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

Dubai property prices climb in December

Tue, 17 Jan 2012 00:00:00 GMT

The value of residential real estate in Dubai increased in December by 1.09 per cent, compared to the previous month, new figures show.

In the latest REIDIN.com index, the price of villas rose by 1.46 per cent during the final month of 2011, while apartments only saw their value climb by 0.6 per cent during the same timeframe.

However, neighbouring emirate Abu Dhabi experienced declining real estate values, with an overall fall of 0.65 per cent recorded between November and December last year.

Apartments took the biggest hit, with prices sliding by 0.99 per cent, while villas saw 0.55 per cent wiped off their value.

Earlier this month, Assetz suggested that "adventurous investors" may want to target Dubai property in 2012.

According to the organisation, there is a lack of supply of homes in completed developments, which has helped construction work pick up in a few "quality locations" in the emirate.

Carillion heads positive about UAE property sector

Tue, 13 Dec 2011 00:00:00 GMT

Some of the top executives at UK construction firm Carillion have expressed their confidence in the United Arab Emirates' (UAE's) real estate sector.

The National reported on a conference call between some of the company's heads, quoting chief operating officer Richard Howson as saying: "We're still anticipating good growth in Dubai and Abu Dhabi."

He added the organisation still believes it can "meet our objective of doubling our revenues between 2012 and 2015 to about £1 billion".

Chief executive officer at Carillion John McDonough told the publication that the firm feels concerns over the performance of Abu Dhabi's property market are "overcooked in a sense".

The business has a number of joint ventures with other companies in the UAE and elsewhere in the Middle East.

It is involved in the development of several projects in Dubai, many of which include residential properties, such as The Lofts high-rise apartment blocks and the Burj Dubai scheme.

Abu Dhabi developer to concentrate on existing projects

Fri, 24 Jun 2011 00:00:00 GMT

One of Abu Dhabi's largest developers has stated that it intends to focus on completing existing projects, with 7,000 new units expected to be delivered by 2014.

Gurjit Singh, chief operating officer of Sorouh Real Estate, spoke at the Reuters Real Estate and Infrastructure Summit yesterday (June 22nd) and stressed that his company's focus is firmly on its home market.

The organisation's ongoing projects are worth around 13 billion UAE dirhams (£2.21 billion).

Residential rents and prices are likely to contract further over the next six to 12 months, Mr Singh predicted, adding that he is anticipating falls in the region of ten per cent due to oversupply in the market.

Earlier this month, Emirates 24/7 published details from a Nomura report, which stated that property values in Abu Dhabi are expected to stabilise over the coming months.

Chet Riley, author of the study, told the news provider that the global investment bank anticipates residential prices will "hold rather than fold over the next six months".

10,000 homes to enter UAE market this year

Tue, 12 Apr 2011 00:00:00 GMT

Individuals looking to purchase property in the UAE could be interested in the latest comments from an official in the region.

Sultan Butt bin Majran, director general of the Dubai Land Department, has denied rumours that the real estate market is to be flooded with tens of thousands of new homes.

According to authorities in the region, only 10,000 new houses would be completed this year.

"News that between 40,000 and 50,000 housing units would be ready in 2011 are not correct," the sultan said.

"We expect about 10,000 houses to enter the market this year but they will not put any pressure because the market is able to absorb them given the ongoing recovery in the property sector."

Meanwhile, the latest report from Cluttons has forecast that an increase in rental and sales activity in the second quarter of 2011 will lift the UAE property market.

The release of a number of delayed projects in the emirate is expected to be a primary driver behind the demand, the firm added.

Confidence to grow in UAE property market

Mon, 17 Jan 2011 00:00:00 GMT

Property investors have been advised to buy homes in the UAE now, before prices start to climb once again.

Nicholas Marr, chief executive of Homesgofast.com, has claimed that knowledgeable buyers are likely to already be looking at what is available on the market.

"Savvy investors all know that profits are made not only on the sale but on the purchase and with Dubai property prices at an all time low, 2011 could be good for the early worm investors seeking good returns as the market bounces back," he said,

The news follows statistics recently-released by Asteco which show that the average price of apartments in Dubai fell by another two per cent during the fourth quarter of 2010.

However, Mr Marr is confident about the long-term prospects for the market, stating that he expects investor sentiment in Dubai to rise over the coming 12 months.

"The Dubai credit risk has eased and investors should be happy to see that the Dubai government has taken equity stakes in Dubai World further boosting the project," he added.

UAE developer halts new builds

Fri, 30 Jan 2009 00:00:00 GMT

One of the UAE's major property developers has had to delay construction on a number of new projects due to the economic downturn.

