RERA reassures property investors that property market in Dubai is safe

The Real Estate Regulatory Authority (RERA) has reassured investors that the property market in Dubai is still safe despite the global financial crisis. However, the authority said on Wednesday that it could not protect those investors who have sought advice from unprofessional real estate agents. Pointing towards an unnamed “illegal group” sending out misleading and baseless information about property laws, authorities have asked investors to consult Rera before entering into any deals and stay alert.

The circulation of such information is both highly misleading and deceptive to investors. This will directly cause investors to lose money if they do not thoroughly read their contracts and seek proper legal advice, Rera officials said. The officials urged the investors to consult them for official information on Dubai’s property market and their investments. They also appealed to investors to work with registered professional real estate agents and developers and to always check the validity of the source of emails, phone calls and newspaper articles.

Khaleej Times

Hydra Village Sharjah

Hydra Properties, the leading UAE-based international property developer, has announced plans to unveil Hydra Village Sharjah, the developer’s latest foray into the UAE real estate market, at the Acres Middle East Exhibition which will take place on December 15 -18, 2008 at the Expo Centre Sharjah.

Hydra Village Sharjah is a mixed-use project that will embody a suburban oasis of contrasting motifs and harmonious, family-oriented communities. Composed of 66% residential, 14% office, 10.5% retail, and 9.5% hospitality components, Hydra Properties’ latest project will become the new haven of 50,000 residents.

Commenting on the company’s unwavering commitment to furthering the UAE’s real estate industry, Dr. Sulaiman Al Fahim, Chief Executive Officer of Hydra Properties, said,

“We are proud to announce that we are all set to reveal Hydra Village Sharjah at the Acres Middle East Exhibition. Our steadfast vision and spirited commitment encourage us to keep going in building the best and the most innovative properties in the market.”

“The development’s most exceptional quality is its exciting blend of modernized Arabesque architecture and sophisticated all-glass elegance. Comprised by two main parts, Hydra Village Sharjah’s design philosophy is that of stark contrast, featuring a modern all-glass half and another locally inspired half that pays homage to the richness of Arab culture,”

Dr. Al Fahim added.

With a total of 1,068 townhouses and 3,618 apartments scattered across eight clusters, customers have the option to choose from luxurious town houses, modern one-, two-, and three-bedroom apartments, and extravagant terrace apartments. Sophisticated, state-of-the-art offices and a luxurious hotel will also be integrated into the project, providing comfort and convenience to the vibrantly relaxed community.

Strategically aimed at bringing families close together, Hydra Village Sharjah’s community will be largely composed of families who cherish a tranquil hideaway from the city. The development will appeal strongly to buyers who wish to offer their families the best in everything and put their families on top their priorities – by portraying a welcoming neighbourhood with unparalleled features and services.

Aldar’s projects on track

Abu Dhabi’s biggest real estate developer Aldar Properties has not slowed down or put on hold any of its projects due to the global financial crisis and has no plans to lay off staff to cut costs, a senior Aldar executive told Gulf News.

“Everybody is affected by the financial tsunami, nobody is immune. However, all projects that we started are going on as planned and we are not laying off any person,”

said Ousama Ghannoum, Aldar’s marketing director.

He said Aldar’s ongoing projects in Abu Dhabi, which include the Formula 1 track, Central Market project, hotel projects and Al Raha Beach residences, are going to be completed on schedule.

“We have tight delivery schedules and we are going at full speed,”

Ghannoum said, adding the Formula 1 track would be ready next year to host the last Formula 1 race of 2009 calendar year in Abu Dhabi on November 1.

Gulfnews

Construction in Dubai still going strong

Al Habtoor Leighton has won three major contracts worth Dh16.75bn in less than a month, pushing the company’s orderbook to Dh30bn according to Gulfnews. The company has so far seen little impact of the global financial crisis, and the orderbook reflects the reality in the construction sector, defying the slowdown in construction projects.

The latest contract involves construction work on Dubai International Airport’s Concourse 3 at a cost of Dh4.9bn. This contract is awarded to Al Habtoor Leighton only two weeks after Al Habtoor Leighton and Pearl Dubai FZ LLC signed a letter of intent for the Dh8.85bn Dubai Pearl.

Ajman plans to establish regulator on the lines of RERA

The emirate of Ajman plans to establish a real estate regulatory body on the lines of Dubai’s Real Estate Regulatory Agency (RERA). The regulator will be established in the first quarter of next year, and its main purpose is to oversee property developments.

This means that the government of Ajman will begin enforcing the escrow account law issued in June, stating that all money collected from buyers during the construction of a project must solely be used on construction.

Real estate investments in Dubai exceed Dh158bn in 2008

Real estate investments in Dubai has exceeded Dh158bn so far this year, Gulfnews report. This estimate is based on sales reports, leasing and mortgage transactions, and shows that Dubai remains one of the worlds most attractive destinations for investors, according to Ahmet Kayhan, CEO of REIDIN.com.

Reports presented at the Urban Waterfront conference predict the global market value of waterfront developments will reach $500 billion the next five years. Being home of three Palm projects, Waterfront and The World, Dubai is set to be one of the most active in waterfront developments.

Dubai attract property investors from all over the world, with investors from India, Russia, Saudi Arabia, UK, Oman, Iran, Canada, Bahran and Kuwait currently on top.

REIDIN/Gulfnews/UAERush

Meraas reviews $95bn Jumeirah Gardens

Meraas is currently reviewing the $95bn property project Jumeirah Gardens in the Satwa district. According to a spokesperson, Meraas is reviewing their business strategy, as well as the phasing and rollout of the Jumeirah Gardens. More details will be clarified at the start of next year, but this could mean that Meraas are reassesing their project due to the global financial crisis.

Jumeirah Gardens was officially launced at Cityscape Dubai in October this year, and has received huge interest from all over the world ever since. The project will consist of seven distinct areas, and originally scheduled to be completed within 12 years.

Click here for more details and pictures

Solanki plans to invest Dh12bn in real estate

Solanki Real Estate, a newly announced branch of Solanki Holdings, has planned to invest Dh12bn in real estate development. Their flagship development is located on Al Marjan-islands in Ras Al Khaimah and is expected to cost nearly Dh9bn ($2.4bn).

The project will comprise more than 1500 apartments, 100 residential villas, commercial property and hotels. It will also include a shopping mall, with various entertainment options and retail offerings similar to those found in Dubai.

Despite the global financial crisis and its impact on the real estate market, Solanki has confidence in its time of launch. According to Solanki, business activity has increased in RAK with the RAK Free Trade Zone being one of the fastest growing free trade zones in the UAE. The Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Following the launch of the Dh9bn project on the Al Marjan island, Solanki plans to extend its portfolio offering real estate projects in the other emirates, starting with Dubai. These offerings will include projects in the International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.