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Dubai issues mortgage law to regulate sector
19-08-2008 - The ruler of Dubai has issued a new mortgage law as part of moves to regulate the emirtae's booming real estate sector, the chief executive of the Real Estate Regulatory Authority said.
Following a 35-article decree issued by Sheikh Mohammed bin Rashid Al-Maktoum, who is also Vice President of the United Arab Emirates, the new law regulates the mortgage process in an effort to protect the rights of lenders and borrowers and improve transparency, Marwan Ahmed bin Ghalita said on Tuesday.
The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.
"The new law is basically covering the mortage procedures in Dubai ... All property purchases happening offplan for example and all financing must be registered at the land department," said Ghalita. "Before some were and some were not."
The law requires that mortgages taken out on properties in Dubai be sold by registered financial institutions, and be insured."This is a positive step," said Usman Rauf, analyst at Prime Group. "As investors you would want as much protection and insure against general risk."
The law also requires borrower and lender to present full financial documents when the mortgage is registered.Property granted by the government to nationals is exempt. "It gives more confidence to the lender and gives more security for banks," Ghalita said, adding that the land department and banks were now working together to calculate mortgage rates independently from the central bank.
Home to flamboyant developments such as palm-shaped islands, tax-free Dubai kicked off a Gulf property boom in 2002 when it invited foreign investors to buy properties.
Dubai's nascent mortgage business has burgeoned since then, with home loans in the UAE jumping 55 percent in the year to March, according to central bank data.
Dubai property prices have surged 79 percent since the beginning of 2007, Morgan Stanley said this week, adding it expected a 10 percent decline in prices by 2010.
Standard Chartered warned in July that Dubai's property market showed signs of overheating as speculators betting on quick gains inflate prices of real estate still under construction. It said the government should take steps to weed out short-term speculators to avoid a correction.
Reports of new mortgage regulations come amid a crackdown by the Dubai government on corruption, with executives in major real estate and financial firms facing investigation.
Mortgage lender Tamweel's former chief executive and head of investments are under investigation for alleged wrong-doing. Nakheel properties said on Friday one of its employees was being probed on suspicion of bribe-taking.
Earlier this year, investigations began into irregularities at Dubai Islamic Bank and its affiliate, real estate firm Deyaar.
Other News
20-11-2008 -
Distressed sales of Dubai property are increasing as investors rush to offload homes under pressure from the global credit crisis, real estate agents say.
Dubai-based Elysian Real Estate this week sent out a text message to up to 40,000 mobil ...More...
Dubai-based Elysian Real Estate this week sent out a text message to up to 40,000 mobil ...More...
20-11-2008 -
The Dubai property market is hot right now, but not because it is booming. It is exercising a great deal of space in the property forums this week for all the wrong reasons. It is going downhill fast.
One particularly worrying aspect is the ...More...
One particularly worrying aspect is the ...More...
20-11-2008 -
Property giant Emaar ended 3.27 per cent down, dragging the index to close nearly 2 per cent lower over negative news about the health of the emirate's economy.
The index ended 1.99 per cent lower at 2,012 points, hovering just above a fo ...More...
The index ended 1.99 per cent lower at 2,012 points, hovering just above a fo ...More...
18-11-2008 -
Companies across the United Arab Emirates, especially in Dubai, are holding back on hiring as they ride out a global economic crisis that is putting the brakes on a regional property boom, recruitment executives said.
For years, the desert ci ...More...
For years, the desert ci ...More...
18-11-2008 -
The Gowealthy Research Team had predicted a correction in the property prices across Dubai after the government issued a spate of declarations to streamline activities in the real estate sector. Upon evaluating prices at the various freehold segments, w ...More...
18-11-2008 -
Persian Gulf shares declined, as global markets retreated on economic concern and Citigroup Inc. said Dubai is the most vulnerable in the region to the global slowdown. Abu Dhabi's measure advanced.
Emirates NBD PJSC, the United Arab Emir ...More...
Emirates NBD PJSC, the United Arab Emir ...More...
14-11-2008 -
Concern about the credit crunch has created a movement in the Dubai property market away from sales towards rentals, according to industry experts.
More and more properties are being marketed for rent rather than being sold on. 'Speaking ...More...
More and more properties are being marketed for rent rather than being sold on. 'Speaking ...More...
14-11-2008 -
Emaar Properties, one of the world's largest property developers, is preparing to cut jobs to help it steer through the biggest crisis in its 11-year history amid a sharp fall on Dubai's stock markets and a cooling of the Gulf state's proper ...More...
14-11-2008 -
This Arab Gulf boomtown — so business-friendly it's been called "Dubai Inc." — is suddenly getting a nasty taste of the global financial crisis.
