Inflated property prices on the Palm Jumeirah have plummeted 40 percent, real estate brokers reveal.

However, villas and apartments are still selling at prices higher than original. Most property owners are hurrying up to sell their properties, said Robert Macnair, Sales Director, Elysian Real Estate.

The urgency could be due to the fact that there is a large payment coming up, or the market ...

Eager to put an end to the confusion and panic prevailing currently in the market, the master developers are said to be offering payment extensions to property developers in Dubai.

A developer in Dubai, when speaking to the media, revealed that when they requested their master developer to defer their land payment, they were readily granted a three-month extension.

The extension granted was ...

Damac Properties, the leading Dubai-based developer said that their The Crescent project is nearing completion, and is the first project to be finished at the International Media and Production Zone, Dubai.

According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The ...

Sharjah: Developers will have to implement 'green' building regulations in new commercial and residential buildings in Sharjah by next year as part of an official campaign to conserve energy in the emirate.

Sultan Al Mualla, Assistant Director-General for governmental projects at Sharjah Municipality, said: "The new rules are expected to be announced in January 2009, and will be implemented imm ...

After Shah Rukh Khan, Fardeen Khan is the latest Bollywood star to lend his name to a real estate project in the UAE. The actor at a ceremony in Ajman introduced the exclusive unveiling of the ‘Crescent Star' project, a 33-storey apartment hotel property.

"Whenever I feel to take a break from films, I find Ajman, the perfect location to relax and take time out of the hectic schedule," actor, F ...

Dubai's leading real estate developer, Nakheel tops the list of big property owners in the UAE with $98 billion (Dh360.44 billion) worth of projects, according to dmg world media Dubai, the organisers of Big 5 Exhibition.

Nakheel's biggest projects include Palm Deira, the World, Dubai Waterfront and Nakheel Harbour and Tower development. Meeras' sole development is the Jumeirah Gardens project ...

Two of the leading UAE-based real estate finance providers, Amlak Finance PJSC and Tamweel will be merged into a new entity under the umbrella of the Real Estate Bank, the Ministry of Finance announced. Merger of Amlak and Tamweel will contribute to the creation of a strong entity that will boost the property finance market in Dubai.

"The merger is considered a landmark development for the fin ...

Several property agents in Dubai predict a bright property market, with the sector expected to pick-up within next six months.

The CEO of Dubai Properties, Mohammed Binbrek, said that the current issue is more due to public sentiment, than due to liquidity or resource availability. Once the fears and concerns of the people are addressed, the business would return to normal.

The same optimism ...

Out of Dh.1.84trillion global waterfront projects, about 50 percent would be accounted to by the region. According to industry analysts these projects are in pipeline for next five years.

With more than 50 percent of the projects in hand, UAE tops the list of global waterfront projects, said Gavin Boyd, the Director of Palm Deira development.

During the early 1990s Dubai had only 70kms of co ...

Former Miss World and Bollywood Actor, Priyanka Chopra is the 'Goddess of Atlantis', part of a money-no-object opening party for the Dubai hotel property, sources revealed. In an elaborate ceremony in front of hundreds of A-list celebrities and royalty last week, star has been given the task of officially opening the $1.5 billion hotel property on Palm Jumeirah, Dubai.

As the 'Goddess of Atlan ...

The worlds first rotating skyscraper, 'The Dynamic Tower', has been named as one among the "Best 50 inventions of the Year" by the TIME Magazine, due to its revolutionary design and innovation.

Created by David Fisher, the renowned Italian architect, the tower was one of the first choices in a list of ground-breaking inventions. Every floor of the tower rotates independently so as to form a bui ...

Most significant five days for the construction sector in the Middle East fast approaches with The Big 5 exhibition, the organisers say the show is now a sell out with industry exhibitors. The Big 5 takes place at Dubai International Exhibition Centre from 23-27 November 2008.

Analysis carried out by The Big 5 research partner Proleads has identified more than 250 major civil construction proj ...

The Dubai Real Estate Corporation (DREC)-owned asset management group, 'Wasl', announced plans for expansion initiatives for several landmark properties in Dubai. This is a part of its directive to monitor and ensure the sustainable development of property sector for Dubai Government.

The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are few of the pro ...

