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Work On Dh2b Phoenix Mall To Begin This YearFriday, September 30, 2011 Dubai: A massive new dev-elopment covering eight million square feet on the outskirts of Dubai will help bring more foreign direct investment into the UAE, the developer behind the project said yesterday. Dubai-based real estate firm Meraas Holding will begin construction this year on the Phoenix project, including the Phoenix Mart mall, after agreeing a Dh2 billion investment with Chinese investm ... more |
Damac Has No Plans To Seek CapitalThursday, September 29, 2011 Dubai: Damac Properties does not have any immediate plans to tap the country's capital markets after coming through the global economics downturn relatively unscathed, a senior company official said yesterday. The Dubai-based luxury developer, which is showcasing its new Suites and Spa venture at Cityscape Global, says it has completed 21 buildings, comprising of more than 4,000 units, year-to-dat ... more |
Mortgages Yet To Reach Ideal StateWednesday, September 28, 2011 |
Exhibitors Optimistic About Return Of Investor AppetiteWednesday, September 28, 2011 Dubai: As Cityscape Global 2011 began, optimism remains high on the back of increased business and demand seen in the lead-up to the event. Taking centre stage in the exhibition halls are the usually heavyweights: Emaar, Nakheel, Dubai Properties Group, Meraas and Deyaar. However, this year also sees an increased presence by international exhibitors. Over 50 per cent of exhibitors are internationa ... more |
Infrastructure And Regulations In Sharp FocusWednesday, September 28, 2011 Dubai: The need of the hour for the property market in Dubai is to finetune regulations governing the sector and put finishing touches on developments, developers and regulators say. Off-plan sales are obsolete and most projects are nearing completion. According to Ziad Al Chaar, managing director at Damac properties, Dubai's real estate market can be classified into two segments; one in which the ... more |
Abu Dhabi Works On Dh30b Housing BoostWednesday, September 28, 2011 Abu Dhabi: Greenery is scarce and the land barren except for a few scattered residential areas for miles around Abu Dhabi International Airport. But within the next few years, this corner of Abu Dhabi will see unprecedented changes, as three mega cities are developed at an estimated cost of Dh30 billion to serve the capital city's growing population. Khalifa City A, Khalifa City B and Mohammad Bin ... more |
Hotels Highlight Improving Real Estate Trend In DubaiTuesday, September 27, 2011 Dubai: The hotel sector continues to be the best performer in Dubai's real estate market as increasing tourist arrivals lead to higher occupancy and RevPAR (revenue per available room) levels, according to the latest report by Jones Lang LaSalle (JLL). The outlook for Dubai's residential market is mixed as the sector seems to be approaching the bottom of the property cycle. Villas, particularly in ... more |
Maximum Fee For Tenancy Renewal Is Dh160Tuesday, September 27, 2011 Dubai: Real estate agencies who demand fees from tenants wanting to renew their rental contracts are breaking the law, Gulf News has learned. Dozens of readers have complained in recent weeks that real estate agencies are demanding fees or commissions when they choose to stay another year in rented accommodation. Marwan Bin Galita, CEO of the Dubai Real Estate Regulatory Authority, said the move i ... more |
Deputy Ruler Of Dubai Opens Cityscape GlobalTuesday, September 27, 2011 Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai on Tuesday officially opened Cityscape Global at the Dubai World Trade Centre, with the attendance of Shaikh Ahmad Bin Saeed, Chairman of Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group, and top government officials. Shaikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation A ... more |
Nakheel's Islamic Bond Undervalued On The MarketplaceTuesday, September 27, 2011![Nakheel\](http://www.bayut.com/property/common/resize.php?img=100/986.jpg&d=45 "Nakheel\") The value of Nakheel's Islamic bond, or sukuk, is undervalued on the marketplace, the company's chairman said on Tuesday. The Dubai-based property developer, which completed a complex Dh59 billion debt restructuring last month, will issue the final tranche of its $1.63 billion Islamic bond by the end of 2011 and also expects to make a profit for the second consecutive year, Rashid Ali Lootah said ... more |
Deyaar, Tamweel In Business Bay OfferSunday, September 25, 2011 Dubai: Deyaar Development and Tamweel are jointly offering ready units at four Deyaar projects in Business Bay at an optimal flat rate — with no additional fees from either the developer or the finance provider. As the exclusive home finance provider for this special offer, which will be launched at Cityscape Global 2011 and available for a limited period, Tamweel will extend financing of up to Dh ... more |
Dubai Marina And Downtown Buck The TrendFriday, September 23, 2011 Dubai: For a more upbeat version of recent activity in Dubai's real estate space, a tale of two clusters — Dubai Marina and Downtown — will suffice. And the trends within both offer lessons the rest of the property market can — and should — follow. Market sources confirm that sales activity has increased in recent weeks at Downtown, with the values helped along by the limited new supply getting ad ... more |
