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Thursday, July 02, 2009
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario ... more
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Thursday, July 02, 2009
Mixed signals continue to baffle recovery hopes for Dubai’s once bouyant property sector as analysts remain divided with their predictions of a time-frame for the eagerly awaited turnaround and its overall impact. While some property market experts see recent trends in prices and rents as signalling the end of the downturn, quite a few believe the worst is yet to come for the sector that has se... more
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Tuesday, June 30, 2009
More than 12 developers have registered with the new Rakia Rera, the Ras Al Khaimah Investment Authority's property regulation arm. Rakia Rera will first oversee the implementation of the escrow account law for freehold projects.
There are currently a minimum of 100 developers in Ras Al Khaimah presiding over the same number of projects, said Wahid Atalla, board member of Rakeen, which is deve... more
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Monday, June 29, 2009
Emaar Properties said on Sunday that its proposed merger with three property companies owned by Dubai Holdings would create a real estate conglomerate with a combined asset value of Dh194 billion ($53 billion). The new entity, resulting from its merger with Dubai Properties, Sama Dubai and Tatweer, will have total debt obligations of Dh13.4 billion, or around 7 per cent of aggregate assets, Ema... more
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Monday, June 29, 2009
Cayan Investment and Development - one of the region's leading real estate developers - on Sunday said its Infinity Tower development in Dubai Marina has seen accelerated construction and has already achieved significant progress on site. The 80-storey tower will offer a stunning view of Dubai Marina. The podium levels which make up six floors are complete. Arabtec, the main contractor for the ... more
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Thursday, June 25, 2009
Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. 'Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector,' Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday.... more
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Thursday, June 25, 2009
Aldar Properties, Abu Dhabi's top property developer by market value, will focus on projects in the emirate for the next five years, looking to weather the sharp downturn in its local market, Aldar's chief said. I think we've got at least the next nine months of continuing great caution and flat market performance here," Aldar Chief Executive John Bullough told the Reuters Global Real Estate Su... more
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Wednesday, June 24, 2009
Representatives of tenants residing in six-storey Zabeel Building on the Umm Hurair road will be meeting with officials from the civic body and the Dubai International Real Estate today to discuss an eviction order. There are about 250 flats in the building. A notice served to the tenants by the Dubai International Real Estate states that the condition of the building is in dire straits and nee... more
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Wednesday, June 24, 2009
Sales prices for homes in Dubai have stopped falling and in some areas are edging upward, though rentals rates continue to drift lower, a property consultancy said on Tuesday. The findings of Landmark Advisory add to a small but growing body of evidence that suggests at least parts of the emirate’s battered real estate market might be on the mend. Signs of a turnaround are strongest in upscale ... more
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Tuesday, June 23, 2009
Nakheel, the Dubai master developer, has announced a reduction of approximately Dhs5 per square foot to the service charges for its Discovery Gardens' homeowners. The new rate has been formally agreed with the Dubai property market regulator (RERA), and will be backdated to January 1, 2009, with any rebates for householders being credited against next year's service charges effective from Octob... more
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Tuesday, June 23, 2009
Khuyool Investments, one of the leading premium property developers in the UAE, announced on Monday that it has awarded Delta Foundation to carry out foundation works of Abjar Tower. The flagship property is the tallest tower among all other developments in Jumeirah Village South, Dubai. The foundation works are scheduled to be completed during the first quarter of 2010. The phase one of the co... more
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Monday, June 22, 2009
Dubai-based developer Omniyat Properties has invited selected contractors to bid by July 17 for the contract to build its Octavian project at Business Bay, Meed has reported. The project involves the construction of two 16-storey office towers with four basement levels and four podium floors, with a total built-up area of about 100,000 square metres.... more
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Thursday, June 18, 2009
Major developers in the UAE will eventually be able to offer their own home financing to buyers for units in their projects, industry experts say. Although lending has started again in the market, it remains sluggish and there are only a limited number of financing options, especially for mid-income earners. Amlak and Tamweel together dominate the Dh60-billion mortgage industry here with a 60 p... more
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Wednesday, June 17, 2009
Dubai Islamic Bank, the largest Islamic bank in the UAE, announced that it is offering up to 90% financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers.... more
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Wednesday, June 17, 2009
ETA Star Property Developers has begun handing over units in its Dh700-million Liberty House in the Dubai International Financial Centre (DIFC). The project, an L-shaped building, has 140 offices, 124 studios, 68 one-bedroom apartments and 28 two-bedroom apartments. The studios are priced at just over Dh1 million and the one-bed apartments at around Dh1.6 million. The residential units have bee... more
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