Sorouh, Abu Dhabi's second-largest real estate firm, has been forced to complete existing builds before undertaking any new work as a result of the credit crunch, explaining that it would not make financial sense to begin construction when the market conditions are so unfavourable.

"Why would we want to launch something when the market is stressed out? It is prudent for developers to exhaust current stock before launching new ones," chief property development officer Gurjit Singh said, speaking at the Abu Dhabi Real Estate and Investment Show.

And while he refused to give details of the firm's upcoming plans, he noted that the projects will "have a sharper focus on cost management".

Emaar Properties recently stated that prices of property in Dubai are likely to fall, with chairman of the company Mohamad Alabbar predicting that values will drop by an average of 20 per cent.

Firms In UAE Renegotiate Prices Of Construction Materials

Thu, 22 Jan 2009 00:00:00 GMT

Companies in UAE are cancelling orders from building material suppliers in an attempt to renegotiate prices of construction materials...

Construction halted on 'world's tallest' tower

Mon, 19 Jan 2009 00:00:00 GMT

The credit crunch has caused state-owned property developer Nakheel to suspend construction of what is set to become the world's tallest tower in Dubai.

Work on the one-kilometre high Nakheel Harbour and Tower- the plans for which were unveiled in October of last year - has been put on hold for a year following the onset of the credit crunch and the deteriorating market conditions.

"This is part of our readjustment of our immediate business plans, to better reflect the current market trends and match supply with demand," a spokesperson for the company said in a statement, adding that foundation work for the tower is likely to take three years to complete.

Elsewhere in the emirate, a report by Asteco has revealed that rental rates for apartments levelled off during the course of 2008.

The average rent for a one-bedroom apartment now stands at AED123,000 (GBP22,480), while three-bed examples currently command rates of AED243,000.

Work stops on world's highest tower amid fears of Middle East meltdown

Fri, 16 Jan 2009 00:00:00 GMT

Work on the world's highest tower in Dubai has been halted by the global financial crisis in the starkest sign yet that developers are facing meltdown...

RAK Free Zone projects on schedule

Wed, 14 Jan 2009 00:00:00 GMT

All the flagship projects and expansion plans of the Ras Al Khaimah Free Zone authority will be completed on schedule, according to the free zone's chief executive officer. "The current global financial slowdown will not impede Ras Al Khaimah Free Zone's (RAK FTZ) expansion projects to...

Reef begins work on projects

Mon, 12 Jan 2009 00:00:00 GMT

Construction work on two projects of Reef Real Estate Investment has started with the ground-breaking ceremony held recently...

Cash crisis forces talk with banks over one of the world's biggest development projects

Fri, 9 Jan 2009 00:00:00 GMT

One of the world's largest development projects in Dubai is facing a cash crisis as subdevelopers cannot afford to start construction, it has been revealed...

Tiger begins handover procedures for Sharjah's Sondos Tower

Mon, 5 Jan 2009 00:00:00 GMT

Mohammed Taha: ensuring all requirements are met before commencing construction allows for timely completion Sharjah - January 5, 2009: Tiger Properties has announced the commencement of handover procedures to investors and end-users for its Sondos tower in Sharjah. The handover process will be completed in the coming weeks.The handover of the Sondos tower amidst the current economic downturn...

Burj Al Alam to be ready in 2012 -developer

Fri, 2 Jan 2009 00:00:00 GMT

Property developer the Fortune Group is soon to announce the main construction package for the 108-storey Burj Al Alam, the world's tallest commercial tower, being developed at the Business Bay, a top official said...

UAE: Construction Deals Plunge 85 Percent

Fri, 2 Jan 2009 00:00:00 GMT

The value of construction contracts awarded in the UAE fell by 85 per cent in the final quarter of last year compared to the same period a year earlier, according to a report...

ACW Commences Construction in Jumeirah Village

Mon, 22 Dec 2008 00:00:00 GMT

DUBAI - ACW Holdings began construction of their Jumeirah Village developments with fencing and shoring planned to commence before the end of 2008.Jumeirah Village represents a significant part of the developer's portfolio with three developments ?in the district, Hanover Square, Kensington Manor and Knightsbridge Court.ACW Holdings' General Manager Ian Pask said "The first proper...

Dubai developers look to slow construction

Thu, 18 Dec 2008 00:00:00 GMT

The global financial slowdown is forcing Dubai-based real estate developers to cut back on construction due to funding difficulties, it has emerged.

Many firms are putting jobs on hold until their financial situation improves, as well as implementing measures such as relaxed deadlines and payment plans for property purchasers.

One developer, Arabtec Construction, stated that it is looking into ways of slowing down building levels.

