UAE/TURKISH BUSINESS RELATIONS

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  Dr. Nilgün Birgören    Premium Member   Group moderator

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  Real Estate

  Real Estate Decree Number 6 grants a developer the right to unilaterally terminate a purchase contract if the investor does not meet certain obligations. The decree, issued by the Dubai Executive Council last month, awaits formal publication in the official gazette.
  
  However, in an effort towards even-handedness, developers and investors both have the right to ask the Dubai Land Department to terminate a property purchase contract if certain conditions are met. Components of the decree have been welcomed by industry players as potentially helpful in defusing unresolved conflict and clearing a path to resolution.
  
  The decree attempts to clarify the legal rights of investors and developers and provides greater powers to the Dubai Land Department [to cancel projects]. These will help increase transparency.
  
  The decree empowers the developer to terminate a purchase agreement by directly sending a termination notice to a purchaser who is in breach of the contract, without the Land Department's approval or involvement. A purchaser can terminate a contract for a number of reasons, including the developer's failure to deliver the unit without justifiable cause or the payment schedule not being in line with the Real Estate Regulatory Authority's guidelines.
  
  Decree No 6 sets out the guidelines for an investor to take petition the courts in case of a complaint.
  
  • 02 Apr 2010, 9:03 pm
  Dr. Nilgün Birgören wrote: > Real Estate Decree Number 6 grants a developer the right to > unilaterally terminate a purchase contract if the investor does not > meet certain obligations. The decree, issued by the Dubai Executive > Council last month, awaits formal publication in the official > gazette. > > However, in an effort towards even-handedness, developers and > investors both have the right to ask the Dubai Land Department to > terminate a property purchase contract if certain conditions are met. > Components of the decree have been welcomed by industry players as > potentially helpful in defusing unresolved conflict and clearing a > path to resolution. > > The decree attempts to clarify the legal rights of investors and > developers and provides greater powers to the Dubai Land Department > [to cancel projects]. These will help increase transparency. > > The decree empowers the developer to terminate a purchase agreement > by directly sending a termination notice to a purchaser who is in > breach of the contract, without the Land Department's approval or > involvement. A purchaser can terminate a contract for a number of > reasons, including the developer's failure to deliver the unit > without justifiable cause or the payment schedule not being in line > with the Real Estate Regulatory Authority's guidelines. > > Decree No 6 sets out the guidelines for an investor to take petition > the courts in case of a complaint.
• 
  Dr. Nilgün Birgören    Premium Member   Group moderator

  The company name is only visible to registered members.

  Re: Real Estate

  Good news for real estate.
  
  The market hit bottom in March last year and since then it has been slowly stabilising, except for office space, according to Asteco's latest report.
  
  Rents on the Palm Jumeirah and The Springs even rose slightly, by 5 and 2 per cent, respectively, in the first quarter of this year. These two areas also witnessed the most sales transactions, thanks to better pricing and mortgage availability, the report shows.
  
  Villa rents haven't changed much since the previous quarter with some areas reporting only a slight increase or drop. Established locations, such as Emirates Living and Jumeirah, got the thumbs up.
  
  Over the past 25 years we have seen various peaks and troughs in the property market with an overall incredible growth in the region. The only constant is change and the positive upturn after every decline.
  
  Despite the demand for communities with easy access to Abu Dhabi, such as The Green Community and Arabian Ranches, increased availability has pushed rents down slightly. It's a similar story in Mirdif.
  
  Rents are stable in desired locations, such as the Arabian Ranches and The Springs.
  
  On the apartment side, rents are still sliding by about 5 per cent bar some sought-after locations like Downtown Dubai and The Palm Jumeirah where rents are up by 2 per cent, according to Asteco.
  
  However, this may have to do with the fact that it is a new building where hundreds of units came on-line at the same time.
  
  Apartments in newly handed over areas, like the Marina quays come in at 100 units plus. This means that the landlord has to be competitive to be able to rent or sell. We are leasing quite a bit in Executive Towers and Marina Residence.
  
