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Prime real estate prices in Dubai and Manama will finish the year up to five percent down on the start of 2011, Knight Frank has said in a new report. The real estate consultancy added that the decline in prices in the Bahraini capital are set to drop faster in 2012.
Dubai: Registration of residential and commercial rental contracts with the Dubai Land Department through Ejari system is mandatory only for those living in Dubai, a senior government official said. Residents of Sharjah, Ajman and other emirates, who are sponsored by Dubai companies or other entities, do not have to register with the land department.
Nakheel PJSC, Dubai’s largest property developer by assets, doesn’t have the right to deny residents of a palm-shaped island access to communal facilities by turning them into exclusive clubs, according to the emirate’s property regulator.
A fundamental shift is taking place in the UAE property market in the wake of the industry’s historic roller-coaster ride. Property in the UAE has lost Dh734 billion (US$199.9bn) in value since the market peaked in 2008, Shuaa Capital estimates. Construction and transaction activity slowed to a crawl as the global economy tanked.
Dubai’s real estate market is seeing “selective stabilisation”, with a pick-up in transactions expected early next year, Cluttons said on Tuesday. The real estate company said in a statement it has taken on 10 new staff “to meet demand in the New Year”, adding that prices were close to bottoming out in Dubai.
Over 2,000 registered property brokers in Dubai will no longer have to queue up at the Dubai Land Department (DLD) office for registering a property transfer.
Asteco says emirate will see 10,700 new apartments and 1,300 new villas in next six months Dubai will witness release of only 10,700 apartments and 1,300 villas during the first half of 2012, taking the total supply to 408,500 apartments and 59,000 villas, respectively, according to Asteco Property Management.
Dubai: Dubai Industrial City has completed the infrastructure of about 30 per cent of its area after investing Dh588 million in the projects over the past four years, it said in a statement to Gulf News. Power, water, sewage, irrigation and telecom systems are now up and running on 15 square kilometres out of the[…]
Some real estate agents in Dubai have resorted to charging commission fees to both buyers and sellers in a bid to bolster revenues that have fallen by nearly two-thirds, industry sources said. Agents who raked in profit at the peak of Dubai’s housing bubble are now doubling up on fees after monthly real estate transactions[…]
The chairman of Emaar Properties is claiming that property prices in Dubai have bottomed out, and are already starting to show signs of recovery due to investors looking for a safe haven.
Emaar Properties, developer of the world’s tallest building, is in talks with several UAE emirates to roll out affordable housing schemes and plans to concentrate on Dubai first, its chairman said. Despite a housing market that is widely seen as being oversupplied, Mohamed Alabbar said Dubai still has room for properties at a price point[…]
Dubai saw less than 1,700 real estate deals in the first ten months of the year, government data shows, a 70 percent decline on sales made at the housing market’s peak in mid-2008. Some 1,603 deals were signed off in the ten months to October, down from 5,363 during the same period in 2008, data[…]
There’s no denying the popularity of group buying sites in the Middle East. It’s a field with a couple of success stories to its name, including LivingSocial buying Dubai-based GoNabit and Cairo-based Offerna adding former BuyWithMe exec Sinan Khatib to its team. But the actual number of group buying sites that have launched in the[…]
A group buying website is linking up with a major Middle East developer to offer discounts on rental property in Dubai. Grosper, a new group buying website, launches later this month offering group discounts on property rentals and home related services.
According to latest research into the buying habits of Dubai’s residents, properties along the Sheikh Zayed road are the most popular. The findings highlighted a number districts that were most favoured amongst tenants, however Dubai Marina gained the most popularity across the board.
Dubai’s ruler has approved an AED2bn ($554m) package to develop tourism, residential and commercial projects across the Gulf emirate, it was confirmed Thursday. The projects, which include the renovation of the Al Maktoum Hospital area, will be carried out by state-backed Wasl Asset Management Group, Sheikh Mohammed Bin Rashid Al Maktoum said in a statement[…]
The UAE’s move to grant three-year residency visas to owners of property worth more than AED1m may have been pushed to the back burner amid doubts it will succeed in spurring fresh activity in Dubai’s housing market. The UAE government said in June it would replace visas that require renewal every six months for some[…]
Majority of homeowners in Dubai are still suffering from the real estate recession that started in 2008. According to them, the dip in the price of the property is too high for them to offload it at their current value.
Dubai said on Tuesday that the world’s first governance charter for real estate developers – aimed at improving transparency in the sector – would be implemented by January 2013. The Dubai Land Department (DLD) said it had launched the draft document with the blessing of ruler Sheikh Mohammed bin Rashid Al Maktoum.
A 2020 masterplan for the city of Dubai has been approved by the Executive Council, which will clearly demarcate usage of land in the emirate, a senior government official has revealed.
Emaar Properties PJSC (EMAAR), the Dubai developer of the world’s tallest tower, said it’s seeking financing options and that details of reports that it plans to raise cash backed by the emirate’s largest shopping mall were wrong.
Emaar, the developer of the world’s tallest tower, has denied media reports that said it is selling two of its hotels in Dubai. Emaar spokesperson told Arabic daily ‘Al Bayan’, “It is mere rumours and speculation.”
While various reports suggest Dubai’s real estate market will remain sluggish this year, many property owners have increased their sale prices. Villas in The Springs or apartments in The Greens are being advertised at a higher sale price than a few months ago.
Dubai: The construction industry in the UAE is still feeling the impact of the global recession with more than $170 billion (Dh 624.36 billion) worth of projects either on hold or cancelled, a report has claimed. “Its total project awards have fallen by $6 billion in the year-to-end August, while its cancelled & delayed projects[…]
DUBAI, Sept 13 (Reuters) – The amount of construction projects cancelled and delayed in the United Arab Emirates rose to $170 billion in August, Citigroup said in a report, signalling the battered sector in the Gulf state is still away from a recovery.