Housing prices are falling for the first time in years, and shares are plummeting ...More...
Housing prices are falling for the first time in years, and shares are plummeting ...More...
13-11-2008 -
One of the Mideast's largest property developers said it would shed 200 jobs, while the operator of one of the region's biggest aluminum smelters said it may delay expansion plans -- the latest repercussions of the global financial crisis on the ...More...
13-11-2008 -
Persian Gulf stocks tumbled, sending Dubai's index lower for a sixth day and spurring a trading halt in Kuwait, as banks tightened credit terms and oil plunged to a 21-month low.
Emaar Properties PJSC slid to the lowest in more than four ...More...
Emaar Properties PJSC slid to the lowest in more than four ...More...
13-11-2008 -
Dubai property shares plunged and its biggest private developer slashed jobs this week as the global financial crisis tightened its grip on the tiny emirate, until now synonymous with the Gulf Arab real estate boom.
Dubai's glittering sky ...More...
Dubai's glittering sky ...More...
12-11-2008 -
"Domestic demand for real estate continues to outstrip supply, and it will be so for several years," Mohammed Alabbar, chairman of real estate giant Emaar, told participants at a World Economic Forum meeting in Dubai.
"This demand is real, an ...More...
"This demand is real, an ...More...
12-11-2008 -
Prices in the Downtown Burj Dubai area have fallen by as much as half, according to Dubai based estate agents. Because prices in the area had previously risen so high and so fast, when the slowdown happened, it affected that area, one of the most exclus ...More...
12-11-2008 -
Residential prices for Emaar Properties’s signature Downtown Burj Dubai development have fallen by at least 22 per cent, with reductions of up to 50 per cent within the Burj Dubai tower itself, according to property brokers.
Some high-e ...More...
Some high-e ...More...
11-11-2008 -
A top Dubai property development executive said on Sunday that the emirate's booming real estate sector would maintain growth despite the global crisis as demand continued to outstrip supply.
"Domestic demand for real estate continues to ...More...
"Domestic demand for real estate continues to ...More...
11-11-2008 -
Dwindling property sales have forced Damac Properties to slash 200 jobs at its Dubai office.The job cuts have been made across divisions including sales, marketing, recruitment and administration.
According to one sales agent who was made red ...More...
According to one sales agent who was made red ...More...
09-11-2008 -
On the trading floors of the world's financial markets, October has been a month to hide in the cupboard - credit has dried up, mortgages are hard to come by, and property markets in the West are stagnant.
Yet in the glittering downtown o ...More...
Yet in the glittering downtown o ...More...
09-11-2008 -
Emaar Properties yesterday said it had started extending the time period it gives to its customers to repay their mortgages as liquidity constraints in the local banking sector has exacerbated the problems of securing home finance.
Issam Gala ...More...
Issam Gala ...More...
09-11-2008 -
PURE International, the specialist real estate sales and marketing agency, is highlighting investment opportunities in the Indian Ocean island paradise of Mauritius to discerning Dubai property buyers this week.
In a series of events - beginn ...More...
In a series of events - beginn ...More...
07-11-2008 -
Islamic banks and financial institutions are not isolated from a global credit crisis, which is plaguing conventional lenders, although they have been barely bruised so far, bankers said.But falling property and commodity prices and slowing economies ar ...More...
07-11-2008 -
Dubai could get a greater variety of investment property loans, including buy to let mortgages, a leading real estate boss has said.
The UAE state will also withstand the current economic turmoil which has hit other markets, Cliff Kelaita, th ...More...
The UAE state will also withstand the current economic turmoil which has hit other markets, Cliff Kelaita, th ...More...
07-11-2008 -
Saif Ahmed began living the Dubai dream five years ago. Armed with an M.B.A. from the University of Toronto, the Canadian entrepreneur moved to the gulf city-state and co-founded property developer Universal Canlink Inc. By 2006 the firm had annual reve ...More...
06-11-2008 -
Dubai's long, lucrative property boom is hitting rough times, with property-flipping speculators and hopeful foreign buyers increasingly worried as easy oil money and quick profits dry up.Its far from clear, though, if a bubble has truly burst or if ...More...
06-11-2008 -
CHAMPION golfer Adam Scott has taken a stake in a $2.2 billion residential project with more than 1000 luxury apartments -- but no golf course -- in Dubai.
The 28-year-old Australian, ranked 16th in the world, is one of the partners in a join ...More...
The 28-year-old Australian, ranked 16th in the world, is one of the partners in a join ...More...
