2005
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HSBC, 6% mortgage rate
HSBC has signalled a more aggressive approach to the Dubai mortgage market with the launch of the Flexi-Home Loan with interest rates from 6% on up to 80% of the market value of a property. Customers can repay any amount at anytime without penalty and later decide to borrow more again. Existing Dubai mortgage holders can remortgage for a negotiable fee.
UAE steel warning
The UAE must encourage more domestic production of steel, reducing dependence on foreign imports, according to a Ministry of Finance official quoted in Emirates Today. Saeed Abdulla Mohammed Al Roken, deputy director of the ministry's industrial development directorate, says domestic demand outweighs supply by two to one, with firms needing three million tonnes of steel per year.
Tamweel Sharjah property finance
Tamweel will finance property purchases in the Ali Moosa Tower 1 and 2 developments in Sharjah, following a tie-up with local property developer Ali Moosa & Sons. Finance will be provided up to 70% of the property value over a repayment period of up to 25 years, starting at a fixed profit rate of 4.99%. The towers together have 416 one to four-bedroom apartments.
Icon Towers in JLT
Kuwait-based Al Mazaya Real Estate will develop a $90m twin tower residential and commercial project in Jumeirah Lake Towers, called Icon Towers, after signing a deal with construction company S S Lootah. The 39-storey development will have 348 one, two and three bedroom apartments, and four penthouses. It is due for completion by the end of 2007.
Dubai rents still rising
Dubai rents are overheating but will cool down as more homes come to market over the next two years and the supply/demand relationship evens out, Elaine Jones, CEO of Asteco told the monthly Dubai Property Group networking event. She said there was much more demand than supply for property in Dubai at the moment but this situation will not last forever.
Al Burj, Madinat Al Arab sales
Al Burj Real Estate, the newly-established company will start offering property investment opportunities in phase one of Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront by November 2005. Dr. Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry and DIB Chairman was also announced as the Chairman of Al Burj Real Estate.
Cement prices up 8-10%
The UAE Contractors Association has warned cement companies that it will take action if prices are raised beyond the recent 8-10% rises. Officials told Gulf News that some cement companies were using fuel price increases as a pretext to increase cement prices.
ATTC buys ready-mix firm
The Arab Technical Construction Company, which owns Arabtec, has bought Jebel Ali based Austrian Arabian Ready Mix Concrete for an undisclosed sum. Daily production at the factory is 3,000 cubic metres, which is about one third of Arabtec's daily requirements.
Dubai Sept auctions raise $48m
Property auctions held by the Dubai Lands and Properties Department in September raised a total of $48m for 18 properties, a record month for the department. The highest price paid at auction was $10.8m for a 9,257 sqft building in Naif.
DMCC launches Ag tower
Dubai Metals and Commodities Centre has launched a third commercial tower for sale on freehold basis. Named the Ag Tower, its launch follows the overwhelming response from DMCC members for the Almas and Au towers, which were introduced earlier this year and sold out almost immediately after launch. The 37-floor Ag tower is available only for DMCC registered companies.
Dubai, $720m deals in Sept
The Dubai Lands and Properties Department has reported deals worth $720m were recorded in September up from $666m in August. This comprised 330 land deals worth $270m, 164 mortgage transactions and 145 donations. Al Barsha-1 accounted for 10.5% of sales followed by Mirdiff.
New KSA realty association
A meeting to establish an association by 22 Saudi real estate companies was held yesterday. Membership is to be open to all real estate agents in the Kingdom. The aim is to identify obstacles facing investors and find viable solutions for them, officials told Gulf News.
Emaar, $50bn Indian project
Emaar Properties is investing over $50bn to develop an IT community in the Indian state of Andhra Pradesh, according to Gulf News. The Knowledge Corridor project, a joint initiative of the governments of Dubai and Andhra Pradesh, will consist of offices and residential units. It is expected to be completed in three years.
Dubai land deals at $133m
Land deals worth $133m were concluded in Dubai in the past week, according to figures from the Lands and Properties Department. Al Souq Al Kabeer had the highest overall turnover, with transactions worth $18.4m taking place. A plot in Hor Al Anz returned the highest single sale at $10.89m.
$38m Dubai land sales
Land deals worth $38.8m were concluded in Dubai yesterday, according to figures from the Lands and Property Department. The highest sale was for a plot in Hor Al Anz which changed hands for $10.9m, which was also the largest in area at 25,000 sqft.
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