Tag Archives: qatar

Falling property prices make Dubai a more mature real estate market

Falling property prices in Dubai are not totally bad news as it will make the emirate’s real estate market more mature, a new analysis report says. The report from international real estate firm Knight Frank explains how over the past decade, Dubai has been on a real estate rollercoaster ride of boom, crash and recovery. Indeed, property values halved between 2008 and 2010, but then rose phoenix like from the desert to regain most of their losses by 2014. However, the rallying prices of 2013 and 2014 set off the alarm so authorities had to react to prevent a market boom and crash cycle. At this point Dubai’s market regulators, wielding mortgage caps and a doubling of transaction fees, stepped in to reduce speculation and the report points out that this combined with other factors such as deteriorating oil prices, currency fluctuations and a series of economic and political failures in different parts of world, means lower levels of demand from most regional and international group of buyers looking to purchase properties in Dubai. On top of this there has been an excess of new build supply and the net impact has been a 12% fall in mainstream property prices over the 12 months to June 2015. ‘Nevertheless, falling prices are not totally bad news. With the government stepping in to curb speculative activity through tightening mortgage regulations and capping price increments, it is evident that lessons has been learnt from the 2008 downturn and the market is heading steadily to be more mature and better controlled,’ says the report. ‘More interestingly, with price falls continuing to outpace rental value declines, initial yields are rising. Reaching more than 7% in rental yields in the mainstream property segment, Dubai still stands tall among real estate capitals in the world for investor seeking income generating properties,’ it adds. It also points out that the rate of decline in prime residential prices of 4.5% in the year to June 2015 was smaller compared to the mainstream segment while in sub-markets, the picture is a bit more positive as well. In demand areas are mostly in the prime segment including villas, townhouses and apartments in the Palm, Emirates Hills, Dubai Marina and Downtown for example. ‘Even during the 2008 downturn, prime properties saw lower levels of declines compared to less established areas,’ Diaa Noufal, of the MENA research unit at Knight Frank Dubai office. The report also looks at the wider region. In Qatar foreigners have been able to buy property since 2004, although restricted to a few specific areas. Demand has been rising, albeit with a slowdown this year following the oil price crash and regional instability. Buyers tend to be residents of countries within the Gulf Cooperation Council, although the number of European buyers is rising. Demand for Oman property from across the Middle East and from India and Pakistan has risen in recent years. Knight Frank says this is partly due to… Continue reading

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Saudi demands Qatar modify its policies: Report

Saudi demands Qatar modify its policies: Report (AFP, Wam) / 19 March 2014 UAE issues clarification on audience between Qatari Foreign Minister and acting UAE Charge d’Affaires in Doha. Saudi Foreign Minister Saud Al Faisal has warned there will only be rapprochement between Riyadh and Doha when Qatar “modifies” policies at the centre of their spat, a newspaper reported on Tuesday. Saudi Arabia, Bahrain and the UAE earlier this month recalled their ambassadors from Qatar after accusing the fellow Gulf Cooperation Council (GCC) state of interfering in their internal affairs and of supporting the Muslim Brotherhood. “There will be detente if Qatar modifies the policies that are at the origin of the crisis” with its neighbours, Prince Saud said in a short statement published by pan-Arab newspaper Al Hayat on Tuesday. He added that there will be “no American mediation to put an end to the crisis”. Saudi Arabia at a March 5 meeting of the GCC demanded that Doha shut down the Qatari-owned television station Al Jazeera, an informed source said. Riyadh also called for the closure of two think-tanks based in Qatar, the Brookings Doha Centre and the Arab Centre for Research and Policy Studies. UAE clarifies Meanwhile, Maryam Al Falasi, Director of Media Department, UAE Ministry of Foreign Affairs, issued a statement on a news story by Qatar News Agency on Monday night about an audience between Qatari Foreign Minister Khalid bin Mohammad Al Attiyah and the acting UAE Charge d’Affaires in Doha on Monday. Al Falasi said the UAE Embassy in Qatar had requested on January 5, 2014, the delivery of a message dated December 12,  2013, from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,to the Amir of Qatar, His Highness Shaikh Tamim bin Hamad Al Thani, dealing with the UAE’s winning of the bid to host World Expo 2020 in Dubai. She added that the message was a courtesy the UAE sent to sisterly and friendly countries after the Dubai win of the Expo bid. She also clarified that both the note and meeting had nothing to do with the recent developments which led Saudi Arabia, the UAE and Bahrain to withdraw their ambassadors from Doha. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading

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Oud Fragrances Are Highly Prized In Qatar

2013-09-09 By Ebrahim Omar in Doha Oud, a resinous heartwood extracted from the Agarwood tree and widely used in the manufacture of perfume, can sell for up to $55,000 a kilogramme. [Ebrahim Omar/Al-Shorfa] The use of incense and traditional Arabian fragrances such as oud are part of Qatar’s popular heritage that has been passed down from generation to generation. Oud — a dark, resinous heartwood which forms when the Agarwood tree is infected with a specific type of mould — is particularly prized. Oud has a very distinct, pleasant odour and is widely used in the manufacture of perfumes. “Qataris’ demand for oud, oud essence, different kinds of incense and oriental mixes continues throughout the year, but sales go up during Ramadan, holidays and wedding celebrations,” said Thamer Hussain Hafedh, head of sales at Abdul Samad al-Qurashi, a producer of Arabian perfumes and fragrances. Prices vary for the different varieties of oud, Hafedh told Al-Shorfa. “The Klakasy Indian oud is considered to be the best and most expensive variety, with one kilogramme reaching 200,000 Qatari riyals ($55,000), followed by the Kanamir oud with a 120,000 riyal ($33,000) price tag per kilogramme,” he said. “Then there is the Kiara oud and al-Sayoufi oud.” There is a demand for all types of oud, but al-Sayoufi comes first in terms of sales volume due to its high quality and its relatively reasonable price – 40,000 riyals ($11,000) per kilogramme, he said. Qatari men in particular are keen to wear oud as it is considered a tradition, Hafedh said, while Qatari women prefer to wear other fragrances, such as oud oil, sandalwood, saffron essence, rosewater and jasmine. FRAGRANCE BLENDS ARE POPULAR Oud and oud oil top the list of Arabian fragrance blends, in which several scents are mixed together to produce a long-lasting and sweet smelling fragrance. These blends are popular in Qatar, with prices for one toula (12 grams) ranging between 8,000 and 15,000 riyals ($2,200 to $4,120). Well-known oud blends include al-Safa, al-Moulouk, al-Amira, al-Amir and al-Bidaya, with each offering a distinct fragrance. Qataris of both sexes are keen to buy these blends of oud, amber and musk, said Nashwan Numan, sales manager at Al-Jazeera Perfumes. “Eighty per cent of our customers are Qataris, followed by Gulf nationals and Arabs and then foreigners such as Europeans and other nationalities who prefer Arabic blends and oud oils,” Numan told Al-Shorfa. Oud is a long-standing tradition that Qataris hold on to no matter how expensive it gets, Qatari national Ali al-Marri, 35, told Al-Shorfa. “Since as far as I can remember, using oud is a trait that characterises Qataris”, al-Marri said. You are met with the fragrance of oud wherever you go in Qatar, he added, whether it is “a government building, a private company or a house”. Oud is offered to guests as a sign of hospitality and generosity, al-Marri said. “It is the best thing you can offer to guests”. Continue reading

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