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Friday, August 29, 2008
Dubai shares declined on concern that developers may take further measures to curb property speculation, damping share prices. Deyaar Development led property stocks lower. Qatar National Bank retreated after buying a stake in a UAE bank. DP World jumped after reporting first-half profit almost doubled, beating analysts' estimates. The Dubai Financial Market General Index retreated 0.3 per cent... more
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Thursday, August 28, 2008
ACI Real Estate and Ferretti Group yesterday launched two luxury waterfront residences, Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence. The freehold ownership project branded as Marine Legends, valued at about Dh6 billion ($1.6 billion) located at the Waterfront, offers 1,969,607 square feet of saleable area. . This deal has furthered the vision we have at ACI Real Es... more
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Thursday, August 28, 2008
Dubai-based property developer Deyaar, whose former chief executive Jack Shahin is under investigation for wrongdoing, has unveiled its new corporate identity, reflecting the company's strategic shift from single-tower projects to larger communities in master-planned developments. The introduction of a new corporate identity is in line with the company's vision as it seeks to enhance its status... more
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Wednesday, August 27, 2008
Nobles Investments, a newly established Dhs4bn ($1.09bn) real estate development company, has started operations in Dubai. The company will focus on the real estate markets in the UAE and the Middle East, and is fully committed to launching several high-end projects by the end of the year, according to a press statement.... more
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Wednesday, August 27, 2008
Measures taken by government and the private sector to quell speculation in the property market are likely to impact house prices after reaching a peak in 2009 according to a poll published yesterday. The Reuters poll said values would peak before falling at least 15 per cent as steps are taken to weed out short-term speculators. It said property prices are likely to jump 35 per cent this year ... more
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Wednesday, August 27, 2008
Standard Chartered's chief executive officer for the Middle East said speculation is a concern in pushing property prices higher in the UAE and "not good for the overall economy. If it was for investment," that would be fine but people just speculating on property, that does concern me, Shayne Nelson said told Bloomberg Television in Dubai. I'd rather we manage the boom than manage the bust.more
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Tuesday, August 26, 2008
With real estate stocks sliding, UAE shares declined yesterday - Dubai for the fourth straight day and Abu Dhabi for the third time in four days. The combined loss of the real estate index was 3.27 per cent. Some analysts attributed the selloff during the day, to a local newspaper report that offplan property sales would have to be registered with the Dubai Land Department and that developers w... more
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Tuesday, August 26, 2008
Dubai Contracting Company has been awarded the main contract to build a new residential tower in Dubai Marina valued at Dhs265m. The tower is planned to cover a built-up area of 42,374m2 and will stand 33 storeys tall, and have 5 basements. Erga Progress are the consultants on the project, on which construction is expected to start before the end of this year and be completed within 27 months, ... more
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Monday, August 25, 2008
Chapal Flora Residences. a cluster of villas being built in Ajman, has fetched Dh400 million in revenue as soon as sales were launched, a top official at Chapal Real Estate said. Spread across four million square feet, Chapal Flora Residences comprises 1,762 villas with easy access to three international airports and is close to Dubai, Sharjah and Ras Al Khaimah. The project was designed ... more
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Monday, August 25, 2008
Abyaar real estate developer has hailed the decision of the Dubai government to ban speculations in the off plan realty market, seeing it as a move to contribute to the stability of Dubai real estate market. The new regulation is the foundation of the Dubai Land and Property Department and the Real Estate Regulatory Authority, which is seen to better control escalating real estate prices in Dub... more
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Monday, August 25, 2008
Dubai's Real Estate Regulatory Authority (RERA) is anticipated to issue new regulations that will make it mandatory for properties have to be registered with the Land Department before conducting any secondary transaction, market sources said. Under the existing rules, even without registering with the Land Department a buyer could sell or mortgage the property. RERA officials were unavai... more
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Thursday, August 21, 2008
