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Five per cent rent cap in Dubai - 02.01.2008
The Dubai government has capped the annual rent increase at a maximum of 5% (five per cent) on all rental properties as of 1 January 2008.
Dubai was the first emirate in the UAE to introduce a rent cap in November 2005, when Shaikh Mohammad issued a decree capping the increase at a maximum 15 per cent of the annual rent. Then it was 7% and now 5%.
DIFC freehold ownership laws enacted - 22.06.2007
The Real Property (DIFC Law No 4 of 2007) and Strata Title (DIFC Law No 5 of 2007), as well as regulations complementing these laws, have been enacted on 21 June 2007 by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The laws and regulations will take effect immediately. These laws apply exclusively in the jurisdiction of the DIFC and provide an internationally-proven system for registration and real property ownership in line with the DIFC's mission vision and values as an international financial centre.
The Real Property Law guarantees ownership of freehold land and buildings, and other interest in land, within the DIFC. The law is based on the underlying principles of English common law, but also incorporates the Torrens system of land registration, well known in countries such as Australia, New Zealand, Canada and Singapore.
Under the Real Property Law, land transactions are registered in a central register administered in the DIFC. Once registered, the law certifies them to be fully effective.
Dubai issues list of freehold locations - 17.07.2006
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, has issued the three-page, five-article Order No. 3 of 2006 designating areas for expatriates who can enjoy freehold ownership in Dubai, published in the government's official gazette on July 3, 2006 - a copy of which was obtained by Gulf News yesterday.The much-awaited list includes 23 areas and 45 plots including Jebel Ali, the Palm Island projects, The World islands, Dubai Marina, Emirates Hills and Al Barsha, among others. For more information and the map see Gulf News article.
Emaar pays $153m for UK real estate firm - 02.08.2006
One of the biggest developers in Dubai, Emaar Properties - has acquired UK real estate firm Hamptons International for $153.05m from Singapore-based Wheelock Properties. Emaar bought out the whole of Wheelock's 100% interest in the all-cash deal. The company will be an Emaar subsidiary with its corporate headquarters in London.
Emaar is the developer of the world known Dubai projects: Burj Dubai, Burj Residences, Greens, Springs, Meadows, Arabian Ranches, etc.
Dubai
Dubai puts up 560 buildings in first quarter of 2006 - 20.06.2006
The Dubai Municipality says 560 buildings were finished in the emirate in Q1 2006. Of the completed buildings, 121 were commercial, 320 residential and 119 were in the recreational, service and industrial sectors. Land deals worth more than $2.5bn were also recorded in the period.
$1.1bn Burj Al Alam unveiled - 29.03.2006 passes property law -15.03.2006
UK Travellers are biggest spenders in UAE - 27.12.2005
Fortune Group has revealed plans for its $1.1bn Burj Al Alam (The World Tower), a $1.1bn freehold commercial tower project in Dubai's Business Bay. The 108-storey tower will have offices over 74 levels and hotels and serviced apartments over 27 levels.
Dubai
On 14 March 2006 the Dubai Government has issued the property law which gives non-GCC expatriates the right to acquire freehold and 99-year lease property in specially designated areas. The new law will allow expatriates who have already purchased properties to register titles with the Dubai Lands and Properties Department. GCC nationals will now have the right to buy property anywhere in the emirate.
The Palm tunnel completed -27.02.2006
Nakheel has announced the completion of a sub-sea tunnel at The Palm, Jumeirah. Located 30 metres below sea bed level the tunnel is the first of such depth to be constructed in the UAE. The tunnel, which was built by Al Naboodah Engineering Services, connects one of the fronds on the western side of The Palm Jumeirah with the crescent of the island and is one of the two tunnels that will be built on the project.
International Property Show 2006 - 20.02.2006
The International Property Show 2006 opens tomorrow, 21 February 2006 at the Dubai International Exhibition Centre. The Show is organized as part of the International Property Week and will run until Thursday this week. Developers include: Nakheel, Deyaar Development, Dubai Properties, Al Tamir, Al Attar, ETA Star, IFA H&R, Oman's PRD NationWide and Bahrain's Riffa View.
Emaar completes 3,000 homes - 29.01.2006
Emaar Properties delivered more than 3,000 homes to buyers in 2005, bringing the total since the group started building property to 12,800 units. The news came yesterday as Emaar posted a 180% surge in annual profit to $1.3bn for 2005, and reported that its regional expansion investments totalled $41bn.
