Real Estate & Legal News in United Arab Emirates from Propertyshowrooms.com

Maintenance fees 'causing issues' among Dubai property owners

Wed, 12 Oct 2011 00:00:00 GMT

The high maintenance charges levied by many developers for their apartment blocks is causing an increasing number of buyers to look elsewhere for a property in Dubai.

A report on Emirates 24/7 explained that the expense of maintenance fees is encouraging investors and owner-occupiers alike to look into the villa market as an alternative.

The publication noted that such costs are much lower with this kind of property, while there are still good returns of between six and seven per cent to be made on these real estate assets.

Rushiraj Mehta, from Legacy Real Estate, told the news provider: "The selling prices have jumped more than ten per cent due to this positive aspect. The same has happened to all villa communities."

He suggested one way to lower maintenance costs in apartment blocks could be to allow the residents to choose their own firm and manage it themselves.

There has been some good news for real estate owners in Dubai recently, with the REIDIN.com residential property price index recording a 0.5 per cent increase in values in August compared to July.

However, apartments registered a 0.3 per cent fall in value over the month. By contrast, villas achieved 1.34 per cent price growth.

Experts 'unsure' over whether new Dubai visa rules will boost property sector

Wed, 3 Aug 2011 00:00:00 GMT

Changes to legislation in the United Arab Emirates (UAE) regarding visas for foreign homeowners may not have the desired effect on the country's property market, some experts have claimed.

Jesse Downs, director at Jones Lang LaSalle MENA, told ArabianBusiness.com that because any real estate investment must be greater than one million UAE dirhams (£166,859) in order to qualify for the three-year visa, buyers may be unwilling to pay for a higher value property.

"The crux of the issue is whether or not buyers will actually pay a premium just for the visa. This is unlikely because buyers are value conscious, especially now," she stated.

However, Nick Maclean, managing director of CB Richard Ellis Middle East, disagreed, telling the news provider that he believes the comfort afforded by a three-year residency will encourage buyers to hand over some extra cash.

Research published by Jones Lang LaSalle last month looking at the performance of Dubai's real estate sector during the second quarter of the year found that the majority of properties experienced price and rental declines, with only the higher-end, established villa locations seeing a marginal increase.

UAE extends visas for property investors

Fri, 1 Jul 2011 00:00:00 GMT

The United Arab Emirates (UAE) has taken the decision to extend the length of property investors' visas to three years - up from six months - in a bid to boost the nation's real estate market.

Chairman of one of the region's largest development companies Emaar Properties Mohammed Alabbar stated that the visa extensions will "significantly enhance investor confidence and drive the growth of the country's property sector".

Meanwhile, Citigroup suggested that while the move could aid residential real estate in the UAE, it is likely to be restrained by an oversupply in the market.

Rather than having to renew their visas every six months, foreign investors will now be entitled to a three-year multiple-entry visa - as long as they own property worth more than one million UAE dirhams (£169,040).

The UAE was among the biggest fallers in the Knight Frank Global House Price Index Q1 2011 published earlier this month. According to the organisation, residential property values in the nation dropped by 8.2 per cent year-on-year.

Dubai looks to increase real estate transparency

Thu, 5 May 2011 00:00:00 GMT

Demand for property in Dubai could be set to rise after three regulatory bodies announced plans to increase transparency in the emirate.

The Hawkamah Institute for Corporate Governance, Real Estate Regulatory Agency and the Dubai Real Estate Institute all signed an agreement of understanding relating to the proposals.

They claim that improving and strengthening corporate governance practices is one of the primary goals to protecting owners' property rights.

In addition, the initiative aims to increase investor and tenant confidence in the real estate sector.

"The real estate companies, property developers and valuation agencies need to become more transparent through better reporting of transactions and prices," Nasser Saidi, executive director of Hawkamah told Arabian Business.

He added that the landmark initiative would produce the first ever real estate corporate governance code in the region.

It is hoped that by introducing more transparency into the sector confidence will return and foreign and local buyers will return to the markets.

UAE property buyers to benefit from reduced fees?

Wed, 22 Dec 2010 00:00:00 GMT

People investing in UAE real estate could benefit from lower costs following the announcement of a review into fees for municipal services in Dubai.

Earlier this year, the emirate's Dubai Municipality (DM) announced plans to revise the system for collecting fees from homeowners for providing municipal services.

This included a decision to collect five per cent of rental value of properties from all residential units in the emirate irrespective of their status of being leased or owned.

However, homeowners have been left outraged as they claim it is a duplication of the fee they already pay to developers for maintaining buildings and surrounding areas.

This has led to the Dubai Executive Council setting up a committee for reviewing the DM's plans.

The Council has appointed Abdulrahman Al Saleh, director general of the Department of Finance in Dubai, to head the committee that will investigate the complaints from homeowners.

