Dubai real estate brokers have been warned by the Real Estate Regulatory Agency (RERA) that they face losing their licence if they fail to intend approval before running any direct marketing campaigns. The move aims to halt unlicensed brokers from sending unsolicited and often inaccurate text or SMS sales messages to the public, following complaints from individuals who have been the target of book campaigns. Yousef Al Hashemi, Head of RERA's Licensing Department, said: 'Our priority is to ensure the campaigns are legitimate and not misleading,' adding: 'Failure to comply could mean the loss of a licence or entrance not being renewed. The rules are clear and should be rigorously implemented so to protect buyers and investors. For our part we routinely check all requests for authorisation to separate campaigns.
Thursday, December 24, 2009
Monday, November 23, 2009
Real estate maintains healthy coverage in Q3
Despite the drop in new projects in the UAE, real estate companies maintained a healthy exposure in the local media with Emaar recording maximum coverage.
The Mediastow Q3 report on the real estate industry revealed that negative coverage of the property sector decreased considerably in the third quarter, compared to the same period last year. The report, the fifth in the series, analysed the media coverage of the UAE real estate sector, with a focus on Al Qudra Real Estate, Aldar, Emaar, Sorouh, Dubai Properties, Nakheel, Sama Dubai and Damac.
The 34-page report assessed the success of PR campaigns of the eight real estate developers, as well as threw light on how their media coverage fluctuated, and how it compared with each other.
Emaar – the largest real estate developer in region – maintained its lead in all sectors including manifest (explicit material exactly as it appears), PR driven and non-PR categories.
PR driven campaigns were not the highest content generators as "manifest" reports topped the list for Emaar in July 2009. This was closely followed by non-PR and positive reports in most months of the third quarter and PR-generated reports were a distant third and fourth in ranking for most of the time for all the developers.
The head of Mediastow, Mohamed Elzubeir, said: "As for coverage, Damac and Emaar had their amount of coverage peaks in July 2009, while Al Qudra Real Estate, Sama Dubai and Sorouh had their peak in August 2009. Finally, the coverage of Aldar Properties, Dubai Properties and Nakheel peaked in September."
Emaar, followed by Sorouh and Aldar, figured in the top three in terms of newspaper coverage size, measured in column centimetres (cc), in July and August 2009. September saw Nakheel in the lead, followed by Emaar and Aldar. A total of 3,962 articles from 168 publications were monitored between July and September 2009 for the report. Also, stocks movements of Emaar, Aldar Properties and Sorouh were evaluated and correlated with media coverage.
Compared to the third quarter of 2008, there was a general drop in numbers, with some experiencing a bigger drop than others. Al Qudra, Emaar and Nakheel experienced significant decreases in Q3 2009, compared to the same period in 2008, in terms of the volume of coverage.
In comparison to the 2008 Q3 report, there was a considerable drop in coverage of news items covering deals and partnerships. Even though the news of the landmark merger plans between Emaar, Sama Dubai, Tatweer and Dubai Properties was announced during this period, but it did not match the coverage of the same subject in the previous year's third quarter.
Damac and Al Qudra almost disappeared from the news coverage on deals in the last month of Q3, while Sama Dubai gained the maximum climbing up to 40 points to be at the top. Emaar maintained a steady position alternating between the second and third slot during the period, while Nakheel took a major plunge from leading in the same period in 2008 to a distant fourth in September 2009.
The overall drop in the coverage was most contrasting in the project category covering launch, reviews, updates and completion. From a healthy 246 points as the highest point of coverage, the average in third quarter of 2009 fell to below 50 points.
In a surprising turn of events, almost all leading developers increased their CSR activities.
Nakheel recorded the maximum coverage with 66 points and Emaar at a close second at 58. Other developers Aldar, Dubai Properties and Sorouh also increased their efforts and got reasonable exposure in return (all above the 30-point mark).
Print media – shouldering the maximum amount of media exposure in advertising and reporting – carried on the momentum with Emirates Business giving maximum exposure to Emaar, followed by Aldar and Surouh. Nakheel received the maximum exposure from The National and Arabic daily Al Khaleej gave maximum coverage to Dubai Properties and Damac.
Emaar, Aldar Properties and Sorouh experienced an upward trend in the third quarter of 2009. Aldar enjoyed a decent rise in terms of share prices throughout the quarter and inched up further during the latter part of September 2009.
The differences in coverage were not that great in terms of OTS (opportunities-to-see) and coverage size, with the exception of Al Qudra Real Estate, which experienced a very sharp drop. Interestingly, Aldar Properties maintained an average of 15,000 OTS throughout Q3 2008 and Q3 2009. Average OTS is a measure of the number of chances an average member of the target audience will have of being exposed to an advertising campaign.
September 2009 saw healthy recoveries in terms of OTS and coverage, as it exceeded September 2008 figures. This was the case for Damac, Dubai Properties and Emaar. Interestingly, while September 2009 provided healthy figures for newspapers' coverage size, it also substantially lowered coverage sizes of magazines.
