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Banks, property firms still most profitable in UAE

Vicky Kapur Emirates 247 23.11.2010
Analysis of the results of the 87 firms that have announced their Q3 financials so far reveals 20 of the Top 25 most profitable listed companies in the country. (FILE)

Financial services firms, including banks, insurance and investment companies, and real estate/construction companies are among the most profitable companies in the UAE, dominating the list of the Top 25 profitable entities in the country.

Loans to the real estate sector and highly leveraged companies have eroded asset quality of UAE banks. (FILE)

Overexposure to the "highly speculative" real estate sector and highly leveraged companies has eroded asset quality of UAE banks, and the percentage of bad loans on the country's banks' books could go up to as much as 10 per cent, according to the Washington-based Institute of International Finance (IIF).

Property rebound boosts UAE bourses

Farah Halime The National 23.11.2010

Dubai to restart property auctions this month

Parag Deulgaonkar Emirates 247 09.11.2010
Traders at Abu Dhabi Securities Exchange watch the markets.

UAE markets closed in positive territory as a rebound in property stocks pushed shares higher, but an air of caution still hangs.

Dubai to restart property auctions this month

The Dubai Land Department (DLD) is likely to restart property auctions, including foreclosed properties, from this month, according to a law firm.

Long property visa to aid recovery

Parag Deulgaonkar Emirates 247 09.11.2010
Many developers were offering 3-year residence visa on purchase of properties before federal decree in May 2009 (FILE)

As most of the respondents of Hadef and Partners have sought removal of criminal liability for cheques issued in good faith between private parties, 88 per cent say long-term residence visa options are likely to aid in the recovery of Dubai’s realty market.

Union Properties finalizes the sale of Ritz Carlton Hotel at DIFC

Union Properties PJSC (UP), one of the leading property investment developers in the UAE and the recipient of the Superbrands award for 2009, has announced that the terms of the Sale and Purchase Agreement (SPA) relating to the sale of one of its hotels, the Ritz Carlton, DIFC, have been agreed upon and the contract has been signed by both parties.

Dubai office rents decline by over 14% in 12 months

Shuchita Kapur Emirates 247 07.11.2010
Dubai’s commercial space market has moved further in tenants’ favour this year. (FILE)

Office rents in Dubai are at their most affordable levels in years, having witnessed a decline of more than 14 per cent year-on-year on an average in October 2010 as new supply continues to depress commercial rentals across the emirate, an Emirates 24|7 analysis of data provided by Better Homes, a real estate consultancy, shows.

The cost of registering property in the UAE is also very competitive. (SUPPLIED)

The UAE leads the world on the ‘ease of registering property’ indicator, part of a new World Bank report that ranks 183 countries globally on key aspects of business regulation for domestic firms.

Abu Dhabi is seeing a significant under-supply for mid-market and affordable segments

All sectors of the real estate market in Abu Dhabi are seeing steadily lowering rents and prices, despite the under-supply affecting most areas of the sector, according to the latest data from Jones Lang LaSalle (JLL).

Dubai shares retreat the most in more than five months

Dubai shares retreated the most in more than five months, leading a drop in global equity markets, on concern recent gains are overdone and before policy meetings by the US Federal Reserve and Bank of Japan.

Armani homes defy Dubai property slumn

A Place in the Sun 27.10.2010
Armani homes defy Dubai property slumn

The value of Armani-branded homes in the Burj Khalifa, Dubai, remain steady, despite the fact that the price of other apartments in the world’s tallest tower have plummeted by up to 70 per cent since the Dubai property market crashed two years ago.

The Abu Dhabi real estate market now presents a good opportunity. (SUPPLIED)

Residential property prices in Abu Dhabi have declined by 15 per cent in the first three quarters of 2010 compared to the same period last year, according to Reidin.com.

Snag at handover: property owners get less than promised

Parag Deulgaonkar Emirates 247 21.10.2010
Khidmah opens new leasing and property management office in Abu Dhabi

Khidmah L.L.C, Abu Dhabi's first Emirati-owned and operated services management company, is pleased to announce the opening of its new leasing and property management office in the city. The office is conveniently located at Khalidiya Village Clubhouse, in the prestigious Khalidiya area of Abu Dhabi.

Snagging experts in the UAE say property owners in most cases are getting less sellable area than what was promised in their sales and purchase agreements. (AFP)

Snagging experts in the UAE say property owners in most cases are getting less sellable area than what was promised in their sales and purchase agreements (SPA). The variance could be as low as three per cent and as high as 15 per cent.

Official statistics released today by the Central Bank of the UAE show that despite the slowdown in the country’s property market, banks in the country have continued to extend mortgage loans. (FILE)

Official statistics released today by the Central Bank of the UAE show that despite a slowdown in the country’s property market, mortgages extended by banks in the country increased by Dh19.7bn in the first seven months of 2010.

Developers says regulatory agency has advised keeping profits at a minimum to revive realty market. (FILE)

The Ajman Real Estate Regulatory Agency (Arra) is working on compiling a sale price index for properties within the emirate as it works to get investors to swap properties to projects under-construction.

Don’t link commission to ‘project life’: estate agents

Parag Deulgaonkar Emirates 247 13.10.2010

Investors Stuck in Dubai Real Estate Crash

Chana Ya'ar Israel National 12.10.2010
Don’t link commission to ‘project life’: estate agents

Real estate agents in Dubai have opposed a private developer’s suggestion to link commission to “the life of the project”, claiming it is an indirect way to penalise them.

Investors Stuck in Dubai Real Estate Crash

International investors have learned the hard way about the legal quagmire surrounding development in Dubai's real estate market.

Beachside life in a cheaper, brand new flat

Matt Hryciw The National 09.10.2010
 
Beachside life in a cheaper, brand new flat

Property rented One-bedroom flat in Sanibel tower, Park Island, Dubai Marina, rented through GIM Real Estate in April 2010.

 
 

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