The latest UAE property stories:
Bad press dents Brits’ UAE property interest
Press headlines of stalled projects and investor groups who have lost their money has put UK investors off buying in the UAE, according to the results of a study by an independent UK-based property portal.
According to the latest rankings from TheMoveChannel.com, a UK-based independent website for international property, the UAE dropped ten places to 22nd on the list, behind other emerging markets such as Bulgaria, Turkey and Thailand.
Arabianbusiness: Bad press dents Brit interest in UAE property
$3m payout for former Nakheel CEO
The former chief executive of Nakheel has won more than US$3 million (Dh11m) from the Dubai developer in one of the biggest pay rows to have been heard in the emirate’s courts.
Chris O’Donnell, the Australian property executive who was earning Dh400,000 a month at Nakheel, left the company last June after 5 years at the helm.
But he claimed he was still owed millions of dollars in end-of-service entitlements in a high-profile case filed with the Dubai World Tribunal.
The The National: Nakheel’s ex-chief wins case in court
Burj Khalifa property prices fall
Property prices for luxury apartments in the Burj Khalifa, the world’s tallest tower, have fallen to as low as AED2,100 per sq ft, real estate experts have told Arabian Business.
High service charges coupled with distressed sales are being cited as the reason for the drop.
Arabianbusiness: Burj Khalifa property prices fall to AED 2,100 per square foot
Nakheel responds in fees row
The chairman of Nakheel says service fees at the Shoreline Residences on the Palm Jumeirah will be reduced again this year, even as unhappy owners hunt for a new company to manage the premises.
Ali Rashid Lootah discussed the months-long row over service fees and access to the beach, pool and gym in an exclusive interview with The National last week.
“Our service is the cheapest … if they think they can get a better service, it’s their privilege,” Mr Lootah said.
The National: Nakheel hits back over Palm Jumeirah fees row
The National: Shoreline tenants paying daily for beach & pool, despite paying fees
