I stumbled on this video this morning – it was produced back in May 2008 (less than a year ago), the height of the global economic boom when the price of crude oil hit $135. Today, due to falling demand and the state of the global economy, the price of a barrel of oil is about $35.
As Dubai developers are packing their bags with job redundancies and canceled contracts becoming the order of the day, its tiny neighbor, Qatar is firing up its construction sector. New construction projects such as the Qatar-Bahrain Causeway will help create 2,000 new jobs giving many previous Dubai employees a fresh start.
Damien Degueldre is the Vice President of Sigma International Construction Iraq; the Iraqi division of a US based company, that specialises in construction, engineering consulting and project development. As a company, Sigma International Construction has set itself apart by partaking in challenging construction projects in the line of crossfire. With projects involving the renovation and reconstruction of the Iraqi Ministry of Defence, the Baghdad Police College and the Electoral Commission Building under their belt, Sigma International Construction are developing a new residential development in Erbil, the capital of Kurdistan in Northern Iraq called the American Village.
We asked Damien to share a few thoughts about the real estate scene in Erbil and Iraq at large with us, and he was kind enough to oblige.
As the global recession looms, there is no doubt that Dubai’s property market has experienced its fair share of negative publicity and losses over the last few months. The former glorified property market is today at best a market like many others with foreclosures and job cuts imminent.
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.
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.
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.
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:
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.
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.
Prev