New law brings relief to landlords in Abu Dhabi
Submitted by Sadik Al Rumaithi on Thu, 03/11/2010 - 21:19
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
Submitted by Faarooq Mehmood on Wed, 03/03/2010 - 23:24
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
Submitted by Faarooq Mehmood on Mon, 03/01/2010 - 20:20
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
Submitted by Kadir bin Rashid on Sat, 02/27/2010 - 10:48
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
Submitted by Faarooq Mehmood on Wed, 02/24/2010 - 22:31
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
Submitted by Rehan Rachid on Tue, 02/23/2010 - 19:05
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
Submitted by Maninder Singh on Sat, 02/20/2010 - 21:45
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.
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