06-11-2008 -
On the other hand, the government, developers and even municipal bodies are talking up the market, saying that there is still a lack of completed real estate available on the market, and that as a result rental rates are rising all the time creating a p ...More...
12-10-2008 -
A media outlet has noted the prevailing sense of confidence at this week's Cityscape conference in Dubai.The event attracts many of the biggest investors, designers, property developers and contractors in the emirate.
According to the Wal ...More...
According to the Wal ...More...
12-10-2008 -
A tightening credit market will more likely slow than collapse Dubai’s property market, according to a report by US investment bank Citi.The report said that in the past three months, the GCC economy had gone from a position of “excessive gr ...More...
12-10-2008 -
The blonde goddess in the flowing white dress plucked serenely at her golden harp, oblivious to the teeming flow of humanity around her. Her presence on the stand of Ferragamo penthouses in the inventively named Pentominium tower was doubtless intended ...More...
24-09-2008 -
Investors in the Dubai property market could be in line to collect significant capital gains, experts have suggested.According to investment bank EFG-Hermes, house price growth in the emirate has exceeded initial expectations this year, reports Bloomber ...More...
24-09-2008 -
West Avenue, a Manhattan style 32 storey luxury complex is the latest offering on the Dubai Marina. Amounting to a joint residential property worth more than 678 million, this project has been launched by Dubai’s Select Group in collaboration with ...More...
24-09-2008 -
Russian investors are expected to pump US$1.5 billion into the Dubai property market in 2008, as studies reveal their eagerness to find more investor-friendly markets outside their country. With the outpouring of global real estate investments coming fr ...More...
22-09-2008 -
House prices in Dubai are set to decline by up to 20 per cent by 2011, adding fuel to the plethora of predictions in recent weeks that Dubai's property market will see a correction.
House prices will hit their peaks in the first half of n ...More...
House prices will hit their peaks in the first half of n ...More...
22-09-2008 -
The outlook for Dubai real estate remains robust, driven by the greater entrance of end-users into the property market, a reduction in mortgage rates and an increase in financing options, according to a new report.
The EFG-Hermes report on th ...More...
The EFG-Hermes report on th ...More...
22-09-2008 -
Property prices in Dubai are expected to continue soaring next year, but not at the same rate as in the last 12 months, according to analysts.The latest property price survey shows that both residential and commercial real estate in Dubai continues to d ...More...
18-09-2008 -
Bollywood superstar Shah Rukh Khan is now trying a new role as a property developer, conceptualising a series of buildings in the emirate of Ras Al Khaimah in the United Arab Emirates (UAE), an entertainment website reported.
Khan's first ...More...
Khan's first ...More...
18-09-2008 -
The collapse of US banking giant Lehman Bros has shaken the UAE markets, causing fears that the Dubai property boom could be halted in its tracks.
Early trading today saw Dubai’s main index drop 4% on opening.Emaar Properties, Burj Duba ...More...
Early trading today saw Dubai’s main index drop 4% on opening.Emaar Properties, Burj Duba ...More...
15-09-2008 -
Property stocks led losses on Dubai’s main index, which on Sunday plunged 3.4 per cent at 4,114.74 points, its lowest close since August 2007, as international investors sold their shares. The Abu Dhabi bourse plummeted 2.7 per cent to close at 3, ...More...
15-09-2008 -
Dubai's Emaar Properties, the largest Arab developer by market value, said on Saturday it would begin to buy back shares, which have fallen by nearly 50 per cent this year.
The buyback programme will not be implemented before October 1 in ...More...
The buyback programme will not be implemented before October 1 in ...More...
15-09-2008 -
A visitor has denied possessing and trying to sell 2.5 million Indian rupee in counterfeit currency which he reportedly paid to buy a property in Dubai, a court heard on Monday.
The Public Prosecution charged the 28-year-old Pakistani suspect ...More...
The Public Prosecution charged the 28-year-old Pakistani suspect ...More...
10-09-2008 -
International interest in property in the UAE has been booming for the last few years, especially in constantly evolving Dubai. Experts believe the Dubai property market to still be in its infancy, and thus will continue to grow at a startling rate.
...More...
...More...
10-09-2008 -
The value of shares in some of the Middle East’s largest real estate companies tumbled yesterday amid growing signs that the region’s oil-stoked property boom is coming to an end.
Emaar Properties, the Dubai-based developer buildi ...More...
Emaar Properties, the Dubai-based developer buildi ...More...
10-09-2008 -
Event hosts over 5,000 global industry players including investors looking to diversify their portfolios into high potential Middle East markets
Sherwoods Independent Property Consultants has announced today (September 09, 2008) that it will ...More...
