Property Select - Overseas Property News

Property forums top choice for 2009 is Morocco

Fri, 16 Jan 2009 00:00:00 GMT

Property forums around the world have yielded a surprising winner in the ‘best places to consider investing’ for this year. Property in Morocco, it turns out, is leading the market as a top investment destination, even though the markets for property in the US, Dubai and the UK have been in the headlines more often recently, with regards to the global financial crisis currently underway. In light of this, it’s easy to overlook the fact that some property markets are handling the slowdown far better than those that are newsworthy due to their poor health.

This week, a few were discussed in the forums, such as Brazil and Morocco, both of which are fairing better in the current hostile market conditions than some of the better-established real estate markets. Morocco property has the advantage over other emerging property markets because it is a European neighbour, with good air transport ties, predictable sunny weather and some marvellous seaside resorts along its Red Sea coast.

These resorts are becoming increasing popular, in particular the Morocco properties with cities and marinas, which are rising rapidly in the popularity stakes when it comes to short-term holiday destinations and, as a consequence, good places for all year long rental returns. In fact, one of the posters in the propertycommunity.com forum enthused about Marrakech and called it ‘a real economic powerhouse and rent yields can be good’, while others recommended property in Tangier.

The government backs most of the developers of property in Morocco and, as such, experienced investors consider them to be much safer prospects. In addition to this, the country has excellent tax laws, no inheritance or capital gains taxes and a low cost of living. All of these factors combine to make accommodation in Morocco an extremely attractive prospect for potential investors in 2009.

Dubai property benefits from celebrity association

Fri, 16 Jan 2009 00:00:00 GMT

There is not much doubt that if a celebrity’s name is associated with a property in Dubai, this is a major contributing factor in the amount of profits the development will make. Dubai Golf’s director of business development, John Kelliher, says, “'Just having the Tiger Woods signature on any golf course adds value and profits not only to the course but to all the property surrounding it.” Dubai Golf is responsible for the Emirates Golf Club and Dubai Creek Golf development projects.

Tatweer, which is a member of Dubai Holdings, is developing the Tiger Woods Dubai. Woods himself designed the course, which spans 55 million sq ft of the Dubai property in Dubailand, the city’s biggest leisure, tourism, lifestyle and entertainment destination. A spokesperson for Tatweer claims that the new course will be launched in September this year, and is going to incorporate 197 homes.

No other comments about the project were forthcoming from Tatweer, whose spokesperson claimed that the development was ‘very exclusive’. Mr Kelliher added, “The prices of property are 100 per cent influenced by the Tiger Woods name.” Whilst the fact that the amount of profits that a property in Dubai makes if it has a star’s name associated with it will be more is not in question, working out the true efficacy of the star name’s profitability is a little harder.

Nakheel’s director of sales, marketing and customer service, Manal Shaheen, said that it’s not so easy to determine whether or not having a celebrity name associated with a Dubai property has a direct bearing on its value, he has noticed a significant rise in the value of Dubai accommodations in The Palm Jumeirah resort during the past year as it moves from the drawing board to a completed product and families take up residence and experience the kind of lifestyle that the island offers.

Property in Egypt a safe harbour from global financial woes

Thu, 15 Jan 2009 00:00:00 GMT

While the rest of the world suffers in the throws of a global financial meltdown, property in Egypt, especially in the resorts along its Red Sea coast, is proving to be a safe haven from the economic woes of the rest of the world. Investors are afforded a low-cost entry point into the Egypt property market, and its proximity to Europe, as well as the many international flights now available, make it an extremely appealing emerging investment market.

According to the World Travel and Tourism Council (WTTC), there was a gradual increase in tourist numbers visiting Egypt during 2007, and a report released recently states that the tourism and travel industry in Egypt is predicted to show a growth last year of approximately 5.5 percent. Experience International, one of the top experts in the particulars of investing in emerging markets like Egypt property, has noticed a growing number of investors taking the plunge and investing in the country’s stable political system, vibrant economy and strong currency.

Experience International’s director, Steve Worboys, says, “Egypt is a modern state and as a country we have seen it grow as a tourist destination over many years due to its rich history and unique attractions such as the pyramids; now though people are increasingly seeing its potential as a place of investment for both remuneration purposes and the fact that it is a year round holiday destination.”

The growing number of tourists visiting property in Egypt has helped the country’s economy in its entirety, and the tourism and travel markets have started to see quick increases. A report from the WTTC states that it is expecting a rise in the number of people who find employment due to the expanding tourism industry and consequent market for Egypt accommodation with its accompanying job creation opportunities.

Biggest Waitrose supermarket in Dubai Marina Mall launched

Thu, 15 Jan 2009 00:00:00 GMT

On 15 January this year, the Dubai Marina will open its biggest supermarket, a Waitrose store, at the 2009 Dubai Shopping Festival. The Dubai Marina Mall, a newly launched leisure and shopping venue for people who live in the environs of the Dubai Marina, offers residents a mixture of top class retail shopping options, and its launch has been timed to correspond with the Dubai Shopping Festival. The new Waitrose shop is built on a 26,000 square foot property in Dubai, and will offer shoppers a wide variety of high-quality food and beverage products.

The new property in Dubai is situated on promenade floor, which has entrances to the car parking area close by, making the shop conveniently accessible for shoppers. A tunnel just beyond exit 32 gives quick access to the Dubai Marina Mall from Sheikh Zayed Road, and the Dubai property also has a quick access route from Emaar Drive. The Fine Food Market LLC has granted Waitrose a licence contract to launch the new shop in the mall. Waitrose made its debut outside the UK in November last year at the mall.

The general manager of Dubai Marina Mall, Mr Ian Ferguson, said that the new Waitrose shop will provide an excellent selection of top-class products to suit the needs and lifestyle of people who live in accommodations in Dubai Marina and the adjacent areas. The shop has huge brand impartiality and will therefore be attractive to a large variety of customers. The new shop’s launch will enhance the already considerable selection of retail shops that have already been opened in the mall, and reflect the mall’s goal of providing a vast array of excellent shops to the city’s residents.

The new Waitrose Dubai property will offer only Halal food products in its primary shopping area, and will also boast a butchery, fresh vegetable and fruit section, fishmongers and bakery, in keeping with the shop’s considerable reputation for selling fresh products.

German property developer ACI Real Estate to purchase Define Properties

Wed, 14 Jan 2009 00:00:00 GMT

The German builder that is constructing several projects on property in Dubai for celebrities is currently in negotiations to purchase the local real estate development company, Define Properties. In June 2008, Define Properties was launched, mere months before the international financial crisis became a problem for the Dubai property market. After buying twelve plots of real estate in Nakheel’s Waterfront project, the firm committed to spending $2.1bn to build a selection of commercial and residential projects.

A Define spokeswoman said, “We have entered negotiations for the sale of Define Properties with ACI.” She added that the negotiations were focused on the sale of the Dubai property at the Waterfront and some other Define assets. Define’s director of sales and marketing, Walid Abdel Latif, attested to the veracity of this, and remarked that the sale’s finalisation would take place within one month. Another Define spokesperson stated that ‘talks were ongoing’.

Define Properties was the developer that delivered a commercial development project that Niki Lauda, the former Formula 1 racing driver, endorsed in the Business Bay accommodations in Dubai. ACI has now taken over the Twin Towers project for Niki Lauda, however, because Define Properties could not find sufficient funding for the construction. The contract has since been given to Saqer Engineering and Contracting Enterprises, which is scheduled to begin construction any day now.

The firm’s managing director, Mahmoud Younis, said, “We’ve already mobilised to the site and are waiting for the local authorities to finalise the permit. ACI is the client now, Define is out.” The Define spokeswoman remarked that future employment of the firm’s staff was a crucial point of the negotiations for the sale of Define. This deal is another sign of the ongoing trend that seems set to consolidate the Dubai property sector, which is destined to be an important feature in 2009 as developers battle to stay afloat in these hard times.

A perfect investment or holiday home property in Egypt

Wed, 14 Jan 2009 00:00:00 GMT

The Marlion Residences property in Egypt is situated in one of the most sought-after places in Hurghada, mere metres from its very own private beach and just a short stroll away from the host of amenities that the Hurghada centre has to offer. Step out of the apartment, and you will find yourself on the white sand of a Red Sea beach, its crystal blue ocean the perfect playground in which to indulge in the many water sports that are offered here. The marine life off the Hurghada coast near this Egypt property has become known internationally as one of the best in the world for scuba diving, and offers miles of gorgeous coral reefs abounding with beautiful tropical fish of all shapes, colours and sizes.

This luxury resort property in Egypt is a mere 5-minute drive from the Hurghada International Airport, which has regular direct flights to many of the main cities in Europe. The Marlion Residences resort, despite its location in the centre of Hurghada, is located on Egypt property that is mostly undeveloped, which provides a peaceful, idyllic setting and a perfect place in which to relax and enjoy a bit of fun and sun.

Marlion Residences accommodation in Egypt is designed primarily as an apartment hotel and ensures that the demands of all its guests and residents are met. The resort boasts a host of excellent amenities, which include a private beach adjacent to the project, bar and restaurant, satellite TV, shops, fully equipped fitness centre, 24-hour security, high-speed internet access, two outdoor swimming pools, Jacuzzi, public reception, a private dive boat available to owners and guests and tropical landscaped gardens.

Each unit is guaranteed a rental return of 10 percent per annum for ten years, a comprehensive furnishings package, affordable cost with an exit strategy already included and up to 65 percent funding available when finished, plus there is no inheritance or capital gains tax.

The Address Hotels & Resorts team manages Morocco polo retreat property

Tue, 13 Jan 2009 00:00:00 GMT

Emaar Hospitality Group’s local 5-star brand of hotels, The Address Hotels & Resorts, has just signed a contract with Azmi Abdelhadi Group to manage its new Morocco property in the Jnan Amar Retreat. The first-rate multi-purpose project in Marrakech, which will be launched in 2011, encompasses 40 hectares of prime property in Morocco. SIAMA, a subsidiary of the Azmi Abdelhadi Group, developed the Jnan Amar Polo Retreat, which is being hailed as a top-class spa and polo retreat destined to boost the luxury tourism potential of the area.

This is The Address Hotels & Resorts’ first international management contract, and it will be responsible for running every aspect of the luxurious 5-star Morocco property’s management, which includes leisure amenities, some luxury villas, conference venues, dining venues and a lounge for businessmen. Jnan Amar will comprise two parts, the villas and the hotel, which are set in vast polo fields close to a picturesque lake. The retreat is designed to cater to an international and Moroccan clientele, especially tourists hailing from North Africa, the Middle East and Europe.

The already well-known abilities of The Address Hotels & Resorts to manage and develop retreat properties in Morocco and other parts of the world will be further enhanced by the addition of the Jnan Amar Polo Retreat to its portfolio. The hospitality management group has already launched a Downtown Burj Dubai The Address to worldwide praise and is going to launch two more hotels, The Address, Dubai Marina and The Address, Dubai Mall.

Emaar Hospitality Group manages and owns an extensive array of leisure establishments and accommodations in Morocco and around the world, which include golf resorts, recreation clubs, serviced residences, hotels, equestrian and polo clubs, as well as the Dubai Marina Yacht Club and Marinas, all of which are top-class leisure facilities and run with consummate expertise.

The Real Estate Regulatory Authority in Dubai reveals scheme to soothe real estate market

Tue, 13 Jan 2009 00:00:00 GMT

A flurry of statements from Dubai’s Real Estate Regulatory Authority provides new guidelines to aid in the pacification of the current mayhem in Dubai’s property market. These include indexes of rentals, developer grades and plans for new payment options. While there have been no legislative determinations as yet on the matter, RERA has informed Dubai property developers that people who purchase property should not pay any more than 20 percent of the property value in their first down payment.

They would then pay the rest in instalments, according to the project’s construction progress and in keeping with the advancement of the building’s completion. In the cases where there have been payments already made in excess of these figures, and the building’s constructions has not yet begun, investors may be able to withhold future payments until the development of the property in Dubai has started, although it is advisable to seek advice on particular cases.

While the new guidelines do not bind developers legally, they will be eager to comply with RERA. The legal firm of Clyde and Co.’s partner, Alexis Waller, said, “The companies will want to work with the RERA and keep them onside. These letters have been going out for a while, since November, but they are guidelines rather than law. The money is in escrow accounts, not with the developers, so the buyers are protected anyway.”

RERA has set up an eleven-member Real Estate Development Trust Account Department to keep a close watch on how escrow amounts are used, and to make certain that any amount over 20 percent is not paid until the construction of the property in Dubai has begun. In conjunction with this, RERA is creating a real estate listing system that will make it possible for would-be investors looking to buy into Dubai’s accommodation market to check the credentials of the various developers in Dubai.

Construction of new city in Morocco launched by King Mohammed

Mon, 12 Jan 2009 00:00:00 GMT

On Thursday, King Mohammed VI launched the construction of the new $2.9 billion city north of Morocco, which is scheduled for completion in 2020. The city, which has been named Ch’rafate, will be built on 1,300 hectares of Morocco property located in Fahs Anjra, and provide 30,000 houses for over 150,000 citizens. It will be situated between Tetuan and Tangier, and is part of the strategic groundwork of the Al Boughaz area’s development scheme, which is set to develop new urban regions inland to prevent a disproportionate favouring of coastal areas.

The project to develop property in Morocco will be undertaken by the real estate firm Al Omrane Al Boughaz, along with international and local property developers. It is designed to improve the road and urban networks in the northern region of the country, as well as provide new housing to satisfy the demand that the Tanger-Med Port and the industrial regions that will surround it will generate.

In addition, it will create a large number of new jobs due to the industrial area that is being established on nearby property in Morocco, while still being environmentally friendly. The city will adhere to all the latest green guidelines to achieve this, and will also provide an urban lifestyle resembling that found along the Mediterranean coast. The city will have a handicrafts centre, tourism-orientated areas, many industrial areas, green areas and city amenities.

During the launch ceremony, the king asked about the 2009-2034 programme of urban development for M’diq city, which is intended to observe the business development on Morocco property between the city and the Tanger-Med Port, replant trees, preserve natural regions, boost financial improvements and attract more tourists into the region. The monarch was also informed of the details of the 2020 Morocco accommodation programme for Fnideq, Tetouan, Tangier and M’diq, which will consist of a further 350,000 houses.

New property in Dubai launched by Coral Hotels and Resorts

Mon, 12 Jan 2009 00:00:00 GMT

Coral Hotels & Resorts has launched a brand new property in Dubai; the Coral Al Khoory Hotel Apartments, which is situated just an easy stroll away from two of the city’s top landmark properties, Ski Dubai and the Mall of the Emirates. The apartment hotel is the third property that Coral Hotels & Resorts has opened in the prominent Al Barsha region. The Dubai property has 144 luxury apartments, varying from studio to 1, 2 and 3 bedroom units, all boasting modern facilities and top-notch luxuries, which include a balcony from which to admire the stunning view.

The new property in Dubai also offers full business equipment and amenities to corporate customers, and there is a vast selection of excellent international culinary delights on the menu, plus the best beverages, available to diners at Coral Hotels & Resorts’ themed restaurant; the Rumours Café. For those who need a bit of rest and relaxation, the Dubai property has an ultra-modern health and fitness centre, the Gym and Tonic, and a heated swimming pool.

Hospitality Management Holdings’ CEO, Michel Noblet, said, “Coral Al Khoory Hotel Apartments makes an excellent addition to our portfolio of hotels. Like our other hotels, this stylish new property has been specially designed to suit business travellers and tourists alike providing cutting-edge international hospitality standards and services. In addition, it offers the ultimate convenience and easy accessibility to the city’s key business and tourism landmarks.”

In celebration of the launch, Coral Al Khoory Hotel Apartments is giving a 50% discount on its usual rates to the first clients to sample its luxurious fare and splendid service at its new Dubai accommodations, as an introductory inducement. The Coral Al Khoory Hotel Apartments’ general manager, Pierre Sokhon, said, “We are pleased to welcome our first guests with this special offer. It means an enormous saving especially during the festive season.”

Egypt property a first-rate investment in 2009

Fri, 9 Jan 2009 00:00:00 GMT

In 2008, the financial markets took some dramatic downturns with currency and stock market crashes, which has brought about a lack of stability in many countries’ economies as the essential foundations that these institutions rely on were weakened. There are still some parts of the world, however, where property markets continue to enjoy a good outlook this year. One of these is Egypt property, which has made headlines in 2009 with its excellent potential as an investment market.

Experience International’s MD, Steve Worboys, says that in Egypt, the WTTC has predicted yearly gains of as much as 7 percent for the next 10 years in light of the extensive investment that the country’s tourist market is currently experiencing. This is good news for potential investors looking to buy property in Egypt, and a report in Homes Overseas magazine states that the constructive tax laws are one reason why Egypt property is attracting investors.

The Jones Lang LaSalle Global Real Estate Transparency Index rates Egypt amongst the top 10 most augmented nations in the world, and an especially attractive development for investors is the Oasis Marina in Hurghada. This Egypt property is situated on the Red Sea coast, and has a private beach with top-notch amenities, including a spa and children’s club, as well as a selection of swimming pools and marine sports centres. The project is based on apartments, which makes it perfect for fly-to-let buyers looking for something affordable, with starting prices of only £35,873.

A Canvey Island accountant, Andy Parkin, has invested his inheritance in the Oasis Marina project, and benefitted not only from a considerable discount because he purchased the Egypt accommodation for cash, but in addition, he used the Experience International investment team, which managed to negotiate a 5 year assured rental return for him, plus he is able to use of the property for 12 weeks of the year.

Waterway transport to link Dubai districts

Fri, 9 Jan 2009 00:00:00 GMT

Meetings and negotiations are taking place between Dubai property developers and the Marine Agency at Roads and Transport Authority (RTA) to discuss ways of improving the relationship between real estate developers, RTA and other important partners. Khalid al Zahid, the RTA Marine Agency’s acting CEO, said that the meetings were to start a dialogue on the RTA’s initiative to improve co-operation and boost the commitment of all parties involved to serve the community to the best of their ability and provide an excellent marine transport system linking various properties in Dubai.

The RTA has already had a meeting with the Culture and Arts Authority to set up the groundwork between them regarding the recently opened Dubai Creek Cultural Project, and discuss the vital subject of safeguarding the traditional design of marine transport methods and abras that will convey commuters between Dubai properties.

Khalid al Zahid said, “We have also held meetings with Dubai Customs (Dubai World) to discuss extending marine mass transit services to the new Fisheries Ports Development project. Visits also included Deira Investment Co. to discuss matters related to Deira Waterfront project, and the meeting explored the possibility of extending marine mass transit services to the waterfront projects. Visits programme also included Burj Dubai Lakes project developed by Emaar Properties.”

The overall purpose of the conferences that the Agency is undertaking is to establish a way of promoting partnerships between the various players involved in order to improve existing and planned communications with developers of property in Dubai. This is being done to facilitate the establishment of marine transport services, improve marine developments and augment the lines of navigation that the Agency envisions to provide smooth and safe marine mass transport to all concerned. The planned project will improve the ability of Dubai’s inhabitants to travel between the various accommodations in Dubai such as Palm Jebel Ali, Palm Deira, The World and Palm Jumeirah.

Many good reasons to buy property in Egypt

Thu, 8 Jan 2009 00:00:00 GMT

When it comes to investing overseas, property in Egypt has many advantages over the rest of the world, with its prices increasing as much as 30% per year and returns from rentals as much as 10%, it’s hard to beat. Its popularity with investors is due to a combination of low entry positions and the aforementioned high rate of growth to be found amongst the highly competitive Egypt property prices. Added to this is the fact that foreigners do not pay inheritance or capital gains tax in Egypt, which is a huge advantage.

Kristina Hrman, partner manager for New Sky, said, “With low starting prices, Egypt property is competitively priced �" but Casuarina, with its launch discounts, is even better value. Strong capital gains of up to 30%, mean big potential gains for investors and if prices continue to rise at that rate, it’s possible to receive a return on investment of over one hundred percent within just four years.”

All property in Egypt is freehold, and the Egyptian government is eager to boost local investment. It is, however, extremely important to acquire independent financial guidance, due to the limited number of bonds that are available. The cost of living in Egypt is low, and the country has been through considerable economic improvements that have resulted in a growth in GDP of 7.2 percent in 2007.

A spokesperson said, “Economic reforms are primarily aimed at realising an annual growth rate of not less than 6 percent on average in order to create more jobs and achieve equitable distribution of investments among different regions.” According to the Egyptian minister of investment, the telecom, building, tourism and Egypt accommodation construction industries expanded more than 14 percent in the financial year of 2006-2007, while the farming sector was up 3.8 percent and manufacturing and financial services grew 7 percent.

Morocco property in top 10 for investment in 2009

Thu, 8 Jan 2009 00:00:00 GMT

It is more important than ever these days to buy a home at the best price and in the correct destination. There is much division amongst expert opinion as to which overseas destination will prove to be the most profitable in 2009, but property in Morocco comes in The International Law Partnership’s top ten. The company has drawn up this list based not only on location but also how to buy.

The International Law Partnership’s John Howell says that it is critical to think smarter at the moment, and vital ingredients of clever investing always include alternative investment methods such as distressed sales and repossessions, destinations that are timeless and will not lose their appeal, quality areas with reduced stock, and more adventurous destinations, such as Morocco property.

The top 10 investment destinations chosen by Mr Howell for this year are, in order of preference, Paris, Miami, London, Berlin, Spain, distressed property sales, repossessed properties, investing in builders, commercial Slovakian real estate and property in Morocco. According to Mr Howell, the kingdom is a romantic destination that appeals for a good many reasons, including that it has fine weather practically year-round, is close to the UK, and French is spoken there.

The government of Morocco is committed to improving the infrastructure of the country, and it has three separate investment markets, in Marrakech and on the Atlantic and Mediterranean coastlines. Accommodation in Morocco is being built quickly to keep up with the growing demand from overseas investors and local homebuyers alike, which has contributed to the rising prices and made the market far more attractive. Mr Howell says, “It is now more important than ever to take advice, think carefully about the reason behind the purchase and make sure you buy the right Morocco property at the right price and at the right time.”

Moroccan developer Addoha upbeat about continuing growth

Wed, 7 Jan 2009 00:00:00 GMT

Anas Sefrioui, the chairman of Addoha, the foremost developer of property in Morocco, says that the company’s sales are as expected and that the kingdom in North Africa will be able to handle the current global financial crisis being experienced by major international economies. Mr Sefrioui says, “Sales are progressing in an entirely satisfying manner.”

Mr Sefrioui points out that Addoha has committed to sales of 24,000 low-budget housing projects that will be constructed on Morocco property over the next year and a half, and these housing units represent $1.02 billion of revenue that has been secured. Morocco’s economy is in a good position to ride out the storm of the current global downturn due to its decreasing income taxes, large infrastructure ventures, increasing public sector salaries and a good beginning to the latest farming season.

Addoha is reaping the benefit of a growing consumer bond market and the latest drive by the government to build additional low-cost housing developments aimed at replacing the slums on property in Morocco with cheap apartments for low-income citizens. The recession that is currently affecting the economies of a number of European countries, however, is causing concern about the viability of tourism and leisure projects currently being built by Addoha for sale to overseas buyers.

Mr Sefriou maintains that Addoha is turning its focus on mostly low-cost Morocco accommodation that will be sold to poor Moroccans for 200,000 dirhams per unit. He also says that the firm was not obliged to lower the price of its upmarket Ryad Andalous development project in Rabat, and that the development was now in its second stage and on schedule. Mr Sefriou adds that sales of housing for tourists on Morocco property was definitely going to slow down, but that this only represented 7% of the company’s sales, plus the developments were also geared towards Moroccan buyers.

Dubai property stocks surge to new high in 2009

Wed, 7 Jan 2009 00:00:00 GMT

On Monday, U.A.E. shares rose during the first day of trading, and Dubai property stocks led the way, following foreign market gains. Improving oil prices also helped. The benchmark index of Dubai’s bourse rose over 8% during the day’s middle session, which represented its best gain in a single day in over 7 weeks. Shares of the largest property developer in the Middle East, Emaar Properties, increased 14.6%.

EFG-Hermes’ managing director of cash and equity-linked trading, Matthew Wakeman, says, “Markets in the UAE today have been helped by the positive start to the year in global markets and the rally of oil from recent lows. But sentiment is certainly shifting and looking for opportunities.” The Dubai Financial Market index fell 72.4% last year, due to a fall in the confidence of investors in property in Dubai. Arqaam Capital’s executive director, Ali Khan, says, “It was an encouraging start with plenty of positive leads for the UAE markets to follow. However, it is too early to assume the worst is over.”

Recent stock market sessions saw foreign markets climbing, and stocks in Asia had good gains for the eighth day in a row, based on the hope that the flood of tax and interest rate cuts, as well as other rescue efforts, will soften the blow of the international financial turmoil. The U.A.E. and Dubai property markets’ gains are expected to continue for several days while many investors take on fresh positions in anticipation of the new earnings’ season that begins in the next couple of weeks.

Stocks of property in Dubai, which suffered considerably due to the worldwide financial woes when cash flow ceased, was a leading component of the recovery, and Deyaar Development rose 14%. The firm’s spokesperson says that it is going to re-evaluate its future and past Dubai accommodation development projects.

Property market in Morocco may avoid affects of international turmoil

Tue, 6 Jan 2009 00:00:00 GMT

According to Moroccan officials, the market for property in Morocco will not be affected by the international financial turmoil. They have declared that the country has dodged the negative affects that have devastated property markets in many other countries around the globe.

The minister of urban planning, housing and land management, Taoufik Hjira, said that his country’s sector is not linked to the international one, and added, “There is high demand here, unlike in Europe. The housing shortage is estimated at five million units. Each year 123,000 new families enter the market. We therefore need to meet current demand and reduce the shortage.”

The president of Morocco property group Addoha, Anas Sefrioui, concurred, saying, “The sector is in good health and is showing no signs of the effects of the crisis, unlike foreign real estate markets.” Mr Sefrioui went on to dismiss the idea that something resembling the sub-prime trend would happen to the Morocco property market, where banks grant loans only to those who can afford to repay them, and the supply of Morocco accommodations is far outstripped by the demand.

