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.

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[…]