Sherwoods Independent Property Consultants has announced today (September 09, 2008) that it will ...More...
31-08-2008 -
They also have the rare opportunity to transact business directly with representatives from top Philippine developers at the 1st Philippine Property Show in the Middle East to be held on September 26 and 27 at the Crowne Plaza Hotel in Sheikh Zayed Road ...More...
31-08-2008 -
Soaring housing prices in Dubai are likely to peak in 2009 before falling at least 15% as the Gulf emirate takes measures to weed out short-term speculators, according to forecasts from a group of banks, investment firms and research institutions.
...More...
...More...
31-08-2008 -
Soaring housing prices in Dubai are likely to peak in 2009 before falling at least 15% as the emirate takes measures to weed out short-term speculators, according to forecasts from a group of banks, investment firms and research institutions.
...More...
...More...
31-08-2008 -
"Prices are bound to stop growing at this maddening scale," Shehab Gargash, whose firm manages around 5 billion dirhams ($1.4 billion), told Reuters after a news conference.
"The question is how will it stop? Will it be a crash? I don't t ...More...
"The question is how will it stop? Will it be a crash? I don't t ...More...
29-08-2008 -
Dubai will lose its bargaining power in the real-estate market if master developers stop offering residence visas to property buyers. Most foreign investors feel safer as they come to and leave the emirate without restrictions.
The absence of ...More...
The absence of ...More...
29-08-2008 -
Western investors have cooled on Gulf property markets, leaving the scene for local oil billionaires at least until global credit conditions ease -- or markets in the region become more open and predictable.
In cash-rich Dubai, Abu Dhabi and ...More...
In cash-rich Dubai, Abu Dhabi and ...More...
29-08-2008 -
With property prices up about 40 per cent this year and a soaring 79 percent in the past 18 months, the Dubai property market continues to surpass all expectations.
HSBC believes that, with sustained population growth of about 7 per cent and ...More...
HSBC believes that, with sustained population growth of about 7 per cent and ...More...
28-08-2008 -
Dubai has issued a new law to regulate the sale of real estate still under construction in an effort to curb speculation that has sent property prices in the Gulf Arab emirate skyrocketing, an official said on Tuesday.
Under the law issued th ...More...
Under the law issued th ...More...
28-08-2008 -
The Dubai-based Select Group and the UK based property developer Select Property today jointly launched West Avenue, a 32 storey luxury Manhattan style complex on one of the last remaining plots on Dubai Marina.
West Avenue, an over AED 678 ...More...
West Avenue, an over AED 678 ...More...
28-08-2008 -
With the continued success of Dubai and Ras Al-Khaimah and their firm establishment in the worldwide property market, it was only a matter of time before neighbouring emirates “pulled up their socks” and following in their footsteps as the n ...More...
28-08-2008 -
Speculation about whether Dubai's real estate bubble will burst has been a favourite pastime of Gulf watchers for years, as one mega construction project has followed another. Doom-laden predictions have failed to materialise - so far.
Wi ...More...
Wi ...More...
26-08-2008 -
Dubai World Central and Tamweel Real Estate Group have signed an agreement to offer financing solutions to those interested in buying freehold property in the project around the new Al Maktoum International Airport.
Khaled bin Hareb, Executiv ...More...
Khaled bin Hareb, Executiv ...More...
26-08-2008 -
In mature markets such as the UK, there is a high uptake of both home building insurance and contents insurance. For some reason, the uptake in the UAE is nowhere near as high.In my opinion, for a home owner not to take out building insurance is a reckl ...More...
26-08-2008 -
The package which has been put together with a leading UK finance broker means that the mortgages can be arranged in local currency (Dirhams) with a guarantee of efficient and quick processing in the UK. This means that for investors, buying property in ...More...
26-08-2008 -
Tatweer, a member of Dubai Holding, has set a strict screening system for potential customers planning to buy property in Tiger Woods Dubai, a private residential golf community development in Dubailand, a top executive said yesterday.
"We fo ...More...
"We fo ...More...
22-08-2008 -
Thailand's Dusit Thani Group plans to open the Dusit Residence Dubai Marina in the first quarter of next year after postponing the opening from July this year due to construction delays. The 35-storey serviced apartment building will contain 146 uni ...More...
22-08-2008 -
The Dubai-based luxury residential property developer, Select Group, today announced it had awarded its construction contract to the Ras Al-Khaimah based Construction Technology Contracting. (CTC) for its Pacific project on the off-shore man-made develo ...More...
22-08-2008 -
OVERSEAS developer Select Property today announced a £100m apartments scheme in the Middle East which it said would help achieve its £800m sales target for this year.