It was recently predicted by real estate experts that residential property prices in Dubai, already on a downward trend, could continue to fall for another two years.

Measures to increase transparency introduced in the UAE

Sat, 16 Oct 2010 00:00:00 GMT

Individuals with property in the UAE have welcomed the introduction of new measures designed to improve transparency in the market.

The implementation of real estate associations will help to improve both value and services in the country’s property market, a survey by Dubai-based Real Opinions has found.

However, while the measures will have a number of positive impacts, one in three home owners questioned believe that they will ultimately have little effect on the real estate industry as a whole.

“These results are a strong endorsement of owner associations but this is just the beginning of the challenge they face with the transition from developers to actually prove these beliefs,” Jim O’Hare, the chief executive of Place Community Managers who commissioned the study, said.

Indeed, according to the survey, just 23 per cent of people believe that the measures will encourage others to buy property in the UAE, while 46 per cent remained unsure either way.

Government guarantee aims to boost confidence in UAE property market

Wed, 7 Jul 2010 00:00:00 GMT

A number of developments in the UAE have been shortlisted to be covered by the first phase of a new government guarantee designed to improve confidence in the emirate's property sector.

The Dubai Land Department-backed initiative assures investors that finance and completion for certain developments can be secured.

Named the Tayseer system, the first phase of the project is aimed at increasing liquidity and confidence in the sector, Sultan bin Butti bin Mejren, director general of the Land Department, said.

"Through this and other related initiatives the department is introducing a different, comprehensive and coherent level of strategic management to Dubai's property sector," he added.

"This will offer clear transparency and in doing so inspire confidence among developers, end users and all those with an interest in Dubai's property sector."

Currently, a total of 40 projects have been shortlisted for inclusion on the scheme and once approved they will receive a government guarantee that they will be completed by a specific date.

Meanwhile, Jones Lang LaSalle has predicted that office vacancy rates in Dubai are likely to exceed 50 per cent over the next year.

Property Court Established in Dubai

Wed, 28 Jan 2009 00:00:00 GMT

A few moves are being made to ease investor’s concerns over the dubious practices by developers and the growing dissatisfaction with the way things are being handled when developers cancel or delay projects in Dubai...

Tenants believe judicial committee will be of help

Thu, 22 Jan 2009 00:00:00 GMT

The introduction of the revamped tenancy law has created a gulf of opinion among Dubai homeowners and tenants...

S.Korean for peaceful settlement of UAE islands' issue

Thu, 22 Jan 2009 00:00:00 GMT

South Korea said it prefers a peaceful settlement to the issue of the UAE three islands, occupied by Iran...

Dubai investors 'may benefit' from proposed regulation

Mon, 12 Jan 2009 00:00:00 GMT

Dubai's real estate watchdog plans to introduce new regulations to help restore the confidence of investors considering making purchases in the emirate, it has emerged.

The Dubai Real Estate Regulatory Agency is in the process of drawing up plans which would mean developers have to complete 20 per cent of a building's construction before they can begin sales.

It is hoped that this will help settle disputes between developers and real estate investors in Dubai, as the current system - whereby developers are able to demand high payments from investors when construction of the building is still in its infancy - has received criticism.

The issue may be raised at a property conference taking place in Abu Dhabi, which will feature daily seminars on the various aspects of real estate investment in the United Arab Emirates.

Organiser Dome has stated the three-day event will feature talks from property experts and chief executives of property developers.

Abu Dhabi studies realty laws

Mon, 12 Jan 2009 00:00:00 GMT

Abu Dhabi Department of Municipal Affairs has referred five new draft laws to regulate the real estate to the emirate's Executive Council, ahead of issuing related laws this year...

Dubai Probe Into $100M Dubai Fraud Claim

Mon, 12 Jan 2009 00:00:00 GMT

Police are investigating fraud allegations against the chairman of a leading Dubai private property company, as dozens of aggrieved investors claim he defrauded them of more than $100 million...

Dubai may tighten property market rules: report

Fri, 9 Jan 2009 00:00:00 GMT

Dubai - Dubai is mulling tightening rules on the property market in the Gulf financial hub after many developers shelved projects because of the global financial crisis, a newspaper reported on Wednesday. The real estate authorities are expected to issue new regulations aimed at helping avert delays and...

Abu Dhabi to Establish Real Estate Regulatory Authority

Mon, 5 Jan 2009 00:00:00 GMT

A real estate regulatory authority will be established in Abu Dhabi within the next few months, Dr Jawaan bin Salem Al Dhahiri, Chairman of the Municipal Affairs Department in Abu Dhabi said...

UAE among easiest nations to register property

Fri, 2 Jan 2009 00:00:00 GMT

The UAE is the second easiest country in the Arab world to register property, according to a Doing Business report by the World Bank...

