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Dubai Rera Releases Rental Index CalculatorThursday, April 30, 2009Dubai's Real Estate Regulatory Authority has released a new version of its citywide rental index. Rather than a form listing the price bands for different property types in the city's various districts, the new version takes the form of a 'rental calculator' (see below) into which users are asked to enter the specific property type, number of rooms and community, to which the system then returns a ... more |
Sharjah Municipality Issues Landlords With Ownership CardsThursday, April 30, 2009The Sharjah Municipality has started issuing identity cards for landlords and real estate agents in order to speed up the process of renewing tenancy contracts. The identity cards were unveiled last Sunday and landlords are required to register for the document as soon as possible, as this enhances the coordination between them and Sharjah Municipality. The municipality will not accept any request ... more |
Mortgage Lending Revives In DubaiWednesday, April 29, 2009Home prices in Dubai have eased since their peak in August 2008, a commercial-property broker said yesterday in a report. The decline from the first quarter of 2008 was 34 per cent. Dubai house prices fell 41 per cent in the first quarter from December after banks reduced lending and speculators left the market because of the global financial crisis, Colliers International said. Economic growth in ... more |
Sorouh Real Estate PJSC Posts Aed130 Million Q1 ProfitWednesday, April 29, 2009Abu Dhabi-based real estate developer, Sorouh Real Estate PJSC, today announced its 1st quarter results for the period ended 31 March 2009. Net profit for the 1st quarter 2009 was AED 130.4 million representing an increase on 4th quarter 2008 (AED 45.9M) but a decrease against 1st quarter 2008 (AED 361.5M). Earnings per share for the period were 5 fils per share (Q1 200814 Fils). Revenues for the ... more |
Dubai Property Is 'Most Expensive' In Emerging WorldWednesday, April 29, 2009Dubai remains the most expensive property market in the emerging world despite the slump that the emirate has experienced, according to a report by Reidin, a real estate consultancy firm. The report puts Dubai first among 59 cities in 34 emerging markets, with Singapore in 2nd place and Moscow in 3rd. The report said Dubai's average rate as of February was about $7,000 (Dhs25,690) a square metre. ... more |
Sharjah Plans Real Estate Regulatory AgencyTuesday, April 28, 2009The setting up of a real estate regulatory agency is under study in Sharjah to give a boost to the sector and provide robust and reliable services, said a senior official. Director General of the Sharjah Chamber of Commerce & Industry (SCCI), Hussain Mohamed Al Mahmoudi, said the new agency is planned to serve as the only destination for all the authoritative and trusted information on real estate ... more |
Dubai Property Prices Drop 41% in Q1Tuesday, April 28, 2009A new report by Colliers International has found that house prices in Dubai tumbled 41% in the first quarter of 2009. The report said cash and mortgage-backed transactions dropped sharply, with prices registering a negative year-on-year decline for the first time of 34%. Colliers said the price drop is due to lack of mortgage availability, poor investor sentiment, job losses among expatriates, and ... more |
Deyaar Records Dh54m Profit in First Quarter Despite Tough ConditionsMonday, April 27, 2009Deyaar Development PJSC made a profit of Dh54.48 million for the first quarter of the year, a 73 per cent fall year on year, a company statement said on Sunday. The company currently has a positive cash flow of Dh1 billion, according to its chief executive Markus Giebel, that will be utilized for further expansion in the region. While the company has made "substantial profits", the fact that it is ... more |
Foreign Ownership May Be Allowed In Abu Dhabi Project.Monday, April 27, 2009The Al Falah housing project in Abu Dhabi may include an investment zone where foreigners can purchase low-cost properties, according to Aldar Properties, the developer of the project. 'This area will be open not only for Emiratis but also for the expatriate community, Mohamed al Mubarak, the chief commercial officer of Aldar said, told The National. ... more |
House Prices Could Plunge By 70pc: UBSThursday, April 23, 2009House prices in Dubai could plunge by as much as 70 per cent this year from their peak levels in 2008, as most investors do not see headwinds easing, UBS Bank said. UBS said that the housing sector in Dubai will face a substantial glut next year, while demand will continue to be weak, as many of the expatriates who drove the property boom in recent years are losing their jobs and are returning hom ... more |
Rak Properties Makes No Q1 SalesThursday, April 23, 2009RAK Properties PJSC has said in its audited financial statement to the Abu Dhabi bourse that it did not make any sales in the first three months of 2009. According to the statement the company has appointed a consultant to review its current operations to come up with a future business plan. ... more |