Select Property, which is based in Wilmslow, is to develop West ...More...
Select Property, which is based in Wilmslow, is to develop West ...More...
22-08-2008 -
Wilmslow-based developer Select Property today announced plans to build a £100m apartment tower in Dubai, the company announced today.
The 31-storey West Avenue in Dubai Marina, will have 251 flats plus shops and restaurants on the grou ...More...
The 31-storey West Avenue in Dubai Marina, will have 251 flats plus shops and restaurants on the grou ...More...
22-08-2008 -
A DOZEN wooden dhows one by one were sailing in the late afternoon sun in Manama harbour in the shadow of the twin towers that make up the Bahrain Financial Harbour. The scene captured one of the many stark contrasts you can find in the Gulf where tradi ...More...
22-08-2008 -
The government of Dubai, the commercial and financial hub of the United Arab Emirates (UAE), has issued a mortgage law as part of efforts to regulate the emirate's booming real estate sector, local newspaper Khaleej Times reported on Wednesday.
...More...
...More...
19-08-2008 -
The Dubai Government’s announcement of an anti-corruption drive helped revive the emirate’s equity market.
On Sunday the share dive was led by Tamweel, whose former chief executive has been questioned by police, but yesterday the ...More...
On Sunday the share dive was led by Tamweel, whose former chief executive has been questioned by police, but yesterday the ...More...
19-08-2008 -
The ruler of Dubai has issued a new mortgage law as part of moves to regulate the emirtae's booming real estate sector, the chief executive of the Real Estate Regulatory Authority said.
Following a 35-article decree issued by Sheikh Moham ...More...
Following a 35-article decree issued by Sheikh Moham ...More...
19-08-2008 -
INDEX 2008, the biggest event for interior design firms in the Middle East, is set to host the world's major suppliers as they descend on Dubai. According toorganisers dmg, World Media, the event which takes place at the Dubai International Exhibiti ...More...
19-08-2008 -
Since foreigners were given the right to own real estate in 2002, property prices in Dubai have soared and demand has outstripped supply with record population growth.
The investment bank Al Mal Capital, said yesterday that Dubai property pri ...More...
The investment bank Al Mal Capital, said yesterday that Dubai property pri ...More...
19-08-2008 -
With the boom in the Dubai property market there is a knock on effect to other industries in the region. One of the industries to benefit from increased demand for Dubai property is design and interiors.
Organizers have announced that INDEX 2 ...More...
Organizers have announced that INDEX 2 ...More...
18-08-2008 -
As Gulf region is going through a real estate boom, in the sleepy emirate of Ajman property business is at an all-time high. Ajman is the smallest of the seven emirates and the second emirate, after Dubai, to throw open its freehold property sector.
...More...
...More...
18-08-2008 -
Dubai Real Estate Institute (DREI), the region's first specialised real estate institution, today announced the launch of its latest graduate programmes, which will encompass three in-built degrees, including Master of Real Estate Development, Gradu ...More...
18-08-2008 -
A senior official working with one of the leading real estate developers in Dubai is under scanner for allegedly taking $816.8 million as bribe, the latest trade scandal to crop up in the Gulf business hub.
Walid Al Jaziri, General Manager of ...More...
Walid Al Jaziri, General Manager of ...More...
18-08-2008 -
Abu Dhabi // Many residents of the UAE say they feel trapped in the inflated rental market, unable to purchase their own home and put off by the complexity of securing a mortgage.More than half of respondents to an online survey conducted by the website ...More...
18-08-2008 -
Dubai property prices, which have surged 79 percent since the start of 2007, are likely to fall 10 percent by 2010 as supply of real estate units outpaces demand in the Gulf emirate, Morgan Stanley said on Tuesday.
A sharper correction in Dub ...More...
A sharper correction in Dub ...More...
17-08-2008 -
ABU DHABI // Private companies across Dubai are putting their operations under a microscope to ensure there are no financial irregularities in the wake of high-profile investigations into a Nakheel official and a former chief executive of Tamweel, a sen ...More...
17-08-2008 -
Dubai’s booming property market looks to be heading for a slowdown, following years of strong capital growth.Fearing a boom-bust scenario, with a flood of new homes due to be completed and delivered over the next couple of years, the Dubai governm ...More...
17-08-2008 -
Three new degrees relating to the real estate sector have been announced in Dubai in a move that is seen as positive for the industry.The Dubai Real Estate Institute, the region's first specialised real estate institution, announced that its latest ...More...
17-08-2008 -
Desert Dream Real Estate and Investment has four more development projects in Dubai to be announced soon as it launches tonight a Dh1.7-billion residential tower, proof that it is bullish about the property market here despite reports of a slowdown in t ...More...