A leading real estate developer in the UAE, Union Properties PJSC (UP) offers flexible leasing and buying opportunities for its residential and commercial properties by giving potential residents and businesses the option to rent, own or rent-to-own. The property developer is a winner of the Mohammed Bin Rashid Al Maktoum Business Award for Real Estate Development.

Lesley Sayle, Chief Property ...

Gulf's waterfront property developments account for well over 50 per cent of the $500 billion (Dh1.84 trillion) worth of worldwide waterfront projects planned for the next five years, industry officials say. The vast majority, far above 50 per cent, of this total will be in the UAE, said Gavin Boyd, director of development at Palm Deira.
This is expected to exceed 1,000 km by 2015, especially wi ...

An online property registration scheme, Oqood, has been unveiled by Dubai Government that analysts say, will lead to a higher level of transparency and eventually create an online real estate price index (PPI).

Mohammad Sultan Thani, assistant director-general for Excellence and Organisation Governance at the Dubai Land Department, said: "Interim registration is essential for the real estate m ...

Luxury arm of Dubai-based real estate firm, Nakheel Hotels opened the Fontainebleau Miami Beach resort this weekend. The grand launch of the newly renovated Fountainebleau Miami Beach resort was celebrated by dignitaries and businesspeople.

Nakheel Hotels has invested $375 million with Fontainebleau Resorts, LLC, a privately-held, Las Vegas-based resort developer, for a 50 per cent interest in ...

UAE is ranked the third most optimistic nation in the latest Nielsen Consumer Confidence Index, despite a world-wide struggle in the wake of an economic slowdown, moving up from its previous fourth position ranking six months ago. Out of 52 countries surveyed, UAE consumers ranked third most optimistic for their local job prospects and state of their personal finances.

"Despite being affected ...

A member of Tatweer Dubai, The Tiger Woods, revealed that the construction work on the 55million square feet golf community development is heading towards its scheduled completion by the end of 2009.

The project has met with considerable progress across all facets of development, including the Al Ruwaya Golf Course, the world's first to accept design cues from the Champion Golfer. A boutique ho ...

Aldar Properties today announced the signing of an exclusive development agreement with The Ritz-Carlton Hotels Company which will result in the development of a number of luxury hotels in Abu Dhabi to be managed by The Ritz-Carlton. The parties also announced the signing of the second hotel management agreement under the exclusive arrangement which relates to The Ritz-Carlton Abu Dhabi, Al Dana t ...

The Gulf General Investment Company (GGICO) has announced that 75 percent of all its units in the third phase of the Axis Residence Project, have been sold within days after its launch. The project is located in the attractive location of Dubai Silicon Oasis (DSO).


According to the company, the special financing solutions developed by the company has increased the attractiveess of the opport ...

A new law on banking credit will soon be introduced, Minister of Economy Sultan Bin Saeed Al Mansouri said. Al Mansouri said the ministry had also finalised the draft of a new companies law that is expected to be introduced next year.

As regards the banking credit law, he said the Ministry of Finance had drafted the legislation and referred it to the federal cabinet for consideration and issua ...

Master Developer Nakheel has revealed the completion of designs of the three 12-lane bridges linking Palm Deira to the mainland Deira. The bridges are worth a total of Dh.1980million.


In the meanwhile, Nakheel has entered into an alliance with the Roads and Transport Authority (RTA) Dubai, to connect the transportation network on mainland Deira to the network developed by Nakheel on Palm Dei ...

Gulf General Investment Co. (GGICO), one of Dubai's leading diversified companies, has sold 75 per cent of all units available in the third phase of its Axis Residence project, located in Dubai Silicon Oasis, within the first few days of its launch.
The company said that the special financing solutions they have developed had greatly increased the attractiveness of the opportunity now that insta ...

new Dh.1.8bn Royal Bay project was unveiled at the Dubai Waterfront by the developer VIP Waterfront.


Complete with two helipads to enable access, the Royal Bay development covers a built-up area of more than 1.2mn square feet. The development includes a 158 units residential tower and a penthouse. About 107 offices are situated within its commercial tower. Both towers are linked at one level ...

Tiger Properties has announced the delivery of a 40-storey tower in new Dubai. The Jumeirah Lakes Towers project is located immediately in front of a Dubai Metro station, as well as walking distance from Almas Tower, which will house the region's only diamond bourse, the Dubai Diamond Exchange. The company's facilities management arm, having newly been formed, intends to serve the 500,000 square f ...

