The latest property stories in the UAE press:
Analysts warn of further drop in property prices
Home prices in the United Arab Emirates, which have fallen by more than half since 2008, may drop by another 10 percent to 30 percent as developers add to supply in Dubai and Abu Dhabi while buyers dwindle.
Prices won’t show “any meaningful recovery” in the next five years, according to Saud Masud, an analyst at Dubai-based Rasmala Investment Bank.
Arabianbusiness.com: Analysts warn of 30% fall in UAE house prices on supply
House deals down in Q3
The traditional summer slowdown impacted real estate market activity in Dubai, with total residential transactions down 45 per cent year-on-year – from 2,649 transactions in Q3 2010 to just 1,459 during the third quarter this year, CB Richard Ellis said in its latest report on the Dubai property market.
Emirates 24|7: Dubai house deals down 45% in Q3: CBRE
Emaar reports 34% profits drop
Slowing home sales in Dubai sent Emaar Properties’ profit down nearly 34 per cent for the third quarter from the same period a year ago. The company reported profit of Dh406 million (US$110.5m), compared with Dh612m in the third quarter of last year. Revenue fell 33 per cent, from Dh2.7 billion to Dh1.8bn for the quarter, according to the company’s preliminary financial statement.
The National: Emaar suffers as home sales slide
Dubai launches $1bn property fund
Dubai’s investment arm has teamed up with one of the world’s biggest asset managers to create a US$1 billion (Dh3.67bn) property fund.
The fund is the first “Dubai-only” property investment vehicle, according to a statement from Dubai’s official media office. It is to be seeded initially with $200 million – $100m each from Investment Corporation of Dubai (ICD) and the Toronto-based Brookfield Asset Management, a global alternative asset manager overseeing $150bn.
The National: Dubai launches $1bn property fund
Confusion over Nakheel lawsuits
Investors caught in legal disputes with Nakheel remain in the dark over the future of their lawsuits after the indebted developer was carved out of parent company Dubai World in June. Lawyers say they are still waiting for clarity on whether cases against Nakheel will be switched to Dubai Courts, or will continue to be heard by the specially-formed Dubai World Tribunal (DWT).
Arabianbusiness.com: Dubai investors in the dark over Nakheel lawsuits
