Damac Properties Begins Cladding for Iconic Property: Park Tower

One of the leading Dubai real estate developer Damac Properties has commenced cladding on its luxurious property in Park Tower situated in Dubai International Financial Centre. The North and South Tower have reached 25 and 22 storeys respectively, being now visible at the DIFC skyline. Damac Properties have got into contract with Arabian Aluminum and the contract is worth Dh120 million. This contractor has the cladding of Burj Arab, to its credit. The Park Tower’s façade would comprise of aluminum and glass cladding. However, externally the building would have double glazed triangular panels set in aluminum framing.

The uniquely shaped two buildings, in this development, are expected to have their construction completed by the beginning of 2010. This development by Damac Property is Dubai’s most swiftly growing financial centre. This stunning property in Dubai would offer 400 apartments for sale in Park Towers and would give their client a huge range of size to choose from. This property would be beautifully finished with double gazed glasses, and would overlook the growing DIFC landscape.

CEO of Damac Properties Peter Riddoch commented on the progress of The Park Towers contruction. He said:
“It is fitting that we should record a double achievement on our twin tower building - with the 25th floor now in sight and cladding on the outside of the building already under way.

Park Towers will be a truly stunning building when it is finished and the cladding is an integral part of its striking design. We are delighted to be working with Arabian Aluminum on this part of the project and also commend the solid progress shown by our main contractor Shapoorji Pallonji - which is even more commendable in the light of their impressive safety performance on site as well.

To have reached the impressive milestone of 5m man hours since construction began without a single Lost Time Incident is a testament to the teamwork and co-ordination on site among all the staff and I want to thank them for the efforts they have made.”

The Master Dubai Real Estate Developer- Emmar Releases Rent To Own Plan

Dubai based real estate developer Emmar has released its Rent to Own scheme in Downtown Burj Dubai. Now customers can lease the ready-to-move –in houses for one year. If the resident decides to purchase that property, this lease amount paid for a year would be considered the down payment towards that property. If the customer decides not to buy the property they can renew the rental agreement. The Rent to Own scheme was offered by Emmar in November 2008. This gained immense popularity as the buyers got a choice to live in the house, before they buy it. It was not only advantageous for a buyer, but also it was financially beneficial for the developer.

The Residences, South Ridge, Old Town Island and The Old Town residential clusters were showcased, which are most centrally located in Downtown Burj Dubai. All these residential developments offer state-of-the-art facilities contributing in the opulent lifestyle of the residents living in this community. The new units offered includes 1 bedroom to 5 bedroom apartments accompanied with large balconies and terraces. The Residences and the South Ridge are stunning high rise towers, however, The Old Town and the Old Town Island are tastefully designed with a touch of Arabian architecture. Downtown Burj Dubai is today considered the heart of the city with beautifully furnished apartments for sale in Dubai and panoramic views of the community.

Ahmad Al Matrooshi, MD - UAE, Emaar Properties, said, "The diverse collection of newly released units offers customers the convenient option to own a home in one of Dubai's most sought-after communities after experiencing the lifestyle differential for 1 year."

Dubai Property: DIFC Faces 40% Fall In Commercial Rent

According to a report from a leading consultancy firm CB Richard Ellis (CBRE), commercial rents in Dubai International Financial Centre (DIFC) have fallen by 40 percent in the last six months. The report said the rents have fallen by a considerable amount and landlords are offering further diminution on rents.

This property in Dubai is considered the financial hub of the city. It enjoys its unrivalled location, situated in the heart of Dubai city. Dubai International Financial Centre offers world class infrastructure which facilitates various companies to carry out their business effectively. According to Mathew Green, Associate-Director-Research suggested that the rent offered in DIFC is far suitable than several other locations in Dubai. With state-of-the-art facilities offered in Dubai International Financial Centre, it created huge demand for office spaces. The consistency of demand was seen since 2004 and 2008 had a long list of people waiting to book their space. This was mainly due to being located close to Sheikh Zayed Road.

