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Rental rates in Northern Emirates to fall
A report by CB Richard Ellis Group Inc. has said that rental rates in the UAE's northern emirates may drop further this year as cheaper rents in Dubai lure tenants and as supply continues to outstrip demand, Bloomberg has reported. Residential rents in Sharjah, Ajman and Ras al Khaimah, have dropped 20% on average from a year ago, while some areas saw as much as a 35% decline, the report has said.
Tameer delivers Palace Towers
Tameer Holding Investment has said that it has begun the delivery process of its recently completed Palace Towers project located in Dubai Silicon Oasis. The mixed-use project is a complex of 424 contemporary residential apartments, and 150 office suites, and offers a range of amenities to its residents including a fully equipped gymnasium, children's play area, two swimming pools, as well as cafés, restaurants and shopping facilities.
Dubai property prices dip 9% in Q2, says report
A new report by Colliers International has found that while housing prices continue to fall in the second quarter of this year in Dubai, the rate of decline has slowed dramatically. The report said housing prices in Dubai dropped 9% in Q2 of 2009, far lower than the 42% drop that was recorded in the emirate in first quarter of this year. The report also noted that at the end of Q2 2009 property prices in Dubai had returned to approximately the same level as those recorded in Q2 2007, and were down 50% from their peak in Q3 2008.
Kuwait property sales tumble 47% in Q2
Real estate sales in Kuwait dropped 47% in the second-quarter compared to the year earlier period, according to official data. Property sales in the country had plunged to KD280.8m ($977.7m) from KD529.1m in the second quarter last year, it showed. Residential property deals, which represent the biggest proportion of total real estate transactions, had fallen 28.1% in the quarter to KD142.8m. Investment property sales fell 55.6% to KD101.19m, while commercial property sales were down 64.1% in the second quarter of 2009, compared to the year earlier period, reported Reuters.
Saudi construction sector 'stable'
The Saudi Arabian civil construction industry is stable and has escaped the worst of the global economic crisis, according to a new report by Proleads Global. Despite the global slowdown, Saudi Arabia is one of the most active construction markets in the world as it grows its infrastructure to meet domestic demands, the report said. Less than 80 active projects, with a total value of around $20bn have been placed on hold or cancelled in Saudi Arabia, in contrast with the UAE where 400 projects, valued at more than $300bn, have been cancelled or put on hold.
Property and rental price falls to continue, but less severe
Property consulting firm CB Richard Ellis has said that weak sales, a drop in demand and new supply coming on line is likely to push property prices and rentals in Dubai down further in the second half of the year. But the price falls are not expected to be as severe as during the first half of 2009. CBRE said the pressure on lease and occupancy rates will be most prominent in the new residential developments, such as Dubai Silicon Oasis, International Media Production Zone and Motor City. In the commercial office market sector, supply will increase substantially in the next six months, and the majority will be from the newer business areas of Jumeriah Lake Towers, Al Barsha, Tecom, Business Bay and Dubai Silicon Oasis.
Al Fara sets up facilities division
Dubai-based Al Fara'a Integrated Construction Group has announced the launch of its facilities management (FM) division, which has been set up to supply FM services and solutions for Al Fara'a Properties. The division will provide customised and integrated property management to the developer's inaugural project, Le Grand Chateau in Jumeirah Village, Dubai, as well as the Mulberry Mansions and The Manhattan projects, which are scheduled for completion in 2010.
DSI posts healthy Q2 2009 results
Drake and Scull International has posted a second-quarter net profit of Dhs90m, a quarter-on-quarter growth of 15% and a total net profit of Dhs168m for the first six months of the year. Net revenues for the second quarter stood at Dhs512m, a quarter-on-quarter increase of 5% and bringing DSI's consolidated net revenues to Dhs1bn for the first half of 2009.
Realty firms use cheque-reporting for future tenants
Emcredit, UAE's first government-backed credit information services company has announced that Dubai real estate firms Landmark Properties and New England International Real Estate have signed up, to integrate Emcredit's cheque-reporting solution, emBounce into their business processes. Landmark Properties and New England International Real Estate will benefit from this solution by providing them in-depth insight into the cheque-honouring and payment habits of existing and potential tenants planning to rent a property in the UAE.
Emaar posts Q2 loss of $351m
Dubai-based Emaar Properties said today it recorded a second-quarter loss of Dhs1.29bn ($351m) compared with a profit in the same period a year ago. The loss per share was 21 fils, the company said.
Ezdan H1 profit jumps 91%
Qatar-based Ezdan Real Estate has reported 91% increase in its first half net profit to QR203.42, while its rental income had climbed more than 66% to QR239.69m. Ezdan's gains on disposal of investment properties had more than quadrupled to QR17.43m, even as other income had dropped 52% to QR2.92m, the company has said. Operating expenses had dropped by 44% to QR33.26m, which resulted in its operating profit to report 73% gains to QR226.77m. Profit on bank deposits jumped about nine-fold to QR2.67m.
Emaar, Syrian JV forges ahead
Dubai-based Investment Group Overseas has said its $1.1bn Syrian development project will not be derailed by the merger of its partner Emaar Properties with fellow UAE firms, Reuters has reported. Emaar-IGO is still aiming to complete the first phase of the Eighth Gate project, which will include the new Damascus Stock Exchange, by April 2010, IGO managing partner Anas Kozbari has said. The entire development would be completed by 2012/13, he added.
Arabtec's Q2 profit falls 33%
Dubai-based Arabtec Holding, the UAE's biggest construction company, has reported a second-quarter net profit of Dhs183m ($49.82m), down 33.1% from the same period last year. The company made a net profit of Dhs345m in the first half of the year, the company said today in a statement. It made a second quarter profit of Dhs505m in the first half of 2008.
Aldar to deliver 1,100 homes in next 12 months, says official
Abu Dhabi-based Aldar Properties said it will deliver 1,100 homes in the next 12 months, Chief Financial Officer Shafqat Malik told Bloomerg in an interview. 'Most of them have been either sold or we are in advanced negotiations,' Malik said. Aldar has delivered 700 homes so far this year, he added.
Consolidation will shape Dubai market, says Moody's
The recently proposed consolidation of Emaar Properties and the real estate activities of Dubai Holding Commercial Operations Group (DHCOG) would create a dominant entity in Dubai's property market that would control the market as well as benefit from economies of scale and stronger bargaining power vis-à-vis contractors, Moody's Investors Service has said. Furthermore, the opening of Dubai's Metro, the inauguration of Burj Dubai and the end of the school year/beginning of the summer period will shape Dubai's residential property market in the near term and lead to greater differentiation within Dubai's residential areas, from which the two firms may benefit, Moody's added.
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