Dubai rent, sale prices continue quarterly fall

Agents expect further falls in Dubai rental values of up to 5 percent, according to the Property Monitor survey. (Shutterstock)
Updated 11 July 2018
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Dubai rent, sale prices continue quarterly fall

  • Rental payments made in four checks increased by 6 percent during 2Q
  • Off-plan sales accounted for the majority of the total in the second quarter of 2018

LONDON: Dubai’s residential property market witnessed a continued decline in rents and sales prices during the second quarter of 2018 according to a new report on the emirate’s real estate sector.

Figures released by Cavendish Maxwell, in its 2Q 2018 Dubai Market Report, registered quarterly declines of 1.1 percent in residential sales prices and an average 2.5 percent drop in rental values.


International City (Clusters), The Greens in Emirates Living, Discovery Gardens and Al-Furjan witnessed the most pronounced decline.

Drawing on data from the recent Property Monitor Residential Survey for 2Q 2018, the report showed that most rental agreements made during this period were for one check (38 percent), which marked a 12 percent decrease on the previous quarter.

Rental payments made in four checks increased by 6 percent during 2Q as landlords offer financial incentives to keep units occupied.

Off-plan sales accounted for the majority of the total in the second quarter of 2018, with Mohammed bin Rashid City, Business Bay and Jumeirah Village Circle leading the way.

Dubai Marina, International City and Dubai Sports City were at the forefront in secondary market apartment sales while Emirates Living and International City led in secondary market sales among villas and townhouses.

The survey also showed that most agents anticipate a further drop in princes and rents by up to 5 percent over 3Q 2018.

FASTFACTS

2.5%: Drop in Dubai rental values in the past three months. Residential sale prices fell by 1.1 percent.


US pushes sanctions to send Putin message on election interference

Republican US Senators Marco Rubio (L) and Lindsey Graham are seen in this combination photo from US Senate hearings on Capitol Hill in Washington, US on March 14, 2018 and on June 18, 2018 respectively. (REUTERS)
Updated 3 min 43 sec ago
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US pushes sanctions to send Putin message on election interference

WASHINGTON: A pair of prominent Republican US senators said on Sunday that the United States needs to prepare new sanctions against Russia to discourage interference in upcoming elections.
Senator Lindsey Graham said additional sanctions must be teed up before President Donald Trump holds a second meeting with Russian President Vladimir Putin after the US leader came under heavy criticism for failing to confront Putin about interference in the 2016 election at a summit last Monday.
“You need to work with Congress to come up with new sanctions because Putin’s not getting the message,” Graham said on CBS’s “Face the Nation.” “We need new sanctions, heavy-handed sanctions, hanging over his head, and then meet with him.”
Undaunted by the backlash in his own party to his first meeting, Trump invited Putin to a White House meeting sometime this fall. Congressional midterm elections will take place in November.
Senator Marco Rubio wants a vote on a bill called DETER that would impose new sanctions if US intelligence officials determine Russia meddled in US elections. Rubio co-authored the legislation with Democratic Senator Chris Van Hollen, a bipartisan effort revived by the fallout of last week’s summit.
“What I think is indisputable is that they did interfere and they will do so in the future,” Rubio said on CNN’s “State of the Union.”
“If our bill passes and the director of national intelligence says they interfered in 2018, these very tough sanctions will hit them. So Putin knows going in, what the price of doing so is.”
Putin has denied that Russia tried to influence the 2016 presidential election after the US intelligence community concluded Russia interfered through cyberattacks and social media in a bid to boost Trump’s candidacy.
Under pressure from Congress, which last year passed a tough sanctions law targeting Russia, the US Treasury in April imposed sanctions on Russian officials and oligarchs for election meddling and “malign” activities.
The DETER Act would make sanctions more automatic. The US director of national intelligence would be required to conclude if any foreign nations interfered in elections one month after Americans cast their votes, triggering strict sanctions within 10 days if interference was detected.
Senate Majority Leader Mitch McConnell last week identified the bill as a potential step Congress could take in the coming days to push back against Russia as Senate Minority Leader Chuck Schumer called for sanctions and other deterrents.
But the US oil and gas industry is lobbying against the bill due to worries that heightened sanctions could impact US investments in Russia, congressional sources said.