2003
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UAE mortgage options to grow
Other UAE banks are preparing to launch mortgage products, joining latest entrant Mashreqbank, and alongside HSBC, Dubai Islamic Bank, Abu Dhabi Islamic Bank and Amlak. Bankers said that will many real estate projects approaching completion, the buyers would now be shopping for the appropriate mortgage.
AD clients like London property
MiNC Property Enterprises, the London estate agents headquartered in Dubai, has seen a 30 per cent year-on-year increase in customer applications in Abu Dhabi, despite the fact that many experts believe that house prices in London are now past their peak. Director Haroon Mahmood said Abu Dhabi residents tend to look beyond the short-term fluctuations of the London property market towards long-term growth.
Mashreqbank, UAE mortgages
Mashreqbank has become the first commercial bank in the UAE to offer mortgages to residents and non-residents to buy property from local developers. The bank offers a 6.49 per cent interest rate, the lowest down payments and approval within 10 days. A fixed rate option will also soon be available.
Ramadan boost for Dubai realty
The quieter period of Ramadan appears to be boosting Dubai real estate activity, said agents who reported brisk business in all areas. They said people now had the time to complete deals, and make up their minds. But stocks of villas and apartments are now running low on the most popular development projects.
10-40pc premium, Palm Jumeirah
Property on the Palm Jumeirah, a 5km-long island shaped like a palm tree off the Dubai coast, is attracting a 10 to 40 per cent premium over the original selling price, a top official told Gulf News. All the villas and apartments have been sold off plan with nothing due for delivery for another two years.
Palm Jebel Ali, 70pc sold
The Palm, Jebel Ali, a huge offshore island outside Dubai, has sold 70 per cent of its villas and water homes, Operations Director Wahid Attala told Gulf News. He described these sales as a normal pace by comparision with the first Palm Jumeirah which sold out in a week.
Damac, USD68m Palm project
Damac Group has unveiled a USD68m residential project on The Palm, Jebel Ali to be completed in 2007. Palm Springs will comprise 250 luxury apartments on the crescent and investors can buy off plan now. Damac's three existing developments at Dubai Marina are sold out.
10 villas wanted on Palm Island
Ocean View Properties is advertising for 10 villas and apartments on The Palm, Jumeirah for instant cash. This reflects the increasingly frenzied real estate market in Dubai with prime locations now in short supply. However, there still seems to be a plentiful re-sale market in secondary locations.
Nakheel inks IMAX deal
Nakheel has signed a deal with IMAX Corporation, the world leader in large format entertainment technology, for two IMAX cinemas in Dubai. The first will be located in the Gardens Shopping Mall, which is currently under development by Nakheel. The location of the second theatre is yet to be announced. The agreement also stipulates that Nakheel has the sole franchise rights for IMAX in Dubai.
Gulf Construction Conference Week
Al Hilal Conference and Exhibitions is organising a new Gulf Construction Conference Week from November 29 to December 2 in Dubai. The publisher of well known Gulf Construction magazine is collecting three different trade-orientated events under this one umbrella.
Emirates Lakes, waiting list
Emaar Properties has a long waiting list for rental properties in the Emirates Lakes, a community of town houses behind the Emirates Golf Club. This bodes well for the release of Springs properties on to the rental market from February when their new owners take possession.
Palm Jumeirah, reclamation done
Nakheel has completed reclamation work to create The Palm Jumeirah, a 5km-long artificial island off Dubai shaped like a palm tree. But it will take another two to three years to complete infrastructure and building work, reported Gulf News. The second Palm Jebel Ali is now 10 per cent complete.
Fujairah short of apartments
Fujairah has 25 per cent more demand than apartments available, local agents told Gulf News. The Fujairah Municipality recently stopped issuing construction licences to improve planning controls. But 180 new apartments in six buildings under construction will become available next month.
DTC, USD55m investment
Land for the upcoming Dubai Textile City has been allocated in the Warsan district and construction of the USD55m project will start this month with completion slated for Spring 2005. The project was announced two years ago and has been delayed by a change of location, according to Gulf News.
Emaar running out of villas
Emaar Properties is running low on villas for sale on and off plan. A survey by AME Info last weekend revealed that there are only 20 Meadows villas left for sale, and around 60 Springs villas remaining out of the 4,000 under construction. This solid information confounds skeptics who said Emaar was overbuilding.
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