Outflow Of Residents To Dubai Eases Rents By 15%

Tenants Begin Moving Into Abu Dhabi Island Development

The handover of properties at a newly opened island development on the outskirts of Abu Dhabi has been hailed as "a great achievement". Tenants began moving into the Al Bandar and Al Naseem sections of Aldar Properties' Al Raha Beach Development earlier this month. The project, which has 511 apartments centred round a man-made marina and covers approximately 35,000 square metres, is the first r ... more

Jumeirah Lakes Towers 60% Complete

About 60 per cent of the Jumeirah Lake Towers (JLT) development has been completed, Dubai Multi Commodities Centre (DMCC), the community's master developer and operator, said on Monday. This milestone was achieved after Armada Group, a sub-developer, completed the third tower in its mixed-use cluster. "The 50th tower is an important milestone towards making JLT the full-fledged, mixed use commu ... more

Limitless To Delay Repayment Of $1.2bn Loan - Sources

Limitless, a real estate development unit of Dubai World, is to delay repayment of a $1.2bn loan for six months, Bloomberg has reported, citing two sources familiar with the matter. "Limitless has asked for another six-month extension, and they will probably get it. They want the time to come up with the restructuring terms and give banks time to agree," one of the sources said, requesting anon ... more

Nakheel Counts Down Completion Of Al Furjan

Nakheel announced on Sunday it is close to completing a set of residential apartments in its Al Furjan master community neighbouring Discovery Gardens and The Gardens. The recommencement of the final construction is being carried out by civil engineering and construction firm Al Basti & Muktha LLC. "Masaken Al Furjan is now more than 98 per cent complete. Masaken Al Furjan will be the first dev ... more

Nakheel Revives Al Furjan Development

Nakheel's Al Furjan residential villa community is the first of several of the developer's stalled projects in which construction is about to restart. "Nakheel, Dubai's master developer, is pleased to announce the recommencement of construction work in Al Furjan with Al Shafar Transport and Contracting, the well-known and respected contractor with many years of experience in the construction in ... more

Meraas To Award Pearl Jumeirah Contracts

Meraas Development, a member of the Dubai government-owned Meraas Holding, is set to award infrastructure contracts for the Pearl Jumeirah island development project as early as December, Gulf News has reported. "We've issued contracts for the reclamation work and the usual activities associated with island development like hydraulic studies, environmental studies and coastal protection," Meraa ... more

Aldar Begins Delivery Of Apartments At Al Bandar

Aldar Properties Saturday confirmed the handing over of apartments to homeowners at Al Bandar, the first residential community to be delivered within Al Raha Beach in Abu Dhabi. The process began last week with the first resident moving in last Monday. Al Bandar is home to modern apartments and duplexes, loft-style residences and larger family apartments, all with balconies and waterside views. ... more

Property Values In RAK Stabilise

Now may be the time to buy property in Ras Al Khaimah. Property values have more or less remained stable in the last two quarters and in some instances have even firmed slightly. "A lot of people are underestimating Ras Al Khaimah — it is an attractive and peaceful place where they can play golf until late and the area around the homes is much more spacious and at lower prices than in Dubai," s ... more

Ajman Tightens Realty Norms

The Ajman Real Estate Regulatory Agency (Arra) has been working overtime to restore normality in the emirate's beleaguered property market. On the heels of implementing regulations for developers,which require registration and an escrow account, Arra hasnow formulated terms and conditions that are required to terminate a sales and purchase agreement (SPA), when either the developer or the inves ... more

RAK Properties Repays $45m Of Government Loan

RAK Properties has announced its board of directors has approved repaying $45m (Dhs165.2m) of a government loan it had received a year ago, The National has reported. The loan, totalling $150m and due in 2014, was issued by Ras al Khaimah's Investment and Development Office last September to "enhance the business of the company" and support its "current and future projects", the developer said ... more

Sweet Homes Ajman Uptown Project Set For Handover In August

UAE-based Sweet Homes Holdings has said the first phase of its residential villa project within the Dhs2.2bn ($598m) Ajman Uptown community development is set for handover in August 2011. The developer also revealed the sub-structure of 1,504 villas has been completed and superstructure works are on track all two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villa ... more

New Move To Regulate Building Use In Sharjah

Landlords in Sharjah can turn their residential buildings into commercial and professional facilities according to certain conditions, under a new resolution issued on Tuesday by the Sharjah Executive Council. The council issued the resolution on Tuesday in a meeting chaired by Shaikh Sultan Bin Mohammad Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. Under the new real estate m ... more

Dubai Holding Unit To Seek Extension On Loan Repayment

Dubai Holding Commercial Operations Group, a real estate and hospitality group, is to seek an extension on a $555m revolving credit line until November 30, Bloomberg has reported, citing three bankers with knowledge of the decision. All lenders to the group agreed to extend the facility, said the bankers, who declined to be identified because the details haven't been made public. The company re ... more

Dubai Marina Remains Hot Favourite For Renters And Buyers

In a situation where the inventory is swelling, prospective house hunters in Dubai appear to have everything going in their favour. On the one hand, prices and rentals are becoming incredibly attractive while on the other, there are plenty of units to choose from in some of the best locations. When it comes to location, Dubai Marina tops the list of most sought-after developments in Dubai for r ... more

Construction Begins On Heart Of Sharjah Project

The Sharjah Investment and Development Authority (Shurooq) has announced the commencement of construction works on the 'Heart of Sharjah' project. The multi-phase project includes ongoing development works with the aim of reviving the historic and heritage areas of the Emirate. Construction on the first phase of the project began last week, and is scheduled for completion within two years.