UK, based developer Select Property plans to build a £100m apartment tower in Dubai Marina, reported Crain's Manchester Business. The 31-storey West Avenue will have 251 flats plus shops and restaurants on the ground floor, and is due to be completed in 2011. The project is a joint venture with Dubai-based Select Group, a company based in the Emirate, and this property will be the seventh schem... more
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Thursday, August 21, 2008
Rakeen, the master-planner and land developer of the Ras Al Khaimah government has announced that it has recently completed the piling works for half of the residential component of the Bab Al Bahr and is set to proceed with the construction of the residential units. Rakeen emphasised that the unobstructed workflow has been a significant success after a critical shortage of building mater... more
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Wednesday, August 20, 2008
The Dubai Lagoons, a project that is running more than a year behind schedule, has not been cancelled as rumoured, the Dubai Real Estate Regulatory Agency (Rera) assured investors on Tuesday. Rera yesterday issued a statement reassuring investors against rumours that the project has been cancelled. The project, offered to investors on a 99-year leasehold, was bought by Schon Properties from its... more
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Wednesday, August 20, 2008
Dubai property prices jumped by about 40% in July compared to the same period last year, according to a report by Al Mal Capital cited by The National. The report said residential prices have seen a year-on-year appreciation of 40%, reaching the median price of Dhs1,831 (US$498) per square foot, while the commercial segment appreciated by 40.5%, with a median price of Dhs2,137 per sq ft. ... more
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Tuesday, August 19, 2008
The Dubai Lagoons, a project that is running more than a year behind schedule, has not been cancelled as rumoured, the Dubai Real Estate Regulatory Agency (Rera) assured investors on Tuesday. Rera yesterday issued a statement reassuring investors against rumours that the project has been cancelled. The project, offered to investors on a 99-year leasehold, was bought by Schon Properties from its... more
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Monday, August 18, 2008
The Arabian Gulf is currently witnessing over $100 billion worth of investments in waterfront developments, in tune with ongoing global trends as indicated by recent studies that reveal up to two thirds of the world's population living in coastal communities and a large amount of developments taking place in waterfront areas. With aims to leverage the booming demand for high-profile coastal pro... more
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Monday, August 18, 2008
Hydra Properties said it has completed the excavation work for Hydra Corporate Towers located at Al Reem Island in Abu Dhabi. The project is being constructed by Tafseer Contracting Company while National Engineering Bureau acts as the engineering consultancy, and eyes completion by September 2011.... more
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Friday, August 15, 2008
As prices of property in Dubai continue to escalate, it is becoming increasingly challenging for people living here to take that all important first step on the property ladder. While some have managed to make a tidy sum from real estate investments here, those who haven't yet been able to take the plunge into property ownership are now faced with rising entry rates. When talking about af... more
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Wednesday, August 13, 2008
Property developer Desert Dream will launch its latest project in Dubai Waterfront with a value of Dh1.7 billion. Dream Harbour will be a 48-storey residential tower located on 67,850 square feet of land. The total built-up area will be 750,000 square feet, excluding car parking. Mahmoud Khan, chairman and chief executive of Desert Dream, said the company's portfolio, including this project, is... more
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Wednesday, August 13, 2008
Chapal World has launched a project in the emirate of Ajman. The project, situated behind the group's Emirates Lake towers development, will total about 1,500 villas spread out over a built up area of 4.2 million sqft of land, at a cost of Dhs4bn.... more
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Tuesday, August 12, 2008
Azizi Investments plans to reach an estimated project value of Dh170 billion across all their developments by the end of 2010, with over 50 projects in the pipeline. On the ambitious road to reach their goals, Azizi Investments last week became the largest real estate developer in Dubai World Central, acquiring 627,000 square feet across 11 plots of residential space. Azizi Investments a... more
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Tuesday, August 12, 2008
Tatweer member Dubai Industrial City has announced that construction has begun on four office buildings. The projects are said to have investments over Dhs200m. The development currently has four existing office buildings on site.... more
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Monday, August 11, 2008
