Latest News

MAG 5 launches new project in Dubai South

February 27, 2017 3:08 pm

MAG 5 Property Development has launched the third phase of its MAG 5 Boulevard community in Dubai South.

The move is a response to investor demand for studios and both one and two bedroom apartments at the community, the developer said.

To attract customers, the company will be offering a payment plan with a 50%/50% structure, with a year of no payments before completion.

Unit prices start at AED 310,000 for studios, AED 410,000 for one bedroom units and AED 510,000 for two bedroom apartments.

Phases 1 and 2 are due for completion in Q4 2018 and phase 3 is due to be handed over by Q2 2019.

Talal Moafaq Al Gaddah, CEO of MAG 5 PD, commented: “We have witnessed huge demand at MAG 5 Boulevard since its launch, with Phase 1 and 2 being outstandingly popular thanks to the project’s state-of-the-art design, fair pricing, high quality and strategic location in Dubai South, which situates the community at the heart of one of Dubai’s most exciting urban developments.

“The project’s convenient payment plan and the 12% expected yield for investors are also major factors driving demand and attracting a more experienced buyer to MAG 5 Boulevard.”

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Where to look first when buying Dubai property

February 22, 2017 11:32 am

There may never be a “right time” to buy property, but with the World Expo 2020 approaching, opportunistic investors have turned their attention to Dubai’s profitable real estate sector. But where should they start looking?

Over the last decade, Dubai has continuously expanded southwards towards Abu Dhabi, along the Shaikh Zayed Road as well as eastwards to Mohammad Bin Zayed and Emirates Road. The next phase of development clearly intends to stretch the city further southwards and eastwards, specifically towards the Expo site and the region between Shaikh Zayed Road and Emirates Road.

Now property owners can make significant sums with just a small investment if they choose the right location. For example, the first two communities in Dubai South’s Dh25-billion residential district started selling in September and prices were as low as Dh280,000 for studio units and Dh480,000 for one-bedroom apartments, leading to a sell-out of the first phase.

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Homes that keep you fit

February 1, 2017 10:02 am

All developers want to provide a high-quality lifestyle in their communities, but MAG Property Development (MAG PD) says it has come up with a unique model that increases the quality of life of residents buying into its MAG of Life community developments.

MAG of Life started out as a concept with the simple premise that people desired a quality lifestyle. The concept blossomed and MAG PD soon established an eponymously named division that focused on catering to this demand. But before Mag of Life, the developer had already announced an affordable housing project, MAG 5 Boulevard, based on a similar concept it calls Quality of Life.

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Glad tidings: mortgage gets more attractive

January 11, 2017 8:50 am

A growing number of investors are now taking the mortgage route to expand their portfolios in Dubai, according to industry experts. In the third quarter, finance comparison site Compareit4me saw a 119.5 per cent increase in the number of people searching for the mortgages compared with the same period last year.

“This shows increasing confidence in the UAE real estate market, and it is a positive trend as long as banks’ financing policies are created by sound assumptions using the right stress testing,” says Philip King, Head of Retail Banking at Abu Dhabi Islamic Bank (ADIB). Stress testing is a risk management tool used by banks to determine the ability of customers to repay their loans in case of a loss of employment or drop in property and rental yields. It helps banks to better evaluate a client’s credit profile.

While some banks offer financing for multiple properties to the same customer, this policy depends on a variety of factors, including the customer’s profile, the bank’s risk appetite and the customer’s credit rating. Banks will often have the highest appetite for financing multiple properties for private banking or priority banking customers, says King.

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Dubai, Abu Dhabi and Doha emerge as top 3 real estate markets in the GCC

January 10, 2017 2:35 pm

The GCC real estate sector is one of the fastest growing sectors across the world, despite recent slowdown in economic growth due to oil price fluctuations. The region has emerged as an attractive destination for global investors and the real estate sector has become a key economic barometer for the growth in the region according to the Al Masah Capital’s real estate report.

