Properties Agents Developments Forum


Public Auction Fails To Provide Spark For Dubai’s Real Estate Market

Friday, May 29, 2009
A first-ever public auction of residential properties in Dubai, seen as a barometer of the emirate’s property market, exposed a widening gulf between the expectations of the sellers and buyers. The four properties that went under the hammer this week failed to find any takers. Only one of the properties saw any bidding action. Another property received a single bid, but the auctioneer considered i ... more

Dubai Property Transactions Top Dh1.79b

Friday, May 29, 2009
The total value of land transactions in Dubai last week reached Dh1.79 billion, of which sales exceeded Dh1.14 billion. The total value of mortgages during the period was Dh655.91 million, according to the Land Department. A total of 90 sale transactions were registered with the Department by the end of the week, the most valuable of which was a plot in Jebel Ali that was sold for Dh29.88 million. ... more

Nakheeel Confirms Recceiving State Funds

Thursday, May 28, 2009
Nakheel, the state-owned developer of Dubai’s palm-tree-shaped man-made islands, confirmed on Wednesday it received funds from the emirate’s government, some of which will be used to pay contractors as it looks to complete projects. Following reports in the media... Nakheel PJSC confirms that it has received funds from the government of Dubai,” the company said in a statement on the NASDAQ Dubai W ... more

Mizin To Link Payments With Building Progress

Thursday, May 28, 2009
Mizin, the real estate development arm of Tatweer, is in talks with Dubai's Real Estate Regulatory Authority (Rera) to link investor payments to construction milestones. Investors in the Remraan project voiced concerns that they continue to pay installments despite slow progress in construction. We are currently liaising with Rera to endorse our payment plans which are linked to construction miles ... more

Ajman To Add 150,000 Housing Units Within Next 3 Years

Wednesday, May 27, 2009
Sweet Homes Holdings, or SHH, a UAE-based developer and multi-service provider to the real estate sector, has announced that it will be one among the few real estate players who will be able to deliver projects from its Dh4.7 billion portfolio by 2010. In a Press statement issued on Tuesday the company stated that approximately 150,000 housing units will be completed in Ajman within the next three ... more

New Property Law Helps Solve Property Disputes

Tuesday, May 26, 2009
The latest amendments to the federal and local laws relating to free hold development is bearing a positive impact on the real estate industry. The right application of these amendments and transparency in settling the disputes will help create confidence in the market,” Adel Lootah, Executive Director, Dubai Property Society said on Monday. Law No 9 of 2009 has been much anticipated by the real e ... more

Aldar Reviews Project Designs

Tuesday, May 26, 2009
Ohn Bullough, CEO of Aldar Properties PJSC has said that the company is reviewing the design of its projects, and will focus on government projects after the property market 'got overblown', Bloomberg has reported. 'The current focus is on delivery of our current pipeline, comprising the Yas Island development, site of the Formula One circuit, and the Ferrari theme park, golf courses and mixed-use ... more

Property Contracts To Become Simple

Monday, May 25, 2009
A standard property contract is coming to Dubai's real estate market, aiming to get rid of misleading small print. A senior official at Dubai Land Department said that having a basic contract would now become the norm and added that it would make it harder for buyers and developers to wriggle out of contracts or to add fine print to existing contracts. Emmad Eldin Farouq, senior legal advisor at t ... more

Rents Fall 40% in DIFC

Monday, May 25, 2009
A new report by property consultancy CB Richard Ellis finds that commercial rents at the Dubai International Finance Centre (DIFC) have fallen 40% in the past six months, from a peak of Dhs750 ($204) a square foot to Dhs450 a square foot, with some private landlords offering further reductions. Other areas that have been hard hit by declines in occupancy and lease rates are Jumeirah Lake Towers an ... more

Nakheel Offers Payment Discounts

Thursday, May 21, 2009
Nakheel has said that it is offering its customers discounts of between 10% and 30% to help investors meet their commitments and obligations towards the company. To qualify, buyers will have to settle outstanding balances and continue to pay their instalments on time, and the scheme is available customers who have bought in Jumeirah Island Mansions, Jumeirah Heights Clusters, Badrah phases one and ... more

