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Sorouh Records Third Quarter Profit Of Dh187mThursday, October 29, 2009 Abu Dhabi-based Sorouh Real Estate recorded a third-quarter net profit of Dh187.3 million ($50.99 million), down 75 per cent from the year-ago quarter, but said it saw signs of stabilization in the market. The emirate's second-largest developer by market capitalization made a net profit attributable to shareholders of Dh765.2 million in the third quarter of 2008. Managing Director Abu Baqer Al Kho ... more |
Aldar's Net Profit Falls 43.78% To Dh427mWednesday, October 28, 2009 Abu Dhabi-based real estate developer Aldar Properties' net profit fell 43.78 per cent on year to Dh427 million in the fiscal third quarter that ended in September, a top company executive said. Gross revenues fell to Dh640 million from Dh920.35 million a year earlier, Shafqat Malek, Aldar's chief financial officer, said. "The revenue in the third quarter came from property sales, land sales and r ... more |
Deyaar Set to Re-start New Property Projects in 2010Wednesday, October 28, 2009 Dubai developer Deyaar, which on Monday announced it had cut 20 per cent of its workforce, said it will re-start developing projects in 2010 and set up co-investment funds for its overseas expansion plans.“2009 was a development holiday. In 2010 we have to start developing again,” Markus Giebel, the firm’s chief executive told the Reuters Middle East Investment Summit on Tuesday.
Dubai’s second-l ... more |
Gulf Nationals' Property Deals Top Dh15bMonday, October 26, 2009![Gulf Nationals\](http://www.bayut.com/property/common/resize.php?img=100/598.jpg&d=45 "Gulf Nationals\") Gulf nationals sold a total of Dh15.7 billion worth of properties in the first eight months of the year, according to figures released by Dubai Land Department and the Real Estate Regulatory Authority (Rera). There was a total of 4,966 sales.
Total land sales generated about Dh10.7 billion. The 3,279 apartment sales were valued at Dh2.9 billion and the 484 villas sold generated Dh2 billion betwee ... more |
Rents for Old Buildings may Decline in CapitalMonday, October 26, 2009 Apartment rents in older and low quality buildings are likely to decline during the fourth quarter of this year in Abu Dhabi, as villas and ‘off-island’ living options become available, predicts the real estate consultancy
Landmark Advisory. “Larger three and four-bedroom apartments are likely to see a rent drop as more tenants will be attracted by off-island villa developments such as Al R ... more |
Deyaar Cuts Staff By 20%Monday, October 26, 2009 Dubai-based developer Deyaar announced today that it has reduced its workforce by 20% following a review of its resources. 'This rationalization of resources has been carried out to support Deyaar's sustained growth and maintain its commitments to customers, partners and shareholders,' the company said in a statement. The company did not give a figure for the number of jobs that were cut, but it d ... more |
Emaar Properties Reports Dh665 Net Profits In Q3Friday, October 23, 2009 Emaar Properties on Thursday said it has returned to profitability, reporting a Dh655 million net profit for the third quarter ending September 30 from the sale of high-margin properties as well as earlier delivery of villas, up from a Dh1.25 billion loss in the second quarter of this year.” The increase in profitability is due to the higher margin relating to Alma town homes in Arabian Ranches ha ... more |
Rental Decline Slows in Northern EmiratesWednesday, October 21, 2009 Apartment rental rates in the Northern Emirates continued to fall in the third quarter of 2009 but at a slower rate than previously, according to a report by Asteco — the largest property services company in the United Arab Emirates. “The average decline in apartment rental rates has slowed considerably to 4 per cent compared with 12 per cent in the second quarter and 21 per cent in quarter one of ... more |
Deyaar Development’s Net Profit Down by 74 Per CentTuesday, October 20, 2009 Dubai-based real estate company, Deyaar Development, posted a 74 per cent drop in third-quarter earnings, reflecting the impact of the downturn in the emirate’s property sector. Deyaar on Monday said its net profit for the third-quarter reached Dh81.6 million, compared to Dh312 million a year earlier. Revenue stood at Dh450.3 million, a hefty drop from last year’s revenue of Dh1.013 billion. The c ... more |
Burooj Properties Eyes Middle Income MarketMonday, October 19, 2009 Burooj Properties, a wholly-owned subsidiary of Abu Dhabi Islamic Bank (ADIB), will expand its Dh19-billion residential project portfolio by embarking on a major expansion drive despite the current economic situation, a top official said. The company is planning to develop a number of master-planned communities in Abu Dhabi and Egypt. It is already working on a Dh18-billion master-planned mixed-us ... more |
Nakheel Cut Down To Right Size - Dubai WorldFriday, October 16, 2009 Dubai World has cut down its real estate arm Nakheel's operation to what it calls the "right size for the current market" and says it is now "structured to best meet the needs of its real estate customers," as part of a wider restructuring aimed at greater efficiency and cost savings. The restructuring "has resulted in significant cost savings and increased efficiency. Its businesses are now well ... more |
