House prices on Palm Jumeirah sink to three year low

August 13, 2010 - Dubai

It is probably one of the most iconic pieces of real estate in the world, but Dubai's man made island Palm Jumeirah is now known for rock bottom property prices and delays in project openings.

Prices have fallen to their lowest level in over three years, with a three bedroom apartment on the prestigious Shoreline changing hands for just AED1.55million ($422,000).

It is reported to be one of a number of distressed sales that have come onto the market in the last few weeks showing that even a prestigious address does not prevent real estate owners falling on hard times.

Rents at Burj Khalifa start at $38,000 a year

June 09, 2010 - Dubai

With the handover of the Burj Khalifa residential units now starting, the market is beginning to get a feel for how much the rent should be for the 828-metre building's exclusive units.

Several real estate companies have advertised annual rentals for Burj Khalifa studios starting at Dh140,000.

Prices rise to between Dh180,000 and Dh260,000 for one-bedroom apartments and from Dh300,000 for two-bedroom units.

Dubai- Property prices record first annual rise

May 12, 2010 - Dubai

Average residential property prices in Dubai rose by 2% in the first quarter of 2010 compared to the same period last year, according to the latest house price index to be published.

Prices have now risen 4% since the last quarter of 2009 creating confidence that the downturn which resulted in price falls of 50% in some locations is now at an end.

It is also the first annual increases since the emirate’s property market collapsed towards the end of 2008.

Emaar redefines luxury living in Downtown Dubai

March 27, 2010 - Dubai

Emaar Properties has expanded its portfolio of serviced residences in Downtown Dubai, its flagship mega-project, with the addition of The Palace Residences, a collection of luxury homes in The Old Town Island.

Showcased at the Emaar Square Sales Centre in Downtown Dubai from 4pm on March 28, interested homeowners can explore the opportunity to own an apartment in one of the most sought after locations in Dubai.

A tour through the model home at The Palace Residences will offer customers a firsthand experience of this unique and exclusive community.

Pearl Dubai partners with Sotheby's

March 18, 2010 - Dubai

UAE. Pearl Dubai, developers of the 20 million sq ft sustainable Dubai Pearl integrated destination overlooking the Palm Jumeirah, has announced a tie-up with Singapore Sotheby’s International Realty to leverage its luxury real estate network of offices across Asia for promoting the upscale development to high net-worth individuals.

Dubai Pearl will commence a road-show across key Asian hubs in collaboration with Singapore Sotheby’s International Realty.

Expected to begin in March 2010, the road-show will aim to raise visibility for Dubai Pearl across the Sotheby’s International Realty network that spans 35 countries and access a far-reaching qualified client base.

Dubai's Palm Island may Sink

December 16, 2009 - Dubai

Dubai World's troubles aren't limited to its $26 billion debt pile after a surveying expert said Palm Jumeirah, the landmark development of its real estate unit Nakheel, may sink into the Arabian Gulf.

The island, dredged from the Gulf's seabed, is sinking by an average of 5 millimeters a year and may flood in the future if ocean levels rise, according to an executive at leading European ground survey company Fugro NPA Ltd.

Aedas designs Pentominium tower in Dubai

September 17, 2009 - Dubai

International architectural firm Aedas is proposing to build the Pentominium Dubai, in Dubai Marina, and if realized, it would potentially be the tallest residential tower in the world.

The extremely thin tower will rise 516 meters and will hold a Sky Lounge, Sky Pool, business centre, a private observation deck, segregated health clubs, a cigar lounge, a banqueting hall and private theatre.

According to the developer, Trident International Holdings, the design aims to provide the most luxurious apartments in the world, with each residence having access to a 24-hour butler service.

Is It The End For Dubai's World?

September 17, 2009 - Dubai

It may be the end of the world - at least as Dubai knows it.

"The World," Dubai's ambitious project to create a series of roughly 300 islands shaped like the Earth, is having serious money troubles, the Times Online reports.

And according to one property agent the paper talked to, the multibillion-dollar project has been canceled.

Dubai Real Estate Set For 2011 Rebound

August 25, 2009 - Dubai

The property market in Dubai is stabilising and set for a rebound in 2011, according to the latest research but there is still a concern in the industry about over supply.

A new report from international property consultants Jones Lang LaSalle shows that the volume of transactions has remained consistent in the first half of 2009 and the narrowing gap between asking and achieved prices is a further indication that the market is improving.

"The stabilisation of transactional volumes is an important indicator which reflects improved confidence among investors and the market is beginning to stabilise albeit at significantly lower levels of pricing than those seen earlier in the year,' explained Craig Plumb, head of research at Jones Lang LaSalle Mena division."

Dubai faces flood of surplus homes

August 17, 2009 - Dubai

Dubai is set to have a surplus of up to 31,000 residential units mainly due to the decline in the expat population by the end of the year, according to a new report by JP Morgan.

The investment bank's study into real estate in the Middle East and North Africa region said despite a recent small pickup in transaction volumes, supply overhang in the Dubai property market would reach 28,500 units by end 2009 due to the modest economic forecast and negative population growth estimates.