04/11/08

Kuwait-based Abyaar Real Estate Development Co. posted a 95.8 percent jump in profit to 7.03 million dinars ($26.1 million) for the third quarter, compared with 3.59 million dinars for the same period last year.

Abyaar said on Tuesday net income for the first nine months of 2008 increased to 24.33 million dinars, up from 12.49 million for the year-earlier period.

Arabian Business ...

03/11/08

House prices in Dubai surge again during the third quarter, while rental growth continued to slow, broker Asteco said in a report published on Monday.

Asteco said villas witnessed the strongest growth in sales prices quarter-on-quarter, with villa prices jumping on average 24 percent in Q3, while apartment prices rose by an average of 20 percent.

The broker said growth in villa p ...

04/11/08

UAE real estate companies are targeting growth in India as its property sector prepares to post a 30 percent growth rate in 2008.

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to reach $60 billion by 2010, according to research outfit Cityscape Intelligence.

As a consequence a large contingent of regional real e ...

31/10/08

Patients from the UAE are travelling to Asia’s poorest regions to buy black market organs for transplantation, some of the country’s top surgeons have revealed.

Estimates from three consultants working in renal and liver departments put the number of patients taking part in illegal transplant tourism at between 30 and 40 per year.

Their action is being fuelled by the absence of a ...

31/10/08

24 Group, an outdoor media specialist and exhibition stand builder, is establishing a permanent exhibition center where real estate players in the UAE and the Middle East can showcase their projects year-round. The first permanent property and mortgage exhibition in the UAE is dubbed the Property Outlet and will be located at the shopping mall of Crowne Plaza Towers in Dubai. Supported ...

29/10/08

Dubai-goernment owned developer Limitless said on Tuesday it is inviting construction firms to bid for the second phase of earthworks on Arabian Canal, its $11 billion waterway.

The contract will involve the excavation of around 300 million cubic metres of earth along an 8.5 kilometre stretch of the Canal’s route, the company said in a statement.

It follows the appointment last ...

28/10/08

Kuwait said it wants to allow citizens from other Gulf Arab states to own property and land as part of efforts to open up the sector in the major OPEC producer.

The cabinet said in a statement late on Monday citizens of Saudi Arabia, the United Arab Emirates, Qatar, Oman and Bahrain would be treated like Kuwaitis in "ownership of land and property", which until present is closed to ...

28/10/08

The controversial one-villa one-family campaign which has forced many tenants in Dubai to be evicted from their homes is also to be enforced in Abu Dhabi.

As authorities prepare to disconnect electricity and water supplies to villas not complying with the rules in Dubai, the Department of Municipal Affairs in Abu Dhabi has announced plans to follow suit.

Joaan bin Salem Al Dhahi ...

26/10/08

Emaar has revealed the winning entry for its competition to name the Burj Dubai fountain.

It will be called “The Dubai Fountain” – and the fifteen people who suggested it will share the 100,000 dirham prize money.

More than 4,000 participants representing over 100 nationalities took part in the competition, which was held from July 1 to September 15, Emaar said in a statement on ...

27/10/08

Electricity and waters supplies will begin to be cut off across Dubai this week as muncipality chiefs implement the one villa, one family policy.

That's the message from Oman Mohammed Abdul Rahman, the head of the Building Inspection Section at the municipality, who said that his team's inspections had found numerous violators of the regulations.

He said both the tenant and the l ...

25/10/08

Dar Al-Arkan Real Estate Development Co., Saudi Arabia's largest developer by market value, posted third-quarter profit of 720 million riyals ($192 million), up 4.3 percent from the year-earlier period.

The earnings topped a forecast of 601.7 million riyals by Bakheet Investment Group in a net profit survey by newswire Reuters last month.

Dar Al-Arkan made a net profit of 690 mil ...

25/10/08

Bawadi has signed an agreement with Dubai Properties to develop a 20 billion-dirham ($5.4 billion) project over 278.7 hectares of planned the $54.4 billion hotel district, the company said on Saturday.

Bawadi, a unit of real estate developer Tatweer, said Dubai Properties will build three, four and five-star hotels, a 37.2-hectare shopping centre and a water and sports entertainment ...

