Latest News
Saturday, February 24 - 2007
Emaar sells The Lakes to tenants
Emaar Properties is offering tenants at The Lakes in Dubai the option to purchase their leased premises. Sales will proceed in phases, with townhouses in the Zulal and Forat areas being put up in the first phase. Amlak Finance is offering finance for up to 97% of the offer price. Hamptons is the sales agent.
Champions Tower I gets plot
Dubai Sports City has handed over a plot for the $24m Champions Tower I residential project, according to the developer. The contractor for the first phase construction will be appointed soon. The tower has been sold out and is due for delivery in early 2008.
Cityscape AD 80% booked
Over $600bn worth of real estate projects will be on display at Cityscape Abu Dhabi, with 80% of 250,000 sqft of exhibition space booked, according to organisers. The international property event, now bi-annual, is being held in the UAE capital for the first time. It runs from 8-10 May 2007.
Dubai property costs in spotlight
The Dubai Land Department will investigate claims that buyers of freehold units are being charged service fees when registering properties, Gulf News reported. The daily reported on Wednesday that buyers are being hit with charges by building owners or developers on top of the 1% registration fee levied by the department. Residents say developers should clarify charges before handing over keys.
Nakheel racks up sales
Nakheel registered property sales worth $11.44bn to June 2006, according to an official cited by Emirates Today. The Dubai developer says it has 190m sqft of land bank valued at more than $30bn, and expects to supply around 89% of all villas in Dubai over the next 10 years.
Property buyers face hidden costs
Some buyers of freehold property in Dubai claim they are being charged an extra fee when registering titles, Gulf News reported. A fee of 1% of the property value is paid to the Dubai land Department at registration, but some owners say they are being charged again by developers or owners. Developer Nakheel says it charges an administration fee where it has sold an entire building to a building purchaser.
Al Naboodah to build Al Barari
The local Al Naboodah Contracting has won a $436m construction contract for the first phase of the Al Barari residential development in Nad Al Sheba, Dubai. Al Barari Development Company is the client. The contract calls for the construction of 306 five to seven bedroom villas. Building work starts this month.
Saudis top for Dubai investment
Dubai s Department of Tourism and Commerce Marketing has revealed last years stock market slump in Saudi Arabia had little impact on the investment of Saudis in Dubais real estate sector, reported Emirates Today. Saudi topped a DTCM list of GCC investors in the citys real estate industry, with Kuwait coming second. The DTCM conceded that the crash did affect the number of Saudi tourists coming to Dubai.
DIP, $5.4bn worth of homes
Dubai Investments Park has revealed that more than $5.4bn worth of residential projects will be constructed in the park this year. Seven major developments by a consortium of developers are earmarked for construction in DIP during 2007, offering investors 19,392 residential units when the projects are completed by 2010. The multi phased developments are spread over a total area of 3,200 hectares.
RAK, Georgia $817m plans
Georgia and Ras Al Khaimah are to establish a partnership which will see the development of tourism, shopping and real estate projects costing $817m in the Black Sea state, reported Gulf News. One key scheme will be the construction of a new town covering 20m sqft called Tbilisi Heights in the Georgian capital as well as a 1.5m sqft shopping mall.
Arabtec, $119m DWC deal
Dubais Department of Civil Aviation has handed a $119m contract to Arabtec Engineering Services to carry out storm water drainage and sewerage system work at Dubai World Centrals Jebel Ali International Airport. The project will take 18 months and consists of supplying and installing the underground utilities for Dubai World Central including the networks for storm water, sewerage and irrigation, pumping stations, irrigation storage tanks and retention ponds.
AD workers housing on track
Zonescorp, a government agency formed for the construction of residential complexes for workers, has said a project to build five cities housing 400,000 construction workers in Abu Dhabi is progressing, reported Gulf News. The first phase, which will accommodate 100,000 workers in the Mafraq area, will be completed this year. The entire project will be finished next year at a total cost of $680.8m.
DLP registers apartments
The Dubai Land Department registered the first apartment in an owner's name last Thursday marking a significant step forward in property ownership in the city, reported Gulf News. The department has previously been registering only single plot ownership, with freehold rights being handed over to owners of villas and tower blocks. Thousands of apartments will be registered in forthcoming weeks, starting with units in Dubai Marina.
