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Gargash to head housing establishment |
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Sunday, 05 April 2009 |
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WAM Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, has issued a decision appointing Sami Abdullah Gargash as Chief Executive Officer of the Mohammad Bin Rashid Housing Establishment. Decision No 5 for 2009 is effective from the date of its issuance on March 29, and is to be published in the official gazette. Gargash started his career in 1992 after joining Dubai Police and Dubai Municipality. In May 2008 he became the acting CEO of the housing establishment. Gargash said he was proud of the confidence the leadership has placed in him.
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Rentals in Dubai on the retreat |
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Saturday, 04 April 2009 |
 Dubai's Real Estate Regulatory Authority (Rera) officials said that the new rental index to be released shortly shows an average price drop in rents of 10 to 15 per cent. The new index cannot be released until all new tenancy contracts have been registered and collected through Rera's online rental contract registration programme, Ejari. However, Marwan Bin Galita, chief executive of Rera, said these figures refer only to certain communities. EFG-Hermes in a real estate report this week said they believe rental rates in Dubai "can decline in the 20 to 50 per cent range" from their peaks in 2008. Source: Gowealthy |
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UAE property sector all set for revival during Q4 of 2009- Real estate report |
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Wednesday, 01 April 2009 |
 A revival of sort is expected in UAE during the fourth quarter of 2009 but it hinges largely on banking sector opening for business, a new report indicated. Semblance of vitality is seen with real estate agents indicating a higher level of "walk around demand" and mortgage financiers highlighting an increase in finance enquiries. Chet Riley, Equity Research, Middle East, Nomura International, said in a report on the UAE real estate:"These are encouraging signs, but the real estate agents are 'talking their book' and the financiers are 'protecting' theirs. Generally speaking, we think it takes around eight months from the 'tyre kicking' stage to the conversion stage, so we may see some stabilisation in the secondary markets soon, with perhaps some very modest improvement in the final quarter." Capital values and rental values appear to be falling at the same rate across the residential and commercial property sectors, making yield analysis more difficult. In an efficient and traditional market, the capital value is generally a function of the rental value. Source: Copyright © 2009 Gowealthy.com. All rights reserved. |
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Cityscape Abu Dhabi to organize debate on challenges faced by global real estate markets |
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Wednesday, 01 April 2009 |
 Source: Copyright © 2009 Gowealthy.com. All rights reserved. The impact of the global slowdown on real estate investment and development markets regionally and internationally comes under the microscope at the Real Estate Finance & Investment conference and summit next month that form part of the Cityscape Abu Dhabi event. Taking place from April 19-22, 2009 at the Abu Dhabi National Exhibition Centre, Cityscape Abu Dhabi 2009 will be bringing together international and regional investors, real estate developers, government authorities and key stakeholders to assess current market challenges and develop strategies for the future. Kosta Petrov, Conference Director, IIR Middle East, organisers of Cityscape Abu Dhabi, said, "Conscious of the new market dynamics, the Cityscape Abu Dhabi conferences and summits taking place over 4 days, have been designed to stimulate discussion and transparency on the key issues facing the industry. It will be an open forum, where every delegate is a potential speaker. These conferences provide a timely opportunity to assess where we stand right now as well as when and where investment opportunities lie in the changed and challenging climate." |
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Local, foreign banks pledge $2.2bn to Dewa |
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Tuesday, 31 March 2009 |
 Fifteen local and foreign banks have promised about $2.2 billion in a three-year syndicated loan to Dubai Electricity and Water Authority (Dewa), enabling the utility provider to pay off its Dh8 billion loan maturing in April. It will be developed in phases to generate 9,000 MW of power and 720 million gallons of water per day. The project has been delayed by a year and winning bidders are expected to be announced in January 2010. Dewa yesterday signed contracts worth Dh1.53 billion for 13 power substations. The centrepiece of Dewa's investment is the Hassyan power and water desalination plant in Jebel Ali. Source: Copyright © 2009 Gowealthy.com. All rights reserved. |
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Property owners have started to enter their homes in Victory Heights, Dubai Sports City |
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Thursday, 26 March 2009 |
 Source: Gowealthy
Since the homeowners' event in late January 2009 handing over the first villas to property owners of the Victory Heights' luxury golf residential real estate development in Dubai, the first families have started to enter their new villas, community and new lifestyle. Yasser Al Raee, GM, Victory Heights, said, "We are pleased that our actual homeowners will be living in the community. The significance of having our property buyers moving into these villas indicates that this community is seen more than an investment, but a sustainable, unique, desirable place to live. Our property investors not only invested in the development but also made a social commitment choosing to live in their properties." Victory Heights' unique development design offers a quality living environment in Dubai. The real estate development is centered on the club golf course which is designed to weave through 963 luxury villas and townhouses. With properties built around 22% of the land, the remaining 78% is open space. Villas are currently being delivered on a weekly basis, with the aim to deliver a total of 600 villas in the coming months with a final handover due in early 2010. |
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Fair valuations in realty mooted |
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Tuesday, 24 March 2009 |
 Source: Copyright © 2009 Gulfnews.com. All rights reserved.Dubai: An independent body must come to Dubai to give fair valuations of properties based on quality and investment, an industry expert said on Sunday. With property prices in Dubai rocketing in the last couple of years and only just beginning to level off, prices are still out of reach of the majority of the population. While initially it was the speculators who triggered the astronomical rise in real estate values, developers also played a role. Prices eventually touched such a high that the only way to go was down, the expert said. |
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