Dubai Apartment for Sale - Terms and Conditions

Burj Dubai hits final height
Emaar's flagship development, the Burj Dubai, has reached a height of 818m according to a project contractor. The spire was erected on the world's tallest building at the end of December and the capping beacon has since been activated.
Ajman Uptown sales hit 70%
Sweet Homes, a UAE-based developer and multi-service provider to the real estate sector, has sold 70% of its Dhs3bn Ajman Uptown, the first freehold residential in the emirate. Ajman Uptown comprises seven commercial and residential towers, a hotel and hotel apartments, villas and townhouses.
Dubai owners question maintenance fees
Dubai residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. In Jumeirah Beach Residence, maintenance fees have increased by 129% and home owners have taken to organising unofficial committees to battle the recent hikes. Residents in the Discovery Gardens and The Palm Jumeirah have also set up similar committees.
Rera to rank Dubai developers
In a new system to be introduced by the Dubai Real Estate Regulatory Authority (Rera) this year, Dubai property developers will be ranked by financial stability and market experience, The National has reported. A regulation requiring developers registering off-plan projects to fully own the land first will also be implemented. The evaluation is aimed at reducing the number of developers, and to give Rera greater control and reinforce investor confidence as falling prices, fraud and contractual disputes hit the sector.
Modon inks land contracts in Dammam
Saudi Industrial Property Authority (Modon) has recently signed five land allocation contracts for investment projects in Dammam's second industrial city. The five companies are Saudi German Plastics Manufacturing Company, Al-Mutlaq Service and Manufacturing Co. Ltd., Teikyo Middle East Electricity and Equipment Co. Factory, Vital Chemicals Factory, Arab Company Factory for Pipe Projects. Modon oversees the development of industrial lands in Saudi Arabia in partnership with the private sector.
Dubai issues new payment rule
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of the contract value,' Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule. "We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business. "With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress." Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.
Kuwait's property sector to rebound by H2 in 2009, says expert
Kuwait's real estate sector will recover from its current slump by the second half of 2009, a leading local economist told Kuwait News Agency (KUNA). Adnan al-Haddad, chief executive of Group Gulf, said the country's real estate had declined between 30-40% in the last two months. However, the market was bound to regain its strength once the signs of recovery in oil prices and the stock market and the rebound from the global economy start, possibly in the second half of the year 2009, he said.
Qatar calls for green building code
Experts attending the recently held Qatar Today Round Table agreed on the urgent need to push for a green building code. It was recommended that contractors, designers, educational and financial institutions and government bodies work towards minimising the environmental damage caused by Qatar's construction activity.
Danube reports Dhs1.1bn in sales revenues
Dubai-based Danube Building Materials says it has generated Dhs1.1bn ($300m) in sales revenues during 2008, according to a press statement. This represents a 70% increase compared to 2007. Officials said they were confident in the company's ability to ride out the recession, and expected to secure a 30% rise in revenues for next year.
70% of The World islands sold, says Nakheel
State-owned developer Nakheel has now sold 70% of the 300 islands that make up The World, a group of reclaimed islands in the shape of a world map located about 4km from Dubai's shoreline, The National has reported. The islands are being sold by invitation only, said Hamza Mustafa, managing director of The World at Nakheel, and the invitation quota for this year and the previous year have been sold out. Among the islands to have sold on the World are Greenland, which was bought by Dubai Infinity Holdings, and Archangel, near Siberia, which was purchased by rival developer Pearl Dubai for $27.2m.
Crystal Heights show apartment opens
Crystal Heights, a $47.7m freehold residential development in Juffair, Bahrain, has opened an offsite show apartment. Crystal Heights will have 150 luxury apartments, 215 car parking bays and a host of amenities and facilities. The show apartment is open from 10am to 7pm. The property is being sold exclusively by Pegasus Real Estate and is expected to be completed by the second quarter of 2010.
First 'green' building launched in Ajman
The Habitat - the first 'green' building in the UAE emirate of Ajman has been unveiled by Modern Life Properties, according to a press release. Features of the 45-storey building include use of recycled and environmental-friendly building materials, efficient use of water and water recycling, a building management system to control the flow of carbon dioxide and maintain optimum indoor air quality and an air-conditioning system with 24 variables.
Developers seek talk on freehold visa
Property developers in Dubai are seeking for the review of visa policy for foreigners linked to freehold property ownership, Gulf News has reported. Developers said a dialogue by the government with the real estate community regarding the matter would bring help restore confidence in the market.
