The ACI management team with Niki Lauda recently
ACI real estate announced yesterday that it’s investment plans for the emirates is currently standing at a stunning £2.8 billion – which is scheduled for both Dubai and Abu Dhabi prime property development. Up-to-date investments include the 3 sports legend commercial towers, known as the “Trilogy” project situated along Dubai’s high-end Business Bay and another 5 new towers soon to be launched in Abu Dhabi.
ACI Real Estate is an affiliate of Alternative Invest Capital, a forward-thinking investment house from Germany.
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The U.S. Embassy in Baghdad
Despite the current political upheaval in Iraq, one area of the economy is already starting to recover – the Baghdad housing market. House prices fell through the floor last year as bombings and kidnappings increased. But as some stability begins to emerge from the rubble, the housing market has poked it’s head up from behind a parapet and said, “open for business.”
Many displaced Iraqis are returning home as the violence in the capital is beginning to decrease. But homes in safe areas are in short supply, forcing prices to rise dramatically. Unlike a typical London suburb where the house prices may be dependent on the closest decent school, which political faction controls the neighborhood has a lot to do with the price. People who sold at bargain prices and have now returned are finding that prices for the same housing are now out of their reach. Most Iraqis part cash for their properties and, as yet there is no organized mortgage system available.
One such unfortunate, Jassem, sold his five bedroom home in 2005 for $75,000 and is finding the same property priced at $165,000 now.
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Bangkok at night
Small and medium-scale property developers in Bangkok are being forced to sell their projects to larger developers as they start to face difficulties in obtaining financial support for construction. This is according to Visanu Suchatlumpong, vice-president of Asian Property Development Plc.
“Financial institutions did not approve project loans as they considered their (smaller developers) branding was not strong and their products might not be saleable,” he said.
But he also played down the role the global credit crunch was having, saying, “Some of them did not meet financial institutions’ conditions that required them to have sales of at least 40%.”
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A special meeting of Aberdeenshire council overwhelmingly backed Donald Trump’s plans for a £1billion golf resort in north-east Scotland this week.
Mr Trump’s spokesman, Mr. George Sorial said he was “very pleased and very grateful” for the council’s backing and that the support was a “very big step in the right direction”. Mr. Sorial had warned previously that failure by the council to endorse the plans could jeopardize the entire scheme. The meeting was largely symbolic however – last week the Scottish government said it would have final say on the application after being previously rejected by a council committee on environmental grounds.
The council also voted to unseat Martin Ford as chair of the committee which, on his casting vote, rejected the application last time round.
The leader of the Scottish National party group on the council, Joanna Strathdee, said councilors needed to restore the business and wider community’s confidence in the planning process and show the world that north-east Scotland was open for business, environmental issues be damned.
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At the Qatar Property Investment Forum held in Qatar on Monday and Tuesday. Chadi Abou Daher, Regional Manager of the World Trade Center, welcomed the delegates. Daher highlighted the fact that Qatar has emerged as one of the most attractive real estate markets and hoped that the forum would be a yearly platform offering insights into the latest trends emerging in the Gulf region and Qatar in particular.
Said Bahjat Said, President of ‘The Land Holding’, said that the Forum has come at a time when the property Market is enjoying immense growth and the prospects looked reassuring. He stressed the importance of embracing the best international practices and standards.
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A lavish Gala Dinner was held at the Royal Orchid Sheraton in Bangkok on Saturday night, to announce the winners of the 2007 Thailand Property Awards. More than 350 of Thailand´s real estate elite were in attendance to celebrate the award.
A three phase process is used to determine the winner in each category:
First, the real estate industry were invited to nominate companies in the 12 categories. Nominees could not nominate themselves, nor nominate in a category where there may be a conflict of interest. This phase closed on 31st August with over 260 nominations received.
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Soaring office rents combined with a shortage of apartments is luring developers like Donald Trump, Emaar Properties and Damac Properties to India.
Damac, a closely held developer based in Dubai, plans to invest an estimated $5 billion in India over the next three years as a booming economy spurs demand for real estate.
Damac plan to construct houses, offices and shops in Mumbai, New Delhi, Hyderabad and Bangalore. The first project will be started in 12 months time. Damac has built waterfront luxury projects in the United Arab Emirates and is investing in Saudi Arabia and Egypt as it expands it’s sphere of influence.
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Friday, February 22nd, 2008 
Posted by Overseas Property Mall in Property Industry News, UAE Property
