Dubai Real Estate Corp (DREC) has announced 270 new housing units of its Wasl Square project in Jumeirah are to be available for leasing soon, Emirates 24-7 has reported. The project, which will be released in phases, will have 140 apartments and 130 townhouses, comprising 26 one-bedroom apartments, 114 two-bedroom apartments, 14 three-bedroom townhouses and 116 four-bedroom townhouses. The expected completion date is the beginning of 2012, said the company brochure.
The municipality of Abu Dhabi City has launched a new service designed to provide individuals with information about the locations of land plots, districts and maps of the city and conurbation, Wam has reported. The Ardi (My Land) service is available through an interactive electronic touch screen, offering all information related to zones, land plots, locations and aerial images of the area under investigation. The user can use the screen to identify the location and area of the land plot in square meters or feet and ascertain the land use, be it a residential, commercial, agricultural or industrial land, the civic body said.
Dubai's second largest developer by market value, Deyaar Development has swung to a small profit in 2011 of Dhs37.7m ($10.3m), compared with a net loss of Dhs2.87bn in the previous year, Reuters has reported. The developer also posted a Dhs7.3m net loss in the fourth quarter of 2011, compared with a net loss of Dhs1.77bn during prior-year period. "The company will continue with its focus on completing the projects in the pipeline, growing the existing sources of sustainable income and exploring new business opportunities," said Deyaars chief executive, Saeed Al Qatami.
Qatari developer, Msheireb Properties is considering seeking financing next year for part of the $5.5bn Msheireb Downtown development, The National has reported. "So far, cash is not an issue for us," said Issa Al Mohannadi, the chief executive of Msheireb Properties. "But to be a sustainable developer, we are gearing up toward 2013 to be ready for any scenario. Msheireb Downtown is a 31-hectare site in the downtown area of Doha that is designed around green and sustainable concepts. It is being built in four phases. Phase one is expected to be completed by the end of this year, with all four phases due for completion by 2016.
Analysts have said the four-year decline in house prices in the UAE isnt expected to end in 2012, as oversupply and concerns over the health of global economy weigh on the market, Reuters has reported. Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak. Prices in the emirate will ultimately ease another 8%, while neighbouring Abu Dhabi, which is now showing signs of pressure, will see housing prices fall by as much as 11% this year. Macro-economic concerns compounded with an ongoing supply-demand mismatch will further delay the recovery of the UAE property market, said Patrick Rahal, manager at Doha-based investment company The First Investor.
