Dubai property transactions decline in 2018; Indians second highest investors

coastaldigest.com web desk
July 8, 2018

Dubai, Jul 8: The property transactions in Dubai in the first half of 2018 has seen approximately 16 per cent decline compared to the same period a year ago. According to Dubai Land Department (DLD), overall property transactions in Dubai totalled Dh111 billion from January to June this year. This was done through 27,642 transactions.

The Land Department numbers represent properties and plots sold across Dubai. Overall property transactions in Dubai totalled Dh132 billion in the first half of 2017 and Dh113 billion in the first six months of 2016.

According to Hussain Alladin, head of IR and research at Global Capital Partners, the reduction in property transactions in the first half of 2018 come as off-plan transactions recorded a drop after the torrid pace set in 2017. The reason for the decline in off-plan transactions has been a combination of fewer developer launches as well as somewhat of a pullback of developer incentives that were the rage in 2017.

In the first six months, Business Bay and Dubai Marina were the leaders in terms of investor picks, accounting for 1,934 and 1,445 transactions, while the Al Merkadh neighbourhood had 1,262 deals. In terms of value too, Business Bay reigned, with its transactions accounting for a sizeable Dh4.2 billion. Dubai Marina was placed second with Dh2.9 billion worth of transactions and Dh2.1 billion for Al Merkadh.

While Emirati investors ranked first in both the number and value of transactions - being involved in 2,986 transactions worth Dh6.8 billion - Indian nationals came in second with 3,218 transactions at Dh5.9 billion. This was followed by Saudis whose investments were worth almost Dh3.7 billion through 1,415 investments. The list of top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France.

The investments put in by Gulf nationals exceeded Dh11.6 billion through 4,919 transactions. Arab investors concluded 2,561 transactions worth more than Dh4.115 billion. The value of properties registered by female investors reached Dh9 billion through 5,526 transactions.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 14,2024

kovindpanel.jpg

The high-level committee on simultaneous elections, chaired by Ram Nath Kovind, on Thursday met President Droupadi Murmu at Rashtrapati Bhavan and submitted its report on 'One Nation, One Election'. The report comprises 18,626 pages.

Home Minister Amit Shah was also present at Rashtrapati Bhawan when Kovind led panel submitted the report.

"Simultaneous polls to Lok Sabha and state assemblies can be held in first step, followed by local body polls within 100 days in second step," reported PTI quoting the panel.

"Synchronised polls for all three tiers of government to improve governance architecture, in line with quest of aspirational India," it added.

The report has been submitted 191 days after the constitution of the panel on September 2, 2023.

It's further reported that the proposal also puts focus on having a singular electoral roll for holding Lok Sabha, state assembly and local body polls.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 26,2024

gazastrike.jpg

There is no let-up in the Israeli aggression on the Gaza Strip despite a UN Security Council resolution demanding an “immediate ceasefire.”

Israel carried out air raids and artillery strikes on several parts of Gaza on Tuesday, hitting residential buildings and gatherings of displaced people, “killing and wounding hundreds of people”, the Palestinian Information Center said.

Among the victims are 15 people, including four women and children, who were killed in an attack on a house in the neighborhood of Mosbeh, north of Rafah.

Media reports also said that fighting on the ground continued unabated.

That’s while the UN Security Council on Monday adopted a resolution for an “immediate ceasefire” for the ongoing Muslim holy month of Ramadan.

The resolution was put forward by the 10 non-permanent members of the UN Security Council. The US abstained and the 14 other council members all voted in favor of it.

After the vote, UN Secretary-General Antonio Guterres wrote on social media platform X that failing to implement the resolution “would be unforgivable.”

Palestinian resistance movements have welcomed the resolution, but Israel’s minister for military affairs Yoav Gallant said Israel will not stop its attacks in Gaza. 

“We will operate against Hamas everywhere – including in places where we have not yet been,” Gallant said.

Israel’s foreign minister, Israel Katz, also said in a post on X that the attacks will continue until all the captives taken by Hamas during its October 7 blitz are released.

Israel unleashed its war on Gaza on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Since the start of the offensive, the Tel Aviv regime has killed more than 32,300 Palestinians and injured over 74,000 others.

The Tel Aviv regime has also imposed a “complete siege” on the territory, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

Francesca Albanese, the UN special rapporteur on human rights in the Palestinian territories, said Israel has committed acts of genocide in Gaza.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 27,2024

hdkprajwal.jpg

Hassan: Former Prime Minister and JD(S) supremo H.D. Deve Gowda has announced that his son, former Karnataka Chief Minister H.D. Kumaraswamy will contest from state's Mandya parliamentary seat as NDA candidate.

Deve Gowda told reporters on Tuesday that the decision to field Kumaraswamy, who is also JD(S) state president, in Lok Sabha polls from the Mandya seat was taken amid mounting public demand. "People are demanding that Kumaraswamy should contest from Mandya. In the core committee meeting as well, all members suggested that he should contest from Mandya," Deve Gowda said.

The former Chief Minister's son Nikhil Kumaraswamy had lost to independent candidate Sumalatha Ambareesh from Mandya in the 2019 Lok Sabha polls.

The JD(S) supremo further said that the name of senior leader Mallesh Babu has been finalised from the Kolar seat.

Deve Gowda's grandson and former Karnataka Minister H. D. Revanna's son sitting JD(S) MP Prajwal Revanna will be contesting as the NDA candidate from the Hassan seat.

Earlier in the day, Kumaraswamy in a media briefing indicated that he would contest from Mandya amid mounting public pressure on him.

Congress has fielded Venkatarame Gowda popularly known as ‘Star Chandru’ from the Mandya seat dominated by Vokkaligas. Star Chandru is a close associate of Deputy Chief Minister D.K. Shivakumar.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.