Former Nasdaq chair arrested over alleged $50-bn fraud

Fri, 12 Dec 2008 00:00:00 GMT

Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion (Dh184 billion) "Ponzi scheme" in what may rank among the biggest fraud cases ever. The former chairman of the Nasdaq Stock Market is best known as the...

Dubai law changes 'will benefit investors'

Fri, 5 Dec 2008 00:00:00 GMT

Recent changes to Dubai property real estate laws are "perfect" for reinstating investor confidence in the emirate, it has been claimed.

According to the Middle Eastern Real Estate Consultants (Merec) the new laws will help allay any fears investors have when considering buying property in Dubai.

The changes grant expatriates and foreign investors the right to own freehold properties in Dubai following approval from the ruler and establish a property court to help solve any real estate problems that may arise as a result of making a purchase.

"Nobody approaches a real estate company in the UAE without thinking twice about the paperwork and the legalities involved," Merec stated, noting that it hopes the recent legislative changes will result in a number of individuals making investments in the emirate "without any fears".

One person who has chosen to invest in Dubai property is former tennis player David Lloyd, who, according to AplaceInTheSun.com, has chosen the emirate as one of the locations for his new property venture.

Abu Dhabi's Draft Foreign Ownership Law Completed

Tue, 25 Nov 2008 00:00:00 GMT

Abu Dhabi's draft foreign ownership law has been finished and referred to specialised bodies, a senior official said...

Dubai cracks down on expats sharing homes to cut costs

Thu, 20 Nov 2008 00:00:00 GMT

DUBAI: Expatriates who share homes in the booming emirate of Dubai to split soaring rental costs face eviction amid a crackdown by the municipality...

Dubai business leader quizzed in property probe

Wed, 12 Nov 2008 00:00:00 GMT

A senior member of Dubai’s business and political elite has been caught up in an investigation into financial irregularities in the emirate’s property sector...

UAE Regulation to help enhance confidence

Wed, 12 Nov 2008 00:00:00 GMT

Regulatory improvements in the real estate sector like the new strata law, will help shore up investor confidence in UAE property and reassure lenders on the sustainability of the market, according to a property expert...

Emaar wins $1.2bn lawsuit

Tue, 23 Sep 2008 00:00:00 GMT

Emaar Properties has won a court case that had sought to force Emaar to pay $1.2 billion (Dh4.4bn) in compensation claimed by a Saudi plaintiff...

Realty sector must rid itself of corruption

Mon, 15 Sep 2008 00:00:00 GMT

The real estate community in Dubai will have to do its bit to end corruption in the property sector, a top Dubai government official said, without elaborating how...

UAE real estate market awaits new laws to curb speculation

Wed, 10 Sep 2008 00:00:00 GMT

Real estate professionals in the UAE, particularly in Dubai, have long hailed the legislative procedures adopted by the governments to regulate the real estate sector and impose tools that safeguard the interests of developers and investors alike...

Abu Dhabi - Rules for green buildings almost ready

Wed, 10 Sep 2008 00:00:00 GMT

The new regulations for green buildings in Abu Dhabi are in the final stages and expected to be implemented in January 2009, a senior official announced on Tuesday., which is about time as far as I am concerned...

Dubai Clamps Down On Illegal Off-Plan Sales

Thu, 28 Aug 2008 00:00:00 GMT

The Government of Dubai wants property developers to register their holdings and stop selling unregistered properties "off plan"...

New mortgage law announced for Dubai

Thu, 28 Aug 2008 00:00:00 GMT

The Dubai government has issued a new mortgage law. The new law, issued by Sheikh Mohammed bin Rashid Al Maktoum, the prime minister and vice president of the United Arab Emirates (UAE) and ruler of Dubai, aims to help better regulate Dubai's property market.

Dubai's new mortgage law will come into effect 60 days after it is published in the official gazette and specifies that mortgage contracts must be registered with the Dubai Land Department (DLD), reports Overseas Property Professional (OPP).

The new law also requires the size of the loan to be specified as well as the repayment period and the value of the property being mortgaged. Furthermore, all mortgages taken out on property in Dubai must have an insurance guarantee.

OPP explains that Dubai's new mortgage law comes as the Emirate works to consolidate its booming property market. According to the DLD, the value of property transactions in Dubai in the first quarter of this year were up 10,000 per cent year-on-year on 2007's figures - Dh3.7bn compared to Dh38m.

Dubai's efforts to regulate its property market mean that it now tops the Global Real Estate Transparency Index from Jones Lang LaSalle.

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Off-plan Dubai Realty Sales' Registration Compulsory

Mon, 25 Aug 2008 00:00:00 GMT

Off-plan property sales in Dubai will have to be registered with the emirate's Land Department and developers will no longer be allowed to charge transfer fees on such sales, according to a new law promulgated...

