Properties Agents Developments Forum


Newly-Born Rakia Rera Attracts Rak Developers

Tuesday, June 30, 2009
More than 12 developers have registered with the new Rakia Rera, the Ras Al Khaimah Investment Authority's property regulation arm. Rakia Rera will first oversee the implementation of the escrow account law for freehold projects. There are currently a minimum of 100 developers in Ras Al Khaimah presiding over the same number of projects, said Wahid Atalla, board member of Rakeen, which is develop ... more

Cayan Speeds Up Construction Of Infinity Tower In Dubai Marina

Monday, June 29, 2009
Cayan Investment and Development - one of the region's leading real estate developers - on Sunday said its Infinity Tower development in Dubai Marina has seen accelerated construction and has already achieved significant progress on site. The 80-storey tower will offer a stunning view of Dubai Marina. The podium levels which make up six floors are complete. Arabtec, the main contractor for the pro ... more

Post-Merger Entity Will Be Worth Dh194b: Emaar

Monday, June 29, 2009
Emaar Properties said on Sunday that its proposed merger with three property companies owned by Dubai Holdings would create a real estate conglomerate with a combined asset value of Dh194 billion ($53 billion). The new entity, resulting from its merger with Dubai Properties, Sama Dubai and Tatweer, will have total debt obligations of Dh13.4 billion, or around 7 per cent of aggregate assets, Emaar ... more

Aldar Shifts Focus To Abu Dhabi

Thursday, June 25, 2009
Aldar Properties, Abu Dhabi's top property developer by market value, will focus on projects in the emirate for the next five years, looking to weather the sharp downturn in its local market, Aldar's chief said. I think we've got at least the next nine months of continuing great caution and flat market performance here," Aldar Chief Executive John Bullough told the Reuters Global Real Estate Summi ... more

Damac Rules Out Low-Cost Housing

Thursday, June 25, 2009
Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. 'Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector,' Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday. ... more

Hint of Firmer Home Prices

Wednesday, June 24, 2009
Sales prices for homes in Dubai have stopped falling and in some areas are edging upward, though rentals rates continue to drift lower, a property consultancy said on Tuesday. The findings of Landmark Advisory add to a small but growing body of evidence that suggests at least parts of the emirate’s battered real estate market might be on the mend. Signs of a turnaround are strongest in upscale nei ... more

Zabeel Building Tenants To Meet Officials To Sort Out Eviction Order

Wednesday, June 24, 2009
Representatives of tenants residing in six-storey Zabeel Building on the Umm Hurair road will be meeting with officials from the civic body and the Dubai International Real Estate today to discuss an eviction order. There are about 250 flats in the building. A notice served to the tenants by the Dubai International Real Estate states that the condition of the building is in dire straits and needs ... more

Khuyool Awards Contract to Delta Foundation

Tuesday, June 23, 2009
Khuyool Investments, one of the leading premium property developers in the UAE, announced on Monday that it has awarded Delta Foundation to carry out foundation works of Abjar Tower. The flagship property is the tallest tower among all other developments in Jumeirah Village South, Dubai. The foundation works are scheduled to be completed during the first quarter of 2010. The phase one of the const ... more

Nakheel Reduces Service Charges At Discovery Gardens

Tuesday, June 23, 2009
Nakheel, the Dubai master developer, has announced a reduction of approximately Dhs5 per square foot to the service charges for its Discovery Gardens' homeowners. The new rate has been formally agreed with the Dubai property market regulator (RERA), and will be backdated to January 1, 2009, with any rebates for householders being credited against next year's service charges effective from October ... more

Omniyat Invites Octavian Bids

Monday, June 22, 2009
Dubai-based developer Omniyat Properties has invited selected contractors to bid by July 17 for the contract to build its Octavian project at Business Bay, Meed has reported. The project involves the construction of two 16-storey office towers with four basement levels and four podium floors, with a total built-up area of about 100,000 square metres. ... more

Major Developers In UAE Likely To Provide Own Financing

Thursday, June 18, 2009
Major developers in the UAE will eventually be able to offer their own home financing to buyers for units in their projects, industry experts say. Although lending has started again in the market, it remains sluggish and there are only a limited number of financing options, especially for mid-income earners. Amlak and Tamweel together dominate the Dh60-billion mortgage industry here with a 60 per ... more

