Kenya
SRC warns salary officers over MPs
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Neighbouring emirates benefit from high Dubai rents
The strong demand for properties in Dubai has enabled landlords to significantly increase their rents in recent months and this is having a knock-on effect in neighbouring emirates.Cluttons has revealed that many people looking to relocate to the UAE have been priced out of Dubai and are instead heading slightly further north to Sharjah, the National reports.This has inevitably led to rising rents in the smaller emirate, with property brokers confirming that rates have soared by 15 per cent in the last six months. Experts also predict a further 15 per cent increase in the second half of 2013.In more exclusive parts of Sharjah, landlords are demanding rents that are almost at the same level as those charged in 2007 when the real estate market was booming.Shane Breen, associate director at Cluttons in Sharjah, told the news provider: “Landlords are taking advantage of higher rents in Dubai and tenants are paying.”He added that the massive demand for rented accommodation in this particular emirate has caught the attention of property investors.”Investors are not looking to develop their own projects at the moment but we have seen a number of these people coming in and buying existing buildings,” Mr Breen was quoted as saying.It does not take long at all for Sharjah residents to travel into the heart of Dubai and there is every chance that transport networks between the two emirates will be strengthened in the near future.Migrants continue to flood into the UAE in search of better job opportunities and a more relaxed way of life, which is having an impact on property availability.Farouk Soussa, the chief economist in the Middle East for Citigroup, told the same news provider that he expects Dubai house prices to go up by 35 per cent this year and rental rates will rise by a similar amount.His comments came shortly after the Dubai Statistics Centre confirmed that property prices increased at their fastest rate for more than three years in April 2013.The First Group can help you find perfect properties in the UAE Continue reading
Dubai Festival City Mall continues to grow
The recent growth seen at the Dubai Festival City Mall is indicative of the wider expansion of the emirate's retail sector.Numerous studies have confirmed that Dubai is still one of the leading shopping hotspots on the planet and with new record-breaking malls in the pipeline, this looks certain to be a long-term trend.Dubai Festival City Mall is one of the Middle East's leading retail and lifestyle facilities and it has already opened another eight outlets so far this year.Italian concept store Cioccolatitaliani has moved into the mall and has been joined by a number of clothing retailers, including Rockport, Vince Camuto and Stadium.Plans are also in motion to add even more outlets in the centre over the coming months, with Mothercare, Boots and luxury international designer Elie Tahari all taking up residency in the complex.Viewers of hit British TV show The Apprentice saw just how diverse Dubai's retail offerings are during a special episode last night (May 28th). The 12 remaining contestants were told to buy eight obscure items from merchants in the city and the programme allowed people in the UK to see the stark differences between the emirate's wonderful, rustic souks and the ultra-modern malls.Dubai is renowned for embracing cutting edge technology and this is evident in the city's malls.Earlier this month, reports confirmed that shoppers in the Wafi mall will soon be able to take advantage of a hi-tech loyalty programme, which is designed to allow consumers to obtain points wirelessly.The scheme – which uses near field communication (NFC) and Bluetooth technology – also gives shoppers an opportunity to receive instant notification of special offers and discounts in nearby stores.”We believe the technology delivers a win-win situation for both merchants and consumers,” commented Souffiane Houti, founder and chief executive officer of ViaFone Technologies – the company behind the initiative.With so many exciting developments being unveiled, it is certainly a good time for investors to take advantage of the UAE's thriving retail industry. Continue reading
