EstatesDubai.com

Free legal service launched to support Dubai real estate community

2009-11-05T08:41:00.000+04:00

The new free legal service launched to support people caught in real estate associated court cases, has proved to be a fair way to protect the interests of Dubai's real estate community, reports the Gulf News.The main objective of such an initiative was to ensure fairness and justice to those concerned about property matters and those in need of such assistance, irrespective of the circumstances,

Dubai houses record 7 percent rise in prices during Q3 2009

2009-11-05T01:28:00.001+04:00

Prices of housing units in Dubai saw an increase for the first time during the third quarter, following the major downturn faced by property market in the wake of credit crunch, reports Colliers International, the leading real estate consultancy.Dubai, which houses the tallest buildings and man-made islands in the world, saw its property market hitting the bottom, with finance drying up,

Complete recovery of UAE property market likely in three years

2009-11-03T02:53:00.001+04:00

With the property prices yet to hit the bottom, and the banks still being reluctant to lend, the total turnaround in the UAE real estate sector will not happen until the next two to three years, says a management consultant company.According to Dr. Reinhold Leichtfuss, Senior Partner and Managing Director, Boston Consulting Group - Middle East, the property market in the UAE, along with other

Completed properties with access to basic amenities preferred

2009-11-02T01:22:00.001+04:00

Asteco, the largest property services company in the UAE, has reported that apartment sales for completed projects in the prime Downtown Burj Dubai area have seen maximum increase of 8 percent on quarter-to-quarter basis.In its third quarter report on Dubai property market, Asteco said that sales prices for apartments in Downtown have grown from Dh.1200 per sq ft during the second quarter, to Dh

Emaar records Dh 655mn profit in third quarter 2009

2009-10-30T03:49:00.003+04:00

Emaar Properties, the largest developer in the region, has reported a net operating profit for the 3rd quarter at Dh.655m, which is 48 percent higher than that of second quarter operating profit of Dh.442m.According to Emaar, the increase in profits have been due to scheduled handover of Alma townhomes in Arabian Ranches during the third quarter and better returns on some foreign ventures.Emaar

ARRA aims overhaul of property visa regulations

2009-10-26T07:07:00.000+04:00

Ajman Real Estate Regulatory Agency (ARRA) authorities have put forward a proposal to overhaul current property visa regulations. ARRA is the first property agency to officially submit such a proposal.ARRA aims to remove property values, fixed incomes and compulsory exists as the criteria for granting or renewing the six-month residency visas.The said regulation was a part of the federal

JLT is not officially a free zone, says Dubai Municipality

2009-10-24T23:33:00.000+04:00

The Dubai Municipality's latest statement regarding the free-zone status of Jumeirah Lake Towers (JLT) has marred the hopes of several thousands of residents who were under the hope of gaining housing fee exemptions.According to an official at the Municipality, the status of JLT needs to be clarified by a decree, and that free zone claims by a developer does not imply exemption of housing fee for

Property location gaining prominence over rents in Dubai

2009-10-22T01:40:00.001+04:00

Asteco, leading property services Company in the UAE, has confirmed that Dubai Metro will play a major role in office lease market.With falling lease rates and availability of more new buildings in Dubai, office location is gaining more prominence, rather than the price, in determining where a company establishes its business, Asteco says.The decline in property market will help in re-positioning

Hi-tech medical center launched at DIP

2009-10-21T01:34:00.000+04:00

Dubai Investment Park (DIP), the largest mixed-use development in UAE, and a subsidiary of Dubai Investments PJSC, has announced the launch of state-of-the-art medical center to offer comprehensive healthcare services to its residents and employees at the Park.The facility, worth Dh.55mn, will include several medical clinics, including general clinics, ophthalmology clinics and dental clinics,

Abu Dhabi witnesses increased supply in residential sector

2009-10-16T02:45:00.001+04:00

Abu Dhabi has witnessed an increase in supply of residential property, with about 1000 new apartments delivered to the market during the last quarter, said Asteco, one of the largest property services company in the UAE. The apartments are mostly coming up in off-island locations, including Mohammed Bin Zayed City and Khalifa City, the company said in its latest third quarter report on the

Dubai Pearl achieves major construction milestone

2009-10-15T14:34:00.000+04:00

Pearl Dubai, developers of Dubai Pearl, a mixed-use luxury development, facing the Palm Jumeirah Island, has announced complete of concrete raft pouring at the Tower 2 (North Tower) of the development.This marks a major construction milestone with installation of three of the Middle East's largest rafts on Tower 1, Tower 2 and Tower 3 of the iconic project.The Contractors of the project, Al

REITs can draw huge foreign direct investments into realty market

2009-10-10T23:21:00.001+04:00

Several billion dirhams worth foreign direct investment may be poured into the real estate markets in the region through GCC-based Real Estate Investment Trusts (REITs), industry experts reveal.According to Ahmad Saidali, Vice President, Fund Advisory and indirect investment at CB Richard Ellis Financial Services Middle East, opportunities exist for GCC or Dubai-based and managed REITs or such

SMEs can significantly boost realty demand in UAE

2009-10-10T20:13:00.001+04:00

The Small and Medium Enterprises (SMEs) in UAE can help in boosting demand for both office space and affordable residential property in the UAE immensely, if provided access to bank loans to finance start ups, offered working capital and investment for growth and expansion, reveal industry experts.According to the CEO of MAG Group Property Development, Mohammad Nimer, SMEs account for nearly 80

