News From Around The Dubai Property & Real Estate Market U.A.E.

A few small but interesting and important bits of news and an update this week coming from the Dubai real estate market. There is a lot currently going on in the market, which is set for some big changes in the coming year or so. Most of the news of late has purely been focused on the large price drops that have been witnessed in residential property, but there is more happening than just that. Recently the Dubai Real Estate Regulatory Agency (RERA) has announced that Dubai property developers are to halt with raising service charges, unless gives specific permission by RERA beforehand. Service charges have long been a thorn in the side for owners of Dubai properties, and have often been in the news due to what have been perceived by freehold property owners as unreasonable price increase on previous levels charged. This should be a good idea in principle, but as with most things in Dubai, we will have to wait and see how it is actually implemented and put into practice! RERA are currently formulating a way of calculating what service charges should be for developers, which they state will stop developers exploiting owners, with service charges no longer being used as a profit making tool by developers.

Also in the news this week has been Nakheel’s announcement with regards to its Dubai Waterfront mega development. Given the large scale of the project, there has been relatively little information on the project, until Nakheel’s recently released good news. The developer has said it expects around 1000 villas at its Waterfront development will be handed over before the end of 2009. The 1040 villas are located at the Waterfront’s Manarah District in Badrah, are said by Nakheel to already be some 40% complete. The one thousand or so villas here are but a fraction of the property that will be offered at the Waterfront, a development that once fully complete will cover an area twice the size of Hong Kong and will also feature apartments, Townhomes, commercial real estate, industrial real estate plus retail and tourism projects. Once fully up and running, it truly should be an impressive sight!
 

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