Low-income Moroccans who are not up to speed on the situation are eagerly waiting for property prices to fall due to the current slowdown, which has some experts and analysts concerned about the true resilience of the market for property in Morocco despite the upbeat attitude of many developers. While the Ministry of Housing remains optimistic, spokespersons have said that measures will need to be put in place in order to avert possible problems arising. According to Hjira, this may include reforms to local governance, urban planning and how many players are in the market. He also recognised the possibility of a further downturn occurring, with the rise of the cost of raw materials and other business-related services, as well as a decrease in purchases.

Samantha and Lindsay looking for property in Dubai

Tue, 6 Jan 2009 00:00:00 GMT

Lindsay Lohan, star of the silver screen in Hollywood, is planning to relocate to Dubai with her lesbian lover, Samantha Ronson, in an effort to move away from the unwanted attentions of the paparazzi. The star of Mean Girls and her partner are in the process of looking for a glamorous estate property in Dubai to purchase. According to the Daily Mirror, Lindsay and Samantha became smitten with the resort of Palm Island last year after Ronson gave a performance at the neighbouring luxury Atlantis Hotel.

The Daily Star has quoted a source as having said, “Lindsay and Sam loved the tacky glitziness of Dubai. There is so much money and opulence out there it really impressed Lindsay - she can be quite materialistic like that. Despite her fair skin, Lindsay loves the beach and sunshine.” According to the source, Lindsay feels that the market for property in Dubai is the only one that is still experiencing a boom, and is therefore a wise investment that she is eager to cash in on.

The source added that another benefit of purchasing a Dubai property and relocating there is the fact that there are not a lot of paparazzi in Dubai, although this is something that is bound to change when Samantha and Lindsay make their home in the country. Apparently the couple is in the market for a sumptuous $2.18 million accommodation in Dubai, where it is illegal to be a homosexual.

With the current availability of luxury Dubai property at reduced prices due to the global recession, Miss Lohan has chosen the right time to invest, as anyone with cash would be well advised to do while prices are low, if they wish to take advantage of rising prices later on when the international economic crisis blows over and values return to their former levels, or higher.

Consumers benefit from Government Decisions

Mon, 5 Jan 2009 00:00:00 GMT

In recent years Dubai has seen a growth unparalleled by other cities around the world. What has taken London and Hong Kong to achieve in decades, Dubai has accomplished virtually overnight. This quick expansion has set enormous demands on accommodation in Dubai and the city has gone through a fast transitional learning curve to become a "Semi-Transparent Tier" ranked city as dubbed by Jones Lang LaSalle.

This expansion has set property in Dubai at a vigorously expanding rate with new development not being able to keep pace with demand. This has in turn caused property in Dubai to appreciate with residential real estate prices rising by 11.7% with first class areas maintaining their value. Mortgage and property dealings have been regulated by the Dubai Land Department with the Dubai government instituting a 2% drop in the leasing fee from 7% to 5% in an attempt to regulate rental costs.

Dubai, located on the Persian Gulf, as a financial hub with no taxation and an obliging immigration policy has become a lavish retreat for prosperous Saudis, Pakistanis and Iranians can boast such a main attraction as the planned Nakheel Tower which is set to tower over the surrounding property in Dubai at a height of one kilometer above the ground, making it the world’s tallest tower.

Other developments include off-plan property where developers are prohibited from charging transfer duties as well as Jumeirah Gardens; Dubai’s first planned community which is scheduled to be built over the next twelve years. A transportation system is also on the boards which will link residential and commercial areas with wide-ranging green neighborhoods and a canal that will converge with the Business Bay Canal and the Persian Gulf. It has also been reported that developers, in a bid to attract customers, have initiated an uncomplicated payment selection �" Definitely a reason to consider property in Dubai when looking at purchasing or renting.

Tourism in Egypt sky-rockets

Mon, 5 Jan 2009 00:00:00 GMT

The Egyptian government, in an attempt to bolster visitor numbers to the country to 14 million people, has engaged in a plan to attain this goal by 2011. With recent figures released by the United Nations World Tourism Organisation, this undoubtedly looks obtainable. UNWTO figures indicated a 20% increase in visitors for 2007 with a conservative estimate of a 6% increase annually over the next ten years �" A good indication that accommodation in Egypt will be very important in this desirable tourist destination in the Middle East.

Egypt holds almost a 25% share in the Middle Eastern market with 10 out of 46 million people visiting Egypt with Cairo and the tourist hotspots of Hurghada and Sharm El Sheikh being very popular. It is this popularity that has compelled the government into seeking attention from outside of the country - this attention having a positive impression on property in Egypt.

As an incentive, the government has dropped stamp duty, in conjunction with capital gains tax and inheritance tax for United Kingdom citizens living in Britain. This equated into no tax for non-resident proprietors owning property in Egypt. Incentives such as this are having a welcome effect on investment from overseas with foreign investment, as reported for the 2006/ 2007 financial year, being 8.2% of Egypt’s gross domestic product �" a substantial increase over the .5% the previous year.

With the increase in visitors from outside of the country there has been an upsurge between developers looking to lease property in Egypt. Marion Isom of La Siesta Tourism and Real Estate Services says this is excellent news for the buy-to-let market and has been quoted saying that “Tourism figures always have an effect on the property market of a region and this rapid growth in interest in this amazing country is a welcome step forward.” This certainly looks promising for property in Egypt, which is reportedly the lowest in the Middle East.

New equestrian centre project for Marrakech

Fri, 2 Jan 2009 00:00:00 GMT

Preparations for Royal Ranches Marrakech are underway, according to developing partners Equestrian Management Services and Gulf Finance House. The Dubai-based companies have secured a 380-hectare site in the foothills of the breathtaking Atlas Mountains to complete their vision of a major equine-centred resort near Marrakech. The development will seek to capitalise on the Morocco property boom, which attracted over $4 billion in foreign direct investment in 2007 alone.

Once deals with contractors and developers have been finalised, the construction of the world’s first five-star equestrian facilities will begin. The design is based on the rich equestrian heritage of the Kingdom of Morocco, and will bring together the culture of horses and the style and traditions of Morocco in one location. For Morocco property investors, residential components such as riads, apartments and luxury villas will complement such features as an equine spa, a five-star hotel, and an equestrian centre for 200 horses.

Other features include a HoofbeatZ Activities Centre, which will introduce the company’s HoofbeatZ programme, a comprehensive and sustainable equine management system aimed at horse enthusiasts, through the use of educational activities and games. Royal Ranches Marrakesh will therefore become a unique and exciting option for those seeking family accommodation in Morocco, and the development itself will contribute immensely to the growing range of available investment property in Morocco.

CEO of Equestrian Management Services, Eileen Verdieck, said, “We are passionate about creating unique equestrian experiences but finding the right partner and selecting the most appropriate location is critical to success of our ventures. In Royal Ranches we have a partner that shares our goals, and in Morocco we benefit from a rich and historical equestrian tradition which will be fully reflected in our work.” Construction will begin shortly, and the timing is excellent, providing a welcome boost to the Morocco property industry.

Property in Dubai expected to top the bill for investors this year

Fri, 2 Jan 2009 00:00:00 GMT

According to the research by a premier international property firm, the best investment destinations in 2009 will be Tunisia, Egypt and Dubai, with property in Dubai topping the bill in the U.A.E. This is despite the fact that Marr International’s research indicates that Ajman, Ras Al Khaimah and Abu Dhabi are drawing more interest.

Industry experts have analysed the enquiry tendencies and traffic from a collection of top property marketing websites and drawn the conclusion that despite the dropping prices, property in Dubai continues to be a top investment due to its burgeoning population, which will provide an ever-increasing demand for more accommodations in Dubai.

There will always be a high demand for Dubai property, and investors who buy now, while property prices are depressed, will reap the benefits when the global economic crisis blows over and the prices recover to their former level, or better. Dubai is therefore an excellent investment opportunity for people who have the financial liquidity to buy property for cash or arrange private funding, then wait for the current global financial turmoil to subside, at which time their investments will bear fruit.

Even though Egypt experienced a sudden upsurge in activity at the start of 2008, with a large number of investors showing interest in off-plan apartments that were being marketed for a mere £20,000, plus the growing popularity of the Red Sea coast, which promises good capital growth and rental returns in 2009, it comes second to Dubai property, analysts say.

Most industry experts were surprised to find Tunisia coming in third in the top property investment destination stakes, and its popularity stemmed from its good infrastructure and high volume of international flights, unlike other emerging markets. Tunisia also offers excellent rental property opportunities, since it is an increasingly fashionable destination for holidaymakers.

New Marrakech country club development a good investment

Thu, 1 Jan 2009 00:00:00 GMT

Marrakech is Morocco’s premier tourism destination and has been for many years, ever since the French began seeking holiday property in Morocco by buying up and restoring dilapidated Riads in the city. Marrakech has recently become more popular with the celebrity set, with both P Diddy and Kate Moss making appearances in recent years, giving the city a new kind of chic.

For those seeking more modern accommodation in Morocco, many new developments have sprung up, and the Samanah Country Club offers a tasteful and exciting opportunity for those interested in buying holiday property in Morocco or for those looking to invest. Set 14km outside the city, Samanah Country Club offers a private 18-hole Nicklaus Design golf course with a stunning view of the Atlas Mountains. Three 5-star hotels are planned, all incorporating traditional North African architecture. Other features include a social club, sports centre, spa, children’s play area, bars, restaurants and a business centre, as well as tree-lined streets, a lake and tropical landscapes.

Private villas will give buyers a taste of Moroccan living, and prices start at £231,200 for a three bedroom villa on a 1,340 square metre plot. A six-bedroom home will cost £1.2m, but with rents expected to reach up to £20,000 weekly in peak season there is potential for Morocco property investors, and in addition 20% capital gain over the next two years is predicted.

The increasing popularity of Marrakech as a tourist destination makes the area an excellent opportunity for investors as well as for those seeking a second property in Morocco. With EasyJet offering direct flights from London, just three hours away, and other low cost carriers linking the city to Spain, France and Germany, Marrakech shows no sign of losing its appeal.

Dubai cracks down on illegal sublets

Thu, 1 Jan 2009 00:00:00 GMT

The Dubai authorities have of late been taking steps to end overcrowding in its expatriate residential areas. Many foreign workers find that the only way they can afford the high cost of accommodation in Dubai is by sharing apartments or houses with others to reduce costs. However, the authorities say that these arrangements, where sometimes five families share one home, put an unacceptable strain on water, electricity and sewerage systems. Owners of rental property in Dubai are being targeted, as these landlords often let the same property to a number of individuals or families.

Insinuations in the foreign media that the powers that be are trying to force people to buy property in Dubai seem to be unfounded. While the market in the Emirate has taken a hit lately as a result of the international economic slump, those foreign workers who are subletting in such a way are usually lower-paid workers such as maids and cleaners, and they are in no position to buy their homes.

Dubai property owners are the ones who will be forced to behave more ethically, and will face fines if they fail to comply with the law, or may even have their property’s services cut off. Furthermore, overcrowded housing creates a multitude of health hazards, say the authorities. The properties most affected will therefore be those in lower-income areas and these landlords will likely not include overseas owners of holiday properties.

Those who rent to expatriate professionals or tourists will find they will not be disrupted in any way by the authorities. Overall, this is good news for owners of property in Dubai. Public services such as water and electricity will be under much less pressure from overcrowded areas.

La Place: new Egypt property on the market

Wed, 31 Dec 2008 00:00:00 GMT

The Intercontinental district in the centre of Hurghada has been boosted significantly by the recent development of the La Place apartments in the south. The studio apartments are compact and convenient, and feature many extras such as the security of a ten-year builder’s warranty as well as an elevator to all levels of the apartment complex. The interiors of these properties in Egypt include polished ceramic floors, granite-topped work surfaces with mixer taps in the kitchens, and marble vanity shelves in the bathrooms. The bathrooms are also fitted with washbasins, standard toilets, showers and extractor fans, and feature ceramic tiles.

Beautifully central, yet quiet, this Egypt property is just minutes away from Public Beach #9, which has excellent facilities and is not often crowded. Hurghada International Airport is only 10 minutes away by taxi. Also within walking distance is the tourist promenade that has been extended to include this area thereby promoting tourism. Neighbouring hotels include the Hilton Resort, the Intercontinental and Steigenberger.

The La Place apartments are priced from under £10,500 but buyers can opt for a one-bedroom unit at £30,000 or a two-bedroom unit at £40,000, a steal for Egypt property. The maintenance fees are around £350 per year and the planned date of completion is December next year.

The many benefits of this Egypt accommodation include a swimming pool and a communal rooftop terrace complete with sun-beds, a bar and an area for barbecues. The rooftop views are spectacular and not-to-be-missed. Also available are a laundry, a chemist and a gymnasium that features a Jacuzzi and sauna. The fitness centre facilities are free of charge for residents. All these apartment properties in Egypt are supplied with internet access and satellite television. The La Place apartments have 24-hour security, and not forgetting the stunning sea views of the Red Sea and Giftun Island �" perfect for a holiday getaway and an ideal investment in terms of rental opportunities.

Aim 168 Secures Gold Award for its Real Estate Website

Mon, 29 Dec 2008 00:00:00 GMT

Aim168realestate, an outstanding multinational website for real estate property in Dubai, has won the Gold award for its Internet site in the class of Directories and Info services at the UAE web awards 2008. The influential award ceremony, what was conducted at the Jumeirah Beach Hotel property in Dubai on the 29th of November, was a significant circumstance for the site as these awards are regarded as the most trustworthy and convincing references for current shifts occurring in the Internet field. Accolades were presented in another 35 classes, comprising, but not limited to, design and art, advertising and production, automotive, cultural, corporate, financial organisations and banks, education and e-commerce, as well as tourism, accommodation in Dubai and transportation, to name just a couple of them.

This honour offers an accessible demonstration of Aim 168's heightening drive to render the most advanced and direct facilities to its customers, who seek property in Dubai and elsewhere. The director of Aim 168, Umair Suleman, said when the company was awarded the Gold Award, “I started this portal 6 months back, and this is the first time we are receiving an award. This is like an Oscar for me”. The criterion decreed for selecting the victor in each class was founded on ingenuity, conception, visual design, interactivity, practicality and convenience of the website with regards to its use.

Different institutions which predominated and ensured that the function was unforgettable for them encompassed dubaigroup.com and Al Qudra real estate. The importance of the social event was increased considerably when considered in light of past comments concerning the bursting of the Dubai property bubble. In this way the purpose of Internet sites such as Aim168realestate and others has supplied reliable information regarding the resistance of this business sector to any type of economic circumstance.

Red Sea Riviera in Egypt a Hot Spot Property at Zafarana

Mon, 29 Dec 2008 00:00:00 GMT

A modern, opulent beach holiday resort on The Red Sea at Zafarana is primed to turn into a real estate hot spot property in Egypt. The 5-star hotel is one of a comparatively recent variety of developments rising in Egypt and will draw in shareholders, divers and tourists to its unspoilt reefs and pure waters. Most of the citizenry are acquainted with the renowned diving locations of Hurghada, Sharm El Sheikh and Taba. One of these recent developing diving hot spots is situated around Zafarana, positioned in between Cairo and Hurghada.

With 2,500 units the resort will supply tourists and seasoned divers with the chance to search regions formerly inaccessible on a commercial foundation. What sets this exceptional holiday accommodation in Egypt apart is that besides the spas, restaurants, swimming pools and tennis courts, there is the on-the-spot diving school for divers, diving store and diving expeditions that will operate from the hotel. This property in Egypt is a stimulating destination for everyone searching for dramatic fresh regions to investigate, with three untouched reefs which have so far never been dived commercially. The clear waters are resident to an immense variety of aquatic life, from turtles and dolphins, to barracuda and a vast array of coral and sponges. In addition the holiday resort will furnish daily jaunts that provide entrance to the legion of wreck dives dotted along the shore from Zafarana to Ras Gharib, formerly only approachable on stay onboard ocean trips.

The Zafarana Beach Resort is evidence of the escalating popularity of the Red Sea Riviera as the highest ranked medium haul destination for European tourists. With the Zafarana Beach Resort presently one of the speediest selling properties in Egypt on the Red Sea, the expectation is that current projects will imitate their lead and permit individuals admittance to some other secluded locations in this impressive land.

The cultural appeal of Tetouan

Mon, 29 Dec 2008 00:00:00 GMT

60 kilometres east of Tangier, on Morocco’s northern coast, lies the fascinating city of Tetouan. Morocco’s only open Mediterranean port has become an attractive proposition for those seeking to purchase property in Morocco, with prices around half those of similar properties in Spain. Tetouan is a multicultural city, with many inhabitants of Spanish and French origin, and its old town has been designated a World Heritage site by UNESCO. The town dates back to the 3rd century BC, and both Carthaginian and Roman remains have been found in the area.

Low, white painted houses fill the streets, and the bustle of the carpet sellers, weavers, jewellers, leather workers and other craftspeople adds to the cultural appeal of Tetouan, while its fusion of many styles of architecture reflect its varied history. Nowadays, however, Morocco property buyers are attracted to the city for its modern Spanish-style resorts.

Tetouan has captured the attentions of holiday home buyers not only because of its rich heritage and reasonable prices, but future plans for low-cost flights to its airport mean that Tetouan’s exclusive resorts will become even more accessible for holidaymakers. Currently the area is accessed by internal flights from Marrakech and Casablanca, as well as by ferry from Spain, just thirty minutes away. The proximity of the city to Europe means that buying property in Morocco is an excellent alternative to more expensive holiday homes in Spain.

Situated in the surrounding area are some of Morroco’s most exclusive resorts, featuring unspoiled beaches and a range of amenities. Marina Smir and Kabila, for example, both have private marinas and as such are becoming prime locations for seekers of property in Morocco. Designed in the Spanish style, Marina Smir is aimed at those who see accommodation in Morocco as a real alternative to Spain. Property investors agree, and expect to see excellent long term capital growth.

ETA Star intends proceeding with current projects

Fri, 26 Dec 2008 00:00:00 GMT

ETA Star Properties in Dubai, aim to keep on working on its present projects in the Emirates, but will not set in motion any new ones till the second or third quarter of 2009, as it trusts that there will be a shift in the real estate market. The creator, which is a division of ETA-Ascon Star Group, with ventures to the value of Dh13 billion already in progress across India and the Middle East, was seeking to set up a number of mid-income housing developments but has postponed those projects till halfway through next year.

ETA Star is expected to deliver Liberty House on the DIFC principal road by the close of 2008. The structure of 41 floors will furnish superior estate housing accommodation in Dubai. ETA Star has until now produced two ventures, Belverdere, a housing property of seven floors in Palladium and Dubai Marina, a mixed-use column of 34 floors in the Jumeirah Lake Towers.

In 2008 ETA Star established two enterprises, Centre Court, a housing development in Verde Towers and Jumeirah Village South, a mixed-use property in Dubai to rise up in Dubai Maritime City. The developer said that Centre Court had been completely sold out.

In the meantime, ETA Star reported that building on its venture property in Dubai, 23 Marina, was currently in progress and that builders and advisors were available for consultation. Moving ahead to the future, ETA Star will apply forethought to upcoming projects and will re-evaluate its game plan regarding the demands of the prevailing housing industry. “We will then determine when it will be appropriate to develop.” Junaid said. Talking to Emirates Business, Abid Junaid, executive director of ETA Star, maintained the business was not especially impacted by the latest situation and would not be amending any plans of action. He did not foresee foreclosures on any property in Dubai because of a sustained need for accommodation.

Morocco drive to survive slump

Fri, 26 Dec 2008 00:00:00 GMT

Economies in developing countries look set to grow while those of more prosperous nations prepare for recession, and Morocco is optimistic about its abilities to sustain its recent growth. The Morocco property market is a key part of the country’s economy, and while Spanish developer Fadesa has been an early casualty of difficult times, the company’s two Moroccan projects will not be affected. The country’s own leading real estate developer, Addoha, has taken over these units and look set to complete on schedule.

This is good news for investors and for confidence in the Morocco property industry, which is likely to benefit further from planned government projects to replace Morocco’s slums with more affordable housing. A strong shift from the production of higher to lower cost accommodation in Morocco is expected in 2009, arising from the slowing down of the international investment market.

The downturn is anticipated because traditional purchasers of Morocco property, second home buyers from the United Kingdom, Ireland and France, fear recession in their home countries. Concerns were raised about the knock-on effects of the slowdown on the Moroccan building industry. Anas Sefrioui, chairman of Addoha, is optimistic about his company’s ability to sustain itself, by refocusing its efforts to produce low-cost housing units of around 200,000 dirhams (US$25,000) each.

Having secured over US$1 billion in revenue from the 24,000 housing units of the Fadesa acquisition, Sefrioui is confident that the industry for property in Morocco is safe, saying ‘it would have been inconceivable to launch operations of this size if I did not have full confidence in our country’s growth dynamic’. He also pointed out that building tourist accommodation represented only 7% of Addoha’s sales, and that much of that sector was produced for the domestic as well as for the foreign market.

Egypt continues to attract property investors

Thu, 25 Dec 2008 00:00:00 GMT

Accommodation in Egypt remains favourably priced, despite its popularity as a tourist destination. The government has actively promoted property in Egypt to overseas investors, and has liberalised its laws accordingly to enable foreigners to own property there. There are now many options available to those seeking second homes in Egypt and to those wishing to invest in the emirate.

There is a variety of different types of property in Egypt available, with several main areas being the most popular. Cairo city itself is the main economic centre of the country, and as such it is home to unique developments such as Dreamland, just south of the city proper. This area provides a choice of amenities such as schools, golf courses and other leisure facilities, and has the advantage of being close to the country’s capital.

The North Red Sea coast is home to some ambitious plans, with talk of an underwater city, and is a haven for sports fanatics as well as leisure tourists. The privately owned town of El Gouna is being promoted as the “Venice of Egypt”, and is famous for its 10km�"long unspoilt beachfront. For seekers of investment property in Egypt, there are over 300 private villas, luxury marina developments and more than 15 hotels.

One of the most popular regions remains the Sharm El Sheikh, further down the Red Sea coast. Known for its watersports and celebrity chic, Sharm El Sheikh has its own international airport, giving easy access to some of the most well-established holiday property in Egypt. Even the Mediterranean coast between the historical cities of Alexandria and El Alamein has been developed over the last few years and is often called the Egyptian Cote d’Azur. Many new developments have been planned at Ghazala Bay, and this region remains a favourite with property investors.

Dubai optimistic about its economic future

Thu, 25 Dec 2008 00:00:00 GMT

Amid pessimism about the international economy, and the slowdown in the record development of property in Dubai, the emirate remains hopeful about its ability to finance its debts. Dubai’s building programme has impressed the world in recent years, producing, amongst other records, the world’s largest shopping mall, the highest building and the largest number of seven-star hotels, making Dubai accommodation some of the most extravagant and luxurious in the world.

However, this development has largely been financed by international banks, and suspicions that the country does not have large enough oil reserves to repay its loans have led to concern about the sustainability of the economic boom. Dubai property development has been at the forefront of the boom, and prices have slumped lately, with the country considering calling a halt to further development.

In November 2008, at Dubai International Financial Centre Week, the government hosted a series of conferences to present its financial details to the international business community. Chairman of Emaar Properties, Mohammed Ali Alabbar, said that the country’s debt amounted to $80 billion, while its assets were in the region of $350 billion. He announced that a special Advisory Council had been set up to examine different sectors of the economy, and in particular the Dubai property market.

Dubai, along with its UAE neighbour Abu Dhabi, announced its own bail-out plan, involving the merger of the Real Estate Bank with the UAE’s two largest home finance providers, Amlak Finance and Tamweel, to form the Emirates Development Bank. This bank, together with newly-formed Abu Dhabi Finance, will offer mortgages to buyers of properties from three of the UAE’s largest development companies, Aldar Properties, Sorouh Real Estate, and the Tourism Development and Investment Company, in order to offer encouragement to those seeking to invest in property in Dubai.

Morocco showcases new desert oasis resort

Wed, 24 Dec 2008 00:00:00 GMT

Morocco’s increasing openness to foreign investors, particularly in the tourism industry, has been encouraged by the ambitious Vision 2010, a plan to increase visitor numbers from a current 7.4 million to over 10 million a year by 2010. To meet the demand for holiday property in Morocco, a range of new developments have specifically targeted overseas investors, particularly from Spain, who have responded positively to the availability of exclusive tourist accommodation in Morocco.

Of the six planned major beach resort developments, Mediterranea Saida alone will increase available bed numbers by 111,000 and provide nearly 200,000 jobs in the region. A further 184 real estate projects have been presented to Spanish developers by the Moroccan authorities, who have pledged increased investment in infrastructure, including road and rail projects, to facilitate the further development of holiday property in Morocco. The government’s direct involvement and commitment in developing the north African country’s tourist industry through its Plan Azur has gone a long way towards convincing investors that Morrocco is a sound place to put their money.

Aside from beach resorts, a number of desert oasis resorts have also been planned in the interior of the country. US$14.4 million has already been injected into the southern regions of Errachidia, Zagora and Ouarzazate. These desert resorts will include both hotels and campgrounds, providing some of the most unique property in Morocco, and will also be used to promote local crafts and industries.

The strong interest of the Moroccan government in promoting property in Morocco abroad has resulted in highly successful partnerships with foreign investors and developers, and their openness and welcoming attitude may allow them to replicate the boom seen in countries such as Dubai. Indeed, the government has invited Dubai property developer Emaar to participate in many projects, so investors can look forward to many more exciting developments in the future.

Dubai developers press on

Wed, 24 Dec 2008 00:00:00 GMT

In spite of the recent downturn in the international economy, the Dubai property boom looks as robust as ever. Cayan Investment and Development recently announced the completion of a prestigious AED 350 million marina development at Dubai Marina. Dorrabay features apartments, townhouses and duplexes, and the development includes a gym, swimming pool and children’s play area.

