24 carat gold shoes, staycations and property
Gold in the news again
It’s been a busy week for the gold markets, after some ground was regained with a 1% rise in price on Friday, after hitting a three-year-low just days earlier. Gold has stayed on track for its biggest weekly drop in almost two years after the US Federal Reserve signalled an end to easy money. Meanwhile, the gold mining industry in South Africa has also reported that many mines may close over the coming months, not due to lack of supply, but because gold prices can no longer justify the high wages required for the precious ore to be dug up. However, fashionistas may yet save the day, as the world’s first 24 carat gold shoe collection was revealed in Dubai recently at Dubai Mall’s Level Shoe District. Designed by Alberto Moretti, the selection of pumps will only be on sale in five stores across the globe.
Staycations for summer
A growing number of expats are choosing to stay in Dubai rather than taking costly summer-long vacations, the Gulf News reports. A number of factors it seams, are causing the increased numbers of staycationers. Rising airline ticket costs means less families are choosing to fly home, while salaries are failing to keep up with the increased cost of living, which continues to rise. Many expats have also stated that it makes sense to take advantage of the cheaper summer deals on offer in the UAE’s quiet tourist season – the irony being that with more families sticking around, prices will inevitably rise in summer too. Read more here.
Dubai Marina apartment selling like hotcakes
If you own one already, now is probably a good time to sell according to reports by a UK-based investment company which recently announced that it has sold more than 90% of one residential tower in the Marina in just five months. Many Dubai Marina projects were put on hold following the financial crisis of 2008 – but in the first quarter of 2013, property prices have risen by a sharp 21%. The West Avenue Residential Tower is the first to be launched on the Marina since the economic downturn.
In terms of sales, property flipping, where an apartment is sold many times over at a steady increase in price) has also not been discouraged by RERA, which means greater inflation of the property market is almost certainly inevitable. Interestingly, the number of UK buyers has fallen in comparison to previous years. British investors made up a large percentage of the buyers back in 2008 – but after having been burned once by the property bubble, they have now chosen to exercise caution, it seems. Read more here.