Abu Dhabi Plans To Launch Global Real Estate FundThursday, April 23, 2009State-owned Abu Dhabi Investment Co (ADIC) is planning to launch an international real estate fund, along with four other funds, to invest in firms whose valuation has been affected by the global financial crisis, its head of private equity said. The next two years will provide a fantastic time for private equity, a window of opportunity that you will not see in a few years to come," Samir Assad S ... more |
Sweet Homes Registers With Ajman Realty BodyWednesday, April 22, 2009Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector and part of the Sweet Homes Holdings, has announced that it has become one of the first private master developers to register with the newly-formed Ajman Real Estate Regulatory Authority, or ARRA. The master developer of the Dh3 billion ‘Ajman Uptown’ project has also revealed that it is currently in th ... more |
Abu Dhabi Plans To Launch Global Real Estate FundWednesday, April 22, 2009State-owned Abu Dhabi Investment Co (ADIC) is planning to launch an international real estate fund, along with four other funds, to invest in firms whose valuation has been affected by the global financial crisis, its head of private equity said. The next two years will provide a fantastic time for private equity, a window of opportunity that you will not see in a few years to come," Samir Assad S ... more |
Abu Dhabi Projects Win Top AwardsTuesday, April 21, 2009Two major Abu Dhabi projects the zero emissions Masdar City and the new Capital City District have received top honours in the Cityscape Awards for Real Estate in the Middle East for their unique contributions towards architectural excellence and sensitivity to the environment. The awards were presented at the Emirates Palace Hotel attended by industry leaders during Cityscape Abu Dhabi. “The ju ... more |
Aldar Launches Dhs9.4bn Al FalahMonday, April 20, 2009Abu Dhabi-based Aldar Properties has launched the Al Falah development, a community of 5,000 units catering exclusively to middle income UAE nationals. 'We have been working very closely with Aldar over the past few months,' said the Urban Planning Council's (UPC) General Manager, Falah Al Ahbabi. 'There are more deals to be closed between the government and other developers in the future. ... more |
Dubai House Prices Down 42pc Further Drop SeenMonday, April 20, 2009House prices in Dubai have dropped by as much as 42 per cent in the last six months, and are likely to fall further as new supply is coming in amid faltering demand, property consultant Colliers CRE Plc said. Prices will continue to go down this year, Colliers said, even as it already lowered its estimate of new residential units completed between the first quarter of 2009 and fourth quarter of 20 ... more |
Affordable Housing On AgendaMonday, April 20, 2009Cityscape Abu Dhabi- 2009, a four-day annual property exhibition, got under way at the Abu National Exhibition Centre on Sunday. The show brings together a slew of international and regional investors, real estate developers and government authorities to discuss the current market challenges and strategies to tackle them. The event was opened by General Shaikh Mohammad Bin Zayed Al Nahyan, Crown P ... more |
Deyaar to Hand Over Units of Madison ResidencyFriday, April 17, 2009Deyaar Development, one of the major property companies in Dubai is turning over all units of its just-completed Madison Residency project on May 16. The 26-storey Madison Residency which comprises 312 residential units, including 161 luxury studio apartments, is the first of seven buildings scheduled to be handed over in 2009. Deyaar said it will organise an orientation programme to advise all ... more |
Dubai Offers Good OpportunitiesFriday, April 17, 2009The correction in Dubai's real estate prices could lead to a myriad of productive investment opportunities in the sector here within the next 12 to 24 months according to investors survey results, in a new report by real estate advisory firm Jones Lang LaSalle. According to the company's Investor Sentiment Survey, "With significant adjustments in capital and rental values already in place, during ... more |
Attractive Bargains Draw Buyers As Home Prices Continue SouthwardsThursday, April 16, 2009Investors interest in Dubai’s residential real estate has perked up as home prices on average have nearly halved since the fourth quarter of last year, according to property broker Asteco. According to a report released on Wednesday, Asteco said that the drop in sales prices is seeing an increase in transaction activity as buyers take advantage of lower-priced units. Apartments in Jumeirah Beach R ... more |
160,000 Units Registered On OqoodThursday, April 16, 2009There are currently around 160,000 units registered on the Dubai Land Department's online off-plan registration system, Oqood, a senior official told Gulf News. There are around 160,000 units uploaded and of that, I think 12,000 are sales and have been transferred," Mohammad Sultan Thani, assistant director general of the Dubai Land Department (DLD), said on Tuesday. By the end of January, about 1 ... more |
Madania To Hold AuctionThursday, April 16, 2009Madania Real Estate, a subsidiary of Al Tamimi Investments, is to hold a property auction on May 19. The properties to go under the hammer include town houses, villas, studios and apartments, and the event is scheduled to be the first of a monthly series. Bidders will have to pay a 20% deposit on the day and the balance within two weeks. ... more |