"There was no reason for projects to be implemented at the speed at which they were," chief executive of the firm Riad Kamal stated, adding that it has entered discussions with clients regarding extending the timeframe for many construction projects.

Such a decision could have implications for property investors planning on making purchases in the emirate in the coming months or years.

Elsewhere in the United Arab Emirates, a recent Citigroup report has predicted prices in Abu Dhabi will remain high in the short-term, as the emirate has sufficient funds to finance current development projects.

The Tiger Woods Dubai Awards AED582-million Infrastructure Contract

Wed, 3 Dec 2008 00:00:00 GMT

The Tiger Woods Dubai, an exclusive 55 million sq. ft. golf community development and a member of Tatweer Dubai, announced it has awarded a contract worth AED582 million to the UAE-based Al Nasr Contracting Company for infrastructure works at the project...

Caution is apparent during the big 5 construction supply industry trade fair

Tue, 25 Nov 2008 00:00:00 GMT

(Arabic) Demand for construction supplies in the GCC has fallen by as much as 20%. These results were apparent during the big 5 construction supply industry trade fair...

UAE: Construction of Remraam Community on track

Tue, 25 Nov 2008 00:00:00 GMT

Mizin, the real estate development arm of Tatweer, today announced that construction of the 23.5 sq ft Remraam community was proceeding as scheduled with concrete pouring of building foundations underway...

Nagarjuna plans four UAE projects

Mon, 17 Nov 2008 00:00:00 GMT

Nagarjuna Constructions yesterday said it is considering four projects in the UAE, which includes the construction of an academic institution in Dubai...

Developers looking at scaling back as Middle East banker warns of finance crisis

Tue, 21 Oct 2008 00:00:00 GMT

Real estate projects in the Middle East are facing a finance crisis according to a leading bank and developers are admitting they are re-examining business plans for 2009...

IDC to build Abu Dhabi hotel

Tue, 23 Sep 2008 00:00:00 GMT

Manama-based Ithmaar Development Company (IDC) is set to launch a five-star hotel in Abu Dhabi by the end of this year...

Al Ain Municipality Signs Contract for Route Signage Project

Thu, 11 Sep 2008 00:00:00 GMT

His Excellency Awad Khalifa Bin Hasoum Al Darmaki, General Manager of Al Ain Municipality, signed on Wednesday a contract with a national, specialized company for the Fourth Phase of the ongoing Route Signing, Street-Naming and Plot-Numbering Project in Al Ain...

Dubai's Ivory Tower: Cancellation Threats Remain

Tue, 2 Sep 2008 00:00:00 GMT

Investors in Sokook's much-maligned Ivory Tower project continue to be threatened with cancellation of their contracts, according to investors...

Chapal Flora villa sales hit Dh400m at launch in Ajman

Mon, 25 Aug 2008 00:00:00 GMT

Chapal Flora Residences. a cluster of villas being built in Ajman, has fetched Dh400 million in revenue as soon as sales were launched, a top official at Chapal Real Estate said...

Dubai Lagoons has not been cancelled, says Rera

Wed, 20 Aug 2008 00:00:00 GMT

The Dubai Lagoons, a project that is running more than a year behind schedule, has not been cancelled as rumoured, the Dubai Real Estate Regulatory Agency (Rera) assured investors...

Amana projects aim for green certification

Wed, 20 Aug 2008 00:00:00 GMT

Amana Contracting & Steel said Tuesday that two of its major industrial projects are aiming for Leed certification in the UAE...

Emaar Begins Sales at $3.2B Master-Planned Community in Dubai

Tue, 19 Aug 2008 00:00:00 GMT

Development in Dubai continues to explode with Emaar Properties, the Middle East’s largest builder, saying it is beginning sales this week for its newest residential master-planned community...

Aldar Partners With Barclays Bank For Raha Project

Mon, 18 Aug 2008 00:00:00 GMT

Aldar Properties, the leading integrated property, investment, and management company announced a strategic tie up with Barclays Bank Plc, UAE ('Barclays') to provide mortgage solutions for Aldar's Al Raha Beach projects...

Hydra Properties completes excavation work at Al Reem Island

Mon, 18 Aug 2008 00:00:00 GMT

Hydra Properties, the leading UAE-based international property developer, announced the completion of excavation work for iconic Hydra Corporate Towers located at Al Reem Island in Abu Dhabi...

Mirdif City Centre pioneers 'Green' construction

Mon, 18 Aug 2008 00:00:00 GMT

Mirdif City Centre, Majid Al Futtaim's upcoming project, is one of the first shopping centre ventures in the region to be ecologically friendly right from the design phase through to the construction stages...