Ajman One on Track for Completion in 2011

Wednesday, June 17, 2009
Ajman One, a fully-integrated mixed-use development, will be completed on schedule, Aqaar LLC, developer of the project, said. The initial phase of the development, which is the residential component of the project, has completed 30 per cent, and handover of the units to investors will take place in the first quarter of 2011. Ten of the 12 residential towers of the Dh2.7 billion have already been ... more

ETA Star Hands Over Liberty House

Wednesday, June 17, 2009
ETA Star Property Developers has begun handing over units in its Dh700-million Liberty House in the Dubai International Financial Centre (DIFC). The project, an L-shaped building, has 140 offices, 124 studios, 68 one-bedroom apartments and 28 two-bedroom apartments. The studios are priced at just over Dh1 million and the one-bed apartments at around Dh1.6 million. The residential units have been f ... more

Dubai Islamic Bank Offers 90% Home Finance

Wednesday, June 17, 2009
Dubai Islamic Bank, the largest Islamic bank in the UAE, announced that it is offering up to 90% financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers. ... more

Damac Awards Marina Bay Enabling Deal

Tuesday, June 16, 2009
Damac Properties has awarded Dhs7.5m enabling works contracts for its Marina Bay development at Al Reem Island in Abu Dhabi to National Dewatering and Drainage services. The enabling works are scheduled to last for around four months and will include dewatering, shoring, excavation, piling and pile testing on site. ... more

Dubai Property Prices To Fall Another 20% This Year Says Poll

Monday, June 15, 2009
Dubai house prices will fall another 20% this year, and have a less than 20% chance of picking up before 2011, according to a Reuters poll of ten analysts at banks, investment firms and research institutions. Three of the 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices woul ... more

Memon Investment’s Dh 1.3B Projects On Track

Monday, June 15, 2009
Investment’s Dh 1.3B Projects On Track Memon Investments, a leading Dubai-based property developer and part of the Memon Group of Companies, has announced that it is on track with the construction of all its projects in Dubai, which are collectively valued at Dh1.34 billion. he developer is asserting its commitment to delivery despite the massive delays and cancellations of 48 real estate projects ... more

Dubai's Empty Homes 'To Double' By End 2010

Thursday, June 11, 2009
The number of vacant properties in Dubai could double from 15% currently to 30% by the end of 2010, according to UBS, Bloomberg has reported. UBS bases the estimates on new supply coming online and a reduction in population. UBS previously stated that it estimated that Dubai's population would fall by 8% in 2009 and a further 2% in 2010. ... more

Dubai’s Realty Market Signs Encouraging, but Further Declines Expected

Wednesday, June 10, 2009
Commercial real estate in Dubai needs to come down further in price if the emirate is to compete effectively with other global financial hubs such as New York City, Standard Chartered bank said on Tuesday. Standard Chartered analyst Philippe Dauba-Pantanacce argued in a report that the emirate’s commercial property market remains overvalued. After a fall of 30 to 40 per cent…the first signs of sta ... more

Property Prices Rise in UAE

Wednesday, June 10, 2009
Property prices in parts of Dubai and Abu Dhabi are beginning to climb again after a nine-month fall, brokers and bankers told The National. Andrew Covill, the head of investment sales at LLJ Property said that in the last three to four weeks supply has decreased and brokers are seeing a 'dramatic' increase in demand. The signs of recovery, which aplly to completed and nearly completed property on ... more

Real Estate Manager Held for Selling Fake Residential Units

Tuesday, June 09, 2009
An Arab manager of a real estate company, who allegedly sold non-existent residential units in his country to people in the UAE, was arrested late last month just before he could flee through the Abu Dhabi International Airport. He is being accused of cheating people, who did not approach the police because they were not sure of his intention. However, after the news of his arrest some people are ... more

Sorouh and Tameer Dissolve Joint Venture

Tuesday, June 09, 2009
Abu Dhabi-based developer Sorouh and Tameer Holding Investment have signed an agreement to dissolve two real-estate joint ventures. The companies agreed to end the joint ventures on Shams Abu Dhabi and Al Reem Island, Sorouh said in a statement today. ... more