23/10/08

The companies, including Damac Properties, Azizi Investments and The First Group are lined up to take part in the first International Property Show Moscow 2008, next month.

The move comes as Russian investors are expected to pump $1.5 billion into the Dubai property market in 2008.

“The high potential of Russian-based investors to make large-scale investments into the booming Dub ...

20/10/08

Since the recent dramatic events in the financial world around the globe, the organisers of this weeks' Worldwide Property Show being held in Dubai have just announced the results of a recent survey on investor confidence conducted in association with YouGovSiraj.

The survey shows an optimistic view, with one fourth of respondents feeling that the global crisis will only have a mino ...

21/10/08

The investment arm of the Gulf Arab emirate of Ras Al-Khaimah plans a $5 billion business centre at Hyderabad in the south of India as it looks to expand its investments abroad.

Ras Al Khaimah Investment Authority (RAKIA), which manages funds of the emirate, part of the United Arab Emirates, said on Tuesday it had signed an initial agreement with Andra Pradesh Industrial Infrastruct ...

21/10/08

First Dubai Real Estate Development Company has reported a leap in profits of 1,130 percent during the first nine months of 2008.

The company, owned by Al Mazaya Holding, posted profits of $130 million, compared to $10 million in the corresponding period last year.

Vice chairman Khalid Esbaitah said that First Dubai's profits would continue to increase and grow for the next five ...

20/10/08

State-owned Nakheel, developer of the palm-shaped islands off Dubai's coast, said it had no need for external financing until 2010 but may scale back its huge land reclamation projects to curb costs and protect profits.

Chief Financial Officer Kar Tung Quek said the developer had sold between 20 billion dirhams ($5.5 billion) and 22 billion worth of property in 2007 and up to 48 bil ...

19/10/08

Saudi developer Al-Oula plans to sell Islamic bonds worth 3 billion riyals ($800 million) within two years to help finance projects both in the kingdom and in the region, its top executive said on Sunday.

"We have a sukuk issue programme which is expected to start within one to two years... with a first tranche of 3 billion riyals," Abdulaziz Al-Duailej told Reuters.

"We have man ...

16/10/08

Abu Dhabi's Waha Capital will increase its 20 billion dirham ($5.45 billion) investment plan to 2011, mainly in the real estate sector despite tightening credit conditions in the United Arab Emirates.

Speaking on the sidelines of a conference, Samer Alhaj, the company's chief executive officer told newswire Reuters funds for expansion would be "revised quite substantially upwards", ...

18/10/08

Sheffield Real Estate FZC, the Dubai-based property developer launched a major expansion of their project portfolio by embarking on three new projects at the Dubai Waterfront, worth a total of Dh.3.5bn.

The Chairman of Sheffield Real Estate, Abu Ali Malik Shroff, said "The company has carved a niche for itself over the years, as a real estate developer, focusing on master communitie ...

19/10/08

Dubai-based real estate chiefs have dismissed claims that the region's property markets are about to suffer a downturn in fortunes.

Recently, reports from companies such as US-based Morgan Stanley have predicted that prices will see a correction after years of massive increases.

But Ali Hussein Al Rahma, CEO of Eqarat.com, accused the reports of causing the current negative senti ...

16/10/08

Electricity and water services will be disconnected to villas in Dubai found to be breaking the new one villa, one family rule, it has been announced.

As the deadline for people sharing villas to move out draws near, the Dubai Municipality said it has already disconnected supplied to as many as 2,000 residents during the last three months.

And officials are in the process of subm ...

16/10/08

Huge demand for high quality office space from companies has pushed rents up by more than 11 per cent in downtown Dubai in the four months to September, research by Arabian Business has shown.

The cost of renting offices in one of the emirate’s most expensive business districts, Burj Dubai, has seen an increase from 495 dirhams ($134) per sq ft in May to 550 dirhams ($150) per sq f ...

16/10/08

A Dubai property developer claims its new $6.4 billion luxury residential development has attracted more billionaires than anywhere else in the world.

The super-rich are snapping up villas and apartments within Al Barari, a mixed-use scheme in the royal area of Nad Al Sheba, located off Emirates Road in Dubailand.

“We have more billionaires per square metre than anywhere else,” ...

