New law brings relief to landlords in Abu Dhabi
Landlords in Abu Dhabi will now be able to easily evict low-paying tenants, with the help of the new real estate legislation in Abu Dhabi, passed Wednesday.
The new law would be implemented in the UAE capital in November and the judges will determine rent disputes under the umbrella of the Ministry of Justice.
UAE sees decline in mortgage credit growth
The recently released figures by the UAE Central Bank claim that the total mortgage loans of 24 national banks and 28 foreign units reported decline in growth to stand at Dh15billion in the first 11 months of 2009. This decline in the mortgage credit growth slowed down apparently under the impact of unfavorable conditions of the economic market due to global financial crisis.
Arabtec Extends Due Diligence Date
The due diligence date for $1.7-billion merger of Dubai based Arabtec with Abu Dhabi-based Aabar Investments had been extended to April 16. The proposed stake sale would be discussed at the meeting of the Arabtec's board of directors besides reviewing the financial results of the company.
Home sales drop in January; GDP growth rate beats estimates
According to the National Association of Realtors’ Friday report, the sales of previously-owned houses in the US witnessed an unexpected decline in January – marking the second monthly fall in a row; following a 16 percent plunge in December.
Burj Khalifa to offer spaces to customers from March
Burj Khalifa, the World's tallest building, unveiled on January 4, 2010, would soon see an orientation program for Armani Residences homeowners which have been proposed by the developer Emmar Properties.
The developer has engaged in giving final touches to the finishing work of the Residences in Burj Khalifa. Customers would be provided residences and offices from March.
Nakheel Executive resigns
Ms Manal Shaheen, the most influential Chief Commercial Officer of Dubai-based Nakheel, has announced her departure from the developer at a time when the real estate developer has been facing tough time and its parent Dubai World is in talks with lenders for restructuring of debts worth $22 billion.
Abu Dhabi property sector to remain under pressure
The once booming real estate sector of the Abu Dhabi would have to wait for at least 2 years to head toward its past glories. The property market experts said that property prices are expected to remain flat in coming two years due to couple of factors including hesitation of lenders to lend and easy options for buyers available in Dubai.
Negotiations with Real Estate developers
Experts believe that tough time for the real estate industry of Dubai has not been over yet and the developers need to act more cautiously in order to avoid rising debts.
Abu Dhabi’s Aldar’s Profit Declines for Q4
The Abu Dhabi-based Aldar Properties PJSC, the second biggest developer by assets of the Middle-East, failed to continue with its growth stories in the fourth quarter reporting a loss of 562 million dirhams.
Abu Dhabi house may decline further
A recently released report by Landmark Advisory has forecasted further decline in house rents in Abu Dhabi during the first quarter of 2010. Abu Dhabi reported 15 per cent decline in rents during the fourth quarter 2009. Jesse Downs, Director of Research and Advisory Services at Landmark Advisory informed that rents in the low quality units hit more as compared to other units.
Dubai still most expensive locations in the Middle East
A latest report by DTZ Research claimed that Dubai remained the fastest declining commercial real estate markets in the world in 2009 yet it continued to be one of the most expensive locations in the Middle East. The region, however, reported around 12 per cent decline in occupancy costs in 2009.
Top Buyers of Dubai Property in 2009 were Indians
As per a new study, during 2009, the biggest chunk of real estate sales in Dubai was brought by the Indian investors.
It was displayed by the figures, included in FutureBrand's Gulf Real Estate Study that Indian investors were involved in nearly a quarter or 24 per cent of sales by value in the city.
Real estate might be helped by Qatar after banks-experts
After the bail out of the banks, Qatar is finding its way out of the global economic downturn with the help of its energy sector initiatives. The new policy is also expected to give boost to its real estate.
The country's economy is estimated to grow 16 percent on account of its energy projects and also it being the World's largest producer of liquefied natural gas.
Bayut.com to offer unique platform to the investors
Getting information on Dubai's Real Estate segment would not be difficult anymore with the launch of Bayut. com which would usher people to the most comprehensive database of UAE real estate and Dubai properties. Bayut. com will provide a unique platform to the Dubai property buyers and sellers through features like Q & A, discussions and blogs.
Something New and Neutral for the People Interested in Dubai Real Estate
Investors and general real estate professionals, interested in the chaining trends in the Dubai's realty segment, have a better option to keep eye on the market with the launch of a new blog on Dubai real estate market.
The new blog would cater the needs of brokers, lenders, dealers, landlords and other firms engaged in realer estate commerce by providing latest and authentic information of the market.
Up to 40% of approved Dubai home loans snubbed
As per a Dubai-based finance company, the percentage of the buyers in Dubai who have been pre-approved by lenders for mortgages and then decided to abandon purchasing a property is as high as 40 percent.
It was found by Colliers International's Dubai House Price Index, held earlier this week, that during Q4 of 2009, quarterly house prices in the emirate hiked by one percent and by 42 percent year
Construction activities on rise in Abu Dhabi
Abu Dhabi, the country witnessing large scale construction and other development activities, has been slowly moving to attain its past growth stories. Though, global financial crisis derailed its economy in 2008 but things are rapidly turning for making recession a thing of the past for Abu Dhabi.
Dubai’s Housing Sector Heads for Recovery
Dubai's housing segment, adversely hit by global slowdown, has started to show signs of recovery as the prices are heading toward stabilization. This is indicated by rise in house prices for the second quarter in a row during the fourth quarter.
Dubai: Still a hot property investment market
Dubai's property market, remained under intense pressure in the wake of global financial crisis and Dubai Debt Crisis, is still fertile for investors across the global despite all odds. The market has potential to rebound and it has been offering huge opportunities to the investors.
Burj Khalifa Brings Pride for Dubai: Survey
Recently opened Burk Khalifa, the tallest building of the world, has been turning as a source of great pride for residents, as claimed by the online Omnibus survey conducted on January 5 and 11.
Seventy two per cent of the 811 respondents eagerly watched the opening ceremony on their TV sets, while some termed the opening far above their expectations.