August 17 2009

August 16 2009

August 16 2009

Aldar Properties, the largest Abu Dhabi-listed property developer, reported a net profit in excess of Dh1 billion for the first half of the year helped by the addition of new land to its "investment pro?perties" pool, reveal the notes to its financial statement.

August 16 2009

The luxury property sector in Ras Al Khaimah (RAK) has recorded a price decline in the range of 25 to 40 per cent in the past one year, according to a real estate agent.

August 16, 2009

Damac Properties, the Dubai-based developer, is running into challenges with its Dh55 billion (US$14.97bn) Tarin Hills project in Iraqi Kurdistan, government officials in Iraq say.

August 16, 2009

August 16, 2009

Some AED18bn ($4.9bn) worth of construction claims are estimated to be pending in Dubai, according to an official at the Dubai International Arbitration Centre (DIAC).

The body that organises adjudication in legal disputes anticipates the number of claims it will deal with this year to triple as the construction sector reels from unpaid contractor bills.

Sharon Stultz-Karim, case manager at the DIAC, told Building magazine that 180 new cases had been registered so far this year, compared to just 100 for entire 2008.

“We’re expecting about 300 [cases] by the end of the year. We’re coping as best we can,” she told the magazine.

Stultz-Karim estimated the value of the arbitration still pending to be worth AED18bn, with one case for AED10bn.

She said 80 percent of the claims were construction disputes, with the rest involving real estate.

Andrew Mellor, operational director at the Dubai branch of UK dispute resolution firm Driver Consult told the magazine: “I doubt whether Dubai will have the experts to cope with a 300-case workload.”

A leading recruiter for a Dubai-based investment firm told Arabian Business last month that the emirate has seen a big rise in demand for lawyers.

James Liley, of Human Capital Investment, said: “The construction industry has seen a huge increase in dispute cases and as such private practice law firms are setting up specialist teams to cope with this increase.”

Source: Arabian Business

Tuesday August 11 2009

Off-plan property sales are ‘dead’ and prices continue to slide, Mohanad Alwadiya, managing director of property adviser Harbor Real Estate has said.

Tuesday August 11 2009

Could the slump in Dubai property prices be Barack Obama’s fault?

Tuesday August 11 2009

Abu Dhabi: Sorouh Real Estate, the Abu Dhabi-based real estate developer, on Tuesday announced that Richard Amos has been appointed Chief Financial Officer.