  Apartment rents, according to any expert in the industry, are expected to come under pressure as more supply comes on-line. According to Asteco, Discovery Gardens, Dubai Marina and Jumeirah Lakes Towers could be worst hit.
  
  Sales are on the up on the residential side in established communities, although buyers are looking for the affordable with a higher demand for smaller villas. There is still a gap between asking prices and what buyers are willing to pay.
  
  The search for office affordability has resulted in Jumeirah Lakes Towers, Discovery Gardens and International City witnessing increased transaction activity and enquiries, thanks to lower prices. According to http://www.propertyfinder.ae the most viewed areas in terms of buyer and tenant interest are Dubai Marina, JLT and Palm Jumeirah.
  
  Appetite for offices, however, remains subdued and office rents continue to slide on average by 7 per cent. The report attributes this to increased supply in the DIFC, JLT and Tecom. Inquiries focus on small to medium units from 1,500 to 5,000 square feet.
  
  Preference has now changed to fitted offices. As more offices come to the market and prices drop even further, many companies are likely to upgrade. Sales prices have dropped by 10 per cent since April 2009.
  
  The report points out that some units have been sold in JLT, but more in Tecom. Business Bay has issues because of the ongoing construction in the area.
  
  Interestingly, developers are responding to changed market conditions, seeking to convert commercial developments into mixed-used projects in free zones, according to the report.
  
  Regards,
  Nilgun Birgoren
  
  • 13 Apr 2010, 12:55 pm
  Dr. Nilgün Birgören wrote: > Good news for real estate. > > The market hit bottom in March last year and since then it has been > slowly stabilising, except for office space, according to Asteco's > latest report. > > Rents on the Palm Jumeirah and The Springs even rose slightly, by 5 > and 2 per cent, respectively, in the first quarter of this year. > These two areas also witnessed the most sales transactions, thanks to > better pricing and mortgage availability, the report shows. > > Villa rents haven't changed much since the previous quarter with some > areas reporting only a slight increase or drop. Established > locations, such as Emirates Living and Jumeirah, got the thumbs up. > > Over the past 25 years we have seen various peaks and troughs in the > property market with an overall incredible growth in the region. The > only constant is change and the positive upturn after every decline. > > Despite the demand for communities with easy access to Abu Dhabi, > such as The Green Community and Arabian Ranches, increased > availability has pushed rents down slightly. It's a similar story in > Mirdif. > > Rents are stable in desired locations, such as the Arabian Ranches > and The Springs. > > On the apartment side, rents are still sliding by about 5 per cent > bar some sought-after locations like Downtown Dubai and The Palm > Jumeirah where rents are up by 2 per cent, according to Asteco. > > However, this may have to do with the fact that it is a new building > where hundreds of units came on-line at the same time. > > Apartments in newly handed over areas, like the Marina quays come in > at 100 units plus. This means that the landlord has to be competitive > to be able to rent or sell. We are leasing quite a bit in Executive > Towers and Marina Residence. > > Apartment rents, according to any expert in the industry, are > expected to come under pressure as more supply comes on-line. > According to Asteco, Discovery Gardens, Dubai Marina and Jumeirah > Lakes Towers could be worst hit. > > Sales are on the up on the residential side in established > communities, although buyers are looking for the affordable with a > higher demand for smaller villas. There is still a gap between asking > prices and what buyers are willing to pay. > > The search for office affordability has resulted in Jumeirah Lakes > Towers, Discovery Gardens and International City witnessing increased > transaction activity and enquiries, thanks to lower prices. According > to www.propertyfinder.ae the most viewed areas in terms of buyer and > tenant interest are Dubai Marina, JLT and Palm Jumeirah. > > Appetite for offices, however, remains subdued and office rents > continue to slide on average by 7 per cent. The report attributes > this to increased supply in the DIFC, JLT and Tecom. Inquiries focus > on small to medium units from 1,500 to 5,000 square feet. > > Preference has now changed to fitted offices. As more offices come to > the market and prices drop even further, many companies are likely to > upgrade. Sales prices have dropped by 10 per cent since April 2009. > > The report points out that some units have been sold in JLT, but more > in Tecom. Business Bay has issues because of the ongoing construction > in the area. > > Interestingly, developers are responding to changed market > conditions, seeking to convert commercial developments into > mixed-used projects in free zones, according to the report. > > Regards, > Nilgun Birgoren
• 
  Dr. Nilgün Birgören    Premium Member   Group moderator

  The company name is only visible to registered members.

