Equity Mag Feb_18 Book Folder

REAL ESTATE
The year was also a breakout one for women investing
in real estate. In 2017, a total of 11,773 women entered
the market. Meanwhile, women accounted for 14,316
transactions worth over Dhs27 billion.
Those investments meant brokers in Dubai had a pretty
good year overall. In its first-quarter report last year, the
DLD noted that the brokers in Dubai made about Dhs820
million in the first six months of 2017. Per the 2017 yearend
report, the DLD claims those same brokers were
paid Dhs1.77 billion for their role in completing sales of
land, buildings and residential units, which included
Dhs840 million from land sales, Dhs133 million from sales
of buildings and commissions amounting to Dhs794
million from sales of units. It’s no wonder then that the
number of active brokers in Dubai went from 5,866 after
the end of the first half of the year to 6,195 as the year
came to a close.
Despite the constant push for reaching (literally) greater
heights, UAE is only ranked fourth in terms of skyscrapers
globally. According to research conducted by the Council
on Tall Buildings and Urban Habitat (CTBUH), Dubai is
home to 95 towers reaching 200 metres or taller by the
end of 2017, with the tallest tower to be completed last
year being the 101-storey hotel and residential
development, Marina 101. Incidentally, the Marina tower
is the second tallest building in Dubai, the third tallest in
the Middle East and the 18th tallest building globally.
Those figures will only continue to go on their way up as
Dubai works towards the grand unveiling of a building
that will be about 100 metres taller than the Burj Khalifa:
the Dubai Creek Tower in 2020.
Of course, that’s not all Dubai has up its proverbial
sleeve. We were at this year’s 2018 Real Estate
Promotional Plan press conference hosted by the DLD
and it’s safe to say that while the real estate market seems
to be slowing down, the powers that be are already
finding workarounds. Mario Volpi, Chief Sales Officer of
Kensington Properties, claims that in 2018, since finding a
value for money remains a priority for buyers, developers
will be tempted to reduce the size of apartments to make
their price tag more affordable. So, brace yourself for
smaller apartments when you’re looking to move. Haider
Ali Khan, CEO of Bayut, believes that the buyers and
renters’ market situation from last year will continue
wherein rental rates will continue to decline and that
could possibly encourage tenants to shift towards
ownership. Save up on those millions. That home in the
Palm is not a pipedream anymore.
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EQUITY