EstatesDubai.com

Tamweel Tower at Jumeirah ready for handover

2009-07-04T10:02:00.002+04:00

One of the largest real estate finance provider in the UAE, Tamweel PJSC, today announced that its building project at the Jumeirah Lakes Towers, the Tamweel Tower, has been completed. Tamweel has begun the handover of units to their respective owners.Positioned in a prime location in Jumeirah Lakes Towers, the Tamweel Tower is situated on the North Eastern corner of Jumeirah Lakes Towers. The 34

Sherwoods expects stability of property prices in Dubai

2009-07-04T09:21:00.002+04:00

Sherwoods Independent Property Consultants (SIPC), the leading real estate consultancy, has mentioned that there has been a steady shift in property prices in Dubai.The prices are moving towards more reasonable levels, as the market enters a new phase that will help the transition into recovery, Sherwoods pointed out.Sherwoods further hopes to see definite signs of growth in terms of property

Moody's reaction to Emaar, Dubai Holding merger

2009-07-02T11:36:00.001+04:00

There is a certain uncertainty surrounding the proposed consolidation between real estate giant Emaar and three other property developers under the government-owned Dubai Holding, and this has led to questions about the possible financial implications for the two companies.Moody's yesterday reacted to this scenario by downgrading its credit rating on Dubai Holding from level A2 to A3 and placed

Deerfields commences construction work on mixed-use project

2009-07-02T11:20:00.002+04:00

Deerfields Town Square, the flagship project developed by MBI, an Abu Dhabi-based venture with major stakes in real estate and construction, has commenced work on their mixed-use project.The leading international architectural firm RMJM has been appointed as the Lead Design Consultants for the Deerfields project. RMJM will also work towards implementing changes to the facade, interiors and

Dubai property prices beginning to witness the Metro effect

2009-06-30T08:36:00.001+04:00

The prices of properties located close to metro stations in Dubai are already beginning to rise, marking the first signs of a Metro effect on the property market, reported analysts in Dubai.The Jumeirah Lakes Towers (JLT) on Sheikh Zayed Road, located directly opposite the Dubai Marina station are being sold for 6.5 percent more than units in buildings located further away. The difference in

Cayan's Infinity Tower at Dubai Marina makes steady progress

2009-06-30T08:17:00.001+04:00

The leading real estate developers in the region, Cayan Investment and Development, mentioned that its Infinity Tower development at the Dubai Marina, has hastened its construction process and has achieved a major progress on site.The 80-storey tower offers stunning view of Dubai Marina. The podium levels, comprising six storeys are complete. Arabtec has been appointed as the main contractor of

Commercial property prices will continue to decline globally

2009-06-28T10:13:00.002+04:00

Commercial property prices will continue to plunge this year in the global market, and will not bounce back until next year, according to the DTZ Money into Property report 2009.The report, which was launched yesterday at the Ritz-Carlton Bahrain hotel and Spa last night, revealed that the number of global investments have fallen by 85 percent from their peak during the third quarter of 2007,

Dubai World announces consolidation of operations

2009-06-27T20:34:00.000+04:00

Dubai World yesterday announced that all operational management, pertaining to real estate activities of few of its companies, are being consolidated for better accommodation of market conditions and to maximize resources and expertise.The real estate development and property transactions of Dubai Maritime City, Dubai Multi-Commodities Center and Leisurecorp will be managed by Nakheel. The

Emaar, Dubai Holdings under consolidation talks

2009-06-27T08:24:00.002+04:00

As per the statement issued by the Dubai Government Media Office, four large development firms in Dubai - Emaar Properties PJSC, Sama Dubai LLC, Dubai Properties LLC and Tatweer LLC, have come together to hold one of the larges banks in Dubai, and have begun discussions to join together and form a larger entity, intended to rise up to the current challenges and to transform Dubai into a global

Dubai heading towards stability in home rents

2009-06-25T08:05:00.002+04:00

There are indications of rent stabilization in Dubai, with few landlords still experiencing good demand for higher quality rented homes in prime locations, a leading property consultancy reveals.Landmark Advisory Group, one of the leading real estate consultancy companies in the region, yesterday released its sales and leasing price maps for the Dubai market.The Dubai price maps, continues to

Nakheel presents revised budget for Discovery Gardens community

2009-06-24T08:04:00.001+04:00

Leading Dubai-based property developer, Nakheel, has established a revised budget for its Discovery Gardens community following detailed review of suppliers and scope.The new price has been arrived upon, together with Dubai's RERA (Real Estate Regulatory Authority), and gives a reduction of Dh.5 per square foot in service charges for homeowners.The Managing Director of Nakheel Asset Management

Al Barakah places new option before property investors

2009-06-23T08:06:00.001+04:00

Al Barakah, the real estate developer, who has been much in the new off-late for allegedly bouncing cheques worth more than Dh.40mn, has now requested its investors to drop all their claims against the company, and in return, the CEO has promised shares fin a new holding company.The proposal was circulated by the company to all its investors, and advertisements were placed in local newspapers,

DCCI strongly backs 100 percent foreign ownership of businesses

2009-06-20T08:16:00.001+04:00

The Dubai Chamber of Commerce and Industry (DCCI) has strongly supported the plan to allow foreign investors 100 percent ownership of locally-based companies in certain sectors of the economy.At present foreigners should have UAE national as a sponsor, and are given the right to own only 49 percent of the company, if they wish to begin business outside the designated free zones.The business group

