Wednesday, April 9th, 2008
Posted by OP-Mall in
UAE Property
Sheikh Mohammad Bin Rashid Al Maktoum, Vice president and Prime Minister of the UAE and the ruler of Dubai has passed a new Escrow Account Law in 2007 that is set to gain control of the apparent developer mess that affects funds and delays.
The new legislation states that developers have to guarantee the correct use of funds for new project launches. With the late lack of confidence of investors in the market and the projected rise of UAE mortgage rates toward the end of 2006, the real estate regulatory body (RERA) has taken a big interest in watching the action closely to protect the integrity of new developments.
With the new rule, Escrow accounts must be managed by banking or financial institutions who are approved by the DLD (also referred to as Escrow agents).
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Last week we announced our very own Property Grand Prix and how we will follow this year’s Formula 1 circuit around the world looking at the respective local real estate market. With the Bahrain event just gone on the 6th April, race results have been celebrated with plenty of champagne and a victorious result by the Ferrari team.
The first three to cross the finish line in Bahrain were:
- Felipe Massa (Ferrari)
- Kimi Raikkonen (Ferrari)
- Robert Kubica (BMW)
There was plenty of action as always during the race and Formula 1 enthusiasts would have enjoyed every second.
Much like the Formula 1 circuit is a prosperous affair with millions of dollars involved, so is the Bahrain property market. Back in January this year we did a global review in which we also touched on a 1.6 billion health island development.
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Ryan Mahoney is the Managing Director of Better Homes, one of the UAE’s most prominent real estate agencies that has been in operation in the region since 1986.
Better Homes has been through the thick and thin of the ever changing landscape of UAE’s property market, particularly in the Dubai market. This has earned Better Homes a solid reputation as well as given them an unprecedented operational know-how in the region.
We asked Ryan to share a few thoughts about the real estate scene in Dubai and the UAE at large with us, and he was kind enough to oblige.
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Friday, April 4th, 2008
Posted by Overseas Property Mall in
Deals
For starters, they have both been to Albany House in the Bahamas. Being a secluded and magical estate, Albany House was chosen as the setting for the latest James Bond movie Casino Royale. Not only is the setting magical, but this has helped to put the place onto the world map with renewed acclaim for the Bahamas.
While Bond was sipping his Martini, Tiger Woods got busy buying into the brand new Albany development. His joint venture with fellow golfing buddy Ernie Els and the Tavistock Group (owned by Lyford Cay resident Joe Lewis) has created much speculation and interest from all around the world.
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We thought we’d share this video; it’s an exclusive interview with Tiger Woods about his investments outside of the golf course. He is a co-investor in a soon to be constructed $1.3 billion exclusive private golf residential community called Albany Golf & Beach Club in the Caribbean island, Bahamas.
He also talks about the Dubai property market & Tiger Woods Dubai, the first Tiger Woods-designed golf course and resort to be located in Dubailand.
Although he did not invest early, he is owns Google shares and is bent on holding.
He finally clarifies that he did not buy a $65 million New York, Hamptons seaside estate as this article suggests.
With this years Formula 1 Grand Prix hotting up after just two races, we decided to feature special Formula 1 theme posts to bring some of the action to you. With every race we will feature some local information about real estate in the area so that you too can be a racy investor.
Melbourne, Australia offered a great start to the season on 16.March and only 8 of the 22 drivers managed to finish the race. The guys on the podium were:
- Lewis Hamilton (McLaren-Mercedes)
- Nick Heidfeld (BMW)
- Nico Rosberg (Williams-Toyota)
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