Zabeel Properties, a division of Zabeel Investments, has announced that it has handed over homes at the Tiara Residence to owners.
The Tiara Residence is located on the trunk of the Palm Jumeirah and comprises 644 apartments in seven 15-storey towers.
The development also includes the Essque Hotel, set to open in 2010.
Owners of residential units at the Golden Mile on the Palm Jumeirah began receiving their keys last month.
The development on the trunk of the artificial island includes 860 residential units (one, two and three bedroom apartments, plus townhouses and penthouses). It is a joint venture between Nakheel and IFA Hotels and Resorts (IFAHR).
All residences will be managed by the Fairmont Palm Hotel, scheduled to open in 2010.
IFA HR recently introduced a scheme allowing Golden Mile owners to either occupy their apartments or lease them through IFA HR.
The United Arab Emirates will begin shortly begin issuing multiple-entry visas to foreign property owners.
From June 1 2009 an expatriate owning a property in the UAE will be able to obtain a multiple-entry visa that will be valid for six months.
A visa will cost AED 2000 and can be renewed provided the property owner leaves the UAE for at least one month.
Conditions include:
• The property must be worth at least AED 1 million
• The owner must have a monthly income of at least AED 10,000
• The owner must obtain the title of the property from the registration authority in the relevant emirate.
The visa does not give the holder the right to work.
Property prices in Dubai plummeted in the first quarter of 2009 according to a leading real estate advisor.
According to the Dubai House Price Index Q1 2009, published this week by Colliers International, property prices declined 41 percent between Q4 2008 and Q1 2009.
Prices have now dropped to the level experienced in the second quarter of 2007.
Dubai-based property developer Limitless has made 38 of its staff redundant (7%) and delayed the second phase of its Arabian Canal project.
The Arabian Canal is a 75 km man-made waterway and series of waterfront developments. It will run from the Dubai Waterfront at Jebel Ali, past the new Dubai World Central International Airport, and back towards the Palm Jumeirah.
The company will continue work on the first phase of the project, excavation of an 8 km stretch of waterway. The whole project is likely to be split into around 10 phases.
Dubai-based property developers Union Properties have announced that the handover of apartments and townhouses at Uptown MotorCity in Dubai MotorCity will commence on April 1 2009.
The first phase of the handover will comprise 515 residential units in seven buildings.
Lesley Sayle, Chief Property Officer, said ‘We are looking forward to welcoming the first residents of UPTOWN MotorCity in April 2009. Residents moving into the development will be a combination of owners, leasing tenants of UP’s rental portfolio and residents on rent-to-own plans. The development is a secure living environment architecturally designed along the lines of our first UPTOWN development.’
Uptown Motorcity Apartments
Building work on one of Dubai’s major theme parks has been suspended due to the lack of funding in the current economic climate.
Union Properties have announced that work on the Formula One (F1) theme park at MotorCity in Dubailand has been suspended.
They claim the project will now open in 2010, provided a financial backer can be found.
Construction work commenced 3 years ago and is more than 50 percent complete.
A new survey of foreign workers in the UAE has revealed that more than 40 percent are preparing to leave in the next year.
The poll, conducted by market researchers Real Opinions, reveals that almost 1 in 5 believe they may lose their job in the next year.
Foreign workers also expressed concerns with the high cost of living, in particular school fees and rents.
Dubai property developer Nakheel has announced that its Marina Residences development on the Palm Jumeirah is now almost complete.
The handover of more than 900 apartments will begin in April 2009.
The Marina Residences are located at the tip of the trunk of the Palm Jumeirah and consist of 6 luxury residential towers, each with direct access the exclusive Anchor Marina.
A plan to develop 4 theme parks on Dubai’s Palm Jebel Ali has been put on hold.
Nakheel and the Busch Entertainment Group have delayed the projects for at least one year.
Nakheel recently announced delays on several other major projects, notably the Trump Hotel on the Palm Jumeirah and the Nakheel Harbour and Tower.