Property Watch Magazine is back with its Q3 2015 Cityscape Special edition. The surge of interest of readers and third-parties from previous editions has been extremely encouraging.
In this edition we increased the diversity and the content quality, covering all real estate segments, legal and financial aspects along with research and analysis mainly focusing on Dubai and Abu Dhabi property markets.
I would first like to welcome all our new partners who have contributed to Property Watch magazine for the first time. This, we hope, will help meet the soaring interest from all those who are carefully following the property market in the hope of being able to identify and benefit from some good opportunities. As temperatures have become hotter over the summer months, the property market has cooled. There are a number of reasons for this: the political climate in the Middle East remains unstable; the drop in oil prices is causing uncertainty; the strengthening dirham has put off European and emerging market investors; and sales’ costs – especially for off-plan properties – have risen. Swirling rumours about the introduction of VAT by the end of the year, the introduction of corporate taxes and a possible increase of transfer fees by the Dubai Land Department are affecting the sector as well. But there is also good news. The UAE economy is expanding and GDP is expected to grow. Consumer confidence is improving and the government continues to invest in infrastructure improvements; notable projects include the construction of the new Dubai World Central airport, the extension of Dubai International Airport and the Dubai metro extension. There are also positive developments within the real estate industry. To boost interest in their projects, developers are now offering buyers flexible payment plans for between four and five years after completion. The market is now increasingly dominated by owner-occupiers, rather than speculators. All this is good for stability.
We are proud to announce the launch of propertywatch.ae to meet growing demand for property-related information, which will be a free information hub covering all market sectors, providing access to news, press releases, reports and data. We view the website as a valuable way of being able to provide more in-depth material that will complement our printed publications. Finally, I would like to thank everyone involved in the production of this edition of the magazine, which I hope our readers enjoy.