Executives predict the completion of the project will boost consumer confidence in the Dubai accommodation market. Cayan chief executive said: “We are confident that the project execution will go a long way in building customer confidence in our projects and the real estate industry as a whole.” The company is currently engaged in five other projects in Dubai as well as schemes in Egypt. The news is a firm rebuttal to critics who have questioned the sustainability of the Dubai property boom.

In November, at Dubai International Financial Centre Week, the government hosted a series of conferences to present its financial details to the international business community. The Chairman of Emaar Properties, one of the country’s largest property developers, Mohammed Ali Alabbar, said that although the country’s current debt amounted to $80 billion, its assets were in the region of $350 billion. He announced that a special Advisory Council had been set up to examine different sectors of the economy, and in particular the Dubai property market.

Dubai, along with its UAE neighbour Abu Dhabi, announced its own bail-out plan, involving the merger of the Real Estate Bank with the UAE’s two largest home finance providers, Amlak Finance and Tamweel, to form the Emirates Development Bank. The bank will offer mortgages to buyers of properties from three of the UAE’s largest development companies, Aldar Properties, Sorouh Real Estate, and the Tourism Development and Investment Company, in order to offer encouragement to those seeking to invest in property in Dubai.

Morocco contractors aided by low cost property development

Tue, 23 Dec 2008 00:00:00 GMT

Morocco is well situated to ride out the international economic meltdown, with the development of property as a mainstay in the maintenance of a stable economy, industry experts claim. Addoha, the foremost Morocco property developer, has bought two units in Morocco from Fadesa, the Spanish builder that has recently failed, and will be finishing the developments on their due dates. In addition, Addoha is branching out into low cost housing, a tactic that has been hailed as an excellent move in today’s financial turmoil, which has seen the luxury Morocco property market decline.

Addoha’s chairman, Anas Sefrioui, said, “Morocco is well placed to weather an international recession thanks to big public infrastructure projects, rising public sector wages, falling income taxes and a promising start to the farming season. These projects represent a considerable investment of more than 7 billion dirhams It would have been inconceivable to launch operations of this size if I did not have full confidence in our country's growth dynamic.”

Addoha has committed to building 24,000 affordable properties in Morocco during the coming 18 months, which represent $1.02 billion in assured income, plus two cement plants have been constructed on schedule. Mr Sefrioui went on to say that next year builders would reap the benefits of the increasing mortgage market and a government drive to replace slum properties in Morocco with low cost housing.

There are concerns, however, that the viability of the tourist industry in Morocco may be in jeopardy if foreign investors cease to buy property in Morocco. In the past, most investors have come from France, Ireland and the U.K., but these countries are heading for recession. Mr Sefrioui cited this as one of the reasons the firm is turning to affordable Morocco accommodation, but added that this sector only represented 7 percent of Addoha’s sales.

New project in Jumeirah, Dubai: Celestica Residence

Tue, 23 Dec 2008 00:00:00 GMT

Celectica Residence is ideally situated in the up and coming Jumeirah Village in district 14, an area that will become an integral part of New Dubai’s hub. The suburb in which Celestica Residence is located is tranquil and upmarket, and offers a host of amenities, shops and entertainment venues. The roomy, elegantly designed apartments and villas to be found in Celestica Residence are the epitome of luxurious living at its most idyllic, and, as a property in Dubai, it combines these qualities with being in one of the most modern, vibrant cities in the world.

This modern residential property in Dubai boasts inspirational, new age architecture combined with its convenient location and attractive surrounds. Celestica Residence is a perfect holiday home for investors wanting to buy an overseas property for rental or as a home away from home in a peaceful setting with top quality infrastructure and close proximity to recreation amenities as well as business districts.

Celestica Residence offers a comprehensive selection of lifestyle options, including loft apartments. The Dubai property also houses a health and fitness centre, cafes, shops and a swimming pool for relaxing dips or lazing in the never-ending sun to be found in this tropical country. Verdant gardens, landscaped to manicured perfection, surround the complex, and the management is eco-friendly.

Three arterial roads connect Jumeirah Village to Sheik Zayed Road, and these are Emirates Road, Al Khail Road and Al Barsha Road. This makes it easily accessible and a conveniently short drive away from major services such as travel ports. Jumeirah Village is also on the internal tram system that links it to the underground metro rail network. Celestica Residence offers the ultimate in convenient, opulent accommodation in Dubai, and is an excellent investment opportunity for those seeking financial gain through Dubai property.

Off-plan property in Egypt - Regency Continental

Mon, 22 Dec 2008 00:00:00 GMT

The Regency Continental, situated in the Intercontinental region of Hurghada, is now in the second phase of its construction, and nearing completion. The complex has proven to be popular with investors and holiday homebuyers, and many of the units have been sold. The Regency Continental is a private property in Egypt whose location on the popular Red Sea coast, which was voted the top scuba diving location in the world just recently, is compounded by the fact that it is surrounded by 5-star hotels.

In keeping with the international reputation of Regency Resorts, the decor in these apartment units is of the highest quality. An imaginative Italian architect designed the interiors, utilising all the space to the utmost and making the upmarket modern interiors complement the classical lines of the building’s exterior. The starting price for these apartments is a mere £22,250, making them an extremely affordable investment in an off-plan Egypt property. The country has a booming tourism industry, and visitor numbers have doubled from 2002 to 2006, ensuring excellent returns from holiday rentals.

The constant balmy weather means that these apartment properties in Egypt can be rented year-round for short or long terms, in a country where tourism is predicated to increase by 6% each year. This growth is due to the investment that the government is making in infrastructure upgrades, but also because more low cost airlines have started direct flights to Hurghada.

The cost of living in Egypt is low, which means affordable management and maintenance costs and more profit for investors who want to rent out their apartments part- or full-time. Also, there is no capital gains or inheritance taxation on Egypt property, so resale profits are maximised. At this time, the demand for Egypt accommodation in this area surpasses the supply, which virtually guarantees a constant income from rentals.

Dubai property still a good choice for investment

Mon, 22 Dec 2008 00:00:00 GMT

Buying property in Dubai may still be a good choice for investors looking for a long-term commitment, says Mohammed Kashani-Akhavan, a property advisor based in London. According to Mr Kashani-Akhavan, the reduction in supply that will result from the cancellation of so many developments will cause property that has already been built to become more valuable in times to come. “It is a great time to invest," he commented, and went on to say that the best way to succeed as a property investor is to buy when everybody else is selling and the prices are low.

Mr Kashani-Akhavan also said that Dubai has a committed and capable leadership that will make sure the emirate has a bright future, and that already the city is a premier international investment destination thanks to its efforts. A lot of developers have cited funding hardships as the reason that they have cut back on construction on property in Dubai. Recently, an Arabtec Construction spokesperson announced that it was going to slow down its development projects, since it does not feel that there is any reason to continue building the projects so quickly.

The price of Dubai property decreased drastically towards the end of 2008, and yet there is a far better reason to buy at the lower prices there instead of the U.S.A. or the U.K. For one thing, the drop in the price of Dubai property may now be fully priced into the U.A.E market, while prices in the U.K. are still dropping.

It is well known that emerging markets tend to have swift price falls, whereas older markets have a tendency to drop slowly due to the reluctance of sellers to reduce prices, and financial institutions appear to be more understanding of troubled bond payers. The price of distressed accommodations in Dubai should certainly seem interesting to buyers with cash.

Cairo’s Khalifa City will be built by Emaar Properties

Fri, 19 Dec 2008 00:00:00 GMT

A huge residential suburb in New Cairo will be built to accommodate thousands of impoverished Egyptians, which the U.A.E will fund and Emaar Properties will build. The Abu Dhabi Municipality signed the deal with Emaar Properties on Wednesday, and the firm is now wholly responsible for the US$100 million development project. It will be named Sheikh Khalifa bin Zayed City, after its benefactor, and is intended to provide affordable Egypt accommodation for young people who have low incomes.

Sheikh Khalifa bin Zayed, U.A.E president, made a generous grant to fund the project, and the Egyptian government donated the 200,000 square metre property in Egypt. The Abu Dhabi Municipality’s general manager, Juma Mubarak al Junaibi, said that the development would increase job opportunities in Cairo, and added, “The project highlights the strong relations and co-operation that exists between the UAE and Egypt and the wise leadership of the two countries to work towards socio-economic growth.”

Emaar is the firm that is constructing the world’s tallest tower, the Burj Dubai, and it intends to hand over the development of the property in Egypt to Emaar Misr, its entirely owned subsidiary. The agreement also ensures that, under the Abu Dhabi Municipality’s supervision, Emaar Misr will manage the development during the building phase and after it is completed, to provide maintenance as well as other services.

Emaar Properties’ chairman, Mohamed Ali Alabbar, said that the project is “momentous” for the company, and will help to provide affordable Egypt property to the large population of young people in Cairo. Thousands of poor people live in substandard accommodations in Cairo, and want to improve their living conditions by finding more suitable Egypt property to live in, although some of the possible tenants are afraid that they won’t be able to afford the new houses.

160 dealers to inhabit the Dubai Marina Mall

Fri, 19 Dec 2008 00:00:00 GMT

The Dubai Marina Mall, built by Emaar Malls Group, officially opened its doors to the public on 2 December this year in order to cash in on the holiday shopping season, and more shops are due to open leading up to the Dubai Shopping Festival. This premier recreation destination and high end shopping property in Dubai is set to become the entertainment heart and stylish venue for the Dubai Marina’s residents.

With its 390,000 square feet of area spread over four storeys, this Dubai property will house 160 shops providing entertainment, fashion, home furnishings, jewellery and top waterfront cuisine. The Dubai Marina Mall is situated in the core of the dynamic waterfront neighbourhood, and will offer residents a wealth of facilities and conveniences. This, in combination with high-end leisure and retail venues, makes it on a par with any top quality shopping mall.

Amongst the beauty brands, accessories and fashion shops to be housed in this Dubai property are: Reiss, Sephora, Yamamay, Duchamps, Desigual, Juicy Couture, Paul & Shark, Byblos, Lacoste, Ed Hardy, Bebe Sport, Diesel, Nautica, Folli Follie, Bobbi Brown, Cole Haan, Miss Sixty, Patrizia Pepe, Guess by Marciano and Karen Millen.

The general manager of the Dubai Marina Mall, Mr Ian Ferguson, said that with its mixture of high fashion and chic labels, Dubai Marina Mall will attract marina residents, especially young families, singles and newlyweds who enjoy the effervescent marina lifestyle. He added, “Dubai Marina Mall will be the destination of choice for shopping, leisure and entertainment.”

Mr Ferguson went on to say that the pivotal assets of this mall property in Dubai are its excellent location and easy access, along with the broad selection of top retailers. He reckons that by 2010 Dubai accommodation in the area will house about 36,000 residents, which will increase to 45,000 five years later.

Realty an affordable reality at Pyramisa Beach Resort, Egypt

Thu, 18 Dec 2008 00:00:00 GMT

Owning real estate overseas is now a reality thanks to GEM Estates, who are providing investors with a chance to purchase property in Egypt. Situated in the magnificent resort community of Sahl Hasheesh, the luxurious Pyramisa Beach Resort Hotel offers various affordable options and is a profitable investment for members of the rental program - ensuring a substantial return. This 18-month-old beachfront accommodation in Egypt is extremely popular and offers guests a range of apartments to choose from and numerous amenities. The refundable deposit policy allows interested parties to fully review their proposed investment.

An authority on property in Egypt, Samuel Mond from GEM Estates, is certain that the Pyramisa Beach Resort’s operational success and leasing policy will eradicate cynics’ doubts. Mond goes on to say that a 60% mortgage is available for seven years at a fixed rate of 7.5% and that there is a guaranteed buyback after one year of ownership on all the units at the initial purchase price. ‘Throw in capital appreciation at rates of around 15-20% per annum and this is a serious investment hotspot.’. Pyramisa Hotels is one of the most successful hotel groups in Egypt, and Sahl Hasheesh investors enjoy exclusive occupancy for two months of a year. This time is interchangeable and can be spent at any of the group’s Egypt properties.

Sahl Hasheesh on Egypt’s Red Sea Riviera is an impressive property in Egypt and will boast numerous extravagant hotels and magnificent golfing grounds when development comes to an end in seven years time. Also on the cards; a ‘sunken city’ complete with ancient ruins, a cinema complex, Egyptian marketplaces, a marina, top-notch sporting amenities and several restaurants and bars. The secure complex of Pyramisa Beach Resort offers over five hundred first-class apartments; each with scenic views. With prices from £39 950.00, affordable service fees and payment plans in place, owning a piece of paradise is no longer a fantasy.

Investment opportunities in Morocco – Al Johara

Thu, 18 Dec 2008 00:00:00 GMT

With an increasingly healthy and stable economy, huge government investment in infrastructure and increasing popularity as a holiday destination, Morocco is an excellent choice for buying overseas investment property. Morocco’s Plan Azur 2010 has been designed to encourage more foreigners to holiday and invest in the country, and has as its goal to entice 10 million visitors a year to its shores. The figure currently stands at over 7 million, and direct flights to the North African country from European cities mean that buying Morocco property is a cheaper and more exotic alternative than in traditional destinations such as Spain and Italy.

Property in Morocco looks like an excellent investment in the current economic climate, too. According to Compass Properties, which specialise in Morocco property, some of their early bird investors have doubled their money in just two years. A 2-bedroom apartment in Marrakech can be had for £38,500, while off-plan properties are available for less. 20 minutes from the centre of Marrakesh, lies the exciting new development of Al Johara �" the Jewel. This 150-room 5-star hotel complex provides some of the best-equipped accommodation in Morocco, with its 9-hole golf course, full spa facility and gym, an underground (soundproofed) nightclub and a business centre.

The complex includes no less than 11 swimming pools, several restaurants, an equestrian centre, open air cinema, games rooms and fully child-friendly facilities that make Al Johara an ideal family holiday destination. Various types of accommodations are available freehold, ranging from 5-star single suite rooms, featuring satellite TV and wireless broadband, to four-bedroom private villas, and prices average around €1,500 per square metre. Completion is scheduled for 2013, and 30% discounts are offered for off-plan buyers, making some of the most luxurious, family-friendly and accessible property in Morocco available for under €100,000.

New developments in Morocco’s property market

Wed, 17 Dec 2008 00:00:00 GMT

The trend of Europeans buying holiday homes has increased greatly in recent years, with traditional destinations such as Spain and France now giving way to further afield locations such as Eastern Europe, Turkey and North Africa. Morocco has made huge strides of late to encourage tourism and property investment in the North African kingdom. King Mohammed introduced his Plan Azur 2010 programme with the goal of attracting 10 million visitors each year, and several major new developments in the country have been designed to tempt foreigners to invest in property in Morocco.

The Plan includes massive investment in the country’s infrastructure, such as new ports and regional airports, and even an ambitious plan to construct a tunnel linking Morocco to Spain. With low cost airlines like Easyjet offering direct flights to Marrakech, Morocco has become an even more attractive holiday destination. Morocco property can cost around half as much as similar properties in Spain, and many new options are becoming available for those seeking the perfect holiday destination.

For those considering purchasing property in Morocco, resort developments in coastal areas, such as Tangier, as well as desert and oasis resorts in southern parts of the country have been designed to cater to the luxury market. Tourism as a whole has seen an increase due to the low cost of living and accommodation in Morocco, the year-round summer, stunning scenery, and world-class sporting facilities.

For those worried about the economy. Morocco has instituted many IMF-approved reforms within the financial sector, has a growing, stable economy, and the country’s banking system has been modernised to allow for greater credit availability; 70% mortgages are available to help finance investment in Morocco property. Prices are already climbing in the existing resorts, but off-plan buying in one of the many new developments should prove an excellent investment.

Pearl of the Red Sea at an affordable price

Wed, 17 Dec 2008 00:00:00 GMT

The Egyptian city and tourist centre of Hurghada is a trendy vacation choice for sport enthusiasts and sun worshipers alike. Situated on the Red Sea Riviera, the seashore destination is easily accessible to international guests all year round and offers visitors everything from fashionable accommodation in Egypt to an opportunity to experience the traditional Egyptian way of life in the city centre. It is here that one will find the recently unveiled Egypt property of Pearl Vista.

The idyllic location for this coastal property in Egypt is a short distance from Hurghada and a renowned golfing green. Guests at Pearl Visa indulge in serene tranquillity while the excitement of city life is only a stone’s throw away. Pearl Vista is a secure modern complex situated less than half a kilometre from the sandy shoreline of the Red Sea and offers several living options.

Units include open-plan cooking areas, built-in cupboards, digital satellite television and internet access points and fully kitted bathrooms. Amenities available at this elite property in Egypt, such as sports club, internet café, business centre, games room, pool bar and swimming pools, are for residents’ use only. The use of public transport is recommended to discover Hurghada’s hip night time haunts and to indulge in the city’s culinary delights. Shop until you drop in trendy department stores or purchase real Egyptian cotton, fragrances, ornaments and jewellery in the traditional downtown market.

Pearl Vista is an extremely affordable Egypt property. Open-plan units are available for as little as £20 900.00 and the year round sunshine ensures rental programmes produce considerable investment rewards. Furthermore, residents may choose from a collection of affordable furnishings that is purchased from the building contractor. With laundering services on hand and resident landscapists to tend the complex gardens, a stay at Pearl Vista is entirely care free.

Palais Rhoul Hotel in Marrakech, Morocco, for sale

Tue, 16 Dec 2008 00:00:00 GMT

The Palais Rhoul, a boutique hotel in Marrakech whose roll of prior celebrity guests includes the likes of David Beckham and George Clooney, is up for sale for 25 million euros (approx $32 million). The estate agent states that the hotel property in Morocco could be turned back into a private home, as it was twelve years ago. The Palais Rhoul belongs to the Rhoul family, who constructed the Greco-Roman style house located in Pameraie, a district on the outskirts of the city that boasts a great many palm trees.

The family of Parisian restaurateurs decided to remodel the 12-acre property in Morocco and turn it into a hotel, which has an English-style garden complete with silk tents, two restaurants, twenty unique suites and a spa that also has an authentic Moroccan steam bath or hammam. According to co-owner Fanny Rhoul, the furnishings of this Morocco property include a collection of vintage books and traditional pieces from Hong Kong. The Palais Rhoul is just 15 minutes from Marrakech by car, and an ideal spot to relax and unwind in the hammam.

A high wall surrounds the Morocco property, ensuring its guests’ privacy, while the cool, modern marble interior is reminiscent of a high end Spanish club. The traditional Moroccan hammam in the garden has a plunge pool, fountain and three rooms at various temperatures that offer a wealth of relaxation for weary bodies. That, combined with a selection of top class massages, makes this an excellent place for rest and relaxation.

Only one of the restaurants is open for lunch, and serves Moroccan cuisine such as tagines and couscous, while the French restaurant, L’ Abyssin, opens at 8pm for dinner. Snacks and drinks are always available at this luxury Morocco accommodation, however, and the friendly staff will provide whatever you want.

The end of 2009 will see eight of Dubai Lagoon’s properties completed

Tue, 16 Dec 2008 00:00:00 GMT

According to a spokesperson from Schon Properties, a developer based in Dubai, the Dubai Lagoon developments’ initial eight buildings will be completed in the last part of next year. All the Dubai property projects in the Schon portfolio are moving ahead as planned in spite of the current global economic crisis. These include Schon Suites, Schon Business Park, Libertas and Schon Residences.

The vice president of Schon Properties, Danial H Schon, is certain that the company’s projects on property in Dubai will not be delayed by the global credit crunch, and says, “2008 has been a challenging year in more ways than one, but we are confident that the new year will bring many positive developments and are taking measures to reinforce our market presence by creating value-added services such as a facilities management division and the recently launched subsidiary company NOHCS Property Advisory.”

Located in the centre of New Dubai, the fashionable Dubai Lagoon has already been classed as the primary apartment complex property in Dubai currently under construction on the shores of the spectacular deep blue lagoon with its amazing scenery and wealth of facilities, activities and first class accommodations in Dubai. The artificial lagoon forms a full time romantic ambience in the apartment community, making it the stuff of dreams for home buyers. The lagoon has a pump system to ensure that fresh seawater is constantly filtered and circulated, so that it is always filled with clean blue water.

Dubai Lagoon offers an exceptional funding plan with a 7-year option that allows home buyers and investors to pay 60 percent of the sum over two years and the remainder in monthly instalments over 60 months. Even after moving into an apartment at the Dubai Lagoon, these payments can still be made on this Dubai property without a mortgage, post dated cheques or loan.

Increase in service charges levied by Dubai property developer

Mon, 15 Dec 2008 00:00:00 GMT

A huge hike in service fees has been charged to 7,000 people who own apartments Jumeirah Beach complex. Salwan Property Management, a subsidiary of the government-linked developer, Dubai Properties, is responsible for the rate increase. Because of its still incomplete state, poor exterior workmanship and the failure to build promised leisure amenities, gymnasiums and beach parks, Jumeirah Beach Residence has been a controversial project.

Dubai Properties marketed the complex as a luxury investment comprising forty towers that house 7,000 residential units and Dubai accommodation establishments. It showed buyers plans to develop many acres of prime beachfront leisure amenities, health centres and clubs. In the two years that have passed since the construction was completed, none of the promised facilities have materialised. A sizeable portion of the beachfront that was supposed to be used for recreational purposes has now been tarred and turned into a car park, in spite of the condemnation and protests of the furious JBR residents and owners.

In addition, residents have continually complained about the poor services that the management company provides, and claims that the windows of their apartments are only cleaned twice a year. Nevertheless, the owners of Jumeirah Beach residences received a letter from Salwan this week informing them that the service charges for their property in Dubai would be increased by 129% per sq ft, and although the letters were dated December 4, the residents were informed that the charges were going to be backdated to September 28 this year.

This makes Jumeirah Beach Residence one of the most expensive complexes in the emirate, and is a heavy blow to the investors who backed the project. Just recently, Dubai Properties fenced off areas of the beachfront, and a spokesperson informed Jumeirah Beach owners that it intends to start building the sports and health clubs it promised.

Egypt property in international spotlight

Mon, 15 Dec 2008 00:00:00 GMT

According to a recent shortlist released by Sam Zell, the real estate tycoon who made $38 billion from the sale of the portfolio of Equity Office Properties to Blackstone, the three foremost investment destinations for property are Egypt, China and Brazil. At the start of the 1990s, after many decades of state housing only, the government permitted the private development of property in Egypt. This led to excess and many builders declared bankruptcy, causing a property crisis from 1997 until recent times, when the market started to grow once more.

Right now, the price of Egypt property is increasing at a swift rate, especially in the three primary regions, which are Sharm Al Shaikh, Cairo and Hurghada. The best appreciation is being seen in new projects like the Red Sea developments and New Cairo. Egypt has become a tourist hotspot, doubling its traffic from 2001 to 2006, and it predicts an estimated 13 million tourists visiting its shores this year, 19% more than last year.

The floating, in 2003, of the Egyptian pound boosted investment and tourism when it made the country, and property in Egypt, cheaper and more attractive. An offshoot of the tourism boom is that it has made investing in property much more lucrative due to the profit to be made from short-term rentals now.

The amazingly affordable price of Egypt property is yet another bonus, because upmarket residential accommodation in Egypt is far less expensive than similar real estate in Lebanon, the UAE, Jordan or Morocco. The mortgage law that was instituted in 2001 has boosted the market for mortgages because banks are now able to evict owners who don’t pay and repossess their properties. The government has also helped the prosperous market by slashing taxes and tariffs, plus changing investment laws, all of which has served to drive GDP from less than 4% up to more than 7%.

Dubai property investment surpasses Dh158billion in 2008

Fri, 12 Dec 2008 00:00:00 GMT

After taking into account all the sales registrations, bond and leasing deals that have transpired in the emirate this year, experts and analysts have revealed that Dubai property investments have gone beyond the Dh158 billion mark in 2008. At a recent Urban Waterfront Conference, industry experts announced that the international market value of developments at the waterfront is expected to surpass $500 billion over the coming five-year period.

The experts went on to report that, with three housing projects in the pipeline at Waterfront, The World and Palm developments, the sector for property in Dubai is destined to become one of the most dynamic in the world with regards to the development of waterfronts. Even though these projects have been postponed, the inflow of investment capital into the Dubai property market is continuing to increase, and various efforts are being made, such as property swapping, financial institution mergers and government aid, to kick-start the emirate’s economy.

In spite of the current worldwide credit crunch that has property markets in the rest of the world stagnant or in freefall, Dubai retains its position as one of the most appealing investment destinations for foreign buyers, even now, with Dh158 billion flowing into the emirate during the course of 2008. When compared to the Dh151 billion that was invested in property in Dubai in 2007, that is a substantial increase, given the state of the world’s economy, as Reidin.com’s chief executive, Ahmet Kayhan, pointed out.

According to the recent figures, major investors in Dubai accommodations hail from a host of wealthy countries such as the UK, Oman, Bahrain, Saudi Arabia, Kuwait, Russia and Iran, as well as several other nations that include Afghanistan, Singapore and Pakistan, which made investments only in the first three quarters of 2008.

Low cost Morocco property - Cabo Dream Golf resort

Fri, 12 Dec 2008 00:00:00 GMT

The Cabo Dream Golf resort, launched as 88 one-bedroom units earlier this year, is situated in the Costa Vista on the Mediterranean coast between the towns of Tetouan and Ceuta, and prices start at just £22, 716. This new off-plan Morocco property offers an excellent low-maintenance opportunity to invest in a country whose economy is still growing even in these tough times. With its idyllic elevated location, the Cabo Dream Golf development has stunning sea views and looks out over the Cabo Negro Golf Course, with the Rif Mountains visible in the distance and the gorgeous Tetouan valley and pristine protected parkland in between.

Building has started on the initial phase of the apartment block, and all of these units have already been sold. The launch of the Cabo Dream Golf resort’s apartment property in Morocco is a keenly awaited development, since tourist numbers visiting the Costa Vista are growing and a great many investors are showing interest in the burgeoning tourism industry.