The Prominence Index rankings were worse in 2009 across the board. Sorouh and Nakheel were the only two developers that managed to maintain the same Prominence Index in August 2009 compared to August 2008. July 2008 was the best month for the property developers in terms of Prominence Index in the third quarter of 2008, while September 2009 was the best month in the third quarter of this year.
Source: Business24/7
Dubai begins inspection of unregistered Dubai brokerage
Dubai's Real Estate Regulatory Authority (RERA), in co-operation with the Dubai Department of Economic Development (DED), has started inspecting Dubai real estate brokerage firms that are not registered with RERA, Emirates Business has reported. The inspections will cover offices that practice real estate activities and licensed by free zones in Dubai.
Tuesday, November 3, 2009
Property Prices Rise But Still Lower Over 2008
A widely watched index of Dubai property prices shows home values in the city-state edged higher for the first time since the market plunged, but are still down nearly half from a year ago.
The tally out Tuesday by real estate consultancy Colliers International indicates property prices in the third quarter rose 7 percent over the preceding quarter. That is the first increase this year.
Colliers regional director Ian Albert cautioned that the rise doesn't necessarily mean the market has hit bottom.
"It's too early to say," he said. "One quarter does not make a trend."
Even with the recent gains, Dubai home prices remain 47 percent below their level at the peak of the market just a year ago.
Many of the houses and apartments were bought as vacation homes and investment properties by foreigners from Europe, Asia and the Middle East.
Values plunged dramatically beginning late last year as the financial crisis dried up financing sources and scared away the overseas speculators that fueled the city's boom.
The rapid drop has erased more than two years of gains, leaving homes now worth about what they were in the spring of 2007.
Albert attributed the latest gains largely to the increased availability of mortgages and a growing perception of job security among some foreign workers _ particularly those not tied to the real estate sector, a major employer during the boom years.
As many as nine out of 10 Dubai residents are foreigners whose residency permits are usually contingent on continued employment in the emirate.
Colliers bases its index on mortgage data from local and international lenders. It measures prices in parts of Dubai where foreigners have been allowed to buy since the market was opened in 2002. Those areas were largely responsible for Dubai's real estate boom.
The consultancy said the going rate for Dubai residential property now averages 1,016 dirhams, or about $277, per square foot.
Despite the recent bump in prices, Albert said home values will likely slide further over the coming year as a glut of new properties nearing completion become available.
"It's going to happen," he said. "Prices will soften next year."
Sunday, July 12, 2009
New company accomodation for InterContinental Hotels Group
Al-Futtaim Group Real Estate announces completion of new building at Dubai Silicon Oasis.
Designed by well-known local architects Architectural & Engineering Innovations Bureau (AEIB) and constructed by Al-Futtaim Carillion and Al-Futtaim Engineering, the new buildings - three in all - consists of 414 apartments with a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments, and provide accommodation for all staff up to management level.
Amenities include an all day dining room, a hair salon, and prayer rooms alongside recreational facilities consisting of three swimming pools, a fully equipped gymnasium, television, internet and games rooms. The building will be managed by Al-Futtaim Real Estate.
Tuesday, June 30, 2009
Apartment in The Residence 4 Burj Dubai available for rent
A delightful 3 bedroom apartment with maids room in The Residences Tower 4 is for rent. The property is a great size and would be and ideal apartment for a professional person or a couple. Rental price is AED 230,000.00/ year.
For more information, please contact: Provident Estate
Tel: 04-3233609
E-mail:david@providentestate.com
info@providentestate.com
rentals@providentestate.com
Saturday, June 27, 2009
2 BEDROOM AL MUROOJ ROTANA IN SHEIKH ZAYED
Tucked behind the Sheikh Zayed Road and surrounded by a moat-like manmade lake, the Al Murooj Rotana offers the convenience of being close to Dubai’s main thoroughfare without the traffic noise.
The hotel is in the shadow of the rapidly rising Burj Dubai, but with this privilege sadly comes the ongoing drone of construction work, for the time being anyway.
The rooms are comfortable and contemporary, the pool area pleasant, and there’s a well-equipped gym and spa at which to purge your sins. The hotel is principally geared towards business travellers, with its excellent meeting and conference facilities, but leisure travellers not excited by the beach should be more than happy.
One word of warning; avoid the second floor rooms near the perenially busy and noisy Double Decker pub if you’re a light sleeper.
Project/Building: AL MUROOJ ROTANA
Location/Area: Down Town
Emirates/City: Dubai
Property Type: Apartment
Bedrooms: 2
Bathrooms: 2
Total Area: 1,100 Sq. Ft
Net Area: 0 Sq. Ft
Furnished: Furnished
View: LANDSCAPE VIEW
Ready Date: 2009-06-24
Please Contact: Loai
Tel; 04-3233609
Mobile: 050-5057143
E-mail:loai@providentestate.com
Please visit our Website for more properties for rent in Dubai
DPRE Holdings Confirms Upward Trend in Dubai Real Estate Prices
The prices of luxury properties and properties in top locations in Dubai are showing a definite upward trend.