Amongst all markets; Dubai, Abu Dhabi and Doha have emerged stronger owing to international projects, foreign investment flows and growing population. In addition to this, the upcoming Expo 2020 that will be hosted in Dubai and FIFA 2022 to be hosted in Doha, primarily buoyed the demand for exclusively designed amenities and world-class infrastructure spaces.

The report stated that the GCC markets are still gaining a lot of investor attention as prices are relatively stable, which reflects the real estate market’s maturity and the improved regulatory environment. Thus the sector remains resilient and is expected to register growth at a slow pace in 2016 and beyond.

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Know where Dubai rents are rising, falling in 2017

January 10, 2017 10:47 am

Dubai: Dubai’s official Rental Index has been updated for 2017, with emerging mid-market locations in Dubailand experiencing sharp increases.

But Dubai’s budget-conscious tenants will still have cause for cheer as the rental band in established areas such as International City and Discovery Gardens have remained stable, according to market sources.

But rents in the high-end communities will continue to be under pressure, with the Index indicating a 12 per cent decline in asking rents for properties on the Palm Jumeirah.

A favoured location in the city among upscale professionals — the Greens — has softened by between 3- to 8 per cent, states the updated listing, which is overseen by Rera (Real Estate Regulatory Agency).

For tenants, the updated Index will give them some ammunition to bring to their negotiations with their landlords, at least in those areas that have seen marked changes from what they were in early 2016, when it was last updated. (The Index is updated annually.)

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Dubai surprise: 14,000 homes delivered in 2016

January 9, 2017 11:30 am

Dubai: An estimated 14,600 homes were handed over in Dubai all through last year, a tally much higher than the sub-10,000 units delivered in 2014 and 2015.

The 2016 tally is thus the second-highest after 2012’s 16,000 handovers, according to the latest UAE real estate update issued by the global consultancy JLL.

The eventual total was boosted by a lot of activity during the final few weeks of the year — these included the 1,500 villas for Emirates airline staff at the Meydan cluster and the 690 units in Wasl Oasis II in Muhaisnah, the JLL report notes.

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Off-plan demand sustains Dubai freehold market in 2016

January 8, 2017 4:18 pm

A surge in off-plan sales in the second half of the year made sure Dubai’s property market did not see a steep decline in transaction volumes in 2016 compared with the 2015 tally. Based on Reidin-GCP data, overall freehold transactions closed 2016 with 23,579 units against 2015’s 24,326 — a dip of only 2.3 per cent.

In both November and December, more than 2,000 — this includes off-plan and ready — units apiece were sold, with the final month tallying 2,445 units. (June saw the highest sales tally, of 2,495 units, as per the data.) These had their impact in the overall value generated by freehold property sales through last year. The Reidin-GCP data estimates Dh18.04 billion in off-plan units being sold against 2015’s Dh20.18 billion. That amounts to a 11 per cent decline as against the 21 per cent experienced by ready properties — Dh18.22 billion from Dh23.12 billion in 2016.

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4 New Markets Where Chinese Home Buyers Increased in 2016

January 5, 2017 12:49 pm




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Dubai realty trends in 2017

January 4, 2017 10:14 am

In the global macroeconomic picture, 2016 was largely seen as volatile. The world can’t wait to move on to the next. Nonetheless, having avoided a bubble in 2015 and getting past a slowdown last year, the UAE property sector has done comparatively well. Many new landmark projects have been announced and the newly launched Dubai Water Canal is emerging as a major talking point, ending the year on a happy note. Analysts are now cautiously dipping their toes into optimism, suggesting the property market is poised to recover next year. However, global headwinds may affect Dubai as many markets battle uncertainty.

Dima Isshak, head of research and advisory at Chestertons, calls this a period of “correction and normalisation” following a series of global and regional events in the last couple of years. “Has the market bottomed out? The answer is not yet clear,” she says. “The reason is that real estate is not immune to external factors, whether geopolitical or economic.”

A report by Cluttons states that with property values expected to stabilise towards the end of next year, the real-estate market will continue to receive a boost from infrastructure projects linked to the World Expo in 2020 and other mega developments.

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