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New regulations from Dubai Land Department reducing speculation; new supply helping retain ideals down. Fears of Dubai's real estate marketplace experiencing a bubble are "exaggerated", Goldman Sachs Group said in a report on Monday.
"New rules from the Dubai Land Department are aimed at reducing speculation, while new provide is supporting retain beliefs down," the USbased investment bank mentioned.
Property costs are 36 per cent below their 2008 peak even after increasing by about a third from a low within the next quarter of 2011, bank experts added.
Standard Chartered said in July that despite costs soaring, Dubai's property market wasn't proceeding towards yet another crash along with the industry was more sustainable, affected by a better economy as opposed to speculation.
Although the UK-based Knight Frank said property prices and rents in Dubai have grown in the fastest pace on earth, Jones Lang LaSalle reported last month thin the price of increase (cost and rent) will slow-down over the next 12 to 24 weeks.
The Dubai Land Department has taken action to discourage flipping on the market by increasing registration fees to four per cent from two per cent from Oct 6 with Director-General Sultan Butti bin Mejrin emphasising the transfer wouldn't have any negative impact on the marketplace.
7 noted developers need to provide a 20 per cent building guarantee and also make 100 per cent property repayment before launching any new job.
"No job in Dubai is started without a construction assure," Real Estate Regulatory Agency CEO Marwan bin Ghalita had advised this website.
While we raised the issue on how developers trying to sell off plan might complete their project, he explained: "Those selling off plan have previously set a one-fifth guarantee as security and they are not being permitted to use funds from the trust (escrow) accounts until 30 % of construction is attained."
The UAE Central Bank's new mortgage legislation is predicted to be revealed before year-end, which Goldman Sachs experts believe will help cool the market.
Money remained the king in Dubai's realty industry in the first half. Nearly 80 per cent of apartments were purchased by cash purchasers.
Political stability and high rental yields continue to drive Dubai appeal to investors.
Earlier, Knight Frank said growing expatriate residents had caused "good" rental returns for traders with net produces between four and six percent. For more information on the cloudy situation around Dubai real estate market click to find out more on sell dubai properties