Dubai property transactions down by 23%

Agencies
July 13, 2017

London, Jul 13: Dubai property transactions plunged by 23 percent in the second quarter, according to a report from Chestertons.

But the weak property market is good news for renters who benefitted from a 2 percent decline in rents for both apartment and villas over the quarter, the estate agency said.Dubai

The Dubai property market has remained in the doldrums for about three years as weak oil prices and a strong dollar, to which the UAE dirham is pegged, have curbed demand for new homes.

“The positive momentum from the first quarter did not translate into increased activity in the second quarter, as the decline was evident in both completed units and off-plan transactions,” said Ivana Gazivoda Vucinic, head of advisory and research at Chestertons MENA. “Seasonality and an amount of uncertainty have curbed transactional volumes.”

But the broker still expects a pickup in activity in the second half of the year with sales and rents ticking up toward the final quarter of 2017.

Recent data suggests that most of the action in the Dubai property market is taking place at the affordable end of the spectrum as luxury property prices continue to fall.

Chestertons said that apartment prices were broadly flat during the second quarter with the highest increase in sales prices coming from Dubai Silicon Oasis. Jumeirah Village Triangle also saw an 11 percent increase in sales prices.

That chimes with research from other brokers reflecting higher demand for affordable locations.

“In places like Discovery Gardens and International City, we have had no movement in values for well over 12 months now. They have held steady and that boils down to affordability. It is what people can afford and also it also available in limited supply,” said Faisal Durrani, head of research at Cluttons.

Smaller units were more resilient to the decline as studios and one-bedroom apartments together with two and three-bedroom villas witnessed the lowest drops, Chestertons said.

The top areas based on sales transaction volume were Dubai Marina, Emirates Living and Palm Jumeirah.

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News Network
April 28,2020

Riyadh, Apr 28: The number of confirmed coronavirus cases in Saudi Arabia crossed the critical 20,000-mark on Tuesday with the discovery of 1,266 new cases. Eight new deaths were also recorded during the last 24 hours, bringing the virus-related death toll to 152.

Twenty-three percent of the new cases are of Saudi nationals, while 77 percent are of non-Saudi residents, Saudi Press Agency (SPA) quoted the ministry spokesman Dr. Muhammad Al-Abdel Ali as saying.

Out of the total 20,077 cases till Tuesday, 17,141 cases are active, he added. A total of 118 cases are currently critical, the spokesman said.

Out of the 1,266 new cases, 327 were reported in Makkah, 273 in Madinah, 262 in Jeddah, and 171 in Riyadh. There were 58 cases in Jubail, 35 in Dammam, 32 in Taif, 29 in Tabuk and 18 in Al-Zulfi. Additionally, nine cases were recorded in Khulais; eight in Buraidah; seven in Al-Khobar; five in Hufof; four each in Qatif and Ras Tanura; three in Adhum; two each in Al-Jafr, Al-Majaridah, Yanbu, Bisha and Diriyah; and one each in Abha, Khamis Mushayt, Baqeeq, Dhahran, Dhalum, Sabiya, Hafr Al Batin, Hail, Sakaka, Wadi Al-Dawasir and Sajr, the spokesman said.

The Kingdom saw a spike in cases when the health ministry began its field-testing efforts nearly two weeks ago, targeting suspected infection cluster areas. Since then, there has been a steady increase in daily cases.

Till Monday, around 1 million people were screened in various neighborhoods throughout the Kingdom.

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News Network
April 24,2020

Riyadh, Apr 24: As many as eleven Indian nationals have died due to COVID-19 in Saudi Arabia.

"As per information available with the Embassy as of April 22, eleven Indian nationals (four in Madinah, three in Makkah, two in Jeddah, one in Riyadh and one in Dammam) have passed away due to COVID-19 in Saudi Arabia," the Embassy of India in Saudi Arabia said in a press release on Wednesday.

It urged the Indian community to remain calm and avoid spreading of rumours amid the COVID-19 crisis.

"The Embassy also reiterates the need for the community to remain calm and avoid spreading of rumours that may create panic. It is important that social media is not used to disseminate false messages and spread hatred along communal lines that can vitiate the atmosphere," the Embassy said.

"As stated by Prime Minister Narendra Modi, COVID-19 does not see race, religion, colour, caste, creed, language or borders before striking, and our response and conduct should attach primacy to unity and brotherhood," it said.

Moreover, several measures on the supply of food, medicines and other emergency assistance to Indians in need are being implemented across the Kingdom.

Earlier, Indian Ambassador to Saudi Arabia, Ausaf Sayeed on April 22 had interacted with Indian community volunteers from the smaller towns all across the Kingdom to discuss the impact of the COVID-19 situation, and evaluate the implementation of various measures to ensure the welfare of Indian nationals.

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Agencies
July 31,2020

Dubai, Jul 31: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia tweeted early on Friday sending congratulations to everyone on Eid Al Adha.

"I congratulate everyone on the blessed Eid Al Adha. May Allah [grant us another Eid where we will be in] good, blessings, health, and wellness," King Salman said.

"We also ask [God] to accept the pilgrimage of those who completed Haj, and [to accept] Muslims' prayers, and to remove the coronavirus pandemic in our countries," he added.

King Salman left King Faisal hospital in Riyadh after recovering on Thursday, the Saudi Press Agency (SPA) reported on Thursday.

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