Tameer's CEO Resigns

Wednesday, May 20, 2009
The CEO of Dubai-based property firm Tameer, Ghassan Sakhnini, has told Emirates Business that he has resigned from his post for personal reasons, and that he will leave in two months. Sakhnini is the third chairman to resign in 13 months after Omar Ayesh and Abdullah Al Haj Ali. ... more

Work On Track At All Three Projects

Tuesday, May 19, 2009
Dubai-based private developers Damac Properties announced that work at all three of their projects at Jumeirah Village South - Emirates Gardens, Emirates Gardens II and Tuscan Residences - is progressing and will all soon be ready. At a time when investor confidence in the ability of developers to deliver their projects is dipping, Damac is "working to promote the importance of continued construct ... more

Funding Shortfall Could Lead To Project Share Ownership

Tuesday, May 19, 2009
Funding shortfall may require an increasing number of private and single-tower developers to offer part ownership options to investors in their projects, according to experts. A few developers in Dubai such as Cirrus Developments are offering unit purchasers the option of becoming a shareholder in the project. In March, Cirrus presented a restructuring proposal to the purchasers of Aquarius Gate p ... more

Sweet Homes Maintains Current Prices

Tuesday, May 19, 2009
Sweet Homes Holding, a real estate developer, is maintaining the prices of its property units despite the current slowdown of the global economy, its CEO Fahad Sattar Dero said. Currently selling at Dh600 per square feet for apartments in Ajman Uptown, the company is taking all necessary measures to ensure delivery of its projects on time to leverage the projected recovery of the market and the UA ... more

Commodore Wins $245m Abu Dhabi Contract

Monday, May 18, 2009
Abu Dhabi-based Commodore Contracting Company has won an estimated $245m contract to build the new headquarters building for Abu Dhabi's International Petroleum Investment Company, reported MEED. The project involves the construction of a 35-floor office building, which will have two basement floors for a car park and service areas, with offices for IPIC and office space to lease. ... more

Rera Unveils Plans To Expand Globally

Monday, May 18, 2009
The emirate's Real Estate Regulatory Authority (Rera) plans to go global and become an international real estate reference point with the acronym, Menares, officials announced on Sunday. Menares stands for the Middle East and North Africa Real Estate Society and has already become part of several international property bodies. We are in the final stages of establishing Menares. We are aiming to bu ... more

Over 200 Construction Projects On Track in UAE

Friday, May 15, 2009
It may not be all doom and gloom in the UAE's construction industry as more than 200 projects are expected to be completed in the first half of this year, more than the total for the whole of 2008. About 135 projects were almost completed in the first quarter of 2009, with a further 70 to be finished in the second quarter, said industry analysts Proleads. A total of 184 projects were completed las ... more

Dubai Property Rents Plummet

Friday, May 15, 2009
Dubai rents have fallen sharply in the last two months, with going rates for some real estate ranging from basic studios to luxury flats on the man-made Palm Jumeirah falling by almost a third, a property consultancy said. Landmark Advisory said rents have fallen as much as 50 per cent in some areas since peaking late last year, with average declines of 10 to 30 per cent depending on the neighbour ... more

Salwan Leases Al Khail Gate Phase 1

Thursday, May 14, 2009
Saeed Bushalat, CEO of Salwan Property Management has said in a statement that the company has leased out the 3,835 units of the first phase of the Al Khail Gate Development, and is offering pre-leasing options for the second phase, which it expects to lease out by the year-end. Salwan currently owns and manages more than 14,000 residential and commercial units in different locations around Dubai. ... more

First Dubai Announces Close To Double Quarterly Profits

Wednesday, May 13, 2009
First Dubai Real Estate Development has announced the results of its financial performance for the first three months of 2009. First Dubai earned Dh88.67 million as profits for the year's first quarter, with earnings per share of 8.88 fils, compared to Dh44.48 million for same period in 2008, where earnings per share amounted to 20.15 fils. First Dubai vice chairman, Khalid Esbaitah, said the resu ... more