Emaar Properties Unveils AED12 Bn Mushrif Heights

Mon, 18 Aug 2008 00:00:00 GMT

Emaar Properties unveils AED12 billion eco-friendly Mushrif Heights, an integrated community focused on sustainable development features in Dubai...

Iraq Needs $400 Bn To Rebuild Infrastructure

Mon, 18 Aug 2008 00:00:00 GMT

Iraq needs around $400 billion over the next few years to rebuild its shattered infrastructure, the country's Finance Minister Bayan Jabor said...

ETA Star Plans AED8b Luxury Hotel Projects in 2H

Fri, 15 Aug 2008 00:00:00 GMT

Property developer ETA Star, part of the ETA Ascon Group, will add Dh8 billion worth of projects to the group's luxury hotel portfolio in the second half of this year, a senior company official said...

Al Rashed Announces AED3.6b Tower Project

Thu, 14 Aug 2008 00:00:00 GMT

Al Rashed Real Estate unveiled freehold commercial and residential towers worth Dh3.6 billion in Ajman. It also joined hands with ACI to strengthen its high-end real estate solutions...

Desert Dream bullish on Dubai property market

Thu, 14 Aug 2008 00:00:00 GMT

DUBAI- Desert Dream Real Estate and Investment has four more development projects in Dubai to be announced soon as it launches tonight a Dh1.7-billion residential tower, proof that it is bullish about the property market here despite reports of a slowdown in the coming two years.'People keep on coming to Dubai and falling in love with the city,' said the company's chairman, Mahmood...

Muriya begins construction of Salalah Beach Project

Wed, 13 Aug 2008 00:00:00 GMT

Mobilisation at Muriya Tourism Development Company's Salalah beach started six months ago and Phase 1 is expected to be completed over the next five years...

Hyder to design 44 Palm bridges

Wed, 13 Aug 2008 00:00:00 GMT

Hyder Consulting Middle East has been appointed by Nakheel to design the architectural concept of all 44 long-span bridges on Palm Deira...

Dubai Industrial City to Construct Four AED200 Mn Office Buildings

Tue, 12 Aug 2008 00:00:00 GMT

Dubai Industrial City, a member of Tatweer, today announced construction work for four office buildings has commenced with investments of over AED 200 million...

DWC Plans to Invest in Urban Land Projects

Fri, 8 Aug 2008 00:00:00 GMT

By next year the real-estate arm of Dubai World Central will invest in huge urban land projects in emerging markets worldwide as 2009 revenues are expected to hit Dh70 billion...

Emerald Tower in Ajman Unveiled

Thu, 7 Aug 2008 00:00:00 GMT

It looks as though all the emirates are trying to emulate Dubai’s success with the recent announcement of a new residential tower in Ajman, UAE...

Realty Capital finds ways to address building materials shortage

Wed, 6 Aug 2008 00:00:00 GMT

Realty Capital Middle East announced on Tuesday it is coordinating with its main contractor Al Naboodah to ensure that the Dh1 billion "i-Rise" business complex project will be delivered on time despite a widespread global shortage of building materials...

Dubai land deals reach Dh413 million

Wed, 6 Aug 2008 00:00:00 GMT

The total value of land transactions in Dubai peaked at Dh413.64 million on Tuesday, with sales exceeding Dh206.64 million, the Land Department said...

Dheeraj & East Coast Breaks Ground for AED 615 mn Culture Village Projects

Wed, 6 Aug 2008 00:00:00 GMT

Dheeraj & East Coast LLC (DEC) today broke ground for the AED 615 million projects include Casca de Ville and Cascade Manor, two exquisitely designed residential developments, and The Estate...

Plus Properties signs AED 400 million worth contract with Taahud for construction of iconic SkyGardens project in Abu Dhabi

Wed, 6 Aug 2008 00:00:00 GMT

Exclusive waterfront property features luxury apartments and duplex villas with private pools and suspended gardens Abu Dhabi - UAE August 6, 2008: Plus Properties, a leading property developer in the Middle East, has signed an AED 400 million contract with Taahud General Contracting Co. for the construction of the prestigious SkyGardens project in Reem Island, Abu Dhabi.The agreement was recently...

Dubai's Skyscrapers Prices on the Rise

Wed, 6 Aug 2008 00:00:00 GMT

(Arabic) Fuel and cement high prices boosted construction prices in UAE...

Dubailand to house Berlin City Centre

Tue, 5 Aug 2008 00:00:00 GMT

The Berlin City Centre, a Dh1.2 billion property development, will be launched in Dubailand on Wednesday...

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...

UAE's construction sector grows 25%

Tue, 5 Aug 2008 00:00:00 GMT

The UAE's construction sector grew by more than 25 per cent in 2007 - the highest increase among key contributors to the country's gross domestic product (GDP), according to official figures...