Regain in the Property Market Activity - Newsletter June 2015
Regain in the Property Market Activity
Buyers’ activity strengthened this month, with developers launching new developments before the holy month of Ramadan which is expected to start on 18th June this year and second-market sellers willing to review downwards their price expectations they benefit from a range of appealing opportunities in various areas across the city. More than 20 developments from affordable to luxury were unveiled during the last two months. Among them we count Al Andalus (Jumeirah Golf Estates), Bulgari Resort & Residence (Jumeirah Bay Island), Crystal Towers (Jumeirah Beach Residence), Forte (Downtown), The Onyx (The Greens) and Topaz Residence (Dubai Silicon Oasis).
The Emirate is also strongly investing in infrastructures; Al Maktoum International Airport’s new master plan was announced at the beginning of the month at the Arabian Travel Market exhibition. The expansion plans include rail integration, enhanced security measures and downtown check-in facilities. Upon completion, expected by 2025, the new airport will have a capacity of 240 million passengers per annum making it the world’s biggest airport.
Works is also going on at Dubai International Airport Terminal 1 where second phase of Concourse D is in its expansion final stages. In March Dubai Airport recorded an increase of 7.2% year-on-year in passenger traffic, summing to 6.74 million passengers.
In a market in which all players are constantly looking to enhance their awareness and knowledge the recent launch by Emirates NBD of its two trackers was extremely positively received: the Dubai Economy Tracker is a monthly product aimed to highlight the economic activity of the Emirate, while the Real Estate Tracker is a bi-monthly survey analysis dedicated to the real estate sector.
UAE hotels continue to perform well despite oil price drop
Despite a number of challenges faced by the region in 2014, such as the fall in oil prices and devaluation of the euro against the dollar, Dubai and Abu Dhabi hotels performed relatively well over the course of last year.
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