Year 2013 (104)Year 2012 (232)Year 2011 (200)Year 2010 (194)Year 2009 (366)Year 2008 (251)
Leasing Agents ‘Will Not Suffer From Rental Index’Wednesday, December 31, 2008There will always be a role for ‘middlemen’ in negotiating new tenancy contracts, said the Director-General of the Real Estate Regulatory Authority (RERA), Marwan bin Ghalita, while seeking to allay the fears of leasing agents that they could be left out of the move to measure average rental prices. The leasing agents raised concern after RERA announced that all tenants in Dubai must register thei ... more |
Dubai Issues New Payment RuleWednesday, December 31, 2008Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of th ... more |
Sweet Homes Sells Out 70pc Of Dh3b ‘Ajman Uptown’ ProjectTuesday, December 30, 2008Sweet Homes, a UAE based property developer has announced that it has sold out 70 per cent of Dh3 billion ‘Ajman Uptown’ the first freehold residential township in the emirate, despite 40 per cent property price hike in 2008. Ajman, the third largest property market in the UAE, saw the emirate’s investments into the vibrant property sector cross Dh400 billion mark this year, which augurs well for ... more |
Danube reports Dhs1.1bn in sales revenuesTuesday, December 30, 2008Danube Building Materials says it has generated Dhs1.1bn ($300m) in sales revenues during 2008, according to a press statement. This represents a 70% increase compared to 2007. Officials said they were confident in the company's ability to ride out the recession, and expected to secure a 30% rise in revenues for next year. ... more |
Ajman's Property Sector Shows Robust Figures Despite Finance CrisisTuesday, December 30, 2008Investments into Ajman's property sector have crossed the Dh400 billion mark, according to reports. Despite deflated markets around the world and also here in Dubai, such robust figures mark a good year ahead for Ajman and its investors. Property prices also saw an overall appreciation of 40 per cent in 2008. Fahad Sattar Dero, chief executive of Sweet Homes, also developing in Ajman, said his com ... more |
First 'Green' Building Launched In AjmanMonday, December 29, 2008The Habitat the first 'green' building in the UAE emirate of Ajman has been unveiled by Modern Life Properties, according to a press release. Features of the 45-storey building include use of recycled and environmental friendly building materials, efficient use of water and water recycling, a building management system to control the flow of carbon dioxide and maintain optimum indoor air quality a ... more |
Rent Contract Forms Available OnlineMonday, December 29, 2008The Real Estate Regulatory Agency (RERA) has opened an online facility for the registration of rent contracts, a media release said on Sunday. Currently the rent contracts could be registered by visiting the RERA office. The user of the online facility should have the plot number and community, tenancy period and amount, passport number, visa number (if required) and the DEWA consumer account numb ... more |
Realty Broker Licensing PlannedMonday, December 29, 2008No more freelancers will operate in Dubai's property sector as all real estate licensing procedures are now set to be operated under one, uniform system, according to an agreement signed by the Department of Economic Development (DED) and Dubai's Real Estate Regulatory Authority (Rera). As real estate plays such a big role in Dubai's economy, the introduction of a new system will make licensing mo ... more |
Bayside Residence Given To OwnersFriday, December 26, 2008Trident International Holdings (TIH) yesterday said it has handed over its second freehold residential project in Dubai - Bayside Residence - a luxurious residential development in Dubai Marina - this month in what is perceived as a challenging time for the real estate market. TIH has delivered four out of its six projects to customers in a market marred by project delays. Projects like Trident's ... more |
Damac Development Reaches 30 FloorsFriday, December 26, 2008Damac Properties has completed 30 floors of its Ocean Heights tower development at Dubai Marina. One floor is completed every 5.2 days, the developer said. The 84-storey skyscraper is being built by Arabtec. Ocean Heights will eventually have 680 apartments ranging from one to three bedrooms. ... more |
Nakheel Axes New ProjectsTuesday, December 23, 2008Chris O'Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai developers which have cut staff, scaled back and reviewed projects as the global financial ... more |
Union Properties To Sell $680m Convertible BondMonday, December 22, 2008Union Properties plans to sell convertible bonds worth Dhs2.5bn ($680m) to 'strategic investors', the Dubai-based developer said in a statement to the Dubai Financial Market. The company's board sought approval from the Emirates Securities & Commidities Authority for the bond sale. ... more |
