The Middle East had the high est hotel occupancy and average room rates in the world in the first half of the year, Deloitte & Touche LLP said.
Occupancy was 75.3 per cent in the first half compared with 68.7 per cent in the previous six months, Deloitte said in an e-mailed statement on Thursday. The average room rate rose 14.1 per cent to $180.
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Arabian Ranches flyover opens today
Motorists facing traffic snarls on Emirates Road can heave a sigh of relief as the Roads and Transport Authority (RTA) has announced to open the Arabian Ranches Interchange from Friday.
The Arabian Ranches Interchange which took two years to complete at a cost of Dh410 million, links Emirates Road with Umm Suqeim and Al-Qudrah roads, and is expected to ease the traffic on Emirates Road.
Maitha bin Adai, CEO of the Traffic and Roads Agency at the RTA, stated: “The previous roundabout at the intersection of Emirates Road cutting the Umm Suqeim and Al-Qudrah roads has been replaced by a multi-tier flyover spanning 11 bridges and one underpass.
Dubai issues new mortgage law
Dubai has issued a new mortgage law as part of moves to regulate the Gulf Arab business hub’s booming real estate sector, the chief executive of the Real Estate Regulatory Authority said.
Following a 35-article decree issued by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the new law regulates themortgage process in an effort to protect the rights of lenders and borrowers and improve transparency, Marwan Ahmed bin Ghalita said on Tuesday.
The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.
Buy Property – Live in it for Two Weeks
When Dubai first opened up its real estate market to foreigners in 2006, it gave them a great incentive: buy a house in Dubai and receive a Residency Permit. Alternatively, Residency Permits are only issued to foreigners working in the country and only through their employer. This provided a great incentive for people to purchase property especially for citizens of neighboring countries such as Lebanon, Iraq and Pakistan; Dubai seemed to be a great destination to escape the political turmoil back home.
Here’s the story:
Investors say their contracts promised residency visas as part of the property deal but many developers recently stopped accepting visa applications on the advice of the Dubai Naturalization and Residency Department (DNRD).
Director of the DNRD Major-General Mohammed Ahmed Al Marri told Khaleej Times on Tuesday that there is no explicit text in the law that stipulates the property purchaser is entitled to residence visa. “We have said in the past and we have reiterated it over and over again that there is no link between residence visa and property ownership,” Major- General Al Marri stressed.
Well they might have been saying it, but the major developers in the country were clearly providing contracts with automatic Residency Permits included in the fine-print. So what’s the plan? Well, the government has decided that Residency Permits for property bought will not be renewed. Instead property owners will receive a multiple visit visa allowing the owner to visit his property for two weeks at a time. Seems fair, right? I mean a one-bedroom apartment at Dubai Marina costs just over half a million US dollars, its only right that you get to live in it for no more than two weeks at anyone time. It’s not like you bought it to live in it. That would be just silly!
