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Naresco wins $50m deal to build Danube's Glitz Residence 3

April 28, 2016

Real estate developer Danube Properties has awarded Naresco Contracting a $50 million contract to build a residential community in Dubai Studio City. The $95 million Glitz Residence 3, which features 352 housing units, is expected to be completed by the end of 2017, Danube said in a press statement. Naresco is already working on Danube’s Glitz Residences 1 and 2.  “The investors are our biggest asset and we repay their faith in us with quality workmanship and timely delivery,” said Rizwan Sajan, founder and chairman of Danube Group. “We emphasize on thorough understanding of project objectives and maintain a continuous flow of informational updates to all levels of the projec...

Rent an apartment for just Dh917 a month in UAE... where?

April 28, 2016

Sharjah rents are down 2% in first quarter 2016: Land Sterling. Average cost of renting a studio apartment in Fujairah ranges between Dh11,000 and Dh20,000 per year, which translates to Dh917 and Dh1,667 per month, according to property consultancy Land Sterling. In its first quarter 2016 report, it said one-bedroom units in the above emirate can be leased between Dh25,000 and Dh35,000 a year, while two-bed units are available for Dh23,000 to Dh32,000 per annum (pa). In Umm Al Quwain, rents for studio units fall between Dh12,000 and Dh18,000 a year. One-bedroom unit can be rented for Dh20,000 to Dh26,000 pa, while two-bed units are available for Dh23,000 to Dh28,000 pa. In Aj...

Fire-hit The Address Downtown Dubai hotel will not reopen in 2016

April 28, 2016

The Address Downtown Dubai hotel, which was badly damaged by a fire on New Year’s Eve, will not reopen this year, an Emaar Hospitality Group executive said. Chris Newman, director of operations, told Reuters that there had been no negative impact on Emaar’s balance sheet from the hotel’s temporary closure. Emaar Properties included a Dh301 million writedown when it posted its fourth-quarter earnings in February because of the blaze. An electrical short circuit on a spotlight was the cause of the fire at the 63-storey tower, Dubai Police said in January. There were no fatalities. Emaar said just a few days after the blaze that it had hired Dubai-based Dutco Group as the contractor...

Dubai property cycles are natural, can adapt to changes

April 13, 2016

Dubai registers Dh55 billion worth of real estate deals in first quarter 2016. “This year has been better four us than 2015,” Emaar Properties Chairman Mohamed Alabbar said on Sunday as Dubai Land Department revealed Dh55 billion worth of property deals had taken place in the first quarter 2016. “If you ask me about Emaar’s numbers, I don’t see any pull back,” Alabbar said after unveiling the $1 billion The Tower in Dubai Creek Harbour development. “2016 for us is surprisingly better than 2015 and the balance between supply and demand is very encouraging,” he added. Emaar’s profit rose 24 per cent in 2015 to Dh4.08 billion. “Property cycles are natural. There are good year...

Why buying a house in Dubai is better than living on rent

March 14, 2016

Why buying a house in Dubai is better than living on rent Benign interest rates and corrected real estate prices are perfect reasons why you should consider investing in your own home now. Let's just get straight to some facts. Almost 68 per cent of the home loans in the UAE are available at 4 per cent per annum or less, as per a recent study by Souqalmal.com, an online personal finance portal.  Secondly, the yields on properties in Dubai, in particular, are pretty attractive. Rents on residential properties haven't fallen in the same proportion as the property value. In 2015, home prices in Dubai fell 15 to 20 per cent as transaction volumes halved. The rents, on the other...

Dubai developers keep building and remain upbeat despite weak market

March 14, 2016

Dubai developers are pressing ahead with their construction plans despite expectations that property prices will fall yet further this year, undaunted by memories of a 2008 crash. Industry consultants say that while sales volumes have slumped in the emirate, structural changes to the market such as tighter regulations together with fewer speculators and developers should ensure a much softer landing this time. But others worry about ripple effects from the dive in oil prices, even though Dubai is a small crude producer compared with fellow emirate Abu Dhabi, and wonder how all the projects that are being announced will be funded. Residential prices in the emirate fell 50 per cent fr...

Dubai Expo 2020: Spectacular designs chosen for centrepiece pavilions

March 14, 2016

Winning designs have been chosen for three of the major pavilions that will form a major part of Dubai’s Expo 2020. The designs were selected following an international architecture competition run by Emaar Properties on behalf of the Expo 2020 committee. It sought ideas for the three theme pavilions, ­titled Opportunity, Mobility and Sustainability, that form a central part of Expo 2020’s theme, Connecting Minds, Creating the Future.  The design chosen for the Opportunity pavilion was submitted by Bjarke Ingels Group, a cadre of architects and designers in Copenhagen and New York. Its designs are influenced by a belief that contemporary urban life is shaped by a confluence of cultural...