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| News |
AME Info | Real Estate
Real Estate news and features
- Nakheel notches milestone at Waterfront
Dubai-based developer Nakheel said it has cast the raft foundations for two of its 132kV substations at its Waterfront development after six months of detailed design and engineering. A total of 1,700 tonnes of concrete and 170 tonnes of reinforced steel were used to complete the foundations. Nakheel's Waterfront Electrical Infrastructure team is managing the construction of the substations which will eventually be handed over to DEWA for operation.
- Dubai Properties denies merger rumours
Dubai Properties said it has no plans to merge with Sama Dubai, a sister concern and a subsidiary of Dubai Holding, reported Emirates Today, citing an interview with Mohamed Binbrek, Group Chief Executive Officer, Dubai Properties Group. He said the company is 'building synergy' within Dubai Holding, but 'no merger has happened nor has there been any talk of it'.
- Jordan apartment prices drop 10%
Prices of apartments in Jordan fell by 10% in the last quarter of 2008 due to a decline in construction costs and land prices, the Jordan Times reported, citing the President of the Housing Investors Society. Demand last year was below forecasts because of declining purchasing power which forced many construction companies to cut down on their activities, the Amman-based newspaper cited Zuhair Omari as saying.
- Tanmiyat says it has no plans to lay off workers
Saudi-based Tanmiyat Group has announced that all of its projects will be going ahead and that it has no plans to lay off any of its employees. The investment and real estate development company is confident that it is progressing on a positive path despite the current market slump, according to senior company officials. Tanmiyat Group's projects in the Middle East real estate sector include the Living Legends in Dubailand, the Commercial Heights project in Dubai's Business Bay and the $3bn Ajman Marina development.
- Ajman establishes real estate regulator
The UAE emirate of Ajman has established a new real estate regulator for its fast-growing property sector. The Ajman government on Tuesday amended a law creating the Ajman Real Estate Regulatory Establishment. The regulator will be tasked with drawing up policies for property projects and commercial buildings, recommending legislation as well as regulating the relations between property developers and buyers, news agency WAM reported.
- Dubai land deals jump 47.5% in 2008
The value of the total land transactions in Dubai shot up 47.5% to Dhs70.2bn ($19.1bn) last year from Dhs47.6bn in 2007, Gulf News has reportd, citing figures from Dubai land department. A total of 5,837 transactions were recorded in 2008, up from 3,997 transactions in 2007. The most land activities were seen last May, with Dhs11.6 billion spread over 793 transactions.
- New course offered on Dubai Strata Law
Dubai Real Estate Institute is offering a new course titled 'Implementing Dubai Strata Law', providing participants with an in-depth understanding of the law's key clauses, specifically on shared property management, according to a press release. The four-day course will be held from the 26-29 January at the DREI campus.
- Sweet Homes awards $123m construction contract
Dubai-based developer Sweet Homes has awarded a Dhs450m ($123m) contract to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dhs1.7bn 'Rainbow Towers' project. The move follows the completion of an Dhs12m shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers. The project, which is being built in Emirates City in Ajman, marks the developer's first development in the UAE, and is set for completion by the last quarter of 2010.
- Dubai scraps racecourse agreement
Dubai's Meydan said on Monday it has cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering Bhd and local firm Arabtec 'because of non-adherence to the agreed time schedule for construction', the company said in a statement. Meydan is taking steps to commission other companies to complete the racecourse by 2010, when it is to be opened with the Dubai World Cup horse race, the statement said.
- Burj Dubai hits final height
Emaar's flagship development, the Burj Dubai, has reached a height of 818m according to a project contractor. The spire was erected on the world's tallest building at the end of December and the capping beacon has since been activated.
- Ajman Uptown sales hit 70%
Sweet Homes, a UAE-based developer and multi-service provider to the real estate sector, has sold 70% of its Dhs3bn Ajman Uptown, the first freehold residential in the emirate. Ajman Uptown comprises seven commercial and residential towers, a hotel and hotel apartments, villas and townhouses.
- Dubai owners question maintenance fees
Dubai residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. In Jumeirah Beach Residence, maintenance fees have increased by 129% and home owners have taken to organising unofficial committees to battle the recent hikes. Residents in the Discovery Gardens and The Palm Jumeirah have also set up similar committees.
- Rera to rank Dubai developers
In a new system to be introduced by the Dubai Real Estate Regulatory Authority (Rera) this year, Dubai property developers will be ranked by financial stability and market experience, The National has reported. A regulation requiring developers registering off-plan projects to fully own the land first will also be implemented. The evaluation is aimed at reducing the number of developers, and to give Rera greater control and reinforce investor confidence as falling prices, fraud and contractual disputes hit the sector.
- Modon inks land contracts in Dammam
Saudi Industrial Property Authority (Modon) has recently signed five land allocation contracts for investment projects in Dammam's second industrial city. The five companies are Saudi German Plastics Manufacturing Company, Al-Mutlaq Service and Manufacturing Co. Ltd., Teikyo Middle East Electricity and Equipment Co. Factory, Vital Chemicals Factory, Arab Company Factory for Pipe Projects. Modon oversees the development of industrial lands in Saudi Arabia in partnership with the private sector.
- Dubai issues new payment rule
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of the contract value,' Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule. "We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business. "With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress." Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.
- Kuwait's property sector to rebound by H2 in 2009, says expert
Kuwait's real estate sector will recover from its current slump by the second half of 2009, a leading local economist told Kuwait News Agency (KUNA). Adnan al-Haddad, chief executive of Group Gulf, said the country's real estate had declined between 30-40% in the last two months. However, the market was bound to regain its strength once the signs of recovery in oil prices and the stock market and the rebound from the global economy start, possibly in the second half of the year 2009, he said.
