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UAE bank holiday declared for Eid Al Fitr

All banks will be closed during this public holiday Dubai – UAE bank sector holiday for Eid Al Fitr has been announced on Thursday to start on Ramdan 29 and the first three days of Shawwal, work accordingly will resume on the fourth of Shawwal. Shawal to begin on June 4 or 5. The banks will […]

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Permanent residency excites real state sector

Sentiments have been high in Dubai’s real estate industry soon after the launch of the Gold Card or permanent residency system for investors and exceptional professionals in various areas, including medicine, engineering, science and arts. “Fantastic News,” said Robert Booth, managing director of Ellington Properties. “It’s going to be very beneficial for the real estate […]

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Dubai has world’s first government entity to conduct transactions through Blockchain network

Dubai has world’s first government entity to conduct transactions through Blockchain network Dubai: The Dubai Land Department (DLD) has achieved another technical milestone by becoming the world’s first government entity to adopt Blockchain technology. The comes in line with the “Dubai Blockchain Strategy” launched by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince […]

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No slowdown in Dubai Property market

No slowdown in Dubai property market Dubai’s real estate is increasingly becoming mature and investors’ trust level is at its highest in the emirate’s property market, a senior official has confirmed. Mahmoud Al Burai, CEO of Dubai Real Estate Institute, Dubai Government, ruled out any slowdown in the local property market, citing a strong regulatory […]

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Villa deal in Dubai touches Dh100m mark

  Dubai: Just weeks after a villa at Emirates Hills went for Dh90 million, another at the same location has touched Dh100 million. The 42,000 square feet property features eight bedrooms, and the deal was closed by Gulf Sotheby’s International Realty along with its Bellevue. The process took up 18 months. “There are buyers in […]

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Potential home buyers in Dubai must make up their minds fast

Dubai: Potential property buyers in Dubai shouldn’t wait around to take a decision — chances are that some sort of firming up in values will happen in the next 12 months. At some of Dubai’s older and popular freehold communities, there have been marginal gains, of under 3-4 per cent, in value from a year […]

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Dh90m: Latest ‘mega villa’ deal in Dubai

Dubai:  The mega-sized property deals are coming through — an Emirates Hills villa sold for a whopping Dh90 million ($24.5 million) and was closely followed by another on the Palm, which commanded Dh84.2 million ($22.9 million). These were the two most expensive non-off-plan transactions in Dubai during the second quarter, according to the estate agency […]

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Dubai landlords offer ‘free’ rent, multi cheques

Dubai: Landlords in Dubai aren’t just open to accepting multiple cheques and reducing lease rates, they are also offering rent-free periods just to attract tenants. Despite claims that the property sector is bottoming out or showing signs of recovery, overall rents across the emirate are still on decline. A slowdown in hiring and a sustained […]

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Investor awareness, improved regulatory environment necessary for GCC REITs to flourish: Survey

Investor sentiment and lack of understanding, along with a weak regulatory environment, are the biggest challenges for the growth of REITs (real estate investment trusts) in the Middle East, according to the latest survey by CFA Society Emirates, which gauged the opinions of the society’s members and charterholders in the UAE. The survey revealed that […]

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The limits of a rent increase

When your tenancy contract is nearing renewal and you begin negotiating with your landlord, it is useful to know your legal rights to avoid unknowingly being made to accept rental increases that are not enforceable. Unlike in many jurisdictions around the world where an annual rental increase is accepted due to normal inflationary trends, Dubai […]

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