2005
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Call for resale law
Laws are needed to protect purchasers of real estate in Dubai from unscrupulous agents, according to industry officials cited in Gulf News. A secondary market has opened up with some properties reportedly changing hands without notification to the developer, resulting in uncertainty of registered ownership.
Dubai rail project starts
The Dubai Metro project is underway with groundwork for the 69.7-mile line starting on Union Square station, reported Gulf News. Union Square will be one of the two main underground stations for the fully automated and driverless system. Dubai Rapid Link consortium headed by Japan-based Mitsubishi Corp won the contract to build the railway with a $3.4bn bid.
$140.5m Dubai land sales
Dubai land transactions worth $140.5m, including eleven mortgages valued at $113.4m, were concluded in Dubai in the last three days, according to figures from the Lands and Properties Department. The biggest sale was for a plot in Al Barsha 1 which went for $6.67m. The largest plot was 42,615 sqft in Nad Al Sheba which changed hands for $1.39m.
$500m Dubai Towers, Istanbul
Dubai International Properties, a Dubai Holding subsidiary, and the Istanbul Metropolitan Municipality unveiled plans to build a $500m multi-use tower complex in Turkey's commercial city of Istanbul. The Dubai Towers marks the first project within the $5bn joint investment venture announced between the two parties.
Emaar, ONA $327m Morocco plan
Emaar Properties and ONA Group today unveiled details of a joint venture to create large scale residential and golfing development projects through-out Morocco. The joint venture projects are expected to take place over a period of five years and cost $327m. First project will be Amelkis II - a luxury residential golfing complex in Marrakech.
Nakheel warns on illegal sales
Nakheel has issued a public notice warning that some building owners in the International City and Discovery Gardens have resold buildings and apartments without the prior consent of Nakheel in direct breach of contractual obligations. Any person buying an apartment or building should first contact Nakheel to check that the seller is the registered owner of the property.
AD property market show
The Arabian Properties exhibition and conference will be held in Abu Dhabi for the first time from April 2-5. It will be organised by the Abu Dhabi National Exhibitions Company to run in parallel with Construct Abu Dhabi 2006. Organisers said Abu Dhabi is the next big property market in the region and is attracting global attention.
Bukhamseen, Business Bay deal
Bukhamseen, a major Kuwaiti business house has invested $27m in prime plots of land at The Business Bay, said developer Dubai Properties. Osama Bukhamseen praised Business Bay for its unique and strategic location in the heart of Dubai, near Sheikh Zayed Road.
AD, seven property start-ups
Seven start-up property development companies are set to launch in Abu Dhabi over the next six months with a total capital of more than $2bn, reported Al Khaleej. The names are: Al Fujairah Real Estate, Ajman, Eskan, Eshraq, Esnad, Al Tomooh Investment and Al Ain Property Company. The new companies will seek Saudi investment and aim to IPO within a couple of years.
Palm hotels start construction
All the land for the construction of 25 new hotels on The Palm, Jumeirah will be handed over within six months. Nakheel CEO James Wilson told AME Info four hotels had started construction and that the developer was encouraging others to begin soon to minimise disruption to residents.
Ramadan slump for land deals
The Dubai Land and Properties Department has reported a sharp fall in property transactions with just 12 last week worth a total of $35m compared with weekly averages of around $200m during September. This appears to reflect a slowdown in business during Ramadan and the rush to do deals in advance of the Holy Month.
Qatari rents up 60-80%
High rents and surging construction costs are fuelling inflation in Qatar, Economy Minister Sheikh Mohammad bin Ahmad Al Thani told Reuters. He said 80% of inflation is coming from rent hikes as the demand for housing had outstripped supply. Villa rents are up 60% in the past year, and two-bedroom apartment rentals by 80%.
$1bn Arabian Bays from DP
The as yet unannounced $1bn Arabian Bays project will be let by the end of the year, reported MEED Projects. This Dubai Properties community masterplan development will run from the Garhoud Bridge across the Dubai Creek and cover the entire Jaddaf dry dock area.
Emaar dispute continues
A dispute between Emaar and Dubai Marina Phase One over proposed service charges is continuing, with Emaar claiming the sole right to determine charges. But Dubai Marina representatives say Emaar is legally obliged to agree service fees with a homeowners' committee first. Emaar wants Dhs10.41 per sqft charges, homeowners say it should be Dhs8.91 per sqft.
Emaar's $500m Eighth Gate
Emaar Properties has unveiled a $500m development in Damascus, called the Eighth Gate, which will consist of mixed use residential, commercial and retail units. The project is a joint venture between Emaar and IGO, the offshore investment and property development company. Divided into three zones, the development comprises apartments and villas, a classical style piazza, commercial tower, a plaza and a 450,000 sqft retail mall.
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