Nicholas Maclean, Managing Director of CBRE said during the past one year drive in the market has been primarily from the financial sector, as several companies want to be situated close to DIFC. Other developments such as the business district of Downtown Burj Dubai- Emmar Square has created considerable amount of demand for office spaces. Not forgetting, Business Bay is one of the most renowned locations for office buildings in Dubai city. Since, all these developments are located on the Sheikh Zayed Road soon they would compete with the new World Trade Centre.

The CBRE report stated there has been a fall in rent in Dubai offices by 18%, during the first quarter of the year. The reports said, the landlords of the properties, located away from the business districts, are offering extra incentives to attract tenants.

Dubai Real Estate Buyers Cant Cancel Contracts Under Law No. 9

A legal expert suggested during the Dubai Society meeting held recently, that the Dubai property buyers cannot cancel their contracts under Law No. 9. However, the legal system has been somewhat sympathetic to the developers and given them the liberty to cancel contracts under this law. This decision was taken to discourage people from taking undue advantage of the down market. The only way now to cancel contracts, by a buyer, is by presenting an effective case in front of the court or approach the Dubai’s Real Estate Regulatory Authority.

Law No. 13, Article 11 was introduced in 2008 to standardize the procedure of cancelling the purchase of a real estate contract. However, over the time being there have been several debates on the law’s interpretation by the purchaser and the developer. Therefore, to normalize this situation, ruler of Dubai has introduced Law No. 9 to facilitate the procedure of termination of real estate contracts in Dubai. All contracts are legally bound by this new law even if the contract was entered before the law was passed, 30-April’09.

Procedure of Cancellation
If the purchaser fails to abide by the terms of the contract, the developer would have to inform the Land Department. The Land Department will then send a notice to the purchaser asking to fulfill contractual obligations within 30days. If the purchaser fails to do so within the stipulated time, the contract may, then, be cancelled.

UAE on a path to recovery

Due to the lowering of the prices of the Abu Dhabi property, the UAE economy is on a path to a U-shaped recovery, as told by Sultan Saeed Al Mansouri, the UAE Minister of Economy.

“While economists continue to debate on whether the global financial crisis is over and how long it will continue to play out, we feel that the worst of the crisis is behind us,” Al Mansouri said, in his speech which was read out by Mohammed Ahmed bin Abdul Aziz Al Shhehi, the director general of the ministry, in his absence. Event was held at the Mega Trends Conference organized by Abu Dhabi University to throw some light on the impact of the universal economic crisis on the economies of countries in the GCC.

Al Mansouri’s speech said: “We do not harbour any false illusions that the days ahead will be easy or less difficult. We have all learnt our lessons and it will be hard to forget those easily. The most important lessons from the crisis have been the need for corporate and governmental accountability and transparency.” He said that the government is dedicated to shield the concern of the business community, while it is also paying attention on the economic and social welfare of the people.

Proceeding further in his speech, the minister mentioned that the motto will prolong to be diversification. “We will concentrate on diversifying our revenue streams through focused investments in several high-growth sectors. The country has already recognized and acted upon the importance of diversifying the sources of energy, while oil revenues have been the driver of growth, we set on a course of diversifying our economy, which is reaping rich rewards today.”

Considering the rise in competition for FDI in the region, Al Shhehi said that the UAE has everything that is required to make the nation more enticing to foreign direct investment.

Dubai introduces special property contract

Dubai has planned an introduction of a simplified contract that would become the plans to introduce a simplified contract that would become the custom for all property related purchases in the emirates as reported by the Gulf News. The Dubai Land Department has drawn up the approval of the standard contract, whose approval is awaited and it will clearly set out the terms for both sellers and buyers, said Emmad Eldin Farouq, department’s senior legal advisor. It is believed throughout the department that the standardized contract would make it more difficult for buyers to try to get out of the matter of signed deals or to add some fine prints to existing contracts.