Damac development reaches 30 floors
Damac Properties has completed 30 floors of its Ocean Heights tower development at Dubai Marina. One floor is completed every 5.2 days, the developer said. The 84-storey skyscraper is being built by Arabtec. Ocean Heights will eventually have 680 apartments ranging from one to three bedrooms.
Emaar Economic City to hand over residential units by Q1 2009
Emaar Economic City, the Saudi Arabian unit of Dubai's Emaar Properties, plans to hand over the first residential units to the owners in March, said Chief Executive Officer Fahd Al Rasheed. The company, which has sold 1,000 units in the Bay La Sun Village, had planned to complete the residential properties by the end of 2008.
Property sales down in Kuwait
Kuwait saw a 43% year on year drop in property sales in November, compared to the same period last year, with the value of those sales down by 30%. However, the National Bank of Kuwait said that not including sales conducted through agents, real estate sales volumes in November were at their highest since July. In total, there were 515 transactions registered - a rise of 77% compared to October - worth just under KD137m. Sales volumes rose 44% month on month. NBK said that November's growth was led by the residential sector, where sales volume and the number of transactions rose by 101% and 117%.
Nakheel axes new projects
Chris O'Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai developers which have cut staff, scaled back and reviewed projects as the global financial crisis hits Dubai's real estate sector.
Aldar and Sorouh tie up with RAKBank
Aldar and Sorouh Real Estate have signed agreements with RAKBank to launch a mortgage finance service. The agreement offers up to 90% mortgage finance and a 25-year loan tenure for a large number of existing and upcoming properties in Abu Dhabi. Projects include Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island.
Union Properties looks at alternative project funding
Union Properties is looking at issuing up to Dhs2.5bn ($681m) of convertible bonds. Union Properties plans to seek regulatory approval to issue the bonds to 'strategic investors'. Hamood Abdulla Al Yasi, general manager at Emirates International Securities, said selling bonds is a tool to get money and the strategic investor is entitled to an interest dividend of 6% or 7%.
Qatar real estate sound, says report
A market report on Qatar, released by DTZ, an international real estate advisory, predicts sustained demand across all asset classes. Top line findings predict a stable growth across residential, commercial and retail sectors. The report shows residential rents across Doha have increased on average 30% percent per annum since 2005. Prices on the Pearl have increased by 85% in the last two years.
Union Properties to sell $680m convertible bond
Union Properties plans to sell convertible bonds worth Dhs2.5bn ($680m) to 'strategic investors', the Dubai-based developer said in a statement to the Dubai Financial Market. The company's board sought approval from the Emirates Securities & Commidities Authority for the bond sale.
Layoffs continue in Dubai property market
Layoffs by consultants and contractors in Dubai's real estate market are climbing, MEED has reported. Sama-ECH, the joint venture of local developer Sama Dubai and UK-based EC Harris, has laid off about 140 staff on Sama Dubai projects, and the local Al-Shafar General Contracting is making up to 1,000 redundancies, the magazine reported.
Deyaar announces Al Seef handover
Dubai-based developer Deyaar has said that it has handed over all 210 units in its Al Seef II project. The Al Seef II tower is made up of two and three bedroom apartment units. No slowdown has yet been reported by the developer, which announced earlier in the month that it expected to see increased profits on 2007.
Dubai Chamber inks agreement on 'green' building
The Dubai Chamber of Commerce and Industry and The Emirates Green Building Council have signed an agreement to promote, support and facilitate the ongoing collaboration between the Chamber's Centre for Responsible Business and EGBC in spreading awareness on the importance of sustainable management of the environment. Under the agreement, both CRB and EGBC will work as partners affiliated in the common goal of helping Dubai businesses incorporate high-performance 'green buildings' and environmentally-friendly technologies as part of an overall corporate social responsibility approach that includes the organization of a joint half-day workshop in the first quarter of 2009.

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WWW.DUBAIAPARTMENTFORSALE.COM allows you the website for public services. It gives you the platform to meet only. The negotiation between the buyers and the sellers are done outside the site, except the first inquiry email. Once the advertiser receives an inquiry from any visitor, he/she should reply to the same email as early as possible. We do not collect your information for any unlawful use. We use information provided by you through the forms to respond to your message and provide you with more information or material that you request in regards to advertisements or inquiries. We do not give, share, sell or transfer any personal information to third party unless required by law.

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