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In The News : Dubai Real Estate / Freehold Property

Nad Al Sheba sales drive land transactions to Dh1.35b


The total value of land transactions in Dubai last week reached Dh1.35 billion, of which sales exceeded Dh943.78 million. The total value of mortgages during the period was Dh411.23 million, according to the Land Department.

CEO of Damac Properties to resign


Peter Riddoch, CEO of Damac Properties announced on Monday that he will be resigning as CEO of the UAE-based property developer next month.

Value of Jordan realty deals declines 38%


The total value of property deals in Jordan fell 38 per cent to 2.78 billion Jordanian dinars (Dh14.38 billion) in the first eight months of the year compared with the same period a year earlier, official data showed Monday.

Deyaar to double portfolio in five years


An official of Deyaar Development PJSC Monday said the company will double the size of its property management portfolio in the next five years.

Damac chief to resign next month


The chief executive of Damac Properties, Peter Riddoch, will resign from his position with the developer next month.

Dubai Properties finishes Shorooq


Dubai Properties Group, owner of one of the largest land banks in the emirate, yesterday said it has completed the Dh1.7 billion Shorooq project that adds 668 villas and 1,428 apartments to Mirdiff's landscape.

South African house prices decline 3.4%


South African house prices fell an annual 3.4 per cent in August as the economy's first recession in 17 years and falling employment curbed consumer spending, said Absa Group Ltd, the country's biggest mortgage lender.

Al Futtaim to develop Doha project


Developer Al Futtaim Group is in advanced discussions to develop a project in Doha, according to the company's managing director, Marwan Shehadeh.

Land Department records transactions of Dh1.02b


The total value of land transactions in Dubai this week reached Dh1.02 billion, of which sales exceeded Dh607.68 million. The total value of mortgages during the period was Dh415.41 million, according to the Land Department.

Dubai Lifestyle City construction on schedule despite downturn


The three Marriott hotels being built in Dubai Lifestyle City are set to hit 80 per cent occupancy when they open, according to the project's managing director.

Pearl Dubai reaches construction milestone


Pearl Dubai FZ LLC, a leading real estate developer, Monday said it has achieved a key construction milestone at Dubai Pearl with one of the Middle East's largest foundation rafts being installed at Tower 1 of the world-class, fully integrated luxury development in Dubai.

Qatar raises Canary Wharf stake


Qatar Holding yesterday said it wants to become the largest shareholder in Songbird Estates, which owns 60.8 per cent of Canary Wharf Group, a leading real estate investment and development company with over 7 million square feet of office and retail space, following the proposed equity issue and loan repayment by Songbird.

Dubai Holding makes key appointment


Dubai Holding yesterday said it has appointed Hashim Al Dabbal as executive chairman of the newly created property vertical as part of the restructuring of its real estate assets ahead of a planned merger with Emaar Properties in October.

Infrastructure work on Yas Island completed


Aldar Properties, Abu Dhabi's largest real estate developer by market capitalisation, Wednesday said it has completed infrastructure-related work on Yas Island where the 2009 Formula 1 Etihad Airways Abu Dhabi Grand Prix is scheduled to be held on November 1.

Evidence of property turnaround mounts


The worst US housing market since the Great Depression may be on the mend after prices rose in 18 of 20 US cities in June, existing home sales hit a two-year high, and new home sales gained for a fourth consecutive month.

Rise in home loans boosts hopes of end to downturn


The number of loans approved for house purchases rose to a 17-month high in July, prompting fresh claims that the property market is emerging from recession.

Mortgage rebound in sight


With only conservative loan-to-value ratios available for home financing given the current market conditions, buyers with a steady income and job will be the ones granted a mortgage.

New government body to oversee housing


The Urban Planning Council (UPC) of Abu Dhabi said yesterday the recently announced Abu Dhabi Centre for Housing and Service Facilities Development (ADCHSFD) will be the government body responsible for overseeing the execution of major housing and infrastructure projects.

Project to complete 17,000 villas for Emirati families by 2012


The Director General of the Abu Dhabi Centre for Housing and Service Facilities Development (ADCHSFD) confirmed Tuesday that as many as 17,000 new small and medium-sized villas will be built in the emirate by the end of 2012 to accommodate Emirati families.

Arabtec clinches Dh687m Onyx Towers contract


Ishraqah for development awarded a Dh687 million contract for the construction of the Onyx Towers to Arabtec Construction LLC, a subsidiary of Arabtec Holding PJSC.

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