The figures that Morocco’s Ministry of Tourism has posted on its website show that visitors to the area are on the rise, which confirms the optimistic stance that investors in Morocco property have taken. Much of the growth stems from the considerable investment that the government has made in improving vital infrastructure like the new road that connects Tetouan and Tangier.

In addition, Morocco is now attracting the services of budget airline companies like Easy Jet, which has started a new route between Madrid and Tangier. This increase of services will bring more visitors and make the building of new Morocco accommodation like Cabo Dream Golf resort a necessity. During the off-season, owners of these apartment properties in Morocco can enjoy an idyllic weekend getaway in the endless sunshine and balmy weather to be found there.

Tourism in Egypt to increase to 14 million visitors by 2011

Thu, 11 Dec 2008 00:00:00 GMT

The Egyptian tourism minister, Zuheir Garana, has plans to lure even more visitors to Egypt than the 11 million currently visiting the country’s shores, and turn it into a property and tourism hotspot by 2011. The minister’s ambitious scheme to increase the annual quota of tourists to 14 million will necessitate the building of new hotel properties in Egypt to provide the 240,000 guest rooms required to make his plans a reality.

The tourism industry in Egypt has only taken off in recent times, yet even now, it makes up 20 percent of the foreign revenue flowing into the region. The government not only wants to increase the tourist numbers visiting Sinai, but also plans to raise the profit of the tourism sector to around $12 billion by the end of 2011, which will be an increase of 26 percent from 2007’s levels. The government’s strategy is of interest to people who have purchased property in Egypt, since the efforts to boost the tourism sector will substantially benefit all those who own holiday accommodations in Egypt.

The authorities in Egypt are looking to lure private investors into the region to finance these ambitious plans for expansion, and, to this end, are offering foreign investors profitable entry level avenues into this holiday destination whose popularity is growing in leaps and bounds, along with its tourism industry and all the associated businesses such as entertainment, activities and most of all accommodation. Egypt property for sale in Sharm el Sheikh, Hurghada and other popular resorts is being bought up fast.

In addition, savvy investors who are looking for bargain Egypt property are interested in the new resort of Marsa Alam on the Mediterranean coast, renowned for its scuba diving attractions. In keeping with the global trend for ‘green’ resorts, Egypt’s authorities also want to make it a more eco-friendly destination.

‘Swap shop’ started for property in Dubai

Thu, 11 Dec 2008 00:00:00 GMT

A property broker based in Dubai, Smith & Ken, closed three real estate transactions in December using a new ‘swap shop’ idea, which permits property owners to trade with others. J Smith, chief executive of Smith & Ken, said that it gives a person who is unable to sell their property in Dubai the option of exchanging it with another property owner who has real estate valued at less than his own. This gives him the opportunity to continue to own property and even keep some additional money.

One of Smith’s customers owned a 3-bedroom, sea-facing coastal apartment of approximately 2,184 sq ft, valued at Dh4.5 million, and was in the market for a house with a garden. The agency located a Dh9million 4-bedroom villa property in Dubai’s Palm Jumeirah for him, with 6,500 sq ft of landscaped area, whose owner wanted to sell.

Smith explained, “We brought the two together and concluded the deal for them. There is always leverage in such deals. For instance, for a person who is swapping his garden home for the shoreline apartment, he gets hold of extra cash.” The seller and purchaser have to pay 1% of the value of the Dubai property in commission.

Smith, who remains positive regarding the Dubai property market, is urging lending institutions and banks to increase the loan-to-value quotient to the former 80 to 85% level, thereby revitalising the market. Smith believes that it’s an excellent time for well-established real estate agents because many less experienced companies are pulling out of the business due to the bad market. He feels that even though the price of accommodations in Dubai is dropping, the emirate continues to be a desirable destination with good rental and investment returns. Smith & Ken is only eleven months old, and already has in excess of 3,000 customers.

Egypt has growing investment potential

Wed, 10 Dec 2008 00:00:00 GMT

Egypt’s endless balmy weather and long stretches of pristine beaches, together with its clear, warm waters and abundance of sea life make it an ideal holiday destination. Now that it has embraced the concept of international ownership of Egypt property, it is making an impact in the global property market as a desirable investment destination. New areas of the coast are now under development, notably Marsa Alam in the southern part of Egypt, which offers a wealth of excellent sites for scuba diving, and therefore rental properties there are in demand throughout the year.

With its government encouraging tourism and marketing the attractions to be found in Egypt to a market hungry for new destinations, developers are flocking to provide the necessary Egypt accommodations to ensure that visitors are able to stay in luxurious comfort and enjoy myriad excellent facilities. Egypt’s affordable cost of living and massive capital growth potential, in a market that British investors have yet to tap, have ensured that Italians and Germans made up the bulk of the 10 million tourists who visited holiday property in Egypt last year.

Egypt’s tourist industry now makes the second highest contribution to the country’s GDP, with construction as number one. With Egypt Air’s express flights a success and a host of luxury international brand hotels opening on Egypt property in many parts of the country, Egypt is on track to reach its goal of bringing 6 million tourists to its shores every year by 2014.

Currently, there are seven hotspots for property in Egypt that are drawing buyers from all over the world, most of which are located in the region of the Sinai Peninsula and along the newly developed Marsa Alam on the Red Sea Coast in the southern part of the country, an idyllic area for tourism with its splendid scenery and friendly people.

Morocco property a good recession investment

Wed, 10 Dec 2008 00:00:00 GMT

Buyers who invest in property in Morocco seem likely to avoid the problems associated with the current worldwide financial turmoil, because the economy there still shows no signs of an adverse reaction. While other global markets are in freefall, Morocco’s is still growing, and has shown a 13 percent increase since the beginning of the year. Therefore, market experts and analysts are saying that property in Morocco is a good investment despite the global recession.

A huge outlay in infrastructure and a growing number of airlines servicing the region has caused the market for accommodation in Morocco to boom in the last few years, and tourism figures seem destined to more than double by 2010, which will put them at 10 million or more. This is thanks to investors cashing in on the reasonable property prices there, when compared to the rest of the world. Morocco offers exceptionally good value for money when it comes to beachfront property, which costs about a third of the price of a similar property in southern Spain, just a few kilometres away across the Mediterranean Sea.

Investors who purchased Morocco property in one of the three sites that Compass Properties has developed on the Mediterranean coast are seeing good returns, and more growth is expected. Compass Properties’ marketing manager, Steve Burns, said, “At Mirador Golf, which has just been completed, 1 bedroom apart-hotel units released off plan for £19,000 are now re-selling for £27,000. Investors at Playa Vista - our marina development - have fared even better, with property values doubling in 2 years.”

Compass Properties, which is a specialist in Morocco property, feels that, for investors concerned about the current worldwide credit crisis, the country is a safe investment destination. It has a secure economy because Moroccans own the majority of the large firms and therefore the global trends in the markets are less inclined to influence it.

Leighton Holdings wins Dubai airport expansion

Tue, 9 Dec 2008 00:00:00 GMT

Leighton Holdings recently announced its participation in a $2 billion construction contract to build Dubai Airport’s new concourse, shrugging off speculation that it would fall foul of the building slowdown dogging Dubai at the moment. This report follows just two weeks after Al Habtoor, 45% of which is owned by Leighton, got the $3.7 billion agreement to construct the largest building in the world, the four-tower, 73-storey Dubai Pearl, one of the mega-projects planned on property in Dubai.

The Dubai Airport development will include constructing two new hotels and a 645-metre runway to connect the new Terminal 3, and the project will yield a profit of $360 million for Leighton or $800 million for Al Habtoor. The contract follows a luncheon on Friday where the chief executive of Leighton, Wal King, told guests that he was still optimistic regarding the future of the Dubai property market, even with the growing fears that the current building boom will soon feel the pinch of the global credit crisis.

Mr King did acknowledge that the future for property in Dubai was not all roses, but he felt that there’s a lot of ‘contradictions’ in the area, and that Dubai’s neighbours, like oil-wealthy Abu Dhabi, have vast reserves of money that many think could be utilised to aid the economics in the area and prevent Dubai from experiencing a financial crisis.

Industry experts and analysts, meanwhile, remain cautious regarding the exposure of Leighton in the Middle East. Although the Dubai property group Nakheel suspended Leighton’s deal to construct the Trump International Hotel accommodations in Dubai, the company is still making a go of it in the city. Although the Dubai Pearl is the largest construction in the world, Leighton may take comfort in the fact that most of the finances required to build it come from Abu Dhabi.

Tourism on the increase in Morocco

Tue, 9 Dec 2008 00:00:00 GMT

The Moroccan tourism minister, Mohammed Boussaid, has announced that the tourism industry in his country is still thriving in spite of the worldwide financial slowdown. Mr Boussaid was addressing the Deutsche Presse-Agentur when he stated that Morocco was gearing up for a flood of European visitors over the Christmas season as holidaymakers chose to stay at holiday resort property in Morocco instead dearer, more far off destinations.

Mr Boussaid said, “I am convinced that our country can profit from the current economic crisis.” His department has just released figures to support his statement, which seem to indicate that the initial ten months of this year saw an increase of 6% in the number of visitors who came to Morocco, raising the amount to 6.7 million. Mr Boussaid's assertion may encourage investors who are considering purchasing a property in Morocco to buy homes within the region to possibly profit from the growing numbers of tourists visiting Morocco.

Now would appear to be the optimal time to buy accommodations in Morocco that could be rented out over the holiday season to recoup some of the cost of the investment. In addition, a spokesperson for Air Arabia announced recently that it plans to improve its passenger service to Morocco, which will result in further increases in tourist numbers visiting the country and renting Morocco property. Air Arabia’s spokesperson went on to say that the new services will begin in 2009, and link Casablanca to Morocco.

Such a move by a major airline also appears to uphold Mr Boussaid's positive outlook, and clearly a demand for more flights has prompted the airline to make its move and take advantage of a burgeoning market. With so much expansion taking place in the tourism industry in Morocco, now seems like a good time for investors to purchase Morocco property and get in on the boom at the outset.

Egypt’s Sun Gate Residence - an idyllic beachfront investment

Mon, 8 Dec 2008 00:00:00 GMT

The luxurious Sun Gate project is situated in the Sahl Hasheesh resort on the Red Sea Coast of Egypt, and offers investors a unique opportunity to purchase beachfront property in Egypt, where hotels take up much of the available land. For a buyer looking for an idyllic holiday home or a clever investor, Sun Gate offers gorgeous beaches and never-ending sunshine, plus a lifestyle that will compare favourably to the top resorts in Europe. This Egypt property boasts a shopping mall, three restaurant/bars, a spacious reception with a concierge service, water centre/diving club, pools, gardens and much more, including an amazing beach.

Sun Gate’s designers have ensured that most of the apartments have a sea view, and all residents will be able to use the complex’s 5-star amenities. The available Egypt properties at Sun Gate range from studio apartments to 1 and 2-bedroom units that are finished to a superior standard and come equipped with air-conditioning and massage showers to make certain that residents are always cool and relaxed.

Ranging in size from 45 to 101 square metres, these spacious Egypt accommodations all have private balconies from which to admire the stunning views of sea and gardens. The Sahl Hasheesh resort has been dubbed the ‘new Dubai’, due to the massive amounts of investment pouring into the complex and the amazing selection of amenities and services being offered there.

One such is a walkway that runs out into the sea, where the entire bay may be admired, another is the sunken city, a recreation of Isis. Add to these the plethora of restaurants, shops and bars in the piazza, a Spanish village, casino, three golf courses, stables, an old Arabic town and two cinemas, and you have the recipe for a perfect holiday property in Egypt.

Le Jardin de Fleur in Morocco supported by major hospitality companies

Mon, 8 Dec 2008 00:00:00 GMT

Le Jardin de Fleur, one of the Plan Azur’s flagship projects and winner of 5 Arabian Property Awards, now has the backing of major hospitality companies. Radisson Hotels & Resorts have already put their name on two major developments, and now a villa developer and 5-star suite hotel chain, Hivernage and Best Western Premier, have also added their support to the Morocco property project.

With in excess of 4,000 hotels worldwide, Best Western International is the biggest hotel chain in the world. Its superior division, Best Western Premier, will re-launch the former Sur Mer Morocco property under the new name, ‘The Best Western Premier Le Jardin de Fleur’. It will receive the unrestricted backing of its international marketing division, which targets profitable corporate and tourism markets.

Le Jardin de Fleur has 126 freehold penthouses and apartments, a spa, restaurant, children’s club and lagoon pool, as well as being within easy walking distance of the temperate Mediterranean Sea and championship quality golf courses. This property in Morocco offers excellent rental returns and high occupancy rates, a bonus for investors who choose a minimum 9-year leaseback plan. Bedouin culture inspired the Villas du Soleil property in Morocco, which will be operated by the 5-star hotel operator, Hivernage, based in Marrakech.

The Villas du Soleil will be renamed ‘The Hivernage Resort & Spa Saida’ in honour of its new operator. With Hivernage taking over the management of the restaurant, Moroccan spa, clubhouse and the every day running of the resort, the 76 luxury residential villas will epitomise opulence. According to the managing director of Le Jardin de Fleur sales agents, GEM Estates, Andy Welland, Le Jardin de Fleur’s aim is to become a Morocco accommodation of which the locals are proud and that provides its investors with top-notch returns.

Porta Moda project launched in Morocco

Fri, 5 Dec 2008 00:00:00 GMT

An Abu Dhabi Investment House spokesperson has announced that it has launched a $400,000 project on a property in Morocco. Porta Moda Marrakech is set to become the first Porta Moda project to be unveiled in North Africa, and is the initial phase of a $7 billion development that aims to build fashion cities in many areas of Asia and Africa.

Porta Moda Marrakech is going to be situated on a Morocco property larger than 306,000 sq metres, and the investment value is expected to be as much as $450 million. The development will boast a magnificent fashion district to host luxury and premier brands in interior design, jewellery and fashion, an educational area housing institutions that offer training in these fields, plus exhibition centres and museums. There will also be a leisure and Morocco accommodation district offering luxury villas, restaurants, town houses, spas, studios and world class boutique hotels, and will comprise a sports and entertainment centre, an academy, a clinic, hotel and Medina.

The down town area of the Porta Moda, or Medina, will include luxury apartments and residential complexes as well as shops for handcrafts and international brands. The development of this property in Morocco will create about 8,000 jobs and is due for completion in 3 to 4 years’ time. The development will, in all likelihood, depend heavily on talented locals for design and creativity, and the Moroccan culture will influence the project considerably.

To implement the Porta Moda project on property in Morocco and all over the world, a Porta Moda Advisory Board has been created, which boasts many of the most renowned fashion and style brands, including the London School of Design, London Fashion Week, Ralph Lauren, Christian Dior, as Louis Vouitton, Bulgari, Neiman Marcus and a host of other world famous brand names.

Kempinski Hotels goes to Soma Bay in Egypt

Fri, 5 Dec 2008 00:00:00 GMT

Kempinski Hotel Soma Bay, the newest addition to the luxury hotel brand, Kempinski Hotels’, portfolio, spells good news for Egypt, which has experienced a rapid rise in the number of tourists visiting it in the past several years. The Soma Bay property in Egypt is located on the Red Sea Riviera coastal area, which has become a hotspot for overseas property in recent times.

Kempinski Hotels has always been extremely choosy about which foreign markets it invests in, because it wants to ensure that it trades only in burgeoning tourism markets that have good potential for growth, as well as guarding its brand name. The Egyptian authorities have welcomed Kempinski Hotels’ approval, which international and Egypt property investors have also noticed.

The number of tourists who stayed in Egypt accommodations was as high as almost 10 million last year, an increase of more than 13% from 2006, and these numbers are predicted to swell to more than 11 million by 2010. This makes it clear why Kempinski Hotels has decided to invest in the Soma Bay resort property in Egypt. Official sources indicate that more than 96 million ‘tourist nights’ were spent in Egypt, which goes to show just how sizeable this market really is in regards to the hotel industry.

Kempinski Hotel Soma Bay is situated close to the beach and offers a wealth of luxury to its guests, with lagoons, waterfalls, restaurants and a variety of sports and health amenities to ensure a continuing high demand for accommodation there. The Kempinski Soma Bay hotel is located on an Egypt property that is an integral part of a new resort that boasts a large marina and a sandy private beach where guests and visitors can partake in snorkelling, deep sea diving or sunbathing until they acquire a lovely golden brown tan.

Dubai property investments set to improve due to new investor laws

Thu, 4 Dec 2008 00:00:00 GMT

Denizens of Dubai dislike negative tendencies, whether they are cultural or financial, and, as luck would have it, the Dubai property laws that were introduced recently are proving themselves to be hugely beneficial when it comes to dismissing such doubts. The majority of property consultants in Dubai are hailing the new laws as ideal for imbuing investor confidence in the market. The new laws make it much easier for investors to purchase property in Dubai by allowing them to get a residency visa from the development company when the sale is made.

The MEREC Research Team, a well-known industry expert that provides important and supplementary services to do with U.A.E. and Dubai real estate, is among those who are applauding the new laws, and a spokesperson said, “Nobody approaches a real estate company in the U.A.E. without thinking twice about the paperwork and the legalities involved. With the introduction of these laws, our real estate company in Dubai along with a host of others hopes to see more individuals going in for a Dubai property investment without any fears.”

These new laws signal the start of a tide of change that is sweeping though the U.A.E. real estate market, and one new law says that foreign investors and expatriates are allowed to own freehold property in Dubai and other selected areas of the emirate once the ruler has approved the transaction.

The Land Department now has a database containing all official property transactions, and there’s a property court whose sole purpose it is to deal with real estate hassles, both of which are adding more value to the U.A.E. market for accommodations in Dubai. These measures will serve to imbue upcoming property investments in Dubai with hitherto unheard of transparency, thereby reassuring future investors and bolstering confidence in the market.

First Ritz Carlton to be open on a property in Egypt

Thu, 4 Dec 2008 00:00:00 GMT

After undergoing a $63 million refurbishment, the Nile Hilton, formerly a landmark Egypt property in Cairo that has played host to world leaders and superstars, will be re-launched as the first Ritz Carlton in the capital. The proclamation, which was made at the Cairo Marriott Hotel on the other side of the Nile River on Wednesday, is somewhat surprising considering its timing, when travellers are cutting down on their expenses due to the current global financial turmoil, which is seriously affecting the worldwide tourism industry.

The refurbishment will start on 1 January and resurrect the many-storied Egypt property, which boasts panoramic vistas of the Nile, and whose situation close to the Egyptian Museum makes it one of the favourite venues in the city. Unfortunately, more modern, 5-star hotels swiftly outshined the stately hotel, which Hilton Hotels has managed for half a century, ever since its inauguration in 1958. At the end of 2008, Hilton’s contract will expire, and the Egypt accommodation will become a Ritz.

The Nile Hilton’s holding company, which also serves a few other ageing properties in Egypt, is going to pay approximately $63.6 million of the renovation’s cost, under the twenty-year contract agreement’s terms. To repay this, Ritz Carlton will wait until a per year target of $29 million is reached before collecting its 8%, according to Misr Hotels’ managing director and chairman, Fathi Nour.

In addition, she said that the new management will not lay off any staff. It is estimated that renovating the 431-room property in Egypt will take in the region of one-and-a-half to two years, and amenities for guests will close in the middle of next year. A new underground parking and conference centre will be added, and the suites and rooms will receive comprehensive upgrades.

The Torch – lighting the way for Dubai property

Wed, 3 Dec 2008 00:00:00 GMT

For anyone looking for a good investment or a high-class home, a glance inside a The Torch Dubai Marina apartment will make up his or her mind. The 74-storey Torch has 504 elegant apartments that will cater to any taste, all of which own peerless vistas of the best Dubai property. This iconic luxury residential tower looms majestically over the marina at its feet, designed by the prize-winning architects, Alami and Khalib. This is the best Dubai has to offer, and the emirate is well known for offering a lot when it comes to luxury Dubai property, among other things.

Situated at the Dubai Marina’s entrance, The Torch has an ideal position in the heart of the luxurious, tranquil New Dubai, just a short stroll away from many of the most interesting landmarks and properties in Dubai. The marina is also a landmark, hosting many luxury international yachts that form a wonderful view from the tower. The Torch borders one of the top mooring areas, and some of the best restaurants and shops are located on the Marina’s promenade, offering a stylish social scene. In addition, a host of premier hotels, which includes the Burj Al Arab, is only a short walk away.

Media City, a new and important commercial property in Dubai, is located right next to The Torch Dubai Marina, as is the Colin Montgomery golf course. The Torch’s apartments boast massive windows throughout and huge balconies from which to admire the stunning views, and every room is designed to be the epitome of a contemporary lifestyle. With chic kitchens and tasteful bathrooms, plus internet and a host of other top class amenities, these luxurious Dubai accommodations will suit the most discerning resident. Also available in The Torch are a spa, sauna and steam room, fitness centre, dining and shopping facilities and full time security.

Egypt property – still a flourishing market

Wed, 3 Dec 2008 00:00:00 GMT

Property in Egypt is fast becoming one of the most flourishing markets the world’s investors have seen. Low-priced real estate and the promise of continual rentals have the makings of valuable investment and beneficial business prospects. Buyers are showing a marked interest in new resorts such as Sharm el Sheik and El Gouna on the Red Sea Riviera.

Situated in Egypt’s Red Sea Riviera, the beach resort of Marsa Alam has luxurious low-cost apartments for sale with the choice of either one or two bedrooms. This accommodation in Egypt is predicted to be snapped up quickly as a result of Marsa Alam’s immaculate beaches with clear water and untouched coral reefs, as well as perpetual sunny skies. Along with this, inexpensive outlay, 10% rental assurance and developing tourism due to the construction of an international airport with direct flights from many European destinations makes purchasing Egypt property an extremely lucrative venture.

Marsa Alam has the attraction of being a principal site for scuba diving and used to be only within reach of those on boat trips. Now, however, tourists can expect first-class housing ashore while taking pleasure in accessibility to wrecks and dive sites in the ocean. There are also many other services and amenities on offer to attract investors in property in Egypt. Residents of Marsa Alam can relax on clean, exquisite beaches with light yellow sand and swim in the sparkling blue temperate ocean.

Another feature of Marsa Alam is that the resort boasts its own shops, supermarkets, restaurants and nightlife, as well as medical and dental facilities. For visitors who would prefer not to venture out into the sea, there are fresh and salt-water swimming pools and a planned leisure time sports centre. It is certainly a recreational paradise, and well worth considering as an investment in Egypt property.

Tennis legends buy property in Dubai

Tue, 2 Dec 2008 00:00:00 GMT

The ex tennis pro and one time Davis Cup Captain, David Lloyd, has decided to branch out into the international property market. Mr Lloyd, who is now a health and leisure club owner, will be snapping up houses in many parts of the world, including property in Dubai. He will inject over £3 million into a joint venture with former UK tennis ace Greg Rusedski, who is investing £300,000.

The two former stars of the tennis courts will buy many properties in Dubai to rent out as time-shares. Mr Lloyd is unfazed by the current worldwide credit crunch, and does not consider this an inopportune time to launch a property investment venture, but instead feels that, because so many high end properties are on the market at low prices, it’s a good time to invest and pass on the saving to gain a larger clientele. Investors who are considering purchasing Dubai property may be encouraged to follow Mr Lloyd’s example and take the plunge as well.

Mr Lloyd, who is the owner of a number of thriving health clubs, sees the current global situation and the accompanying drop in property prices as an opportunity to cash in on the availability of formerly vastly expensive and hard to get property now flooding the market in Dubai and around the world. With the price of Dubai property drastically diminished as investors seek to sell, this is indeed an excellent time for brave investors, or those who have the cash to buy and wait for the prices to increase again, to purchase accommodations in Dubai for low prices.

Mr Lloyd commented, “I learnt from the last recession that people don't sacrifice their holidays. Do you know, in the last recession memberships in our gym clubs didn't fall? It's lifestyle we're selling.”

Indian overseas property buyers interested in UK and Egypt property

Tue, 2 Dec 2008 00:00:00 GMT

International real estate site Homesgofast.com announced that Indian investors are expressing an upsurge of interest in properties in the UK and abroad, where before they were mainly interested in property in Egypt and the United Arab Emirates. The bulk of the entries in a newly established UK distressed properties service have come from real estate investors based in India. Homesgofast.com is actively engaged with Cinch Properties Group, which specialises in obtaining commercial and residential neglected properties across the UK.

The emergence of the Indian purchaser is one of the issues that was brought up at the Overseas Property Professional Live (OPP Live) event at London's Excel, which took place on 25th and 26th November 2008. OPP Live is a yearly business-to-business presentation and symposium that international real estate businessmen attend. This is where the powerful people in the industry travel to discover the latest marketplace directions and sector activities. This conference revealed that Indian clients are no longer just interested in buying accommodation in Egypt, or property in Egypt, but also in the UK.

This conference recognises that foreign and resident Indians have a growing abundance of assets, and will provide a better understanding into how real estate developers and brokers should advertise property in Egypt and the UK to resident and foreign Indian investors and purchasers.

The director of Homesgofast.com, Nicholas Marr, said, ‘Indian and non-resident Indian investors have always made a large percentage of our database. These investors were primarily interested in property in Egypt and the UAE, but the UK has now shot to the top of the list for many Indian buyers. The UK house price falls, combined with the rise in distressed sales, means that the UK is ripe for property investment. Many are seeking properties at below market value in the Midlands and London areas of England and want them to be easy to let.”

Dubai company Emaar Properties invests in mining

Mon, 1 Dec 2008 00:00:00 GMT

Two of the world’s largest property and mining companies are keen to invest in the Philippine mining sector, according to the Environmental and Natural Resources secretary, Lito Atienza. He claims that there is renewed interest in developing the area, as India, China and Japan need a continuous supply of minerals, and adds that the Philippines needs to make the most of this, because it’s closest to the mineral markets. Atienza revealed that the Dubai property firm, Emaar Properties, was also searching for eco-tourism and mining projects in the Philippines.

