Visa associated to property buyers in Dubai would in all likelihood get legal sanction within this year, according to a source. This would be a big boon for Dubai real estate which is at present reeling under the impact of financial crisis. Vagueness pertaining to this matter had aroused a lot of doubts among potential real estate investors and with legal backing the cloud of confusion enveloping the property sector might lift.
According to a source, law will explain who deserves a visa in terms of their investment in the real estate. Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property.
The government of Dubai had opened up the property sector to foreign national in 2002. Since then Dubai property sector never looked back.
Buy Dubai Property | Dubai Real Estate
Tuesday, April 28, 2009
Sunday, April 26, 2009
Are there any buyers for real estate in Dubai?
Are there still investors buying property in Dubai? After the modification established by Dubai government regarding freehold ownership by foreigners of properties in Dubai, the market in the city has legitimately gone crazy with global businessmen lining to invest thousands of millions of dollars in the market. Unexpectedly the business world turned interested in Dubai Real estate properties Market. Therefore the cost of properties in Dubai have become threefold in years and still rising but now it has gone down since due to the global financial crisis.
Saturday, April 25, 2009
Real estate hit by political uncertainty
By Moonis Ahmed
Dailytimes
KARACHI: As uncertainty continues on the political front in the country, the builders and developers are finding it hard to attract investment, industry sources told Daily Times.
They said that the most of the builders and developers who came back from Dubai and others Gulf states recently have started to launch projects which they left incomplete and are offering attractive packages to lure investors.
“Despite the forecasts that the economy is on the road to recovery, the real estate business is still facing hard times in the country,” they added.
Babar Mirza Chughtai, Chairman, Association of Builders and Developers said that property business has lost steam and has failed to attract fresh investment. During some last months many projects have been launched but the builders attributed it primarily as a part of the strategy to avoid encroachment on empty plots by the land mafia.
The builders, who had introduced new projects, were forced by the situation in the city to start some activity on such plots like opening offices, developing the land or posting some security guards at the site in order to secure the land.
About falling steel and cement prices he said that are these not the main issues that could brighten hope among the investors. Actually, investors of real estate are looking forward for a pleasant business environment to invest.
These two items hold 50 to 60 percent share in the overall construction cost of any apartment project or a house.
He said that government housing schemes in last 25 years like LDA, Awami Ghar and others failed to provide any relief. “Continuous political instability coupled with law and order situation are discouraging investors and public to take risk in the real estate business,” Muhammad Asim, director sales and marketing at World Link Real Estate said.
He was of the view that builders are trying to recover their lost confidence from the people by launching new projects and they are offering attractive packages.
Many people, who are trying to own a home after fall in property prices are finding it hard to make some saving as rising cost of living caused by high food inflation and utility bills are eating up their entire hard earned income, an expert said. It is pertinent to mention that the country, at present, is facing a shortfall of 6 million housing units. A leading cement maker and exporter said that sale of cement has declined by 15 to 20 percent in the last one-and-a-half-month as economic conditions have hit the construction activities. However, all the realtors were of the view that the prices of property would further drop in case the political situation remains unstable.
Dubai Real Estate | Dubai Property
Dailytimes
KARACHI: As uncertainty continues on the political front in the country, the builders and developers are finding it hard to attract investment, industry sources told Daily Times.
They said that the most of the builders and developers who came back from Dubai and others Gulf states recently have started to launch projects which they left incomplete and are offering attractive packages to lure investors.
“Despite the forecasts that the economy is on the road to recovery, the real estate business is still facing hard times in the country,” they added.
Babar Mirza Chughtai, Chairman, Association of Builders and Developers said that property business has lost steam and has failed to attract fresh investment. During some last months many projects have been launched but the builders attributed it primarily as a part of the strategy to avoid encroachment on empty plots by the land mafia.
The builders, who had introduced new projects, were forced by the situation in the city to start some activity on such plots like opening offices, developing the land or posting some security guards at the site in order to secure the land.
About falling steel and cement prices he said that are these not the main issues that could brighten hope among the investors. Actually, investors of real estate are looking forward for a pleasant business environment to invest.
These two items hold 50 to 60 percent share in the overall construction cost of any apartment project or a house.
He said that government housing schemes in last 25 years like LDA, Awami Ghar and others failed to provide any relief. “Continuous political instability coupled with law and order situation are discouraging investors and public to take risk in the real estate business,” Muhammad Asim, director sales and marketing at World Link Real Estate said.
He was of the view that builders are trying to recover their lost confidence from the people by launching new projects and they are offering attractive packages.
Many people, who are trying to own a home after fall in property prices are finding it hard to make some saving as rising cost of living caused by high food inflation and utility bills are eating up their entire hard earned income, an expert said. It is pertinent to mention that the country, at present, is facing a shortfall of 6 million housing units. A leading cement maker and exporter said that sale of cement has declined by 15 to 20 percent in the last one-and-a-half-month as economic conditions have hit the construction activities. However, all the realtors were of the view that the prices of property would further drop in case the political situation remains unstable.
Dubai Real Estate | Dubai Property
Thursday, April 16, 2009
U.A.E. Recession i Architecture
In contempo years, architects descended aloft Dubai, acquisitive to capitalize on its feverish architectonics boom. But while the Persian Gulf city's sprawling skyline is still dotted with cranes, the bazaar actuality has fizzled.
