Colliers International says average prices are now on a par with 2007 levels.
Property prices in Dubai's residential property market rose four per cent between fourth quarter 2009 and the first quarter 2010, but demand-supply mismatch is likely to put downward pressure on prices, according to Colliers International.
"Additional stock is likely to create downward pressure on property prices. However, it remains unclear whether the future supply will have a negative...
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Owners' association cuts JLT building's charges from Dh13.47 to Dh10.77 per square foot.
The building insurance of Indigo Tower has been reduced to Dh45,000 from the previous year's Dh84,375. (SUPPLIED)
The Interim Owners' Association (IOA) of the Indigo Tower building in Jumeirah Lake Towers has brought down service charges by 20 per cent from the developer's proposed budget of Dh13.47 per square foot to Dh10.77 per square foot, a committee member of the association...
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Dubai's Land Department has announced the launch of new services including an immediate online registration procedure. The new registration process will allow property transactions to be completed securely and promptly. "By offering real estate buyers, investors and professionals procedures which are quick, simple, connected and allow instant access to on the spot reports we are giving them the confidence and assurance they need to invest in Dubai property,' said Sultan Bin...
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Master developer Nakheel confirmed the start of construction of a second project on its off-shore island development, The World yesterday.
The confirmation came after European developer Major Trade announced it had commenced work on its island project.
“Initial ground works have started which include soil testing and reclaiming of the island plot, and vibro-compaction is due to begin in February 2010,” the company said.
Late last month, the Kleindienst Group said it...
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The biggest challenge during the building of the Burj Khalifa was to exercise caution, according to Mohamed Alabbar, Chairman of developer Emaar Properties.
"You think of an idea and you get the best brains to get it done," he told Emirates Business. "The biggest challenge then is that you have to fight yourself to be cautious all the time, especially considering the size of the building. It is a global icon and a symbol of the city and you have to be cautious and not take...
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With a year that saw some hospitality heavyweights facing construction delays, tight financing and cancelled projects, 2010 is ushering in renewed hope to the industry.
Burj Khalifa's Armani Hotel, which opens on March 18, is one of the many iconic hotel properties in the UAE that will stretch the vertical limits of the country, changing its landscape to embrace the hotels market with flair and investments.
Emirates Business lines up the top hotel properties to open...
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The Dubai government said Monday it will pay $4.1 billion to cover Islamic bonds issued by its Nakheel property developer which mature Monday after receiving $10 billion from Abu Dhabi.
"The Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," it said in a statement.
"As a first action for the new fund, the government of Dubai has authorised $4.1 billion...
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Secondary market prices of properties in the Springs have increased in the range of 11-33 per cent since the beginning of this year, while prices in the Meadows have surged in the range of 16-19 per cent in the same period, according to a real estate firm.
Vineet Kumar, Head of Sales, Asteco said: “In Springs, two-bedroom villas currently sell for Dh1.5 million onwards, up 36 per cent from Dh1.1m at the beginning of this year. Three-bedroom villas start from Dh2.8m from...
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Mid- and low-end developments in Abu Dhabi need to be competitive in price to that of Dubai, said Markaz.
“Developments in Dubai will continue to influence this segment, posing huge uncertainties in terms of take-up, vacancies and price levels. Developments targeting income generation should compete with the offering in the non-freehold areas, which should be cheaper compared to the freehold areas,” Bassam Al Othman, Senior Vice-President, Markaz, said in a report on Abu...
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Dubai unveiled a new fund on Wednesday to manage proceeds from its $20-billion (Dh73.4 billion) government bond programme aimed at supporting the emirate's economic growth plans.
The fund will provide loans on a commercial basis to government and government-related entities "deemed to be of strategic and development importance to the Emirate of Dubai," it said in a statement.
However, the new head of Dubai's finance department clarified that the second tranche of a $20...
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