15-08-2008 -
Dubai Properties (DP), a leading master developer, today announced it has signed a deal with Salwan Property Management, both subsidaries of Dubai Properties Group, to manage and sell key developments around Dubai as part of its mission to offer compreh ...More...
15-08-2008 -
Profit taking haunted the Dubai stock exchange yesterday, dashing hopes of it rebounding for a second day.The Dubai Financial Market (DFM) fell 1.11 per cent to 5,018 points, its second-lowest finish of 2008, and diminishing volumes bode ill for Sunday. ...More...
15-08-2008 -
A report by Morgan Stanley Research Europe has named Aldar Properties as the 'leading developer' in Abu Dhabi's flourishing real estate sector with bullish growth prospects. Despite a stronger performance by Sorouh in 2007, the authors say t ...More...
15-08-2008 -
Renting an apartment in the emirate could get even more expensive once homeowners' associations come into effect this year.Tenants in freehold properties may end up bearing the brunt of spiralling maintenance costs, partially or even fully, say prop ...More...
15-08-2008 -
Dubai property prices rose by about 40 per cent in July compared to the same period last year, the investment bank, Al Mal Capital, said yesterday.According to a report based on Al Mal’s Dubai property price index, prices in the residential segmen ...More...
14-08-2008 -
Abu Dhabi // Dubai property prices rose by an average of 40 per cent in the month of July compared to a year earlier, Al Mal Capital revealed today.Meanwhile, rental yields declined slightly in July to 6.8 per cent compared to 7.8 per cent the year befo ...More...
14-08-2008 -
Desert Dream Real Estate and Investment has four more development projects in Dubai to be announced soon as it launches tonight a Dh1.7-billion residential tower, proof that it is bullish about the property market here despite reports of a slowdown in t ...More...
14-08-2008 -
Was surprised to see the a seemingly bearish headline about Dubai in the WSJ’s property report today. After all, it was just a couple weeks ago that another mainstream media property, 60 Minutes, did it’s love-fest profile of all things Duba ...More...
14-08-2008 -
Desert Dream Real Estate & Investments, one of the fastest growing developers in the region, have officially launched Dream Harbour, a new AED 1.7 billion residential development at Waterfront, a community by master developer Nakheel. Dream Harbour ...More...
14-08-2008 -
Cracks are starting to show in Dubai's well-crafted and glitzy property-marketing machine.Flipping properties has reached such a feverish pace, driving up prices, that Dubai's Real Estate Regulatory Authority, or RERA, is looking at measures to ...More...
14-08-2008 -
Dubai-based Sternon Real Estate and Mumbai-based Garnet Construction said their NRI township ‘Magic Hills Residences' in Navi Mumbai will start construction works in October and complete the first phase in 18 months.
Hussaini F. Nalwalla ...More...
Hussaini F. Nalwalla ...More...
13-08-2008 -
Union Properties, one of Dubai’s largest developers, is exploring its legal options after Morgan Stanley issued a report last week that gave the company a negative rating and helped send its shares tumbling 15 per cent in a week.
Morgan ...More...
Morgan ...More...
13-08-2008 -
DUBAI -- Cracks are starting to show in Dubai's well-crafted and glitzy property-marketing machine.
Flipping properties has reached such a feverish pace, driving up prices, that Dubai's Real Estate Regulatory Authority, or RERA, is lo ...More...
Flipping properties has reached such a feverish pace, driving up prices, that Dubai's Real Estate Regulatory Authority, or RERA, is lo ...More...
13-08-2008 -
Dubai: Property developer Desert Dream will launch its latest project in Dubai Waterfront with a value of Dh1.7 billion.
Dream Harbour will be a 48-storey residential tower located on 67,850 square feet of land. The total built-up area will b ...More...
Dream Harbour will be a 48-storey residential tower located on 67,850 square feet of land. The total built-up area will b ...More...
13-08-2008 -
Dubai International Financial Centre may have had its share of ups and downs over the past five years. But the new Chatham House study establishes the emirate as the financial centre in the world most likely to ‘become significantly more important ...More...
13-08-2008 -
The UAE has jumped 23 places to notch the fourth position among the most-active land markets worldwide in the first half of 2008, as global sales reached $64 billion (Dh235bn) during the period, new data revealed yesterday.
China topped the l ...More...
China topped the l ...More...
13-08-2008 -
Gulf companies are channelling more of their investments into the construction of mega warehousing facilities, lured by the buoyancy in the region's logistics sector.
With the Middle East region positioning itself as a global logistics hu ...More...
