Dubai Real Estate

Nakheel PJSC, Dubai’s biggest developer, told creditors it wrote down 78.6 billion dirhams ($21.4 billion) from the value of its real estate as property prices in the emirate crashed.

Dubai is one of the worst performing real estate markets in the world but the rate of price decline is slowing, according to a new global property report. The emirate’s troubled property market, which has seen prices fall by up to 64% in some locations, was the ninth worst performing market in the world last[…]

The growth in rent-to-buy property schemes, where tenants can convert the rent they have paid into equity towards the purchase of their unit, has proven to be a popular way for buyers to get onto the UAE property ladder, analysts have said. Aldar Properties, Abu Dhabi’s largest developer, this week launched a rent-to-own programme for[…]

One property analyst is anticipating falling sales rates among real estate assets in Dubai over the coming months, predicting a decline of between ten and 15 per cent.

Dubai’s property industry is now a buyer’s market. It’s a far cry from the heady days of the property boom when sellers were calling the shots and getting a premium price. Buyers are now after the most attractive projects. There is a reasonable demand for residential units in areas that have finished roads and basic[…]

DUBAI — Dubai continues to attract a large number of tourists as hoteliers in the emirate recorded the biggest year-on-year jump in occupancy level within the Middle East during July, global consultancy firm Ernst & Young said in its latest report. Occupancy level reached 80.8 per cent in the emirate during July compared to 70.3[…]

The local banks in the UAE are well capitalised and banking sector in the country will remain on its slow road to recovery heading into next year, according to a latest forecast. The business environment and infrastructure is very favourable and regulators are well regarded, Business Monitor International (BMI) said in its new report on[…]

Chandigarh, Sep 4 (PTI) With real estate developer DAMAC Properties showcasing luxury properties in Dubai available at “lower” rates than the cost of a 1,000-square foot home in Chandigarh, buying a house in the Middle East trading hub is no longer a distant dream for many.

Nakheel plans to slash maintenance fees at its real estate developments in Dubai by nearly a third and has pledged homeowners in its properties will pay the lowest service charges in the city. “We are shooting for a 30 percent reduction in services charges compared to 2010… We want to have the lowest service charges[…]

DUBAI — The Dubai Real Estate Court ruled recently that a real estate firm should pay back Dh423,000 to a customer (the complainant in the case) after it has been proved that it had failed to complete a property project he had signed up to purchase.

Properties located near Dubai Metro’s soon-to-be-opened Green Line may benefit from a jump in rental rates as commuters favour houses with good transport links, Asteco said. Apartments near operating stations in Bur Dubai and Al Barsha have seen an up to 10 percent rise in rents, the real estate consultancy said in a report, and[…]

DUBAI: The Dubai Metro Green Line will open on September 9, making the driverless rail system the world’s longest. The new line has 18 stations over 23 kilometres and covers some of the emirate’s busiest tourist segments along the Creek, crowded residential areas, business districts and ministry offices.

(Reuters) – Property developer Nakheel NAKHD.UL will issue its long-delayed 4.8 billion dirhams ($1.3 billion) Islamic bond this week as it launches a five-year restructuring plan on Wednesday, its chairman told a local newspaper.

Dubai has seen a surge in investors, shoppers and tourists from China this year, analysts and industry experts across a number of sectors have reported. Dubai was one of the major real estate markets affected by the global recession, with around half of projects put on hold and prices dipping up by up to 60[…]

DUBAI — A boost in villa demand has more than offset a continued decline in apartment sales to lift Dubai’s listless residential market, Landmark Advisory, a real estate consultancy, said 
on Monday. “There has been a solid rise in interest in residential sales across Dubai in certain established and prime residential areas such as Downtown[…]

Dubai: Emaar Properties yesterday revealed that it saw a 20 per cent increase in hospitality revenues in the second quarter of 2011. Revenues from its hospitality segment grew to Dh283.76 million in the second quarter from Dh236.1 million in the same period in 2010, Emaar said in a financial statement posted on the Dubai bourse’s[…]

Gulf stocks were mixed on Thursday in reaction to continued volatility in global markets as investors worry over a potential new US recession. The Dubai Financial Market index, which dropped more than one per cent at the opening, managed to climb back to the green, closing 0.21 per cent up at 1,464.00 points.

DUBAI: A luxury villa on Dubai’s Palm Jumeirah has been sold for nearly USD 7.6 million at an auction, bucking the trend that saw property prices on the island decline steeply in the recent months.

The UAE’s decision to grant three-year residency visas for property worth more than AED1m is unlikely to give any boost to Dubai’s beleaguered real estate market, Mishal Kanoo has said. The leading Arab businessman and deputy chairman of the Gulf conglomerate Kanoo Group said property prices in new Dubai were leveling out but could still[…]

While overall property values are still to reach the bottom, luxury property in Dubai is already on an upward trend backed by higher sales, local realtors said. One agent pointed towards a “large increase” in the values of villas on the Palm Jumeirah, while prices for Emirates Hills villas had appreciated by between 10 and[…]

Tamweel, the Dubai-based Islamic mortgage lender, has entered the non-resident home loan market with the launch of two new financing products. The move, which makes Tamweel the first UAE lender to tap into overseas property investors, comes a month after the Government announced a new three-year visa scheme to overseas buyers of homes worth more[…]

Investment bank Rasmala reckons a 20 per cent downside potential to property prices in Dubai, estimating that an additional 35,000 homes will be delivered in the emirate between 2011 and 2013 – boosting the existing housing stock of an estimated 330,000 units by about 10 per cent.

Dubai is in the Top 10 of most popular business locations in the world according to Business Footprints – Global Office Locations, a new report by the world’s largest real estate services firm, CB Richard Ellis (CBRE).