Rents to Slide in Abu Dhabi; Declines in DubaiWednesday, October 14, 2009 Apartment rents are likely to ease further in the coming months in Abu Dhabi, while the declining trend in Dubai is continuing, enhancing the leasing choices available for residential and office spaces, according to the study report for the third-quarter prepared by real estate services firm Asteco. Market dynamics will certainly persuade the landlords to be flexible in pricing in Abu Dhabi, as th ... more |
Two More Islands Sold On The WorldWednesday, October 14, 2009 Dubai-based developer Nakheel has said it had sold two more islands on its The World project at an average of $65m each, Emirates Business has reported. 'An island was sold as recently as August,' Marwan Al Qamzi, Group Managing Director Nakheel Projects said. ... more |
Schon Properties Wins Two AwardsTuesday, October 13, 2009 The CNBC Arabian Commercial Property Awards 2009 has announced that Schon Properties is the winner of two awards this year for the Best Mixed-Use and Best Office Development categories for its two developments — Dubai Lagoon and Schon Business Park. The Arabian Commercial Property Awards are run in conjunction with the International Property Awards, the world’s most prestigious competition dedicat ... more |
RAK To Delay Parts of $3.3bn ProjectTuesday, October 13, 2009 Mohammed Sultan Al Qathi, chief executive of RAK Properties, has said the company is halting parts of the $3.3bn Mina Al Arab project until market conditions improve, Bloomberg has reported. The developments on hold include hotels, a marina and a shopping centre. 'We were dreaming of having 11 hotels; now we will go with maybe four,' he told the news service. 'If the market improves, we will go ah ... more |
Easier Mortgages Needed for Property Market: ShuaaMonday, October 12, 2009 The UAE government needs to hasten the rehabilitation of Tamweel and Amlak, the country’s two beleaguered home-finance lenders, to stabalise the housing market, the chief economist of Shuaa Capital said on Sunday. “Despite some announcement by the banks, it is still extremely difficult to get a mortgage if you are an expatriate,” Mahdi Mattar told delegates at an International Monetary Fund confer ... more |
Jumeirah Gardens On TrackFriday, October 09, 2009 The first residents of the phenomenal Dh350 billion Jumeirah Gardens project could potentially move in within the next two and a half years. Jumeirah Gardens was launched at last year's Cityscape event and was amazing both in terms of ambitious design and outrageous cost. While Meraas has seemingly kept a low profile this year, in fact a lot of work has gone on behind the scenes, reassessing the m ... more |
Cityscape Ends; To Be Scaled Back in 2010Friday, October 09, 2009 As this week’s Cityscape Dubai property show wound down without major property launches or deals, the show’s organizer said that Cityscape 2010 would be reconfigured as a more low-key, business-to-business affair. “We want the event to cater to the industry rather than the consumer or end-users,” Cityscape Managing Director Rohan Marwaha told Khaleej Times on Thursday. “Our focus is to develop a n ... more |
RAK La Hoya Bay Will Take 16 Months To CompleteThursday, October 08, 2009 The La Hoya Bay project in Ras Al Khaimah will take 16 months to complete from the date the go-ahead is given by the court. Khater Maassad, executive chairman of Rakeen, said that while other projects are going ahead as planned, La Hoya Bay was a "separate case". "We will definitely try to complete it once we receive the order from the courts& 16 months from the date the court gives us the order," ... more |
Deyaar to Deliver 6 Projects in 2010Thursday, October 08, 2009 Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, announced on Wednesday that it would hand over six projects in 2010, including developments in Dubai’s master planned communities. The handover will include five projects in the Business Bay master development and one project at the International Media Production Zone, o ... more |
Aldar To Shift Focus To Investments, Asset ManagementThursday, October 08, 2009 John Bullough, CEO of Aldar Properties, Abu Dhabi's largest developer, has said that the firm will shift its focus to property management and investment after demand for new buildings slumped, Bloomberg has reported. 'We are now transitioning from being a pure-play developer to much more of an asset manager and a long-term investor,' Bullough told the news service. 'No. 1 for us now is this transi ... more |
Dubai's Property Market On Bumpy Recovery PathWednesday, October 07, 2009![Dubai\](http://www.bayut.com/property/common/resize.php?img=100/580.jpg&d=45 "Dubai\") Dubai's villa market has possibly hit bottom, and the apartment market is beginning to bottom out, industry experts have said. "Rents need to go back to 2006 levels. There is a huge disparity between the different market segments in different areas and between lots of landowners and sellers over what the property is worth and what the tenants and buyers think. "It is the tenants and buyers that ar ... more |