This was revealed by the findings of a survey conducted by DPRE Chronicle of its brokers in Dubai. The latest figures available at the end of the second quarter confirm the forecasts made by DPRE Chronicle on the basis of the data available in the first quarter of 2009. This segment has clearly bottomed out and is on the upswing. Local newspapers cite price increases from 20 to 40 percent. "Iconic" locations such as The Palm Jumeirah and Downtown Burj Dubai are at the forefront of this revival. A dozen other locations are already catching up.
The analysis clearly distinguishes between the positive trend in the top-level retail segment in select locations, and certain real estate funds, including European ones, which since 2008 have had to cope with severe problems. Potential investors should be aware of this difference. The macroeconomic environment of the Emirates is, nevertheless, investment-friendly.
Dubai Property Rental | Dubai Property
Sunday, June 21, 2009
Dubai property developer Deyaar chairman resigns
Dubai Property developer Deyaar chairman Nasser al-Shaikh has resigned from his post, the Dubai property firm said in a statement on Sunday, without giving a reason.
Shaikh was replaced in May as head of Dubai's Department of Finance after spearheading the launch of the emirate's $20 billion bond programme in February, a move aimed at easing worries state-linked companies could default on debts.
"The board of directors of Deyaar will convene shortly to consider its ratification of the same," it said in a statement.
Deyaar did not name Shaikh's replacement.
Shaikh remains chairman of Islamic mortgage lender Amlak and is an assistant to the director of the ruler's court for foreign affairs.
Shares of Deyaar were down 1.5 percent at 0712 GMT in line a drop in the Dubai index.
"Al Shaikh is a respected entity in the industry but this news is unlikely to have any major impact on Deyaar's stock price until the reasons for his exit are made public," said Mohammad Ali Yasin, managing director at Shuaa Securities.
Thursday, June 18, 2009
Pre-inspection of residences commences at Liberty House
ETA Star announced the commencement of the pre -inspection of the residences in Liberty House. Designed to be a distinctive and prominent architectural landmark in the Dubai International Financial Centre, the soaring forty-two storey structure consists of eight floors of spacious open plan offices, above which are twenty nine floors of luxurious apartments. With close to 140 offices and 220 residences, Liberty House stands tall at one of the prime locations in Dubai.
The residences area starts from 448sq ft. and ranges up to 1724sq ft area. All the residences are fitted with the best of the Italy and Belgium furniture. The studio furnishing includes a king size bed with Italian leather around the bed and the headboard, a love seat sofa made of Grande Ville Textured Fabric from the Mills in Italy, a lounge chair, coffee table and a side table, a full length mirror, a night stand and a reading desk with two chairs. One and two bedroom apartments have 2 seater sofa with cushion, TV stand, Dining table, dresser, bar table, standing lamp and night lamp. The furniture comprises of leather, black oak and frosted glass to gives the entire apartment a contemporary yet sophisticated look.
Dubai International financial Centre has multiple advantages, including being at a strategic location, and almost equidistant between the financial centres of Asia and Europe.
Mr. Abid Junaid stated that, "With modern design using a select palette of high quality materials and finishes both inside and out, ownership of these apartments will add significant value to the quality of life of our residents. We look forward to welcome more members to our family with this delivery"
Thursday, May 14, 2009
Dubai property may not recover until 2011
The Dubai property market might not recover until late 2011 as a consequence of weak demand, according to a fresh report by Egypt-based investment bank EFG Hermes.
However, EFG Hermes does expect recent clarifications from the UAE government on home ownership to now improve investor sentiment.
Multiple-entry visas for expatriate UAE property owners, who qualify, will be issued from 1 June, officials announced earlier this month.
Overseas nationals buying property in the UAE will have to meet a set of requirements set out by the authorities. According to the ruling, the property should be worth at least £180,000, it should already have been completed, it should be wholly owned by the investor and the owner must earn a monthly income of at least £1,800 or equivalent in foreign currencies.
Thursday, May 7, 2009
Real estate firm: Dubai rents drop 23 pct in 1Q
New research has shown Dubai residential rental prices dropped 23 percent in the first quarter of 2009 as the economic downturn forced foreign workers to pull out of the fast-expanding city.
Thursday's report by real estate company CB Richard Ellis has attributed the decline to job losses among expatriates, a drop in tourism and a considerable new supply of homes.
CBRE says the biggest declines have been in the newest developments built for job-seeking foreigners who had flooded into the oil-rich Persian Gulf's business and tourism capital during the boom years.
Prices in state-owned developer Nakheel's Discovery Gardens took the biggest hit, with rents falling by a third since late last year.
