2003
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UAE, property valuation norms
Cluttons partner Simon Townsend told Gulf News that the UAE needs to establish a rule book to guide real estate valuations like The Red Book in the UK. He said this lack of clear guidance led to an ambiguity in local property valuations. But he praised the recent Dubai Lands Department website initiative.
NBD mulls local mortgages
The National Bank of Dubai is conducting a detailed study of the local mortgage market, officials told Gulf News. Mortgage finance is expected to be a boom business for banks in Dubai over the next few years with international banks also privately admitting that they intend to enter the market sooner rather than later.
Dubai freehold, healthy market
The new Dubai freehold property sector is showing signs of a healthy market with pre-sold properties already changing hands, albeit without a premium. Freehold units entering the rental market are also being snapped up, and obtaining expected rentals, said agents. However, some older property rentals are beginning to slip.
New offices coming up in RAKFTZ
The construction of World Trade and Business Innovation Centre phase two in RAK Free Trade Zone's Business Park, will be completed by July next year. It will have 135 offices and will be connected to the phase one. In its Technology Park, four new warehouses of 200 sqm each are under construction, officials said.
Saudi property continues to boom
One of Saudi Arabia's largest real estate developers, Aqar Holdings, says rapid population growth, rising purchasing power and demand for higher living standards in the kingdom, will continue to boost the real estate sector for the next ten years. The firm will display some of its projects at Cityscape in Dubai in October.
Fujairah real estate sector booms
Expanding economy of Fujairah has led to a rapid rise in demand for villas, apartments and office space in the emirate. Despite several new projects that have come up with more in the construction phase, realtors estimate demand to be higher by almost a quarter than the current supply, Gulf News said.
Dredging starts for Maritime City
Dredging works have begun just offshore Dubai to construct the 25m sq. ft. peninsula that will house the Dubai Maritime City. It will jut out to the sea between Port Rashid and Dubai Drydocks. The city claimed to be the world's largest maritime property development, is aimed to develop into a focal point for all regional maritime activity.
Iraq rebuild forum at Cityscape
Cityscape 2003 will feature a forum on the rebuilding of Iraq. It is organised by IIR with Dewan Architects and Engineers and in association with Iraqi Business Council. It will be held on the final day of Cityscape which will be organised in Dubai from October 18-21.
Renovation projects in RAK, UAQ
The Ministry of Public Works and Housing Department has implemented a number of construction and maintenance projects in Ras Al Khaimah and Umm Al Quwain. The projects, which cost USD3.5m, include renovation of government offices, ministry premises, mosques, schools and sports and recreational clubs.
City Centre to reveal 24 new stores
Deira City Centre's new lower level and taxi entrance will be opened on September 3. A special media event has been arranged prior to the theatrical 'reveal' of the 24 new stores and airconditioned new 'front door'. The property's general manager Rashid Doleh, will explain about the shopping mall's strategic positioning.
Housing complex demolition begins
Blocks 1 to 9 of 'Caltex Building' in Dubai's Karama area have begun to be demolished. It will likely give way to a newer development. The property had 348 apartments in which over 1,600 lived. Notices for vacation were issued last on grounds that the building was old and a hazard to public safety.
Zabeel project near completion
The USD10m Phase 2 of Zabeel Roads project will be opened to traffic by August 30. The phase 2 is a 28km road network comprising a 3.2km dual carriageway main artery with two tracks on either side. The project also involved introduction and modification of links from Sheikh Zayed Road, provision of street lighting, irrigation works and complete network for services.
Dubai Pearl project gathers steam
Construction of the USD810m Dubai Pearl City project will get into full gear by the year end. It is schduled for completion in three years, Khaleej Times said. The development will have the Gulf's first opera house, more than 2,000 residences and offices, 1,500 hotel rooms, a conference complex, techno world plus a large retail-leisure complex.
New 22-storey tower in RAK
A USD6.5m tower, Al Noeim Tower, is being built at Qawasim Corniche in Ras Al Khaimah. The 22-storey tower will be completed next month and will have 160 apartments serviced by three lifts. It will have gas supply to all flats. Ground floor is for shops and first and second for offices. The rest is residential.
32Group to build seven towers
32Group Properties plans to set up seen high-rise towers in Dubai, Khaleej Times reported. Its commercial property, Pacific Tower, was launched last month while the residential Concorde Tower was launched this month. Construction is due to start in a couple of months and completion of both towers is by end of 2005.
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