Archive for December, 2008
Dubai issues new payment rule
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers – as well as having meetings with them and lending banks and [...]
Kuwait’s property sector to rebound by H2 in 2009, says expert
Kuwait's real estate sector will recover from its current slump by the second half of 2009, a leading local economist told Kuwait News Agency (KUNA). Adnan al-Haddad, chief executive of Group Gulf, said the country's real estate had declined between 30-40% in the last two months. However, the market was bound to regain its strength [...]
70% of The World islands sold, says Nakheel
State-owned developer Nakheel has now sold 70% of the 300 islands that make up The World, a group of reclaimed islands in the shape of a world map located about 4km from Dubai’s shoreline, The National has reported. The islands are being sold by invitation only, said Hamza Mustafa, managing director of The World at [...]
Crystal Heights show apartment opens
Crystal Heights, a $47.7m freehold residential development in Juffair, Bahrain, has opened an offsite show apartment. Crystal Heights will have 150 luxury apartments, 215 car parking bays and a host of amenities and facilities. The show apartment is open from 10am to 7pm. The property is being sold exclusively by Pegasus Real Estate and is [...]
First ‘green’ building launched in Ajman
The Habitat – the first 'green’ building in the UAE emirate of Ajman has been unveiled by Modern Life Properties, according to a press release. Features of the 45-storey building include use of recycled and environmental-friendly building materials, efficient use of water and water recycling, a building management system to control the flow of carbon [...]
Qatar calls for green building code
Experts attending the recently held Qatar Today Round Table agreed on the urgent need to push for a green building code. It was recommended that contractors, designers, educational and financial institutions and government bodies work towards minimising the environmental damage caused by Qatar’s construction activity.
Danube reports Dhs1.1bn in sales revenues
Dubai-based Danube Building Materials says it has generated Dhs1.1bn ($300m) in sales revenues during 2008, according to a press statement. This represents a 70% increase compared to 2007. Officials said they were confident in the company's ability to ride out the recession, and expected to secure a 30% rise in revenues for next year.
Developers seek talk on freehold visa
Property developers in Dubai are seeking for the review of visa policy for foreigners linked to freehold property ownership, Gulf News has reported. Developers said a dialogue by the government with the real estate community regarding the matter would bring help restore confidence in the market.
Property sales down in Kuwait
Kuwait saw a 43% year on year drop in property sales in November, compared to the same period last year, with the value of those sales down by 30%. However, the National Bank of Kuwait said that not including sales conducted through agents, real estate sales volumes in November were at their highest since July. [...]
Nakheel axes new projects
Chris O’Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai [...]