A report by HSBC reveals that real estate prices in Dubai have dropped 23 percent from their peak in September 2008. Prices for villas fell 30 percent, while apartments recorded a 20 percent drop.
Tenants renewing their rental contract in 2009 shall face no rent increases under a new law issued by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE.
The decree applies to contracts signed in 2008 for commercial and residential properties provided the rent in 2008 was equal to or up to 25 percent lower than the average market rate.
Emaar Education has opened 2 new nursery schools in Dubai.
The Raffles International School Nurseries are located in Downtown Burj Dubai and Emirates Hills (The Springs).
The schools will have an international team of teachers and non-teaching staff to reflect the cosmopolitan nature of the city.
All places at the nursery in Emirates Hills have been filled. Emaar Education is, however, currently accepting registrations for the next academic year.
A report by global financial services firm UBS predicts that the population of Dubai will fall by 8 percent in 2009 and 2 percent in 2010.
The vast majority of workers in Dubai are expatriates. Significant numbers are employed in the city’s troubled real estate and construction sectors.
The United Arab Emirates, Singapore and the US are the best places for expatriates to work according to a survey by HSBC.
Countries were judged on criteria such as how long expatriates stayed in the country, their ability to earn and save, the level of luxury experienced, and the quality of accommodation.
Repton School in Dubai has announced it will open boarding for facilities for boys aged 11 to 16 in September 2008, followed by boarding for boys and girls aged 16 to 18 in September 2009. Full-time or weekly boarding will be offered.
The UAE branch of the famous UK public school opened its doors for junior pupils in 2007 and follows the National Curriculum for England.
Dubai’s Real Estate Regulatory Authority (RERA) announced that residential rent increases in 2008 will be capped at 5%, a reduction on last year’s 5% ceiling. The move is intended to tame inflation, currently at a 19-year high of 9.3%.
A recent report released by recruitment agency GulfTalent reveals that salaries in the United Arab Emirates are failing to keep up with increases in the cost of living. The report, Gulf Compensation Trends 2007, discloses that although salaries in the regions rose by 10.7% in the 12 months to August 2007, inflation for 2007 is forecast to reach 12%. The survey states that the rise in costs has been mainly due to a rent rises of 23% in 2007, despite government capping rents at 7%.
The United Arab Emirates has extended the amnesty period for illegal workers to leave the federation by 2 months. The amnesty will now end on November 3 2007.
The additional grace period, however, is only for those who apply for amnesty before the original deadline of September 3 and have been unable to obtain travel tickets.
Illegal workers will face prison sentences of up to 10 years, while their employers could be imprisoned for 1 month and receive a fine of AED 50,000.
Dubai has been ranked the 34th most expensive city in the world for expatriate workers according to a survey released by Mercer, the consulting arm of Marsh & McLennan. Moscow heads the list, followed by London, Seoul, Tokyo and Hong Kong.