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

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.


Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 01 June 2020

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.