Developers according to the new property law henceforth will not be able to collect service charges without being watched by RERA. To collect the service charge they will need clearance from RERA.
These guidelines introduced yesterday, of the Strata Law for jointly owned properties will not allow developers to collect service charges until they receive the clearance from Real Estate Regulatory Agency (Rera). As per the guidelines it is also necessary for the developers with under construction projects to submit their drawings to the Land Department's survey section for approval so that rights to communal areas are defined. In case of breach of rules by owners, Rera also has the right to temporarily administer a development.
Dubai Rentals
Wednesday, May 26, 2010
Gulf property outlook negative on oversupply
The supply-demand imbalance remains a key driver of the continued negative outlook for the property industry in the Gulf region, Moody's Investors Service has said. In a new report released here on Monday, the rating agency said that the negative outlook reflects the rating agency's view of fundamental credit conditions in the industry over the next 12-18 months. In the report, Moody's noted that the other drivers of the outlook remain the same as in 2009, namely funding and the preservation of cash, which includes potential disposals of non-core assets, cash collection and debt standstill agreements.
"The supply-demand imbalance in commercial property and to some degree in residential units, depending on the city or country, is likely to grow worse as vast supply meets slack demand and is a major driver of our negative outlook," said Martin Kohlhase, author of the report.
Dubai rentals
"The supply-demand imbalance in commercial property and to some degree in residential units, depending on the city or country, is likely to grow worse as vast supply meets slack demand and is a major driver of our negative outlook," said Martin Kohlhase, author of the report.
Dubai rentals
Wednesday, May 19, 2010
Burj Khalifa welcomes its first residents in Armani Residences
Burj Khalifa, the world’s tallest building described as ‘A Living Wonder’ now has its first residential community. The world’s first Armani Residences in Burj Khalifa recently welcomed its first residents. Close on the heels of the launch of the world’s first Armani Hotel in Burj Khalifa, Emaar Properties, the developer of the mixed-use tower, has handed over homes to buyers of Armani Residences, who now have the world’s most prestigious address.
Armani Residences is developed through a collaboration of Emaar and Giorgio Armani S.p.A. Personally designed by fashion legend Giorgio Armani, the one- and two-bedroom apartments in Armani Residences celebrate luxurious modern living. Located on levels 9 to 16 of the tower, they offer spectacular views of the city and Downtown Dubai.
Burj Khalifa, the world’s tallest building described as ‘A Living Wonder’ now has its first residential community. The world’s first Armani Residences in Burj Khalifa recently welcomed its first residents. Close on the heels of the launch of the world’s first Armani Hotel in Burj Khalifa, Emaar Properties, the developer of the mixed-use tower, has handed over homes to buyers of Armani Residences, who now have the world’s most prestigious address.
Armani Residences is developed through a collaboration of Emaar and Giorgio Armani S.p.A. Personally designed by fashion legend Giorgio Armani, the one- and two-bedroom apartments in Armani Residences celebrate luxurious modern living. Located on levels 9 to 16 of the tower, they offer spectacular views of the city and Downtown Dubai.
Omniyat Properties’ Opus Tower on Track for Completion
Omniyat Properties, one of the region’s most innovative developers, has announced the completion of first phase construction work on Dubai’s AAA-rated commercial and retail tower, The Opus. Construction of the iconic AED 1.7 billion developments is well into its second stage with Brookfield Multiplex, the main contractor, recently erecting the four large capacity tower cranes for the project with two levels of basement already complete.
The Opus is strategically located in Dubai Business Bay, the regional business hub which borders the Dubai International Financial Centre (DIFC) and the Dubai International Convention and Exhibition Centre (DICEC) and is easily accessible to Sheikh Zayed Road and to the Business Bay Metro.
Dubai rental
Omniyat Properties, one of the region’s most innovative developers, has announced the completion of first phase construction work on Dubai’s AAA-rated commercial and retail tower, The Opus. Construction of the iconic AED 1.7 billion developments is well into its second stage with Brookfield Multiplex, the main contractor, recently erecting the four large capacity tower cranes for the project with two levels of basement already complete.
The Opus is strategically located in Dubai Business Bay, the regional business hub which borders the Dubai International Financial Centre (DIFC) and the Dubai International Convention and Exhibition Centre (DICEC) and is easily accessible to Sheikh Zayed Road and to the Business Bay Metro.
Dubai rental
Investor finds way to flip The World island
Investor sidesteps Nakheel's 'no flipping' rule by putting 20,000 sqm island on the market for Dh42 million. An investor in The World project may have found a way to go around the "no flipping" diktat by Nakheel as he puts an island on sale, the first time one is being sold in the secondary market.
The 20,000 sqm island is up for sale for Dh42 million, according to Streamline Real Estate Brokers, the agency brokering the deal. When contacted about the’re-sale', a Nakheel spokesperson said: "Flipping is not allowed for islands on The World." A financial expert, on condition of anonymity, said if an offshore company owns the island then it can transfer shares to another person/company, thus transferring ownership. "The question is whether Nakheel will accept the new owners," he added.
Dubai Rentals
Investor sidesteps Nakheel's 'no flipping' rule by putting 20,000 sqm island on the market for Dh42 million. An investor in The World project may have found a way to go around the "no flipping" diktat by Nakheel as he puts an island on sale, the first time one is being sold in the secondary market.