Nakheel Offers To Pay 65% Of Unpaid Fees

Wednesday, May 13, 2009
Dubai-based developer Nakheel is offering engineering consultants and contractors 65% of the money it owes them, according to a report by New Civil Engineer magazine. The state-owned company owes consultants up to $305m, the magazine reported. The developer will make the offer in exchange for consultants waiving their legal rights to further payment. ... more

Rera To Review 27 Projects in Dubai

Tuesday, May 12, 2009
A total of 27 real estate projects are up for possible cancellation in Dubai as the Land department review the status of them. The ultimate decision to cancel will come by the end of this month, said Marwan Bin Galita, chief executive of the Real Estate Regulatory Authority (Rera). Bin Galita had said earlier that he expected around 25 per cent of projects in Dubai would be cancelled, a figure he ... more

Nakheel Says It Is Receiving Funds From UAE Government

Monday, May 11, 2009
Dubai-based developer Nakheel has confirmed that it is receiving funds from the Dubai government that are aimed at supporting state-linked firms suffering from the financial crisis. 'The actual figure is confidential and so are all the other details, but yes Nakheel is receiving funds,' Chris O'Donnell told Emirates Business. The Dubai government sold $10bn of bonds to the UAE central bank earlier ... more

Unregistered Developers Face Fines

Thursday, May 07, 2009
Ajman's Real Estate Regulatory Agency (Arra) plans to fine developers who failed to meet the May 1 registration deadline, the agency's director general said yesterday. Property developers engaged in real estate developments in Ajman and not registered with Arra will be required to pay a [fine] of Dh100,000 per month," Omar Barghouthi said in a statement. Barghouthi said all developers had been inf ... more

Construction Costs Fall 60%

Tuesday, May 05, 2009
Construction costs in the UAE have fallen by an average of 60% from October 2008 levels according to Drake and Scull estimates, Emirates Business has reported. Costs for commercial buildings now average at between Dhs220 and Dhs260 per square foot. Analysts have predicted that prices could fall to 2006 levels. ... more

Seven Tides Unwavering About Hotel Developments In Dubai

Tuesday, May 05, 2009
Seven Tides, a UAE-based holding company, and associates yesterday said, they will unveil four new luxury hospitality developments all due to open between the end of 2009 and the beginning of 2010 in Dubai - two of which are on the iconic Palm Jumeirah. Michael Scully, Managing Director Hospitality for Seven Tides, told Gulf News: "The combined value of these projects is well in excess of Dh1.5 bi ... more

Pace Of Decline In Dubai Apartment Rents Slows

Tuesday, May 05, 2009
The pace of decline in apartment rents in some sought-after areas of Dubai has slowed during March-April after recording steep falls in the beginning of the year, a research study by Khaleej Times and Asteco, a property management firm, reveals. The research finding, which was used to create the KT-Asteco Rental Monitor, suggests that while rents have dropped across the board from March to April, ... more

Union Properties Profit Down 87%

Monday, May 04, 2009
Dubai's Union Properties' earnings fell 87.4% from Q1 2008, on falling revenues, no land sales and smaller gains on sale of investment properties. UP's net income in the three months to March 31 fell to Dhs30m compared with Dhs238.35m in Q1 2008. ... more

A Major Step To Help Regulate The Markets

Monday, May 04, 2009
The UAE Federal Government's decision to allow short-term, multiple-entry visas to foreign owners of properties could be seen as a first major step towards regulating the sector - which has led the country's economic growth over the last five years. UAE Interior Minister Lieutenant General Shaikh Saif Bin Zayed Al Nahyan on Saturday informed the press of the decision which is aimed at enhancing th ... more

Property Law to Boost Investors’ Confidence

Sunday, May 03, 2009
Property developers and investors have widely welcomed the new law that will allow six-month visa to property buyers, as it will create much needed stability in a market that is undergoing a major
price correction. Syed Hasan Mujtaba, a property investor said that the law would help the real estate market stabilise a bit, as confusion on the residency visa has been resolved. He said that maj ... more
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