Dubai outperforms global property markets in Q1

Dubai was the world’s top performing real estate market in the first quarter of 2012, according to the latest Knight Frank Prime Global Cities Index.

Dubai recorded a four percent rise between December 2011 and March 2012, the index showed, putting it ahead of the likes of Jakarta (3.3 percent) and London (2.7 percent).

Investors’ Lifeline: Get full refund if developers default

Property investors in Dubai will be eligible for cancellation of their contracts and may seek “full” refunds if the real estate developer fails to provide the promised unit or services within a specific timeframe, according to a proposed new Investor Protection Law.

Property recovery boosts Emaar Q1 profits by 44%

Marked by the increased sales of properties in Dubai, delivery of homes in Egypt and strong recurring revenues from the shopping malls and hospitality businesses, Emaar Properties has announced a 44 per cent surge in its quarterly net profits, from Dh421m ($115m) in Q1, 2011, to Dh606m ($165m) in Q1 2012.

In all, Emaar handed over 158 residential units during the first three months of 2012, comprising of 117 units in Dubai and 41 units in the international markets. The company also handed over 180,000 sq ft of commercial space in the first quarter of the year.

Likely re-start for 291 stalled Dubai projects

A total of 291 projects are on hold in Dubai as of March 31, 2012 – but are likely to see the light of day.

Each of these 291 registered projects are likely to qualify for either the Tayseer or the Tanmia initiative, the Dubai Land Department (DLD) has stated in the planned sovereign bond prospectus.

Real Estate Regulatory Agency has been quoted in the prospectus as saying that 165 projects have been completed since the beginning of 2009; 291 projects are on hold; 291 projects are likely to be completed in due course, while 29 projects have not yet commenced.

ICD-Brookfield help finish projects

ICD-Brookfield, a $1-billion Dubai-based real estate fund, has joined the Dubai Land Department’s (DLD) Tanmia initiative that aims to finish “incomplete” projects.

The total number of companies now participating in the programme has reached 12.

Dubai registers realty deals worth Dh12bn in Q1

Nearly 974 property transactions close to Dh2 billion were registered in Dubai Marina during the first quarter 2012, Dubai Land Department (DLD) data reveals.

Burj Khalifa area (Sheikh Zayed Road, Downtown Dubai and Business Bay) saw a total of 854 transactions worth Dh1.76 billion, while 330 transactions of Dh1.61 billion were registered in Palm Jumeirah.

Al Thanyah Fifth (Jumeirah Lakes Towers) reported 1,107 transactions of Dh1.02 billion.

Al Thanyah fourth (Springs, Meadows, etc) registered 182 transactions worth Dh640 million, while Al Thanyah three (Greens, Views) saw 253 transactions of Dh319 million.

No overtaking Burj Khalifa till at least 2017

Burj Khalifa, the 2,717-ft high tower, will continue to hold the title for the tallest building in the world, at least, till 2017.

Quoting Kingdom Holding Company (KHC) Chairman Prince Alwaleed bin Talal, Saudi newspapers have reported that the 1,000-metre high tall Kingdom Tower in Jeddah will be completed by mid-2017.

Residential market prices back to early-2008 levels

The Dubai residential real estate market appears to have bottomed out as prices are now at rates similar to early 2008 levels and the general rental trend being positive, Jones Lang LaSalle said on Monday.

Dubai is expected to see completion of 28,000 new units in 2012 with Dubailand and Jumeirah Park likely to see completion of 4,380 and 4,242 units, respectively.

2012 will be the year of price stabilisation

Towards the end of 2009, a number of real estate bosses and commentators had started talking about recovery. These comments were based on slight price rises seen subsequent to the quiet summer and Ramadan months.

While these were comments from people with vested interests in the market, the unbiased experts were still maintaining that this is not a true recovery, that recovery would not be a V-shaped curve, but rather a W-shaped curve. The slight increase that was being seen was simply temporary and prices would fall further, before rising again.

Nakheel launches first major project after restructuring

Dubai: Nakheel launched a new luxury project on the Palm Jumeirah yesterday, its first major residential development since completing a massive restructuring process.

Rashid Ali Lootah, Nakheel’s chairman, said construction of the Palma Residences was expected to take around 18 months to complete and that 30 units had already been sold at a combined value of almost Dh223 million.