Real Estate Report Lists Policy Ideas for RecoveryWednesday, April 15, 2009A real estate company has called upon the government to grant residency visas to those who purchase property across the UAE. In an exclusive preview of its annual report, Better Homes has revealed a list of recommendations about how legislators can manage the property market downturn. There are certain steps in which (regulators) can influence a faster recovery once the market beings to tur ... more |
Hydra Revises Contracts, Softens PenaltiesWednesday, April 15, 2009Abu Dhabi-based Hydra Properties is implementing a number of measures to counter complaints from buyers about construction delays and unfair price rises on their purchases, reported The National. The company is preparing new contracts that lower the amount that buyers at Hydra Village must pay until the project is completed in late 2011, and it is softening a penalty clause that charged late payer ... more |
Ajman Real Estate Watchdog Sets Deadline for Banking SafeguardsTuesday, April 14, 2009The real estate watchdog for Ajman has given developers one month to register for new banking safeguards, or else face penalties. In a bid to improve transparency in the property market, the Ajman Real Estate Regulatory Agency (ARRA) has signed a deal to introduce trust accounts for all developments. It has given real estate developers until May 1 to sign up to the scheme.“One of our major objecti ... more |
Abu Dhabi Rents Dip 20% in Q1Tuesday, April 14, 2009Rents in Abu Dhabi fell up to 20% in the first quarter of 2009, according to a new report by Asteco, the UAE's largest property services company. Average rents dropped most on mainland Abu Dhabi, while rates for properties on the island dipped by about 10%. The capital is currently witnessing an improvement in supply with an increase in availability of residential apartments in the Corniche, Hamda ... more |
Tamouh Inks $373M DealWednesday, April 08, 2009Abu Dhabi-based Tamouh Investment has signed a contract with Korean firm SK Construction for the development of four multi-purpose buildings on Reem Island. The deal is worth an estimated $373m. ... more |
Rakeen Completes Reclamation Of $1b Rak ProjectTuesday, April 07, 2009Rakeen, the real estate development arm of the Ras Al Khaimah government, on Monday said it had recently completed reclamation work on the $1 billion (Dh3.67 billion) Al Marjan island project - the first man-made island in the emirate, effectively expanding the emirate's coastline by an additional 21km. Rakeen also revealed that infrastructure work for the first phase of the 2.7 million-square-met ... more |
Zack Shaheen’s Detention ExtendedTuesday, April 07, 2009The detention of Zack Shaheen, former CEO of real estate developer Deyaar, has been extended again for a month. Shaheen has been in detention for about a year in connection with alleged financial irregularities in Deyaar. The detention extension comes almost two weeks after Dubai Attorney-General Eissam Issa Al Humaidan announced that the investigation into possible involvement of Shaheen in corru ... more |
Ajman Pushes Pre-May RegistrationTuesday, April 07, 2009Ajman Real Estate Regulatory Agency (Arra) Director-General Omar Al Barguthi has urged developers and master developers to come forward to complete preliminary registrations even if they did not have the full documentation in place. 'Anybody failing to register with us before May 1 will be considered to be operating in Ajman in violation of the Emiri decree and will face penalties from a minimum D ... more |
Survey: 70% Expat Home Owners In 'Negative Equity'Monday, April 06, 2009A survey by market research company Real Opinions has concluded that seven in 10 expatriates in the UAE with property expect they would lose money if they tried to sell now. Of those polled, 22% claim they have bought property off-plan with further payment installments still due before it is fully constructed. ... more |
Bail Denied To Real Estate ExecutivesMonday, April 06, 2009Bail was denied again to the executives of real estate developers Sama Dubai and Damac by the Dubai Criminal Court of First Instance, on Sunday. Judge Fahmi Mounir, despite the emotional pleas by some of their relatives, stood firm by his decision. Two witnesses, an Iranian and an Indian, gave their statements in the court. Both work in the accounts section for Home Builders, one of Sama Dubai’s c ... more |
Rera Delays Rent Index UpdateWednesday, April 01, 2009The Real Estate Regulatory Agency (Rera) has delayed publishing an updated index of rents for Dubai, due in April, because of delays in gathering data.An agency spokesperson said the index would now be published at a later date, after a survey to be carried out sometime in summer. Dubai’s first rent index was issued in January, aimed at providing more transparency to the rental market and to repla ... more |
Limitless Lays Off 7% of Its StaffWednesday, April 01, 2009Dubai-based property developer Limitless has made 38 staff redundant and is reviewing its developments as a result of the global economic downturn, reported The National. The cuts equal seven per cent of its total workforce and have been made at the firm's Dubai head office and at some of its global offices. ... more |
