Yahoo News Highlights: What happened at Cityscape Global in Dubai
Cityscape Global, the largest property event of the year wrapped up in Dubai on Tuesday, with many saying this was the biggest it has been since 2008. Here's a look at the top highlights.
Are Dubai's sizzling property prices finally cooling down? Dubai property prices are cooling to "healthy" levels after a two-year rally during which real estate rebounded from a slump when the global financial crisis hit in 2009. Read the story
La Mer - that's Meraas Holding (the developers behind the largest Ferris Wheel on earth) latest mixed-use development that will take shape in Dubai's beachfront district of Jumeirah.
DAMAC continues its pursuit of luxury with another branded gold course with none other than Donald trump plus unveiled more plans for the Paramount Pictures hotel they're building in Downtown Dubai.
We kicked off the week with news that the Dubai real estate market is actually slowing down, with a 22% drop in the total value of property transactions this summer compared to last year. Average rents also have fallen by 1% since July 1, ending 10 consecutive quarters of growth. Read the CBRE report.
Dubai Properties announces hotel project at Cityscape A waterfront district (Dubai Wharf), an upscale twin-tower (Maram Residence) and now a luxury hotel in Culture Village - with these launches at Cityscape, Dubai Properties certainly has had a busy week. All the details
It's not just about the projects. The influential property also hosted three dedicated and expert-led conferences - the Global Real Estate Summit, Future Cities and the Real Estate Brokers Summit - which are expected to bring together more than 1,000 senior real estate professionals.
Seen those beautiful 3D models of the properties. They're not cheap. Priced from anything between AED 5,000 to AED 1.5 million. This is how they build them.
Good news for renters - Dubai says it's getting tough on real-estate agents with stricter tests. The percentage required to pass the brokers' exam mandated by the Real Estate Regulatory Authority will be raised to 85%, according to a top official.
But because this is Dubai, there is also a project that is trying to bring luxury living to the masses – by building apartments where a personal cook and cleaner, as well as TV, internet and utility bills, are all included in your rent - with monthly payments.
Even Dubai ruler Sheikh Mohammed also made an appearance.
NOT JUST ABOUT DUBAI
Invest Group Overseas (IGO) is going to build a $700 million development...in Texas.
A bit closer to home, UAE nationals are showing a renewed interest in the booming Turkish real estate market, with several Gulf nationals investing in ongoing housing developments. Read the story.
Abu Dhabi was not far behind, with announcements to Saadiyat Cultural District and news that the final piece of the Louvre Abu Dhabi's mega-structure domed roof was put in place.