The standard contract, which will be used for all the sales of property in Dubai, has been drawn up by the Dubai Land Department and is waiting for approval, according to Emmad Eldin Farouq, senior legal advisor at the body. The budge would diminish the number of developers and buyers back-tracking on deals which are signed, as the contractors signed deals, as the contracts would be clearer and apparent before signing, he added in a conversation with UAE daily Gulf News. "The contract is ready and we are waiting for directions," said Farouq.

Lawyer Michael Lunjevich, partner at Hadef and Partners, commented: "The standard contract is for finished properties between the buyer and the sellers. So it will have standard terms in line with market norms and then any changes will go to a separate segment to make it fair," Although signing one fundamental contract will undoubtedly make verve less complicated for developers and buyers, it will also cut the number of quarrels in the marketplace.

Despite the thinning up of contracts related to Dubai property, the land department and Dubai's RERA ( Real Estate Regulatory Authority) say that the burden rests with the buyer to ensure they go through the contract precisely before signing.

UAE nuclear energy plant seen ready in 2015: International Atomic Energy Agency

The united Arab Emirates, Dubai has informed the International Atomic Energy Agency, that it plans to have the first nuclear power plant to be functional in 2015, according to an IAEA official, while the organization believes that it is optimistic.

‘The UAE government told us that the plant would be ready and generating power by 2015,’ Ali Boussaha, a director at the IAEA, told Reuters on the sidelines of a conference in Dubai. I think this is optimistic because it generally takes 10-15 years to get people trained and infrastructure in place.The Gulf Arab state was on a fast-track plan to develop nuclear power and was taking technical advice from the IAEA,’ Boussaha said.

2017 is the latest date estimated by the industry for setting up such a plant in the UAE. Barack Obama, the President of US gave an approval on Wednesday for a nuclear energy deal with the UAE worth billions of dollars to US energy companies. The UAE, ranks at the third position for being the largest oil exporter, and now is planning to create several nuclear reactors to meet the need for an extra demand of 40,000 megawatts of electricity by the year 2017.

GE and Westinghouse Electric Co, a subsidiary of Toshiba Corp, the US builders of nuclear reactor, stand to hold a big share of the much expected $40 billion market if the deal is approved by Congress. Suez, France’s Total, Suez, and state nuclear reactor maker Areva said previous year they had made a plan to create two third-generation nuclear reactors in the UAE. The UAE has said it plans to launch an agency worth $100 million to get involved into the development of nuclear energy to appease the rapidly rising demand for electricity with the growth of industry. The Gulf Cooperation Council (GCC), a unfastened congregation of Arab states comprising the UAE, said it was studying developing a combined nuclear energy programme in 2006.

Hydra Village Investors Served Legal Threats

Legal notices have been issued by Abu Dhabi-based Hydra Properties to some investors in the Hydra Village project informing them that their property will be re-possessed by the developer and the price paid to store the elements by the investors will be forfeited if they would not be able to pay their outstanding dues. This year, Hydra Village was due to be finished with its construction but somehow the date of delivery has been delayed by two years. A document was sent to some investors by electronic mail and it said: ”The unit/s allotment… stands cancelled and Hydra Properties has absolute and unfettered right over the said unit/s, including but not limited to re-sale of the said unit/s to any third party."

It says: "…your purchase reservation agreement stands terminated" and "the reservation amount and installments paid… are deemed forfeited to Hydra Properties".

The newly formed Hydra Investors Group, that was joined by an investor lately, and he on the condition of being anonymous told Emirates Business: ” I was called by a Hydra executive last week and asked to pay the dues in the next few days or else they would take away my unit. The first time I received a call from Hydra was last year, but last week I was called twice. First they asked me about my situation and the next time they called to ask me to pay 50 per cent of the contract value or else they would cancel my unit. I never had any contract with them or any other communication about the project's progress. Now they ask me to sign a contract with clauses that are totally in favor of the developer. They are even not offering me time to review the contract."

