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Ajman Real Estate Regulator Unveils New GuidelinesTuesday, August 31, 2010 The Ajman Real-estate Regulatory Agency (ARRA) on Monday introduced new guidelines that link payments to construction. The ARRA said it has completed the rules and guidelines concerning sale and purchase agreement (SPA) annulment and the terms and conditions that are required to terminate the contract between the developer and investor, when the contractual obligations by any of the parties is ... more |
Al Hamra Rak Development To Begin Handover In SeptemberTuesday, August 31, 2010 Ras Al Khaimah-based Al Hamra Real Estate Development has announced that Phase 3 of the Royal Breeze freehold residential development has entered the final stages of construction, and units will be delivered in phases to investors starting September 2010. Type A town houses will be the first units to be delivered to investors starting next month, while Type C town houses, which have been fully ... more |
No Access To Cheaper MortgagesFriday, August 27, 2010 Access to cheaper mortgages will not happen any time soon for prospective property buyers in the UAE with a key lending benchmark — the Eibor (Emirates inter bank offered rate) — remaining on the higher side. In fact, a combination of factors are in play working to keep it that way. First off, there is the anaemic growth in deposits in the banking sector, which in turn is forcing banks to rely ... more |
Sharjah Restricts Property OwnershipWednesday, August 25, 2010 The Sharjah Government will restrict foreign ownership of land and properties to the UAE and GCC nationals, according to a government decree issued yesterday. This also puts to an end the real estate community's expectation that the emirate might open its land and property sector for foreign ownership.
Sharjah's Department of Property Registration will be the sole authority in dealing with pro ... more |
Dubai Developer Nakheel Pays Off Dh2.5b Of DebtMonday, August 23, 2010 Nakheel has paid $681 million (Dh2.5 billion) of the $1.1 billion (Dh4 billion) it owes to trade creditors under its debt restructuring proposal, a spokesperson confirmed to Gulf News. A report in the Al Khaleej newspaper said that about 80 per cent of Nakheel's trade creditors have agreed to new payment terms. Nakheel said on June 30 it had begun settling bills from its biggest trade creditors ... more |
Land Price Is Key To Affordable HousingThursday, August 19, 2010 Affordable housing assets could spin revenues of $125 million (Dh458.7 million) annually in the Gulf region if land prices drop to reasonable levels, analysts said. Consultancy A.T. Kearney came up with the figure based on "potential sales and asset management revenue" and proposed that developers adapt to volume sales rather than high margins in their business models. Kearney cited the experie ... more |
Nakheel Set To Resume Six ProjectsWednesday, August 18, 2010 Nakheel is to resume work on at least six projects by early October as it settles outstanding bills with contractors, The National has reported. "Nakheel is currently engaging contractors in the short-term projects with a view to continuation in the coming weeks," the company said. "We expect that all short-term projects will be fully mobilised by early October 2010." Contractors last month sta ... more |
Union Properties Posts Dh299m LossFriday, August 13, 2010 Developer Union Properties posted a net loss of Dh299 million for the first six months of this year, wider than the Dh198 million it reported for the same period last year. Revenue for the six months to June 2010 was Dh1,558 million, 16 per cent lower than the previous period's Dh1,863 million, the company said yesterday in a statement to the Dubai Financial Market. "However, as the core activi ... more |
UAE Northern Emirates Rent Expected To Fall Further This YearMonday, August 09, 2010 A report by CB Richard Ellis has said that residential rents in the UAE's northern emirates are expected to fall further this year, due to increased supply and weak demand, Reuters has reported. Rents in Sharjah have suffered the sharpest fall, declining around 50% since their peak two years ago. Ajman saw a 42% drop since the first half of 2008, while rents in Umm al-Quwain have fallen 39%. Pr ... more |
RAK Properties Posts Dh96.24m Net ProfitFriday, August 06, 2010 Ras Al Khaimah Properties, or RAK Properties, posted a 33 per cent decline in second-quarter net profit to Dh96.24 million from the year ago period. In a statement to the Abu Dhabi bourse, where the company is listed, RAK Properties said the real estate industry has started a slow recovery and "we notice sales leads flowing in for the right-priced properties". The developer made a net profit of ... more |
AA Properties To Develop Villas On The WorldWednesday, August 04, 2010 Dubai-based broker and developer, AA Properties has announced plans to build luxury villas and houses on The World, as it targets wealthy foreign buyers, Bloomberg has reported. The firm will award a construction contract worth between Dhs200m ($54m) and Dhs300m to Arabtec to build 12 beach villas on Taiwan Island, priced at $8.2m to $9.5m, as well as three houses. Power and water on the island ... more |
UAE Property Market Still StrugglingMonday, August 02, 2010 Prices for UAE property came down again in the last quarter at an average of 4 per cent, with villas performing the strongest, according to Colliers International House Price Index, suggesting a trend for the remainder of the year. "We anticipate a further slowdown and we have an ongoing concern of the new supply entering the market, which will further impede recovery," said Ian Albert, regiona ... more |