Nakheel Seeks To Put Restructuring BehindWednesday, September 21, 2011 Dubai: The chairman of real estate developer Nakheel said on Tuesday he "can now sleep at night" following the completion of the company's Dh59 billion debt restructuring. Ali Rashid Ahmad Lootah, who was meeting with contractors at Nakheel's Jumeirah Islands development, said the developer would hand over "more and more property units" in the coming months as the company enters a new chapter. Nak ... more |
Nakheel Sukuk Falls As Holders Crowd MarketTuesday, September 20, 2011 Dubai: Nakheel's Islamic bonds, which were issued to contractors and suppliers instead of cash as part of a $16.1 billion (Dh59.1 billion) restructuring plan, fell in their first week of trading as holders flooded the market. The real estate developer saw the yield on its sukuk soar 108 basis points since September 9, or 1.08 percentage points, to 17.08 per cent on September 16, according to price ... more |
New Initiative To Revive Stalled Dubai RealtyTuesday, September 20, 2011 Dubai: Dubai's stalled real estate projects could be granted a new lease of life under an initiative by the Dubai Land Department and Wasl Asset Management Group. The agreement, signed on Monday, will see the DLD and Wasl pick on-hold projects in the emirate and offer them for sale or lease to investors in an effort to restart developments that were abandoned or stalled during the financial crisis ... more |
Mena Faces Shortage Of 3.5m Affordable HomesMonday, September 19, 2011 Dubai: The Mena region is facing a shortage of 3.5 million affordable homes, with the biggest undersupply in Egypt, Iraq, Morocco and Saudi markets — a major challenge, given that this is one of the reasons behind the political turmoil in the Arab world, a Jones Lang Lasalle report said. Egypt requires 1.5 million affordable homes, Iraq one million, Morocco 600,000 and Saudi 400,000 homes.There is ... more |
Many Still Struggle To Find Suitable OfficesFriday, September 16, 2011 Dubai will always benefit from its global positioning and being an established logistics hub. For many big businesses it is now seen as surprising if they do not have an office or branch in the UAE. The recent boom and oversupply of commercial space to lease within the city is testament to the demand that used to exist for offices and retail space from companies establishing themselves in Dubai. W ... more |
Dubai Tenants Spending More To Get MoreThursday, September 15, 2011 For banker Shagun Deepchandani, her new home is the perfect place to live — she enjoys panoramic views of Shaikh Zayed Road, it is under five minutes drive away from work and is close to all the hotspots in Dubai. She moved from a studio in Bur Dubai to a spacious one-bedroom right on Shaikh Zayed, taking advantage of the falling rents. The impetus for Shagun's relocation was to upgrade for conven ... more |
Rents In Business District StableThursday, September 15, 2011 Dubai: Rental rates in the Central Business District (CBD) remained stable between the first and second quarters of 2011, according to CBRE.
Commercial rates fell only 3 per cent between fourth quarter 2010 and first quarter 2011 and 18 per cent from second quarter 2010 and second quarter 2011.
"I don't think we're going to see that much more downward pressure because there's not much more s ... more |
Developers Fear New Recession; Bullish On UaeFriday, September 09, 2011 Abu Dhabi: Developers are dreading a global double-dip recession and keeping an eye out for any warning signals. Masoud Al Awar, CEO of Tasweek Real Estate Marketing and Development, said the motto for developers used to be "pretend and extend" — expanding their projects despite the market's oversupply — while in 2011 that changed to "delay and pray".
"By delay, I mean waiting to see whether th ... more |
Demand And Rents Inch Higher For Shaikh Zayed Road OfficesFriday, September 09, 2011 Dubai: For Dubai's original stretch of signature high-rise properties, the Shaikh Zayed Road (SZR), it is back to the good old times. Mind you, not the octane-driven period between 2007 and end-2008, but the one prior to that when commercial lease rates there were first starting to inch up.
The current lease rates for office space on SZR — at or around the Dh130 a square foot mark — have been s ... more |
Dh1.4b Worth Of Property Claims SettledTuesday, September 06, 2011 Ajman: The Ajman Real Estate Regulatory Agency (Arera) has settled property claims worth Dh1.4 billion in the Al Helio Downtown project. Shaikh Abdul Aziz Bin Humaid Al Nuaimi, Chairman of Arera, said that the move to settle the claims underscores the importance accorded to investors' rights and is in accordance with directives issued by His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Supreme Cou ... more |
Abu Dhabi Selects Housing Grant Beneficiaries For Aldar ProjectFriday, September 02, 2011 Abu Dhabi: An Abu Dhabi government committee is preparing a list of beneficiaries of a housing grant for 4,857 residential villas Aldar Properties, the emirate's biggest real-estate company, is building. The 12.5 million square-metre plot will house more than 60,000 people in the new Al Falah residential neighbourhood, according to a statement received from Aldar Properties, the main developer.
... more |