Ahmed Khalil, Hydra's Commercial Director, confirmed that his company has sent legal notices to a few investors who had defaulted. "We are ready to help them and they can meet us by making appointments. We will be handling their issues on an individual basis. We have offered them revised payment plans and are even helping them to get finance from banks," he said.

Asked why the project was delayed by almost two years, Khalil said the master plan had undergone changes and as a result the timeframe for completion changed to the fourth quarter of 2011.

Nakheel drives the Can Collection Drive of the Emirates Environmental Group

The master developer of Dubai, Nakheel, has declared its support of the Emirates Environmental Group’s (EEG) Can Collection Drive for the year 2009. This will observe Nakheel communities and offices donating their cans throughout the month of May to the not-for-profit organization whose principle is to raise awareness of the issues related to environment in the Gulf region. The project is a part of the Nakheel’s Recycle it! Program which barred over 3,500,000 kilograms of waste from entering Dubai's landfill sites during 2008.

This significant accomplishment was made achievable by the unbeaten partnership between Imdaad Environment, its main waste contractor and Nakheel. Nakheel, the master developer leads by example when it comes to waste management and requires its many contractors to reduce, re-use and recycle waste wherever possible. The Managing Director, Nakheel Asset Management & Design, Abdulrahman Kalantar, has quoted, 'Nakheel is committed to waste management and has a number of strategies in place throughout or communities and offices to help not only reduce waste but also raise awareness of environmental and waste management issues. We are delighted to be working with EEG to support the Can Collection 2009 by collecting cans from our offices and communities throughout the month. We will also be providing facilities and volunteers for the culmination of the drive on Thursday May 28th’

The Emirates Environmental Group is supported by Nakheel, which helps raising awareness on responsible waste management and recycling, on a continuous basis. Nakheel takes a leading role in the EEG’s community education campaigns each year, and motivates contractors and staff to take part in the EEG’s annual events including Can Collection Drive and Cleaning Up Day. For all those who are interested to take part in this year’s campaign can contact EEG at 04-3448622 or e-mail at eeg@emirates.net.ae .

RERA Plans to Expand Globally

The emirate’s Real Estate Regulatory Authority is planning to become an international reference point when it is the matter of real estate industry. RERA is a regulatory authority that manages licenses and other property related activities in Dubai. This Dubai real estate regulatory body has recently got affiliated to the five organizations which are responsible for regulating the real estate dealings not only in the UAE but around the world. It has also become a part of Menares which stands for the Middle East and North Africa Real Estate Society. The basic aim of this regulatory body is to encourage real estate practices, professionalism and real estate education. Other than this RERA has become a part of various other internationally known real estate bodies.

The director of the RERA real estate sector development department, Mahmoud Al Burai said: “We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally.” He further added “Everyone is looking at Dubai. Everyone is looking at RERA as the reference.” The five organizations in which RERA has joined in are: International Real Estate Federation (FIABCI), Asian Public Real Estate Association (Aprea), World Association of Valuation Organization (Wavo), Urban Land Institute (Uli) and Royal Institute of Chartered Surveyors (RICS).

Al Burai said that the RERA plans of being a global real estate regulatory body were in line with the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammad Bin Rashid Al Maktoum. Moreover, the exact details of this dealing are still being discussed with other organizations and real estate bodies.

Dubai RERA will be escrow signing body

Dubai RERA is Real Estate Regulatory Authority which was established in July 2007 by the Vice-President and Prime Minister of the UAE, His Highness Sheikh Mohammed Bin Rashid Al Maktoum. RERA is a part of Dubai Land Department that regulates licenses and manages all Dubai real estate related activities and transactions. It has been decided that from now on Dubai RERA will be the escrow signing body. The agreements pertaining to the management of guarantee accounts will now be related between the account trustees and Real Estate Regulatory Authority. This news was reported according to an agency official in Emirates Business 24/7.

