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Developer Scraps La Hoya Waterfront Project In RakFriday, February 27, 2009A Dubai real estate firm said on Thursday it was looking to offload an $800 million (Dh2,936 million) project it had launched in Ras Al Khaimah due to lack of financing but the emirate's investment arm was unwilling to bail it out. Khoie Properties' chief financial officer said a market slump made his firm unable to pay for part of the land for the La Hoya project, a waterfront residential and lei ... more |
Rera To Bring Out Updated Rental Index In AprilThursday, February 26, 2009The updated rental index is due to be released at the beginning of April, and is aimed at making the market more realistic, according to officials at Dubai’s Real Estate Regulatory Authority (Rera) The index will be out at the beginning of April. We cannot do it based on one study as rents are dropping at different rates,” Marwan Bin Galita, chief executive of Rera, said. The revised rental index ... more |
New Rental Index Due In April; More Accurate Prices ExpectedThursday, February 26, 2009A new index detailing average rents across Dubai will be published in April, a top official said on Wednesday. The current rent index, which has come under criticism for giving an inflated view of rental rates in Dubai, will soon be replaced. “People said that in some areas rent has fallen by 50 per cent while in other areas it has stayed the same,” said Marwan bin Ghalita, CEO of the Real Estate ... more |
Dubai Rents Could Drop 50%, Says OfficialThursday, February 26, 2009Marwan Bin Galita, head of Dubai's Real Estate Regulatory Authority (Rera), said residential rents in Dubai could fall up to 50% by the end of this year in certain neighbourhoods. 'The rents have already begun to come down,' Bin Galita was quoted as saying by Gulf News. 'Depending on the locations, this could range from 10, 20 to up to 50% by the end of the year. ... more |
Trial Of Five In Sama Dubai Graft Case To Begin On March 8Wednesday, February 25, 2009The trial of five persons allegedly involved in the case of corruption in Lagoons project of real estate developer Sama Dubai has been scheduled to begin on March 8. The public prosecution referred the case to the court recently. The five will be facing charges of bribery, divulging confidential information and criminal complicity. A 41-year-old and a 23-year-old — both Emiratis — and a 28-year-ol ... more |
Dubai Rents May Fall 25%Wednesday, February 25, 2009A new study predicts that rents will drop by up to 25% in Dubai and dip slightly in Abu Dhabi, reported The National. Rents in Dubai and Abu Dhabi peaked late last year, bringing an end to the days when average prices in popular neighbourhoods doubled in 12 months, according to Landmark Advisory, a division of the Dubai-based estate agent, Landmark Properties. The study said average apartment and ... more |
Dubai Still Leading GCC Realty MarketTuesday, February 24, 2009Real estate projects in the Gulf Cooperation Council (GCC), particularly in Dubai, are still being actively pursued despite the worldwide economic slump, with ongoing projects already breaching the $2.39 trillion mark, said online global property portal REIDIN.com. REIDIN.com which tracks real estate deals and transactions in the GCC said that Dubai is still the leading player in the regional prop ... more |
Emaar Sees No Further Impact From US UnitTuesday, February 24, 2009UAE-based Emaar Properties said on Monday it did not expect any further significant impact on its first-quarter results stemming from the bankruptcy of its US unit John Laing homes, reported Reuters. The company said it has already written down the complete Goodwill related to JLH in Q4, 2008, along with significant inventory value. The developer has been forced to make impairments and writedowns ... more |
Dubai To See Correction In RentalsMonday, February 23, 2009Property prices and rentals in Dubai are likely to continue falling this year on deteriorating demand amid a supply glut, said international property consultant Jones Lang LaSalle.“We see 2009 as a year of correction in the Dubai real estate market, with prices and rentals expected to decline across most sectors,” Jones Lang LaSalle said in its recent outlook on the Middle East and North Africa ... more |
UAE Real Estate Market Likely To Recover in 2011Monday, February 23, 2009While 2009 is a year of real estate correction, market stability will come in 2010 before rentals and property prices start recovering in 2011, a report shows. As late as last October, more and more developers were launching increasingly ambitious projects. Even master developer Nakheel joined the competition by launching their kilometre-tall tower. Most of these plans have either been cancelled ... more |
