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.

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News Network
July 25,2020

New Delhi, Jul 25: India reported a spike of 48,916 coronavirus cases on Saturday, according to the Union Ministry of Health and Family Welfare.

The total COVID-19 positive cases stand at 13,36,861 including 4,56,071 active cases, 8,49,431 cured/discharged/migrated. With 757 deaths in the last 24 hours, the cumulative toll reached 31,358.

Maharashtra has reported 3,57,117 coronavirus cases, the highest among states and Union Territories in the country.

A total of 1,99,749 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,28,389 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 4,20,898 samples were tested for coronavirus on Friday and overall 1,58,49,068 samples have been tested so far.

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News Network
February 27,2020

New Delhi, Feb 27: Congress leader Priyanka Gandhi Vadra on Thursday attacked the government over the transfer of Delhi High Court Judge S Muralidhar, saying the Centre's attempts to "muzzle" justice and "break people's faith in an upright judiciary are deplorable".

Delhi HC Judge S Muralidhar was transferred to the Punjab and Haryana High Court, days after the Supreme Court collegium made the recommendation.

"The midnight transfer of Justice Muralidhar isn't shocking given the current dispensation, but it is certainly sad & shameful," Priyanka Gandhi tweeted. "Millions of Indians have faith in a resilient & upright judiciary, the government’s attempts to muzzle justice & break their faith are deplorable," she said.

The judge was hearing the Delhi violence case and the late evening notification came on the day when a bench headed by him expressed "anguish" over the Delhi Police's failure to register FIRs against alleged hate speeches by three BJP leaders.

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News Network
March 20,2020

New Delhi, Mar 20: The coronavirus pandemic will leave behind a global recession with small businesses, self-employed and daily wagers taking the worst hit, Mahindra Group Chairman Anand Mahindra said on thursday.

"The virus will eventually be conquered, but it will have left behind a global recession. The costs of that are incalculably high at this time. The most fearsome toll will be on small businesses, the self-employed & those whose lives depend on meagre daily wages," Mahindra said in a tweet.

Apart from the toll on lives, the legacy of Covid-19 may well be deaths due to stress, loss of livelihoods, a rise in homelessness and in extreme situations, civil unrest, he added.

"The only global experience that has lessons for us in the current situation is the last world war. In the aftermath of WW2, the US came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming," Mahindra said.

In the US, the government dramatically dismantled regulations and opened up the economy to trade and these actions led to a boom-cycle that stretched to 1975, he added.

"This time, there will be no victors, only the vanquished. So every country will have to create its own post ‘virus war” marshall plan & take care of those in society who are hit the hardest. Perhaps we too can build the foundations of a sustained global growth cycle," Mahindra said.

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