Property Management Dubai News

Get the Latest Updates from Property Management Dubai, Middle East and the world

UK Property Asking Prices Fall, Headwinds Remain for 2025

UK Property Asking Prices Fall, Headwinds Remain for 2025

December 18, 2024 | Staff Reporter | UK | Property Management

Average asking prices for newly listed houses and apartments in Britain fell by 1.7% in December, but activity was robust for the time of year as movers aimed to complete sales before property purchase taxes rise in April, real estate website Rightmove said.

Rightmove's data is not seasonally adjusted, and the drop in asking prices — which followed a 1.4% fall in November — was in line with the historic average decline for the end of the year, the company said. Compared with a year earlier, asking prices were 1.4% higher. Rightmove's December period ran from November 10 to December 7. The number of agreed sales was 22% higher than a year earlier, while new buyer demand increased 13%. Seasonally adjusted data from mortgage lenders Nationwide and Halifax for November showed monthly price rises and the fastest annual increases in two years.

The stamp duty changes are a cloud over the market at the moment, with some groups much more impacted than others, and therefore keen to avoid the additional charges. A bank rate cut and some mortgage rate falls early on in the year would help to settle the market and provide a boost to sentiment and consumer confidence.

Tim Bannister, Director of Property Science, Rightmove 

Tim Bannister, Rightmove's Director of Property Science, said there was uncertainty about how exactly the increase in stamp duty tax would impact activity next year. "The stamp duty changes are a cloud over the market at the moment, with some groups much more impacted than others, and therefore keen to avoid the additional charges," he said.

From April, first-time buyers in England will pay stamp duty on property costing 300,000 pounds ($380,000), rather than 425,000 pounds. Other buyers will have to pay tax from 125,000 pounds, and a tax surcharge for second homes will also increase. "A bank rate cut and some mortgage rate falls early on in the year would help to settle the market and provide a boost to sentiment and consumer confidence," Bannister said.

The Bank of England is expected to hold interest rates at 4.75% on Thursday and has said future rate cuts were likely to be gradual. Investors on Friday were pricing in three quarter-point rate cuts by the BoE next year. Last week, Prime Minister Keir Starmer's Labour government, which came to power in July, announced an overhaul of the planning system to speed up housebuilding and boost economic growth.

For more property management news, subscribe to the REM TIMES newsletter

Sweid & Sweid Awards Construction Contract for Sweid One

Sweid & Sweid Awards Construction Contract for Sweid One

International real estate agency Sweid & Sweid has awarded the construction contract for Sweid One, its AED 730 million Grade-A office development in Jumeirah Lakes Towers (JLT), to Dutco Construction. As a leading contractor known for major projects such as the Dubai Mall, Box Park and Marina Heights Tower, Dutco Construction has extensive expertise in delivering iconic projects.

IREM Establishes First Chapter in the UAE

IREM Establishes First Chapter in the UAE

At the IREM (Institute of Real Estate Management) Global Summit annual event, held in Indianapolis, Indiana from October 6-9, IREM’s Governing Council

DIFC Makes Amendments to Application Law

DIFC Makes Amendments to Application Law

Dubai's International Financial Court (DIFC) has made amendments to its Application Law, also known as the Application of Civil and Commercial Laws in

Riyadh’s Office Market Sees Strong Demand

Riyadh’s Office Market Sees Strong Demand

Riyadh’s office real estate market is experiencing strong growth, driven by heightened demand and a significant rise in rental values, a report showed recently.

IREM UAE Chapter Officially Approved

IREM UAE Chapter Officially Approved

The Institute of Real Estate Management (IREM) has officially approved the establishment of the UAE Chapter, marking a significant milestone in the region’s real estate management

Rasmala Expands UK Real Estate Portfolio

Rasmala Expands UK Real Estate Portfolio

Rasmala, a leading alternative investment firm, announced the successful investments of three major real estate assets in the UK for its Rasmala Long Income

Coldwell Banker Facilitates JV Worth AED 175m

Coldwell Banker Facilitates JV Worth AED 175m

Global leader of realty brokerage, Coldwell Banker recently facilitated a high net-worth joint venture that is poised to redefine the luxury residential real estate in the UAE. Positioned as