Emaar, one of the biggest property firms in the world, is swiftly becoming an international leading lifestyle provider. The Dubai property company, which is a public joint stock firm, is part of the Dow Jones Arabia Titans Index and also listed on the Dubai Financial Market. This new venture comes as the market for property in Dubai slows drastically, forcing Emaar to branch out into other areas in order to continue to grow and thrive.

Emaar constructed the Burj Dubai, the tallest building in the Emirates, and a shining example of the quality of buildings on property in Dubai, as well as the local developers and what they are capable of. Although Emaar’s usual business is building accommodation in Dubai, it is flexing its muscles now by branching out into mining as well.

According to Atienza, the China Metallurgical Group Corp is interested in the mining industry in the Philippines, and intends to build a copper smelting plant at an estimated cost of $1billion. The Chinese government licences MCC, which is an important player in the growing steel industry in China and a developer in several major projects overseas and locally. Atienza said, “MCC had written me a letter of intent that they’d like to put up a copper processing plant in the Philippines.”

Golden Park Residence in Hurghada for a winning investment

Mon, 1 Dec 2008 00:00:00 GMT

Situated halfway between Sahl Hasheesh and Hurghada is a resort that is the epitome of exclusive luxury. It has everything anyone could wish for, from a marina and diving centre to cable cars running throughout the complex, dancing fountains and light shows. The Golden 5 City is an extravagant, vast and, with its never-ending sunshine, sought-after place in which to dwell. Now the developers of this successful property in Egypt are constructing the Golden Park Residence next to it, and starting prices for a studio apartment are as low as £32,436.

The new Golden Park Residence is going to be, without a doubt, another excellent Egypt property development project. It incorporates villas, townhouses, apartments and luxurious 5 or 6-bedroom individual palaces for those who treasure their space. The complex offers 5-star luxury at low entry-level prices, plus residents are able to avail themselves of the amenities on offer at the Golden 5 City next door. The Egypt property’s grounds boast verdant open areas and there is a huge 8 percent rental guarantee on a 5-year plan, which is also renewable.

Residents of Golden Park Residence property in Egypt are able to use the facilities of the Golden 5 City, which has volleyball courts, floodlit tennis courts, a health centre, basketball courts, boat excursions, a private 750-metre beach, a windsurfing and scuba diving centre, 150 shops and much more. One might think that will all this available next door, Golden Park Residence does not need its own amenities, but in fact it has an aqua-park, volleyball and tennis courts, kid’s clubs, and a private fitness centre, not to mention satellite TV and Internet access. All of which spells a perfect venue for a blissful holiday in the sun. As accommodations in Egypt go, Golden Park Residence has everything to offer, and makes a perfect investment with assured returns.

Dubai property attractive to celebrities and stardom

Fri, 28 Nov 2008 00:00:00 GMT

A great many celebrities have put their name on development projects on property in Dubai, among them some of the best known in the world. There is a golf course in Dubai designed by Tiger Woods, and Hollywood super stars Brad Pitt and Angelina Jolie were rumoured to own Ethiopia on the man-made island that has been built just off Dubai’s coast. This turned out to be a public relations stunt when sources in the two stars’ retinue disclosed that the rumours were false, but it had the required effect of bringing stardom to the islands.

Spokespeople of the developer, Nakheel, would not comment, but said the issue was extremely confidential, and only the stars themselves could reveal whether or not they actually owned any of the world-renowned property in Dubai. Celebrities have, however, turned the spotlight on Dubai with their presence, or the rumours of their presence, in the Emirate. Many have indeed bought Dubai property and designed golf courses, and developers have borrowed their names for The World towers.

So it is that yesteryear formula-one champions Nikki Lauder and Michael Schumacher, along with golfing greats like Gary Player, Ernie Els and Tiger Woods are associated with Dubai property. The sports business’ marketing director at Dubai Sports City, Malcolm Thorpe, feels that attaching star names to developments won’t attract the public, and says, “People know the difference between a good golf course and a bad one, and just having a star's name associated with a project doesn't mean the development is good.”

Thorpe adds that the public had given an extremely positive response to the 18-hole golf course in Dubai’s Sport City that has Ernie Els’ name on it, and now there’s a golf club in development that also bears Els’ name. Any development or accommodation in Dubai that is associated with a celebrity sees higher profits, developers say.

Oil agreement reached between Egypt and Vietman

Fri, 28 Nov 2008 00:00:00 GMT

A meeting in Cairo between The Vietnam Oil and Gas Group (PetroVietnam) and the Egyptian General Petroleum Corporation (EGPC) on 9 November has culminated in the signing of a Memorandum of Understanding (MoU). This agreement is aimed at furthering bi-lateral co-operation between the countries in their search for oil and manufacture of gas on various properties in Egypt and Vietnam. Members of industrial companies, importers and exporters from the two countries were in attendance at the meeting.

The Egyptian Minister of Petroleum and Trade and the Vietnamese Minister of Industry, Vu Huy Hoang, were present at the signing ceremony. Fayz Aboulnaga, the Egyptian Minister of International Co?operation, also participated. The meeting was held within the structure of the Vietnam?Egypt Co?operation Joint Committee. The agreement states that PetroVietnam and the EGPC will be involved in bidding for and acquiring oil property in Egypt and Vietnam. They will also look to invest in opportunities in a third country and swap current projects. They have agreed to expand their co?operation into other sectors to allow both countries to benefit from the advantages.

A member of PetroVietnam, the PetroVietnam Exploration and Production Corporation (PVEP) has had its eye on buying a part of the South Siwa lot since 2007. The South Siwa lot is owned by a UAE company, Al Thani Investment Group, with a head office based in Dubai. Should the transfer be granted approval by the Egyptian Ministry of Petroleum, Al Thani Investment Group will become the project’s operator.

Both of these developments, the signing of the MoU and the potential acquisition of the South Siwa lot, are initiatives to further developments of property in Egypt and the surrounding countries and in so doing, uncover the potential for expansion into gas and oil exploration and production.

Dubai government props up property market

Thu, 27 Nov 2008 00:00:00 GMT

The Dubai government has disclosed the details of its formerly secret financial situation to ward off a possible economic crisis and restore investor confidence. To this end, it is nationalising and merging several financial institutions and slowing down the Dubai property market.

Yesterday the chairman of Emaar Properties and member of Dubai's executive council, Mohamed Alabbar, said that the total amount that the Emirate owes is £6.6 billion, and companies that are affiliated to the state owe an additional $70 billion. The GDP of Dubai was £35.6 billion, which makes its GDP to debt ratio 148%, in comparison to Britain’s 40%, Japan’s 99% and 57% for the US. This effectively means that each person in Dubai is in debt to the tune of $40,000.

Speculation is rife that the overburdened Emirate will have to sell some of its assets to its richer neighbour, Abu Dhabi, to stave off defaults. A committee appointed to oversee the market for property in Dubai and its struggling economy has merged several struggling banks in an effort to keep the market liquid. UAE Real Estate, Amlak Finance, Tamweel and Emirates International are now the Emirates Development Bank, and the UAE government will invest in it to stabilise the economy. This intervention means that Abu Dhabi is supporting Dubai and spells good news for the Dubai property market.

Mr Alabbar commented that the biggest companies that deal in property in Dubai are now going to have to work together to get through the tough economic times, especially when it comes to the building of new accommodations in Dubai. Nakheel, builder of the palm shaped islands near the coast of Dubai will join forces with Emaar, which is currently constructing the Burj Dubai, as well as the state owned Dubai Holdings. These three firms control 70% of the property development in Dubai, and will now stabilise the market together.

Lotus Breeze - tranquillity in Hurghada, Egypt

Thu, 27 Nov 2008 00:00:00 GMT

The apartments at the luxury Lotus Breeze resort are freehold, and some have sea views. They come with an easy payment plan, a communal pool on the rooftop terrace and a management and rental service. Located just a 10-minute drive away from the airport, these luxury apartment properties in Egypt have 65% mortgages available, an optional furnishings package, and are due for completion next year.

For anyone who is considering investing in an Egypt property, Lotus Breeze is a perfect opportunity, with apartments going for bargain basement prices as low as just £21,000. The European mode development is gated and situated inside Hurghada’s Intercontinental region just behind the Hilton Hotel, a mere 50 metres away from the primary boulevard that leads to the beach.

The development comprises luxury studios and 1, 2 and 3-bedroom apartments that have private terraces and almost all of which have amazing sea views. The promenade nearby boasts a host of top class international restaurants, malls, bars, nightlife and a lot more. The Lotus Breeze property in Egypt has apartments with creative, modern layouts plus a plethora of leisure amenities for residents to enjoy. Everything about them is geared towards lifestyle and convenience, along with amazing décor and friendly service.

Amenities at this Egypt accommodation development include a pharmacy, health club, coffee shop, internet, management service, roof top pool and bar, supermarket, landscaped gardens and 24-hour security. Egypt property is a much sought after investment, due to the country’s popularity as a tourist destination, with its all-year sunshine, white sand beaches and sparkling blue ocean, where scuba diving is a popular sport. The very affordable price of property means that overseas developers and investors have been buying up land and developing it into luxury resorts like Lotus Breeze, where visitors from Russia, Germany, the UK and USA go to relax and enjoy all the pleasures it has to offer.

Egypt’s Isis Resort in Luxor – a golden opportunity

Wed, 26 Nov 2008 00:00:00 GMT

The Isis Resort in Luxor is the perfect chance to invest in a top class five-star luxury hotel on a beautiful Egypt property idyllically situated on the banks of the most romantic river in the world, the Nile. This hotel in the centre of Luxor offers 425 rooms with stunning views of the River Nile, as well as 55 one and two-bedroom suites, which ensures that everyone will find their perfect holiday home here. Residents can relax and watch the boats sailing along the vast, shimmering river while sipping sundowners in their rooms.

The completed property in Egypt offers fully furnished apartments and suites that are ready for use immediately. The resort also has a guaranteed, fully operational rental plan that offers 7 percent for a decade with four weeks of personal use by the owner. Investors will realise an instant return on their investment and there are a number of payment choices that make purchasing more than one unit a perfectly viable option.

This will also go a long way to building an excellent Egypt property portfolio in this contemporary, exciting new city, which offers a wealth of historical monuments and a friendly culture with balmy weather thrown in to sweeten the deal. The Isis Resort boasts a plethora of excellent features, facilities and activities, as well as being close to major roads, only 2km from the Luxor railway station and 17km and 10km from Hurghada Airport and Luxor respectively.

The property in Egypt is just a short stroll from the prime shopping region and a mere 10 minutes away from the fascinating Luxor Temple. The hotel accommodation in Egypt is run by one of the most highly respected hotel chains in the world, which has more than twenty-five years of experience in the hospitality industry. The resort offers an affordable investment with guaranteed high gains that investors will see immediately.

Dubai property brought to Manhattan by Emerald View Properties

Wed, 26 Nov 2008 00:00:00 GMT

Manhattan is now home to a new office of Emerald View Properties, a consulting and property marketing firm that offers investors in the USA commercial and residential property in Dubai and the rest of the UAE. Emerald View’s team of consultants specialise in REIT and property management, real estate selling, relocation facilities, development and portfolio investing, and the firm, which hails from Washington DC, is already well respected.

Emerald Views has built a significant client base in the USA for property in Dubai and the other UAE Emirates. The new office in New York only serves to emphasise the increasing demand for the firm’s services. The opening of the Atlantis Resort adds to the growing selection of important projects that signify Dubai’s status as an attractive investment destination for savvy investors.

Celebrities flocked to partake in the stunning festival that took place on the palm shaped manmade island Dubai property, among them notable names like Robert DeNiro, Charlize Theron, Michael Jordan, Jade Jagger, Denzel Washington, Rhys Ifans, Star Jones, Priyanka Chopra, Sarah Ferguson, the Duchess of York, Sir Richard Branson, Natalie Imbruglia, Mary Kate Olsen, Kylie Minogue and many more. These kinds of celebrity-studded events serve to enhance the reputation of the tax-free investor haven that is Dubai, and put it more firmly on the map as a multinational business hub.

Emerald View Properties markets luxury and mid-market UAE and Dubai properties to investment groups and individuals, and its experience in this market ensures that it is able to guide its investors through the purchase of accommodation in Dubai or any of the other Emirates. It also informs buyers of the best ways to manage their property portfolios and aids US firms to avail themselves of the tax havens in UAE free areas with its consultation and relocation facilities.

The UAE moves to increase the confidence of investors

Tue, 25 Nov 2008 00:00:00 GMT

UAE property developer Emaar Properties’ chairman said at a conference in Dubai on Monday that the government is committed to prop up state-run firms that are taking the brunt of the estimated $80 billion debt owed by Dubai’s property market. His remarks seem to indicate that the federal government intends to aid the debt-stricken Emirate, which is battling with the current international financial crunch, and he added that more mergers might be in the offing.

This is good news for those with available cash, and offers a rare opportunity to cash in and snap up distressed property in Dubai at bargain bin prices. The sales director of Elysian Real Estate, based in Dubai, Robert Macnair, says, “There is a sizeable increase in the number of property owners in an urgent state to sell. It could be they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency.”

The prices of property in Dubai’s Palm Jumeirah Island have plummeted by up to 40% since September, according to property brokers, and this week Elysian sent a text message to as many as 40,000 mobiles to advertise distressed Dubai property. It offered a six-bedroom luxury villa situated in the multi-billion-dollar Dubailand theme park for half its original asking price.

For anyone with cash to invest right now, this offers an excellent opportunity to buy up valuable accommodations in Dubai, provided they are able to sit out the current slow down for three to four years, which is how long it is predicted to take for the property market in Dubai to recover. While rental returns are also low at the moment, perhaps purchasing property is still a better option than keeping cash in the bank and running the risk of financial institutions collapsing.

Morocco property a good investment despite global slowdown

Tue, 25 Nov 2008 00:00:00 GMT

Analysts and market experts claim that property in Morocco is still a good investment despite the current international financial crisis, and that it offers many attractive prospective investments for long or short-term buyers. Orion Trek Voyages spokesperson, Jane Folliott, indicated not so long ago that Morocco’s idyllic temperate climate, year-round sunshine and short flight times from Europe and the UK make it an attractive destination for Christmas visitors seeking a holiday in the sun.

The vice-chairman and CEO of Kuwaiti Gulf Holding Company, Ahmad Al-Ameer, claims that the Morocco property market has remained untouched, for the most part, by the global credit crisis and will therefore be more inclined than other countries to see continued growth in the market.

Mr Al-Ameer says, “All the world is witnessing a painful bleeding. However, there are countries like Morocco that are not affected by the crisis.” As if to confirm Mr Al-Ameer’s statement, building began on GHC's $1.3 billion development in Tangiers on Monday, 17 November, which serves to confirm the company’s continued faith in the potential for stability in the kingdom’s economy and the ongoing value of property in Morocco.

Mr Al-Ameer says that he expects Morocco’s economy to continue to grow by 6% for the duration of this year, and he still feels that the indicators for country’s economy are, and will remain, positive. The fact that construction projects on accommodation in Morocco are still continuing despite the current international financial situation would seem to indicate that Mr Al-Ameer’s faith is justified, and this could lead to a continuation of the growth trend for Morocco property. This flies in the face of current UAE property market downturns, perhaps due to the fact that property in the North African country did not see the huge price increases that were experienced in the Emirates in recent times.

Morocco property a good investment despite global slowdown

Tue, 25 Nov 2008 00:00:00 GMT

Morocco property a good investment despite global slowdown

Tue, 25 Nov 2008 00:00:00 GMT

Price of property in Dubai falls by half

Mon, 24 Nov 2008 00:00:00 GMT

The emirate with the ‘can do’ attitude, Dubai, is suffering the pinch of the global financial crisis, and the price of many of Dubai’s largest and most prominent developments have dropped by up to 50%. According to estate agents, in Downtown Burj Dubai property prices have crashed to half their original value, due to the fact that property in this prestigious area rose so quickly and to such heights previously. Before the slowdown, prices in the Burj Dubai were about £652 per sq ft, but now they have dropped to about £482.

The multi-purpose urban development, which encompasses the newly launched Dubai Mall, boasts many of the priciest properties in Dubai. The yet to be completed Burj Dubai Tower, due to open in 2009, is set to boost the region’s already daunting reputation. The current worldwide financial situation is being blamed for the collapse of Dubai property prices, and many investors have sold their properties to free up cash.

Although speculative investors are bowing to the pressure of the tightening financial constraints and selling off their Dubai properties for bargain basement prices, long-term owners are holding onto their assets in the hopes that the prices will increase in the not too distant future. When that time comes, properties in the trendiest and most expensive areas, such as Downtown Burj Dubai, are predicted to rise first.

To exacerbate the situation, Dubai banks and loan companies have cut back on home funding loan-to-value to around 70% from 90% just last month. HSBC Holdings reports that on average, the price of accommodation in Dubai has dropped by 4% between the months of September and October, while villa prices have collapsed 19% because of the lessening of demand and restricted loan conditions. This is the first hard evidence of the worsening situation in the UAE property market, and Lloyds TSB is no longer offering loans on apartments there.

Property markets in North Africa experiencing dramatic slowdowns

Mon, 24 Nov 2008 00:00:00 GMT

The market for property in North African countries is being hit by a dramatic slowing down of buying trends, and many of the tourist projects are struggling to survive. According to a London estate agent that sells property in Morocco, the market there is ‘dead’, due to the fact that many of the previous investors were from France and the UK, but with the global recession this investment source has disappeared.

A representative of Winkworth International in London, Giles Wickham, says that buyers are just not interested in Morocco property any more. “Morocco is very dead. There is no interest. Things are plodding along and we are just hoping for the market to pick up again,” he states. Even the Middle Eastern investors who buy developments in Libya, Tunisia, Egypt and Morocco have become unwilling to outlay any more cash with the financial crises that is going on at the moment.

Some of the Morocco property developments are valued at more than $30billion, and there are still some multi-billion developments that are under construction in Cairo. The executive director of EMEA, Jonathan Hull, says that he thinks North Africa will continue to attract Gulf buyers, but many funds are scrutinising their buying plans and reassessing the risk factors involved because these have altered in some markets.

In the public spotlight, property developers remain positive, and an Emaar spokesperson says that North Africa is still a market with a lot of promise, which, like a lot of Middle Eastern countries, has withstood former worldwide financial crises. The Emaar spokesperson goes on to say that its development of property in Morocco and Egypt were mostly tourism-based, and therefore still have a great deal of potential for growth. In addition, the construction of these accommodations in Morocco and Egypt is on schedule.

Dubai property sells faster as crisis becomes grave

Fri, 21 Nov 2008 00:00:00 GMT

Those who own property in Dubai are growing increasingly concerned as the international credit crisis hits the property sector, and investors are selling up hard and fast to avoid losing potentially large amounts of cash, according to a number of agents in the real estate sector.

One real estate firm in Dubai, Elysian Real Estate, sent out a message to at least 40, 000 cellular phones to advertise the sales of distressed properties in Dubai. The message offered a wide range of luxury Dubai accommodations, including one villa boasting six bathrooms and six bedrooms in Dubailand. The villa that the company advertised is a whopping $5.72 million, only half of the initial asking price for this property in Dubai, and will be finished during the course of next year.

The sales director for Elysian Real Estate, Robert Macnair, says that there’s a noticeable amount of people who own property in Dubai trying to urgently sell their investment. He says, “It could be they have a large payment coming up or they’ve seen the market dropping over the last month… There is a real sense of urgency.”

Dubai’s real estate sector used to be thriving, but is now facing a major drop in the growth of loans and general property activity, thanks to the detrimental effects of the international credit crisis. Macnair says that it’s not only his company seeing increased amounts of distressed property sales, but that other property agents are also seeing more of this.

An Engel & Volkers’ real estate consultant, Quaid Abbas, says that the increase in urgent property sales began at the start of November this year, and added that some investors have been selling their property in Dubai for 5% less than the initial asking price.

Celebrity buyers attract visitors and investors to Morocco

Fri, 21 Nov 2008 00:00:00 GMT

Many overseas investors, particularly from the United Kingdom, are drawn to purchasing property in Morocco for the sole reason that the emirate is popular with various celebrities who either stay in the region regularly or who have purchased property there. For the same reason, many visitors are attracted to make use of accommodation in Morocco over and above that of the other emirates.

Real estate company Moroccan Sands claims that that numerous celebrities have owned property in Morocco for a long time, especially in Tangier and Marrakech, and that the emirate has “always had a certain celebrity cachet.” Moroccan Sands does, however, admit that in the last few years the country’s real estate market has grown decidedly more popular amongst famous buyers.

England’s celebrity footballers, Rio Ferdinand and John Terry, are amongst the famous owners of property in Morocco. Ferdinand has seen fit to invest in the real estate market in a big way, and owns at least seven properties at one Moroccan beach complex. These properties are used not only for investment purposes, but also for holidays with his family. Other celebrities who own homes in Morocco are Madonna and Naomi Campbell, and when visiting the emirate you may very well spot Bruce Willis, Anne Sinclair or Jack Lang walking down the street.

Michael Kent, the marketing director for Moroccan Sands, says that many famous people own property in Morocco, particularly Marrakech. He says that many of these same people also own other properties across the globe. Jackson International, a global real estate group, says that the average person should be very careful when purchasing property abroad, and should take care to use “common sense” when doing so. Kent says, “The typical Moroccan buyer is a very old model of the investor in Spain �" a university-educated or professional person.”

Low pre launch prices obtainable on property in Hurghada

Thu, 20 Nov 2008 00:00:00 GMT

Uncover Egypt, agents for Egypt property, is now selling certain properties in Hurghada with a 15 percent pre-launch markdown in an attempt to lure fresh investors into the market. The agency is able to access a large amount of Hurghada accommodation deals for buyers from the UK, and has low prices on offer, such as accommodation in the Khamsin Resort for a mere £18,908. The markdown is only available until December 1, however.

The MD of Uncover Egypt, Amanda Clarke, said that sales of property in Egypt are on the rise, because so many investors are availing themselves of the bargain prices and beneficial tax laws that come with the deal when people purchase an Egypt property, unlike the UK property market, which has become stagnant. She added, “We are also seeing more people buying property in Hurghada especially as a relatively low cost investment with the aim of capitalising on the continued development of Egypt as a tourist destination and as an attractive place to live."

Property in Egypt resorts like Hurghada is particularly popular due to its reasonable prices and the fact that it has such a good reputation for being a top destination that offers a wealth of activities, particularly water sports such as diving, fishing, sailing and snorkelling, as well as being home to a host of fashionable nightlife spots for the youth.

The Egyptian government is doing its utmost to promote and generate motivation for possible purchasers, as well as making freehold ownership of accommodation in Egypt much easier for foreign investors. The attractiveness of the country is increasing as the procedures necessary to purchase property there improve, and this is serving to boost the price. Any investor who saw fit to buy a house there now may be in for many years of sustained growth.

Enticing funding plans offered by Dubai developers to lure investors

Thu, 20 Nov 2008 00:00:00 GMT

Now that funding from banks is so hard to get in Dubai due to the worldwide credit crunch, real estate agents are struggling to make sales and property developers are trying to lure new house buyers with profitable payment plans. Some of the largest developers such as Union Properties, ETA Star and Emaar are offering new payment plans such as rent-to-own, but a current survey has discovered that more than 50% of estate agents selling property in Dubai have not been able to close a solitary deal during the past month.

Union Properties has now joined the rush to offer more accommodating payment plans such as renting-to-own and leasing in a few of its Dubai properties. Chief property officer at UP, Lesley Sayle, when she announced the re-launching of the plan, said, “UP initially introduced the rent-to-own scheme over four years ago to support the sales at the first Green Community project. It was a plan that was successful and by reintroducing the rent-to-own scheme, we are giving residents and businesses the flexibility to plan for their homes and office space.”

With the Union Properties’ plan, people are able to rent a Dubai property in certain UP projects for 1 to 2 years, after which, if the client wants to buy it, the rent that has been paid becomes the down payment and is then the precursor to a normal payment plan. Sayle said that about 98% of the tenants who have the rent-to-own plan have become owners of Dubai accommodations now.

While Sayle maintains that UP did not re-launch the plan due to mortgage defaults or cancellations, this new scheme is liable to lure new investors who want to purchase property in Dubai despite the worldwide economic crisis and the fact that banks won’t give home loans for more than 60% of the value of the property.

Citigroup says property in Dubai won’t collapse

Wed, 19 Nov 2008 00:00:00 GMT

According to one report within the industry, generous creations of mortgages and foreigners being allowed to purchase property in Dubai and the GCC is the main reason for the sector growing more and more vulnerable. The demand for properties has dropped drastically in recent months, with mortgage companies and banks alike now insisting on higher payments of equity on new loans in order to protect their assets from price drops.

The report also stated that United Arab Emirates lending, from the banks’ side, is especially exposed to the sector for property in Dubai. This incorporates not only the usual loans for mortgage, but also loans to developers of real estate, loans to other financial companies, and other types of loans involving real estate.

Mushtaq Khan, in a research report put out by Citigroup with regards to managing global and domestic expectations for property in Dubai, stated, “In our view, the real estate sector in Dubai is too important to fail, which explains why supply has been carefully managed while demand was left to the inflows of expatriates and individual investors.”

The report went on to say that at this point in time it doesn’t seem likely that the sector for property in Dubai will continue to grow as it has in the past. Because there are fewer buyers in the market many of the development projects to increase the current number of various accommodations in Dubai are not likely to be finished. Developers that don’t have as much capital and currently make up at least 20% of the property market might be forced to exit the property market, according to the Citigroup report.

The report from Citigroup also stated that authorities are trying to immunise banks from a large correction in Dubai property valuations, made clear by the decision allowing banks in the region to increase the amount of equity required up-front.

Dusit’s first hotel in Africa

Wed, 19 Nov 2008 00:00:00 GMT

A major player in the hospitality and hotel industry, Dusit International recently announced its first hotel property in Africa, located in Cairo, Egypt. The new Dusit Thani LakeView Cairo property in Egypt is “a step closer to the European region”, says one Dusit official.

