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Wednesday, September 01, 2010
 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. ... more
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Wednesday, September 01, 2010
 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
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Tuesday, August 31, 2010
 Ras Al Khaimah-based Al Hamra Real Estate Development has announced that Phase 3 of the Royal Breeze freehold residential development has entered the final stages of construction, and units will be delivered in phases to investors starting September 2010. Type A town houses will be the first units to be delivered to investors starting next month, while Type C town houses, which have been fully ... more
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Tuesday, August 31, 2010
 The Ajman Real-estate Regulatory Agency (ARRA) on Monday introduced new guidelines that link payments to construction. The ARRA said it has completed the rules and guidelines concerning sale and purchase agreement (SPA) annulment and the terms and conditions that are required to terminate the contract between the developer and investor, when the contractual obligations by any of the parties is ... more
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Friday, August 27, 2010
 Access to cheaper mortgages will not happen any time soon for prospective property buyers in the UAE with a key lending benchmark — the Eibor (Emirates inter bank offered rate) — remaining on the higher side. In fact, a combination of factors are in play working to keep it that way. First off, there is the anaemic growth in deposits in the banking sector, which in turn is forcing banks to rely ... more
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Wednesday, August 25, 2010
 The Sharjah Government will restrict foreign ownership of land and properties to the UAE and GCC nationals, according to a government decree issued yesterday. This also puts to an end the real estate community's expectation that the emirate might open its land and property sector for foreign ownership.
Sharjah's Department of Property Registration will be the sole authority in dealing with pro ... more
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Monday, August 23, 2010
 Nakheel has paid $681 million (Dh2.5 billion) of the $1.1 billion (Dh4 billion) it owes to trade creditors under its debt restructuring proposal, a spokesperson confirmed to Gulf News. A report in the Al Khaleej newspaper said that about 80 per cent of Nakheel's trade creditors have agreed to new payment terms. Nakheel said on June 30 it had begun settling bills from its biggest trade creditors ... more
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Thursday, August 19, 2010
 Affordable housing assets could spin revenues of $125 million (Dh458.7 million) annually in the Gulf region if land prices drop to reasonable levels, analysts said. Consultancy A.T. Kearney came up with the figure based on "potential sales and asset management revenue" and proposed that developers adapt to volume sales rather than high margins in their business models. Kearney cited the experie ... more
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Wednesday, August 18, 2010
 Nakheel is to resume work on at least six projects by early October as it settles outstanding bills with contractors, The National has reported. "Nakheel is currently engaging contractors in the short-term projects with a view to continuation in the coming weeks," the company said. "We expect that all short-term projects will be fully mobilised by early October 2010." Contractors last month sta ... more
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Friday, August 13, 2010
 Developer Union Properties posted a net loss of Dh299 million for the first six months of this year, wider than the Dh198 million it reported for the same period last year. Revenue for the six months to June 2010 was Dh1,558 million, 16 per cent lower than the previous period's Dh1,863 million, the company said yesterday in a statement to the Dubai Financial Market. "However, as the core activi ... more
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Monday, August 09, 2010
 A report by CB Richard Ellis has said that residential rents in the UAE's northern emirates are expected to fall further this year, due to increased supply and weak demand, Reuters has reported. Rents in Sharjah have suffered the sharpest fall, declining around 50% since their peak two years ago. Ajman saw a 42% drop since the first half of 2008, while rents in Umm al-Quwain have fallen 39%. Pr ... more
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Friday, August 06, 2010
 Ras Al Khaimah Properties, or RAK Properties, posted a 33 per cent decline in second-quarter net profit to Dh96.24 million from the year ago period. In a statement to the Abu Dhabi bourse, where the company is listed, RAK Properties said the real estate industry has started a slow recovery and "we notice sales leads flowing in for the right-priced properties". The developer made a net profit of ... more
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Wednesday, August 04, 2010
 Dubai-based broker and developer, AA Properties has announced plans to build luxury villas and houses on The World, as it targets wealthy foreign buyers, Bloomberg has reported. The firm will award a construction contract worth between Dhs200m ($54m) and Dhs300m to Arabtec to build 12 beach villas on Taiwan Island, priced at $8.2m to $9.5m, as well as three houses. Power and water on the island ... more
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Monday, August 02, 2010
 Prices for UAE property came down again in the last quarter at an average of 4 per cent, with villas performing the strongest, according to Colliers International House Price Index, suggesting a trend for the remainder of the year. "We anticipate a further slowdown and we have an ongoing concern of the new supply entering the market, which will further impede recovery," said Ian Albert, regiona ... more
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Friday, July 30, 2010
 Aldar Properties, the biggest real estate developer in the capital emirate incurred a net loss of Dh789.5 million in the first half of this year mainly due to the lower gains from fair valuation of investment properties, and lower property sales recognized. The company had reported a net profit of Dh 1,142.5 million in the first six months of last year, but has been reporting losses for the las ... more
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