Burj Dubai reaches 25th floor -29.01.2006
The world's tallest building, the Burj Dubai, has reached its 25th floor, developer Emaar Properties announced yesterday. The tower will include a Giorgio Armani Hotel and the fashion designer visited the project recently to check on progress. It will be finished in 2008.
Home Owner Dubai starts today- 26.01.2006
Leading regional and Indian real estate companies are showcasing properties at Home Owner Dubai 2006, which starts today. The event is expected to have 75% more exhibitors than last year and registration figures are also up. Visit www.homeownerdubai.com
UK tourists and business travellers spend $74 million in the UAE in June, July and August this year the largest amount spent by any group. According to statistics released by Visa International, spending during the summer increased by around 30 per cent compared to 2004. The figure is up to around $342 million. UK visitors out-spent travellers from Saudi Arabia, normally the biggest spenders among travellers in the Middle East, by nearly 45 per cent. Visitors from the US were the thrid, spending $39 million.
Dubai
rent rises capped at 15% - 13.11.2005
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum has ordered that rent rises between now and the end of 2006 will not exceed 15%. The order will be enforced by the Rent Committee of the Dubai Municipality.
RAK Properties, land granted - 06.11.2005
RAK Properties has received 50m sqft of land as part of the RAK Government's support. The decree also allows RAK Properties to sell units and facilities in its residential, commercial and tourism projects under the supervision of RAK Government. The developer has projects that include Mina Al Arab, Mangrove Islands, Al Hamra Hotel & Resorts as well as both the residential and commercial Julphar Towers.
Dubai Creek now reaches Shaikh Zayed Road - 30.08.2006
Dubai Creek has been extended by almost 10km to form a central part of the Business Bay project and now reaches Shaikh Zayed Road. Developers Dubai Properties say the creek will stretch more than 13km when it is completed by mid-2007. At its widest it will measure 500 metres.
Work on the extension is being carried out in three phases. Phases one and two span Doha Street and Shaikh Zayed Road and connect the extension to the creek's former head at Ras Al Khor. Phase three, located between Oud Metha Road and Doha Street, is also nearing completion. "The extension is part of Dubai Properties' vision to restore the commercial importance of the creek and link it with the new business and financial corridor of Business Bay and Shaikh Zayed Road," he added.
Dubai Properties includes Jumeirah Beach Residence and Culture Village in its portfolio.
Dubai Properties says the creek will form a central part of Business Bay.
$78m Dubai Marina interchange - 17.07.2005
The Dubai Municipality has approved plans for a new $78m interchange No 5 at the Dubai Marina which will replace and improve the existing one. The 20-month project is designed to greatly improve access to the Dubai Marina and the Emirates Hills district.
Emaar Downtown sales centre
Emaar Properties has opened the Downtown Living Presentation Centre which can be reached from the Defense Roundabout off the Sheikh Zayed Road. The Downtown is billed as the most prestigious sqkm on the planet with the tallest building in the world and largest shopping mall.
Amlak raises mortgage cost -12.07.2005
Amlak Finance has increased its profit rate from 6.5 to 6.95% for mortgages on Dubai property from July 1 for existing clients. In a letter to clients Amlak blamed a 2% rise in global interest rates for the upward move of 45 basis points.
Green Community, new release - 04.07.2005
Dubai's popular Green Community by Union Properties has released its latest and final offering of Lake Apartments on 90-year leasehold. The Lake Apartments are due for completion in Q4 2006. For more details visit, www.up.ae
Emaar, online tower sale - 04.07.2005
Buyers should register online from today until Wednesday to purchase apartments in Emaar Properties new 34-storey The Links West Tower overlooking the Emirates Golf course. One and two bedroom apartments range from 803 to 2,147 sqft. Visit, www.emaar.com/views/thelinks.
Dubai Marina Six launch -18.05.2005
Diamond Investments has launched its sixth building in the Dubai Marina. Dubai Marina Six is a 20-storey residential tower offering one and two bedroom apartments. It has amenities such as swimming pools, sauna and steam rooms and a children's play area. The building will be ready at the end of August 2007.
