Dubai Rera Releases Rental Index Calculator

Dubai'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 return ... more

Sharjah Municipality Issues Landlords With Ownership Cards

The 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 requ ... more

Mortgage Lending Revives In Dubai

Sorouh Real Estate PJSC Posts Aed130 Million Q1 Profit

Dubai Property Is 'Most Expensive' In Emerging World

Dubai 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 metr ... more

Sharjah Plans Real Estate Regulatory Agency

The 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 est ... more

Dubai Property Prices Drop 41% in Q1

A 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,  ... more

Deyaar Records Dh54m Profit in First Quarter Despite Tough Conditions

Deyaar 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 ... more

Foreign Ownership May Be Allowed In Abu Dhabi Project.

The 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.

House Prices Could Plunge By 70pc: UBS

House 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 returni ... more

Rak Properties Makes No Q1 Sales

RAK 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.

Abu Dhabi Plans To Launch Global Real Estate Fund

State-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 Assa ... more

Sweet Homes Registers With Ajman Realty Body

Sweet 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 ... more

Abu Dhabi Plans To Launch Global Real Estate Fund

State-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 Assa ... more

Abu Dhabi Projects Win Top Awards

Two 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 ... more

Aldar Launches Dhs9.4bn Al Falah

Abu 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.

Dubai House Prices Down 42pc Further Drop Seen

House 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 ... more

Affordable Housing On Agenda

Cityscape 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, Crow ... more

Deyaar to Hand Over Units of Madison Residency

Deyaar 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  ... more

Dubai Offers Good Opportunities

The 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, duri ... more

Attractive Bargains Draw Buyers As Home Prices Continue Southwards

Investors 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 Beac ... more

160,000 Units Registered On Oqood

There 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, abou ... more

Madania To Hold Auction

Madania 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.

Real Estate Report Lists Policy Ideas for Recovery

A 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  ... more

Hydra Revises Contracts, Softens Penalties

Abu 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 pa ... more

Ajman Real Estate Watchdog Sets Deadline for Banking Safeguards

The 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 obje ... more

Abu Dhabi Rents Dip 20% in Q1

Rents 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, Ha ... more

Tamouh Inks $373M Deal

Abu 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.

Rakeen Completes Reclamation Of $1b Rak Project

Rakeen, 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- ... more

Zack Shaheen’s Detention Extended

The 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 co ... more

Ajman Pushes Pre-May Registration

Ajman 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 minimu ... more

Survey: 70% Expat Home Owners In 'Negative Equity'

A 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.

Bail Denied To Real Estate Executives

Bail 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’ ... more

Rera Delays Rent Index Update

The 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 re ... more

Limitless Lays Off 7% of Its Staff

Dubai-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.