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Lagoons Offers Buyers Alternative UnitsWednesday, September 30, 2009 The developer of the stalled Lagoons Project in Dubai is offering investors who bought homes in the project alternative apartments within Jumeirah Beach Residences, the National has reported. The offer is seen as the first sign of consolidation among Dubai Holding's main property units. Sama Dubai, which is the developer of the Lagoons, and Dubai Properties, which owns Jumeirah Beach Residences, r ... more |
UAE Corners 42% Of Mideast ProjectsTuesday, September 29, 2009 The UAE leads the $3.1 trillion (Dh11.3 trillion) Middle East property market when it comes to projects, accounting for 42 per cent of the total project value. This means that around $1.3 trillion worth of projects are currently underway in the UAE. The value of projects in Bahrain doubled to almost $8 billion and those in Qatar increased 71 per cent over the last year. Despite a tough year in the ... more |
Major Developers Show Confidence in CityscapeTuesday, September 29, 2009 Augmenting investor confidence is the name of the game as major developers are all set to go in this year’s edition of Cityscape Dubai. Emaar, Dubai Properties Group, Nakheel and Aldar are just some of the big brands participating in the event, and they are bringing with them their collective strategies to help resurrect the country’s property sector. Meraas Holding, another real estate company wi ... more |
New $250m Property Fund To Focus On UAETuesday, September 29, 2009 Tasweek Real Estate Marketing and Development has announced plans to create a $250m real estate investment portfolio targeting Dubai and Abu Dhabi over the next 18 months. The Abu Dhabi-based company said it was looking to invest in Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC) in Dubai and Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi ... more |
Abu Dhabi, Dubai Remain Top Choice for Property InvestorsMonday, September 28, 2009 Abu Dhabi and Dubai will be among the top markets in the Middle East and North Africa region to attract long-term regional and global investment into real estate markets for the next couple of years, a latest study finds. Jones Lang LaSalle, a real estate advisory firm, has predicted that Abu Dhabi, Dubai, Cairo and Casablanca are best positioned in the region to attract more long-term foreign inv ... more |
Masdar Seeks Funds To Build CityMonday, September 28, 2009 Masdar is considering plans to raise as much as $600m over a period of seven years from the first quarter of 2010, to fund the construction of the first phase of Masdar City in Abu Dhabi, Bloomberg has reported. Masdar is partnering with international companies, investment firms and educational institutions to develop and deploy leading technologies, systems and sustainable solutions in Masdar Cit ... more |
Ajman's Crown Residencia StalledFriday, September 25, 2009![Ajman\](http://www.bayut.com/property/common/resize.php?img=100/564.jpg&d=45 "Ajman\") Investors in the Crown Residencia project in Emirates City, Ajman will have to wait at least a year and a half before they can move in. Abu Bakr Abuzeid, finance manager of the project's developer, Al Batha Real Estate, said that many people have not paid installments and so the project has stalled. "We are waiting for many people to pay us. They are delaying payments. We need to swap our clients ... more |
Dubai Holding to Pay Off Sama Dubai’s LoanThursday, September 24, 2009 Dubai Holding will pay off Sama Dubai’s three-year $300 million loan facility which matures on September 27, it said on Wednesday. “Dubai Holding and its entities will meet their financial obligations in full and on the maturity date,” a Dubai Holding spokesman told Reuters, referring to the loan. Sama Dubai is the property arm of Dubai Holding and is being merged with local firms Dubai Properties ... more |
Deyaar Hands Over Dh700m Citadel ProjectThursday, September 24, 2009 Deyaar Development PJSC announced yesterday that it is handing over all units at The Citadel, its Dh700 million, 41-storey commercial tower located in the Business Bay master development. The Citadel is now the first commercial tower to be delivered by any developer in Business Bay, and is one of the first real estate projects of any kind to be handed over in this area of Dubai. Fulfilling the com ... more |
Abu Dhabi Real Estate Outlook PositiveThursday, September 17, 2009 The demand for residential accommodation in Abu Dhabi continues to remain strong due to the current lack of new supply. However, the knock-on effect of lower rents in Dubai could precipitate a supply-demand driven market correction as more residents and businesses choose Dubai over Abu Dhabi, says EFG-Hermes in its latest report on the UAE's real estate and construction sector. The rent differenti ... more |
Emaar to Miss Cityscape 2009Thursday, September 17, 2009 Dubai-based developer Emaar has announced that it will not be participating in the Cityscape Dubai exhibition scheduled for October. In a statement the developer said that it would be concentrating on its existing portfolio and finishing work on the Burj Dubai development. ... more |
Dubai Properties Group to Showcase Five Projects at CityscapeWednesday, September 16, 2009 Dubai Properties Group, a subsidiary of government-owned Dubai Holding, will showcase five landmark developments scheduled for handover this year at Cityscape Dubai 2009. The featured projects at the Dubai Cityscape will include The Executive Towers and Vision Towers at Business Bay, Shorooq at Mirdiff, Al Waha, and The Villa at Dubailand. “Our participation at Cityscape Dubai 2009 not only allows ... more |
TDIC Names Contractors For Abu Dhabi ProjectWednesday, September 16, 2009 Tourism Development & Investment Company, a state-owned developer in Abu Dhabi, has announced the names of the contractors that will complete phase one of its Saadiyat Beach Villas project. Abu Dhabi-based Al Jaber Building will build 354 villas in the development on Saadiyat Island, while Hilalco, also based in the capital, has been contracted to build the infrastructure. ... more |