The region that the new Dusit Thani LakeView Cairo property in Egypt is located in boasts stunning waterfalls, clear lakes, a lovely stream, and the streets in the area are lined with beautiful trees. The new Egypt accommodation boasts 203 stylish rooms, a ballroom, and 10 meeting rooms. The new hotel is also a quick 20 minutes from the bustling Cairo International Airport for hassle-free travelling, and is linked by means of a bridge to the pyramids and Giza.

Dusit International’s senior vice president, Octavio Gamarra, says, “Following our worldwide expansion, the opening of Dusit Thani LakeView Cairo marks a significant milestone for Dusit International. Not only is it our first step into Africa, but also a closer step to establishing a key presence in European key gateway cities such as Paris, Munich, and Frankfurt, which are part of our expansion plans.”

Gamarra goes on to say that Dusit’s new property in Egypt is a chance for the company to “bring a distinctive Thai hospitality to the global arena” and that its Thai heritage, along with the excellent service it provides guests, should give Dusit a competitive chance against other developers currently showcasing property in Egypt.

Gamarra ends, “We have an experienced and dynamic team in Cairo working closely with us to ensure that Dusit Thani LakeView Cairo delivers not only a renowned Thai hospitality strictly coached by our training specialist team from Thailand, but also exceptional service levels to create a unique experience for all guests.”

Bargains for buyers of property in Dubai

Tue, 18 Nov 2008 00:00:00 GMT

With the price of property in the UAE falling due to the global credit crunch, a group of speculators that infiltrated the Dubai property market is having problems making repayments. For prospective new investors, there are now some bargains available in the off-plan market, but at the same time it makes it riskier, because developers may be forced to cancel or delay projects due to the shortage of available funding. Advice from industry experts is to avoid off-plan investing unless investors are certain that the development will proceed as planned.

The worldwide financial slowdown has made the banking sector leery of offering to finance large projects that may fail in the current hostile market, and are only funding 50 to 60% of the property in Dubai and the rest of the UAE. Therefore, buyers will be obliged to outlay a lot more cash up front in order to purchase a house. One possible solution for cash-strapped homebuyers is to investigate some of the easier plans on offer.

Emaar Properties is offering a ‘plan to own’ proposal, whereby buyers must only pay 5% up front and pay off the balance of the 25% over a period of five years. This, in addition to a 70% bond, is an appealing option for most. A ‘rent to own’ plan offers buyers the option of contributing a year’s rental towards the cost of their Dubai accommodation, if they purchase it within 10 months.

The location of the property in Dubai is still an important factor, and developments like Palm Deira and Reem Island won’t be ready for occupation for another year at least, and even at that time, transportation may be hard and residents will be dwelling in a vast construction site. If prospective buyers need a Dubai property to live in or rent out, they should find a project that is close to completion.

Egypt property has positive potential in 2009

Tue, 18 Nov 2008 00:00:00 GMT

A market that’s emerging as a potential hotspot for investment in 2009 is Egypt, which is making some waves in the headlines with its ongoing improvement projects. According to the MD of Experience International, Steve Worboys, the World Travel and Tourism Council (WTTC), is projecting yearly increases of as much as 7% for the next ten years due to the heavy duty investment that the tourist industry is currently enjoying. This is wonderful news for prospective investors, and a report in the Homes Overseas magazine says that good tax laws are another reason why investors are attracted to property in Egypt.

According to the Jones Lang LaSalle Global Real Estate Transparency Index, Egypt is number 10 amongst the most improved nations in the world, and an excellent development for investment in a property in Egypt is the Oasis Marina in Hurghada, situated on the Red Sea coast, with a private beach. The development has top class amenities including many swimming pools, diving and aqua sports centres, a spa and a club for children. The apartments are ideal for jet-setting investors who want to rent the Egypt accommodation out for most of the year, with prices starting from only £35,873.

A Canvey Island accountant, Andy Parkin, invested his inheritance in the Oasis Marina project, and as well as gaining an appreciable discount for a cash purchase, he also benefited from the services of the Experience International’s team of investment experts, who negotiated a five year guaranteed rental income for him, along with personal use of the Egypt property for twelve weeks every year.

Parkin said that he chose an Egypt property because it has the investment potential that he was seeking. The bright future for tourism in the country, due to the government’s ten-year plan and its investment in improving infrastructure, means that Egypt is strengthening its position as a future investment destination.

Tanger Boulevard, a jewel in Morocco’s crown

Fri, 14 Nov 2008 00:00:00 GMT

An innovative multi-purpose project that’s intended to change the North African city, Tangier, into a major multinational hub, Tanger Boulevard stands head and shoulders above other Morocco property developments. When King Mohammed decided to make Tangier a vital part of his Plan Azure vision for 2010, he focussed on it in his bid to bring Morocco into the 21st century. Investing in Tanger Boulevard is therefore an investment in Morocco’s future.

Tangier has long been considered a fashionable tourist day trip from Spanish south coast resorts, and is no longer considered a ‘old style’ city due to major investment in its infrastructure and a well orchestrated scheme to promote tourism to property in Morocco like Tanger Boulevard. All of this is making Tangier a viable tourist destination in its own right.

At the centre of this Tangiers transformation is Tanger Boulevard, a prime Morocco property that offers its residents the romantic glory of old Morocco lifestyle combined with modern amenities. The development is located ideally close to Tangier’s most popular shopping centres and the mysterious medina, glorious beaches and a multitude of top class restaurants are all within easy reach.

The commercial hub of the development, Boulevard Life, which comprises over 8000 square metres of bars, cafes, designer boutiques and shops is just a short distance away, making this Morocco accommodation an idyllic spot for a bit of relaxation and rest. Every apartment has a vista of the city, plaza or pool, and more then half have a view of the picturesque Tangier Bay. The one, two and three-bedroom apartment properties in Morocco were designed to a high standard, yet still retain their unique Moroccan flavour. Tanger Boulevard residents enjoy easy access to a host of onsite facilities, which include a gymnasium, swimming pool, underground parking and 24-hour security.

Economic crisis smashes Dubai property boom

Fri, 14 Nov 2008 00:00:00 GMT

The Arab boomtown, Dubai, is finally feeling the brunt of the international economic crunch. The price of property in Dubai is tumbling and shares are crashing. Staff layoffs have started at one property developer, while another is rethinking its need for new personnel and others are undergoing serious cutbacks on expensive plans for expansion as funding for homebuyers and companies dries up.

Markus Giebel, chief executive for Deyaar Development Co, a builder based in Dubai, explained that what’s currently going on in Dubai is closely linked to the global financial meltdown. "There's actually no way to swim against the stream. If the stream goes left, you'd better swim with it," he said. Deyaar illustrates the winds of change currently sweeping through the market for property in Dubai, which has served to drive the city’s economic growth recently.

Several officials, and Deyaar’s former CEO, were arrested on suspicion of financial bad behaviour in April this year, one of the first shots fired in the widening anti-corruption round up. While analysts were quick to commend the crackdown, it also caused investors in Dubai property to lose confidence in the market just when the global credit crunch was starting to bite.

Since then, Deyaar’s stock has dropped drastically, with the shares down 74% from last year at the end of trading on Thursday. Many other banking and Dubai property shares are plummeting as well, and the financial market in Dubai fell 25% just in the last week. In addition, developers of accommodations in Dubai and around the world are discovering that funds are drying up. According to Giebel, Deyaar has indefinitely postponed the plans that it announced recently to raise in excess of $1billion from selling Islamic bonds, and is also reducing its worldwide expansion schemes to approximately three from its initial number of around ten countries.

Morocco’s economy is thriving

Thu, 13 Nov 2008 00:00:00 GMT

An investment of 1.5 million euro by BALMS and CRUZ has resulted in new premises for the company in Tangier, Morocco. The unveiling of the property in Morocco was filmed and attended by influential public figures from both Morocco and Spain. Under the leadership of Mohammed VI, Morocco has been converted from an unyielding dominion into a developing country offering hope and economic transformation, so encouraging international dealings and growth.

Lawyers’ practices Balms Abogados in Spain and Cruz and Co in Gibraltar joined forces to form Balms and Cruz, Morocco. The parent company is Balms Group International, a union that is represented globally in over 20 countries. Besides Morocco’s great weather, chief associate Nicholas Cruz believes that there are numerous reasons for the country’s increasing international appeal: the European continent is not far; Morocco offers beneficial tax regulations and property in Morocco is affordable. He went on to say that a majority of their customers are from the UK, many of whom are Muslims seeking holiday accommodation in Morocco.

Cruz commented that their main area of expertise is in real estate and the creation of industry. He went on to say that Morocco is a very lucrative option as its wealth is set to increase in 2009 despite the difficult financial times the rest of the world is facing. Georgina Butler, representative from Tangier’s British Consul, suggested that UK citizens find trustworthy counsel if they want to purchase property in Morocco.

Chief associate Juan Luis Balmaseda de Ahumada Diez was asked about the risks involved in investing in property in Morocco during financially critical times. He replied, “This is a long-term investment for us. The world economy is cyclical, and, after every crisis, there is always a boom. I don’t think people should have a negative attitude n the face of adversity. I see this as a fantastic opportunity.”

IDS Softwares represented in Egypt

Thu, 13 Nov 2008 00:00:00 GMT

Cairo will be home to IDS Softwares’ North Africa area agency offering its internationally recognised programmes to the hospitality trade in this area. The property in Egypt will also promote the company’s services and commodities and will supply a higher level of technical expertise to clients. Critical queries which cannot be attended to by area institutions, will be escalated to Egypt.

Vera Club Queen Sharm, Comfort Resort Sharm, Magawish Resort, Vera Club Queen View and Cataract Resort Sharm are a few of the properties in Egypt that are already part of IDS’ established clientele. Pyramisa Hotels, offering several choices of privately owned accommodation in Egypt, have been added to this list.

A representative from IDS Softwares, Rajesh P Yadav, says, “A strong base in Egypt was necessary to benefit our clients located in the Francophone countries of West and North Africa. Our Egyptian team will also take responsibility for developing our business in Morocco, Tunisia, Algeria, Sudan and Libya.” Ahmad Abdoo has been appointed assistant general manager and Khaled Mohyeddin, head of after sales support and sales for the IDS property in Egypt. The two new recruits are highly skilled and Yadav believes they will play an integral part in increasing local awareness and creating a remarkable reputation for the company.

IDS is represented in many countries in the Middle East and until now, the emirate provided the escalated level of assistance required by countries in North and West Africa. IDS’ property in Egypt will be hugely beneficial for the advancement of the firm’s trade potential in the area. Furthermore, the local clients will benefit from IDS’ programmes which have been translated into French, proving the firm’s pioneering systems are in tune with the requirements of international accommodation groups. Cairo is currently a significant worldwide milestone for IDS.

Egypt’s Sharks Bay Resort, Sharm El-Sheikh a premier tourist hotspot

Wed, 12 Nov 2008 00:00:00 GMT

As international hotspots go, the Sharks Bay Resort is top of the list as an Egypt property investment. Located idyllically in Sharm El-Sheikh, Egypt’s most renowned diving destination, the resort is not far from the Hadaba resort and its neighbour, the lively Naama Bay residential region. As a holiday destination, the weather and scenic surrounds offer a wealth of glorious days of idle sun soaking or exciting exploration. The recently completed Sharks Bay Resort property in Egypt has the enviable reputation of being one of Egypt’s most sumptuous five-star hotels, offering all-inclusive packages in Sharm El-Sheikh.

The Sharks Bay Resort boasts a peerless beachfront location in this top-class tourism district, and offers its guests a host of facilities and activities for the whole family, from experiencing exciting deep sea diving off the coast to simply soaking up the never-ending sun. The Egypt property has a private beach and two outdoor swimming pools that have water slides for the kids and artificial waves for the not so adventurous who don’t like the real thing. Add to that the many seafood, international and a la carte restaurants and a convention centre, and this is an investor’s dream come true.

It comes with a guaranteed yearly net return of 7 percent over a decade period, which is index-linked so that the share price grows at the same rate as the Egypt property value. Purchasing shares in a hotel such as this is becoming popular for property investors, and the Sharks Bay Resort is a perfect place to enjoy the bonus of personal use as well. There are a selection of Egypt accommodations to choose from, which includes four-bedroom villas, two-bedroom townhouses and standard hotel rooms. All apartments and suites are furnished and ready for immediate occupancy, and the cost of living in Egypt is about 20 percent less than the UK.

Prices of Burj Dubai tower property plummet

Wed, 12 Nov 2008 00:00:00 GMT

According to real-estate brokers, the price of residential property in Emaar Properties’s iconic Downtown Burj Dubai development has dropped 22% at least, with the Burj Dubai tower apartments plummeting as much as 50%. In Abu Dhabi, some luxury developments have also seen sizeable price decreases in the secondary market, where property is sold after being purchased from the developer. These latest corrections in the price of property in Dubai serve to elucidate the impact that the worldwide credit crisis and potential recession are having on the property market, especially luxury projects.

Statistics from Emaar-owned international real-estate agents, Hamptons, show that the price of property in the Downtown Burj Dubai area increased as much as 88% during the year until September, while other property brokers maintain that some Dubai property prices have doubled or more.

Vincent Easton, head of sales for Sherwoods, agents for property in Dubai, said, “This is indicative of the whole marketplace. Downtown [Burj Dubai] had quite a sharp spike in pricing. Anything that has a sharp spike is open to a correction if the market slows. Really, ultimately we will see the correct level.”

Sherwoods claims to have seen an average decrease of 22%, although this does not include the Burj Dubai tower. The price of property in the tower rose the most, and therefore has dropped more sharply. Dubai property outside the tower has fallen 24% on average in the last three weeks. Another property consultant based in Dubai, Sujeeva De Silva, claims that the Old Town quarter of the project has seen a price drop of 30% over the last month, while the Residences and South Ridges areas have fallen 20%. Due to the large number of investors who own Dubai accommodation in the Burj Dubai tower, prices there are more unpredictable than in other areas, according to brokers.

Phase three of Axis Residences Dubai Silicon Oasis launched

Tue, 11 Nov 2008 00:00:00 GMT

One of the major diversified company groups in Dubai, Gulf General Investment Company, recently restated its dedication to the Dubai property sector when it launched phase three of Axis Residences Dubai Silicon Oasis. The new property in Dubai will offer home buyers an easy finance plan, and will add to the success that the first two phases of the property development enjoyed.

The brand new property in Dubai will boast 1.3 million square feet and it will cost in the region of AED 2.1 billion to construct the eight tower development. The third phase of Dubai Silicon Oasis, Axis Residences, affords the chance to own stunning accommodation in Dubai at an incredibly affordable cost that can be paid off over a period of 100 months, ensuring that buyers can be assured of their investment, and all this without the annoyance of bank loans and backbreaking interest rates.

The Gulf General Investment Company offers Axis Residences investors the opportunity to purchase affordable property in Dubai that will suit buyers in the mid-income bracket, and the financing is done through a well-structured plan devised and provided by the company itself. The chief executive of Gowealthy.com, Peter Penhall, says, “With a fixed monthly payout of just AED 9,500 during construction period and a payment plan structured over the following eight years, it is our endeavour to provide the most optimum financial assistance to our clients who will inevitably also have pre-existing rental commitments, adding to the burden of property purchase.”

Residents of this new property in Dubai will have access to major amenities for full convenience, such as distress after work at the fitness centre or relax over the weekend in the swimming pool. Axis Residences properties also boast lovely balconies or terraces and attractive interior designs.

Capital of Morocco praised as “beautiful”

Tue, 11 Nov 2008 00:00:00 GMT

The well-visited Rabat, Morocco’s esteemed capital city, was recently highlighted in an excellent manner at the Waterfront Expo conference, and received much impressive praise for being such a beautiful city, as well as for boasting some of the finest properties in Morocco.

The Waterfront Expo is a global conference revolving around the development and regeneration of waterfront regions, and took place in Liverpool during the course of last week, from the 3rd November through to the 5th November, and praise at this conference is certainly something for Rabat to be proud of.

One senior associate at Gensler, a design and architecture consultancy company, Peter Sheard, spoke very highly of the city, describing it as “very beautiful” and was particularly impressed with the waterfront property in Morocco’s capital city. Sheard said that in his opinion it’s obvious that Rabat has more than enough to entice visitors and investors in property alike.

Sheard also pointed out that the city’s strongly apparent history and well-structured commerce affords visitors the opportunity to make the most of their stay in the city in many different ways, no matter what their relaxation and entertainment preferences are. Anyone renting accommodation in Morocco’s capital city or investing in property in Morocco’s Rabat is able to partake in destressing activities such as fishing or walking, amongst other things.

Sheard went on to say, “The city has quite a strong network of parks and open spaces and the landscape has a certain beauty about it.”

Over and above the high-class property in Morocco, found throughout the emirate, the Ministry of Tourism in Morocco released figures stating that country has seen over 7.41 million travellers pass through in the year 2007 alone. This is an astounding increase of 13% on the number of visitors to the country in 2006.

Price set to increase 5% in October at Atlantic Golf Views in Morocco

Mon, 10 Nov 2008 00:00:00 GMT

Situated right beside the Paradise Beach and Golf resort on the idyllic Atlantic Coast of North Morocco between Asilah and Tangier, the Atlantic Golf Views resort is poised to become an excellent investment as the project continues to develop and demand increases for property in Morocco. Prices will rise as a matter of course, and early reservations are bound to see a significant appreciation, as well as securing prime position to add to the value of the Morocco accommodations. The Atlantic Golf Views resort boasts many swimming pools, an 18-hole golf course, close proximity to the beach and is just a 15-minute drive from the airport in Tangier.

Investors who wish to purchase an apartment as a speculation property in Morocco will be able to take advantage of capital appreciation while construction is underway and outlay a minimal amount as a deposit for a maximum return. Those who want to let their Morocco property for an ongoing income will find that the Northern part of the country an occupancy rate of approximately 80 percent, with rental prices on a par with Costa Del Sol, located not far away, although the Atlantic Golf Views properties are selling for far less.

This region of Morocco is already being called the ‘Golden Mile’, and looks to become a jewel in Morocco tourism’s crown, as well as a dream come true for investors. More golf courses, hotels, marinas and residential projects are planned on this Morocco property, which will augment this gorgeous destination and increase its attractions. The new ‘Freedom of the Skies’ agreement will make Moroccan airspace available to low-cost airlines, and Monarch, Easy Jet and Ryan Air are predicted to enter this market, offering affordable flights to Tangier from numerous international airports.

Bond repayment period extended by Emaar Properties in Dubai

Mon, 10 Nov 2008 00:00:00 GMT

The global credit crunch is hitting home hard in the Dubai property market, as a recent move by Emaar Properties has shown when it extended the loan period for its clients who have purchased or wish to purchase property in Dubai. This will allow its customers more time to repay their property loans amid restrictions by local banking, which have made securing a home loan extremely difficult. Emaar is the largest property developer in the Arab world, and had intended to launch two new property developments in Dubai in 2009 with a net worth of approximately $5 billion each, although now this will depend on the market conditions, according to Issam Galadari, Emaar’s Dubai managing director of international operations and chief executive.

Galadari said that the global credit shortage has had an adverse impact on everybody and that in November Emaar introduced the extended time period for its clients. Emaar will continue this policy until its clients are able to secure financing more easily. He added that Emaar had to rely on the banking sector to fund its customers who have bought property in Dubai, and that the group has pre-sales that require financing.

Usually investors in the Gulf area buy off-plan property from developers like Emaar, then they take out a bank loan to repay the money. Galadari said that the property group was keeping a close eye on the market, but as yet had not been forced to delay or cancel any development projects on Dubai property. He went on to say that Emaar had many projects planned in Dubai next year, depending on the market.

Emaar’s shares have dropped by 64% this year, and there are now fears that the booming market for accommodation in Dubai is slowing drastically as funds dry up in the credit crisis.

Are the standards of Egyptian buildings dangerously low, and how can you be assured of safety when p

Fri, 7 Nov 2008 00:00:00 GMT

Many people are under the current impression that the standards for the building of property in Egypt are dangerously low and that both older buildings and those currently under construction are a disaster simply waiting to occur. Various sources state that a large number of buildings are constructed without any kind of cross bracing, and that this includes some of the tallest buildings in the emirate. Is this strictly negative speculation, or are there facts behind the allegations?

The population in Egypt has been increasing since the year 2006 by an astounding amount, and an increase in the number of new accommodations in Egypt, from residential property in Egypt through to hotel and lodge accommodation, has been necessary to cater for the increase in those populating the emirate. Over and above the construction concerns, an added worry is that the fairly new Red Sea Riviera will have a negative effect on the available water in the Nile, and that water taken from the Aswan dam being used to cultivate the land in Lower and Upper Egypt will also affect the region negatively.

One journalist states that it might not be exaggerating to say that with the next earthquake Cairo can expect fatalities that may exceed those dealt by Hiroshima, due to the dense population in the city and the low standard of building construction. Some properties in Egypt have been proven to be dangerously constructed, and images taken to back up the claims that this is the case. Some images display the shocking fact that in an earthquake the buildings’ brick panels could disintegrate completely and cause many deaths.

Anyone wishing to purchase a property in Egypt, specifically along the Red Sea coast, should have the building checked by a structural engineer from Europe, or should attempt to get in touch with a developer who has European architectural training and uses what he knows in the development of his buildings.

Are Dubai properties using celebrity names as a crutch?

Fri, 7 Nov 2008 00:00:00 GMT

The question on the lips of many is, “Are celebrities being used as a crutch to promote property in Dubai in order to draw our attention away from and support the declining market?” Others are sceptical and asking if the property market in Dubai even in decline. Analysts are saying that the confusion comes into play due to a negative correction, however, some claim that the property market could very well take a skydive and crash completely.

One thing that could certainly undermine the market for property in Dubai is the lack of major revenue from oil to back the government of Dubai, which owes a number of developers money, as well as the banks from which loans have been sought from developers. Then again, developers, the government, and even various municipal bodies are insisting that the market for Dubai accommodation and other properties is good, and stating that the lack of completed properties on the market that aren’t yet available due to incompletion results in rental rates constantly rising and creating a huge potential for property investors to bring in large amounts of revenue.

So are the celebrity names that keep cropping up in the Dubai property market simply due to the high-class accommodations available in Dubai, or are they in fact being invited into the emirate and used to take our attention from the downward spiral of the market? Dubai has always shown an affinity for celebrities, especially for use in promoting various products or developments, although it does seem from many a point of view as if in recent times the emirate has been throwing around a far larger number of celebrity names �" in excess, perhaps?

Names such as Tiger Woods, Jamie Oliver, Brad Pitt and Michael Schumacher are frequently heard in reference to Dubai, and many a sceptic can’t help but wonder if the market for property in Dubai is using these more and more to take our attention off the rapid decline.

Doubts about Dubai’s property potential

Thu, 6 Nov 2008 00:00:00 GMT

The mood of the market for property in Dubai appears to be changing, slowly but surely. One indicator would be that Nakheel, which is building the planned 200-storey skyscraper in Dubai, has announced that it is taking a closer look at its requirements. The predicted collapse has boardrooms and coffee shops abuzz with speculation. EFG-Hermes, the investment bank based in Cairo, lately predicted that the value of property in Dubai was set to fall 20 percent over the next 3 years. Dubai-based Emaar, one of the world’s largest property developers, has seen its stocks lose almost two-thirds of their value since the beginning of the year.

As yet, no one’s calling it a collapse, and small to medium-sized developers are still able to operate. About 70,000 visitors were at the Dubai Cityscape real estate show just a few weeks ago, which saw the unveiling of approximately $180 billion worth of proposed projects. Despite this, the Dubai property market is not invulnerable. It is the tourism, transportation and business centre of the Gulf, and as such is more invested in the international financial turmoil than a lot of its neighbours. Dubai has also not profited from natural gas or oil that has given Abu Dhabi such a significant economy buffer.

The most critical risk to Dubai’s property market is that it has always relied on debt to keep its amazing development boom going. The rating agency, Moody, estimated that the Dubai public sector and government debt was a minimum of $47 billion, which is a massive 103 percent of the GDP of the emirate, and that it expects liability to outstrip the GDP for a further 5 years, which means that Dubai is extremely vulnerable to geopolitical and economic threats.

Officials in Dubai say they can pay their debts, but the credit crunch compounds the problem, and with the oil price falling, investment in Dubai accommodation seems likely to lessen.

Egypt’s Ancient Sands Golf Resort, El Gouna, a likely investment

Thu, 6 Nov 2008 00:00:00 GMT

For British investors seeking a country with all-year balmy weather only a 5-hour flight away from the UK, Egypt has much to recommend it. The Egyptian tourism industry has grown in leaps and bounds since 2001, and the number of visitors to this idyllic holiday destination, with its multitude of top-quality Egypt accommodations, doubled between then and 2006. In excess of a million of the tourists who visited the country were British, some of whom saw fit to invest in property in Egypt and make it their holiday destination of choice.

With the current global recession, property markets worldwide have felt the pinch, yet Egypt property has been no worse hit than any other market, making its attractions just as good as they ever were. Investment seekers who are still considering an overseas property might be well advised to keep Egypt on their list of potential investment destinations. Amongst the premier off-plan properties in Egypt worth consideration is the Ancient Sands Golf Resort in El Gouna, located on the scenic Red Sea Riviera, which has much to recommend its selection of luxury apartments.

Ancient Sands Golf Resort is an Egypt property that offers a plethora of on-site amenities to its residents and guests, which include a tennis academy and 18-hole golf course for the sports minded, a 5-star spa, swimming pools, excellent restaurants, shops and bars, a business centre and library, not to mention the concierge service. The Red Sea Riviera, located on Egypt’s east coast, affords visitors a multitude of excellent activities, including peerless diving on the gorgeous reefs, unspoilt beaches and sunshine all year round. The Ancient Sands Golf Resort comes with a 6 percent rental guarantee, making it highly attractive as an investment for holiday home seekers and investors alike.