Deyaar Announces Handover Of Al Seef IIMonday, December 22, 2008Deyaar Development, the region’s fastest growing real estate company, announced the handover of all 210 units of Al Seef II, its premier residential development located in Jumeirah Lakes Towers.Al Seef II comprises 210 two- and three-bedroom apartments and penthouses, with lake views. The tower is equipped with state-of-the-art amenities, including a health club, ample parking space and access to ... more |
Sorouh Vows To Go Ahead With Projects Despite CrisisFriday, December 19, 2008Sorouh Real Estate, which is executing projects worth about Dh70 billion across Abu Dhabi, plans to go ahead with its projects as planned despite the global downturn, a top company executive said yesterday. Samer F. Abu Hijleh, chief operating officer of Sorouh, one of the largest real estate companies by market capitalisation in the UAE, told Gulf News that their projects in the advanced stages o ... more |
UAE To Have Unified Freehold Property LawFriday, December 19, 2008Draft legislation is under way that aims to protect the UAE by restricting expatriates from automatically acquiring residency visas through freehold property ownership, according to a Federal National Council (FNC) member. The council will shortly submit a draft law on freehold property to the government which will unify the divergent laws relating to the sector in the seven emirates. Dr Abdul R ... more |
Rera Scotches Rumour On Property MarketThursday, December 18, 2008The Real Estate Regulatory Authority (Rera) has reassured investors that the country’s property market is safe and sound despite the current economic meltdown. However, the authority said on Wednesday that it could not protect those investors who have sought advice from unprofessional real estate agents. Pointing towards an unnamed “illegal group” sending out misleading and baseless information ab ... more |
Investors warned against 'illegal groups'Thursday, December 18, 2008Regulatory Authority says unnamed 'illegal groups' are sending out misleading and baseless information about property laws. Authorities have asked investors to consult Rera before entering into any deals and stay alert. The circulation of such information is both highly misleading and deceptive to investors. This will directly cause investors to lose money if they do not thoroughly read their cont ... more |
Sarouh Real Estate Will Not Lay-Off StaffWednesday, December 17, 2008Abu Dhabi’s second largest real estate developer Sarouh Real Estate will go ahead with the construction of all real estate projects it announced and there is no plan to lay-off its staff, an official said. Sarouh is impacted by the global economic slowdown, like any other company in the real estate sector as raising capital has become difficult,” said Samir F. Abu Hijleh, chief operating officer, ... more |
Damac Hands Over Terra Del Sol ProjectWednesday, December 17, 2008Dubai-based Damac Properties has announced that it has commenced the handover process at Terra Del Sol, the company's project at Discovery Gardens. Two buildings comprising of 99 units each, Terra Del Sol one and two are part of the Discovery Gardens project that is spread across a 26 million square foot plot. Discovery Gardens consists of six themed communities inspired by garden living, and incl ... more |
Real Estate Exhibition Opens In SharjahMonday, December 15, 2008The second ACRES real estate exhibition kicked off on Monday in Sharjah, with over 100 real estate companies participating. Shaikh Saud Bin Khalid Bin Sultan Al Qasimi, a consultant in Sharjah Ruler's office, opened the event yesterday and conducted a tour of the exhibition space. Shaikh Saqr Bin Ahmed Bin Sultan Al Qasimi, chairman of Emirates Vision events management, organisers of the exhibitio ... more |
Norman Disney Plans Gulf ExpansionMonday, December 15, 2008According to Norman Disney and Young (NDY) director, Dennis O'Brien, NDY is expanding its presence in Dubai with Abu Dhabi and Doha also looking promising. NDY are to provide mechanical, electrical, fire and hydraulic services for the kilometre-high Nakheel Tower, a 'vertical city', which will have over 200 floors, and 150 lifts. ... more |
Hydra Plans Project To House 50,000 Residents In SharjahSunday, December 14, 2008Hydra Properties, a UAE-based property developer, said it will develop a new mixed-use project in Sharjah that is expected to have a resident population of 50,000. Hydra Village Sharjah is "poised to become a pioneering development in the emirate, the company said, but did not disclose how much it will spend on the project. The announcement comes at a time when most real estate developers are slow ... more |
Hydra Plans Sharjah ProjectSunday, December 14, 2008Hydra Properties, a UAE-based property developer, has announced that it will develop a new mixed-use project in Sharjah that is expected to have a resident population of 50,000. Hydra Village Sharjah will be made up of residential, office, retail and leisure facilities. ... more |
