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Real-estate sector leads losses on Dubai bourse
DUBAI — Led by Emaar Properties, the real-estate sector on Monday weighed down the stock benchmark index in Dubai as investors speculated that government efforts to ward off short-term investment in the property market could adversely affect the stock market.
The index of 27 companies that traded on the Dubai Financial Market (DFM) fell 1.3 per cent to close at 4,820.91, with the real-estate sector down 1.9 per cent, or 179.46 points, at 9,481.30 points. The Abu Dhabi Securities Market (ADX) General Index dropped 0.8 per cent at 4,462.78.
Emaar, the biggest real-estate developer in the Middle East, retreated 1.8 per cent to Dh9.13, its lowest price for over three years. The Dubai-based real-estate developer that's building F1-themed parks, Union Properties, slumped 3.7 per cent to Dh3.95 while Deyaar Development slipped 2.1 per cent to Dh1.87.
Reports said the Dubai government would require registration of all off-plan property sales, or units sold but haven't been built yet, with the land department to help prevent investors from selling properties within a given period. Experts say short-term investors, who sell their units at higher prices within 12 months, help jack up prices.
Also, developers will no longer be allowed to charge a transfer fee, which runs to 3-4 per cent of the property's value, although the government will require administrative fees at its discretion.
"There are worries that limiting real-estate speculation will restrict growth in that sector," said Mohamed Alami, a senior trader at Naeem Shares & Bonds in Dubai, in a Bloomberg report. "Investors fear that may hurt property stocks, which led to the market's growth last year."
In the Abu Dhabi trading, Sorouh Real Estate, the second-biggest property developer in the capital, decreased 1.8 per cent to Dh7.31, its lowest price since December 5, while RAK Properties and Aldar Properties, the biggest developer in Abu Dhabi, plummeted 1.2 per cent each to Dh1.64 and Dh9.93 respectively.
jose@khaleejtimes.com
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