The 20,000 sqm island is up for sale for Dh42 million, according to Streamline Real Estate Brokers, the agency brokering the deal. When contacted about the’re-sale', a Nakheel spokesperson said: "Flipping is not allowed for islands on The World." A financial expert, on condition of anonymity, said if an offshore company owns the island then it can transfer shares to another person/company, thus transferring ownership. "The question is whether Nakheel will accept the new owners," he added.
Dubai Rentals
Monday, May 10, 2010
Absconding developers in the eye of law
Absconding developers will soon have to face harsh law for their inability to fulfill their obligations. The Ajman Real Estate Regulatory Agency (Arra) has taken the step to file cases, complaining to the police about some absconding developers. Emirate has now turned to law to make developers pay for their frailty. Soon there will be a spree of arrests made for developers failing their contractual commitment. The motive behind such a step is to resolve disputes through intervention.
Arra chief insists on resolving the problem between developer and the investor by encouraging mutual talks and this is providing ample time for considerations for the developers. The agency also seek to help t he investors who have invested in projects without opting for carefulness when choosing the developer and his project.
Dubai apartments
Arra chief insists on resolving the problem between developer and the investor by encouraging mutual talks and this is providing ample time for considerations for the developers. The agency also seek to help t he investors who have invested in projects without opting for carefulness when choosing the developer and his project.
Dubai apartments
Arabtec awarded AED 500m contract to build DAMAC Heights at Dubai Marina
DAMAC Properties has announced that it has awarded the main construction contract for its DAMAC Heights project at Dubai Marina to Arabtec. The AED 500million contract was signed this week and work is expected to commence on site as soon as Zetas complete the enabling works.
DAMAC Heights will be one of the company’s most iconic supertall projects and will occupy a prime position overlooking the Palm Jumeirah. It is within walking distance of another of DAMAC’s flagship projects, Ocean Heights, also being constructed by Arabtec. Work on Ocean Heights is due to be completed later this year.
In announcing the contract award, Chairman of DAMAC Properties Hussain Sajwani said: ‘We are delighted to announce that main construction work will be underway soon at one of our most significant projects in Dubai. We are pleased to work once again with Arabtec who are known for their ability to deliver architecturally challenging buildings and their consistent and solid reputation in the construction industry.
Nakheel Developer won’t hike deposit fee for new sales
Master developer Nakheel continues to consolidate its project portfolio though has denied any raise in non-refundable deposit amount for new sales reservation contracts. This counters reports within the industry that Nakheel had stopped consolidation offers while it has increased the non-refundable deposit by five times of new contracts.
As per sources, Nakheel will determine projects that will remain on hold towards the end of the re-capitalisation process. "Projects have been prioritised following an assessment of construction stages, cost of completion, customer collections, and market supply and demand. We will have determined, which projects are likely to remain on hold towards the end of the recapitalisation process," the spokesperson said.
Majid Al Futtaim Properties to invest $3.5bn in four new shopping malls
Majid Al Futtaim Properties, the region's premier developer of leisure property and shopping malls, announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The four new shopping malls represent a total investment by Majid Al Futtaim Properties of $3.5bn over the next 5 years.
Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa ("MENA") region, which have a combined Gross Leasable Area ("GLA") of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties' total GLA to more than 1.3 million square metres.
The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region's major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.
Dubai Apartments
Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa ("MENA") region, which have a combined Gross Leasable Area ("GLA") of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties' total GLA to more than 1.3 million square metres.
The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region's major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.
Dubai Apartments
Monday, May 3, 2010
40% of Dubai Rent dispute cases solved in 2009
Dubai Rent Committee had announced a drop in rent dispute cases in Dubai this year compared to previous year. About 40% drop has been registered this year. A total of 5,373 Rent dispute cases were registered in Dubai in 2009 against 9,000 cases in 2008.
This year Q1 had 1,119 rent disputes resolved. The first quarter of 2010 witnessed 943 rent dispute cases in Dubai opposed to 2,003 cases in 2009 and 1,635 cases in 2008 during the same period. But there was an increase in the total number of rent dispute cases resolved in 2009 by 10 per cent. As per the committee 6,737 cases were resolved in 2009, while the committee resolved 6,069 cases in the previous year. In the first quarter of this year alone, Dubai resolved 1,119 rent dispute cases. A decline in the new rent cases is mainly due to the fact that more people are now adhering to their rent contracts. People are understanding the law and abiding by their contracts. The main reason for the dispute pertains to landlords or tenants breaching their rental contracts.
Rentals
This year Q1 had 1,119 rent disputes resolved. The first quarter of 2010 witnessed 943 rent dispute cases in Dubai opposed to 2,003 cases in 2009 and 1,635 cases in 2008 during the same period. But there was an increase in the total number of rent dispute cases resolved in 2009 by 10 per cent. As per the committee 6,737 cases were resolved in 2009, while the committee resolved 6,069 cases in the previous year. In the first quarter of this year alone, Dubai resolved 1,119 rent dispute cases. A decline in the new rent cases is mainly due to the fact that more people are now adhering to their rent contracts. People are understanding the law and abiding by their contracts. The main reason for the dispute pertains to landlords or tenants breaching their rental contracts.
Rentals
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