14/10/08

UAE developer Hydra Properties said on Monday it has acquired a 47.43 percent stake in Abu Dhabi-listed International Fish Farming Co (Asmak) and plans more acquisitions to grow its portfolio.

The acquisition of 23.7 million shares is valued at about 711 million dirhams ($193.6 million) at Asmak's current share price, Sulaiman Al-Fahim, chief executive of Hydra Properties told a new ...

13/10/08

Property stocks in the UAE rallied on Monday, buoyed by the government’s decision to guarantee all bank deposits.

Some of the biggest developers in the Middle East all showed positive gains today, with Emaar jumping 15 per cent, Abu-Dhabi based Sorouh up 9 percent and Dubai’s Deyaar climbing 14 percent. Abu Dhabi's largest developer Aldar also rose 9.5 percent.

Nassib Ghobril, ...

13/10/08

Strong local demand, high liquidity and relaxed foreign ownership rules are driving a booming real estate market in Bahrain now worth $5.7 billion, a new report said on Monday.

Research from global real estate broker DTZ, which has been doing business in the Middle East since 1975, predicted Bahrain’s property market would grow rapidly until 2012 across both residential and commerc ...

13/10/08

Investors are shying away from buying off-plan developments in the UAE amid the global financial crisis, according to a mortgage expert.

With foreign and local investors displaying more caution than usual, an active off-plan market - which has been known to drive up real estate prices – is expected to slow down, saidd Chris Dommett, CEO of John Charcol Dubai, the UAE independent mo ...

13/10/08

UAE expats and foreign nationals living in the UAE are predicting a rosy future for the country's economy.

According to the results of a survey conducted by DSL Exhibitions, 62 per cent of property buyers in the UAE were positive about region's economic future over the next 20 years and 58 per cent of non-property buyers in the UAE were also positive.

The survey garnered the view ...

13/10/08

Abu Dhabi's Aldar Properties said on Sunday that it had replaced the company's chief executive Ron Barrott with chief operating officer John Bullough in a move that was designed to meet the changing demands of its business strategy.

"Following the exponential growth of its project footprint over the last three years, the new leadership structure is a reflection of a required focus o ...

12/10/08

Shares in Emaar, the largest developer in the Middle East, plunged 9 percent to their lowest value since December 2004 in morning trading on Sunday, as investors took fright from last week’s turmoil in the financial markets.

It came as US investment bank Citi, in a report published on Thursday, predicted a slowdown in the Dubai’s booming real estate market and stood by its buy reco ...

11/10/08

Cityscape Dubai may have broken all records for visitor numbers this year but the results of an Arabian Business poll suggests widespread pessimism still exists about the Gulf real estate market.

The property show attracted more than 70,000 visitors over four days earlier this week and organisers were forced to extend opening hours in a bid to meet customer demand.

Billions of di ...

09/10/08

First time buyers could be forced out of the UAE property market after mortgage lenders reined in loans, analysts said on Thursday.
But the move could also curb speculators hoping to make a quick profit from “flipping” properties on.

“It is going to affect people that are trying to get a foot on the ladder,” said Jean Luc Desbois, managing director of Dubai-based mortgage consulta ...

09/10/08

Aldar Properties is not considering a share buyback, refuting media reports attributed to its top executive, Abu Dhabi's largest developer said in an official statement on Thursday.

"Aldar is not considering any share buyback as reported in the media," the company said in a statement provided to Reuters.

Aldar shares rose 7.5 percent after newspapers quoted the CEO as saying the ...

09/10/08

Morgan Stanley on Wednesday cautioned UAE lenders over their exposure to the real estate sector and said the central bank may have to reconsider allowing lenders to set up real estate subsidiaries.

As the real estate market in the UAE matures over the next two years "it may be necessary to evaluate the extent of the banks’ exposure to this sector", the US bank said in a report on th ...

09/10/08

Limitless, a real estate firm controlled by government-owned Dubai World, is still looking at acquistions in Britain's property sector despite last month dropping a bid for real estate firm Minerva.

Imad Benharouga, executive director for corporate strategy, said Britain remained a "target" as prices continued to fall, dragged down by the turmoil in global credit markets.

"We con ...

09/10/08

ACI Real Estate and three-time Wimbledon champion, Boris Becker on Wednesday unveiled a 3 billion dirham ($817 million) integrated resort bearing his name to be built on Al-Marjan Island in Ras Al-Khaimah emirate in the UAE.

