United Arab Emirates

Dahi slams banks for creating real estate crisis

Nadim Kawach Emirates 247 31.08.2010

Lt Gen Dhahi Khalfan Tamim, Chief of Dubai Police. (FILE)

Dubai’s police commander has launched a virulent attack on banks in the UAE and other Gulf oil producers, saying they are to blame for the real estate crisis in the region and for a surge in financial court cases.

Dubai Developers Rush To Meet New Regulations By Deadline Property Wire 28.08.2010	UAE’s Emaar still interested in Lombok project Staff Writer Asia Pulse 10.03.2010
As developers struggle to complete all the paperwork required to register property owners associations in Dubai, experts believe that the deadline will be extended. While some developers have been holding back in the hopes of avoiding the costs of compliance, some developers are using consultants to handle the headaches of registration. See the following article from Property Wire for more on this.	Dubai-based property developer Emaar Properties on Tuesday denied a report that it had pulled out of the long delayed US$600 million tourism project in Bali´s neighboring island of Lombok.
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Cityscape Abu Dhabi to tackle serious issues Staff Writer Property Report 09.03.2010	Dubai Developer Confident That Real Estate Market Has Hit Bottom Property Wire 01.03.2010
More than 120 speakers and delegates from 25 countries will discuss future of real estate investment regionally and internationally at Cityscape Abu Dhabi. It will take place at the Abu Dhabi National Exhibition Centre from 18-21 April 2010.	The CEO of one of the largest developers in Dubai recently stated that the Dubai real estate market has hit bottom. While Deyaar CEO Markus Giebel remained unclear on whether the market would go up or down in 2010, he believes that Dubai's strong fundamentals will lead toward a recovery in the Dubai market starting in 2011. See the following article from Property Wire for more on this.
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World's tallest tower in UAE closes Al Jazeera 09.02.2010	UAE real estate mergers seen rising in 2010 Shane McGinley Arabian Business 02.02.2010
The world's tallest skyscraper in Dubai has unexpectedly closed to the public a month after its lavish opening, the tower's owner said.	An increase in mergers and acquisitions will be one of the major trends to emerge in the UAE real estate sector in 2010, a senior management consultant has predicted.
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Dubai real estate market to see 'selective stability' Parag Deulgaonkar Business24-7 24.01.2010	Debt crisis expected to delay real estate recovery in Dubai until 2012 Property Wire 18.01.2010
"Selective stability" will be witnessed across the office and residential sectors of Dubai's real estate market in 2010 with the market moving to become more tenant-friendly, according to Jones Lang LaSalle Mena.	Residential real estate prices in Dubai are set to fall a further 10% in 2010 with the emirate’s debt problems likely to delay a property recovery until 2012, it is claimed.
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