Nearly 23,000 new housing units will enter Dubai’s market this year while around 18,000 are expected in Abu Dhabi to put further downward pressure on rents in the two emirates, a newspaper reported on Monday. At least 13,000 housing units were supplied in Dubai in 2011 while nearly 10,000 entered Abu Dhabi, the semi official[…]

DUBAI: Residents of Palm Jumeirah’s luxury Shoreline towers yesterday urged police to unlock the back door of a building closed by its developer in a row over beach access. The crowd met in a lobby trying in vain to have officers open the entrance, which was shut by Nakheel to stop residents using the beach.

A military conflict between Iran and Western powers would be detrimental to property prices in the United Arab Emirates as the country would lose its safe haven status, according to Jones Lang LaSalle Inc. A confrontation will affect “confidence in the U.A.E. and the impact on real-estate prices would be certainly negative,” said Fadi Moussalli,[…]

Average room rates of Dubai hotels dropped 18.7 per cent to $217 in November 2011 compared to $267 for the same month last year, according to Ernst & Young’s latest figures. The figures showed that the emirates posted third biggest drops in November in the Mena region after Sharm El Sheikh (22.8 per cent) and[…]

Major Dubai developer Nakheel has announced plans to start rebuilding on its iconic Palm island development, the first activity since it received a government bailout in 2009. The Pointe development will include shops, computer controlled fountains, a marina and a public walk on the tip of the palm shaped island, chairman Ali Rashed Lootah confirmed.

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.