The overwhelming demand and limited supply in Abu Dhabi's property market drove prices at the secondary market to the roof, according to industry sources. In new development areas, such as Aldar Properties' Al Raha Beach, prices of the units in the secondary market shot up by more than 100 per cent compared to the original price in less than two years.... more
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Monday, August 11, 2008
Dubai Properties has signed a deal with Salwan Property Management, which mandates Salwan to sell and manage Dubai Properties' portfolio. These include retrieving, reviewing, and accepting bookings from purchasers of units. Salwan's services include strata and property management (for Dubai Properties Group as well as other organisations), sales and leasing of properties, the management of Maza... more
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Friday, August 08, 2008
Dubai's Real Estate Regulatory Authority (Rera) will shortly create a property court with operations starting in September. Currently, most people with disputes contact Rera in the hope a solution will be found. The majority of cases do not make it to the civil court as investors are put off by a waiting period of anywhere between 18 months and three years. However, with the new court, in... more
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Thursday, August 07, 2008
Roughly 3,000 towers (both mid- and high-rise) are in various stages of planning, design, development and construction in Dubai between now and 2025.Dubai World Central (DWC) could have about 1,100 apartment towers in its residential cluster and 850 in the commercial zone.These are in addition to the nearly 200 towers under development in Dubai Marina and Jumeirah Lake Towers. A few hundr... more
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Thursday, August 07, 2008
Real estate finance provider Tamweel is predicting that its total revenues for 2008 will top Dhs1.5bn. Based on H1 figures Tamweel predicts that revenue for H2 is expected to be in the range of Dhs725m to Dhs810m and for full year is expected to be in range of Dhs1.4bn to Dhs1.5bn. Net profit for H2 is expected to be in the range of Dhs435m to Dhs455m and for full year is expected to be between... more
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Wednesday, August 06, 2008
Middle East developer Plus Properties has signed a Dh400 million contract with Taahud General Contracting Co. for the construction of SkyGardens, a residential waterfront tower, at the Reem Island, Abu Dhabi. The agreement was recently signed by Plus Properties chief executive officer Georges Chehwane and Taahud general director Adel Noueis. The SkyGardens is an iconic property designed b... more
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Wednesday, August 06, 2008
Azizi Investments this week launches Almasa One, the second phase of its commercial offering Al Furjan in Dubai. The office tower has 162,452 sq ft of commercial space, in units of 1,250 sq ft and above. Azizi says it is targeting small and medium enterprises or branch locations for larger companies. It will include a 2,500 sq ft conference hall, parking and retail and restaurant facilities. In... more
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Wednesday, August 06, 2008
The real estate market is one of the most important sectors in the UAE economy and as such it is critical that laws and regulations are established, applied and pursued. Efficiency and transparency should be the framework of operations for both investors and developers. Recently, Dubai's Real Estate Regulatory Authority (Rera) has been pursuing a developer to seek explanations for the can... more
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Tuesday, August 05, 2008
Berlin City Centre, a Dhs1.2bn development in Majan, Dubailand, will be launched on 6 August. The project is made up of two buildings, a 22-storey residential tower and an office complex. The project is being developed by German Realty Asset Management.... more
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Monday, August 04, 2008
The Mubadala Development Company (Mubadala) and Majid Al Futtaim (MAF) Group yesterday said they have signed a joint venture agreement to invest in a mixed-use development, which will include a shopping mall with quality retail outlets, including Carrefour, leisure concepts, hotels, and office space. This new mixed-used project will be developed as one of the key elements of the wider Arz... more
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Monday, August 04, 2008
Memon Group of Companies has announced construction of new Dh30 million facility in Ajman in order to meet rising demand for rubber-based products in the regional market. As the only producer of rubber insulation in the Middle East region, we are steadily moving towards our goal of maintaining our leading position by offering a wide range of high performance rubber insulation and other derived ... more
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Monday, August 04, 2008
Arabtec Construction has won the Dhs1.6bn contract from Emaar-Bawadi joint venture for the design and construction of 1437 villas in Dubailand. Delivery in phases is expected over a period of 37 months. The company has reported a total of more than 10,000 villas currently under construction.... more
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