Monday, 25 May 2009 / Labels: , ,

UAE PLANS THE DUBAI PROPERTY REGULATION


UAE envisage to apply the unified payment of property of perpetual land and buildings free that will be recover in 2011.

To prevent the DUBAI PROPERTY MARKET COLLAPSES, UAE placed projects of legislative acts which limit expatriates automatically to acquire visas of residence by the property of property of perpetual land and buildings free, indicated a federal member of National council (FNC).

The Council will submit soon projects of legislative acts on properties of free perpetual land and buildings to the government, which is hoped to unify the divergent law concerning the sector in the seven Emirates.

One of the members of the Council, Dr. Abdul Rahim Shaheen, indicated that the council considered the execution of the legislation suggested as quickly as possible.

With seven Emirates handling the property of perpetual land and buildings free according to various rules, there was total chaos in the sector. The government envisages to establish a federal payment which unifies rules on dealing with foreigners with regard to the free perpetual land and buildings of the properties and imposes strict punishments against those which exploit the property to produce public interest.

He said that the exit endangered the national interest and UAE identity while Emiratis are exceeded of number by expatriates, whom had so that, few residents began demanding lines.

The expatriates are not entitled to residence the 25 year old by the owernship of a property, clarified a senior official with the Ministry for the Interior.

The director of the legal department, Ministry for the Interior, Al Khider of sultan of Rashid column, while speaking with the media, said that the law of naturalization and residence does not have a clause which makes it possible to the owners expatriates to obtain a visa of 25 year old residence.

This clarification by the ministry concerning the execution of a new law by the FNC, came, according to the practice of several property developers announcing of the visas of residence with their sales of property.
The Rashid column indicated that of such advertisements by real estate companies are not exact, and is in the violationg of the law of naturalization and of residence, which stipulates expats with UAE is here for the study, work, the medical care, or tourism or is financed by family members.

For this end, the FNC plan's to apply a payment on the property of perpetual land and buildings free coincides with the current location, where, the companies of sale of property adopt practices false to strike the company.

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Sunday, 24 May 2009 / Labels: ,

DUBAI PROPERTY MARKET COLLAPSES

DUBAI PROPERTY MARKET COLLAPS

Briston who invested hundreds thousands pounds in the property of unbuilt during Dubai of the years boom's lose money after a collapse on the market.

Of the 800 powerful groups investors, individuals who put deposits on apartments of holidays to the property brokers, say that the hundreds of million pounds are in danger.

Work slowed down or stopped on tapes of building sites, including on second of palm island. The city envisaged a series of artificial peninsulas in the form of palm trees packed with villas of holidays of seaside, but only one is of completion.

Of all the world 'accidents of Dubai Property, be among most spectacular. According to an evaluation of Morgan Stanley, projects in value £165 billion were delayed or countermanded through the United Arab Emirates. The prices in Dubai fell by more than 40 percent since September.

While the prices went up, much of investors it in the far-plan, one or the other bought because it was Low Price Dubai Property, in the case of the poor purchasers seeking a house with the sun, or because they could flicks or sale above for a fast benefit without never having to pay the full value.

Investors on the end of a chain of fins were struck particularly hard as the prices fell while the building was put on the catch. But even those which bought realizers now face the dilemma to continue to pay or cut their losses.

The situation was made worse by the local authorities which update rules on the money of refunding for the buy property at the far-plan which could mean than the investors cannot recover their full investment.

Adam Tordoff, a business man independent of Sheffield, employed already his saving of life to pay £150,000 towards a villa £500,000 and is requests for coating of others of installments though it was not built.

We want just to obtain our money back and to leave him, it said. Prochaine better thing to have something would be established really rather than the money entering the thin air.

Nick Jasani, of street Albans, bought it in the far-plan of two stores like investment, paying a deposit of £100,000. He believes that there is little possibility of them being built but the project was not countermanded while enabling him to take again its money.

I am completely fed upwards, it said. He wrote with the British government asking him to intervene.

The lawful authority of real estate of Dubai wrote the new rules under which investors who withdraw contracts are refunded on a scale of slip, according to how much was built. But the realizers have right always to 30 percent of the money paid even if nothing were established whole, giving them that an incentive with the projects of complaint are still viable.

The knight of Nigel, a spokesperson for the investors 'group, said that its members had bought the evaluated property with approximately £1 billion, whose almost fifth already had been paid more.

RERA prepares other revisions. It can also order 27 projects to be countermanded with full refundings - if the money is left.

In certain cases, deposits were employed to buy the ground, a now prohibited practice, whereas Mr. Knight pleads that some realizers employed the money paid to the bottom a development to buy the ground for new projects.

RERA did not answer the questions but Alexis Waller, a lawyer at the offices of Dubai de Clyde firm legal and Co, said that it tried to strike a balance between the lotisseurs and the purchasers.

