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Nakheel Announces the Sale Of Its TownhousesWednesday, February 29, 2012 Ali Rashid Lootah, the Chairman on Nakheel has announced the sale of townhouses on Palm Jumeirah will begin next month. The developers had presented a plan of building a hundred and two townhouses back in September. As the company’s latest project, these units would consist of mid range houses lying alongside the villas and apartments in Palm Jumeirah.
In an interview, Lootah spoke his mind about ... more |
Wasl Asset Management Group Launches Its New ProjectWednesday, February 29, 2012 Wasl Square has officially been launched. As the latest development to be completed by Wasl Asset Management Group, Wasl Square will contribute to Jumeirah's high end property with apartments, townhouses and retail outlets.
According to sources at the Wasl Asset Management Group, the launching of this project has come in time to complete the economic cycle devised to support various developmen ... more |
New Supply Is Expected To Cause Further Decline In Abu Dhabi RentsWednesday, February 22, 2012 CB Richard Ellis, a real estate consultant, said that the new supply of rental properties scheduled to add to the Abu Dhabi rental market during 2012 will keep the market under constant pressure. The low demand would not be able to absorb the pressure of the new supply, as a result of which the rents would further decline during the year.
CBRE further added that overall Abu Dhabi economy woul ... more |
Apartment Rents Drop 8% In Dubai In 2011Tuesday, February 21, 2012
Average apartment lease rates in Dubai fell by 8% in 2011, compared to 17% in 2010, the study found. Much of the decline in apartment lease rates during the year was for studio units, which fell by 11% year on year. The smallest fall was the 5% recorded for three bedroom units. By contrast, villas and townhouses performed 'considerably better' during the year, the report said. A more limi ... more |
Emaar's Net Profit Jumps 161% In Q4Tuesday, February 21, 2012![Emaar\](http://www.bayut.com/property/common/resize.php?img=100/1115.jpg&d=45 "Emaar\")
According to a statement released by Emaar yesterday, the company's net income for the period amounted to Dhs716m ($195m). However, despite the company's strong performance in the fourth quarter, its full-year profit fell 27% to Dhs1.794bn.Emaar's hospitality & leisure business contributed Dhs1.22bn (332 million) to the company's annual revenues in 2011, representing 15% of the total ... more |
2011 Land Valuation Requests Worth Dh99bTuesday, February 21, 2012 Dubai: The Land Department has witnessed a decline in the number of valuation requests for projects in the emirate, citing evidence of stability in the real estate market.
The department's Real Estate Valuation Committee said yesterday it valued 1,971 properties in 2011, clocking in at a value of Dh99 billion — 63 per cent of which were for undeveloped ... more |
Welcome Reprieve For Emirati InvestorsTuesday, February 21, 2012 Dubai: Emiratis were by no means alone in being hit by the plunge of Dubai's property market, when both novices and experienced investors were stung by flipping one apartment too many.
While analysts say there are no current figures to quantify how many Emiratis lost money during that period, legal action against investors as well as well-publicised government deb ... more |
Al Barari Scores High On Green ScaleFriday, February 17, 2012 Dubai: Now that the bricks and mortar are in place, the developer of the upscale Al Barari residential community is turning its attention to adding to its greening.
"We are now in the preparation stages of Phase 2 which will see the completion of the botanical gardens," said CEO Mohammad Zaal. "The fact that 80 per cent of Al Barari is made up ... more |
Al Hamra Group Builds On Growth Story One Brick At A TimeFriday, February 17, 2012 |
Al Reef Units Will Add To Rising Inventory In CapitalFriday, February 17, 2012 |
Majority Of Landlords At Nakheel Projects Yet To Pay Service ChargesFriday, February 17, 2012 Dubai: Around 60 to 75 per cent of landlords across all Nakheel's communities have not paid their service charges, acting Nakheel chief executive officer Sanjay Manchanda has said.
In order to retrieve the Dh72 million in service charges owed by landlords at their Palm Shoreline Apartments, the developer has implemented a ‘name and shame' strategy, barring a ... more |
Sorouh Net Profit Soars On The Back Of HandoversFriday, February 17, 2012 Abu Dhabi: Sorouh Real Estate Company said yesterday its net profit for 2011 after provisions and impairments was Dh383.3 million, compared with Dh16.2 million for 2010.
The company's revenues for the full year were Dh3.8 billion, compared with Dh1.2 billion a year earlier, driven by the handover of its Sun and Sky towers, which generated Dh2.2 billion, constructi ... more |
Falling Revenues Push Emaar Profit Down To Dh1.79bTuesday, February 14, 2012 Dubai Emaar Properties took a 27 per cent hit in net profit to Dh1.79 billion for 2011 compared with Dh2.44 billion the year before.