The developer is Middle East Vision and the master developer is Rakeen, set up in under the auspices of Sheikh Saud bin Saqr Al-Qassimi, Ras Al-Khaimah's Crown ...

08/10/08

Rampant inflation and a booming economy saw house prices in Dubai rocket by 76 percent in the year to June, a new report from real estate broker Colliers International showed on Wednesday.

While recording massive annual increase in property values, Colliers’ eagerly anticipated House Price Index for Dubai claimed house price growth slowed from 42 percent in first quarter of 2008 to ...

08/10/08

Abu Dhabi developer Al-Qudra achieved sales of $100 million in two days at Cityscape despite concerns over the impact the worsening global financial crisis was having on local real estate markets, its CEO said on Tuesday.

Mahmood Al-Mahmood said Al-Qudra, which is involved in $7 billion of projects in the UAE and abroad, had sold 300 villas in its project Ain Al Fayda, with 80 perce ...

07/10/08

While global real estate markets go into meltdown, one part of the industry has shrugged off the credit crunch and is booming like never before.

Architectural model-makers are making as much as one million dirhams ($272,000) per job for producing scale models of the some of the region’s mega-projects – whether they ever get built or not.

Modelcraft, a Dubai-based company with off ...

08/10/08

Cityscape Dubai, the world’s biggest business-to-business real estate investment and development event, has broken new records with 40,000 visitors in the first two days - more than the three days of last year’s event.

“As a result of phenomenal public demand, we have extended the Cityscape Dubai 2008 opening by a further one hour each day until 8pm,” said Rohan Marwaha, Managing Di ...

08/10/08

Abu Dhabi's housing woes are expected to ease in three to four years as projects are completed to supply new housing units, a top government official said on Tuesday.

"Supply shortage is a fact and an issue for the past two years. The shortage will continue for at least 3-4 years," said Falah Al-Ahbabi, general manager of Abu Dhabi's Urban Planning Council (UPC), without giving figu ...

07/10/08

The group chief executive officer of Dubai Properties Group has confirmed the company hopes to expand its development projects into India.

Mohamed Binbrek said it was too early to say whether the scheme would be residential, commercial or mixed-use but he said the project would be funded by the firm itself.

“The immediate focus is Dubai and if we are looking at international expa ...

07/10/08

Marasi Real Estate Fund said on Tuesday it would build a 240-metre tower in partnership with former Formula One champion Michael Schumacher in Abu Dhabi at a cost of between 1.5 to 2 billion dirhams ($544.5 million).

The project is the first for the 500 million dirham fund, Marasi Chief Executive Michael Kutschenreuter told a news conference at a real estate exhibition in Dubai.

...

06/10/08

The current turmoil in global markets has seen Palm developer Nakheel adopt a 'wait and see' attitude towards investing in foreign markets, a senior executive for the developer said on Monday.

Speaking during a conference at Cityscape Dubai, Robert Lee, managing director of investment projects for Nakheel said despite international turbulence, the developer would not make any opport ...

07/10/08

Dubai-based developer ETA Star said on Monday it was confident of the weathering any looming property downturn in the Gulf.

Speaking to Arabian Business on the opening day of real estate investment exhibition Cityscape, ETA executive director Abid Junaid said barring any meltdown in the world economy, his company would survive the current turmoil because the Dubai market was not too ...

06/10/08

Cityscape Dubai, which bills itself as the largest business-to-business real estate investment and development event in the world, is confident of success despite the dark clouds of global economic gloom and negative forecasts for the Dubai property market, organisers said on Sunday.

"Now, as the world faces up to market uncertainty, we enter a new era in which Middle East developer ...

06/10/08

Bollywood movie icon Shah Rukh Khan has joined forces with UAE-based real estate company TSA Group to launch an AED 8 billion signature beachfront residential development in Ras Al Khaimah.

Named after the superstar and with design inspirations provided by the globally acclaimed actor, Shah Rukh Khan Boulevard will be located on Dana Island, a project developed by master developer ...

06/10/08

Former star US property broker Michael Shvo said on Sunday there was "no question" of a real estate downturn in New York, as his company beefs up its presence in the Gulf.

Shvo, founder and chief executive of the US-based real estate marketing firm, which he named after himself, opened an office in Dubai this year.