A Ajman Body To Be Set Up To Tackle Real Estate IssuesTuesday, September 15, 2009 Ajman's Real Estate Regulatory Authority (Arra) will finalise the establishment of a legal committee including a property court in the next two months, to help settle disputes, a senior official told Gulf News. The committee involves representatives from various departments at both the local and federal government level, said Omar Barghouthi, director-general of Arra. "We are waiting to unify the ... more |
Al Hilal Bank to Set Up Real Estate, Brokerage SubsidiariesTuesday, September 15, 2009 Abu Dhabi’s Al Hilal Bank will setup real estate and share brokerage subsidiaries next year, a top official said on Monday. The new facilities will offer a broad range of financial and investment services in conformity with the principles of Islamic finance. Mohammed Jamil Berro, the Chief Executive Officer of the bank, told Khaleej Times that Abu Dhabi’s youngest of the two Islamic banks will se ... more |
Bayut.com emerged as a winner for Dubai’s Best Property Portal in CNBC AwardsThursday, September 10, 2009 Bayut.com has bagged an award for the best property portal in CNBC Arabian Property Awards, which is attributed to be the world’s most prestigious competition dedicated to find the best real estate professionals across the globe. Bearing in mind that the website (Bayut.com) is less than two years old, transpiring as one of the region’s best property portal in this short period of time is indeed a ... more |
The Address Dubai Mall Hotel OpensThursday, September 10, 2009 The Address Dubai Mall, a five star premium hotel linked directly to The Dubai Mall, opened doors to guests on Wednesday. The third property in the portfolio of The Address Hotels + Resorts, the hotel brand owned by Emaar Hospitality Group, The Address Dubai Mall has an elliptical design that stands tall next to the mall with direct access from Shaikh Zayed Road. The hotel has 244 rooms and suites ... more |
Rera Introduces Four-Tier Broker ClassificationWednesday, September 09, 2009 Dubai's property buyers will be better served from now with the introduction of a four-tier Dubai broker classification system by the Real Estate Regulatory Agency (Rera) that came into effect immediately. This has been launched as the "next stage of its strategic plan to implement a robust registration and licensing system to control and safeguard property sales," Rera said in a statement.
"The ... more |
Deyaar To Double Portfolio In Five YearsTuesday, September 08, 2009 An official of Deyaar Development PJSC Monday said the company will double the size of its property management portfolio in the next five years. Deyaar, a principal player in property development and management in the UAE, currently manages over 16,000 commercial and residential properties in the emirates, with over 95 per cent occupancy. Since the past year, Deyaar has been working with a long-te ... more |
Dubai Properties Group to Launch ‘Shorooq’ at MirdiffTuesday, September 08, 2009 Dubai Properties Group, a subsidiary of Dubai Holdings, announced the completion of new community Shorooq on Monday. The development features spacious villas and apartments and is located in the heart of Mirdiff, with easy access to both schools and shopping centres including the popular Uptown Mirdiff and the new Mirdiff City Centre Mall. The development’s close proximity to Mirdiff Rashidiya Me ... more |
Damac's CEO ResignsTuesday, September 08, 2009 Dubai-based developer Damac Properties has announced that its CEO, Peter Riddoch, will be stepping down next month after seven years as head of the organization. 'To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly ev ... more |
Khidmah Completes Leasing of Villas at Sas Al Nakhl VillageMonday, September 07, 2009 Khidmah LLC, an Abu Dhabi-based services management company, has completed leasing of 588 villas in the Sorouh Development at Sas Al Nakhl Village. Despite current challenges facing the region’s real estate sector, all properties were leased within months. Khidmah’s own Website played a key role in boosting leasing rates, with the latest Google data indicating that 39 per cent of the UAE responden ... more |
Trident Wins Dubai Skyscraper ContractMonday, September 07, 2009 Dubai-based Trident International Holding has awarded Arabian Construction Co, a Lebanon-based construction firm, a $397.5m contract to build one of the world's tallest towers, the Pentominium in Dubai Marina, Reuters has reported. The residential tower, which would take approximately two years to complete, will be 124 floors high and the second-tallest building in the world after Burj Dubai, ACC ... more |
Rak Properties Gets $150 Million Loan For ProjectsSunday, September 06, 2009 RAK Properties said on Sunday it has been granted a $150 million five-year loan for financing projects from the Investment Development Office (IDO). Mohammad Sultan Al Qadi, managing director of the IDO and the property developer's chief executive, said in a statement the loan would be used for the company's existing and future projects. The IDO is the entity behind a $2 billion Islamic bond progr ... more |
Dubai's Al Barari Villa Prices Fall By 30%Wednesday, September 02, 2009 Prices of luxury villas in the Al Barari Development in Dubailand have dropped by 30% in the past one year due to the downturn in the real estate sector, Emirates Business has reported. Mohanad Alwadiya, director of Harbor Real Estate said prices for the villas now range between Dhs12m and Dhs20m compared to last year's Dhs15m-Dhs30m. ... more |
Abu Dhabi Apartment Rents StaticTuesday, September 01, 2009 Apartment rents in Abu Dhabi were largely unchanged in August, indicating a third consecutive month of stability in the capital emirate’s rent market, according to a survey by the Khaleej Times and property management firm Asteco. The survey’s findings, used to create the KT-Asteco Rental Monitor, showed that rents for apartments in most areas of Abu Dhabi did not vary from the levels prevailing i ... more |
LAVA To Design Masdar City CentreTuesday, September 01, 2009 The UAE has selected Australia-based LAVA Architects to design the city centre for the Abu Dhabi Masdar project. LAVA's winning design features a five-star hotel, central plaza, convention centre, entertainment complex, and shops. The design also includes a number of integrated sustainable design features, such as solar 'umbrellas' that are modelled after flowers that open up during the day and cl ... more |
