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AME Info | Real Estate
Real Estate news and features
- Palm Jumeirah prices drop 40%
Property prices on Palm Jumeirah in Dubai have fallen as much as 40% since September, Reuters has reported. A four-bedroom villa is now selling for Dhs10m ($2.72m), down from Dhs15m in September. The man-made island was developed by government-owned Nakheel.
- Omniyat cuts nearly 100 jobs
Dubai-based developer Omniyat has sacked nearly 100 employees over cash flow problems, Gulf News has reported. The developer has also postponed the launch of several projects until 'conditions can cope with them', said Alex Andarakis, the company's managing director of sales and marketing.
- Dubai developer asks buyers to cover construction costs
Property developer MiNC has sent a letter to investors in its Prodigy 1 project in Jumeirah Village, Dubai, asking them for up to 88% extra capital up front to cover construction costs. The move comes as banks in the emirate curtail project financing, leaving some firms with no access to liquidity. 'We either sit and wait this out, or we need to find another solution,' MiNC's director of operations told AME Info.
- GHC launches mega project in Morocco
The foundation stone of a $1.3bn real estate project was laid in Tangiers, Morocco on Monday. The mega project of the Kuwaiti Gulf Holding Company (GHC) is the fourth real estate project launched by a Gulf Company in Morocco in the past few years after Dubai's Emaar Properties, Sama Dubai and Qatar's Diyar. The project, which will be built on an area of 1.13 million square metres, comprises a residential part that includes palaces and residential units, as well as a clinic, a school, an equestrian centre and a retail complex of cafes, restaurants and shops.
- Hydra Properties denies JV with Wall Investment
UAE-based Hydra Properties has issued a statement denying news reports of an alleged formation of a partnership or joint venture with Wall Investment & Real Estate Development, a Qatar-based real estate investment firm. Hydra Properties CEO Dr. Sulaiman Al Fahim met earlier with Dr. Nasser Shahir Homoud, the Qatari firm's CEO and UN Ambassador of Goodwill, to discuss initiatives to support a number of United Nations humanitarian programs. However, the meeting revolved around the said corporate social responsibility scheme and no agreement or alliance pertaining to conducting business or seizing investment opportunities in the region was forged with Wall Investment, the statement said.
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