International City rents drop below Dhs 15,000
Rents in the International City area of Dubai have slipped below AED15,000 a year for the first time, as prices in Dubai’s battered property market continue to fall.
Several studios in the Nakheel development are available for as little as AED14,000 a year, although most landlords require potential tenants to pay the full amount in a single cheque.
A series of studios measuring 455 sq ft in size are listed in many of the development’s clusters, including England, China, Italy and Greece.
The prices are more than 50 percent lower than the AED30,000-35,000 bracket recommended in RERA’s first Dubai rental index, published in October 2009.
Categories: Business in Dubai, Living in Dubai Tags: Discovery Gardens, International City, Nakheel
Nakheel to split from Dubai World by June
Nakheel will be carved out of parent company Dubai World and become a government-owned entity by June, when its efforts to restructure $10.8bn in debt will be complete.
The indebted developer was at the heart of the debt problems suffered by its parent company Dubai World, which roiled global markets in November 2009 when it asked for a standstill on around $25bn in loans.
Nakheel’s inability to meet its obligations, in the wake of a property collapse and the global credit crunch, left it with billions of dirhams in unpaid bills to contractors and suppliers.
Categories: Business in Dubai, Living in Dubai Tags: Dubai World, Nakheel
No water at Nakheel run Discovery Gardens buildings
The curse of “managed” properties reappeared as water has been disconnected to some buildings in Nakheel-run Discovery Gardens due to non-payment of Dewa bills.
Emirates 24|7 quote the residents:
“We have had no water for three days now. We called the Nakheel call centre and were told the [Nakheel] management was working to solve the issue,” S Kalyan, a resident of one of the Nakheel-managed buildings, told this website.
“We contacted the Dewa call centre and were told that Dh21,000 is outstanding from our building. Dewa told us that there are a number of buildings where they have already disconnected water supply,” she added.
Categories: Living in Dubai Tags: DEWA, Discovery Gardens, Nakheel
The World is washing away?
The World is washing away. No, its not about philosophy or the Great Picture.
As recent report states that The World, a constellation of 300 man-made islands shaped like a map of the world, is washing away due to erosion and lack of development.
The CEO of Kleindienst Group, the developer behind the six-island Heart of Europe Project, said the islands off the coast of Dubai will be corroded by the sea if they remain undeveloped.
Categories: Living in Dubai Tags: Kleindienst Group, Nakheel, The World
International City flooded in Sewage Water
Water coming out of a manhole with cables running underneath is causing concern among residents and office-goers at a building in International City.
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Expats Perplexed on Expensive Childbearing in DubaiCategories: Living in Dubai Tags: International City, Nakheel
Nakheel gets state cash to pay off debts
Troubled property developer Nakheel has said that it would repay its $750m Islamic bond that matures next month, following funds being made available by Government of Dubai.
The company said in a statement to emirate’s bourse that sufficient funds has been made available by the Dubai Financial Support Fund for repayment of the Islamic bond that is due on Jan 16, 2011.
The builder of man-made islands off the coast of Dubai, said with this sukuk payment it would have repaid all previously issued sukuk and would request the Nasdaq Dubai bourse to delist them.
Categories: Business in Dubai Tags: Mashreq Capital, Nakheel
Falling Rents in Dubai is a myth?
Time and again, there are reports in media that rents in Dubai have nose-dived, giving impression that it has been a tenants’ market now.
A recent article in Arabian Business takes this to next level, quoting Jones Lang LaSalle MENA’s Dubai Real Estate Market Overview, and claiming Dubai rents set to fall further across all sectors in 2010.
With an additional 24,000 units expected to be completed in 2010 and 25,000 units in 2011, there may be an emerging opportunity for both investors and financers in the Dubai residential market as it has already seen a significant level of pricing adjustment in 2009, he added.
Categories: Living in Dubai Tags: Nakheel, Rera