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Dubai Property

Select Property to build new Dubai tower
UK-based developer Select Property plans to build a £100m apartment tower in Dubai Marina, reported Crain's Manchester Business. The 31-storey West Avenue will have 251 flats plus shops and restaurants on the ground floor, and is due to be completed in 2011. The project is a joint venture with Dubai-based Select Group, a company based in the Emirate, and this property will be the seventh scheme in the marina for the two companies.
United Arab Emirates: Thursday, August 21 - 2008 at 13:52

Trump to host gala to launch Dubai tower
Donald Trump and the chairman of Dubai World are hosting an exclusive party to launch the Trump International Hotel & Tower Dubai at a private estate in Bel-Air, California on Saturday night, reported the Los Angeles Times. Christina Aguilera will be performing live and the evening's guest list includes Russell Crowe, Orlando Bloom, and Gov. Arnold Schwarzenegger.
United Arab Emirates: Thursday, August 21 - 2008 at 11:30 |

Mortgage delays frustrate UAE homebuyers
An increasing number of property buyers are growing frustrated by the delays often associated with securing a mortgage in the UAE, as the lack of a developed credit bureau continues to slow down application approvals, says Chris Dommett, CEO of leading independent mortgage advisor John Charcol Dubai. The mortgage approval process in the UAE can take banks up to six months to determine the creditworthiness of a potential buyer, he says. For this reason, he advises that potential buyers secure financing before they go ahead and select a property.
United Arab Emirates: Thursday, August 21 - 2008 at 09:31

Schon Properties affirms refunds
Schön Properties, developer of the Dhs3bn Dubai Lagoon project, has confirmed in a press release that full refunds will be given to all investors who purchased units scheduled for completion by December 2007. The developer said the refund policy has been extended as an act of goodwill due to confusion amongst some investors in regards to the project phases and revised completion dates. Schon said delays in completion of the project have been the direct result of unanticipated civic and transportation infrastructure alterations, which have set back construction and produced scheduling issues.
United Arab Emirates: Wednesday, August 20 - 2008 at 14:16

Dubai home prices climb 40%
Dubai property prices jumped by about 40% in July compared to the same period last year, according to a report by Al Mal Capital cited by The National. The report said residential prices have seen a year-on-year appreciation of 40%, reaching the median price of Dhs1,831 (US$498) per square foot, while the commercial segment appreciated by 40.5%, with a median price of Dhs2,137 per sq ft.
United Arab Emirates: Wednesday, August 20 - 2008 at 13:53

Dubai Lagoons project resumes
The Dubai Lagoons project is under way and has not been cancelled, according to the Dubai Real Estate Regulatory Authority. 'The Dubai Lagoons project, which was initiated before the launch of Rera, saw some delays. Rera, in its monitoring responsibility, had to respond to investors' complaints and safeguard their rights and interests,' Rera Chief Executive Marwan bin Ghalita said. An auditor has been appointed to thoroughly audit the company's accounts. Likewise, an appraiser shall be appointed to examine construction works, he added.
United Arab Emirates: Wednesday, August 20 - 2008 at 10:19

Ex-Nakheel employee faces bribery charges
Dubai-based developer Nakheel has issued a statement confirming that a former employee is under investigation for bribery. This brought to two the number of persons being investigated over alleged acceptance of bribes at Nakheel. Last week, the firm said one of its employees was being questioned on suspicion of bribe-taking. This followed a report in MEED, which said Walid Al Jaziri, Nakheel's General Manager for Sales, was being investigated for financial irregularities.
United Arab Emirates: Wednesday, August 20 - 2008 at 08:11

Dubai issues new mortgage law
The Dubai Government has issued a new mortgage law to help better regulate the emirate's booming real estate sector. The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked. The law also requires that mortgages taken out on properties in Dubai be sold by registered financial institutions, and be insured.
United Arab Emirates: Wednesday, August 20 - 2008 at 07:26