Fairways bookings online - 18.05.2005
Dubai-based Emaar Properties has opened online bookings for the Fairways Clubside Residence, part of The Views development near the Emirates Golf Club. The three-tower complex has one, two and three bedroom apartments for sale. Buyers can register directly with the developer online at www.emaar.ae.
More Arabian Ranches villas - 17.05.2005
Emaar Properties has opened registrations today until May 18 for its latest release of villas in the Arabian Ranches, Dubai. The Alvorada collection is styled after Portuguese villas. A random draw to determine the buyers will take place on May 19.
Palm, Jebel Ali, 700 trucks a day - 17.05.2005
The Palm, Jebel Ali is on schedule with 60% of land reclamation done and six million tonnes of rock already placed. The breakwater and crescent are now visible, with the remaining reclamation to be completed by Q4 2005. The 24-hour operation sees the delivery of more than 30,000 tonnes of rock transported from around the UAE to the construction site by 700 trucks each day.
Light rail to Waterfront - 05.05.2005
The $3.4bn Dubai light rail linking Dubai International Airport and Jebel Ali airport may run on to Nakheel's Waterfront development close to the Abu Dhabi border, Nakheel CEO James Wilson is reported as saying to Gulf News. Nakheel is forming a new entity, Waterfront Company, for the ambitious Waterfront project which will be built over ten years and have a capacity for 500,000 residents.
Land deals worth $790m - 02.05.2005
Land worth $790m through 298 transactions was sold in Dubai in April, according to the Dubai Lands and Properties Department. A plot in Oud Metha was sold for $31.9m and one on Sheikh Zayed Road sold for $24.5m. Dubai Marina recorded the highest turnover at $46m.
Dubai airport, 40km corridor - 02.05.2005
The building of a 40km corridor between Dubai International Airport and Jebel Ali Airport City is to commence soon, reported Gulf News quoting Emirates VP for cargo Ram Menem. It will give access to Logistics City, currently under construction, as cargo operators eventually move operations from Dubai Cargo Village.
Amlak's Yacht Bay - 01.05.2005
Dubai-based Amlak has introduced Yacht Bay, a boating-themed development at Dubai Marina. This is Amlak's first move into property development and sales, being more widely known for arranging Islamic home finance. The development will have 174 studio, one, two and three bedroom apartments with views of the bay and Dubai Marina Yacht Club. Apartments go on sale on 11 May at the Shangri-la Hotel in Dubai.
Bridge over the Palm - 26.04.2005
The bridge connecting The Palm Jumeirah to the mainland is more than 80% finished. The Gateway Bridge consists of two five-lane bridges 360 metres long and 26 metres wide. Due to be finished by November 2005, the bridge will link Sheikh Zayed Road with the Soufah Interchange.
IFA's The Fairmont Palm Residence - 26.04.2005
IFA Hotels and Resorts, a subsidiary of Kuwait-based International Financial Advisors, has launched The Fairmont Palm Residence on the The Palm Jumeirah in Dubai. The development will have 558 apartments from one to four bedrooms, townhouses and penthouses. Prices range from $500,000 to $1.2m for apartments, townhouses from $1.5m, and penthouses will start at US $1.3m. Properties go on sale at the Arabian Travel Market 2005 which will take place in Dubai from 3 until 6 April 2005.
Dubai Industrial City masterplan -17.04.2005
Developers of Dubai Industrial City have released the master design plan for the city that will be built over 560m sq ft in the emirate. The city will have manufacturing zones, an international engineering academy and logistics centre. It will also include a residential and retail area with high-rise towers built around a landscaped canal.
World's biggest wheel for Dubai - 16.04.2005
The tallest observation wheel in the world will be built in Dubai, after a deal between UAE-based Allied Investment House and Las Vegas-based Voyager Entertainment. The $150m, 600ft wheel will be 100% financed by AIH. It will have 30 orbiter capsules with a total capacity of 7.5m guests per year. The project also includes a restaurant and condominiums.
Mall of Emirates on schedule -12.04.2005
Construction work on the Dubai's Mall of the Emirates is on schedule, according to a company statement. The mall features the region's first snow dome and indoor ski slope, which are now clearly visible from the highway, as well as the central atrium. Kempinski Hotel also forms part of the development.