In results released yesterday, the developer also revealed that revenues were down 33 per cent to Dh8.11 billion from 2010's Dh12.15 billion. Emaar was hit particularly hard by a 42 per cent drop in revenues during the fourth quarter ... more |
Aldar Reports Dh642m Net Profit For 2011Tuesday, February 14, 2012 |
Nakheel's Credit Notes Spark Interest Among InvestorsFriday, February 10, 2012![Nakheel\](http://www.bayut.com/property/common/resize.php?img=100/1105.jpg&d=45 "Nakheel\") Dubai: After lying dormant for some time, Nakheel's credit notes have been getting a fresh airing over the last three weeks. Local real estate brokerage firms have been sending out messages about the availability of these credit notes and carrying discounts of up to 18 per cent.
By the looks of it, there are investors out there who are showing keen interest.
... more |
Dubai Developer To Deliver Four Projects In 2012Thursday, February 09, 2012 Dubai-based developer, Deyaar has unveiled plans to deliver four major projects this year, including three towers in Business Bay, Gulf News has reported. The projects, which include Fifty One @ Business Bay, the Burlington, Oxford Tower, which are all commercial properties located in Business Ba, and Oakwood Residency, a residential property located in the International Media Production Zone. Fif ... more |
UAE Firms Land Dhs350m In Abu Dhabi Construction ContractsThursday, February 09, 2012 The government of Abu Dhabi has awarded more than Dhs350m ($95.2m) in construction contracts to local firms, The National has reported. The announcements follow last week's decision by the Executive Council to fund millions of dirhams in projects, after a lengthy review of Abu Dhabi's building programme. Target Engineering, a subsidiary of Dubai construction company Arabtec, won Dhs256m worth of d ... more |
Abu Dhabi Attempted Aldar Sale, Falling Asset ValueThursday, February 09, 2012 The Abu Dhabi government has held talks to sell all or part of a 49% government stake in Aldar Properties in an attempt to stop its falling asset value from dragging down state investment fund Mubadala, Reuters has reported, citing two unnamed sources familiar with the discussions. The recent discussions revolved around shifting the Aldar stake to an Abu Dhabi-based bank through a swap deal, the s ... more |
UAE Housing Market To Sink Further, Analysts Point To OversupplyThursday, February 09, 2012 Analysts have said the four-year decline in house prices in the UAE isn't expected to end in 2012, as oversupply and concerns over the health of global economy weigh on the market, Reuters has reported. Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak. Prices in ... more |
Dubai Developer Turns Loss To ProfitThursday, February 09, 2012 Dubai's second largest developer by market value, Deyaar Development has swung to a small profit in 2011 of Dhs37.7m ($10.3m), compared with a net loss of Dhs2.87bn in the previous year, Reuters has reported. The developer also posted a Dhs7.3m net loss in the fourth quarter of 2011, compared with a net loss of Dhs1.77bn during prior-year period. "The company will continue with its focus on comple ... more |
270 New Homes For Dubai's JumeirahThursday, February 09, 2012![270 New Homes For Dubai\](http://www.bayut.com/property/common/resize.php?img=100/1099.JPG&d=45 "270 New Homes For Dubai\") Dubai Real Estate Corp (DREC) has announced 270 new housing units of its Wasl Square project in Jumeirah are to be available for leasing soon, Emirates 24-7 has reported. The project, which will be released in phases, will have 140 apartments and 130 townhouses, comprising 26 one-bedroom apartments, 114 two-bedroom apartments, 14 three-bedroom townhouses and 116 four-bedroom townhouses. The expect ... more |
Abu Dhabi Municipality Launches Electronic Land Survey ToolThursday, February 09, 2012 The municipality of Abu Dhabi City has launched a new service designed to provide individuals with information about the locations of land plots, districts and maps of the city and conurbation, Wam has reported. The 'Ardi' (My Land) service is available through an interactive electronic touch screen, offering all information related to zones, land plots, locations and aerial images of the area und ... more |
RERA Blames Air Conditioning Costs For Dubai Service Fee IncreaseThursday, February 09, 2012 Dubai's Real Estate Regulatory Agency (Rera) has said utility and chiller charges have led to an increase in service charges, despite the significant decline in maintenance charges, Emirates 24-7 has reported. "We have tried our level best to reduce maintenance fees, but all our efforts are hampered by the rising cost of utilities and chiller charges. We have taken up the issue with the respective ... more |
Nakheel Told To Pay Contractor Dh58mThursday, February 09, 2012 Dubai: A contractor has won almost Dh60 million from developer Nakheel for work completed in an unfinished contract to construct 31 residential buildings in Discovery Gardens.
The Dubai World Tribunal (DWT) agreed that Technical Architects General Contracting Company (TAGC) should be paid over Dh58 million for the portion of the Dh950 million project that was fini ... more |
Union Properties Net Loss WidensFriday, February 03, 2012 |
Union Properties Announces 2011 Net Loss Of Dh1.6bFriday, February 03, 2012 Dubai: The Dubai developer Union Properties made a net loss of Dh1.6 billion in 2011, as the company continued to suffer from falling property prices in the emirate.
In a brief statement to the Dubai Financial Market this morning, Union Properties said that total assets reduced to Dh9.1 billion while shareholder equity also fell to Dh2.4 billion.
... more |
