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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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UAE – Dubai Property situation worsens – Around $263 billion worth of real estate projects have been delayed or cancelled

Posted by 7starsdubai on February 3, 2009


http://www.7days.ae/storydetails.php?id=73353&title=Property%20situation%20worsens

Tuesday 3 Feb, 2009

 Around $263 billion worth of real estate projects have been delayed or cancelled as the UAE’s property sector is dealt a “worse than expected” blow by the global financial crisis, Morgan Stanley said yesterday.

HSBC research reported recently, had said that property suspensions and calculations had reached $75 billion just in Dubai, but a Morgan Stanley spokesperson said HSBC had not considered three further large projects in its assessment. The investment bank cited the figure from Middle East business information web site Zawya in a research note on the UAE property sector. Some of the project cancellations that have been officially announced are Sunland Group’s $654 million Atrium project and the $790 million Trump Tower project by Nakheel on Palm Jumeirah.

As the sector is hit by job losses and project delays, prices are falling, Morgan Stanley said. Real estate prices in UAE capital Abu Dhabi are down by an average of 20 per cent since a peak last summer as the UAE’s property sector is hit particularly hard by the global economic situation, the bank said.
Residential property prices in Dubai have also fallen, by 25 per cent since peaking last September, with high-end real estate units taking the biggest hit, the bank said.

Since September, Dubai apartment prices have fallen 25 per cent and villa prices are off 26 per cent, “belying the argument of some developers about the price resilience of villas and low-rise building segments,” the bank added. “Anecdotal evidence suggests sharp falls in transaction volumes in the fourth quarter due to deteriorating economic conditions, the disappearance of speculative buying and the lack of financing,” Morgan Stanley said.
Prices of high-end Dubai properties – including those at the Burj Dubai development that includes the world’s tallest tower, as well as the man-made Palm Jumeirah – are down 35 per cent since their peak.

Because of this Emaar Properties is likely to be the “worst affected” among Dubai developers by the change in selling prices. “We believe that Emaar runs a high risk of sales returns and defaults among its recent launches,” the bank said. “The company’s high-end developments, the Burj area and The Old Town, have taken the biggest hit since the peak.” Analysts surveyed by Reuters in December said they expected Emaar’s fourth-quarter profit to fall 7.5 per cent. The stock has fallen about 17 per cent this year.

Meanwhile, rents in Dubai, were also down, falling seven per cent in December from a peak last summer, while the cost of renting villas had declined ten per cent, the bank added.

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