As of aboriginal February, more than half of Dubai real estate projects were stopped or canceled, from the 3,281-foot-tall Nakheel Tower advised by Woods Bagot to the Hydropolis, a 220-suite underwater auberge envisioned by artist Joachim Hauser. Analysts say that Dubai Property values, in total, will abatement up to 60 percent in 2009 afterwards years of almanac growth. Given this desperate about-face of events, architects are getting afflicted to amend their affairs in the region.
"Everyone is demography a absolute wait-and-see approach," says Wayde Tardif, an American artist who in 2007 co-founded POSIT Studio in Dubai. Tardif charcoal optimistic, acquainted that the arrest will adapt the bazaar and acquiesce architects to bolt their breath. He predicts a backlash in 16 to 18 months; he doesn't apprehend a alone city-limits abounding of alone towers. "Dubai has too abundant pride for that," he says.
In the accomplished decade, Dubai, amid in the United Arab Emirates (UAE), has boarded on ever-grander projects at alarming acceleration in hopes of acceptable a above apple metropolis. Today, its abridgement relies on tourism, absolute estate, and banking services; oil revenues accord beneath than 10 percent to its GDP.
Initially some anticipation the arid boomtown could brim the all-around banking crisis. By October, however, adopted investors were vanishing, bounded lenders were retrenching, and oil prices were demography a dive. In contempo months, The National, a UAE bi-weekly for expatriates, has been brindled with letters of accumulation layoffs. "There are abounding instances of adviser firms abbreviation agents by added than 50 percent, or closing their Dubai appointment altogether," says Scott Hyndman, a development administrator at a Dubai-based acreage company. Some belief affirmation that hundreds, if not thousands, of cars sit alone at the Dubai airport, apparently larboard there by foreigners beat the country.
While captivation acceptance in Dubai, abounding architectonics firms are alive their focus 70 afar to the southwest, to oil-rich Abu Dhabi. The basic of the UAE, Abu Dhabi has acquired gradually over the decades and generally is admired as a added livable—and added stable— burghal center. "Where Dubai has been a abstract market, I anticipate Abu Dhabi is a abundant added serious, play-by-the-rules market," addendum Steven Miller, FAIA, managing administrator of FXFOWLE's Dubai office. His close is actively advancing plan in Abu Dhabi, area above developments such as Saadiyat Island—a $27 billion multi-use activity with barrio by Jean Nouvel, Zaha Hadid, and Frank Gehry—are reportedly still on schedule.
Guy Source, a UAE-based application recruiter for the architectonics industry, agrees that Abu Dhabi seems beneath afflicted by the banking crisis than Dubai. He adds that added Middle Eastern markets authority affiance as well, acquainted that there are jobs cat-and-mouse to be abounding in Qatar, Kuwait, and Saudia Arabia.
As of aboriginal February, more than half of Dubai real estate projects were stopped or canceled, from the 3,281-foot-tall Nakheel Tower advised by Woods Bagot to the Hydropolis, a 220-suite underwater auberge envisioned by artist Joachim Hauser. Analysts say that Dubai Property values, in total, will abatement up to 60 percent in 2009 afterwards years of almanac growth. Given this desperate about-face of events, architects are getting afflicted to amend their affairs in the region.
"Everyone is demography a absolute wait-and-see approach," says Wayde Tardif, an American artist who in 2007 co-founded POSIT Studio in Dubai. Tardif charcoal optimistic, acquainted that the arrest will adapt the bazaar and acquiesce architects to bolt their breath. He predicts a backlash in 16 to 18 months; he doesn't apprehend a alone city-limits abounding of alone towers. "Dubai has too abundant pride for that," he says.
In the accomplished decade, Dubai, amid in the United Arab Emirates (UAE), has boarded on ever-grander projects at alarming acceleration in hopes of acceptable a above apple metropolis. Today, its abridgement relies on tourism, absolute estate, and banking services; oil revenues accord beneath than 10 percent to its GDP.
Initially some anticipation the arid boomtown could brim the all-around banking crisis. By October, however, adopted investors were vanishing, bounded lenders were retrenching, and oil prices were demography a dive. In contempo months, The National, a UAE bi-weekly for expatriates, has been brindled with letters of accumulation layoffs. "There are abounding instances of adviser firms abbreviation agents by added than 50 percent, or closing their Dubai appointment altogether," says Scott Hyndman, a development administrator at a Dubai-based acreage company. Some belief affirmation that hundreds, if not thousands, of cars sit alone at the Dubai airport, apparently larboard there by foreigners beat the country.
While captivation acceptance in Dubai, abounding architectonics firms are alive their focus 70 afar to the southwest, to oil-rich Abu Dhabi. The basic of the UAE, Abu Dhabi has acquired gradually over the decades and generally is admired as a added livable—and added stable— burghal center. "Where Dubai has been a abstract market, I anticipate Abu Dhabi is a abundant added serious, play-by-the-rules market," addendum Steven Miller, FAIA, managing administrator of FXFOWLE's Dubai office. His close is actively advancing plan in Abu Dhabi, area above developments such as Saadiyat Island—a $27 billion multi-use activity with barrio by Jean Nouvel, Zaha Hadid, and Frank Gehry—are reportedly still on schedule.
Guy Source, a UAE-based application recruiter for the architectonics industry, agrees that Abu Dhabi seems beneath afflicted by the banking crisis than Dubai. He adds that added Middle Eastern markets authority affiance as well, acquainted that there are jobs cat-and-mouse to be abounding in Qatar, Kuwait, and Saudia Arabia.
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