With the Middle East region positioning itself as a global logistics hu ...More...
13-08-2008 -
Investors in the GCC have been investing in the conventional hedge fund market for a number of years. GCC institutions have, in terms of their own portfolio diversification, generally mirrored global investment thinking. Strong regional growth and the s ...More...
12-08-2008 -
Hydra Properties, the leading UAE-based international property developer, today said that it has fast tracked its prestigious Hydra Avenue Towers project, located at Al Reem Island in Abu Dhabi, by completing the foundation work for the project ahead of ...More...
12-08-2008 -
The Tiger Woods Dubai, a member of Tatweer and an exclusive 55-million sq. feet golf community development, today announced it will launch an exclusive sales suite on 17 August at the Westin Hotel in Dubai to cater to interested investors.
Th ...More...
Th ...More...
12-08-2008 -
Dubai: Investors in the Casa del Mar development in Dubai Marina have been told by the new owner, Al Mashraf Bank, that once completed, the project will be sold to new investors, rending the current contracts void.
The original owner of the d ...More...
The original owner of the d ...More...
12-08-2008 -
Residential units in Dubai will offer the most attractive returns in 2008, growing 37 per cent annually, which will be followed by commercial and retail space, according to a new study.
"We do expect continued buoyancy in prices across the bo ...More...
"We do expect continued buoyancy in prices across the bo ...More...
12-08-2008 -
Property owners in Dubai are likely to see a sharp rise in their building service fees with the introduction of home owners’ associations.
Some will see thousands of dirhams added to their annual fees when the new associations take resp ...More...
Some will see thousands of dirhams added to their annual fees when the new associations take resp ...More...
12-08-2008 -
ABU DHABI // Government intervention is needed to slow down frenetic speculation in the property market, the local chapter of the Royal Institution of Chartered Surveyors (Rics) reports.
The organisation found that as much as 80 per cent of p ...More...
The organisation found that as much as 80 per cent of p ...More...
12-08-2008 -
Dubai: Property developer, Azizi Investments plans to reach an estimated project value of Dh170 billion across all their developments by the end of 2010, with over 50 projects in the pipeline.
On the ambitious road to reach their goals, Azizi ...More...
On the ambitious road to reach their goals, Azizi ...More...
12-08-2008 -
The Dubai Financial Market plunged to a 10-month low yesterday following massive losses in real estate, banking and investments.
The 5,200-mark was supposed to provide strong support, but the DFM's General Index crashed through this withi ...More...
The 5,200-mark was supposed to provide strong support, but the DFM's General Index crashed through this withi ...More...
12-08-2008 -
If number plates, horses and camels can go under the hammer, why can’t plots, apartments and villas? In a happening market such as Dubai, high-net-worth individuals are increasingly willing to bid the highest for products of their choice – b ...More...
11-08-2008 -
Dubai stocks saw their sharpest drop in six months yesterday, as Abu Dhabi-based property developers slumped by up to seven per cent and foreign investors dumped portfolios across the region.
Falling oil prices, rising borrowing costs and fea ...More...
Falling oil prices, rising borrowing costs and fea ...More...
11-08-2008 -
Hill International, a world leader in managing risk pertaining to real estate, has bought PCI Group, LLC, a firm that deals with property-related claims, project management support, and software sales and support services throughout the western United S ...More...
11-08-2008 -
DUBAI // It is a city with numerous attractions to entertain visitors, but some tourists are seeking a view of Dubai unlike any other.
Tourist operators traditionally take visitors to a city’s finest locations. Dubai is no different, bu ...More...
Tourist operators traditionally take visitors to a city’s finest locations. Dubai is no different, bu ...More...
11-08-2008 -
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments (DI)Dubai Investments (DI)Dubai Investments
"DIRCDIRC has so far launched one project this year in Mirdiff Hills, which is a Dh2- billion mixed-use develop ...More...
"DIRCDIRC has so far launched one project this year in Mirdiff Hills, which is a Dh2- billion mixed-use develop ...More...
11-08-2008 -
The MAG Group property Development,a member of the Moafaq Al Gaddah (MAG) Group of Companies, which has 12 property projects worth Dh3b plans to grow its portfolio to Dh5b in the next two years. The company has achieved two milestones: the first is the ...More...
11-08-2008 -
DUBAI // Regional holding companies are increasingly turning to retail as a means of diversifying their portfolios and capitalising on the second-most prosperous non-oil sector after the property market.
Dubai Properties Group (DPG), a divisi ...More...
Dubai Properties Group (DPG), a divisi ...More...
