2003
- The news you choose »
- Login to Add to Watchlist
Tourism fuels Dubai property boom
Property developer Nakheel chief, Sultan bin Sulayem, told delegates at Cityscape conference that Dubai is not overbuilding, but is responding to demand. He said booming tourism has boosted demand and that Dubai will need 25,000 hotel rooms on the beach by 2010. Today, it has 4,000.
New hotel coming up in Al Khobar
Movenpick Hotels and Resorts with Mansour bin Jumah, will buld its third hotel in Saudi Arabia in Al Khobar. It already runs properties in Jeddah and Madinah. The new hotel will be 10-minute drive from Dammam and will have 101 luxury rooms, 20 suites, two penthouses and eight deluxe villas. It wil be ready in 2005.
Malaysian property on show
The three-day Malaysia Real Estate Expo opened in Dubai on October 17, featuring range of properties from a number of Malaysian developers. Malaysia has liberalised foreign ownership of property, reduced interest rates and granted stamp duty exemptions, to spur property sector growth.
Oman hands over 85 housing units
Eighty-five houses costing USD2.5m have been built and handed over to a similar number of families in Oman. More housing units in Wusta are coming up at a cost of USD9m. Tenders will soon be invited for an additional 56 units that are to be constructed in Al Najdah area.
85,000 freehold units for Dubai
Dubai is presently planning or building 85,000 housing units for freehold sale, Asteco Managing Director Elaine Jones told the CityScape conference in Dubai. This would provide accomodation for 285,000 residents, she added, noting that present population growth would provide sufficient demand.
Foreign ownership legal in the UAE
Foreigners are not prohibited from owning property in the UAE, as there is no federal law on this subject, top lawyer Essam Al Tamimi told the CityScape conference in Dubai. He said the Dubai decree on freehold property of May 2002 made the legal position perfectly clear. However, a comprehensive new Dubai property law is still expected soon, he added.
Hattan villa, USD136,000 premium
One of Emaar Properties' new Hattan villas in the Emirates Lakes has sold with a USD136,000 premium over the price originally obtained this August, Asteco Managing Director Elaine Jones told the CityScape conference in Dubai. She said the outlook for investors was very positive.
Dubai to have new city resort
Dubai's first city resort in Bur Dubai will come up at Grand Hyatt Residence Villas, adjoining the hotel. The ten villas are both for short breaks as well as full-time residence. Six will be let furnished for one week to one year. Each is 345 square metre, four-bedroom, four-bathroom property. The One has been awarded the furnishings contract.
Shops auction on October19-20
Dubai Municipality will auction several shops and stalls at the new central vegetables and fruits market at Al Warsan. The auction will be held on Oct 19-20 at municipality's staff club in Al Garhoud. Two auctions have already been held and successful bidders have been handed over the keys. The new market will be fully operational by early 2004.
Why lease when you can buy?
Estate agents predict a poor response to the launch of the Green Community project in Dubai, offering 90-year leases rather than freehold ownership. Re-sale values are the main worry, they said. Freehold provides ownership in perpetuity while leasehold is a diminishing asset.
DIFC selects masterplan designer
Gensler Architecture has been appointed by Dubai International Financial Centre to carry out the design of its masterplan. With DWTC, the convention centre and Emirates Towers, the masterplan combines clusters of mixed-use offices, retail and residential developments. It will create a new central business district.
Green Community, 90-year leases
The Green Community near Dubai's Jebel Ali will go on sale this Sunday with 90-year leases from Union Properties. The property is available from March 2004, and comprises 310 townhouses, 75 family villas and other accomodation set in a landscaped community. Buyers put down 20 per cent and pay off the lease in five or 10 years, or pay in full immediately.
Parador enters Cyprus market
Parador Properties has chosen Cyprus Airways for its property familiarisation trips to the Mediterranean island. The agreement marks the entry of Parador into the Cypriot real estate market. Parador, which recently opened a regional office in Dubai, is the UK's leading Spanish real estate agent. Cyprus is its second overseas destination.
Egypt property at Expo Centre
An Egypt Real Estate Souk will run from October 15-24 at Expo Centre Sharjah alongside the Akhbar Al Yom's Egyptian Products Show. Several of Egypt's ral estate developers are represented at the show with offers of villas, flats and plots for residential and investment purposes.
Ajman asks landlords to register
Ajman landlords have been asked to register their properties with Ajman Sewarage by October 31. A five-member panel is being set up by the UAE emirate to look into cases where landlords claim financial difficulties as preventing them from paying the registration fees. A list of defaulting landlords will be sent to the emirate's crown prince.
It looks like you are using a Mac - check out our 
Web Feeds