The latest property news in the UAE:
Trump has Burj Khalifa envy
Although his project The Trump International Hotel and Towers project may have been cancelled in Dubai, Donald Trump is quite “jealous” of the UAE’s achievements which include the world’s tallest tower – the Burj Khalifa.
“The Middle East, and especially the Gulf, has shown tremendous effort and growth in the real estate and property sectors in recent years. It is amazing what has been accomplished and I am jealous,” Trump said at the Middle East Facilities Management Association (MEFMA) conference.
Emirates 24|7: Donald Trump jealous of the Burj Khalifa
Rera CEO: Dubai buildings need better maintenance
Shoddy maintenance of apartment buildings could harm residents and deter investors, Dubai’s property regulator warned yesterday.
The Real Estate Regulatory Authority has been fielding an increasing number of complaints about poor upkeep, its chief executive Marwan bin Ghalaita said.
Most of the complaints centred on air-conditioning systems and slow service, but other failings – such as faulty fire systems or loosely strewn cables – could be dangerous, Mr bin Ghalaita said.
The National: Rera chief criticises upkeep of buildings
Discovery Gardens residents facing cut-off
Marked, “Top Urgent”, a notice has been issued by Nakheel to owners of Discovery Gardens, forewarning them of utility and third-party service disruption due to non-collection of accrued service charges.
Emirates 24|7: Discovery notice: Pay dues or face shutdown
Q4 rise in Dubai house prices
Dubai’s house prices rose by 2.3 percent in the last three months of 2011, according to the latest Knight Frank Global House Price Index.
The real estate firm ranked Dubai 26th out of 52 property markets around the world – a list it once propped up after the house price crash in 2009.
Arabianbusiness.com: Dubai house prices up 2.3% in Q4 2011
Abu Dhabi top developers consider merger
Abu Dhabi’s two largest developers are weighing a US$15 billion (Dh55.09bn) merger in what would be the biggest consolidation of listed property assets ever seen in the capital.
Aldar and Sorouh are preparing a study to be put before both boards within the next three months, they said in a joint statement yesterday.
“A merger makes perfect sense,” said Haissam Arabi, the chief executive at the Dubai asset manager Gulfmena Investments. “There is no need for two developers with very similar offerings.”
The National: Sorouh & Aldar weigh $15b merger plan
Arabianbusiness.com: Aldar – Sorouh talks may spark UAE consolidation