The Trust Account Administration Director, RERA, Khalid Al Mutaiwai told the agency official: “The new agreements, titled 'Guarantee Account Trustee Agreements', will mention yearly charges that will now be payable by the trustee banks to Rera. Rera is expected to send out the new agreements to the Account Trustees or escrow banks, in a couple of weeks' time." The new agreements which are coming up will specifically outline detailed information about the management of the guarantee accounts.

As per the guidelines that have been mentioned, four major allowable account heads have been created for the payment out of the escrow account. The escrow account is basically a trust account which is being held in the name of the borrower to pay debts including insurance premiums and property taxes etc. The four heads that have been decided for the payment from the escrow account are: construction, project management, land and sales and marketing. Thus, RERA engages itself as a transparent and an effective regulatory body formulating various entities.

Dubai Commercial Leases dropped by 64 per cent

A report has been generated by the Investment Boutique and Better Homes on commercial Dubai real estate market. In that report it was studied that for commercial Dubai property sector lease rates are likely to drop in the year 2009 at an average of 64 percent and then in 2010 it would further drop 20 percent. The report authors have realized that now that Dubai property market is very unpredictable, the traditional forecasting techniques cannot be applied on Dubai property market. This industry in Dubai moves from approximate immaturity to regulated fields.

The Department of Economic Development highlighted the figures of new licenses issued. The figures have fallen as the number of licenses issued in Q1 of 2009 has fallen by an average of 21 percent per month compared to the same in Q4 2008. Moreover, the white collar office employees are even predicted to fall in numbers. In the year 2009, they are predicted to fall by 237,286 from 280,088 in 2008. Dubai commercial real estate sector also deals with the fact that there is no central business district in this emirate unlike other property and real estate markets. Since the market is rapidly changing, most of the corporations and multinational companies are renting the offices rather than owing one.

Moreover, as the real estate sector is very un-precise, many landlords have now opted for signing short term leases. Companies have taken office space wherever they could afford over the past three years. With this a new pairing of space and businesses has been developed. In addition landlords are expected to implement various different strategies in order to keep their business in profitable terms. Various initiatives which the landlords might take include parking expansion, rent free periods, and long term contracts. These are some of the strategies which the landlords are expected to implement over the coming quarters in order to maintain their business levels.

Abu Dhabi Finance offering mortgages to Profile Group Properties

Abu Dhabi Finance is a new mortgage provider that is there to feed into the rising consumer demands for the housing finance. This has been set up in the capital and regulates the rising demands of the emirate. Abu Dhabi Finance has become a leading home finance provider. This finance provider has extended its horizon by signing a cooperation agreement with Profile Group Properties. This is one of the leading private developers and as per the agreement Abu Dhabi Finance offers mortgages of up to 85 percent.

The agreement covers various residential Abu Dhabi property developments in Marina Heights I & II and Reem Island. In Marina heights I there are about 234 apartments which come under Abu Dhabi Finance agreement, similarly there are 470 apartments in Marina Heights II. Both these properties are there within Marina Square. Moreover, these are the two properties that are most advanced in Reem Island and they are expected to get completed in the month of December 2009. The Chairman of Profile Group Properties, Raeid Al Yousif said: “We are delighted to be able to introduce our customers to Abu Dhabi Finance, which has quickly established itself as a pre-eminent provider of home financing options. Its dedication to delivering a quality service is second to none. Both new and existing customers will be able to take advantage of 85 per cent mortgages, with the wide range of customer-specified options that come from Abu Dhabi Finance.”

Profile Group Properties is the first company which started selling real estate to all nationalities in Abu Dhabi. The Chief Executive Officer of Abu Dhabi Finance, Philip Ward said: “Marina Heights is an excellent development, with some fantastic apartments coming onto the market by the end of this year. These apartments are perfectly suited to long term investors and owner occupiers alike. We are delighted to be able to partner with Profile Group Properties, extending our reach within Abu Dhabi.”

