News

A new system known as Mollak was set by Dubai intended to monitor accounts that are related to service charges in projects. The Mollak was launched by the Dubai Land Department (DLD) and the Real Estate Regulatory Authority (Rera), its regulatory arm.

Dubai is still top 5 in the International Shipping Centre Development (ISCDI) for the second consecutive year, according to the latest Dubai News. Dubai bested Rotterdam and Hamburg among other maritime clusters such as Shanghai, London, Hong Kong, and Singapore.

Families settle farther away from the business district to gain access to large properties in Dubai’s suburban areas. This is important information for those who are planning to purchase a residential property in Dubai.

The Dubai Expo 2020 is just around the bend. On 2020, Dubai will welcome the entire world in one of the most future-oriented world expos. Here are some pavilions to look forward to in this important event:

The UAE’s regional financial capital Dubai is now the most affordable market in the world for luxury properties as its average price decreased by 84 percent since its peak five years ago. Real estate analysts forecast a continued decline in Dubai real estate this year due to increased supply and the general softening of the real estate market and a weaker economy.

The estimated budget for the Dubai Expo 2020 in terms of irrigation and landscaping projects is Dh277 million. Dubai’s plan for greenery and water features of the Expo will commence in October 2020.

Dubai is now considering new initiatives to allow more liquidity in the market. There are new initiatives and regulations that Dubai is now considering as regards houses for sale in Dubai to boost its real estate market.

More than 20,000 residential units were completed in the first half of 2019 and more are expected in the coming months, Property Finder report says. Among the 20,978 residential units completed in the first half of 2019, there were 4,895 villas and townhouses and 1,084 serviced apartments.

Developers in the UAE focus more on happiness, sustainability, and affordability, making sure that properties are integrated by elements that result in happiness. An example of this is the Sharjah Sustainable City project.

Political tension in Dubai resulted in a continuing decline in gold prices. Prices of 22 and 24K gold are up. 22K gold is at AED162.25 compared to AED161.25 in the past weeks. 24K, on the other hand, rose at AED172.75 from AED171.50.