2005
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No correction, says Damac
Damac chairman Hussain Sajwani told Gulf News that there is not going to be any correction in the Dubai market. He said that on the contrary rising land and construction costs would push prices up by 10-15% next year. Damac has 20 towers under construction in Dubai. But Mr. Sajwani admitted that prices were static in 2005 despite a 30% rise in rents in the city.
Damac chairman, prices static
Dubai property prices have been static in 2005 but may rise by 10-15% next year, Damac Properties chairman Hussain Sajwani told Gulf News. He said rising construction and land costs would push selling prices up, noting that construction costs had doubled and land prices trebled in the past three years.
Real estate slowdown warning
Veteran Gulf economist Dr. Henry T. Azzam warns of a slowdown coming in Middle East real estate markets after a three-year boom in his Gulf News column today. The region's most senior economist says that a period of stagnant sales and rising inventories will be the first sign of trouble.
$881m Burj Dubai contract
Emaar Properties has signed a landmark $881m construction contract with Samsung Corporation for the Burj Dubai, the world's tallest structure. Construction has already reached the 12th floor, and is progressing at a rate of one floor per week, with completion scheduled for the end of 2008.
DMCC launches Ag Tower
The Dubai Metals and Commodities Centre has launched the 37-storey Ag Tower, named after the chemical symbol for silver. This follows the sell-out of the Almas Tower in January on its launch day, and the sell-out of the Au Tower. The DMCC is a commodities free zone.
Dubai land deals lower
Last week saw the lowest total for Dubai property deals since the end of summer. The Dubai Land Department recorded 38 transactions worth a total of $101m. Emirates Hills-2 had the highest turnover at $8.8m followed by Mirdiff at $4m. Mortgages totalled $58m.
Football star buys up
Football star Nicolas Anelka bought up almost $4.4m worth of Dubai real estate on a recent trip, reported Emirates Today. The former Real Madrid and Arsenal reportedly snapped up a penthouse and four apartments at Dubai Marina, which he intends holding as an investment.
$24m chalet project at RAK Hilton
Ras Al Khaimah has awarded a construction contract worth $24.5m to Convrgnt Value Engineering to build 116 chalets, which is part of expansion plans for the RAK Hilton Beach Club. The chalets will be built next to the existing Hilton Beach Club at Al Marid in Ras Al Khaimah, and are due to be finished in 12 months.
Marina Suites on sale
Dubai-based MiNC Property Enterprises has opened bookings for the Marina Suites serviced apartments at Dubai Marina. The development will have a range of apartments and penthouses offering sea or marina views. MiNC says it guarantees an 8% per annum return on the original investment for three years, and will offer to extend the guarantee period. Marina Suites is expected to be completed in early 2007.
Istithmar enters Trafalgar Square
UAE-based investment house Istithmar has paid $273m for London's One Trafalgar Square, reported WAM. Executive Chairman Sultan Ahmed Bin Sulayem says the acquisition represents a key step forward for the company, which is positioning its portfolio to focus on developing markets and international gateway cities such as London.
Edara manages Green Community West
Dubai-based Edara, a subsidiary of Union Properties, has agreed to manage Properties Investment's upcoming Green Community West project. GCW will have 580 villas, 256 apartments and six recreation areas built over an area of 11.2 million sqft. Edara had previously managed phase one of the Green Community project.
Trump comes to The Palm, World
New York-based The Trump Organization will build The Palm Trump International Hotel and Tower on the Golden Mile, Palm Jumeirah, following a joint venture agreement with developer Nakheel. Other developments are in the pipeline, including plans to build a property on Nakheel's The World development.
$15m Dubai land sales
Land deals worth almost $15m were concluded in Dubai yesterday, according to figures from the Lands and Properties Department. The biggest sale was for a plot in Al Quoz Industrial 4 which sold for $2.4m, followed by one in Emirates Hills 2 which changed hands for $1.9m, which was also the largest plot at 39,479 sqft.
Amman $1bn downtown starting
Construction of a $1bn downtown area in Amman will begin early 2006, according to Jordanian property officials quoted in Emirates Today. Around 23 groups are expected to begin work on the development, which will feature a mix of commercial and residential property. Infrastructure work should be completed by March 2006.
Shamil loans for Abraj Al Lulu
Bahrain-based Shamil Bank will provide Islamic home finance to buyers in the $250m Abraj Al Lulu development in Bahrain, following an agreement with developers Pearl Real Estate Development Company. Approximately 40% of apartments in the project have been sold. Construction has also commenced and is scheduled to be completed by December 2007.
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