The latest UAE real estate news:
Remraam investors petition over unfinished homes
Investors in Dubai’s Remraam Community have petitioned the emirate’s ruler to intervene in a dispute with the project’s developer.
The Dubai Properties Group development was scheduled to complete in June 2010, complete with pools, malls, landscaping and retail features. But owners said in a petition to the Ruler’s Court that they were being forced to accept properties without water and electricity connections.
Newzglobe.com: Investors cry-out over unfinished properties
Arabianbusiness.com: Investors petition Dubai over unfinished properties
Abu Dhabi resumes museum projects
Last year Abu Dhabi slammed the breaks on public spending and contractors complained that the situation was like the sudden stop in Dubai three years earlier, with $30 billion worth of projects put on hold in Abu Dhabi.
But after a major spending review the Executive Council this week re-opened the state coffers. New budgets and opening dates have been approved for the Louvre, Guggenheim and Zayed National museums, the most high-profile projects put on hold.
Arabian Money: Abu Dhabi resumes museum projects after spending review
Damac refunds Palm Spring investors
Investors in Dubai’s stalled Palm Springs project have reached a deal with developer Damac for a full, upfront refund on payments made for their uncompleted properties.
Buyers on the Palm Jebel Ali project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years.
Arabianbusiness.com: Palm Spring buyers net 100% refund from Damac
Property visa delay holding back investors
Lack of clarity on the three-year UAE real estate investor visa is not encouraging investor influx and the market is still to feel the full impact of the decision, believe property experts.
“The full impact of the investor visa is still to be felt and with some uncertainty remaining over the actual physical award of visas to home owners and a lack of clarity to specific conditions relating to the inclusion of family members,” Matthew Green. Head of Research & Consultancy, UAE, CB Richard Ellis, told Emirates 24|7.
Emirates 24|7: No news on property visa holding back investors
