Dubai escrow law uncertainty
Property analysts have said Dubai's new law on trust, or escrow, accounts, requires clarification with regard to foreign investment, reported Gulf News. Bin Shabib and Associates said, at present, foreigners holding a title deed for a plot of land can only obtain the necessary licence to build a development by going through a local intermediary. This requirement could be preventing overseas firms from raising their investment levels in Dubai. More »
AD committee supports tenants
Abu Dhabi's Rent Disputes Resolution Committee has assured tenants that landlords seeking to evict them illegally will have to gain approval from the body first, reported Gulf News. Several landlords have tried to use the excuse of urgent building renovation as a means of evicting tenants before seeking new occupants not bound by the 7% rent cap. Building demolition orders cannot be enforced until the committee has sanctioned the move. More »
Seeking a Financial Refuge (BusinessWeek Online)
BusinessWeek Online - The easy-money mindset that pervaded everything from subprime mortgages to private equity has faded, leaving many Wall Street watchers fearful of a credit crunch that might take down the economy. So how can you protect your portfolio? More »
Allianz plays down subprime risks (Reuters)
Reuters - Europe's biggest insurer Allianz on Friday played down chances it could be seriously affected by problems in the U.S. subprime mortgage market after beating forecasts with its second-quarter earnings. More »
Weyerhaeuser results beat expectations (Reuters)
Reuters - Timber company Weyerhaeuser Co. reported better-than-expected quarterly earnings on Friday, as strength in its packaging products business helped offset weak demand for wood products from U.S. home builders. More »
Countrywide debt protection costs leap (Reuters)
Reuters - The cost to insure the debt of Countrywide Financial Corp. surged on Friday as investors fretted over the impact of delinquencies by residential mortgage borrowers. More »
Bear Stearns, lender shares fall on credit worries (Reuters)
Reuters - Shares of investment banks and lenders sank on Friday as a series of events stoked fears that a slowing U.S. housing market would lead to more mortgage losses and erode earnings. More »
US mortgage giant ceases new business, lays off thousands (AFP)
AFP - American Home Mortgage, one of the country's biggest mortgage companies, ceased new business Friday and blamed its woes on the stricken US housing market and a related credit crunch. More »
Subprime fears drag down European banks (FT.com)
FT.com - European equity markets endured a second consecutive week in the red as the subprime crisis roiling credit markets deepened. More »
Wells Fargo, other lenders curb mortgage loans (Reuters)
Reuters - Wells Fargo & Co , Wachovia Corp and other lenders are limiting mortgages to some of their more creditworthy borrowers as worries about U.S. homeowner defaults widen. More »
Asian banks may escape US subprime crisis (FT.com)
FT.com - Asian banks should be able to weather the downturn in US credit markets because of their limited exposure to the subprime mortgage market, according to Moody's, the ratings agency. More »
Subprime lender First NLC lays off 645 employees (Reuters)
Reuters - First NLC Financial Services LLC, a subprime mortgage lender being sold by Friedman, Billings, Ramsey Group Inc , said on Friday it has laid off nearly half of its 1,350 employees as it combats a slumping housing market. More »
Dow loses over 280 points on mortgage, credit fears (AFP)
AFP - The leading Dow Jones Industrial Average plunged over two percent Friday as US stock markets suffered a battering from mortgage- and credit-related woes. More »
Problems in US markets hit Tomkins (FT.com)
FT.com - Ongoing problems in the US car and housing markets caused another fall in sales and operating profit at Tomkins, the UK engineering group. More »
Freddie CEO wary of more subprime loans: NYT (Reuters)
Reuters - The head of Freddie Mac , one of the biggest U.S. mortgage finance companies, dismissed suggestions that his company should step in to bolster sagging financial markets by buying distressed loans, the New York Times reported on Saturday. More »
Fed seen standing firm as mortgage pain worsens (AFP)
AFP - The Federal Reserve is widely expected to keep US interest rates on hold at its meeting Tuesday despite increasing angst about America's troubled housing and mortgage markets, economists say. More »
Fancy features used as buyer bait
It used to be that a full-service apartment building in New York meant a doorman, a roof garden, maybe a gym. These days, the can-you-top-this amenities include chic screening rooms; covered dog runs; golf simulators where you can practice your swing in front of a screen; wine cellars; bocce courts; rooftop beaches with sand and hammocks; and your own personal ð More »
Richard White: Developer fails to build final units
Q. We have a 50-unit condominium association with 42 units built. The first developer promised but failed to build the remaining eight units that were in the master plan. They then sold the property to a new developer. The new developer has also failed to build our eight units to complete our association. More »
NABOR reports second-quarter statistics
The Naples Area Board of Realtors has released second quarter 2007 statistics for home listings and sales in Naples, utilizing the boardð# local reporting format. More »
Study sees local signs of recovery
Metrostudyð# second-quarter 2007 housing data shows continuing signs of recovery for the Naples-Fort Myers housing market. More »
Real estate transactions: August 5, 2007
A list of recent real estate transactions in Southwest Florida. More »
$203m Salmiya mall deal
A real estate development firm has paid $203.2m to buy the Salmiya southern market in Kuwait, reported the KUNA. The 220,000 sqft site, currently consisting of rented shops and empty lots, will be transformed into a 15 storey mall including restaurants and recreational facilities. It is hoped construction will begin next year. More »
Kuwait needs more housing
Faraj Al Khodari, the Chairman of Professional Real Estate, has said a housing shortage in Kuwait could hold back economic development and he proposed that there should be a 10-15% surplus in available units to avoid this and to stabilise rental rates, reported the KUNA. Al Khodari also said work must be done to improve core infrastructure such as roads, parking lots and alternative methods of transport. More »
EEC, SETE in KAEC deal
Emaar, The Economic City has signed an agreement with SETE Energy Saudia for the development of a desalination plant on an engineering, procurement and construction basis at the King Abdullah Economic City. The 70,000 cubic metres per day plant will meet the needs of the first phase of the KAEC. The plant will be completed in five stages with the first to be completed within one year. More »
Jordan needs 100,000 units
Dr Khalid Wazani, the GM of Jordanian real estate firm Taameer, has said demand for housing units from those on limited incomes in the kingdom will continue for at least 15 years, reported the Jordan Times. Wazani added that 100,000 units need to be constructed over the next five years to meet the requirements of middle and lower income groups. He believed Gulf backed investment would help address this issue. More »