Dubai Stability will return
Dubai Stability will return Key events such as the floatation of the $20 billion (Dh73.4bn) bond by the Dubai Government, expected lowering of interest rates and increasing liquidity should see things bottoming out in the summer, according to Hamad Buamin, Dubai Chamber Director-General. We could see stabilisation in the second half of 2009, Buamin told Emirates Business. He pointed out that 2008 was an exceptional year and that though things would be slower this year, there will still be growth. The overall trade may fall by 10-15 per cent but things are not as bad as some had expected, said Buamin. Yes, there is a slowdown in comparison to January of last year but it's much smaller that what everybody was expecting. He said there are many factors that are responsible for slowdown in trade. If we talk about reduction in the volume of trade, it is not related to just a slowdown in business, said Buamin. Remember there are many things at play. The reduction in volume of trade is also impacted by falling prices. Last year we were talking of inflation but now it's reversing. Moreover, demand is coming from the region and those markets are affected by oil prices. So any reduction in oil prices directly affects trade. And yes, then there is the slowdown, he added. However, the movements by the government have been very positive and we are seeing confidence coming back, he said. There is a revival in market sentiment. I see interest rates coming down and money will find its way back to the market. He said the real estate sector was supported. Nearly 70 per cent of major companies that we have here are either government owned or semi- government and they will definitely take care of their own companies. Buamin said the recent growth in this sector in the past was simply too high. Growth in 2008 was too high. We grew at around 80 per cent in the first three quarters and I think then it fell in the last quarter but still we are higher than January of last year. We really didn't see downturn in terms of value of assets that were sold but we've definitely seen a reduction in speculation and that has its own positive affects on the market, he said, while talking about the property sector. Read more articles on http://donnieproperties.blogspot.com --~--~-~--~~~---~--~~ JOIN THE FASTEST GROWING DUBAI REAL ESTATE NETWORK http://www.MyDubaiNetwork.com = To post to this group, send email to value-homes-dubai@googlegroups.com To join this group visit: http://groups.google.com/group/value-homes-dubai = TO EDIT HOW MANY EMAILS YOU SHOULD GET FROM THIS GROUP.. GO TO http://groups.google.com/group/value-homes-dubai THEN GO TO EDIT MY MEMBERSHIP AND CHANGE IT. -~--~~~~--~~--~--~---
Burj Dubai tallest tower will open 9 sept.2009
Burj Dubai tallest tower will open 9 sept.2009 Burj Dubai, the world's tallest man-made structure, will see a soft opening on September 9 this year in tandem with the launch of Dubai Metro, according to an industry source. The target is to have the event coincide with the opening of the Metro on 09/09/09, a person close to the matter told Emirates Business. There is still work to be done in terms of finishing the building, the person said. This includes the access and exit planning as well as connecting the sewerage lines to the main network. These issues are being addressed to ensure optimum working of the building before final occupancy, the person said. Despite several attempts, developer Emaar Properties did not comment on the subject by the time this newspaper went to press. The groundbreaking for Burj Dubai took place in September 2004 and completion was projected by late 2008. In June 2008, Emaar Chairman Mohamed Ali Alabbar said in a statement: We believe that a completion date of September 2009 is possible and reasonable for a project of this global magnitude and significance. Burj Dubai has risen to its final height of 818 metres, a project contractor told this newspaper in a recent interview. The spire was erected in the third week of December. Since then, a beacon has been installed at the top, usually the final topping-out of a tower. When completed, Burj Dubai will meet all four criteria listed by the Council on Tall Buildings and Urban Habitat (CTBUH), which classifies the world's tallest structures. CTBUH measures the height of buildings to the structural top, the highest occupied floor, the top of the roof and the tip of the spire, pinnacle, antenna, mast or flagpole. Contractor Besix said it is working to complete the work on schedule. We signed a new agreement with Emaar Properties last year and they gave us an extension of time to complete the project in 2009, said Didier Bosredon, Deputy Project Director at Besix. The 154th floor will house the office of the Emaar chairman. The façade is still not finished and work is in progress, he said. Besix is working jointly with Samsung and Arabtec as the main contractors on Burj Dubai. The tower will have an observation deck on Level 124, which will offer visitors a bird's-eye view of the city and beyond. Burj Dubai is part of the $20 billion (Dh73.47bn) Burj Dubai development, which includes a shopping mall, hotels and a variety of residential buildings. Read more articles at http://donnieproperties.blogspot.com --~--~-~--~~~---~--~~ JOIN THE FASTEST GROWING DUBAI REAL ESTATE NETWORK http://www.MyDubaiNetwork.com = To post to this group, send email to value-homes-dubai@googlegroups.com To join this group visit: http://groups.google.com/group/value-homes-dubai = TO EDIT HOW MANY EMAILS YOU SHOULD GET FROM THIS GROUP.. GO TO http://groups.google.com/group/value-homes-dubai THEN GO TO EDIT MY MEMBERSHIP AND CHANGE IT. -~--~~~~--~~--~--~---
Real estate regulatory body in Dubai set to get tough with developers
Real estate regulatory body in Dubai set to get tough with developers Friday, 20 February 2009 RERA to get tough with developers Property developers in Dubai who fail to meet standards, don't deliver on time and construct poor quality buildings are to be named and shamed. The move from the Real Estate Regulatory Authority is aimed at addressing a growing number of complaints about delays, defects and standards. Chief executive Marwan Bin Galita said the regulatory body was not going to let developers get away with shoddiness. He has personally told property developers that they need to be more flexible and communicate effectively with real estate investors, especially in the economic downturn. He said that while developers would be allowed to retain 30% of the value of property, as is allowed in current contracts, if investors sought to pull out of projects. But he also said there should be exceptions. 'Exceptions could be made if the investor is unable to continue to pay due to some genuine reasons, such as loss of pay, job loss. This should be considered,' he said. Such exceptions would have to be discussed and approved by RERA. 'They will be handled on a case by case basis,' said Bin Galita . He also told developers that RERA had been particularly active in recent months as it strived to restore investor confidence to the market. There are also discussions about a real estate committee being formed by professionals from within this sector serving as a platform for consultation prior to the issuing of new regulations and guidelines. Key areas for consideration would be whether or not property investors should receive compensation if a project is delayed and if heavier penalties should be imposed on developers who fail to deliver on time. http://donnieproperties.blogspot.com --~--~-~--~~~---~--~~ JOIN THE FASTEST GROWING DUBAI REAL ESTATE NETWORK http://www.MyDubaiNetwork.com = To post to this group, send email to value-homes-dubai@googlegroups.com To join this group visit: http://groups.google.com/group/value-homes-dubai = TO EDIT HOW MANY EMAILS YOU SHOULD GET FROM THIS GROUP.. GO TO http://groups.google.com/group/value-homes-dubai THEN GO TO EDIT MY MEMBERSHIP AND CHANGE IT. -~--~~~~--~~--~--~---