11-08-2008 -
Commercial property transactions more than doubled in the UAE in the first half of this year, making it one of the fastest growing markets in the world at a time when sales collapsed elsewhere, according to a new report.
Real Capital Analytic ...More...
Real Capital Analytic ...More...
11-08-2008 -
Property players remain bullish about Dubai's real estate market despite reports of overheating and fears that oversupply in the mid-term could induce a downward trend.
Speaking to Emirates Business, property developers, brokers and contr ...More...
Speaking to Emirates Business, property developers, brokers and contr ...More...
11-08-2008 -
DUBAI - Dubai's burgeoning property market appears to be heading for a cooling-off period, after appearing a one-way bet for several years.
The authorities are looking into ways to stem rampant speculation, fearing an overheated market ma ...More...
The authorities are looking into ways to stem rampant speculation, fearing an overheated market ma ...More...
10-08-2008 -
Dubai: Property investors hope the new real estate court, designed specifically to deal with disputes, will help clear the few clouds over Dubai's real estate market when it begins operations in September.
Many people are looking to inves ...More...
Many people are looking to inves ...More...
10-08-2008 -
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments (DI), will roll out six new projects in Dubai by early 2009, a top company executive said.
"DIRC has so far launched one project this year in Mirdiff Hills ...More...
"DIRC has so far launched one project this year in Mirdiff Hills ...More...
10-08-2008 -
ABU DHABI // A retreat by international investors from emerging markets and tightening credit across the Gulf has punished regional property and financial stocks.
Banking and property shares tumbled last week, helping to drag broader indexes ...More...
Banking and property shares tumbled last week, helping to drag broader indexes ...More...
10-08-2008 -
A gang of Armenians have been arrested by police in Dubai after being found in their home with a total of $50,000 cash and other stolen property.
Police say the money was the proceeds of a crime spree dating back to May where the five men and ...More...
Police say the money was the proceeds of a crime spree dating back to May where the five men and ...More...
10-08-2008 -
Hydra Properties, a leading UAE-based international property developer, yesterday said its Hydra Avenue Towers project is ahead of schedule.
The project, located at Al Reem Island in Abu Dhabi, has completed the foundation work.
Dr ...More...
The project, located at Al Reem Island in Abu Dhabi, has completed the foundation work.
Dr ...More...
10-08-2008 -
The commission charged by real estate brokers for closing property deals has jumped by half from two to three per cent and could rise by more than double to five per cent next year, according to property agents in Dubai.
Brokers previously ch ...More...
Brokers previously ch ...More...
10-08-2008 -
The Roads and Transport Authority (RTA) has installed the first footbridge for Dubai Metro station users near Jebel Ali Industrial area on Sheikh Zayed Road. Each of the 47 metro stations will have pedestrian bridges either elevated or underground. One ...More...
10-08-2008 -
Nakheel, one of the world's largest real estate developers, has announced that live testing of the Palm Monorail will commence in October 2008. The Palm Monorail, to run in Palm Jumeirah, is the first monorail project to be constructed in the Middle ...More...
07-08-2008 -
Dubai: Real estate developer Dheeraj and East Coast (DEC) broke ground on Wednesday for its three Dh615 million projects located in the heart of Culture Village.
The projects, spread over an area of 60,981 square feet, include two residentia ...More...
The projects, spread over an area of 60,981 square feet, include two residentia ...More...
07-08-2008 -
Real estate developer Dheeraj and East Coast (DEC) broke ground for its three Dh615 million real estate projects located in the heart of Culture Village.
The properties covering an area of 60,981 square feet, include two residential developm ...More...
The properties covering an area of 60,981 square feet, include two residential developm ...More...
07-08-2008 -
Tamweel, the largest real estate finance provider in the UAE, is expecting that the revenues and net profit for 2008 to continue to grow in line with growth recorded in 2007. In the first half of 2008, Tamweel recorded net profits of Dh387.3 million; an ...More...
07-08-2008 -
Dubai will soon be home to the largest number of towers. Almost 3,000 buildings, both mid and high-rise are in various stages of development and construction in Dubai as real estate boom continues in the emirate.
Dubai World Central (DWC) wi ...More...
Dubai World Central (DWC) wi ...More...
07-08-2008 -
Emaar Properties, Dubai-based largest real estate developer in the world, will host an exclusive sale of 8 prestigious projects from its diverse portfolio on 08/08/08 to build on the appeal of the once in a lifetime date. The sales event will feature pr ...More...
07-08-2008 -
Dubai World Central (DWC), the 140 sq km urban real estate development in Jebel Ali, has announced to spend $33 billion on developing a substantial transport network to help the residents move freely around the 140-kilometre city-within-a-city. Grand Ce