Adam Scott slices into Dubai’s property market

Wed, 5 Nov 2008 00:00:00 GMT

The well-known golfer, 28-year-old Adam Scott from Australia, has claimed his stake in a $2.2 billion new residential property in Dubai consisting of over 1000 high-end apartments. Surprisingly, the property won’t boast a golf course. Scott is ranked as the 16th best golfer in the world, and is now a partner in the joint venture together with the Sunland Group, backed by James Packer. The new luxury accommodations in Dubai will consist of 68 storeys of sloped silver glass in the form of a tower, situated on the beachfront property in Dubai.

The tower apartments are set to be priced from $480 million for a studio with one bedroom up to $19 million for a penthouse apartment, and although the tower won’t contain a golf course, the property in Dubai will offer guests the use of a gymnasium complete with a golf swing simulator that Scott is currently assisting in the design of, according to Justin Cohen, his manager. Cohen says, “There is a strategic focus on the Middle East and emerging markets, both from a golf and a golf course design perspective.”

Originally from Adelaide, Scott currently lives in Switzerland and has concentrated both his business and golf interests on the Middle East markets due to the high profitability in the region. Scott has been awarded the Qatar Masters twice, once in 2002 and once this year, walking away with $538,000 this year. Over and above this, Scott pulled in $1.97 million during the US PGA tour this year in prize money.

Previously, the market for property in Dubai was huge, with investors buying large amounts of property and then reselling them again as fast as they bought them. However, Scott’s new investment comes at a time where the international credit crisis has finally begun to affect the UAE property markets, which had previously seemed immune to the global issues.

Property in Egypt avoids the credit crunch

Wed, 5 Nov 2008 00:00:00 GMT

At this current point in time most investors are desperate to find safe properties overseas to invest in, to avoid going bankrupt. Investing in property in Egypt currently seems to be one of the safest options as the emirate seems to be avoiding the worst of the effects of the global credit crisis. With banking systems the world over changing ownership and methods of operation, international property investors are focusing more than ever on assuring that their investments prosper.

The market leaders for property in Egypt and across the rest of the world are currently focusing on attracting investors and those who wish to purchase accommodation in Egypt and the rest of the emirates for personal use, by means of major discounts on new property developments, and auctions of new properties in an attempt to increase cash flow into the market and keep the liquidity levels at a reasonable level.

Property in Egypt still seems to be doing well, despite the international credit crisis, for a number of reasons. Egypt has concentrated largely on ensuring that the quality of new property developments are high, and making a concerted effort to preserve the integrity of the Red Sea coastline from excess development. Egypt has also made an effort to diversify where visitors arrive from. Thanks to all the effort put into ensuring a safe future for residents and investors in the region, Egypt seems as if it will certainly remain safe from the problems that other areas are now finding it increasingly difficult to endure.

The Egyptian government is undertaking major steps to ensure an influx of international investors and residential tourists, but at the same time isn’t allowing builders and speculators to decide on the best site for a new property in Egypt without looking at the consequences of using that site first.

End of six-year property market boom in Dubai causes real estate value to drop

Tue, 4 Nov 2008 00:00:00 GMT

For the last six years, property in Dubai has been booming, but experts now agree that the worldwide financial crisis has put an end to this burgeoning property market. It seems that there are some property sellers who are so desperate to liquidate their assets as soon as possible that they are proffering off-plan properties at zero premium and suffering a loss as a result. It’s been reported that one Dubai estate agent has reduced its commissions by almost 70%, although most appear to be confident that they can ride out the slump for at least six months, to find out if the economy, and therefore the Dubai property market, recovers.

This evident collapse in Dubai property prices will naturally increase the strain on the economy, which lacks the vast oil revenues to bolster it that other emirates, like Abu Dhabi, enjoy. Even if Dubai did enjoy an oil rich economy, which the entire region’s wealth is based upon, oil appears set to drop even lower as global demand for the commodity decreases.

Many of the banks in the region have taken steps to make sure borrowers are not allowed to get loans that they are not able to repay in these tumultuous times. For instance, HSBC will now only loan up to 70% of the value of a Dubai property, which is reduced by 15% from October. Apparently this is to ensure that borrowers don’t default on their repayments, thus helping the property market in Dubai to continue to be stable and bounce back sooner rather than later.

There are those investors, however, who believe that the current low prices of accommodation in Dubai makes it a good time to invest there, provided they are able to keep the property until the prices recover.

5-star luxury beach resort, Marsa Alam, enhances Egypt’s Red Sea coast

Tue, 4 Nov 2008 00:00:00 GMT

Luxury one and two-bedroom apartments at Marsa Alam Beach Resort on the southern coast of Egypt, often known as the Red Sea Riviera, are being offered for sale at reasonable prices on an entry level market. Overseas investors will be quick to snap these resort apartment properties in Egypt at their current low price, due to Marsa Alam’s balmy weather, which assures its guests and residents alike of sunny weather all year long, whether they’re there visiting for a day or living there permanently. Add to that the plethora of wide sand beaches, unspoilt coastline, sparkling clear seas and the untouched bounty of beautiful corral reefs, and it’s a recipe for the ideal holiday.

With the low entry-level prices for these luxury apartment properties in Egypt, which come with a rental guarantee of 10 percent, the host of direct flights to and from the UK and Europe and the increasing market for top class tourism resorts, winter homes and holiday houses, plus the potential for rental accommodation in Egypt to provide an income, and it’s obvious that this resort complex offers an extremely tempting foreign investment opportunity.

One of Marsa Alam’s main attractions is its status as a leading international location for scuba diving, which, until recently, was only available for those on a live-aboard trip. Now that it is open to all divers, whether they are land-based or sea dwelling, visitors who go there to dive may avail themselves of all the delights to be found in this idyllic spot, including the 5-star accommodations on land, while still diving the best wrecks and reefs off the coast. Marsa Alam is located on one of the most beautiful beach properties in Egypt, which boasts warm, clear water and soft yellow sand, a perfect spot to get a lot of well deserved relaxation and rest.

Ongoing work on Palm Deira property in Dubai

Mon, 3 Nov 2008 00:00:00 GMT

A recent statement from Nakheel real estate states that work and development of the Palm Deira property in Dubai is continuing as planned, refuting reports in the general media stating otherwise. The Nakheel statement went on to say that the focus at the moment is directed at areas nearest to the shore, specifically on reclamation works. Once these reclamation works are complete, the statement continues, Nakheel will begin progressive property development and sales. The statement ended by saying that these plans are in line with the company’s business model, and that the approach is a reasonable one and follows international economic conditions.

The development of the Palm Deira property in Dubai was announced in October of 2004. The island is eight times bigger than the island of Palm Jumeirah, and five times bigger than the island of Palm Jebel Ali. The island is set to be a large source of high-end new accommodation in Dubai, and will be completely man-made. Palm Deira will be a grand total of 14 km of land long and 8.5 km wide, and the Fronds will vary lengthwise with 840 and 400 metres respectively of sea in between the two Fronds.

The Palm Deira property in Dubai is set to be the biggest man-made island in the entire world, and is planned to be a major source of income for the emirate once complete. The island will cover an astounding 4250 hectares, will add 226 km of land to the Dubai coastline, and the project itself is huge in terms of both scale and ambitiousness. On a daily basis, well over 800 workers are on site at the moment, reclaiming 200,000 cubic metres of sand, 20,000 tonnes of rock via land, and 45,000 tonnes of rock via sea.

Bargain property in Morocco

Mon, 3 Nov 2008 00:00:00 GMT

As a result of King Mohammed VI’s Plan Azure, Morocco is often now dubbed as the new hotspot for prosperity in the United Arab Emirates. There are already investments in six properties in Morocco along the coast, including the Agadir resort, and the emirate intends to draw even more flights and an estimate of at least 10 million visitors to the region by the beginning of the year 2010. This is five times more than the current amount of visitors into the area.

Visitors making use of the various Morocco accommodations available to tourists can enjoy one thing that visitors to the other emirates may not be able to enjoy so freely: peace from those who wish to do nothing more than take advantage of a non-local. Visitors staying in property in Morocco are free to purchase alcohol and not have to bargain with sellers for absolutely everything in order to not be ripped off.

The hotel properties in Morocco offer guests luxury accommodation with stunning lanterns decorating the expansive lobbies, beautiful mosaics and water fountains, and restaurant menus that contain plenty of dishes that visitors to the region will recognise from across the world and be able to enjoy. Almost everyone in Morocco speaks the English language, and for those who enjoy karaoke nights, there is an English-speaking karaoke bar available.

A representative from Bridgehouse International, Alex Andjel, is of the opinion that the west coast of Morocco is the “new Algarve”. West coast property in Morocco offers visitors not only stunningly tranquil natural beaches, but also a wide selection of well-known hotel brands and golf resorts. Andjel also says, “The Middle Eastern market is really keen on Morocco’s west coast and major developers are looking to build here.”

The market for Dubai property poised to go green

Fri, 31 Oct 2008 00:00:00 GMT

According to market experts, by 2020 the market for property in Dubai will become totally green as the need for construction methods that are sustainable and the burden of regulatory environmental stipulations increases for developers. In addition, the escalating legislative onus on builders to obey a number of environmental restrictions, plus the development of the biggest solar panel fabrication plant in the Middle East, located in Dubai, would seem to indicate that sustainable methods of construction are becoming the norm instead of the oddity, and regional development will acquire a higher level of energy efficiency.

According to Mahindra Dey, from Guide2Dubai, all across Dubai property developers are going to notice an increase in demands from customer and legislature that they construct environmentally friendly buildings. She said that Dubai is leading the way in the development of green property, and recently a powerful demand from buyers and builders who have set preferences on what they require from their property is fuelling this market. Because of this, the market for property in Dubai has become extremely adept at adapting to the customer’s requirements, and due to this trend, Guide2Dubai is predicting that by the last quarter of 2015 at the latest, the majority of new projects will be far better at energy efficiency.

She added, “The combination of market pressures and a growing impetus from the Dubai property authorities to promote environmentally friendly construction will push more and more developers into creating eco-friendly, ‘green’ buildings. And with the location of the largest solar panel manufacturer in the region in Dubai, it looks likely that solar power will prove the method of choice for property developers over the coming years.”

Therefore the pressure is on for all new Dubai accommodations to be environmentally friendly, both in their construction and in their maintenance and running requirements.

Good tax laws enhance Egypt’s investment potential

Fri, 31 Oct 2008 00:00:00 GMT

Reports from many of the top market analysts and industry experts all appear to agree and confirm that the positive tax laws that are in force in Egypt should have the effect of making clued-up foreign property investors who are considering the purchase of an overseas property turn their focus on property in Egypt. It does indeed seem to be the case that investors and going to Egypt; West Side Village in Hurghada has experienced an 18 percent increase in the number of sales and enquiries in 2008, as opposed to last year.

The lack of tax on inheritance or capital gains tax allows investors to make the most returns on their money in the emerging Egypt property market. Added to that, profit made by investors who sell their Egypt accommodations can be removed from the country without any restrictions. The only stipend is a small yearly property tax of about £50, which is imposed on people who own a house or land in Egypt.

According to West Side Village, the price of Egypt property has increased by 50 percent over the course of the preceding two years, and prices are expected to keep on growing by a minimum of 27 percent per annum until 2011, even with the global financial meltdown. Furthermore, the yields for rental property in this country are also far better than most, and average as much as 12 percent in some regions.

Stephen Smith, marketing director of West Side Village said, "Serious investors analysing their buying and selling costs are drawn to low-tax destinations, which will enable them to maximise their returns. Hurghada offers fantastic buying opportunities, with some of the lowest cost property in Egypt, virtually no tax to pay and strong rental demand driven by tourism.”

Bharat Hotels and Nakheel have breakthrough on The Grand Fort Hotel

Thu, 30 Oct 2008 00:00:00 GMT

The Grand Fort Hotel, a five-star property in Dubai, at Al Furjan, will have 293 rooms, as well as retail outlets, a spa, large landscaped gardens, restaurants, and business and conference facilities. This joint venture by Nakheel, Dubai's creative property maestro, equally partnered with Bharat Hotels Limited Group, will also meet LEED documentation prerequisites.

This accommodation in Dubai, planned to lionise the Indo-Sarcenic style evocative of the Rajasthan great forts, is primed to be the best property in Dubai outside of the beachfront. The hotel will be decorated with engraved archways, balconies, domes, embattlements and terraces, and encircled with a fort wall. The hotel, conceived as a stronghold, will have an external open area and an exclusive interior guest sanctum. An extended lagoon with rest areas and restaurants, as well as profuse palm gardens, are in the hotel centre.

Yousuf Kazim, who is general manager of Cavern Hotels and the managing director of Nakheel’s Joint Ventures, had this to say about the property in Dubai: "Today marks an important step forward for The Grand Fort Hotel with the breaking of ground at the site. This is Bharat Hotels' entry point into the Middle East and they bring with them a trusted and impressive track record. We are delighted to be able to work with them on such a landmark project, which is going to take on a prominent position within the Al Furjan development."

This hotel property in Dubai will take its architectural inspiration from the royal palaces and fortresses in the scenic area of Rajasthan in India. The Grand Fort Hotel will be a conspicuous structure - summiting the peak of a hill at the centre of Nakheel's Al Furjan district - planned for finalisation in 2010.

Egypt - an affordable destination in harsh economic times

Thu, 30 Oct 2008 00:00:00 GMT

Seaside accommodation in Egypt offers refuge during the current global economic storm.
The country’s geographical location and inexpensive realty, offering entry level opportunities, make it a lucrative investment within a developing property sector.

According to the World Travel and Tourism Council (WTTC), Egypt experienced an influx of tourists last year and predicts numbers to increase this year by 5.5%. Leaders in developing property sectors, Experience International, noted a substantial growth in investment thanks to the country’s sound fiscal position, established government structure and unwavering currency. Representative for the company, Steve Worboys, reported on the growing number of investors who realise the multiple benefits of purchasing property in Egypt.

Egypt has benefited greatly from the influx of visitors triggering a boom within its tourism industry. Employment figures within the industry are subsequently set to rise over the next few years. The number of visitors to the country has exceeded the local tourism bodies’ expectations and the trend is expected to continue with an estimated fourteen million holiday-makers entering the country by the end of the year. Egypt’s policies and prospects make it an attractive investment option and Worboys anticipates a growing number of investors wanting to purchase property in Egypt.

Egypt’s warm winters make it a popular holiday choice throughout the year. Water-front properties in Egypt offer world class golf and year round water sports in picturesque surroundings. Shareholder of one of the resorts, Andy Parkin, agrees that purchasing property in Egypt provides a lucrative alternative while the United Kingdom faces an economic meltdown. He was inspired after a visit to Egypt to investigate the possibilities the country offered as a developing nation and was impressed by government’s internal policies of developing the tourism and realty sectors. Parkin remarked, “I look forward to using the property myself as well as reaping the rewards in making such an investment.”

A good time to invest in the UAE according to Select Property

Wed, 29 Oct 2008 00:00:00 GMT

Following an announcement by the UAE government stating that they are going to guarantee any national bank savings and deposits, Select Property has reported that purchases made by their investors will be assured. The global panic is understandable considering the reports each day of fresh victims of the worldwide financial meltdown, and with major banks requesting bailouts from their governments, a record breaking stock market crash and Iceland on the brink of national bankruptcy, it appears that investments, no matter how good, are not safe. Investors who have lost faith in the banks are now ploughing their money into property in Dubai and other UAE countries in an attempt to find a safe investment.

According to Select Property, the news of the guarantee by the UAE government of all bank deposits in its national banks is great for people who are looking for an investment, and any money held in escrow with the company will be deposited in a Dubai bank. Not only will investors’ money be protected, the Ras Al Khaimah and Dubai property markets are still growing despite the global slowdown.

A good association is currently being enjoyed between Select Property and Select Group Developments, which are developing off-plan Dubai property, and these include the iconic one kilometre tower, The Torch, the Marina’s Bay Central, Botanica and The Point. Select Property now has ninety employees who operate from offices in Dubai and the UK. In May of this year, the company had sold more than £550 million in property to investors in 53 countries around the world, which included property in Dubai.

Select Property, which has been operating since 2004, has become a market leader when it comes to investing in accommodations in Dubai and other UAE countries.

The promise of paradise in Egypt

Wed, 29 Oct 2008 00:00:00 GMT

The Paradise Gardens Golf and Beach resort, which is idyllically located between the lush green fairways of a gorgeous, recently-completed golf course and the pure white sands of Sahl Hasheesh’s largest beach, is raising the bar when it comes to luxury property in Egypt. The Sahl Hasheesh Paradise Gardens was built by one of the biggest hotel brands in Egypt, and boasts a vast choice of 350 units, which come in studio or one, two and three-bedroom apartments, plus three and four-bedroom townhouses.

An 18-hole golf course will be built next to this Egypt property, and there are plans for another three courses in the future. In addition, its proximity Sahl Hasheesh’s biggest public beach makes it a much to be desired venue for a perfect Egypt holiday. Location is everything when investors look at purchasing a property in Egypt, and Paradise Gardens is a rare gem; a precious find for an investor with its amazing position within the bounds of this five-star luxury resort.

Hurghada airport is a mere 30 minutes drive away, making access to this resort easy and hassle free, plus there are many direct flights from all the major airports in the UK. When it comes to high-end accommodations in Egypt, Paradise Gardens comes tops in many categories, particularly location, with its quick access to the popular public beach located a mere eighty metres away. With just a short stroll, holiday guests and apartment owners can avail themselves of the delightful white sands and emerald sea.

For those who particularly enjoy the ocean and all its benefits, many of the apartments at this luxurious Egypt property have splendid sea views, making them even more attractive to holiday makers and investors looking for a good overseas property to buy.

Gulf suffers stormy finances

Tue, 28 Oct 2008 00:00:00 GMT

Sunday gone past the international global credit crisis finally hit the Persian Gulf full force, and the central bank in Kuwait guaranteed deposits. Property markets across the Gulf were already experiencing high selling rates, and oil prices were reduced by 50 percent of what they were in July. Saudi Arabia has agreed to funnel at least $2.3 billion to borrowers in the lower income bracket, while brokers for property in Dubai have said that they are noticing the prices of various accommodations in Dubai dropping substantially for the first time in a few years due to the sudden lack of available financing.

A property consultant working for the 9 Properties real estate company in Dubai, Tanya Vodenicharova, says that those wishing to invest in property in Dubai “are not finding buyers”. The planned expansion for Dubai could end up slowing down or even grinding to a halt due to the lack of government finances, while the Japanese government may be strengthening the yen in an attempt to keep finances under control and a 0.72% increase in the Nikkei Stock Average in Tokyo occurred. The central bank in South Korea also dropped its interest rates, causing a 0.39% rise in the value of stocks in the region.

The Gulf Bank stated that counterparties who defaulted on dire euro-dollar derivatives contracts compelled the bank to look to the government to intervene, and real estate agents in Dubai are noticing the first warning signs of the current property boom coming to an end. Developers of property in Dubai remain hopeful, though, as there is as yet no solid evidence of the property prices falling drastically. However, asking prices for properties have dropped significantly, and some are of the opinion that this alone is cause for concern due to the amount of debt that the emirate has incurred in its developments.

Regal reception into Morocco

Tue, 28 Oct 2008 00:00:00 GMT

The efforts made by Morocco’s king to better his country are seeing the fruits of his labour as an increasing amount of Britons purchase property in Morocco. The year-round heat is just one of the many things that make the region attractive to Britons who want to purchase holiday accommodation in Morocco, and King Mohammed VI plans on turning Morocco into a buzzing international destination with his Plan Azure.

The king wants to create six resorts along the coastline of the region, where both tourists and homeowners can enjoy the stunning property in Morocco. The king’s plan extends to the upgrade of the airports in each region of the emirate in an attempt to draw affordable airlines to the region, building new road and train links, and even perhaps a tunnel underneath the Strait of Gibraltar to convince tourists that Morocco is a far better destination than the south of Spain.

The signs show that the king’s plan is working thus far, and the first five months of this year already boasted an 11% increase in the level of tourism when compared with the same months last year. Of those attracted to the emirate and making use of the various available property in Morocco, French tourists were the highest number at a whopping 927,000 visiting the region, while 587,000 Spaniards and 141,000 Britons visited the emirate in this time period.

All tourists enjoying the various properties in Morocco on offer to visitors benefit greatly from the lower cost of living compared to most other international destinations, and the head of Moroccan operations at Hamptons International real estate agency, Youssef Benamour, says that this is an exceptional time for the emirate. Benamour goes on to say, “Everyone from the king down is buying into modernity. Some of the world’s largest and most high-profile developers are entering the market.”

Global credit squeeze not affecting Egypt Property

Mon, 27 Oct 2008 00:00:00 GMT

The hunt for the best property investment during the present global meltdown is a major issue for investors right now. Egypt is engaged in building a successful future by placing the greatest emphasis on the excellence of its projects on property in Egypt and not destroying its precious Red Sea coastline in the process. It is also ensuring that visitors to Egypt come from a variety of foreign countries, thereby making certain that it is well positioned to ride out the strife that many other property destinations are struggling to cope with.

A major headache for more typical foreign property markets is that they have come to rely too much on visitors from only a couple of countries for the tourism industry and property sales. Some of these nations are now going through financial crises due to the global situation, and are therefore unable to provide the necessary numbers of visitors and investors to keep a foreign country’s property markets alive. By ensuring that it attracts visitors from all around the world, the government is safeguarding the Egypt property market.

In addition, it is making great efforts to promote tourism in the residential areas and draw more overseas buyers for property in Egypt, while not giving carte blanche to developers and investors to develop the best sites with no consideration for the cost of their actions in the future. The government has focused on improving the infrastructure, and new restrictions on planning ensure that the Egypt property supply does not exceed demand, which will promotes price increases.

The government has learnt from its previous experiences, and the mistakes of other countries, when formulating its current policies. The new Egypt accommodations on the Red Sea coast, Dahab, Hurghada and Sharm el Sheikh, were built by a tourism industry that was still learning about the market.

Dubai plans expansion in turbulent market

Sun, 26 Oct 2008 00:00:00 GMT

Dubai has been a region filled with optimism for a long time already, and not surprisingly so if one considers the large amount of major, high-end property in Dubai that is constantly being developed. The Burj-al-Arab hotel property in Dubai, along with the development of the largest and most amazing artificial islands ever created, amongst other things, have drawn international attention to Dubai and enabled the emirate to redefine the boundaries of the possible and impossible.

Despite its incredible accomplishments and the numerous new Dubai accommodations already available to visitors, Dubai is still not content to sit back and relax. Instead, the emirate continues to plan further extensions and major development to further place itself first in the minds of travellers to the Middle East, as well as industry experts. Included in this expansion is the new airport hub in Dubai for international travellers that will include a total of six runways and will be the biggest in the entire world. The new airport will be of service to both cargo and passenger traffic all hours of the day and will be bigger than Hong Kong.

Also included in the expansions will be another incredible development for property in Dubai �" a district filled with skyscrapers, situated on the beachfront smack bang in the middle of the latest Harbour project currently in the process of being developed by Nakheel, and now soon to include the highest tower in the world �" a whopping one kilometre or more tall and the first of its kind. The new Nakheel Tower will boast more than 200 floors, won’t be complete for at least another ten years or more, and will become the focal point and main attraction in the Harbour development, together with the other 40 towers. Dubai’s achievements in this vein are proof that the emirate is both determined and organised.

Savings on taxes for expatriates in Dubai

Fri, 24 Oct 2008 00:00:00 GMT

A major reason that so many are drawn to purchase property in Dubai and make the emirate their permanent place of residence is that the region doesn’t ask residents to pay tax on any personal income that’s earned. Expatriates living in Dubai can take full advantage of the tax laws, because anyone able to legally not pay taxes and thereby save money legitimately will certainly be able to increase their financial gain, especially if the would-be tax money is invested correctly.

At this point in time, there is no VAT levied by Dubai authorities either, making the emirate an even more appealing place for expatriates to settle down in and purchase Dubai property for residential use, although it’s said that VAT will in fact be introduced into the United Arab Emirates as a whole at some point in the foreseeable future.

There are very few tax levies implemented in Dubai, and the few that you are likely to see include a mere 5 percent “council” tax for rented accommodation in Dubai, a low 10 percent tax on food and beverages purchase at hotels, a whopping 30 percent tax on alcohol, and 10 percent “council” tax that all those living in property in Dubai, regardless of whether they own or are renting the property, have to pay.

For expatriates wishing to purchase property in Dubai, there are many ways to claim the full benefit of not having to pay tax on personal income. Dubai’s Central Bank will be able to assist with sound financial advice to anyone unsure of the best route to go, and independent advisors of finance are also available to those wishing to make use of their services. With the right choices, expatriates will be able to live reasonably comfortably in Dubai and still be able to take home a nice amount of saved cash when they decide to return to their country of origin.

Morocco sees flood deaths

Fri, 24 Oct 2008 00:00:00 GMT

Many lives have been lost and property in Morocco has been very badly damaged due to the recent heavy flood rains the region has been forced to cope with. The levels of rain that the region has been dealt between the dates of 17 September and 19 October have been the highest in over 30 years, according to regional weather and disaster officials. At least seven individuals lost their lives due to the increased rise in tides throughout the various provinces of Morocco since last Sunday alone, and five individuals have been carried away in the flood waters when the water rose drastically in the wadis, while two people have been victims of storm lightening.

Property in Morocco was hit the hardest across seven of the region’s provinces: Azilal, Essaouira, Oudja, Al Houaz, Zagora, Chichaoua and Errachidia. Many homes and other accommodations in Morocco were completely submerged and many were damaged, while numerous roads were rendered impassable, according to the Interior Ministry. The terrible weather was also the cause of at least ten cob homes to collapse in the Zagora area, and caused major damage to property in numerous other areas of the emirate.

All in all, if the vast amount of damage to property in Morocco wasn’t dreadful enough, even more devastating to community members and visitors alike is the amount of lives lost in the heavy rainfalls. Between the dates of 9 October and 11 October alone, the driving rains caused a total of at least 20 known deaths, and was the direct cause of two bridges collapsing, as well as the lost of at least 500 homes across the emirate. Regional meteorologists have issued a warning that further storms may follow, and have implored the relevant authorities in the region to take the necessary actions to prevent further deaths.

