The latest property stories in the UAE press:
Palm residents call police over locked doors
Residents of Palm Jumeirah’s luxury Shoreline towers on Saturday urged police to unlock the back door of a building closed by its developer in a row over beach access. The crowd met in a lobby trying in vain to have officers open the entrance, which was shut by Nakheel to stop residents using the beach.
The two-hour gathering was the latest escalation in the month-long dispute at the 20-tower development over use of the beach, pool and gymnasium.
Nakheel has banned residents whose units have unpaid service fees from access to the facilities.
The National: Palm Jumeirah residents call police to unlock doors
Emirates 24|7: Palm Shoreline dues fall
Arabianbusiness.com: Nakheel execs stay tight lipped on Shoreline beach club spat
‘Developers at fault’ over service fees arrears
Developers are at fault for letting property owners accumulate service charges over the years and should have developed a payment enforcement mechanism earlier than compel owners now to pay the arrears in lump sum, a legal expert has told Emirates 24|7.
Emirates 24|7: Service arrears developer’ fault
Union Properties in Emirates NBD debt deal
Union Properties has agreed to transfer to Emirates NBD Dh1.1 billion (US$299 million) of assets in two of the Dubai financial district’s most dramatic buildings as it seeks to restructure its debt.
The bank, the developer’s largest shareholder, will now own a “significant” percentage of the homes and offices in the two properties – The Index Tower, an 80-storey residential and office building designed by Foster + Partners, and Limestone House, a luxury apartment development.
Emirates NBD is also extending the repayment terms on Dh2.7bn of debt until 2017.
The National: Bank acquires prize Dubai assets
‘New jobs will aid recovery’
Creation of more jobs in the UAE will aid in recovery of the real estate market, believes a property expert.
“Creating more jobs is the key to the recovery of the real estate markets in both Abu Dhabi and Dubai,” Craig Plumb, Head of Research Mena, Jones Lang LaSalle (JLL) told Emirates 24|7.
He believes property prices have already stabilised in preferred locations in Dubai, for example the Palm Jumeirah, Arabian Ranches and the Lakes.
Emirates 24|7: New jobs will help UAE property recovery
