Robust growth in Dubai land deals (By Suzanne Fenton, Staff Reporter January 06, 2009 GulfNews) Dubai: The value of the total land transactions in Dubai jumped 47.5 per cent to Dh70.2 billion last year from Dh47.6 billion in 2007, according to figures from Dubai land department A total of 5,837 transactions were recorded in 2008, up from 3,997 transactions in 2007 The most land activities were seen last May, with Dh11.6 billion spread over 793 transactions. The least activity in 2008 was recorded in December with just Dh1.9 billion over 191 transaction. However, this should come as no real surprise, given the dismal economic situation seen over the last quarter. "I think Dubai has a very good market and will continue to grow, but it needs more time," Sultan Butti Bin Mejrin, director general of Dubai land department,said. In terms of mortgages, 2008 was an impressive year with the total value of mortgages hitting just under Dh114 billion...   Last Update: 1/7/2009 5:12:06 AM
70 per cent of freehold Ajman Uptown sold out (By Staff Writer on Sunday, January 04, 2009 EmiratesBusiness 24/7)Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it has sold 70 per cent of its Dh3 billion Ajman Uptown, the first freehold residential township in Ajman. The announcement follows a GCC-wide roadshow organised by Sweet Homes and is in line with the developer's Dh2bn investment plan for 2008. The strong sales reflect the vibrancy of Ajman's real estate industry and the appeal of Ajman Uptown, which comprises seven commercial and residential towers, a hotel and hotel apartments complex, and villas and townhouses, despite a 40 per cent hike in property prices in Ajman in 2008. Reports also indicate that investments into Ajman's property sector have crossed the Dh400bn-mark this year, which augurs well for the success of the Ajman Uptown project...   Last Update: 12/15/2008 2:56:37 AM
Abu Dhabi to Establish Real Estate Regulatory Authority (By Adel Arafah 05 January 2009 Khaleej Times) ABU DHABI -- A real estate regulatory authority will be established in Abu Dhabi within the next few months, Dr Jawaan bin Salem Al Dhahiri, Chairman of the Municipal Affairs Department Municipal Affairs Department in Abu Dhabi told Khaleej Times "The aim of setting up the authority, the first of its kind in the emirate, is to chalk out an integrated system that streamlines property rent, sale and purchases, including suggesting legislations and rules that lead to stability," he said. "It was felt that the properties sector was in dire need for such an authority, to curb the unscrupulous traders, which affects people, taking into account that the real estates sector was the main cause for inflation in the country. "The new authority will definitely result in the fall of rents in the country and the number of construction projects will increase," he said. The new authority will also eliminate the realty brokers in general, and the hike in rents in particular, he said...   Last Update: 1/5/2009 4:01:03 AM
Rera sets payment rule By Anjana Kumar on Wednesday, December 31, 2008 EmiratesBusiness 24/7 Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed. "We have sent out letters to 100 developers – as well as having meetings with them and lending banks and institutions – telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business. "With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress."..   Last Update: 12/31/2008 5:31:04 AM
Amlak-Tamweel merger to boost mortgage business (By Himendra Mohan Kumar, Staff Reporter January 04,2008 GulfNews) Abu Dhabi: The merger of two largest Islamic mortgage providers in the UAE - Amlak Finance PJSC and Tamweel PJSC into a newly created $8 billion lender will ensure the mortgage business thrives in the country in the years ahead, investment bankers told Gulf News on Sunday. "Although there is no direct economic added value to be derived out of the merger, placing both companies under one entity is the ideal strategy for the government to provide the much needed support for the two country's largest players in the mortgage finance business, a vital segment for any real estate recovery," said Rami Sidani, Head of Mena (Middle East and North Africa) Investments at Schroders Investment Management...   Last Update: 1/5/2009 1:05:06 AM
Government action benefits end users (By Parag Deulgaonkar on Tuesday, December 30, 2008 EmiratesBusiness 24/7) From weeding out speculators by issuance of a new law to setting up of a property court, the Dubai Government set forth a new regional trend clipping flippers and protecting end users in 2008. The year began on a positive note with the Dubai Government reducing the rent cap from seven per cent to five per cent in a bid to control rising rents. According to EFG Hermes, the year was a tale of two halves with the first marked by a general air of buoyancy, as the Dubai market continued to mature. The first half of 2008 was characterised by vigour, as prices continued to appreciate in Dubai and supply was further delayed. The investment bank said residential real estate prices rose 11.7 per cent in first half of 2008 due to rising interest in the Dubai property market, impact of price increases in areas considered prime locations, such as Burj Dubai, The Palm Jumeirah and Dubai International Financial Centre and property handovers, which, importantly, enable end users to see a finished product...   Last Update: 12/30/2008 6:37:38 AM

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