Abu Dhabi issues decree to monitor issue of plots, low-cost housing

2009-06-20T06:10:00.000+04:00

The Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, Gen. Shaikh Mohammad bin Zayed al Nahyan, has passed a decree, wherein a Committee has been formed to monitor the distribution of plots and distribution of low-budget housing for UAE nationals, and how to put the properties into good use.The legislation is inline with the directives by the President H.H. Shaikh Khalifa bin

Al Reef Villas most popular among mid-income group

2009-06-19T09:27:00.000+04:00

According to The Specialists, a provider for total property solutions, Al Reef Villas in Abu Dhabi which include residential properties for mid-income sector, are one of the most popular offerings.The projected demand of about 100,000 housing units in Abu Dhabi continues to be driven by a major supply gap in the mid-income level.With residential properties being much in demand in Abu Dhabi, the

ETA announces hand-over of Liberty House units

2009-06-18T09:16:00.002+04:00

ETA Star Property Developers has begun hand-over of its Dh.700mn Liberty House units in the Dubai International Financial Center (DIFC).The L-shaped building has 140 offices, 124 studios, 68 single bedroom and 28 double bedroom apartments. The studios are worth over Dh.1million, which the single bedroom apartments are worth about Dh.1.6mn.The residential units have been furnished as a 'goodwill'

Time ripe for long-term investors to re-enter UAE realty market

2009-06-17T08:07:00.002+04:00

With the local and global banks re-entering the mortgage lending market, it is evident that UAE property market is re-gaining confidence of the financial sector, and few analysts believe that this may be the right time for long-term investors to re-enter the market.James Gauduchon, the Manager-Corporate Marketing at Better Homes, a real estate company, said that confidence is re-entering the

Dubai luxury properties shows positive signs after bottoming out

2009-06-16T08:00:00.002+04:00

Prices of residential properties even in the best localities in Dubai, had hit the bottom, and are now once-again witnessing an increase of 20 to 40 percent, it has been revealed.The Managing Director of Harbour Real Estate, Mohanad Al Wadiya, mentioned that recently an increase in activity has been noticed from potential buyers, who intend to purchase luxury properties, as prices are now hitting

Nurai project on its way towards completion by December 2010

2009-06-13T16:15:00.001+04:00

Zaya, the UAE-based real estate developer, plans to deliver on schedule (by December 2010), its Dh.3bn Island project Nurai, which comprises 31 high-end beachfront estates and 36 water villas,The Chief Executive Officer of Zaya, Nadia Zaal, when speaking to media, mentioned that at present the project is a little ahead of schedule. The number of workers on the project will double over the next

UAE property prices may decline prior to level-out

2009-06-13T14:21:00.000+04:00

Property prices in the UAE may decline by 20 percent and level-out by the end of the year, says a Deutsche Bank report.The predictions are based on the evidence generated during the past two months that prices in few areas of Dubai and Abu Dhabi have increased. The prices will once again drop, as several expat workers are likely to leave the country during summer, when several new properties hit

DIP announces leasing of boutique offices at Jumeirah

2009-06-11T08:37:00.002+04:00

Leading UAE real estate developer, Dubai Investment Properties (DIP), has announced leasing of its boutique offices at the signature Sunset mixed-use development located in the upmarket Jumeirah 3 area.The office complex, comprising 49 exclusive offices, will feature the latest in technology and offer the best-in-class facilities and amenities, required for making it the ideal for businesses, and

Investors choose to walk-out of Ivory Tower project

2009-06-11T07:50:00.000+04:00

Foundation work on the long-delayed Ivory Tower in Dubai, which had resumed work six months back, has once again come to a standstill. Several buyers are seen walking away from their investment in the Sukook Group's project, which is already three years overdue.One of the investor, who spoke to The National clearly said "Why should we pay for an imaginary tower?"This is another property

RAK Govt. to take-over La Hoya Bay island property project

2009-06-09T08:30:00.004+04:00

The RAK Government has agreed to take-over the Dh.2billion La Hoya Bay island property project, which was under threat due to the collapse of its developer.The decision came as a relief to several hundreds of investors who had invests all their savings on the flagship project of the Ras Al Khaimah Investment Authority (RAKIA), located on the man-made island, Al Marjan.The Chief Executive of RAKIA

Al Fajer projects progressing as scheduled

2009-06-08T10:22:00.000+04:00

Al Fajer Properties has announced that all its projects are well on track.According to a recent voluntary construction audit carried out by RERA (Real Estate Regulatory Agency), the results confirm that work on Phase one (Ebony and Ivory towers) is nearly 80 percent complete, while the phase 2 is nearly 15 percent complete, and the work is in progress at present. The Phase 1 is due for handover

Property developers in Ajman must complete registration before 1st July

2009-06-06T15:07:00.000+04:00

Ajman Real Estate Regulatory Agency (ARRA), has set announced 1st July as the deadline for property developers, who are yet to complete registration procedures with ARRA.The press statement released by ARRA this week, states that earlier May 1st was the announced deadline for receiving registration applications from developers, and several developers had rushed to complete the registration