  Re^2: Green Track: Abu Dhabi 2030

  Dear friends and members,
  
  The Government of Abu Dhabi has been crafting its future skyline offering a balanced growth that will be sustainable.
  
  The emirate, which hosts the UAE capital, is also developing a new administrative headquarters in Capital District where the seat of the UAE Government and Abu Dhabi Government will be relocated.
  
  Despite the current global financial crisis, a majority of Abu Dhabi's real estate and infrastructure projects are going ahead, with developers and government entities pumping in billions of dirhams to create an ultra-modern city conforming to global living standards, industry experts and government officials say.
  
  These are part of the massive $2 trillion (Dh7.35 trillion) worth of projects planned or under way in the six Gulf Cooperation Council (GCC) countries and the opportunities available for the global construction and investment community.
  
  In 2009, almost $52 billion worth of contracts were awarded in the GCC region and the level is expected to rise in 2010.
  
  The total value of infrastructure contracts increased by 11 per cent to $15 billion in 2009, from $13 billion in 2008. There are significant opportunities in key areas such as infrastructure, transportation and housing and they will continue to lead the construction industry for years to come.
  
  Abu Dhabi continues to witness a surging economy. In accordance with Abu Dhabi 2030, the UAE capital will continue to invest in numerous construction and infrastructure projects including housing, transport, energy, industrial, health care and education.
  
  With massive investments in the industrial, tourism, civil aviation and real estate sectors, Abu Dhabi city and its surrounding areas are all set to get a complete makeover by 2015.
  
  The aim is to become a top holiday and residential destination of choice, patronised by affluent holidaymakers and top-notch professionals from around the world.
  
  Regards,
  Nilgun Birgoren
  
  • 18 Apr 2010, 7:41 pm
  Dr. Nilgün Birgören wrote: > Dear friends and members, > > The Government of Abu Dhabi has been crafting its future skyline > offering a balanced growth that will be sustainable. > > The emirate, which hosts the UAE capital, is also developing a new > administrative headquarters in Capital District where the seat of the > UAE Government and Abu Dhabi Government will be relocated. > > Despite the current global financial crisis, a majority of Abu > Dhabi's real estate and infrastructure projects are going ahead, with > developers and government entities pumping in billions of dirhams to > create an ultra-modern city conforming to global living standards, > industry experts and government officials say. > > These are part of the massive $2 trillion (Dh7.35 trillion) worth of > projects planned or under way in the six Gulf Cooperation Council > (GCC) countries and the opportunities available for the global > construction and investment community. > > In 2009, almost $52 billion worth of contracts were awarded in the > GCC region and the level is expected to rise in 2010. > > The total value of infrastructure contracts increased by 11 per cent > to $15 billion in 2009, from $13 billion in 2008. There are > significant opportunities in key areas such as infrastructure, > transportation and housing and they will continue to lead the > construction industry for years to come. > > Abu Dhabi continues to witness a surging economy. In accordance with > Abu Dhabi 2030, the UAE capital will continue to invest in numerous > construction and infrastructure projects including housing, > transport, energy, industrial, health care and education. > > With massive investments in the industrial, tourism, civil aviation > and real estate sectors, Abu Dhabi city and its surrounding areas are > all set to get a complete makeover by 2015. > > The aim is to become a top holiday and residential destination of > choice, patronised by affluent holidaymakers and top-notch > professionals from around the world. > > Regards, > Nilgun Birgoren