She said many contracts signed by investors who did not specify what would be built when. With law the realizers must begin work in the six months to record projects, but much of investors contracts signed obliging them to maintain installments even if realizers to make thus.

Investisseur was registered with bill book of refunding which was by no means related to the big steps that, it said. Which 's how the market functioned here, and didn't purchasers it because they earned so much money starting from the property. This is become an exit because they do not earn any more money.

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Thursday, 14 May 2009 / Labels:

Dubai Property Market Recover in 2011


The market of the Dubai real estate will recover in 2011 after a fall of the prices this year, senior officer of development PJSC of Deyaar known as. It's may be the condition of Low Prices Dubai Property untill 2011.

Even Dubai and Abu Dhabi The Top City fo the right now, but in 2009 will be the year of the reduction for Dubai Property, Markus Giebel, the President of the real estate company, said in an interview during the annual meeting of the Middle East of the economic forum of the world to the Dead Sea in Jordan. 2010 will be probably a year of stabilization, and in the 2011 we believe that the re-establishment will occur.

King Abdullah II accomodates Ministers for Finance, governors of the central banks and executives of the hundreds of companies to the three day old gathering.

Dubai, the second-biggest of the seven to declare who compose the United Arab Emirates, fact face with a deceleration of its industry of property once bright while the total banks of forces of crisis of credit to be plastered on the loan of mortgage and the speculators are run away. The prices of Dubai residences  tumbled down 41 percent in the first quarter as from December, international of Collars called in a report/ratio of April 28.

The domestic prices in Dubai, the businesses of Persian Gulf and the hub of tourist, were almost reduced by half since their peak in August 2008 and are on the level low since the second quarters of 2007, Colliers indicated. The prices had quadruple survey since 2002 when the government allowed foreigners to buy the property in some parts of the Emirate.

Deyaar, which put a quarter of its projects at Dubai Property on the catch, will announce funds of property of 500 million-dirhams ($136 million) to buy the capital afflicted into two to three weeks following, Giebel said.

Stabilize the prices

It will invest mainly in the properties afflicted with Deyaar which were turned over to them and will help to stabilize prices, it said.

The economy of Dubai will probably increase 0.5 percent this year, privileged PLC standard said. The growth of Dubai was close to 8 percent last year, according to Raed Safadi, principal economist at the department of Dubai for economic development.

The UAE and five other Arab states of Gulf appreciated an economic boom while the oil prices increased and of the governments invested in the real estate and the industrial projects to diversify their economies. The six countries of Gulf, including Saudi Arabia, Qatar and Kuwait, pump almost a quarter of crude oil of the world.

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Wednesday, 13 May 2009 / Labels: ,

Low Prices Dubai Property

Low Prices Dubai Property make excellent interesting investments

Dubai was always a city with the excellent infrastructure and some of the most splendid buildings, because of that called Dubai and Abu Dhabi The Top City. People of have everywhere in the world wanted to have the property of Dubai but only the privileged people managed to obtain their hands on top. However, during the last months, the market of the real estate of Dubai underwent a considerable fall. This had as consequence of the investments of marvellous real estate for no matter whom who can allow it.

According to an analysis, in the first quarter, the residential rates decreased by 23 percent and the important rates of office fell by 18 percent. A considerable reduction was also seen in completion and in addition to properties of plan during the last quarters when the number of transactions reduced by 60 percent compared with the following period per previous year.

The fall in the rates created excellent occasions for the investors in real-time of everywhere in the world. The interest for the properties, which are now ready to be occupied or which is to enter the market of the next year, increased enormously. The rates being tiny room until a so great degree, the investors of property of various areas of the world managed to invest in the Dubai property; perhaps they could not make so front.

What these investors can count when the return of the prices so that to be they had the practice is excellent rates of return which always has summers a principal device of Dubai Property.

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Tuesday, 5 May 2009 / Labels: , , ,

Dubai and Abu Dhabi The Top City




Dubai and Abu Dhabi are the two principal cities in the Middle East, indicates the last report of outline by Mercer, the leading vendor of services of investment.

Followed rows of last year, Dubai moved to the top six places in the annual outline of 83 percent last year with 77 percent this year. This increase was allotted to the approvals improved of transport, development of road infrastructure and the expansion of approvals of international airport and telecommunication and other equipment of the consumer, the outline indicates.

While waiting, Abu Dhabi holds the four-twenty-fourth position this year, compared with the ninety place in 2008. It is due to the increase in the international schools, approvals and the development recreationnel of the airport and the increased accessibility of new networks by Etihad Airways, the national air line.

The ranks of fabric tradesman are evaluated based on an index of marking of point implying 215 cities through the sphere, of New York like low city. The rows are considered useful for the governments and the important companies.

