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Escan To Offer Long Leases To Foreigners For Fujairah DevelopmentMonday, May 31, 2010 Abu Dhabi-based Escan Investment and Real Estate Development has announced it will offer long-term leases of up to 100 years and title deeds to foreigners who have 49% company ownership in the UAE, for its Al Fanar Towers in Fujairah, Emirates Business has reported. Construction has begun on the project, which is scheduled to be completed by 2013. ... more |
New Rule Empowers Home OwnersThursday, May 27, 2010 Dubai's developers have six months to hand control to home owners associations (HOA) since the Land Department added the much-awaited regulations or guidelines accompanying the ‘strata law' Wednesday. "Transparent strata management guidelines are essential to the property market stability and will provide a range of benefits boosting confidence of foreign investors, increasing property values a ... more |
Capital Registers Dh12.3b Worth Of Real Estate Deals In AprilThursday, May 27, 2010 Contrary to the notion that a stagnation is happening in the property market, real estate transactions processed within the Municipality of Abu Dhabi City reached Dh12.3 billion in April. The Municipality, in a Press release, said the figures for April showed a deep contrast in a whole range of areas, including the size of mortgage and sales transactions of real estates, lands and properties wi ... more |
Abu Dhabi Finalizes New Building CodeTuesday, May 25, 2010 A new draft law for a new building code that is projected to save at least 40% of building costs for the UAE capital has been finalised by the Abu Dhabi Department of Municipal Affairs, Emirates Business has reported. The new code, which is largely compatible with the American building code, is expected to be enforced on new buildings before the end of the year, executive director for Municipal ... more |
Multi-Owned Property Should Be Thing Of PastFriday, May 21, 2010 Multi-owned office buildings, known as "strata", mushroomed during the property boom, but it is time to take a fresh look at this trend, according to experts. "Strata only made sense over the last two years when speculators came in and bought up floors for silly prices and developers made money accordingly," said Richard Foulds, Director of CB Richard Ellis (CBRE) — Abu Dhabi. The real estate c ... more |
Dubai Property Market Stabilising: Collier Int’lWednesday, May 19, 2010 The rising trend of Dubai property prices during the first quarter shows signs of stabilisation in the market, according to a top executive of Collier International, a real estate consultancy company. “We will see prices escalating again but don’t see as fast as before and that is healthy sign,” JP Grobbelaar, Director of Middle East for Collier International, told reporters on Tuesday. Propert ... more |
Nakheel Resumes Work On Delayed ProjectsTuesday, May 18, 2010 Dubai World's property arm, Nakheel has restarted work on projects that have been put on hold, Al Bayan has reported. The company has put out tenders for consulting firms to review and evaluate requests to continue construction. Currently suspended projects include Trump Tower, Dubai Lake District and Dubai Promenade, the newspaper said. ... more |
Dubai Holding Unit Delays 2009 Results AgainMonday, May 17, 2010 Dubai Holding Commercial Operations Group, or DHCOG, the real estate and hospitality arm of Dubai Holding LLC, said it was delaying its full-year results again “due to complexities in consolidating results” of its units. In April, the company delayed its 2009 financial results by two weeks to May 16, and on May 2, halted trading in its Islamic bond, listed on Nasdaq Dubai, pending the annual re ... more |
MAG Hands Over Tower in Dubai MarinaMonday, May 17, 2010 Dubai-based developer MAG Group Property Development has announced the completion of its Dhs450m MAG 218 residential tower. The 66-storey tower comprises 555 apartments and is ready to be handed over to residents, the developer said. This latest completion follows the handover of more than 300 apartments at the 43-storey MAG 214 tower in Jumeirah Lakes Towers on Dubai's Sheikh Zayed Road in 200 ... more |
Palm Jumeirah To Leave An Indelible ImpressionSunday, May 16, 2010 The Palm Jumeirah is the first in the Palm trilogy of artificial islands in Dubai, on which major commercial and residential infrastructures are being constructed. The island was reclaimed by Nakheel, a property developer that has hired Belgian and Dutch dredging and marine contractor Jan De Nul and Van Oord — some of the world's specialists in land reclamation — for the prestigious project. Th ... more |
Property Prices Record First Annual RiseMonday, May 10, 2010 Dubai property prices rose two per cent during the first quarter over same period last year, the first annual increase since the downturn hit the property sector in the emirate, according to Colliers International. House prices, according to the UK-based real estate consultancy, also recorded a four per cent increase during January to March since fourth quarter of last year, the third consecuti ... more |
Tammeer Completes Imperial Residence SuperstructureMonday, May 10, 2010 Tameer Holding has said the topping out of the superstructure on the Imperial Residence development, a two-tower project rising from a podium in Jumeirah Village South, has been completed. Imperial Residence will house 510 apartments. ... more |
Newly Released Tower Opens Doors To ResidentsFriday, May 07, 2010 Star Giga's GoldCrest Views II opened its doors to residents last week, joining a line of towers expected to come online over the next year in Jumeirah Lake Towers (JLT). The tower's completion date was originally slated for mid-2008, then March last year. But like many projects had been delayed due to reasons, such utility connections and approvals from authorities, that the developer said was ... more |
Flat Rentals Fall Flat in AjmanThursday, May 06, 2010 Rents in Ajman have dropped by more than 40 per cent this year, real estate agents and a senior official at the Ajman Municipality and Planning Department said. Mariam Al Rumaithi, Director of the Rent Contracts Authentication Department at the municipality, said that based on data culled from rental values of tenancy contracts they have stamped, rents have dropped by almost 40-50 per cent this ... more |
Aldar To Release New ApartmentsThursday, May 06, 2010 Abu Dhabi-based Aldar Properties is planning to release as many as 150 apartments into the market to take advantage of a wave of completed buildings around the city, The National has reported. 'We strongly believe that when ... people will be able to touch and feel the units, there will be a whole different factor in sales,' Shafqat Malik, the chief financial officer of Aldar, told the daily. ' ... more |
UAE Construction Regains ConfidenceWednesday, May 05, 2010 The awarding of multiple construction projects, worth almost $1 billion (Dh3.67 billion), by, or to UAE-based companies in a single day is a clear signal of confidence seeping back into the region's economies, analysts said. The first four months of this year have seen a clear up-tick in contracts being awarded in the real estate and oil and gas sectors, especially in the UAE and Saudi Arabia. ... more |
Arabtec To Build Damac Heights At Dubai MarinaTuesday, May 04, 2010 Damac Properties said on Tuesday it has awarded the main construction contract for its Damac Heights project at Dubai Marina to Arabtec Holding. The Dh500million contract was signed this week and work is expected to commence as soon as enabling work is completed, a statement said. Arabtec is also constructing Damac’s Ocean Heights, which is due for completion this year. “We are pleased to work ... more |
Union Properties Earnings Zoom On Motor City SalesMonday, May 03, 2010 Union Properties, Dubai's third-biggest developer by market value, said first-quarter profit rose 67 per cent on increased revenue from the handover of properties in its MotorCity project. Net income climbed to Dh50 million from Dh30 million a year earlier, the company said in a statement. Revenue advanced 48 per cent to Dh846 million. The company booked Dh70 million in provisions for losses on ... more |
