Real Estate News
Study: Majority of Residents Rate Northwest Arkansas as 'Excellent' Place to Live
A quality of life assessment released Wednesday finds that the majority of northwest Arkansas residents rate the region as an "excellent" place to live. More »
Masdar to welcome first residents in 2009
Abu Dhabi's groundbreaking environmental project, Masdar City, is scheduled to welcome its first residents by the end of 2009 according to Khaled Awad, director of property development. The residents will be students at the new Institute of Science and Technology. The project's solar power plant will be operational in March 2009. More »
Dubai eco-building law due in January 2009
Adi Zuhair Afaneh, senior environmental planner, Planning Department, Dubai Municipality, reiterated to delegates at the MEED Green Building conference held in Dubai that the Municipality is due to finalise regulations concerning green building practices in the emirate by January 2009. DEWA is helping to finalise the tier-based system. More »
Green standards 'deficient'
Keith Clarke, CEO of global firm WS Atkins, told delegates at the MEED Green Buildings conference in Dubai that current international green measuring standards such as LEED and BREEAM are deficient in terms of correctly measuring carbon reduction in projects. Clarke also said that despite current financial conditions companies should continue to fund sustainability initiatives. More »
Mayadeen unveils $436m project in Abu Dhabi
National Ranges Company (Mayadeen), a Kuwaiti shareholding property development firm, has launched Aurora, its Dhs1.6bn ($436m) project in Abu Dhabi, and opened it for sales. Located in Shams on Al Reem Island, the project includes the construction of two residential towers, which will be 53 stories each and stand 208 metres high. The towers will feature 960 apartments, ranging from one bedroom to four bedroom penthouses and duplex rooms. The project also includes the construction of a 14-storey commercial tower, which will offer 112,000 square feet of commercial space. More »
Eco Towers launched in Abu Dhabi
Abu Dhabi-based developer Connection Real Estate has launched a Dhs1bn ($272m) mixed-use environmentally-friendly project in the capital - Eco Towers - comprising luxury apartments and commercial property, reported Gulf News. Levelling work on the two plots where the project is to be built will start within the next four weeks. The gross floor area of the two plots is 787,000 square feet and it's located on the Airport Road. More »
Limitless invites bids for phase two of canal
Limitless is inviting construction firms to bid for the second phase of earthworks on Arabian Canal, its $11bn waterway. The contract will involve the excavation of around 300 million cubic metres of earth along an 8.5 kilometre stretch of the Canal's route. It follows the appointment last month of Abu Dhabi-based Tristar for phase one, where 100,000 cubic metres of earth is being moved each day and more than 200 million cubic metres will be excavated in total. Ian Raine, Project Director, Arabian Canal, said this is the second of around 10 packages that will be awarded for the excavation of the 75km waterway. Limitless expects to name the contractor for phase two of the earthworks in early 2009. More »
Kuwait may open real estate sector
Kuwait's cabinet has submitted a proposal to allow citizens from other Gulf states to own property and land in the country, Reuters has reported. The bill would allow citizens of Saudi Arabia, the UAE, Qatar, Oman and Bahrain to be treated like Kuwaitis in 'ownership of land and property', which currently is closed to foreign ownership. The bill requires approval by parliament and Kuwait's ruler. More »
Capital Gate aims for world record
The developer and architect of the Capital Gate project in Abu Dhabi have submitted a joint application to the Guinness Book of Records to recognise the tower as the 'most inclined in the world', reported Khaleej Times. Capital Gate leans westward 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. The Abu Dhabi National Exhibitions Company (Adnec) is the developer of the project, and RMJM is the project architect. More »
Off plan sales cool off in Dubai
Real estate agents and analysts in Dubai say demand remains strong for completed property in the emirate, but interest in off plan property appears to be drying up, AP has reported. Some investors who had hoped to see double-digit or better annual returns are now looking simply to cut their losses on unfinished properties. At the same time, banks are tightening the rules on who can get a loan, and for how much, which means many buyers no longer qualify for mortgages at 10% down. More »