Saturday is First day of Ramadan August 21, 2009Posted by Duncan in Dubai, Latest news, UAE.
Tags: Dubai, ramadan
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UAE moonsighting committee announce that Saturday will be the first day of Ramadan.
According to the committee, chaired by Hadef Jua’an Al Daheri, Minister of Justice, Friday is the last day of Sha’aban and Saturday is the first day of the fasting month.
The committee said the Ramadan moon was not sighted Thursday night after using Sharia methods. The crescent was not also sighted after nightfall in neighbouring countries.
Tags: dubai property, Dubai Real Estate, rentals
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A joint report on the Dubai property market, created by Better Homes and property research consultancy the Investment Boutique (IB), has predicted that prices in the sector will continue to fall ‘as long as demand stalls and income levels remain at the point where property is not affordable for most end users’.The State of the Market report concludes that prices are likely to hit the bottom during Q4 2009, and begin a gradual stabilisation going forward.
The balance of supply and demand is then expected to be reached in 2011.
It is also predicted that the emirate’s population will fall in the short term, as expatriate workers leave following job losses. This will continue to switch the bargaining power of leasing in favour of tenants rather than landlords.
The report notes that although activity in the city’s property market has picked up in recent weeks, access to mortgage financing will continue to be difficult as the country’s banks look to find cost effective sources of funding that will cover their asset to liability imbalances.
The report does not dwell too much on doom and gloom, however. It notes that through its high profile anti-corruption drive and a raft of regulatory real estate laws, Jones Lang Lasalle has ranked Dubai as the most transparent realty market in the region.
The report gathers together information from Better Homes, Dubai’s Real Estate Regulatory Authority (Rera) and other sources to collate the average drop in prices for residential units up to the end of March 2009.
IB research finds that rental prices for studios, and one-, two-, and three-bedroom apartments fell by 29%, 31%, 16% and 43% respectively – with the largest drops occurring in March in all but one case.
Villa leases have fallen 44%, 35% and 28% from their peaks for three-, four- and five bedroom houses respectively.
Looking ahead, the report predicts that rental prices for properties aimed at the middle income sector are likely to keep falling until they reach a bracket of between Dhs67,500 and Dhs112,500 per year. In the higher income segment the price band varies from Dhs135,000 to Dhs225,000, all of which are still considerably below current asking prices.
The fall in asking prices for one year tenancies is linked to the decline in expatriate workers and to the increased number of new units coming online, however the number of new units is now likely to be far fewer than predicted which should help to settle the market. The Dubai Land Department estimates that 31,000 new units were expected in 2009, and 43,880 in 2010, implying that 20% and 40% respectively were likely to not be delivered due to market conditions.
The report, however, says that: ‘Even fewer units will be delivered in both 2009 and 2010. We believe that 20,000 units will be delivered in 2009, 18,000 in 2010 and even fewer in 2011. Although population is expected to decrease in 2009, demand is expected to rise because of latent demand for affordable housing and from nearby emirates such as Sharjah and Ajman, and Abu Dhabi commuters who elect to live in Dubai.’
Room for sales price drop
Dubai Marina saw the highest amount of popularity in terms of sales transactions throughout 2008, closely followed by the Emirates Living district, where prices (with the exclusion of the Springs), comparative to other communities, mainly held their values.
‘Off plan sales across the emirate are practically non-existent, and finished product is in demand by mostly end users, or opportunistic investors looking to acquire assets for long term yield rather than short term capital gain,’ says the report.
Though sales transactions have begun to show slight increases as prices have dropped, the report forecasts that there is still considerable room for prices to drop in order to meet affordability levels.
‘More than 65% of all demand…for residential sale units comes from the middle income segment. What is clear…is that, while most of the demand is driven by the middle income segment, current prices are affordable only for the upper income segment.’
57 work categories banned from sponsoring families January 2, 2009Posted by Duncan in Dubai Visa.
Tags: Dubai, family, visa
After a rule for family visa sponsorship was proposed 2 weeks back, the Federal Naturalisation and Residency Department ( FNRD ) announced a new rule and was released this Wednesday banning 57 categories of employees from sponsoring the families.
Categories are mostly skilled and semiskilled workers.
About 57 categories of expatriates will be restricted from sponsoring their families even if they earn the minimum required salary. The following categories are included:
* Cooks (Arabic cuisine cook, continental cuisine cook, falafel maker, sweets maker, pastry maker, assistant cook)
* Certain skilled categories like welder, blacksmith, goldsmith, plumber, tile worker, painter (automobile painter), engine worker, assistant mechanic
* Laundry worker, car washer, grave digger, grocer, salesman, waiters, office boys, butcher
* Makeup man, hairdresser, barber, tailor, decoration jobs
* Drivers (pick up driver and private drivers)
* Trainers like falcon trainer and private tutor.
* Labourer (construction workers)
New Year celebration cancelled December 31, 2008Posted by Duncan in Dubai.
Tags: Dubai, new year 2009
As Israel’s assault on Gaza becomes more intensive, His Highness Shaik Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has ordered the cancellation of all forms of celebrations marking the New Year 2009 in Dubai, as an act of solidarity with the Palestinian people.
Hotels here in Dubai were ordered to cancel their New Year celebration. I wonder what it looks like not celebrating new year in this country. Will Shakira’s concert in Abu Dhabi be fun? I don’t think so.
No more need for speed December 22, 2008Posted by Duncan in Dubai Police.