Views On Schon's Troubled Dubai Lagoons Projects

Mon, 25 Aug 2008 00:00:00 GMT

Two Dubai based property investors, and a Senior Legal Advisor at RERA discuss Schon's troubled Dubai Lagoons project...

Dubai Seeks To Better Regulate Market

Wed, 20 Aug 2008 00:00:00 GMT

The new mortgage law issued by the Dubai Government is expected to help better regulate the market and boost investor confidence, officials and analysts said...

Dubai Probes Companies' Officers on Corruption

Wed, 20 Aug 2008 00:00:00 GMT

(Arabic)Dubai has probed an officer in Deyaar Properties and in Dubai Islamic Bank and investigations have also reached officers in Tamweel and JP Morgan...

Dubai's Rera urges investors to report rule violations

Wed, 20 Aug 2008 00:00:00 GMT

Dubai's premier real-estate watchdog, Real Estate Regulatory Agency (RERA), has urged property investors to report to the agency any violations of industry regulations, particularly in relation to law No 8 on escrow accounts...

Dubai Introduces new Mortgage Law

Wed, 20 Aug 2008 00:00:00 GMT

The Dubai government introduces new mortgage laws to try and regulate the market. Another new law has just been introduced in Dubai, covering mortgages, and is expected to help better regulate the market and boost investor confidence, officials and analysts said on Tuesday...

Developers in Dubai welcome probe into financial irregularities by firms

Mon, 18 Aug 2008 00:00:00 GMT

The ongoing interrogation of the officials of real estate companies is seen as a positive step towards further strengthening of transparency in Dubai's property market, according to developers...

Visas For Ajman Property Buyers

Thu, 14 Aug 2008 00:00:00 GMT

Property buyers in Ajman will now be given residence visas after master developers gave a written assurance to that effect to project developers in the emirate...

Tenancy Contract Must For Residency Visa In Dubai

Thu, 14 Aug 2008 00:00:00 GMT

The renewal of residency visas for families is now linked to the size of the family and the size of the accommodation they are staying in, said Brigadier Obeid Muheir bin Suroor, Acting Director of the Dubai Naturalisation and Residency Department...

UK Free Zone to launch in Dubai

Mon, 11 Aug 2008 00:00:00 GMT

People and businesses buying in the newly created territory will operate under the Common Laws of Britain...

Property court to open in Dubai next month

Fri, 8 Aug 2008 00:00:00 GMT

Dubai's Real Estate Regulatory Authority (Rera) will shortly create a property court with operations starting in September...

Amlak, RERA to Launch Region's First Escrow Awareness Campaign

Wed, 6 Aug 2008 00:00:00 GMT

The Real Estate Regulatory Authority (RERA) has expanded its cultural program targeting home buyers and investors from the real estate industry through a MoU with Amlak Finance PJSC, the largest real estate financier in the Middle East...

Dubai Gives Ultimatum To Saudi Developer

Tue, 5 Aug 2008 00:00:00 GMT

Dubai's Real Estate Regulatory Authority (Rera) has given Saudi developer Sokook until on Tuesday to explain why investors in Ivory Tower were told to stop payments, leading to the termination of contracts...

New UAE Law To Streamline Housing Projects Soon

Tue, 5 Aug 2008 00:00:00 GMT

The long-awaited federal law aimed at streamlining the housing projects would replace similar local laws currently in force in each emirate.

Abu Dhabi unveils planning guidelines for Eastern Lagoon National Park

Mon, 4 Aug 2008 00:00:00 GMT

Abu Dhabi's Urban Planning Council reveals new planning guidelines for the Eastern Mangrove Lagoon National Park...

Nakheel and Trump Organisation clarify stand on Dubai hotel

Tue, 15 Jul 2008 00:00:00 GMT

A recent report citing conflict between master-developer Nakheel and the Trump Organisation over the ownership of the Trump International Hotel and Tower have been put to rest by both parties...

Ras Al Khaimah Strengthens Property Market

Mon, 14 Jul 2008 00:00:00 GMT

The Ras Al Khaimah government said it has made escrow account (guarantee accounts) of real estate developments mandatory, through a decree issued on July 3, which will help regulate the emirate's booming property sector...

New regulations on off-plan sales soon in Dubai

Thu, 10 Jul 2008 00:00:00 GMT

New regulations covering off-plan sales of real estate in Dubai are to be issued soon to prevent developers imposing registration fees...

New Regulations to Protect Buyers in Dubai

Thu, 10 Jul 2008 00:00:00 GMT

New regulations covering off-plan sales of real estate are to be issued soon to prevent developers from charging registration fees The Dubai Lands Department said the rules would set out clear mechanisms and procedures - and officials hope they will reduce the number of disputes between developers and buyers...