2003
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Mortgages to boost Dubai realty
The greater availability of mortgages and competition in this market is likely to boost Dubai real estate prices. Economists point to the example of the UK where abundant finance has pushed prices skyward. But banks in the UAE are awaiting new laws before leaping into the mortgage market which is likely to be a boom area.
UP, USD123m Mirdiff project
Union Properties will start marketing its USD123m Mirdiff residential and commercial project by January. The residential units will be for rental and not sale. This is a planned community with shops and restaurants, noted officials who said Dubai needed more rental properties as not everyone was in a position to buy.
Emaar's retail team challenge
Emaar Properties has announced its new nine-member retail and leasing team that will co-ordinate the 5m sqft retail space of the 9m sq ft Dubai Mall project, part of the Burj Dubai complex. The mall is equivalent to the size of more than 50 international-class soccer pitches. The team will also handle retail letting on Emaar's six other developments.
Damac, Palm Springs booking
Damac Properties has opened the Palm Springs on the Palm Jebel Ali for bookings. The medium-rise apartment complex is located on the outer crescent of the second Palm Island which is now under reclamation from the sea off the coast of Dubai. For details visit, www.damacproperties.com.
Prince Andrew opens Big 5
Prince Andrew Duke of York joined Sheikh Ahmed bin Saeed Al Maktoum yesterday to open the Big 5 construction show in Dubai. He is supporting UK firms who hope to win more work in the booming Dubai construction sector. The UK has 48 exhibitors taking part.
Palm infrastructure bids
Bids are due to be returned by November 30 for major infrastructure works on the trunk of the Palm Jumeirah project in Dubai, reported MEED. The USD41m, 12-month contract is for roads, sewage and stormwater disposal facilities, a liquefied petroleum gas distribution pipeline, telecommunications ducts and water reservoirs.
London five-times Dubai prices
London commuter belt property is around five times higher in price than uptown Dubai, reported agents. The price differential between Central London and Dubai is almost twice again. Agents expect this price difference to narrow as the Dubai property matures and London cools off.
Dubai re-sale market grows
Less than 18 months since the start of freehold ownership in Dubai and a healthy re-sale market has developed, albeit often for partly-paid, off-plan property. Agents say the real test for the market will be when these properties are occupied and the true demand position becomes clearer.
First-ever Dubai timeshare
The upcoming iconic 37-storey Wind Tower residential tower in Jumeirah Lake Towers opposite the Dubai Marina is offering timeshare apartments. These apartments cost from USD3,000-8,700 for two weeks a year forever. Furnished freehold flats are available from just USD43,500 for 300 sqft. Visit, www.windtowers.net
Fbi, AME Info sponsorship
Dubai based fbi Property Development has become the latest sponsor of an AME Info newswire, and has taken the annual sponsorship of the Real Estate news section. This ambitious new UAE real estate company will be announcing its first deals shortly.
Power lines not a health risk
Living near high voltage power transmission lines is not a health risk according to recent studies, says Better Homes Managing Director Linda Mahoney in her Gulf News column today. She pointed to a broad consensus in the scientific community on this issue, and cited uneven reporting in the mass media for misconceptions.
Big 5 construction trade show
The Middle East's premium construction industry trade show, Big 5, will run from November 29 to December 3 in Dubai. Given the construction boom in the emirate this is expected to be the biggest Big 5 ever. From the UK Prince Andrew is scheduled to visit to support British firms.
Saba, twin-towers, 700 apartments
Saba Group has announced the launch of the emirate's first twin-tower freehold residential project. The 36-storey, 700 apartment, Saba Towers 2&3 were unveiled at a Ramadan Suhoor event hosted jointly by Nakheel and Saba Group. This project is part of Nakheel's Jumeirah Lake Towers community. Construction will be in a record 18-22 months.
Kanoo, UAE massive growth
If all the announced projects go through then the UAE construction sector will continue to witness massive growth for the next five years, Vice-Chairman of the Kanoo Group Mishal Hamed Kanoo told Gulf News. He said this would benefit the group's machinery business which ranges from construction to earth-moving machines.
IFA, USD350m South African resort
A consortium led by Kuwait's International Financial Advisors is to invest USD100m over 10 years in South Africa's Zimbali Resort. In addition, IFA Hotels has bought one million square metres of land for a 300-bedroom, five-star hotel. The total first phase of investment is around USD350m.
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