Ajman Tightens Land Regulations

The government has formed ARERA i.e. Ajman Real Estate Regulatory Agency to catch hold of the real estate sector in Ajman. It is somewhat similar to the one developed in Dubai (RERA) which looks after Dubai property market and all property related dealings etc. Ajman has started putting property and land regulations in order to streamline the growing property sector in the emirate. For all those developers who want to develop their properties in this emirate must register with ARERA. The Director of ARERA, Omar Al Barghouti said, “ARERA will work on organizing the real estate activities and will monitor the real estate sector's development in Ajman by setting up policies and legislations in the coming months.”

He further added that the agency is looking into the implementation of all policies and other property related issues. He said: “Ajman is part of this country. The UAE is closely connected to the global economy like other important players of the world and could be affected by the existing financial global crisis.” The impact of these financial crises is coming into picture in different parts of the world and at different levels. On the contrary he further said that UAE is moderately affected by such crisis.

Al Barghouti said “I expect that within six to nine months the global financial situation will be better.” He further added: “ARERA is drawing up policies for property projects and commercial buildings, recommending legislation as well as regulating relations between property developers and buyers, recommend speedy, out-of-court settlement of disputes that may arise between the two parties.” He recommended that all property developers and other real estate agents must obtain a trade license from ARERA. On this note he added: “ARERA will decide if a developer can also hold an estate agency's licence. This licence will be valid for one year and must be renewed each year. Our rules are not hard to achieve but those requirements are very important.”

ARRA Imposes Dhs 100,000 - Penalty for Non-Registered Developers

ARRA has been established by the government of Ajman in order to sort out and categorize the property sector in this emirate. It is somewhat similar to Real Estate Regulatory Authority (RERA) that handles and controls Dubai property sector just like ARRA will now control the Ajman real estate sector. To begin with, the organization has started the registration of all real estate developers. Recently, ARRA has started imposing penalty of Dhs 100,000 for non-registered developers in Ajman. According to Ajman Real Estate regulatory Agency, the developers who have failed to meet the deadline of 1st May are non-registered developers and they have been fined for that.

May 1st was the first deadline which was set by ARRA last month. The Director General of ARRA, Omar Al Barguthi said, “We have earlier stated this information in news reports and ads in both English and Arabic languages made public in various news papers that developers not registered with ARRA are required to immediately embark on the registration process before May 1st deadline ends. Earlier statements have also warned that necessary measures will be taken against violators.” He further added that they will surely consider the cases those who were prevented due to some genuine reasons to meet the 1st May deadline and they might be exempted from demurrage.

The ads for this has been released in some of the major newspapers stating that May 1st is the closing date for receiving applications for registration of property developers with this government organization of RERA.

Ajman to Announce Sales Price Index for Freehold Areas

Ajman is about to launch sales price index by this year end for certain freehold areas in the emirate. This planning of the emirate has been reported in Emirates Business and it will be done by the year end followed by a rent index later. A rent index will also be launched, but will be done at a later stage. The Director-General of Ajman Real Estate Regulatory Agency Omar Al Barguthi told to a newspaper “We are working on launching a sales price index for the emirate's freehold area by end of 2009. We do have a plan to launch rent index, but it will be done later”.

The first regulatory body in the UAE to announce the rent index was Dubai Real Estate Regulatory Authority (RERA). It was announced in the month of January. It was asked the agency that how the prices for specific areas could be determined. Al Barguthi said: "The prices of the properties will be determined on the basis of supply and demand. We will be monitoring the freehold areas to set the prices." ARRA has been established in January this year and with the help of this the emirates real estate sector will be monitored.

Matt Green, the Associate Director of CB Richard Ellis Middle East, said that there is a positive sign in creation of a price index in Ajman. ARRA released an index status reflecting the true market status so that landlords, investors and the end-user will be able to make well-informed decisions. The agency last week said that those developers who failed to meet the registration deadline will be fined Dh 100, 000 per month. According to Matt Green the transparency has been increased thereby, the flow of information in public is increased. The associate director further said: “We would expect this trend to continue with other emirates following suit as the year progresses and more regulations being passed that will further the evolution of the local property market.”

