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Rera introduces price index
The DSF begins with an of AED75m investment; Dubai to encourage more Emiratis to join private sector; Banks predict “no rise” in 2009 rents in Dubai; Dubai property developers still unprepared for Strata law
January 15, 2009 7:12 by kippreport
Rera introduces price index
The Real Estate Regulator Authority’s (Rera) long awaited price index was published on Wednesday, reports Khaleej Times. Rera, however, stressed that the index is merely a guide “not be a regulation” said Marwan bin Ghalita, CEO of Rera. Analysts say that with although Rera specifies minimum and maximum limits for each district, “market forces will still apply.”
The DSF begins with an of AED75m investment
The Dubai Shopping Festival (DSF), Dubai’s annual shopping bonanza, begins today. According to Gulf News, Laila Suhail, chief executive of the festival, the DSF expects an investment of AED75 million. “This year’s DSF came during a challenging time with the financial crisis, and the conflict in Gaza. DSF is coming in a season where everyone is looking forward and we are trying to maximize its impact for the retail sector,” Suhail said. <p>
In 2008, consumers spent over AED10 billion during the festival, with visitor numbers hitting as high as 3.2 million.
The DSF runs till February 15.
Dubai to encourage more Emiratis to join private sector
The Dubai government plans to set up a government agency in 2009 to help adjust the emirate’s education system to the private sector’s needs, reports ArabianBusiness.com. “The new agency will focus on what the market’s are,” said Essa Al Mulla, executive director of the Emirates Nationals Development Programme (ENDP). “Instead of saying that we will teach the students based on the government’s needs, the education system will be based on the future needs of the market.”
Banks predicts “no rise” in 2009 rents in Dubai
In a report published by Standard Chartered, the bank has said it does not expect rents to rise in Dubai due to the pressures “demographic and employment” uncertainties caused by the financial crisis, reports ArabianBusiness.com.
“Rents can still move up in an environment where house prices drop, especially if more people are encouraged to rent rather than buy. Demographics and employment levels will be more important when it comes to determining rents,” the Standard Chartered report said. “Our view is that rents are unlikely to increase in 2009 (making the cap unnecessary) not because of the falling housing prices but because of the reported weakness in the labour market,” the report added.
Dubai property developers still unprepared for Strata law
Approximately 60 percent of property developers in the emirate have not made the necessary preparations for the introduction of the new Strata law, reports Khaleej Times. The Strata law gives home owner associations the responsibility of maintaining common areas in master developments.<p>
Speaking to Khaleej Times, the Peter Crogan, CEO of BCS°© Strata Management Services, the first UAE-based strata management company, said the “Strata Law is still a very new concept in the Middle East. One of the main challenges would be educating tenants that developers will not own or manage common areas anymore. However, once such ambiguities on property ownership are cleared, the market will see an increased inflow of foreign investment and transparency.”