Middle East

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central-abu-dhabi Abu Dhabi’ss real estate sector, appears to be showing a promising future as strong demand is expected to outstrip supply over the coming years. Rental grow rates of up to 65% over the last 12 months have resulted in a very low vacancy rates of 1% which is excellent.

One downturn of Abu Dhabi’s growth is the property price hikes home owners experienced in 2008. Prices overall have increased by 89% which has consequently resulted in reduced rental yields. Abu Dhabi is at the top of the regional chart when it comes to real estate, making it the most expensive city for rental and purchase in the UAE.

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Next year the Ajman government will follow in the footsteps of the Dubai’s Real Estate Regulatory Authority when they introduce their own regulations for real estate developments in the emirate.

Back in September we covered the new Ajman property law and how it will take effect. However, it took longer than initially anticipated to sort out the finer points on the law. Further to this, the Ajman government wants to see Dubai’s law instigated first to keep things in order and not confuse buyers in the emirate nations.

The law will be welcomed by investors as some have been caught out buying from the wrong source. Chief executive of Aqaar Properties and the director of Al Zorah, Rami Dabbas said “The problem here is that people sometimes don’t investigate what they’re buying. So many people just buy off-plan without knowing the details or asking questions, such as whether the company is registered.

towers-in-bahrain-manama
Bahrain’s real estate market is looking to have come to a stand still over the last few months. While the global crisis won’t affect Bahrain as heavy as it does other markets, local real estate agents record flagging sales numbers saying “Prices over the past months have been fairly static, nobody is buying and nobody is selling, there’s little activity”. This was told by Mike Williams, senior director at real estate adviser CB Richard Ellis in Bahrain.

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Burj Dubai in the evening

Emaar Properties’s signature Downtown Burj Dubai development has seen a fall of over 20 percent in property values. Some of the properties within the Burj Dubai tower have now reduced by up to 50 percent.

This goes in line with our report earlier this month on Dubai’s property prices falling. Many developers are now forced to sell their overflow cheaper than they’d hoped for in order to save them from certain bankruptcy. It also seems that high end developments are affected more so in Dubai than the middle and lower market.

 

The American Village in Erbil, Kurdistan is strategically located in a country with lots of future potential. It lies a convenient 15km drive from Erbil international airport and next to the international school of Choueifat.

A planned future hospital will also be close by giving residents required infrastructure for modern living. Surrounding the village are the striking Kurdish mountains offering spectacular views.

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Executive-Towers-in-Al-Helio-Downtown-in-Ajman

Executive Towers is a masterfully planned mixed use development offering both businesses and residents elegant ultra modern urban facilities within the most inspiring surroundings of Al Helio Downtown in Ajman. Executive towers is designed by renowned architects Atkins, and will include a wealth of Residential, Business and Recreational facilities.

Executive Towers in Al Helio Downtown is tipped to become the UAE’s next property hot spot. Huge capital growth forecast and the opportunity to flip the investment before completion of the development make this type of investment a sure fire winner.

The much-awaited Phase 1 release of the Tarin Hills development in Erbil, Iraq was announced on Friday 17th October. Phase one construction of retail & residential units on the massive 4.5 million square meter development in Erbil, Iraq has commenced.

There are currently retail and residential units in two, 11-storey buildings, Building A & B up on sale at extraordinarily low pre-launch prices. Here is a breakdown of the units:

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This is the third and final part of our three part Ajman property market overview. In part one we looked at the high potential Ajman’s property market has right now. Then in part two we covered the recently updated Ajman property law, allowing overseas investors to buy freehold.

Infrastructure and Developments to Watch in Ajman

With rising interest from overseas investors, Ajman’s officials are investing a lot of effort and money into updating the current outdated infrastructure.

Last year some Dh 500 million (£70m) has been invested to update the road network, intersections, bridges and renovation costs. This year, the anticipated total of all the monies already spent for infrastructure totals some Dh 1.38 billion (£220m).

This doesn’t include the Ajman Marina which is estimated to cost $2 billion and expected to be completed in 2015. It will be home to some 21,000 residents offering freehold property ownership.