For Foreign Direct Investment - Dubai on Top in 2008

A special report has been published on Foreign Direct Investment (FDI) by the Financial Times. In this report it’s for the first time that Dubai has been classified as the top destination in the world. The likes of Shanghai and London are kept aside and Dubai has come up as a great destination city. Dubai’s position is now known, as the top destination city, it has attracted 342 projects and around 58,000 new jobs were created in the year 2008. A capital investment of $21bn has been made and for FDI, UAE once again has become the leading destination with 480 projects in hand.

The Governor of Dubai International Financial Centre and Vice Chairman of the Central Bank of the UAE, His Excellency Dr. Omar Bin Sulaiman commented on the report by saying that “The number of projects initiated, the capital investment and jobs created in the UAE are proof of the economic strength of the country." If we look at the complete Middle East, the sources shows that the total projects of 969 were assigned with the capital expenditure of $154bn. His Excellency Dr. Omar Bin Sulaiman said: “This report is a testament to the strategy of both the UAE and Dubai under the directives of HH Sheikh khlaifa bin Zayed Al Nahyan, President of the UAE and HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; a strategy of openness and diversification”.

All this is said to be a remarkable achievement by one of the well known emirates in the UAE, Dubai. He added that this achievement by Dubai of becoming the foremost city for foreign direct investment will be continued to demonstrate the benefit of investing in UAE and Dubai.

DUBAILAND property: A big boon to Real Estate in Dubai

A Dh235bn popular master property in Dubai, DUBAILAND is presently in talks with international technology allies to endow with a single-window access to all the attractions once completed, a top official believed. Dubailand is an element of the vision of the government to strengthen the tourism of the emirates and its travel industry, as a part of its plan for economic diversification. The project, launched by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai in 2003, is intended at reinforcing the position of Dubai as a preferred tourism destination.

This project which holds a major part of Dubai real estate is expected to boost UAE tourism currently gripped by global crisis. Dubailand, which covers three billion square feet of land, will be double the size of the theme parks in Orlando, when completed. Among the Dubailand attractions, Global Village, Motor City, Dubai Sports City have delivered parts of the projects while hectic activities are going on at all major theme parks.

'We are hearing a lot of negative things about Dubailand, I think the initial problem with Dubailand was that the sub developers had no idea how to build theme parks,' Attala said. 'They had no idea what they were getting into. Building a theme park is not as simple as constructing a hotel’, held Claude Attala, Managing Director, Business Development, North Course, Middle East.

And despite the shortcomings, Dubailand is poised to be a huge attraction for the emirate. 'Dubailand will be a great indicator of where Dubai is going,' Attala said. 'It will be a bit of an embarrassment if they fail, but I don't think they will. I am a believer in the Dubai story. Once they put their mind to something it usually gets done.'

The Multiple-Entry Visa for UAE Property Owners Abolish Leasing Promises Made by UAE Realtors

Ajman and Dubai real estate developers promised residence visa to several foreigner property investors. However, this process was stopped last year. The real estate developers had these residence visas while endorsing 99 year lease agreement, which now stands nullified.

It was announced on 3-May’09, a foreign property owner can get multiple-entry visa and can renew it any number of times. This decree was applied all across the UAE and these visa woulss start getting issued from 1 June’09. The Ministry of Interior said “The multiple entry visas have a validity of six months. This means the expatriate property owner may stay in the country for six months maximum at a time. But it may be renewed or a fresh visa could be applied any number of times, if the necessary conditions are met", said Brigadier Nasser Al Awadhi Al Minhali, acting director-general of the Naturalisation and Residency Department. He was speaking at a press conference held to clarify the ruling, which stirred up public debate on its pros and cons. "After spending six months in the country, the investor must leave the UAE to return to his home country or any of the GCC countries for at least a month before he is eligible to apply for a fresh multiple entry visa”.

Also, Brig Al Minhali said “The visa costs Dh2,000 for processing. Additionally, the person must obtain health insurance for the duration of his stay in the country. Renewal also costs the same,”.

