2003
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Emirates Mall, biggest outside USA
Majid Al Futtaim's new Mall of the Emirates opposite the Dubai Internet City will be the largest mall in the world outside North America. A statement said the size of the mall had been doubled, and that its indoor ski facility complete with snowy mountains would be among the top three in the world. The mall opens in autumn 2005.
Gardens Mall, more shops
The Gardens Shopping Mall in Dubai has reached a deal with Sharaf General Trading to open Woolworths, B Bush, AIIZ, Byati, Red Earth, Sanrio, Al Sharaf Money Exchange and Al Sharaf Travel. The total space taken by the Al Sharaf retail brands will be over 3,000 square metres. The Gardens Shopping Mall is a Nakheel project located off Sheikh Zayed Road between interchange 5 and 6. Construction is well on schedule with an expected opening date of September 2004.
Re-mortgage to buy Dubai realty
UK and Irish expatriates are re-mortgaging their properties at home to enable them to buy in the growing Dubai freehold property market, Colin R. Morehead, Business Development Manager of Allied Irish Offshore told AME Info (see Executive Interview). Interest rates available for re-mortgages are well below local Dubai mortgage rates. Visit, www.alliedirishoffshore.com.
UK interest in Dubai realty grows
Cluttons partner Simon Townsend told Gulf News there is a marked upturn in buying Dubai real estate from the UK. Overseas buyers have seen articles in newspapers and advertisements, he added. But many buyers are still waiting for the comprehensive new federal real estate law now in the pipeline.
Arshia Marina, Dubai Marina launch
The Arshia Marina tower in the Dubai Marina has been launched this week. Designed by UK architects RMJM, this luxury tower features a day care centre and children's pool. The tower also offers easy financing options for freehold buyers. For further details visit, www.arshiamarina.com.
DIB, first Lebanon realty project
The Dubai Islamic Bank has launched its first venture into the Lebanese property market, freehold residential homes at the Matal Al Qamar complex 36km from Beirut. There are 80 units, including town houses, duplex and triplex apartments and special units in a waterfall area, as well as luxury facilities. DIB will present the project at Dubai's Fairmont Hotel from September 10-14.
Dubai rentals in short supply
The construction delay to the huge Meadows villa project will leave a shortage of supply in the popular mid-range Dubai rental properties. Agents had expected the supply position to be improved by the opening of the Meadows with present tenants becoming owners. This could put upward pressure on rental prices this autumn.
First title deeds on Dubai villas
Nakheel has put its Garden View villas on the market, the first Dubai development to offer a title deed. Situated on a hill top near Jebel Ali, the spacious three and four bed villas are semi-detached and each has a family pool. Prices start from USD408,000 and the villas are ready to move in now. Visit, www.thegardens.co.ae.
Meadows up to three months late
Buyers of villas in Emaar Properties' Phase Two of The Meadows will be told next week that their properties will be delivered up to three months late. Sources blamed re-zoning by the Dubai Municipality for the delay, with some villas scheduled for delivery on October 31 not now available until January 31, 2004.
Deira City Centre expansion
Dubai's Deira City Centre shopping mall has added 30,000 square feet in the latest expansion phase. At 1.25m square feet the mall is the largest in the City and saw 20m pass through its doors last year. MAF Group is also developing another huge shopping mall opposite the Dubai Internet City which features an indoor ski slope.
Leading Oz realtor visits Dubai
Leading innner city property developer from Melbourne, Central Equity, will be on the 33rd floor of the Dubai Fairmont Hotel from September 8-14 from 9am to 7pm daily. Two new developments of apartments and town houses will be presented with a limited number available freehold to foreign buyers. Email for appointments to kfraser@centralequity.com.au.
Egypt's first real estate finance firm
Egyptian Housing Minister Ibrahim Sulaiman has announced the establishment of the first real estate financing company to help jump-start the local real estate market. Egypt also recently passed a real estate mortgage law to benefit low-income citizens. But the local real estate market has been stagnant for some time.
Palm Island re-sales increase
The start of September has seen a number of Palm Island properties come on to the market for re-sale, with apartments aparently more easy to obtain than villas. However, the flood of re-sales expected by some commentators has not emerged, and the as yet unbuilt property is still changing hands for a modest premium.
Aqar Holdings to showcase projects
Leading Saudi Arabian real estate developer Aqar Holdings is set to showcase its projects at the Cityscape 2003 trade event in Dubai next month. These include the Alharam Residential and Commercial Centre, Old Madinah project, and Alshurfah Centre in Makkah, as well as the Sea Fronts Resort in Al Khobar.
Dubai Techno Park calls bids
Bids for the construction of the first phase of the upcoming Dubai Techno Park are now open and will close next month. Construction will be completed by the end of 2004. Officials said 135 companies had expressed interest in the project near Jebel Ali and that negotiations were almost complete with 13 firms. The Techno Park offers a special freezone for oil and gas, desalinisation and environmental resource companies.
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