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DUBAI : Just one year ago, property prices in Dubai were surging to record peaks undeterred by a real estate slump in major markets, but they have since gone into free fall and have yet to find the bottom. Read the rest of this entry »

Abu Dhabi’s leading real estate firm, Sorouh Real Estate PJSC announced its results for the first quarter of 2009. Net profit for the 1st quarter 2009 was Dh130.4m representing an increase on 4th quarter 2008 (Dh45.9m) but a decrease against 1st quarter 2008 (Dh361.5m). Earnings per share for the period were 5 fils per share (Q1 2008: 14 fils).

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Colliers International, the global real estate consultancy, has released the Dubai House Price Index (HPI) for Q1 2009, which indicates a decline in the overall index of 41% for the first 3 months of 2009. Read the rest of this entry »

According to the organizers, with the global economic slowdown dampening enthusiasm for short-term speculative property investment, Cityscape Abu Dhabi, which opens today, is going back to its roots. Despite the downturn, however, the real estate event of the year for the UAE capital will be more than 30% bigger than in 2008 in terms of exhibition space with virtually all major developers taking part. Read the rest of this entry »

DUBAI (March 29 2009): Pakistani businessmen have invested about Rs 190 billion or more than 8.7 billion dirhams in the real estate sector of United Arab Emirates (UAE). This was stated by President of Pak-UAE Business Council, Dubai, Iskandar Sultan while welcoming the visiting delegation of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at a dinner here on Friday. Read the rest of this entry »

DAMAC Properties, Dubai-based luxury lifestyle provider, has affirmed that the demand in the Qatar’s property market will continue to grow in medium term outlook even as other markets start to feel the impact of the global economical crises. Read the rest of this entry »

UAE Government will establish a federal real estate regulatory authority to effectively control property developers, the minister of state for financial affairs said. The House voiced concern over foreign property developers who fully finance their projects from the local banks without having a capital. Read the rest of this entry »

Dubai residential property prices level off to 19.1 per cent in the final quarter of 2008, according to a new, but overall real estate properties’ value climbed 10.8 per cent last year. Read the rest of this entry »

Dubai: The UAE economy will contract further in the coming months, due to the impact of the global financial turmoil, Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said Thursday. Read the rest of this entry »

Dubai: A possible merger of the UAE’s largest Islamic mortgage providers, Amlak Finance and Tamweel, is in the final stages of being resolved, while the liquidation option has been taken off the table, Sultan Bin Saeed Al Mansouri, Minister of Economy, told reporters on Thursday. Read the rest of this entry »

According to a new study by Cushman & Wakefield (C&W), a commercial real estate services firm, Dubai and Abu Dhabi are on the list of the top 10 commercial property locations in the world. While Dubai’s occupancy cost stood at about Dh5577 per sq m per year in 2008, office space in Abu Dhabi could be rented at Dh3613 per sq m per year. Read the rest of this entry »

According to senior real estate and construction executives attending Abu Dhabi Economic Forum, the UAE real estate industry will adopt effective policies that will help it emerge stronger than it was before once it gets past short-term adjustments. 

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Tameer, UAE-based real estate developer, has confirmed that Phase One of the ambitious Madinat Al Majd project in Jordan has been completed and the first of the 480 residential units of this phase are being delivered to private owners. Some private owners purchasing through Tameer have already completed the pre-handover inspection and site visit and will receive the keys to their new apartments at the beginning of March. Read the rest of this entry »

Nomura International plc (‘Nomura’), the pre-eminent Asia-based investment bank, today announced that it has been granted a banking licence by the Dubai Financial Services Authority to provide investment banking and capital markets services from the Dubai International Financial Centre (‘DIFC’). Read the rest of this entry »

Dubai : A Dh1.77 billion writedown in its US subsidiary John Laing Homes in the fourth quarter pulled down market mover Emaar Properties’ net profits by 54 per cent to Dh3.05 billion last year, the developer said in a statement. Read the rest of this entry »

Chapal World, Pakistan-based real estate developer in UAE, has offered 8-year flexible payment plan with deposit of just Dh5,000 to attract end-users. According to market analysts, this could stimulate the UAE’s stagnant property market for a solid growth. Read the rest of this entry »

Real Estate Regulatory Authority (RERA), a subsidiary of Dubai Land Department, has ordered all property developers not to increase service charges without getting its permission, which are being brought under a new set of regulation as per Strata Law No 27 of 2008. The move comes after some developers have increased service charges in recent months. Read the rest of this entry »

In order to streamline UAE’s tiniest emirate Ajman’s real estate sector, Ajman Real Estate Regulatory Agency (ARERA) has started putting land and property regulations in place, said a senior official. Read the rest of this entry »

Dubai: The value of land transactions in Dubai last week reached Dh1.79 billion, of which sales exceeded Dh1.05 billion.

The value of mortgages during the period was Dh739.63 million. Read the rest of this entry »

Prop Swap is the first formalized online property barter community in the UAE for those looking to shift or exchange real estate stock. Designed by the region’s leading property brand, Gowealthy.com, this web-based solution is aimed at home owners and property investors feeling the pinch of the cautious market conditions. Read the rest of this entry »

Reef Commercial Tower, property developed by Reef Real Estate Investment, has finished construction and ready for occupancy in the Jumeirah Lake Towers (JLT), Dubai. The G + 32-storey tower provides attractive office solutions for businesses seeking accessible commercial space and a stable investment opportunity. Read the rest of this entry »

Nakheel, Dubai-based master real estate developer, has released the details of progress at its communities at the heart of New Dubai – Al Furjan, Jumeirah Village, Jumeirah Islands and Jumeirah Park. Read the rest of this entry »

Omniyat Properties, one of Dubai’s most innovative private property development companies, is set to hand over its first 3 real estate projects, namely, One Business Bay, Bayswater and The Square in the second quarter of 2009. Read the rest of this entry »

Chip and PIN technology will be introduced to do away with the existing magnetic strip-powered cards to cut down the risk of debit and credit card frauds, the UAE Central Bank said. UAESWITCH service, operated by the UAE Central Bank, links the ATM networks of all banks, enabling UAE customers to avail any ATM. Read the rest of this entry »

Nakheel, Dubai-based master real estate developer, has announced that construction of 1,042 new homes in the Manarah District in Badrah, Waterfront is nearly 40% complete, with all of these properties due to be handed over by the end of the year. Read the rest of this entry »