Nurai Project in Arabian Sea on Track, Says Zaya Chief

Monday, June 08, 2009
Nurai, a luxury real estate project being built on a private island in the Arabian Sea, is on track despite economic downturn. The global meltdown has affected the mortgages, but overall, the project located on Nurai Island, which comprises a retreat, water villas and waterfront estates with price tags ranging from Dh55-65 million, is on line to be completed in December 2010. Nadia Zaal, Co-founde ... more

Al Fajer Properties Projects Are On Track

Monday, June 08, 2009
Al Fajer Properties announced yesterday the company is on schedule with the construction of all its projects. The company recently underwent a voluntary construction audit carried out by a Rera (Real Estate Regulatory Agency) approved independent third party. The results confirm that work on Phase 1 has neared 80 per cent completion and 15 per cent of construction has been completed on Phase 2 (in ... more

Abu Dhabi To Implement New Building Code

Monday, June 08, 2009
Rashid Mubarak Al Hajeri, chairman of the Department of Municipal Affairs in Abu Dhabi, has said that new world-class building codes will be introduced next year to help developers create better places in which to live and work across the emirate The building codes will be applied by code administrators, construction design professionals and developers, and enforced through a rigorous programme of ... more

Hydra May Revise Projects

Thursday, June 04, 2009
Sulaiman Al Fahim CEO of the Abu Dhabi-based Hydra Properties has said that the firm is implementing a restructuring process and may revise some projects to meet current market requirements. The developer has no plans to cancel announced projects, but will restructure its international project portfolio, Al Fahim said, according to Emirates Business. He said the company is redesigning its Mexico p ... more

Dubai’s Real Estate On Road To Recovery

Thursday, June 04, 2009
Although cash and confidence issues still prevail, Dubai’s property market will witness the first green shoots of recovery sometime between the end of 2009 and the second quarter of 2010, according to a panel of industry experts speaking here on Wednesday at the third Cityscape Connect business breakfast. Attended by more than 100 property executives, legal advisor's and investors, the industry ... more

Property Developers Should Register Before July 1 Arra

Wednesday, June 03, 2009
Ajman Real Estate Regulatory Agency said it has set July first as deadline for property developers who have not completed the registration procedures with ARRA. This came in a press statement released on Wednesday. We have stated in early press releases that May 1st is the dead line to receive registration applications from developers, as a result, large number of developers rushed into ARRA’s of ... more

Sherwoods To Hold Property Auction In Dubai

Wednesday, June 03, 2009
Sherwoods Independent Property Consultants will hold an auction on June 4th in Dubai, featuring properties in The Palm, Dubai Marina, Downtown Dubai, Jumeirah Lakes Towers, and other locations in the UAE. The property offerings cover a broad price range and feature a mix of ready-to-use, nearly completed and off-plan residential and commercial units, as well as a number of plots, including one jus ... more

Housing Costs Stable In Dubai

Tuesday, June 02, 2009
The precipitous drop in housing rentals in Dubai has come to halt. The KT-Asteco Rental Monitor shows that the average rents of apartments and villas registered no change from April to May. The steady month-on-month rents are probably pointing at a stable housing market going forward. The internal shift of population and flexible payment options have helped the market to hold these levels. People ... more

Sorouh Offers Price Cuts On Al Ghadeer Project

Tuesday, June 02, 2009
Abu Dhabi-based developer Sorouh has offered a significant price reduction to investors who own units in the Al Ghadeer project, with at least one being offered a reduction of 40%, reported Emirates Business. Simon Cunningham, Chief Sales and Marketing Officer of Sorouh, said the price reductions have resulted from reduced construction costs. Investors do not have to make any payment during the ti ... more

UAE Property Market Hits Bottom HSBC

Monday, June 01, 2009
The property market is beginning to bottom out in the UAE as real estate prices showed monthly gains in April and May, HSBC said in a
 report on Sunday. The property market in Dubai has suffered severely from the economic downturn, after having achieved unprecedented growth in both supply and demand, as well as high prices and rental rates, in recent years. Today, property prices are at th ... more

Nakheel Hands Over Golden Mile

Monday, June 01, 2009
Joint-venture partners, Nakheel and IFA Hotels and Resorts have started handing over the keys to the residential units at Golden Mile on Palm Jumeirah. Golden Mile is made up of ten buildings with a total of 860 residential units, in addition to the first freehold offices on Palm Jumeirah, as well as an extensive retail area. All residential units are managed by the neighbouring Fairmont Palm Jume ... more
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