Tags: cars, police, radars, speed
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The need for speed of motorist will soon be lessen as Dubai Traffic Police will now have undercover officers in an unmarked police car and armed with a radar to stop those speeders.
Motorist caught speeding will be ask to stop and their cars will be confiscated for 30 days, fine of Dhs 1,000.00 and 12 black points. It was already announced last week about their plans of place 90 new radars for every 2km throughout Dubai.
So the next time you will be driving, no more need to speed. Otherwise you’ll just end up missing your car for 30 days.
Free meal for laid off workers December 17, 2008Posted by Duncan in Jobs in Dubai, UAE.
Tags: employment, jobs, Jobs in Dubai
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Have you lost your job? Do you have friends who have received their termination/redundancy letter? If yes, I’m sure you want to save your money before you find another job.
While other Dubai hotels are offering Christmas and New Year packages, Arabian Park Hotel is also offering a free meal from December 15 to January 15 to those who have lost their jobs. What a nice idea from Arabian Park Hotel.
I am one of those people affected in the crisis. I lost my job, but this wont stop me from visiting this hotel. Arabian Park hotel may not be the best in dubai, but surely, it will be a great pleasure to experience their hospitality & the priviledge to feel the comfort and relaxation that this hotel offers.
New family visa sponsorship rule December 17, 2008Posted by Duncan in Dubai Visa.
Tags: Dubai, Dubai Visa, visa in dubai
A new rule in sponsoring families to Dubai or in UAE was proposed yesterday by the Federal National Council or FNC.
The proposal was to increase the minimum salary required for an expatriate – without company accommodation – to sponsor a family should be Dh10,000 and an expatriate with company accommodation, Dh8,000.
Having a salary lower than the required is not a problem, right? Salary certificate can be change by some HR department, I know that. But here is the other rule suggested by FNC.
Family visa applicants should also be asked to submit a bank statement of six months detailing salary transfer. So now you have a problem.
And what about getting a housemaid visa? FNC suggested that expatriate who wishes to apply for a housemaid visa should have a minimum salary of Dhs15,000.00 and an annual fee of Dhs7,000.00.
Dubai’s population by the end of the year will be 6.3 million and 5.5 million of it are foreign workers.
UAE’s 37th National Day December 3, 2008Posted by Duncan in Dubai, UAE.
Tags: Dubai, UAE
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Yesterday December 2 was the 37th celebration of United Arab Emirates National Day. Public and private companies are on holiday and it has been approved by The Federal Cabinet which is held under the chairmanship of HH Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to merge the holidays of the UAE’s 37th National Day and Eid Al Adha for the public sector, which started yesterday to December 11. Work will resume on December 14.
We have seen lots of cars going to Dubai creek yesterday afternoon to witness a Marine Parade as part of the celebration.
People gathered in along the creek to watch an array of vessels sail down the creek including wooden dhows, speedboats, yachts and water taxis – all adorned with scarves and the UAE flag.
Emiratis throughout the UAE took to the streets in a public outpouring of pride in their nation for National Day.
I love having holiday here in Dubai not because of work but because you can go to other places without being stuck in traffic.
Hope there will be more holidays! lol
Looking for jobs in Dubai? December 3, 2008Posted by Duncan in Jobs in Dubai.
Tags: Dubai, employment, jobs
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Dubai is one of the country for those people who wants to have a better life. Being a tax free country, there are a lot of people who wants to work and live here. Although Dubai is an Islamic city, the non-Muslim communities are permitted to practice their own religion freely. About 71% of Dubai population consists of foreigners and expatriates and 3% is categorized as “western”. Expatriates here are mostly include Asians, mainly from India, Bangladesh, Pakistan and Filipino. This percentage increased every year.
Looking for a job in Dubai is difficult now a days compared to previous years. Reason is increase in Dubai’s population and the global economic crisis. Property developers confirmed job cuts in the previous reports.
There are a lot of recruitment agencies that you can find in the newspapers and on the internet. Some of them will get obviously get your attention as they have enticing job opportunities. I’ve heard about this company Core elements that asked 150 dirhams for registration and after you paid them, you will never hear from them again. There are other popular recruitment agencies like BAC middle east, Jobsme.com and Weknowdubai.
So if you are looking for a jobs in Dubai, better search the internet and ask your friend to avoid hassle and save your time.
Another Master property developer announced job lay off November 30, 2008Posted by Duncan in Latest news.
Tags: Dubai, financial-crisis, jobs, property, real estate
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Nakheel one of the leading master property developer in Dubai announced today Sunday November 30,2008 that it was scaling back work on some of its projects and that it has adjusted it staffing requirements accordingly to accommodate the current easing market conditions,” a Nakheel statement said.
According to the latest news from Gulfnews, Nakheel’s spokesperson described the decision as a responsible action in light of the current global market conditions.
“We have the responsibility to adjust our short term business plans to accommodate the current global environment. The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand,” added the spokesperson.
This is the second biggest confirmed job cut in the UAE so far, and comes after two developers, Damac and Omniyat confirmed a total of 269 – 200 by Damac and 69 by Omniyat.
All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition.
All other major developers have earlier said they are revising headcount downwards, as business activities in Dubai’s real estate has come close to a near halt.
Analysts say this is the beginning of a massive job cut across the real estate market.
“This is not the end, but the beginning and we do not know when it will end,” said property analyst Sudhir Kumar, managing director of Realtors’ International.
“In a situation like this, when lack of funds cut short economic activities, companies have to tighten their belts.
“We anticipate others will follow suit in announcing more job cuts.”