UAE Developers Offer Incentives To BuyersThursday, February 19, 2009Some developers in the UAE are offering incentives to existing buyers to ensure cash flow amidst the slowing real estate market, The National has reported. One company, Union Properties, has offered a 10% discount on the balance of their outstanding payments. Meanwhile, Nakheel said yesterday it is allowing buyers at the Trump International Hotel and Tower to transfer their purchases to other buil ... more |
Deyaar Development To Hand Over 7 Projects In 2009Thursday, February 19, 2009Deyaar Development PJSC, one of the region’s fastest growing real estate companies, will hand over seven projects in 2009, including premier developments in Dubai’s master-planned communities. The handover will include over 1,300 units from across its diverse project portfolio. Markus Giebel, chief executive of Deyaar, said: “Today, more than ever, Deyaar is focused on meeting its commitment to it ... more |
Rera Moves To Clean Up RealtyThursday, February 19, 2009Dubai's property regulator, the Real Estate Regulatory Authority (Rera) will soon name and shame" developers who fail to live up to promised delivery schedules and quality assurances as it endeavours to clean up the sector to facilitate investment, a top official said. Marwan Bin Galita, Rera chief executive, told property developers at a briefing on Tuesday evening that they would be allowed to r ... more |
Rera To Set Rules For Service ChargeWednesday, February 18, 2009Four new regulations to be announced in March will give property owners in Dubai respite from rocketing service charges, the Real Estate Regulatory Authority (Rera) said on Tuesday. Against the backdrop of falling property prices, some developers in Dubai recently hiked service charges, much to the dismay of residents. Under the proposed new regulations, service charges for buildings that have bee ... more |
Realty Defaults May Cost $25b: UBSWednesday, February 18, 2009Investors and home buyers in the UAE may default on payments for properties that have yet to be completed, creating a liability for developers of as much as $25 billion over the next two years, UBS AG said. We believe delinquencies on payment terms will be a growing concern over the next few years,” Dubai-based UBS real estate and construction analyst Saud Masud said in an interview. “In our view ... more |
Property Companies May Get State AidTuesday, February 17, 2009Dubai-based real estate and construction companies could get more help from the state, a member of a Dubai committee formed to tackle the fallout of the global financial crisis said on Monday. “Everyone is facing challenging times,” Omar bin Sulaiman, who is also deputy chairman of the United Arab Emirates Central Bank, told Reuters on the sidelines of a legal conference. You have already seen som ... more |
UAE To Grant Residency To Freehold OwnersTuesday, February 17, 2009The UAE plans to implement a law granting visas to owners of freehold property within a year, reported the National. The proposal will allow owners to obtain a six-month renewable visa, regardless of their nationality or the size and value of their property, said Brig Gen Nasser al Minhali, the acting director general of the federal Department of Naturalization and Residency. He said the new law a ... more |
Iconic Twin Tower Project Taking ShapeTuesday, February 17, 2009Dubai-based developer Damac Properties said, its iconic twin tower development - Park Towers - at DIFC is currently rising by one floor a week. The Park Towers mixed use development, including residential commercial office and retail offerings is now starting to appear on the DIFC landscape with the North Tower at floor five and the South Tower at level three. The seven podium levels have already ... more |
Al Fara'a Completes Jumeirah Village FoundationMonday, February 16, 2009Al Fara'a Properties has poured 7,500 cubic metres of concrete for 50 hours covering 46,500 square feet for the basement level of the Manhattan Development in Jumeirah Village. The 12-metre cavity will house the foundation and basements of 343 apartments. Al Fara'a Properties currently has the largest number of projects underway in Jumeirah Village. ... more |
No Parking For Jumeirah Beach Residence DefaultersMonday, February 16, 2009Residents of Jumeirah Beach Residence (JBR) are being turned away from parking in their apartments if they have not paid the hiked maintenance fees. The property management company, Salwan, has told residents that they need an access card to use the facilities. However, the card is only being given to owners who have paid service charges hiked by 129 per cent. They are late in giving these cards ... more |