189-storey Burj Dubai - 03.04.2005
The Burj Dubai skyscraper's developer is to offer offices from floors 112 to 189. The tallest building in the world will have a hotel on the first 37 floors, and apartments from floors 45 to 100. Its precise height is secret but plans suggest a minimum of 705 metres or 2,313 feet.
UAE unified building code -14.03.2005
The UAE will have a unified building code this year, senior officials told Gulf News. They said the goal was to promote standardisation in line with international best practices, and that the guidelines were currently with the government's legal department for approval.
-12.07.200513.08.2005
Cityscape 2005 - 17.09.2005
Cityscape 2005 . The 4th International Property Investment & Development Event is taking place on 17-19 September 2005 in the Dubai International Exhibition Centre. It is an annual networking exhibition and conference focusing on all aspects of the property development cycle. The event attracts investors, developers, architects, designers, governmental authorities, construction companies, and all professionals involved in the property industry.
Emaar maintenance charge - 11.10.2005
Emaar has had to scale back planned service charge increases on two developments, after nine months of consultation with community residents. Emaar had planned to put up charges at The Greens and Dubai Marina from Dhs8 to Dhs15 per sqft, but charges will now vary from Dhs9.75 to Dhs10.65 per sqft after homeowners objected. Emaar helped set up a community representation system early in 2005, monitored by independent auditor Ernst & Young.
Nakheel sale reached AED25 bn - 06.11.2005
Dubai Government owned developer Nakheel has announced that in the past two-and-a-half years it had sold 14 projects of the total value of AED25 bn (US$6.9bn).
RAK grants freehold rights - 03.11.2005
Ras Al Khaimah's Crown Prince Sheikh Saud bin Saqr Al Qasimi has approved absolute and lasting ownership of property sold by the RAK Properties Company to expatriates and nationals, reported Gulf News. The unobstructed freehold ownership clarifies the ownership situation in the emirate.
HSBC, 6% mortgage rate - 04.10.205
HSBC has signalled a more aggressive approach to the Dubai mortgage market with the launch of the Flexi-Home Loan with interest rates from 6% on up to 80% of the market value of a property. Customers can repay any amount at anytime without penalty and later decide to borrow more again. Existing Dubai mortgage holders can remortgage for a negotiable fee.
Road relief for New Dubai- 13.09.2005
Dubai Municipality has started adding extra access roads to interchange 5 on the Sheikh Zayed Road to ease accute traffic congestion approaching Dubai Marina and Emirates Hills. There will also be a complete new interchange between junctions 5 and 6 called the Jumeirah Lake Interchange to access the Dubai Marina.
Abu Dhabi gets new property law -
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a law regulating the right to own and transfer real estate for citizens and expatriates. Law No 19 of 2005 states that every property granted by the government to a UAE citizen, before or after the issuance of the law, shall be his/her (the beneficiary's) property and it would therefore be obligatory on the citizen to register for property title.
The right to own properties, according to the law, shall be limited to UAE nationals and other corporate bodies fully owned by them. The law gives foreigners the right to own 'surface property' and not the land itself in 'investment areas'. "They shall have the right to arrange all their properties on it (surface) and to derive benefit from the properties on the surface in the investment area based on a long-term land title agreement which shall last for 99 years or long-term surface ownership agreement of 50 years renewable for a similar period subject to the agreement of the two parties", said the law.
The law takes effect from the date of its issuance.
First phase of Madinat Al Arab sold out for $3.5bn - 31.07.2005
The project, adjoining Palm Jebel Ali, is the last remaining natural waterfront in Dubai and is set to create a quality of sophisticated lifestyle unmatched in the world. The phase one of the landmark project was sold out for around Dh13 billion within just five days of its unveiling to a select invited group of private property and investment institutions, thus breaking all previous sales records in the UAE's property market.
Nakheel restructures management - 18.07.2005
Nakheel, the Dubai Government-owned property developer, is restructuring its management. Each Nakheel project will now act as an autonomous strategic business unit complete with its own management, budget, and team, and its own General Manager, who will report directly to the CEO. The announcements of these appointments will be made shortly.
Seven per cent rent cap in Dubai - 02.01.2007
The Dubai government has capped the annual rent increase at a maximum of seven per cent on all rental properties as of January 1.
Dubai was the first emirate in the UAE to introduce a rent cap in November 2005, when Shaikh Mohammad issued a decree capping the increase at a maximum 15 per cent of the annual rent. That decree ended on December 31.
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