UAE seen silent on extended property visas
“We have no idea [when the rules will start],” he told Arabian Business. “I expect they will have some meetings [and then tell us].”
Rents and prices in Dubai, the Gulf’s worst-performing market in the last three years, have been in freefall since the collapse of the emirate’s real estate bubble in late 2008.
A poll of property analysts last week showed respondents believed prices could fall a further 10 to 30 percent as developers add to excess supply in Dubai and Abu Dhabi while buyers dwindle.
Home purchases in the UAE dropped by 44 percent to 1,459 in the third quarter from a year earlier, CBRE Group said this month. That’s down from 4,059 transactions in the third quarter of 2008, just before the crash.
Dubai has unveiled a slate of government-backed financing schemes aimed at spurring sales in its property market. The emirate’s Land Department last month signed a deal to identify suspended or offplan residential developments and offer them for sale or long-term lease.
Moneycontrol.comMore babus, Dubai ruler's aide chargesheeted in Emaar case the CBI booked two more IAS officers including a retired one in its chargesheet filed on Wednesday against seven persons and five real estate companies including Dubai-based Emaar Properties in connection with alleged irregularities in the sale of CBI charge sheets two IAS officers, 10 others in Emaar scam2 more babus in Emaar chargesheetHyderabad project: CBI chargesheet names Emaar MGF, 11 others - -all 167 news articles »
By Claire Ferris-Lay Villa owners in Dubai are failing to match their asking prices to market realities, according to a survey of real estate brokers in the emirate, leading to fewer enquiries translating into sales.and more »
By Aya Lowe, Staff Reporter Uptown MotorCity is one phase in Dubai MotorCity, one of the main projects in Union Properties' portfolio. The master development is only 70 per cent complete. Dubai: Real estate developer Union Properties posted a full year and more »
Dubai's Jafza, DIFC may need state help to pay debtDIFC Investments, which owns and manages properties in the Dubai International Financial Centre, had planned to raise $1bn from asset sales by the end of last year to help pay debt. Dubai still faces a massive debt burden with some $15 bn maturing in and more »