Lower Prices Likely To Boost Selling At International Property ShowMonday, February 16, 2009As the International Property Show (IPS) kicked off in Dubai on Sunday, it is hoped that lower prices in the emirate's real estate market will help boost selling activity. Nothing will be up as the market needs a year. Prices will stay (as they are), said Sultan Butti Bin Mejrin, director of the Dubai Land Department. Analysts, however, have said that 2009 is the year for end-users as prices are d ... more |
Rak Properties Records 24% Decrease In ProfitFriday, February 13, 2009RAK Properties on Thursday reported net profits of Dh379 million, down from Dh496 million in 2007. This represents a decrease in annual profit over 2007 of 24 per cent, the company said in a statement posted on Abu Dhabi Exchange, where it is listed. Total revenues of the developer fell to Dh425 million from Dh540 million in 2007. Investments, however, increased by 33 per cent according to a compa ... more |
Emaar Operating Profit Dropped 15 Per Cent In 2008Friday, February 13, 2009Emaar Properties PJSC announced on Thursday that its operating profit dropped 15 per cent to Dh5.578 billion in 2008 mostly due to an inventory writedown in the US and a fourth-quarter loss. Emaar’s annual revenue dropped 10 per cent to Dh16.015 billion from Dh17.869 billion in 2007, when it recorded net operating profits of Dh6.575 billion. “Earnings per share for the year relating to profit from ... more |
Ajman Buys Marmooka Capital's StakeFriday, February 13, 2009The Ajman Real Estate Investment Establishment, owned by the Ajman government, has bought Marmooka Capital's stake in the Marmooka City project in Ajman at a cost of Dhs800m. Ghaleb Jaber, general manager of the establishment, said it has become the sole owner of the project and the consultant office has been contacted to speed up construction of the infrastructure. ... more |
Shares Rise As Property Stocks RallyThursday, February 12, 2009Arabtec Holding surged for a fourth trading day on Wednesday, while continuing rallies by property stocks lifted UAE markets as investors shrugged off declines in overseas markets. Turnover also improved with volume on the Dubai bourse rising 31.6 per cent from Tuesday at 598.03 million shares worth Dh666.285 million, up 31.5 per cent from the previous session. Local and international buying cont ... more |
Low Rates Make Ajman Property AttractiveThursday, February 12, 2009Buying opportunities in Ajman real estate have brightened up as rates come down to as low as Dh299 per square foot now from Dh600 per square foot six months ago. While there are many bargains to be had here in Dubai if cash isn't an issue, in Ajman, the opportunities are just as great and, even better, targeted to the mid-income price bracket. It is now possible to buy apartments in Ajman for as l ... more |
Ajman Buys Marmooka Capital's StakeThursday, February 12, 2009The Ajman Real Estate Investment Establishment, owned by the Ajman government, has bought Marmooka Capital's stake in the Marmooka City project in Ajman at a cost of Dhs800m. Ghaleb Jaber, general manager of the establishment, said it has become the sole owner of the project and the consultant office has been contacted to speed up construction of the infrastructure. ... more |
Al Jaber Group Wins $1.6B ContractWednesday, February 11, 2009UAE contracting firm Al Jaber Group has been awarded a $1.6 billion (Dh5.8 billion) contract by Abu Dhabi to build the infrastructure for the first phase of Masdar City, the group's chief operating officer Fatima Obaid Al Jaber said yesterday. Al Jaber Energy Services, a subsidiary of Al Jaber Group, was awarded the contract last month," Al Jaber told reporters on the sidelines of the Arabian Worl ... more |
Nakheel Sees Shift To Low-To-Mid-Priced HousingWednesday, February 11, 2009The future for Dubai's real estate market may lie in low-to mid-priced properties, a senior Nakheel official told Khaleej Times. Johann Schumacher, Managing Director of Palm Jumeirah, said that with falling demand for high-end properties, Dubai is a 'changing market'. ... more |
Good Time To Buy Property, Dubai Agents SayTuesday, February 10, 2009The time is right to buy property in Dubai as the fall in house prices, especially in desirable locations such as Palm Jumeirah, spells good news for potential buyers, industry experts say. The Dubai real estate market is full of opportunities and this is a great time to buy as a number of projects are now ready and investors can get good real estate for reasonable prices. Investors can also get g ... more |
