UAE Property News round-up – August3 MIN READ
1. Indian rupee at an all time low
The Indian rupee crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front. The rupee was quoted 37 paise lower at 72.12 against the US dollar in afternoon trade.
The rupee further plummeted to a historic low of 71.97 a dollar in intraday trade before finding some respite.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows mainly weighed on the domestic currency. Moreover, weakness in emerging currencies overseas against the dollar too weighed on the domestic currency, they added. This will certainly impact the buying and investing power of Indians in the overseas markets, especially the UAE.
2. Dubai Creek Harbour to unveil marina in December
Dubai Creek Harbour has unveiled the Creek Marina in the heart of Creek Island Dubai, the residential and leisure district of the six square kilometre mega-development. Several construction milestones have been achieved on the various residential developments in Dubai Creek Harbour. Creek Marina is set to open in December this year, even as preparations are ongoing to welcome the first residents in the Harbour in early 2019.
Creek Marina will also offer a selection of high-end retail, dining and leisure venues. Creek Marina will also be home to the Vida Harbour Point, a 286-room upscale lifestyle hotel similar to harbour hotels in cities such as Singapore and Shanghai, and is scheduled to open in 2019.
3. Nakheel invests Dh15 million in Palm Jumeirah marinas
Master developer Nakheel is investing AED 13 million to increase boat mooring capacity on the Palm Jumeirah, with two new marinas that will bring the total berths on the island to 600. The new marinas are on the way at Nakheel’s Azure Residences waterfront apartment and restaurant complex on the island’s eastern trunk, and at The Pointe, Nakheel Malls’ upcoming seafront dining and shopping destination.
Nakheel has appointed Majestic Marine Engineering to build the new facilities, with Applied Technology & Management the appointed consultants. Due for completion this year, the marinas will accommodate 44 boats and yachts up to 30 metres long.
4. UAE becomes first country to offer online real estate mortgage services worldwide
The UAE has become the first country in the world to offer online or digital real estate services through a smart services hub, according to authorities. The Abu Dhabi City Municipality (ADM) said on Sunday that it has collaborated with Abu Dhabi Islamic Bank in issuing the first digital mortgage certificate worldwide, a step that culminates the upsurge in the digitalization of services advocated by the Department of Urban Planning and Municipalities in response to the government directives.
Once registered, the client can smoothly log in to the system and process the transaction under a highly secure manner. The ADM has succeeded in attracting six leading banks as partners in the system and calls for others to join.
5. Dubai’s Damac launches new Reva Heights homes on Saturday
Damac Properties has announced the release of exclusive one and two-bedroom apartments at Reva Heights in Dubai’s Business Bay district. Reva Heights is home to luxury apartments from levels 17 to 26, which overlook the spectacular Dubai Canal and one-bedroom apartments will be available from AED 801,000.
Damac said customers can get more information about Reva Heights during the official launch event on Saturday. “Aspiring homeowners and residents wish to live at a convenient address, without compromising on quality. Reva Heights promises to live up to their expectations,” said Niall McLoughlin, senior vice president at Damac Properties. Located on the south ridge of Business Bay with panoramic views of Dubai Canal, Reva Residences also offers amenities, including separate wellness facilities for men and women and a temperature-controlled pool.
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