Abu Dhabi Property Values To Keep ClimbingThursday, December 11, 2008A new report by Citigroup predicts that property values in Abu Dhabi will continue to rise in the short term despite the difficult financial conditions that are slowing down the UAE property sector. Unlike Dubai, demand in Abu Dhabi still outstrips supply for all segments of the property sector, the report noted. In addition, Abu Dhabi is able to finance and ultimately purchase all of its current ... more |
Rents Could Force Overcrowding In Labour CampsThursday, December 11, 2008Rooms in labour camps could become overcrowded as companies try and find ways around skyrocketing rents, bosses at construction companies have said. Dubai Municipality has brought in new rules to improve conditions in labour camps, but industry figures have said they may have no choice but to pack workers into rooms if rents continue to hit budgets. A room for four to six labourers that would have ... more |
Dubai House Prices To Fall In Fourth QuarterThursday, December 04, 2008Dubai house prices will start to fall in the fourth quarter, ending a housing boom that pushed prices up by 43 per cent in the first three months of the year, Colliers International said. It is clear to us that the landscape has changed since the end of September,” Ian Albert, regional director for Colliers International, global real estate advisers, said on Wednesday in a report. Developers in Du ... more |
Dubai Realty Investments Exceed Dh158b In 2oo8Thursday, December 04, 2008Investments in Dubai's real estate sector have exceeded more than Dh158 billion so far in 2008, based on the number of registered sales, leasing and mortgage transactions. At the recently held Urban Waterfront conference, reports showed that the global market value of waterfront developments will cross $500 billion in the next five years. With three Palm projects, Waterfront and The World in the p ... more |
Emaar Faces Uphill Task In 2009Wednesday, December 03, 2008Persistent talks of a bubble bursting wide open in the UAE real sector poses an uphill struggle next year for Emaar Properties, the biggest property developer in the Gulf region. Property developers like Emaar in Dubai are starting to feel the painful effects of a sharp drop in new buyer appetite, combined with a drop in property prices exceeding 20 per cent in certain areas, Shuaa Capital said in ... more |
Meraas reviews $95bn property projectWednesday, December 03, 2008Dubai-based developer Meraas said it will review a recently launched $95bn property project, Jumeirah Gardens, adding to the growing list of developers that are reassessing and scaling back work due to the global financial crisis. The government-owned developer said it was reviewing the phasing and rollout of the project, which was launched in October. 'We are simply reviewing our business strateg ... more |
Nakheel Mulls Dh55B IpoTuesday, December 02, 2008Nakheel, the UAE's biggest developer by project value with nearly Dh294 billion ($80 billion) master-planned developments in the pipeline, appears to consider a Dh55 billion ($15 billion) initial public offering (IPO) to raise capital to fund some projects. A Bloomberg report on Monday said quoting unnamed bankers that the developer is also is looking for IPO managers. When contacted, a Nakheel sp ... more |
Azizi Investments Maintains Its Business As UsualTuesday, December 02, 2008In a latest development, Azizi Investments, one of the Gulf’s fastest growing real estate developers, today announced in a terse statement that it was ‘business as usual’ on its projects at Palm Jebel Ali following Nakheel’s statement on Monday. Regarding scaling back of projects. Azizi Investments’ Palm Jebel Ali developments are on Crescent A and Crescent E, where work by Nakheel is “continuing ... more |
Deyaar Expects To Shrug Off A Decline In Property ValuesMonday, December 01, 2008Deyaar Development expects to shrug off a decline in Dubai property values, beat last year’s profits, and seek a rating to help it fund new projects, the company’s chief executive, according to Marcus Giebel. The company is on track to outperform 2007’s net profit. Deyaar reported a net profit of 410 million UAE Dirhams ($111.7 million) last year and presently has in excess of Dh25 billion worth ... more |
Solanki Holding To Invest Dh12B In Real Estate DevelopmentMonday, December 01, 2008Despite economic fears in the sector, Solanki Holding and Investments yesterday launched Solanki Real Estate, with around Dh12 billion in planned investments. Their flagship development will be a Dh9 billion project at Al Marjan Islands in Ras Al Khaimah. This development will comprise 1,500 apartments, 100 villas, commercial units, around 1.5 million square feet of retail space and a hotel. Discu ... more |
'No Defaults' On Dubai PropertyMonday, December 01, 2008Dubai's Real Estate Regulatory Authority has said that there have so far been no defaults on payments for high-end properties. 'Every project on the ground and under construction would be completed. Master developers are intact and the high-end third party developers may find alternatives to carry on with their projects through bulk selling of units to private equity funds and hedge funds,' Rera's ... more |