Residents Unsure Of Maintenance Fee ProtectionTuesday, February 10, 2009Residents have raised doubts about the new law brought in to prevent developers from imposing huge hikes in maintenance fees. Instead of developers being able to set yearly increases in maintenance fees, any increase will now need to be approved first by the Real Estate Regulatory Authority (Rera), according to a regulation issued on Sunday. However for many, maintenance fees are required to be pa ... more |
Nakheel To Hand Over Marina Residences In AprilTuesday, February 10, 2009Nakheel has announced that the Marina Residences development on Palm Jumeirah is now 90% complete, the company said today in a statement. The handover of more than 900 homes on the development will commence in April 2009. Johann Schumacher, Managing Director, Palm Jumeirah, said Nakheel will be handing over thousands of villas in the next 24 months. ... more |
Damac To Start Handover At Lake View TowerMonday, February 09, 2009Dubai-based Damac Properties has announced the completion of its Lake View tower - the second of the company's projects to be completed at Jumeirah Lake Towers in the emirate, the company said in a statement. The 40 storey tower has 536 apartments, and all but ten of them have been sold. only ten of which have yet to be sold. ... more |
Egypt Bank May Buy Stake In DamacMonday, February 09, 2009UAE developer Damac Properties is considering selling a large stake to an Egyptian bank. Egypt's government-controlled Housing and Development Bank (HDB) is studying a stake in Damac Properties, Reuters reported citing an HDB statement on Sunday. A Damac spokesperson declined to comment on the report when contacted by Gulf News. It is not clear how much the bank is looking to pay for the acquisiti ... more |
UAE To Evaluate Amlak, Tamweel MergerWednesday, February 04, 2009The committee headed by Economy Minister Sultan bin Saeed Al Mansouri will present its recommendations to the government by the end of February, according to a statement issued today. 'The ripple effects of the global financial meltdown have necessitated a renewed approach to the business models of Amlak and Tamweel,' Al Mansouri said. ... more |
Omniyat Committed To Delivery Timelines: CEOWednesday, February 04, 2009Construction is fast on track for Omniyat Properties’ nine projects and the company is committed to its delivery timelines, CEO Peter Walichnowski said. The first three projects, One Business Bay, Bayswater and the Square will be completed by April 2009. The second batch of three projects, the Pad, Binary and Gemini, will be delivered by 2010. The Octavian, the Opus and Beachfront Living will be c ... more |
Al Fajer Sells Land Worth DH800m In Revamp ExerciseWednesday, February 04, 2009Al Fajer Properties, based in Dubai, said on Tuesday that it sold land worth Dh800 million as part of a restructuring process of the company. The company said it also had begun implementing new policies and procedures to bring them in line with Dubai's Real Estate Regulatory Authority (Rera) rules ensuring more market transparency. We have taken immediate remedial action (in early 2008) which has ... more |
Property Prices Under Pressure: AnalystsTuesday, February 03, 2009The global economic slump has pummeled the UAE property sector, particularly Dubai where residential property prices have “fallen off a cliff,” declining 25 per cent since their peak in September, said Morgan Stanley. In a “worse than expected blow” by the financial crisis, UAE’s capital Abu Dhabi was not spared either as prices fell 20 per cent. Morgan Stanley expects gloomier days ahead for th ... more |
Nakheel Delays Sales Of Al Furjan HomesTuesday, February 03, 2009Nakheel is delaying the sale of more homes at its Al Furjan development in Dubai until it sees a rebound in demand for property, the project's general manager told The National. Mohammed Rashed said about 2,000 homes, which have all been sold, are currently being built as part of the first phase and are on track for completion by the end of next year. In terms of the other phases, he said the comp ... more |
Dubai Does Not Have 'One Villa, One Family' RuleMonday, February 02, 2009Hussain Nasser Lootah, Director General of Dubai Municipality, has said that a one family per villa rule is not in force in Dubai, it only depends on the size of the villa. The Municipality's campaign against families sharing has been 'misunderstood' said Lootah. Multiple occupants could live in a villa as long as it was not overcrowded. ... more |