- Qatar calls for green building code
Experts attending the recently held Qatar Today Round Table agreed on the urgent need to push for a green building code. It was recommended that contractors, designers, educational and financial institutions and government bodies work towards minimising the environmental damage caused by Qatar's construction activity.
- Danube reports Dhs1.1bn in sales revenues
Dubai-based Danube Building Materials says it has generated Dhs1.1bn ($300m) in sales revenues during 2008, according to a press statement. This represents a 70% increase compared to 2007. Officials said they were confident in the company's ability to ride out the recession, and expected to secure a 30% rise in revenues for next year.
- 70% of The World islands sold, says Nakheel
State-owned developer Nakheel has now sold 70% of the 300 islands that make up The World, a group of reclaimed islands in the shape of a world map located about 4km from Dubai's shoreline, The National has reported. The islands are being sold by invitation only, said Hamza Mustafa, managing director of The World at Nakheel, and the invitation quota for this year and the previous year have been sold out. Among the islands to have sold on the World are Greenland, which was bought by Dubai Infinity Holdings, and Archangel, near Siberia, which was purchased by rival developer Pearl Dubai for $27.2m.
- Crystal Heights show apartment opens
Crystal Heights, a $47.7m freehold residential development in Juffair, Bahrain, has opened an offsite show apartment. Crystal Heights will have 150 luxury apartments, 215 car parking bays and a host of amenities and facilities. The show apartment is open from 10am to 7pm. The property is being sold exclusively by Pegasus Real Estate and is expected to be completed by the second quarter of 2010.
- First 'green' building launched in Ajman
The Habitat - the first 'green' building in the UAE emirate of Ajman has been unveiled by Modern Life Properties, according to a press release. Features of the 45-storey building include use of recycled and environmental-friendly building materials, efficient use of water and water recycling, a building management system to control the flow of carbon dioxide and maintain optimum indoor air quality and an air-conditioning system with 24 variables.
- Developers seek talk on freehold visa
Property developers in Dubai are seeking for the review of visa policy for foreigners linked to freehold property ownership, Gulf News has reported. Developers said a dialogue by the government with the real estate community regarding the matter would bring help restore confidence in the market.
- Damac development reaches 30 floors
Damac Properties has completed 30 floors of its Ocean Heights tower development at Dubai Marina. One floor is completed every 5.2 days, the developer said. The 84-storey skyscraper is being built by Arabtec. Ocean Heights will eventually have 680 apartments ranging from one to three bedrooms.
- Emaar Economic City to hand over residential units by Q1 2009
Emaar Economic City, the Saudi Arabian unit of Dubai's Emaar Properties, plans to hand over the first residential units to the owners in March, said Chief Executive Officer Fahd Al Rasheed. The company, which has sold 1,000 units in the Bay La Sun Village, had planned to complete the residential properties by the end of 2008.
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Apartment For-Rent in Dubai, Greens, Dubai
Rent Price: AED 165,000.00
Original Price: AED 0.00
Property ID:DAFRCOM_100
Addresss:Dubai, Greens
Area: 1280.00 sq./ft
Date Posted: 06 Jan 2009
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Apartment For-Rent in DUBAI, Dubai
Rent Price: AED 100,000.00
Original Price: AED 0.00
Property ID:DAFRCOM_99
Addresss:DUBAI
Area: 900.00 sq./ft
Date Posted: 03 Jan 2009
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Apartment For-Rent in DUBAI, Dubai
Rent Price: AED 135,000.00
Original Price: AED 0.00
Property ID:DAFRCOM_98
Addresss:DUBAI
Area: 1050.00 sq./ft
Date Posted: 29 Dec 2008
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Apartment For-Rent in dubai, Dubai
Rent Price: AED 170,000.00
Original Price: AED 170,000.00
Property ID:DAFRCOM_97
Addresss:dubai
Area: 1050.00 sq./ft
Date Posted: 27 Dec 2008
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Apartment For-Rent in DUBAI, Dubai
Rent Price: AED 110,000.00
Original Price: AED 110,000.00
Property ID:DAFRCOM_96
Addresss:DUBAI
Area: 1000.00 sq./ft
Date Posted: 27 Dec 2008
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Apartment For-Rent in Dubai, Dubai
Rent Price: AED 145,000.00
Original Price: AED 145,000.00
Property ID:DAFRCOM_95
Addresss:Dubai
Area: 1200.00 sq./ft
Date Posted: 27 Dec 2008
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Apartment For-Rent in , Dubai
Rent Price: AED 90,000.00
Original Price: AED 115,000.00
Property ID:DAFRCOM_94
Addresss:
Area: 1000.00 sq./ft
Date Posted: 23 Dec 2008
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Apartment For-Rent in Dubai Marina , Dubai
Rent Price: AED 130,000.00
Original Price: AED 130,000.00
Property ID:DAFRCOM_93
Addresss:Dubai Marina
Area: 732.00 sq./ft
Date Posted: 21 Dec 2008
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Furnished-apartment For-Rent in Saba Tower 2, Jumeirah lake Towers, Dubai
Rent Price: AED 190,000.00
Original Price: AED 0.00
Property ID:DAFRCOM_92
Addresss:Saba Tower 2, Jumeirah lake Towers
Area: 1400.00 sq./ft
Date Posted: 20 Dec 2008
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Apartment For-Rent in DUBAI, Dubai
Rent Price: AED 112,000.00
Original Price: AED 0.00
Property ID:DAFRCOM_86
Addresss:DUBAI
Area: 650.00 sq./ft
Date Posted: 22 Nov 2008
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