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Wednesday, 29 April 2009 / Labels: ,

Dubai Mortgage Lending Revives


After Dubai Property Takes Dive, The loan of mortgage restores in Dubai, Mortgage Lending Revives In Dubai
The domestic prices in Dubai relieved since their peak in August 2008, a broker of commercial-property says yesterday in a report/ratio. The decline of first quarter of 2008 was 34 prices of residences of Dubai of percent fell 41 percent in the first quarter as from December after the loan reduced by banks and the speculators left the market because of the total financial crisis, International of Collars known as. The economic growth of Dubai relieved after the worst financial crisis since the Thirties wounded its property, finance departments and industries of tourism. That made improve of the companies, which alternatively limited the request of the real estate. Potential purchasing of house are concerned about job security and thus little laid out to enter walked, even if finances are at the disposal of them, John Davis, senior officer of International of Collars, said in the report.

The Dubai's  property prices quadrupled in five years at September 2008, helped by new laws allowing from abroad proper property and a labour increasing expatriate. The prices in fall of property now raise the prospect for the defects of rise of loan. The average costs of a residential property fell in Dh1,037 ($282) a square foot at the end of first quarter of Dh1,770 three months earlier, Colliers indicated. The prices of the apartments and the urban houses lowered 42 percent, whereas the cost to buy a villa decreased the loan of mortgage of 40 percent starts to restore in the Emirate that, Davis said in an interview. Has limited number of financial institutions returned in, of the market it said. The investigation of Collars was based on data of the lenders explaining 60 percent of Dubai's mortage market.

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Saturday, 25 April 2009 / Labels: ,

Dubai Property Takes Dive

Different with Dubai Property News yesterday. These empty commercial offices of time last year in Dubai were a shortage.

The rate of offer of employment was in fact hardly 1%. How the market changed.

A raft of innovation saw a big number of commercial towers of office accomplished these last months. The Jumeriah lakes, the technology of Dubai, the free zone of Electronics-Trade and media (TECOM), Dubai Bureau, zones of compartment of businesses and money market, Deira, and other sectors are now at the house to shine new, but with the definitely empty turns. The rate of offer of employment now pushed the past 16% according to the international real estate agent Jones Lang LaSalle.

Incited by success in the residential development, much of realizers of Dubai turned their hand to the commercial property. Damac, a well-known local realizer, envisaged a certain number of commercial revolutions directed by its executive sizes, a significant development of office in Tecom. Executive sizes is now accomplished but the only occupant in the building, taking a floor, seems to be the department of relations of customer of Damac.

Cayan, which developed four important residential projects in the marina of Dubai, with two more in construction, turned its hand to the commercial property with the AED 120 million business district of Cayan, also at Tecom. In spite to say it achieved last year the project in September when it invited investors to complete payments, the building is always of completion. The entry has to be adapted still outside and all the essential services must always be connected. Last week there were the provisional generators and the installations of air-conditioning located at the back of the building. The building is without littoral with the surrounding roads closed to make the manner for the substantial development of infrastructure which takes place only now. The building is practically abandoned without simple occupant, or adapt-outside being undertaken in the individually had offices the ones of layers. The completions of the offices also caused the polemic. Cayan indicates it built the building on a shell and the core bases, however this came as new with some investors who were horrified with the state at their offices when Cayan announced that they had been achieved, indicating it was rather the shock and fear. The booklet of the development of Cayan is worth the AED 8 billion with its residential developments - being strongly acclaimed. Its incursion into the commercial property however is likely to deaden its reputation.

Elsewhere a British investor wrote to complain BRITISH about the Foreign Office of a realizer continuing to gather payments on a high-rise office building, the construction from which has to still begin. The letter by national Nick British Jasani is one of a number written by opposed British distributed to the members of Parliament. Foreign Office British became implied by probing a series of complaints related to the property developers of Dubai, mainly because the British investors plowed, according to Dubai unloads the department, AED 4.7 billion in the market real estate Dubai. In the case of Jasani, it bought a commercial office of a realizer in Dubai 'the zone of compartment of businesses of S for the AED 2 million at the beginning of 2007. He says that he already paid 30% of price (AED 640.000) and the realizer based in Dubai complains insists on more payments in spite of the construction of the property having to however start.

Many lotisseurs gave of the plans to later of payment, consolidated the number of units held by the owners with multiple units, and of the prices in certain reduced cases radically due to the crumbling costs of construction. This alleviated a certain number of investors, however others went on the warpath. According to a report/ratio with Wall Street Journal, a certain number of British investors recently introduced British the Prime Minister Gordon Brown with a petition requiring of him to intervene in what they describe like harmful real practices in the United Arab Emirates.

While the radioactive fallout continues the new buildings are days laborer carried out. The high-rise office buildings which remain primarily empty for the future, the hotels which will fight and make pressure on the market already with-top-provided of hotel, and apartments and the villas residential which see prices and rents in fall.





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