He said, while the property investor’s stay in the UAE, he/she can sponsor their immediate family which are the children and spouse. However, health is mandatory for all visitors.

Property Owners to Get Multiple Entry Visas to UAE, From June 1

As announced on Monday, UAE would issue multiple entry visas to expat property owners who would meet the eligibility criteria. With the lack of federal regulation, there have been different real estate regulations in each emirate. It’s not only the Dubai real estate sector, but also other real estate sectors in other emirates in the UAE would have standardized law. Therefore, to better regulate the law, the Interior Minister has proposed a regulation which includes six-month entry to expat property owners.

Acting Director-General of Naturalization and Residency Department, Brigadier Nasser Al Awadhi Al Minhali, spoke at a press conference “"The multiple entry visas for expatriate property owners will be issued from June 1, based on the conditions stipulated by the ministerial decree issued on May 2." Also, according to Brigadier Nasser Al Awadhi Al Minhali the decree would apply to all emirates which would stimulate the economy and standardize the rules.

As mentioned earlier the expat property owner would need to fulfill certain requirements to obtain the multiple-entry visa. These rules include:

• The property should be worth at least Dh 1million
• It should be wholly owned by the investor
• The property should be ready to move in
• The villa or the apartment should be appropriate to accommodate the investor’s family
• The investor’s income should be not less than Dh 10,000 or equivalent to any other country’s currency.

To get the visa, the investor needs to procure the property title from the registration authority of the respective emirate. This visa can only be renewed if the property owner can been out of UAE for at least a month.

Dubai Real Estate Project Ocean Heights Touches 50th Floor

Damac Properties announces its flagship project, Ocean Heights in Dubai Marina, reach 50th floor. This property in Dubai would ultimately have 84 floors is being completed at the rate of a floor a week. Damac Properties is renowned for offering opulent lifestyle provider therefore Ocean Heights hosts state-of-the-art facilities and set to be the tallest building in Dubai Marina.

Mr. Hussain Sajwani, the Founder and Chairman of Damac Properties paid a visit to the construction site and acknowledge the hard work of his team. He said “This is a significant day for Ocean Heights and also for Damac Properties. At a time when all the talk is of construction slowing down and projects being cancelled we are pleased to announce that we are going full steam ahead on Ocean Heights. I would like to commend all the contractors & people involved for such an impressive performance.” He added “Ocean Heights is already starting to make an impressive appearance on the skyline at Dubai Marina and people driving past can see its twisting appearance taking shape. Once it is completed I have no doubt that it will be seen as one of the flagship properties in the area and will live up to the high hopes and expectations that we have for it”.

Ocean Heights is expected to be completed by 2010 and would handover 7100 units in the coming two years. This property has been completed well within three years and would offers outstanding facilities. This property would offer panoramic views of the Palm and Marina. The property hosts an array of facilities like gym, sauna, steam room and more.

Residential Dubai Property Prices Fall by 41% In the First Quarter

As said by a property consultant, Colliers International, the residential prices in Dubai has fallen by 41 percent, in the first quarter of 2009. This fall was backed by the decline in the mortgage and cash transactions. Due to the global financial crisis, banks discouraged lending. Therefore speculator have left the market. The level of correction stands at 34 percent.

The plunge in prices has wiped away two years of profits from property values. Colliers have also reported 8 percent fall in residential prices during the period October and December, which was the first quarter fall since the real estate boom began in Dubai. As per the data collected by Colliers, the areas responsible for the boom in Dubai real estate sector, is the one which was permitted to be bought by foreigners. Since 2002, the Dubai property market was open to the non-Emiratis.

Colliers Chief Operating Officer, John Davis said “We will see a further potential decrease in pricing, but it won’t see the same drastic fall that we have seen in the first quarter”.

A new industry study revealed, despite the correction in real estate prices, Dubai owns the most expensive residential properties in February amongst the 34 countries surveyed. In the list of hosting the most expensive properties Dubai is followed by Singapore, Moscow and Hong Kong.