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Dubai Property

Abu Dhabi buys Chrysler Building
An Abu Dhabi sovereign wealth fund has bought the Chrysler Building, one of the most iconic high rise buildings in New York, reported Bloomberg. The skyscraper was acquired yesterday by the Abu Dhabi Investment Council for an undisclosed price. It marks the second purchase of a Manhattan landmark by Middle East investors in as many months. Last month a Dubai fund, Boston Properties, and Goldman Sachs Group paid $2.8bn for the General Motors Building in New York.
United Arab Emirates: Thursday, July 10 - 2008 at 09:21

Zaya launches island project in Abu Dhabi
Real estate company Zaya has launched a Dhs3bn ($817m) island project located four kilometres from Saadiyat Island in Abu Dhabi, reported Gulf News. The project, called Nurai, will comprise 31 beachfront estates and 50 water villas with prices ranging from Dhs35m to Dhs110m. Sales began in May and everything that has been released so far has been sold, said the company's chief executive Nadia Zaal.
United Arab Emirates: Thursday, July 10 - 2008 at 07:29

Dubai to get boost in property supply
Real estate supply in Dubai may catch up with demand as early as next year, but any dip prices is likely to be moderate, according to a new report by ratings agency Fitch. New homes coming on to the market will reach record highs in 2009-2010, the report says, adding that a glut of office space could also emerge in the same period. However, with government-related entities controlling an estimated 50% of Dubai's upcoming property stock, it is unlikely that these companies will flood the market.
United Arab Emirates: Wednesday, July 09 - 2008 at 10:33

Cost of building materials up 50% in Gulf
The costs of building materials in the Gulf region jumped 50% during the first half of the year following a 30% hike last year, said regional real-estate developer Al Mazaya Holding Company in a statement yesterday. The Kuwaiti-based company said this was due to inflationary pressures in the region that also prompted skilled and unskilled labourers to leave the UAE, where some 60% of the residents are of Asian origin.
Middle East: Wednesday, July 09 - 2008 at 07:39

Karl Lagerfeld to design Dubai homes
Fashion icon Karl Lagerfeld has signed a deal with Dubai Infinity Holdings to design 80 homes on Isla Moda, the world's first dedicated fashion island, set in The World development off the coast of Dubai. The collaboration between DIH and Lagerfeld will extend to other projects across the GCC and India, according to a statement by the developer.
United Arab Emirates: Tuesday, July 08 - 2008 at 13:53

Damac launches Qatar project
UAE-based Damac Properties has launched its first commercial tower in Qatar. Business Square is an urban development spanning 39,000 square metres in the southern end of Lusail, within the Marina District. The tower is 20 storeys high and will cost 400 million Qatari riyals ($110m) to build, according to a statement by the developer.
United Arab Emirates: Tuesday, July 08 - 2008 at 07:13

Cityscape ventures in USA
Cityscape has added the United States to its global portfolio, to hold the first Cityscape USA in New York from 9 - 12 September 2008. The Trump Organization and Nakheel are expected to prominently join the event.
United Arab Emirates: Monday, July 07 - 2008 at 13:53

Iris unveils 'Mist' tower
Property developer Iris has unveiled its Mist tower development, which is planned for Dubai Maritime City. The Dhs2.5bn residential project will be 200m tall in the pattern of rising waves and will incorporate 355 apartments.
United Arab Emirates: Monday, July 07 - 2008 at 09:25