It signalled the growing attraction of the Middle East among dev ...

06/10/08

Nakheel is to trump rival Emaar Properties in the contest to build the world's tallest building, with the Dubai-owned developer on Sunday unveiling plans for a tower that will dwarf the Burj Dubai.

Nakheel is poised to build a tower that will be more than one kilometre high, as part of a 140 billion-dirham ($38.12 billion) project that will include the world’s first inner city harb ...

06/10/08

A shortage of at least 28,000 housing units in Abu Dhabi this year is forcing up rents and helping fuel inflation in UAE's capital, according to a report cited by the state news agency WAM on Sunday.

Current projects being completed will only supply about 20 percent of the needed housing, according to the chamber of commerce report, WAM said.

"The shortage in the housing units on ...

05/10/08

Amlak and Tamweel, the UAE's two publicly listed mortgage finance companies, announced on Saturday that they have begun merger talks.

"With the blessing and support of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Amlak Finance PJSC and Tamweel PJSC have begun exploratory discussions for a possible merger," the ...

05/10/08

Dubai-based Majid Al-Futtaim Group said on Saturday it plans to invest an initial $1 billion to build Syria's largest ever mixed-use development.

Located in the residential part of Damascus known as 'New Damascus', the plan is for "a landmark master-planned development, which will serve as a new 'town centre' for local residents," the company said in a statment.

The project's sit ...

05/10/08

Dubai developer Deyaar Development said on Saturday third quarter profit rose 56 percent on the back of increased property sales.

The company posted Q3 net profit of 312 million dirhams ($84.9 million), or 0.213 fils per share, compared to 200.2 million dirhams, or 0.137 fils per share, for the same period last year.

Revenue rose to 1.01 billion dirhams in Q3, compared to 214.9 m ...

02/10/08

Dubai is moving up the list of most popular destinations for Brits buying property abroad, according to a new overseas property ‘hot spots’ report.

Spain is still tops with France coming a close second, but the gap is narrowing and new markets like Dubai and Cape Verde are stealing a march on their hot spot rivals, the study by Conti Financial Services, released on Thursday, reveale ...

01/10/08

Emaar Properties may take over Sama Dubai's $17.7 billion Lagoons development in the wake of delays to the project and the arrest of several senior Sama Dubai executives.

Sama Dubai, part of state-owned conglomerate Dubai Holding, is currently in talks with Emaar over "transferring some of the development responsibilities" for its flagship development, UAE daily The National reporte ...

02/10/08

For the second year, the Empire State Building lit its world-famous tower in green, on Tuesday and Wednesday, in celebration of the Muslim festival of Eid Al-Fitr, Kuwait's state news agency KUNA reported on Wednesday.

The US Federation for Middle East Peace (USFMEP) welcomed the marking of Eid Al-Fitr by the management of the Empire State Building, one of the city's biggest tourist ...

30/09/08

A correction in Dubai’s real estate market could be exacerbated by a mismatch between demand and supply, with the bulk of demand being for more affordable properties than the ones that are coming on stream.

“Currently the supply is geared more towards the high end segment in an environment where prices have appreciated rapidly, so it’s like a double whammy,” Shuaa Capital real estat ...

29/09/08

Hydra Properties has completed excavation work on what is being billed as the world's first tower exclusively for businesswomen, the Abu Dhabi-based developer said on Monday.

Eve's Tower, located within Dubai's Business Bay development, will be the first tower where only women can own office space.

Men will be allowed to work there, but women will be provided special facilities ...

29/09/08

More than 85 percent of Arabian Business readers have slammed officials from Dubai Municipality over the crackdown on villa residents which could see thousands of people evicted.

A hotline has been set up for people to expose landlords who fail to uphold new laws regarding the occupation of villas.

Thousands of people could be forced to find new homes after officials announced on ...

28/09/08

Abu Dhabi Investment House, a Gulf Arab bank, is planning a $1.5 billion private equity fund to invest in real estate and manufacturing in China with a Chinese partner, a senior executive said on Sunday.

An agreement to launch the fund will be signed within two months, said Rashad Janahi, ADIH's managing director.

The Gulf firm is eyeing China at a time when a raft of tightening ...

