The latest UAE property market updates:
Challenging times ahead: Emaar Chief
Emaar Properties chairman Mohamed Alabbar has said Dubai’s real estate will remain a “challenging” environment for two or three years but house prices are beginning to recover. He also said he saw “optimism in the city” and confidence among consumers and the government, resulting in growth in key sectors of Dubai’s economy.
Arabianbusiness.com: Alabbar sees ‘challenging’ Dubai homes market to 2014
Abu Dhabi’s reality check
Abu Dhabi’s plans to invest $500b in industry, tourism and culture to increase non-oil revenue may need to be revisited as companies behind some of the Emirate’s biggest developments cut jobs and push back projects.
Gulf News: Abu Dhabi adjusts to economic realities
Tenants move into Reem Island
Owners and tenants have begun moving to Reem Island following the completion of the majority of property projects. Nearly 550 families have already moved into their property and thousands of other are expected to take up residence in the coming months.
Emirates 24|7: Tenants begin moving to Reem Island
Bur Dubai, Karama rents of the rise
According to Asteco, a Dubai-based real estate agency, average apartment rents in Bur Dubai have risen by three to seven per cent this year, while rents in Karama have stabilised.
Data provided by the agency reveals average rentals for a one-bed apartment in Bur Dubai jumped by seven per cent to Dh45,000 in the third quarter compared to Dh42000 pa in the first quarter. Rents for two bedroom units rose to Dh70,000 from Dh68,000.
In Karama, average rents for two bedroom apartments rose by five per cent to Dh58000 from Dh55,000 while rents for one beds remained stable.
Emirates 24|7: Rents in Dubai’s leasehold areas on the rise
Saadiyat villas phase 2 launched
Abu Dhabi’s Tourism Development and Investment Company (TDIC) has launched the second phase of its first residential community on Saadiyat Island. The master developer of Saadiyat said phase two of Saadiyat Beach Villas, which consists of 90 properties, will be delivered in the fourth quarter of 2012.
Arabianbusiness.com: Abu Dhabi’s TDIC launches phase 2 of Saadiyat villas