Emmar To Open Burj Dubai By Year’s EndWednesday, October 07, 2009 An official from the company building the world’s tallest skyscraper in Dubai says the developer is committed to opening the tower by year’s end. Ahmad al-Matrooshi, the managing director of Emaar Properties’ UAE operations, says part of the Burj Dubai skyscraper will open by the end of December. Al-Matrooshi was speaking to The Associated Press at Cityscape property expo on Monday. Emaar Properti ... more |
Tanmiyat To Resume Developments In UAEWednesday, October 07, 2009 Tanmiyat, a Saudi-based developer, has said it expects to resume suspended developments in 2010, Reuters has reported. Tanmiyat plans to complete its 'Living Legends' development, a Dhs2bn mixed-use project in Dubailand in the coming three years, as well as start the building of an announced Dhs2bn tower in the Dubai International Financial Centre. Construction at the company's project in Ajman, A ... more |
District 49 Will Reflect Mohammad's Vision Of DubaiTuesday, October 06, 2009![District 49 Will Reflect Mohammad\](http://www.bayut.com/property/common/resize.php?img=100/577.jpg&d=45 "District 49 Will Reflect Mohammad\") District 49, a multi-billion dirham mixed-use project is being conceptualised near Zabeel Park by Dubai Real Estate Corporation (DREC) as a mark of tribute to His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said one of the concept designers associated with the project, which will also go by the abbreviation D49. The project has b ... more |
Cityscape Dubai — A Reflection of RealityTuesday, October 06, 2009 The opening day of Dubai’s most awaited business event of the year went as most had expected. A duller affair compared to previous years, Cityscape Dubai 2009 accurately reflected the true state of the country’s real estate market — too many sellers and very few buyers. At a few minutes before 9am on Monday, it was a smooth drive to Dubai International Convention and Exhibition Centre, and a walk ... more |
Union Properties Predicts Q3 Net ProfitsTuesday, October 06, 2009 Union Properties, Dubai's third largest developer, has said that it expects to post 'remarkable' net profits in its third quarter results, Reuters has reported. Third quarter profits would be driven by new units in the process of being handed over to customers, according to the company's new general manager Khalid al-Jarwan. ... more |
Rera Initiative To Help Strengthen RegulationMonday, October 05, 2009 The Real Estate Regulatory Agency (Rera) on Sunday opened a two-day conference bringing together the key regulators of the international property sector in Dubai to begin the process of consolidating regional regulation.
"The initiative comes in the wake of Rera's recent affiliation with the Association of Real Estate License Law Officials (Arello), finalised in the US in April of this year and ... more |
Dubai Properties To Deliver Five Properties In '09Monday, October 05, 2009![Dubai Properties To Deliver Five Properties In \](http://www.bayut.com/property/common/resize.php?img=100/576.jpg&d=45 "Dubai Properties To Deliver Five Properties In \") Dubai Properties Group, the real estate arm of Dubai Holding, has said that by the end of this year it will have handed over five new developments in Dubai. Developments scheduled for handover include The Executive Towers and Vision Tower at Business Bay, Shorooq Mirdif, and Al Waha and The Villa, both in Dubailand, the company said. ... more |
Gulf News Sponsors Property ShowFriday, October 02, 2009 Al Nisr Group and Worldwide Shows and Events have signed an agreement for Gulf News to become the title sponsor for the Worldwide Property Show in 2009, renewable for an additional two years. Returning to the Grand Hyatt Dubai on October 29-31, the event will now be known as Gulf News Worldwide Property Show. Despite having to cope with the Gulf War, 9/11, the Sars epidemic and now the current glo ... more |
‘Ajman Uptown’ Among 122 Projects Approved by ARRAFriday, October 02, 2009 ‘Ajman Uptown’, a Dh3.5 billion community project by Sweet Homes Holdings, a UAE-based master developer and multi-service provider to the real estate sector, has been named as among the 122 developments approved by the Ajman Real Estate Regulatory Agency,
or ARRA. This is the result of the master developer’s compliance to all regulations, which include its prompt registration and opening of ... more |
Sowwah Island Project Takes ShapeThursday, October 01, 2009 All infrastructure-related work in the first phase of the development of Sowwah Island, the core of Abu Dhabi's new Central Business District, is scheduled to be completed by next May, an official from the island's master developer said on Wednesday. "Sowwah Island's development will be in three phases. We plan to complete Phase I within the next five to seven years," John A. Thomas, executive dir ... more |
KHOIE Properties to Proceed With Dh5b Waterfront ProjectThursday, October 01, 2009 Khoie Properties doused talks that it was bankrupt and said it is proceeding with its Dh5 billion La Hoya Bay waterfront project in Ras Al-Khaimah. The property developer said in an e-mailed statement that is still controlled over Dh1 billion in land assets, and has Dh700 million in receivables from the ongoing
waterfront project. “The real estate market as a whole has been affected by the ... more |