28/09/08

Dubai Group, the financial services arm of Dubai Holding, has acquired a 51 percent stake in Acacia Real Estate Limited after making a $76.9 million equity injection in the firm.

Dubai Group made the investment in the Bahrain real estate investment firm through its subsidiary, Dubai Ventures Group, to become the largest shareholder of Acacia and hold four seats on the company’s boar ...

28/09/08

Dubai real estate prices are “very close” to a correction, but investors should view a slowdown in the market as a buying opportunity, the regional head of research at Standard Chartered has said.

“I think we’re very close to this being over, I don’t think it’s a healthy situation,” Marios Maratheftis told Arabian Business in an interview.

“The fundamentals are positive but doubl ...

27/09/08

Aqaar Properties, the Ajman-based developer, is hoping to increase its portfolio to Dh.7bn towards end of this year, following announcements of two major developments in Ajman next month.

Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.

Ajman is getting highly popular as an investment opportunity and ...

28/09/08

With more new regulations introduced, which holds developers accountable for delays in projects, investors in Dubai's real estate sector will no longer have to worry about frustrating project delays, reports the Gulf News.

The Law No.13 and 14, intends to increase transparency in the property market. According to officials in the Dubai Land Department, following registration and app ...

25/09/08

The Abu Dhabi-based developer, Capitala, has announced that it has awarded the construction contract of first phase of its Arzanah project, the Dh.1.9bn 'Rihan Heights'.

The construction contract has been awarded to a joint venture partnership between Sunway Construction (SunCon), part of international Sunway Group, a leading Malaysian-based multi-disciplinary conglomerate and Silv ...

25/09/08

A hotline has been set up by Dubai Municipality for people to expose landlords who fail to uphold new laws regarding the occupation of villas.

Thousands of people could be forced to find new homes after officials announced on Sunday a new crackdown on more than one family sharing villas in the emirate.

Municipality chiefs have imposed a 30-day deadline for residents sharing villa ...

25/09/08

Dubai’s property market is unlikely to crash but a maturing market will separate the winners from the losers, Nakheel’s chief executive said on Thursday.

“Dubai has certainly entered the next phase of property development whereby the consumers can intelligently and confidently shift through the myriad of property offering,” Chris O’Donnell said.

“The word ‘correction’ has been of ...

September 24, 2008
About 50 percent of all investments in the UAE, and the rest of GCC region, goes into the property sector, as against just 30 percent in other Arab states, noted a development expert.

Also, it should be pointed out at this juncture that the Gulf is not subject to the risk of sub-prime crisis, such as that experienced in the United States, said Dr. Refat Abdelhalim Alfaouri, ...

26/07/2007
Dubai Islamic Bank (DIB) yesterday announced the launch of the Al Islami Escrow Account, the first escrow 'trust' account service in the region designed specifically for real estate developers. The new service will contribute to further protecting investors and enhancing confidence in the UAE's real estate sector. The announcement was made during a ceremony where DIB and the Dubai Land ...

20/08/2008
Dubai's premier real-estate watchdog, Real Estate Regulatory Agency (RERA), has urged property investors to report to the agency any violations of industry regulations, particularly in relation to law No 8 on escrow accounts.

"Should they get involved in disputes or litigations vis-a-vis real-estate development, investment and freehold, they are advised to approach the Property Cou ...

20/08/2008
Dubai's premier real-estate watchdog, Real Estate Regulatory Agency (RERA), has urged property investors to report to the agency any violations of industry regulations, particularly in relation to law No 8 on escrow accounts.

"Should they get involved in disputes or litigations vis-a-vis real-estate development, investment and freehold, they are advised to approach the Property Cou ...

15-07-2008
Ajman, the smallest of the seven emirates of UAE is located on the coast of the Arabian Gulf. Among these emirates, Dubai and Abu Dhabi has rose to popularity overshadowing the little Ajman. But the recent developments have proved that this small emirate has something to offer after all. With a small area of 260 square kilometers and a population of around 100,000, Ajman has continuous ...

Dubai, UAE - August 3, 2008:

The total value of real estate projects under construction in the GCC is worth more than AED 8.8 trillion, according to latest industry research. Driven by its aim to meet the demand for rubber-based products within the booming regional construction market, Rubber World Industries (RWI), the leading manufacturer of closed-cell rubber insulation 'Gulf-O-flex' in th ...