2005
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World properties on show
More than 65 exhibitors from over 35 countries will be showcasing properties at the 28th Middle East Worldwide Property Show in Abu Dhabi from 14-15 November, and in Dubai from 18-20 November 2005. The show will also provide professional advice from financial, legal and mortgage specialists.
$817m Fujairah paradise
A $817m resort will be built in Fujairah over an area of 7m sqft of seafront near the Omani border and adjacent to the Le Meridien Al Aqah Beach Resort, reported Al Watan newspaper. The development, called Al Fujairah Paradise, will comprise 1,000 five-star villas, a hotel, and shopping mall. Saudi-based Golden Riyadh Establishment for Trading is reportedly financing the project, and says villas could sell for $953m.
Al Arabia markets DP in Egypt
Al Arabia Brokerage and Real Estate Services has been appointed by Dubai Properties to market its projects in Egypt. The company will be responsible for marketing DP's Jumeirah Beach Residence, Business Bay, and The Villa development in Dubailand, under the agreement.
Jumeirah Islands dispute
Some purchasers of properties at Nakheel's multi-million dollar luxury villa development Jumeirah Islands are refusing to move in until the developer attends to major quality control problems that have affected the development, reported 7Days. Residents have formed a committee to take their complaints to Nakheel, which include poor finishing and the use of cheap materials.
Award for property portal
Dubaipropertyauctions.com has won the best worldwide property portal at the 2005 Bentley International Property Awards in London, according to a company statement. The online trading platform allows users around the world to buy, sell and research information on properties in Dubai.
Dubai rental costs up 40%
Rental increases of 40% in Dubai in the first half of 2005 are responsible for soaring UAE consumer price inflation which will be 15-20%, according to the National Bank of Dubai's latest report. The current sharp increase in rentals, which form the single largest constituent of the CPI at 36.1%, raises considerable fears over the exact market rate of inflation, it added.
Springs, Meadows, defects list
The Interim Steering Committee of the Residents Group of The Springs and The Meadows has sent an email questionnaire to residents about the quality of construction of their homes. The aim is to highlight particular black spots and poor work by some subcontractors, reported Gulf News.
NBD, DP, zero-cost finance
The National Bank of Dubai is offering zero cost finance to buyers of Dubai Properties apartments in residential Tower H in The Executive Towers at Business Bay. This arrangement allows customers to finance their home with zero per cent interest and zero repayments until the building is completed, or until December 31, 2007, whichever comes sooner.
Dubai property, short supply
Supply shortages are evident for completed Dubai property, agents told AME Info (see Dubai Property). Property wanted adverts are common in local newspapers due to construction delays and phenomenal GDP expansion. This situation is expected to ease in early 2007 as major new high-rise projects are completed.
RAK Properties, land granted
RAK Properties has received 50m sqft of land as part of the RAK Government's support. The decree also allows RAK Properties to sell units and facilities in its residential, commercial and tourism projects under the supervision of RAK Government. The developer has projects that include Mina Al Arab, Mangrove Islands, Al Hamra Hotel & Resorts as well as both the residential and commercial Julphar Towers.
Sharjah rents to stay high
The arrival of 500 new apartments on the Sharjah property market is not likely to impact on local rentals early next year, agents told Gulf News. Agents said there was still a big shortage of space though rents were showing signs of stabilising after recent big increases.
Nakheel plans online sales
Dubai Government owned Nakheel is planning to conduct online sales, general manager of VIP sales Manel Shaheen told Gulf News. She said Nakheel had already sold $6.9bn from 14 projects in the past two-and-a-half years. Online sales will allow buyers to purchase without setting foot in Dubai, she added.
RAK grants freehold rights
Ras Al Khaimah's Crown Prince Sheikh Saud bin Saqr Al Qasimi has approved absolute and lasting ownership of property sold by the RAK Properties Company to expatriates and nationals, reported Gulf News. The unobstructed freehold ownership clarifies the ownership situation in the emirate.
Labour hotline, 100 complaints
A newly established hotline for labourers to call about non-payment of wages has received more than 100 calls in two days, reported Gulf News. One call involved 2,200 labourers who had not been paid their salaries for two months. This matter has since been resolved, said officials.
Eid break for real estate
The upcoming Eid Al Fitr holiday is likely to prove a welcome breathing space for the real estate sector whose fortunes revived sharply in October after a slow September return from the summer. However, with local liquidity high, agents think the higher levels of transactions will continue after Eid.
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