Burj Khalifa is the world's tallest building

Burj Khalifa has surpassed Taipei 101 which was the world’s tallest building by 320 metres. Burj Khalifa with a height of 828.00 meters has been declared the world’s tallest building by the Chicago-based The Council on Tall Buildings and Urban Habitat (CTBUH). CTBUH has received and examined detailed drawings of the Burj Khalifa submitted by building owner Emaar, and can now confirm the official building height at 828.00 meters (2716.54 feet), as well as the title of ‘The World’s Tallest Building’.The Burj Khalifa has become the 16th building to hold the title of the “World’s Tallest” and stands an additional 773 meters higher, or 15 times taller, than the world’s first “tall building” (the Home Insurance Building completed in Chicago in 1885). The Burj Khalifa exemplifies four major trends in current tall building construction, with respect to location, function, structural material and height. The building also contains a record-breaking number of floors, at 163; a record previously held by New York’s World Trade Center Towers at 110 floors. The Burj Khalifa’s observation deck becomes the second highest in the world at 452.10 meters (1483.27 feet), surpassed only by that of the Shanghai World Financial Center at 474 meters (1555.12 feet).

Leveled platform for developers and investors

Moves are being made to make Dubai Real Estate market more transparent and mature to allow developers and investors get a leveled platform to resolve their disputes. The executive regulations come at a time when it is needed by the market and will help spell the way forward. It is a very positive step for the industry as a whole. Those who have gone ahead with the construction of their projects, require regulations to protect them from speculators. The decree empowers the Land Department in Dubai to cancel projects and offer mediation service for disputes between developers and buyers.
Currently, the Real Estate Regulatory Agency (Rera) already has a mechanism in place to check on the progress of the projects in Dubai. So with respect to the status of the project, this information is already available. The issuance of the new decree will put an end to the impasse existing between the developers and buyers.

More Information

Saudi mortgage law to control price rise

Mortgage law in Saudi Arabia is likely to change the entire scenario in investment. The long awaited approval will bring a sea change in terms of property prices, bank credit and investment in the sector. The mortgage law has become crucial to stabilise the property and construction sector, which is one of the most important components of the gross domestic product in the world's dominant oil power. The implementation of the law will bridge the widening gap between housing demand and supply caused by relatively low supply and population growth. The pillars of the real estate market in the country in the coming period will be based on growth in domestic demand, correction of prices and the approval of the mortgage law, which will help curtail price rises. A decline in the prices of building materials is expected along with continuation of government construction projects and an acceleration of bank credit to the property sector.

High rents in Saudi Arabia, like in the other Gulf nations, were among the key reasons for soaring inflation in 2008 along with a surge in imported products, food prices and strong domestic demand due to high oil prices. Despite a sharp decline in inflation in the kingdom in 2009 from a record 9.9 per cent in 2008, they remained relatively high due to rising rents. Analysts expect high rents to remain the main reason for inflation this year.

More Information

Occupany in Downtown Dubai rises

Downtown Dubai is soon becoming an ideal investment zone in Dubai with self-employed people making flourishing moves to buy properties there. From a sales perspective, average current prices for properties in Downtown Dubai is around Dh1,100 per square foot to Dh2,600 per square foot. These selling prices don't include for Burj Khalifa, but only at the surrounding developments of the tower. Also lower rentals have pushed occupancy levels to almost 70 per cent there. Occupancy has increased since rentals have become more affordable. With the exception of recently handed over loft apartments, most of the projects are more than 70 per cent occupied.
Due to the higher ratio of studios and one-bedrooms within Downtown Dubai, compared to two, three and four-bedrooms in the Downtown District, the ratio and the proximity of the Downtown Dubai district to the Dubai International Financial Centre (DIFC) and the main business district of Dubai is making it ideal for single executives, couples and small families. Investors have moved within one project and another with some families moving into the development as a result of falling rents. Current rents for studios range between Dh70,000 and Dh110,000 per annum; one-bedroom apartments between Dh80,000 and Dh150,000 per annum and two-bedroom apartments between Dh110,000 and Dh240,000 per annum.
More Information

A move to boost real estate sector

Here comes a relief for both buyers and property dealers in the real estate market with banks and finance companies in the UAE taking a step to reduce their home loan rates. The mortgage rates have been high for more than a year now and this recent move is expected to broaden the buyers' base and boost the sagging fortunes of the country's real estate sector. Property developers who are scheduled to release thousands of finished property units into the UAE market this year will appreciate this move. Also a number of lenders have slashed mortgage rates for new and existing clients.

Quite a many banks have reduced their charges and increased their loan-to-value ratio [LTV] since the beginning of this year said Dean Biddulph, Senior Mortgage Advisor at Independent Finance.

More Information

Specialist funds aiding UAE realty market

Things are looking better gradually for UAE Real Estate with interest from specialist funds boosting the market at a modest pace. Reports suggest a better trend in the business in fourth quarter 2009 when compared to third quarter 2009. The number of distressed assets in the UAE will increase, but not many were reported in the fourth quarter. The quarter saw multinationals and financial institutions in selected Asian cities display a renewed willingness to expand. The unemployment rate declined for three consecutive months in Taiwan, Hong Kong and Japan reflecting the overall improvement in the Asian labour market.

However the recovery of demand in the office sector remained lukewarm as many companies continued to adopt consolidation and decentralization strategies to reduce real estate related costs. With the market looking more positive, landlords of prime buildings in leading Asian cities started to take a firmer stance towards maintaining present rental levels. The slowdown in rental decline expected in the third quarter failed to materialize and little improvement was seen, although the reduction in rents began to stimulate tenant interest in certain selected buildings.

More Information

RED HOT OFFER

Residential Building
2B + G + 8 + Roof Top
Studios & 1 Bed Room Apartments
More Information>>>>>>>>>

Display of Cedre Villas to begin

AED1.55 billion Cedre Villas development will soon be on the display at Qatar International Investment and Real Estate Exhibition (Q-REX 2010). The fifth edition of Q-REX is scheduled to take place from 3- 6 March at the Qatar International Exhibition Centre in Doha. Dubai Silicon Oasis Authority (DSOA) which made the announcement had launched sale and lease of 400 of the 1,047 units from its Cedre Villas project at Cityscape Dubai in October 2009.
Cedre Villas project consists of executive and twin villas, townhouses, with high-quality finishing, stylish designs, and first-class amenities to suit every customers’ preferences. The units are built in three distinct architectural models – Modern, Traditional, and Arabic. The Urban Community features an exclusive club house, a shopping complex, health and leisure facilities, swimming pools, schools and academies, hospitals, play areas and other necessities. It has been modeled as a city within a city, allowing the residents there to live, work and play.

Know more