordable, contemporary development with a real community feel and an accent on the modern lifestyle. Therefore, it seemed only natural for us to launch a reliable, convenient, and efficient, technology-led home maintenance solution for the residents there, before expanding the maintenance service to our other developments.”

 

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