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Dubai International Financial Centre

Dubai International Financial Centre

May 25--RENTS FALL 40 PERCENT IN DIFC: A new report by property consultancy CB Richard Ellis finds that commercial rents at the Dubai International Finance Centre (DIFC) have fallen 40 percent in the past six months, from a peak of Dhs750 ($204) a square foot to Dhs450 a square foot, with some private landlords offering further reductions. Other areas that have been hard hit by declines in occupancy and lease rates are Jumeirah Lake Towers and 'Site C', an area developed by TECOM close to The Greens.

DUBAI PLANS TO SIMPLIFY PROPERTY CONTRACTS: Dubai plans to introduce a simplified contract that would become the norm for all property purchases in the emirate, reported Gulf News. The standard contract, which has been drawn up by the Dubai Land Department and is waiting for approval, will clearly set out the terms for both buyers and sellers, said Emmad Eldin Farouq, senior legal advisor at the department. The department believes the standardized contract would make it harder for buyers to try to get out of signed deals or to add fine print to existing contracts.


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