Adam Neumann’s Flow Opens Co-living Community in KSA

Adam Neumann’s Flow Opens Co-living Community in KSA

Flow, the co-living venture founded by WeWork’s Adam Neumann, is making a splash in Riyadh with the opening of its first high-end residential compound, boasting 238 furnished apartments. Rent for the stylish units starts at $3,500 a month and the property includes a

US Housing Supply Hits Four-Year High

US Housing Supply Hits Four-Year High

In welcome news for US home buyers craving more options, there are now more properties on the market than there have been in at least four years,

Singapore Introduces Measures to Cool Public Housing Market

Singapore Introduces Measures to Cool Public Housing Market

Singapore has tightened the maximum loan that home buyers can take out in a bid to cool the country’s public housing resale market. From now, buyers of Housing Development Board (HDB) flats won’t be allowed to borrow as much as before.

Al Mal Capital REIT Announces Interim Dividend

Al Mal Capital REIT Announces Interim Dividend

Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC (Al Mal Capital), a subsidiary of Dubai Investments PJSC, has announced an interim dividend for the six months ended June 30, 2024 amounting to AED 15,416,697 (as against AED 12,252,240 for six months ended December 31, 2023).

Foreign Investment in US Residential Real Estate Plummets

Foreign Investment in US Residential Real Estate Plummets

According to a new report from the National Association of Realtors, foreign buyers purchased $42 billion worth of US existing homes from April 2023 through March 2024, retreating 21.2% from the prior 12-month period. International buyers purchased 54,300 properties, down 36% from the previous year and the fewest number of homes bought since 2009 when NAR began tracking this data. Overall, US existing home sales totaled 4.09 million in 2023, down 18.7% from 2022, and the lowest level since 1995.

Riyadh Emerging as Regional Business Hub: Savills

Riyadh Emerging as Regional Business Hub: Savills

Riyadh’s office market continued its strong performance in Q2 2024, as per the latest Saudi commercial market report by Savills, reflecting the strength of the non-oil sector. This sector is considered a key driver of the economy, and it grew by a solid 3.4% year-on-year in the first quarter of this year, exceeding initial estimates. Continued non-oil activity is expected to propel GDP growth to a projected 5% this year.

Thai Real Estate Witnesses Slump in 2024

Thai Real Estate Witnesses Slump in 2024

The transfer of residential property to buyers in Thailand in the first quarter of 2024 fell 13% from the same period last year, the Government Housing Bank’s

Chinese Govt Steps in to Fix Real Estate Crisis

Chinese Govt Steps in to Fix Real Estate Crisis

China recently announced steps to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan ($138 billion) China recently announced steps to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan ($138 billion) in extra funding and easing mortgage rules, and local governments set to buy "some" apartments. Investors hoped the measures marked the beginning of more decisive government intervention to compensate for waning dem

European CRE at an All-Time Low

European CRE at an All-Time Low

European commercial real estate deal making fell to a 13-year low at the start of 2024, as fading hopes of imminent interest rate cuts prolonged the slump in

Office Vacancies in the US near 20%

Office Vacancies in the US near 20%

The office sector vacancy in the United States set a new record last quarter, inching up to a 19.8% vacancy rate, up from 19.6% the prior quarter and surpassing two

Perth Property Market Favoured by Investors

Perth Property Market Favoured by Investors

Perth's real estate market is red hot, with some interstate buyers significantly overpaying for Perth homes after battling it out in a bidding war. According to

APAC CRE Investment Rose in Q4 2023: JLL

APAC CRE Investment Rose in Q4 2023: JLL

Commercial real estate (CRE) investment in Asia Pacific rose 3% year-on-year (YoY) in Q4 2023 to US$31.6 billion, reversing seven consecutive quarters of

Bayut Lists Top Places in Abu Dhabi to Invest in

Bayut Lists Top Places in Abu Dhabi to Invest in

Abu Dhabi real estate investors saw returns of more than 8% on selected properties in the city last year, according to data from the Bayut Annual Sales Report for Abu Dhabi in 2023. Property specialists Bayut released

