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Experts disagree on future of Dubai's property market
Experts at Cityscape Dubai agree that the steep declines that the emirate's real estate market has suffered over the past year are over, but questions remain about whether a recovery is yet underway and how much of a rally the market will see.
Dubai Properties begins Executive Towers handover
Dubai Properties has announced that it has begun the handover of 2,387 units in its Executive Towers development in Business Bay. The development is made up of 12 buildings, ten of which are residential, and 60 villas at the plaza level, as well as a three-level podium that offers parking bays for 3,602 vehicles.
Union Properties predicts Q3 net profits
Union Properties, Dubai's third largest developer, has said that it expects to post 'remarkable' net profits in its third quarter results, Reuters has reported. Third quarter profits would be driven by new units in the process of being handed over to customers, according to the company's new general manager Khalid al-Jarwan.
New Zealand group eye $100m Iraq project
New Zealand-based Atconz Real Estate Development has said that it plans to spend $100m to build a housing project to the north of the Kurdish region's capital Irbil, the Associated Press has reported. Plans for the 'New Azadi' project call for the creation of 1,565 houses ranging from modest, low-income homes to luxury villas, as well as schools, a hotel, a supermarket and other facilities.
Fakhruddin hands over Oasis project
Dubai-based developer, Fakhruddin Properties has announced it has completed the handover of its Oasis High Park project. The Dhs100m 160-apartment residential building comprises studios and one- and two-bedroom apartments and is located at Dubai Silicon Oasis.
Dubai real estate projects 'lost touch with reality'
Some of the projects touted in the Dubai property market during the boom years showed that the developers behind the schemes had 'lost touch with reality, and clearly lost touch with the cost and value aspect of the development', Donald Trump Junior told delegates at the Cityscape conference this morning.
Stabilisation emerging as Dubai property market falls to 2006 levels
Dubai's property market may have begun to stabilise, according to a panel of speakers at the Cityscape Conference today, who said that the emirate's rental market was showing signs of having hit the bottom, while banks were beginning to offer limited amounts of financing.
Dubai's Rera to release house price index
Mahmoud El Burai, Director, Development at Dubai's Real Estate Regulatory Authority (Rera) has confirmed that the regulating body is to issue a price index that focuses on the value of properties across the emirate.
61% dissatisfied with UAE property agents
A new report has found that 61% of consumers who bought property in the last two years in Dubai are unhappy with the performance of real estate agents who brokered their purchases. The study, conducted by Harbor Real Estate, interviewed 178 property owners over a four month period. Participants evaluated property brokers according to knowledge and skills, ethics and behavior, consultative ability, and empathy. Of those interviewed, 61% of respondents rated their brokers as either poor or very poor.
Property professionals earn $10,340 a month in Mideast
The average base salary of real estate professionals across the Middle East is $10,340 (Dhs38,040) per month, according to a survey released at Cityscape today by Macdonald & Company, a property recruitment specialist. The new monthly salary exceeds 2007 numbers by 7.2%, but reflects a 3.7% drop from last year. Further findings from the survey revealed that only 21% of respondents received an increase in base salary this year - significantly down from 71% the previous year. Moreover, 19% of the respondents have received a salary reduction (versus 1% last year), while 37% experienced no change in salary (versus 35% last year), the survey found.
Dubai Properties to deliver five properties in '09
Dubai Properties Group, the real estate arm of Dubai Holding, has said that by the end of this year it will have handed over five new developments in Dubai. Developments scheduled for handover include The Executive Towers and Vision Tower at Business Bay, Shorooq Mirdif, and Al Waha and The Villa, both in Dubailand, the company said.
Dubai Silicon Oasis releases 400 villas
Dubai Silicon Oasis Authority today announced 400 of the total 1,047 units at its Cedre Villas development on Emirates Road in Dubai are available for sale and lease to investors. The 400 villas in the first phase of the project comprise executive villas, twin villas, and townhouses, and will be available in three architectural models, modern, traditional, and Islamic, the company said.
Ezdan net profit falls 40%
Qatar-based Ezzdan Real Estate Company, the country's largest property developer by market value, has reported a 40% decline in its nine month net profit to QR297.4m, Reuters has reported. Profits had declined from QR492.6m in the same period last year, the developer said.
Multi-tower project set for Doha
A new QR2.5bn real estate project in West Bay Doha has been announced by Qatar General Insurance and Reinsurance Company, Al-Sari Trading Co, and Ezzdan Real Estate. The project will include the construction of four 55-storey residential towers, including 1,300 medium-large sized units in addition to commercial and entertainment facilities. Hotel apartments are also planned.
Hydra Properties partners with Reem Finance
Hydra Properties has signed a cooperation agreement with Reem Finance to provide Islamic mortgage finance to all properties within the Hydra Village development. The financing package offers eligible applicants up to 80% finance for anything from 7 years up to 15 years, and a debt service ratio of 60%. While the minimum loan amount is Dhs250,000, Reem has said its is committed to financing all properties within the Hydra Village development.
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