UAE villa prices stable, while residential prices uncertain

2009-10-07T00:39:00.002+04:00

Residential prices in the UAE have been quite unpredictable this quarter, than during the rest of the year. Villa prices however, are likely to remain stable in the short term, the recent report by Landmark Advisory said.About 60 percent of residential sales during the third quarter were villas, with an increase of 8 percent in prices on an average, the report said.Demand for apartments focuses

Cityscape real estate show unveiled

2009-10-06T00:30:00.002+04:00

Cityscape, the Gulf's major annual real estate show was unveiled in Dubai today, as a scaled-down version of past years, reflecting steep deterioration in the property sector of the emirate.The floor space used by property developers were lesser by 30 percent compared to last year, while attendance during the four-day event is hoped to drop by 20 percent this year, according to organizers. Last

2010 likely to be a vintage year for Dubai realty market

2009-10-04T17:15:00.000+04:00

The prices of housing in Dubai is slowly returning to pre-2007 levels and indicates a vintage year for real estate investments in 2010, claims a leading industry report.The worst part of the economic meltdown is generally believed to be over, and investors are full of cheer and looking forward to 2010.Most of the investors in 2010 will be those who ensure that their assets are realistically

Gulf News to be title sponsor for World Wide Property Show 2009

2009-10-04T05:13:00.001+04:00

Al Nisr Group, together with Worldwide Shows and Events, has signed deal for the Gulf News to be the title sponsor for the Worldwide Property Show in 2009, the contract of which could be renewed every two years.The Grand Hyatt Dubai show due to be held between 29th and 31st October, will now be known as Gulf News Worldwide Property Show.The Worldwide Property Show is one of the few realty

Khoie Properties denies insolvency allegations

2009-10-03T17:06:00.002+04:00

Khoie Properties has denied insolvency allegations against the company, and emphasized that it continues to remain in control of more than Dh.1billion worth assets.The firm also retains the Dh.700mn worth receivables as it owns the Dh.5bn La Hoya Bay project in Ras Al Khaimah.The Ras Al Khaimah court recently appointed Rakeen as the official custodian of the project, which was a welcome relief

Dubai office rents slide 63 percent, likely to fall further

2009-09-30T22:08:00.002+04:00

The rentals for office space in Dubai have dropped by 63 percent during the past nine months, but prices are likely to fall further for the reminder of the year and in 2010, as a dearth in demand has been noticed, along with abundance of new supply, which will keep the office space leasing market sluggish, particularly the free zone areas, reports CB Richard Eliis (CBRE)-Middle East, the leading

Tameer's Silver Tower to be ready by 2010

2009-09-30T21:50:00.002+04:00

The exclusive 31-storey Silver Tower by Tameer, located at Business Bay is making good progress and has crossed 22 storeys, and the superstructure is almost ready, it has been announced. The company officials have confirmed the delivery of the project next year.The development is making good progress and the construction has crossed 60 percent mark sometime ago. According to sources in Tameer,

Rakeen completes overhaul of Bab Al Bahr model units

2009-09-28T16:32:00.000+04:00

One of the leading property developers and master planners in the region, Rakeen, has completed comprehensive overhaul of model apartments for Bab Al Bahr.The model single bedroom and double bedroom units, located along the main road, at the entrance to Al Marjan Island, have amenities similar to that of actual apartments and have been built overlooking the coastline of Arabian Gulf, giving a

Nakheel and Emaar confirm participation in Cityscape Show

2009-09-28T04:22:00.001+04:00

The two leading Dubai developers, Nakheel and Emaar Properties, have mentioned that they will participate in the much-anticipated property expo, the Cityscape Show, thereby reversing their earlier decision to pull put.The leading property developers known for their major projects such as man-made islands and world’s tallest skyscraper had earlier cancelled their participation in the show, which

Ajman's Crown Residencia project comes to halt

2009-09-27T04:12:00.000+04:00

Investors in Crown Residencia project in Emirates City in Ajman will have to wait for a minimum of one year, before moving in, reports The Gulf News.According to Abu Bakr Abuzeid, the Finance Manager of Al Batha Real Estate, the project developer, the project has been stalled as investors are yet to pay their installments.Abuzeid agreed that people are delaying their payments, and mentioned that

Dubai preferred over Abu Dhabi due to lowering rentals?

2009-09-25T12:10:00.000+04:00

Although the demand for residential properties in Abu Dhabi is still strong, due to insufficient supply, the impact of lower rent rates in Dubai, could lead to a supply-driven market condition, with more residents opting for Dubai over Abu Dhabi, points out the latest report by EFG-Hermes about UAE property sector.The difference in rent rates between Dubai and other emirates, particularly Abu

Dubai developers to get realistic and focus on affordable segments

2009-09-25T05:50:00.002+04:00

Signs of internal migration are likely to appear in Dubai, with several affordable properties on the offer and a more realistic approach adopted by developers.The property prices in Dubai have already undergone correction by about 50 percent, ever-since the peak transactions witnessed in 2008.The Executive Director of Dubai Property Society (DPS), Adel Lootah, when speaking to the media,