How real estate growth drove UAE jobs market in Q1

 UAE Central Bank figures reveal how the employment rate in the UAE's property sector rose by 4.4% in Q1 Employment in the UAE's real estate market drove growth in the country's private sector during the first quarter of 2019, according to new statistics published by the UAE Central Bank. The employment rate of the UAE’s property sector rose by 4.4 percent in Q1 compared to the same period in 2018 as overall private sector employment increased by 1.2 percent, a rebound from a 0.6 percent drop in the previous quarter.

According to the figures cited by state news agency WAM, the transport, storage and communication sectors witnessed the lowest quarterly increase by 0.1 percent, compared to a decline of 1.5 percent in the previous quarter.
Construction and services rose quarterly by 0.9 percent and 0.4 percent, compared to a decline of 1.2 percent and 1.1 percent in the preceding quarter, respectively.
The rise in employment in all economic sectors coincided with an increase in the number of loans provided to the private sector, which continued to rise in the first quarter of 2019, WAM said.
Total credit increased on a quarterly basis by 1.3 percent in the first quarter of 2019, compared to an increase of 0.9 percent in the previous quarter. Credit provided to the construction and real estate sector increased quarterly by 2.5 percent, while the mining sector registered a rise of 8.2 percent, and the electricity, gas and water sectors and transportation sector by 8.4 percent and 0.2 percent, respectively. Shaikhani Group Explained, employment is very necessary for everyone people are working in two ways either they work for someone or they work for their business. Both needs man power and labour why because without a labour company will face a lot of problems. Companies need employees to handle their operations, because one man cannot look after whole organization. If they open a visa with an easy process people would visit and look for the work. No one wants a lengthy process; they want things must be sort out very easily. Shaikhani group always believe helping others like giving them a job in their organization, where they will utilize their expertise and improve company’s goals, Shaikhani tries to give benefits like giving them training if necessary and if there is a need they offer a employee to do some certifications where it would be beneficial for the company and for the employee’s future.
https://www.arabianbusiness.com/jobs/423720-how-real-estate-growth-drove-uae-jobs-market-in-q1

Average Dubai property sales price rises in Q2, says broker

Allsopp & Allsopp boss says rise in sales price is 'very encouraging' for Dubai propery market after months of declines

The average sales price of property in Dubai was 17 percent higher in the second quarter of 2019 compared to the previous quarter, according to broker Allsopp & Allsopp.
Its latest report on Dubai's real estate market also said that the average lettings price saw a 1 percent increase in the same review period.
Lewis Allsopp, CEO, said the rise in sales price was "very encouraging for the market" after previous reports had indicated months of price declines in the emirate.
"There have been quite a few ‘green shoots’ this year as well as a common perceptive that the market is either at or heading towards the bottom of the price curve," he said.
"Whether our Q2 result is an indication of more positivity to come and the signalling of a price stabilisation or turn, only time will tell," he added. "What this is showing is that the average overall transacted price has risen, and this is the first we have seen of this in some time."
Allsopp & Allsopp also said it saw a rise in buyer and tenant registration, with buyer registration up by 37 percent compared to Q2 2018 and up 12 percent compared to Q1 while transactions increased by 19 percent. Tenant registration is up 31 percent annually and by 16.5 percent on a quarterly basis with transactions rising by 3 percent.
Allsopp said: “The increase in buyers and sales transactions reported in Q2 reflects my prediction that the prices are now at the bottom of the curve. This is due to a lot of end-users having reached their outstanding mortgage amount, meaning they cannot sell, or they will not be able to cover the outstanding mortgage. This is when we can expect to see resistance from sellers accepting anything lower, the market reaches the bottom.”
The Allsopp & Allsopp also reported a 23 percent increase in secondary market sales in Q2 compared to Q1 while sales in the off-plan sector dropped by 30 percent. Buyers purchasing with finance rose by 35 percent while cash buyers dropped by 3 percent.
Allsopp added: “The increase in finance buyers and decrease in cash buyers is further clarity that end-user buyers are more prominent in the Dubai property market. The market has matured into more of a recyclable market that we see worldwide and is moving away from the need of the investors of 2006 to come and buy a building.”
The report also revealed a trend of more tenants paying in multiple cheques and a decline in people paying their rent in only one cheque.
In Q2, the number of tenants paying in three cheques increased by 59 percent while tenants paying with one cheque decreased by 9 percent compared to Q1.
Allsopp said: “We are continuing to see more tenants quarter on quarter paying with multiple cheques. Gone are the days of companies paying for their employee’s rent in one cheque.”
British-owned Allsopp & Allsopp operates from four offices across Dubai - Palm Jumeirah, Jumeirah Golf Estates, Springs Souk Mall and Business Bay. Set up in 2008 by CEO Lewis Allsopp and COO Carl Allsopp, the UAE arm focuses on residential sales and lettings in Dubai.
Mr. Ahmed Shaikhani said, it is a good sign that Dubai is coming back on booming track. Right now it is time to invest your money in properties, where you will get Return in few years, But that return is not very small it would be a huge profit. As EXPO2020 is coming, where things would change and everyone who is investing their money later they will get a good return.
Best thing of Dubai is secure and safe, where anyone can live in. Living is not that expensive you can easily survive. Their infrastructure is best they are getting better ranking position in the world. If you are getting everything in one place it would be a huge benefit.
https://www.arabianbusiness.com/news/423494-average-dubai-property-sales-price-rises-in-q2-says-broker