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Japanese contractors 'owed billions'
Seiichi Otsuka, the Japanese consul general in Dubai has said that Japanese construction firms are owed billions of dollars on projects which include the Dubai Metro and Palm Island, The National has reported. A consortium led by Mitsubishi Heavy Industries (MHI) had executed the construction of the Dubai Metro and some other contracts and is still awaiting payment, Otsuka said.
Dubai waits for strata law
A law that would legalise independent homeowners' associations in Dubai and would allow properties to be managed independently remains pending, The National has reported. Chief executive Peter Crogan of BCS Strata Management Services, a property management firm was quoted saying, 'We had three or four release dates when we thought that it was coming out, and none of us are any the wiser.' No response from Dubai Real Estate Regulatory Agency or Rera has been reported regarding the issue.
Burj Dubai opening postponed until January
Emaar has announced that the Burj Dubai development, which was scheduled for inauguration on December 2, the UAE's National Day, will now open on January 4 2010 - the anniversary of Sheikh Mohammed bin Rashid Al Maktoum's becoming ruler of Dubai.
Jordan real estate trades down 31%
According to figures by Jordan's Department of Land and Survey (DLS), real estate trading during the first 10 months of 2009 dropped by 31% to JD3.7bn from JD5.4bn during the same period of 2008, the Jordan Times has reported. Sales of residential apartments declined to 16,710 units from 18,723, but demand was higher during the third quarter of this year compared with the previous two quarters. Property purchases by non-Jordanian investors accounted for JD221m during the first 10 months compared with JD155m for the same period of 2008. Iraqi nationals ranked first with JD108m followed by American and Saudi investors, accounting for JD18m and JD17m respectively, according to DLS.
Deyaar to develop retirement communities
Markus Giebel, CEO of Deyaar Development, said the company will allocate a third of its holdings to 'problem-solving' housing such as retirement communities to counter waning demand for real estate in the UAE, Bloomberg has reported. Deyaar will offer the units to elderly foreigners attracted to the region's warm climate, Giebel told reporters in Abu Dhabi.
Dubai property prices up 7% in Q3
A new report by Colliers International has found that Dubai house prices climbed 7% in the third quarter, marking their first increase since the downturn in real estate began in 2008. However, property prices in the emirate are still about half of what they were a year ago, and prices could fall even lower as 34,000 residential units are expected to come online in the city in 2010 and 2011, the study warned.
Drake and Scull 9-month profit nearly doubles
Dubai-based contractor, Drake and Scull International has said its net profit for the first nine months of 2009 had climbed by nearly 50% to Dhs239m, compared with the same period in 2008. Revenue for the same period in 2009 rose to Dhs1.4bn from Dhs1bn in 2008. Net profits for the third quarter of 2009 stood at Dhs71m, while revenues amounted to Dhs400m for the same period.
Oman to issue residency after home completion
Oman has said foreign property buyers will get a residence visa after completion of the properties and not on registration, Reuters has reported. His comment came after property buyers said that developers had promised they would receive residence visas while the homes are under construction.
Dubai property prices climb 9% since April
According to a report by HC Securities & Investment Bank, property prices in Dubai have climbed 9% since bottoming in April, with the emirate's property sector showing signs of recovery, Reuters has reported. The rise was due to improving sentiment and risk appetite, falling deposit rates, robust volumes and attractive rental yields, the report said. Moreover, mortgage values and volumes have recovered to pre-crisis levels, rising 24% and 14% in October, compared with 7% and 6% in April, the report noted.
Dubai Land Department launches free legal services initiative
Dubai Land Department has announced a new initiative to bring in 'pro bono' legal services, free of charge, to support the public in real estate-related court cases. The move follows meetings with representatives of major law firms in the emirate. The services of lawyers and consultants will be available to members of the public who 'might otherwise be dissuaded from having recourse to the law because of the prohibitive cost of fees'.
Dubai Properties appoints acting chairman
Dubai Properties has appointed Chief Executive Officer of Dubai Holding Ahmad bin Byat as its acting chairman, Bloomberg has reported. The appointment follows the arrest of former chairman Hashim Al Dabal last month on suspicion of embezzlement.
Phase two Dubai Shorooq properties up for rent
Dubai Properties Group today launched phase two of its Shorooq housing community in Mirdif, Dubai. It is offering for rent 236 two-bedroom villas. DPG says it has leased out the first phase of the development, which is close to Dubai International Airport and Rashidiya Metro station. In total, Shorooq covers an area of eight million sq. feet, with 668 two-, three- and four bedroom villas, and 1,428 studio, one- and two-bedroom apartments.
UAE real estate recovery two or more years away
Boston Consulting Group Middle East has said that it does not expect prices in the country's real estate sector to recover for another two or three years. Dr Reinhold Leichtfuss, senior partner and managing director of the company said property prices have not yet reached their bottom. "The property market in the UAE, along with other emerging markets, will continue to be quite volatile because it is difficult to predict exactly when or what kind of a turnaround it will be for Dubai for instance," he told the Emirates Bankers' forum. The reluctance of banks to lend is also limiting demand, he added.
Qatari Diar JV to begin Yemen housing project
Al Yemania Al Qatariah Real Estate Investment & Development, a joint venture between Qatari Diar and Yemen's General Holding for Real-Estate & Investment, plans to start work on a $600m real-estate development project in Yemen this week, Bloomberg has reported. Some 169 villas will be built in the first phase of the project.
Aldar's Ferrari World on construction progress
Abu Dhabi-based property developer, Aldar Properties has said the external structure of Ferrari World Abu Dhabi has been completed, with 35,000 tonnes cubic metres of concrete, 12,370 tons of steel, 29,000 square metres of facade glazing and 165,000 square metres of roof cladding. The park's superstructure was completed in 14 months, the company said. The project is the first Ferrari theme park in the world when it opens in 2010.
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