RERA Joins Hands with Zand Digital Bank

RERA Joins Hands with Zand Digital Bank

The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), has signed a memorandum of understanding with ‘Zand

CBRE Appointed To Manage Bahrain Tower

CBRE Appointed To Manage Bahrain Tower

Global real estate advisor CBRE has been exclusively appointed by Bahrain’s Future Generation Reserve Fund (FGF) as property manager and leasing

Property Firms Urged to Explore REITs

Property Firms Urged to Explore REITs

Property developers in the Philippines are being urged to explore divesting other assets into real estate investment trusts (REITs) in order to capitalise on more

Japanese Housebuilders Look For US M&As

Japanese Housebuilders Look For US M&As

Three of Japan’s biggest developers are “aggressively” shopping for housebuilders to buy in the US as they hunt growth outside their shrinking domestic

Blackstone Set To Invest Across Europe

Blackstone Set To Invest Across Europe

Stephen Schwarzman, the CEO of American investment management firm Blackstone, is eyeing investment opportunities as the asset management giant

Japanese Housebuilders Look For US M&As

Japanese Housebuilders Look For US M&As

Three of Japan’s biggest developers are “aggressively” shopping for housebuilders to buy in the US as they hunt growth outside their shrinking

Reimagining the Modern Workplace

Reimagining the Modern Workplace

The last few years have completely upended traditional notions of the workplace. With remote and hybrid work becoming the norm, employees now expect

Mplus Expands Service Offering

Mplus Expands Service Offering

Property maintenance services provider mplus has launched total commercial kitchen maintenance solutions as part of the company’s ongoing commitment to

ValuStrat Expands Services In Qatar

ValuStrat Expands Services In Qatar

International consultancy ValuStrat has expanded its valuation services in Qatar with new lines of business. Since its arrival in Qatar a decade ago, ValuStrat

Aldar Estates Acquires FAB Properties

Aldar Estates Acquires FAB Properties

Aldar Estates, the region’s largest integrated property and facilities management company, has added further scale to its business with the acquisition of FAB

NMDC Awards Contracts To Turner Arabia

NMDC Awards Contracts To Turner Arabia

Saudi-based New Murabba Development Company (NMDC) has awarded Turner Arabia, a leading construction management consultancy, with a significant

Dubai Municipality Launches New Portal

Dubai Municipality Launches New Portal

Dubai Municipality has launched a new online portal that provides property owners easy access to their land and property data, including construction licences

Munjz Witnesses Remarkable Growth

Munjz Witnesses Remarkable Growth

Munjz, the Saudi-based, proptech cloud platform designed to cater to KSA property owners and developers, has set a new precedent within the property

Yarn Cloud Committed To Vision 2030

Yarn Cloud Committed To Vision 2030

Reiterating its commitment to Saudi Arabia’s Vision 2030, Yarn Cloud, a Saudi-based pioneer in property management solutions, has said the company’s

Brookfield Hunts For Buyouts

Brookfield Hunts For Buyouts

Brookfield Asset Management Inc. has more than $110 billion to invest and is eagerly eyeing deal opportunities, including buyouts of mispriced public companies.

KAFD signs agreement with MAEE

KAFD signs agreement with MAEE

In a recent ceremony, King Abdullah Financial District signed a cooperation agreement with MAEE, the National Water Efficiency and Conservation Centre

Concordia Appoints New General Manager

Concordia Appoints New General Manager

Concordia, a trusted name in Facility Management across Dubai, has announced the appointment of Michael Nicholas as the new General Manager.

DMCC Uptown Tower Completes Façade Works

DMCC Uptown Tower Completes Façade Works

The worldDMCC Uptown Tower Completes Façade Workss flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced that the façade of Uptown Tower has been

What to expect at the new Expo City Dubai

What to expect at the new Expo City Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai announced the opening of Expo City Dubai, this

Amana to manage Wadi Al Sail Mall

Amana to manage Wadi Al Sail Mall

Amana Property Management (Amana), a premier property management consultancy, has signed an agreement with the Bahrain Defence Force (BDF) Military Consumer & Economics Association to take over the management

Real Estate

live Now