Morocco still a source of property bargains

Thu, 23 Oct 2008 00:00:00 GMT

King Mohammed VI's Plan Azur has caused Morocco to be acclaimed as an emerging hotspot when it comes to overseas property investments. Morocco is investing heavily in six resorts on its coast, which include Agadir, in an effort to attract some 10 million tourist visitors per annum by 2010, which is five times as many as currently visit the country. For anybody who wants a holiday home where they can purchase alcohol easily and do not need to barter for everything, property in Morocco is becoming increasingly attractive.

Moroccan flavoured hotels are springing up that cater to international tastes, everybody can speak English, and only a little Arabic writing serves to remind visitors that they’re not in Western Europe. A young company director from Fulham, West London, Henry Emson, bought a beachfront Morocco property close to Agadir in 2007 for £50,000.

He says, 'That sense of hustle and bustle you find in Marrakech is exciting for a weekend, but for regular holidays, you want somewhere clean where you can walk around safely and a great beach.” After spending another £17,000 refurbishing his new Morocco property, Emson says that his house is worth £90,000 now.

Bridgehouse International’s Alex Andjel believes that Morocco's western coast is a fresh Algarve, and Agadir is its Vale do Lobo, an exclusive destination that boasts a plethora of major-brand hotels and golf resorts. He says, “Prices and demand are starting to appreciate aggressively in Agadir. The Middle Eastern market is really keen on Morocco's west coast and major developers are looking to build here.”

Apartment properties in Morocco, located at a new 500-berth marina, are currently on the market for £2,000 per square metre, making it more expensive than Bulgaria's Sunny Beach and on an equal footing with Croatia. Milestone Residential is currently marketing two-bedroom marina apartments accommodations in Morocco for £180,000.

Worldwide economic crisis not affecting Dubai property market

Thu, 23 Oct 2008 00:00:00 GMT

According to Estates Dubai, an online centre for property in Dubai, the market there will continue to be buoyant even in the current worldwide financial crisis and despite cutbacks in the mortgage-financing sector. The Dubai market has not been affected by the worsening global financial crisis, and development projects in commercial and residential properties continues to flourish.

Estates Dubai’s Mahindra Dey thinks that the affluent investors that Dubai has always been able to attract, together with the ongoing building developments currently underway on property in Dubai will serve to buffer the region from the current financial storm sweeping the rest of the world. Unlike other countries, where property prices have tumbled in accordance with the global credit squeeze, Dubai has bucked the trend and continued to prosper despite negative sentiments amongst some analysts, which would seem to prove him right.

Dey said, “What we’ve seen over the last few months on a global scale has had minimal, if any, impact on the Dubai property market and the breadth of development underway in the region. The Dubai property market has continued to remain buoyant over these past couple of months, and we predict that this will continue largely unaffected by the market externalities which have come into play around the world.”

Dey goes on to say that in his opinion, the Dubai accommodation market, due to its wealthy clientele and huge development potential, will not only remain immune to the effects of the current global crisis but will continue to grow and thrive in spite of it. Estates Dubai is a reliable online source of expert observation and up to date analysis on the state of the real estate market in Dubai. Its information is relevant to prospective investors, developers and sellers of property in the area.

Amlak’s bond finance in Egypt expected to triple

Wed, 22 Oct 2008 00:00:00 GMT

Amlak, a well-established company based in Dubai that finances bonds for property in Egypt, says that it sees its company portfolio for the financing of bonds for the purchase of property to increase in a big way before the end of next year. This increase is expected by the company to be as high as almost triple of what it currently is. The company says that this high-expectation forecast is due to the expected surge in demand for investors and home-owners wanting to purchase accommodation in Egypt, which is claimed by one executive to be the most heavily populated Arab country.

Amlak first began to loan money to investors and home-owners for the purchase of property in Egypt during the month of November in the year 2007, and at the same time the company began to broaden its horizons from the Dubai property market. According to Amlak’s chief executive in Egypt, Ahmed Haggag, the company portfolio now boasts well over 380 million worth of Egyptian currency. Haggag goes on to say, “We expect to see that to grow to 1 billion pounds by the end of 2009. There is a huge demand for housing in Egypt.”

The new laws for the purchase and sales of property in the region, only recently amended and instated as law, is another one of the main reasons for the newly developed bond finance industry in Egypt growing so drastically and so fast. Numerous numbers of investors, mostly those residing in the Gulf Arab area, are transferring huge amounts of money, billions of dollars, in fact, into property in Egypt, contributing largely to the massive economic growth �" the largest and fastest growth in the economy that the country has enjoyed in no less than two decades.

New interim bond and registration laws in Dubai reduce speculation

Wed, 22 Oct 2008 00:00:00 GMT

The new bond and registration laws for property in Dubai, published at the end of August 2008 and due to be effective in November of this year, has reduced speculation and boosted the confidence of the end user, says one legal consultant. The new laws have curbed fears by making clear developers’, banks and buyers obligations as well as their rights, and will impart vital parameters to the local real estate market that will in effect protect those wishing to purchase accommodation in Dubai.

The new interim law for the registration of property in Dubai includes detailed guidelines for reassigning the registration of off-plan sales from developers of property to the Dubai Lands Department. The new law also allows both banks and purchasers to register the property before construction on the property in question has even been completed. The new interim laws include a breakdown of procedures revolving around the bond and the legalities involved, as well as procedures for the execution of the property concerned, and details the correct conduct expected between the borrow and the loaning bank.

The bond market in the United Arab Emirates is at present worth at least AED 20 billion, and in three years’ time it’s quite likely that the value will increase to an astounding AED 64 billion. The senior vice president of the corporate services division of Amlak Finance, Tariq Ajaz, says that the new laws are a constructive move that will safeguard the interest of everyone concerned in the purchase and sale of property in Dubai. Ajaz goes on to say, “Since it is now mandatory to register the sale of all off-plan properties with the land department prior to which, they cannot be resold, this will not only help reduce speculative pressure on property prices but will also strengthen consumer and lender confidence in Dubai’s real estate sector.”

DAMAC Properties Group climbs to the #2 property company in the GCC

Tue, 21 Oct 2008 00:00:00 GMT

This top purveyor of property in Dubai and around the GCC has gained the second highest rating amongst property developers in the region from FutureBrand, the US-based worldwide brand consultancy, in the current Gulf Real Estate Study. The main criteria for the study were customer service excellence, the quality of construction, top value for money and reliability of services. Based on these criteria, the study found that Emaar Properties was the only company to gain a better rating than DAMAC. Other criteria considered during the study were preference, perception and the consideration of the variety of homes, facilities, familiarity and locations offered by competing companies.

DAMAC Properties Group has concentrated on construction this year, using high quality, reliable developers to fulfil its contracts. In the first nine months, it has been given more than 60 contracts worth AED2.5billion, indicating its commitment to delivery. AED2.1billion of these contracts were awarded for developing Dubai property, with AED45million for Abu Dhabi developments and AED320million for Qatar and Jordan building projects.

DAMAC Properties Group is also forging ahead with several important projects on Dubai property, and lately completed 571 apartments in Lake Terrace of Jumeirah Lake Towers. It is also due to deliver an additional 198 apartments at its Tera Del Sol building project in Discovery Gardens, 847 units for The Crescent, situated at IMPZ property in Dubai, 192 apartments at the Executive Heights venture at TECOM, and 536 apartments at LakeView in Jumeirah Lake Towers before the end of this year.

DAMAC Properties Group is also due to complete another 7,100 units during next year and 2010 in the GCC area, and many of these will be accommodations in Dubai, which will help to alleviate the growing demand for more accommodation in that region.

Fadesa's Morocco property units bought by Addoha

Tue, 21 Oct 2008 00:00:00 GMT

Addoha ADH.CS, a developer of property in Morocco, took over the two Moroccan wings of Fadesa's FAD.MC, a Spanish development company, after purchasing an extra 50% stake in the units, according to a statement released by Addoha on Monday.

The statement goes on to say, "With the accord reached with Martinsa-Fadesa on October 15 in Madrid, Douja Promotion Addoha Group has acquired the whole shares of the two important subsidiaries of Fadesa Morocco Group.” It added that both the units, Optim and Citaf, are important tourist development projects on property in Morocco, and will aid Adohha to extend its property business and increase its earnings.

Addoha already had a 50% share in Optim and Citaf before it bought the remainder of the shares in these two projects. While it did not reveal the costs of the recently purchased shares, Addoha had said on December 10th that it paid $157 million (1.3 billion Moroccan Dirhams) for the first 50% share in the Morocco property projects. Addoha is responsible for the bulk of a governmental housing initiative to provide low cost housing for the disadvantaged sector of Moroccan society, as well as many booming hotel, leisure and luxury housing developments, making it Morocco’s top real estate company.

In its statement Addoha went on to say, "This new investment strengthens substantially Addoha's market leadership.... It also allows it to satisfy the strong demand it is receiving in all market segments.” As a result of the recent purchase, the company’s stock rose by more than 3% to 153 dirhams per share in the Casablanca bourse on Monday. This real estate company continues to build top class accommodations in Morocco, adding to its already considerable reputation, and is a fast growing leader in the development of major Morocco property projects.

New hotel for Al Barsha in Dubai

Mon, 20 Oct 2008 00:00:00 GMT

Layia Hospitality, a hotel chain run by Layia Hotels Management Company in Dubai, has recently announced its very first hotel project for a new hotel property in Dubai. The brand new Dubai accommodation, Layia Oak Hotel & Suites, will be open to visitors in November of this year, and will be located in the Al Barsha region in Dubai.

Layia Oak Hotel & Suites is set to be a 4-star Dubai property and is said to be a groundbreaking concept for the hospitality industry in the region. The hotel will consist of 14 storeys and will be constructed of steel and iconic glass, and it’s said that it will be a new major landmark for the hospitality sector, situated in the hectically busy business district of Dubai.

The Area VP for the Layia Hospitality company, Mohamed Awadalla, says, “Layia Oak Hotel & Suites will set a new precedent in hospitality, offering all the comforts and conveniences of home backed up with the world-class hotel brand services.” Awadalla goes on to say that the company believes that its innovative hospitality concept will be popular and that the new property in Dubai will be highly sought after by both leisure and business travellers, because the company feels that people nowadays expect much more to be offered to them from their chosen place of accommodation.

Layia Oak Hotels & Suites fully intends to provide visitors to its property in Dubai the very best in the line of services and comfort, and to this end has 161 modern and spacious rooms to offer guests, all extremely stylish and tastefully furnished. The hotel is equipped with absolutely everything that guests could possibly ask for, including the best quality beds and high-speed Internet access accessible throughout the hotel.

Plot on equestrian resort in Morocco bought by Dubai company

Mon, 20 Oct 2008 00:00:00 GMT

An equine commerce solutions firm based in Dubai, Equine Management Services, has only just recently closed a major deal for property in Morocco with the Gulf Finance House based in Bahrain. This deal with entail Equine Management Services purchasing almost 40 percent of the land available for purchasing at Royal Ranches Marrakech, which is one of the Gulf Finance House’s first major real estate developments in Morocco.

Esam Janahi, the chairman of Royal Ranches Marrakech, says that the property in Morocco has been created as a top-quality accommodation in Morocco that melds the lavishness of a 5-star resort together with a highly developed haven for wildlife. Janahi goes on to say, “Equine Management Services bring with them vast experience in this arena. Their involvement will enrich the whole initiative and offer a truly unique experience for equestrian enthusiasts the world over.”

The Royal Ranches Marrakech property in Morocco is nestled in the hills at the foot of the Atlas Mountains in Morocco and will cover an astounding 380 hectares of land. The resort will boast a 5-star hotel, apartments and villas for residential use, the HoofbeatZ Activities Centre, an equestrian centre for at least 200 horses, and an equine spa, amongst other things. The project design blends Morocco’s unique culture together with modern amenities, and is intended to showcase the significance of horses throughout history.

This property in Morocco is said to have the ability to grow to be one of the first 5-star Equestrian resorts in the world. Equine Management Services have a proven track record of setting up one-of-a-kind equestrian communities, and the company is extremely well-known especially for its Escape equestrian development, which is at present in the development stages in the United Arab Emirates, in Ajman.

What impact will the global recession have on Dubai property?

Fri, 17 Oct 2008 00:00:00 GMT

At the Cityscape Dubai exhibition last week, the market for off-plan property in Dubai had obviously grown chilly, and is likely to remain so as long as the worldwide credit crisis rages, which has caused local share prices to fall drastically. Only a few developments were announced, less than expected, even though a $95bn Jumeirah Gardens project, Tameer's 120-storey tower and Nakheel's 1km skyscraper were amongst them. The sole large-scale investment announced was from DIFC, which bought into the Dubai Pearl development at an approximate cost of Dhs3bn.

When taken in the context of the big picture, however, last week’s events may turn out to be the Dubai property market’s salvation. Analysts have been predicting doom and gloom in the form of an upcoming price correction, and although the market has slowed down significantly since the global crisis started, as indicated by the decreasing trend towards speculation buying of off-plan properties, end users have not stopped purchasing property in Dubai.

According to the precedent set in the not too distant past, Dubai property may well turn out to be a winner. While 9/11 appeared to be an utter disaster for Middle Eastern investment, Arab investors saved the day with an approximate $1 trillion cash injection from the USA, where it faced possible seizure. This was what started the booming Dubai market. Even the 2003 invasion of Iraq did not have a detrimental effect on the market for accommodation in Dubai.

The UAE government has responded proactively to this latest crisis by injecting $33bn into the local financial sector and guaranteeing all deposits in international and local banks. In addition, major financial players like the UK, US and Europe are debtors in the current banking emergency, while the UAE and the GCC are creditors. In fact, the Middle East holds 40% of the worldwide foreign money reserves.

New Al Johara resort in Marrakech, Morocco

Fri, 17 Oct 2008 00:00:00 GMT

A new resort on an idyllic property in Morocco is offering top quality overseas investment to foreign buyers wishing to purchase a holiday home in Marrakech. The studio apartments are perfect as an entry-level investment, and create the ultimate Marrakech encounter with classic Moroccan architecture combined with chic contemporary hints. The Morocco accommodation resort offers a plethora of amenities and entertainment, and is also located within easy distance of the city’s busy centre, with transport available in the form of a free, air-conditioned daily shuttle bus.

Investors may choose between single-level studios or duplex apartments comprising one, two or three bedrooms. The Rampart units have been built to resemble authentic Moroccan fortresses, lending this distinctive flavour to these impressive apartments built on a picturesque property in Morocco. The units are currently at the pre-launch stage, and are on the market for reasonable prices with excellent payment terms to boot. Buyers who reserve now will receive a saving of up to 40% on the cost.

Full due diligence has been done on the Morocco property by a premier London law firm, and any deposit made is refundable in full. The Al Johara resort offers its owners and their visitors a multitude of amenities, which include a 5-star hotel, a crèche and kid’s club available 24/7, a nine-hole golf course and driving range with practice greens, a selection of family, gourmet and fast-food restaurants, spa, clubhouse and fitness centre. The resort also offers wireless broadband and satellite TV, beach volleyball, tennis, cycling and golf buggy or horse and carriage transport to all the areas in the resort.

Further facilities of this Morocco property include a large number of shops and services, including a supermarket, bank and bakery. There are Moroccan arts & crafts schools, a business centre, amphitheatre, al fresco cinema, car free zones and a cashless option.

Residences brand launched by Golden Tulip on property in Morocco

Thu, 16 Oct 2008 00:00:00 GMT

A management contract has been signed by Golden Tulip Hospitality Group to run its second Tulip Residence. The resort in Saïdia, a property in Morocco, is currently being constructed, and is due to be completed by October next year. The Saïdia Tulip Residences will comprise 234 units, which will range from two-bedroom to four-bedroom units, and provide accommodation in Morocco for as many as 1,000 visitors. The units, designed for long-term occupancy, provide full service and are fully kitted out with all the comforts of home.

The resort will also have a clubhouse of Moroccan style, a themed restaurant, bar-café, amphitheatre to provide entertainment, three lagoon pools situated in the landscaped gardens, and tennis courts. This new tourist resort will be set on a Morocco property within the Mediterrania-Saïdia holiday destination, situated on Morocco’s northeast Mediterranean coastline, just a short 30-minute drive away from the Oujda International Airport. The seven million square metre resort has six kilometres of unspoilt beaches, a huge marina, nine hotels, three thousand residential Morocco properties, three golf courses, conference amenities, a vast selection of sports and entertainment venues, shops and restaurants.

The CEO and president of Golden Tulip Hospitality Group, Hans Kennedie, commenting on the new resort property in Morocco, said, “Tulip Residences are an ideal alternative to hotel rooms as they offer the leisure traveller fully-serviced, tastefully furnished properties that combine luxury and elegance with all the home-like comforts and services you could wish for. Saïdia is a fantastic location with immense potential so we are proud to choose this location to launch our first Tulip Residences concept outside Europe.”

The developer of Le Jardin de Fleur Resorts and director of hotel & commercial operations at Property Logic in Saïdia, David Woodward, commented, “We believe that Golden Tulip has a wealth of expertise in terms of service delivery, operations and reservations capacity.”

New heights hit by Dubai property market

Thu, 16 Oct 2008 00:00:00 GMT

The Dubai property market’s popularity hit a new high last week when approximately 60,000 visitors from 150 countries invaded the largest real estate exhibition in the world. While Dubai and neighbouring Abu Dhabi’s stock exchanges were adversely affected by the current worldwide economic turmoil, the mood at the expo was decidedly upbeat and property sales have shown no ill effects as yet.

On opening day of the expo, The National, a well known English-language daily paper, printed a front-page article, supposedly based on a Colliers International property consultants’ report, which announced that Dubai property prices had dropped 16 percent. An apology followed the next day, and the fact is that Colliers had reported that the growth rate had lessened to 16 percent in the 2nd quarter of this year from a staggering 43 percent during the first quarter. This means that the tendency remains upwards.

The ongoing optimism of the market for property in Dubai was heralded on the front page of the expo’s paper in the banner headline, ‘No sign of a slowdown’. Despite this, the signs are there that the booming market that started in 2002 after Dubai was the first emirate to allow overseas investors to purchase property, could end due to oversupply.

According to the Colliers International information, approximately 140,000 new houses are going to be built on property in Dubai by 2010, which will add to the current store of 300,000 homes.

For now, prices are holding steady and developers are staying in the market, even though it is getting pricier to finance the construction of new accommodations in Dubai. On top of this, recently introduced regulations regarding off-plan sales, which were instituted to curtail unbridled speculation buying, and the merger of two bond funding organisations, indicate that the property market is ‘maturing’ instead of slowing, optimists say.

Earth Developers LLC sign agreement for properties based in Egypt

Wed, 15 Oct 2008 00:00:00 GMT

A leading developer for entertainment, tourism and property in Egypt, the Amer Group, has only just signed a marketing contract with Earth Developers LLC, which boasts membership to the Al Abbas Group. Earth Developers is now set to be the Amer Group’s consultants for property in the United Arab Emirates, due to the new agreement signed, and will be consulting for Amer’s four main properties in Egypt; Golf Porto Marina, Porto Marina, Porto Cairo, and Porto Sokhna.

Porto Marina is a top quality resort accommodation in Egypt, situated along the northern coast of the region, which has a typically pleasant weather pattern of at least 300 dry days in the year and 12 hours of enjoyable sunshine each day of the year. Golf Porto Marina caters for golf lovers, avid shoppers, has a lovely residential area, is only an hour away from Alexandria, the second biggest city in Egypt, spans over an area of at least 1.5 million square metres, and is also located on the northern coast of Egypt.

Porto Sokhna is a golf course and resort property in Egypt situated in the mountains, 270 metres above sea level, the Amer Group has commissioned Porto Cairo to Earth Developers in order to cater to investors and buyers within the United Arab Emirates, and is the fourth project that the Amer Group is currently offering.

The managing director of Earth Developers, Hadi Ebrahim Al Abbas, commented on the property in Egypt that the company has been commissioned for, saying that the company welcomes the chance to represent the Amer Group within the region. He goes on to say, “Each of the four projects is unique in its own way and working as the regional consultant for a prestigious group like Amer Group is in line with our mission to offer reliable and satisfactory lifestyle options to buyers and investors.”

Dubai property market confounded and alarmed due to cash shortage

Wed, 15 Oct 2008 00:00:00 GMT

Concerns about the Dubai property market’s cash-strapped status are rife, causing alarm, despondency and consternation among house owners, potential investors and property sales agents. The financial turmoil that is currently sweeping across the globe is slowly invading the market for property in Dubai. The reduction of loans to private individuals, price increases caused by speculation buying and a lack of liquidity in the banking industry, combined with the latest corruption allegations and associated investigations are affecting the Dubai property market, which, prior to this, was remarkably untouched by the worldwide financial meltdown.

An analyst in Citi Research property report published on the 13th of October said, "In our view, there is legitimate concern the Dubai market is enduring a liquidity squeeze, witnessing macro-economic and credit deterioration in most of the countries from where its expat buyers hail, maturing from a regulatory perspective and seeing the beginnings of a shakeout of small developers."

The equity market is misinterpreting the combination of these elements. The report’s overall tone is that a slowdown will occur in the market for property in Dubai, although it won’t go as far as a collapse. Previously a much vaunted destination in the worldwide property market, Dubai enjoyed the enviable ability to hog the headlines with its developments and be the receptacle of an apparently endless cash influx.

According to the report, however, cash flow is now the largest shortage that the Dubai accommodation market is currently experiencing, and said, "Liquidity among Gulf banks has dried up, bringing into focus the bias to real estate and construction of local bank loan portfolios.”

A fund of Dh50 billion was created recently by the UAE central bank to inject some cash flow into banks whose coffers have run dry. Banks, however, are still decidedly unwilling to give credit until such time as evidence of money returning to the regional economy is seen, according to the report.

Dubai to home 3rd tallest property on the planet

Tue, 14 Oct 2008 00:00:00 GMT

Dubai in the United Arab Emirates will soon boast being home to a brand new attraction, the 3rd tallest property on the planet. The new and esteemed property in Dubai will be named Anara Tower. Anara Tower is being designed by Atkins at the behest of the developer, Tameer, a company dealing in property in Dubai. The new Dubai accommodation will offer guests a choice of 140 storeys of rooms, and will be at least 650 metres tall, although quite possibly even taller than this.

Four months previously, Tameer had approached Atkins and asked the company to hold an internal competition for design. The director for the head of architecture for India and the Middle East within Atkins, Shaun Killa, says, “This different swing can be considered as an international competition, but within Atkins �" so we had Dubai against the United Kingdom and China to get different ideas. This was a two stage process.”

Killa goes on to say that each office of Atkins had been asked to submit ten design choices and that out of these ten designs for the new property, one design option had been selected per office. The final design for the new property in Dubai won out over the designs submitted by any of the other offices, says Killa.

The Anara Tower development is set to be situated in Sheikh Zaved Road, right next door to the American University of Dubai, and Killa says that once the Anara Tower development is fully completed and open to guests, visitors to the stunning new property will have the luxury of being able to wine and dine at the exquisite restaurant at the very top of the new Dubai property and fully experience and enjoy the new Dubai.

ETA Star Properties to sell sukuk

Tue, 14 Oct 2008 00:00:00 GMT

ETA Star Properties, a real estate company based in Dubai, intends to sell sukuk, which are Islamic bonds, to the value of $200 million during the first three months of 2009. According to an official from the company, ETA Star is doing this in order to fund the company’s expansion into Europe and North Africa. The executive director of the company says, “The sukuk programme is very much on. We will sell it in the Far East, in Singapore or Malaysia. It will be in the range of $150 million to $200 million.”

The company intends on developing both office towers and residential properties in Moscow, the capital of Russia, to the value of up to $600 million during the first three months of next year, and is also contemplating various opportunities for the development of property in Morocco and Egypt. The executive director went on to say that he thinks it’s good that the company is diversifying, because the risks in one market, for example property in Morocco, could be entirely different to the risks in another market, for example Russian property.

He says further that the market for property in Morocco and the rest of the United Arab Emirates should continue to enjoy a high demand for at least the subsequent two or three years, up until the point where the supply of accommodation in Morocco and across the UAE balances out with the demand.

He also says that many in the UAE have a fair amount of wealth, and that at least 75% of the people purchasing property in Morocco and the rest of the UAE are funding the purchase by their own means. ETA Star has already developed $10 billion worth of property-related projects, and at least $4 billion of this has been directed to new developments in the UAE.

International funds may lift realty in the UAE

Mon, 13 Oct 2008 00:00:00 GMT

The market for property in Dubai could be lifted by a massive injection of capital by the international managers of property funds; something that numerous analysts feel is quickly edging towards correction. The managing director of Sherwoods, Iseeb Rehman, says, “As the prospects of the US and UK housing markets remain gloomy, global real estate fund managers are expected to inject cash into the UAE’s property market, and we expect it to give the boost it needs in the coming months.”

Rehman goes on to say that numerous officials who run global real estate funds have been in contact with Sherwoods to discuss potential investments. If this happens, then the market for property in Dubai and the rest of the United Arab Emirates will certainly be boosted in months to come, however, without this investment the market is likely to slow down considerably.

The market for property in Dubai has enjoyed Dh600 billion worth of announcements for projects detailing new accommodation in Dubai, and is currently experiencing far more sellers than purchasers �" a situation that, if continued, will ensure that the property prices drop even further. Rehman says that the proportion between financiers and end-users was 60:40 in support of financiers, and goes on to say, “This has changed suddenly, which is good for the market as the real buyers will now enter the market to buy properties to live in.”

Rehman says that these and various other factors are what make the market for property in Dubai and the rest of the United Arab Emirates remain attractive in comparison to the European and US markets. One senior official for a brokerage company says that as the currently fast-paced property market in Dubai slows down, many fly-by-night tourist operators are predicted to vanish.

Demand for African property drying up

Mon, 13 Oct 2008 00:00:00 GMT

Over the last couple of years the demand for property in Morocco, Cape Verde and Egypt has been high, and has boosted the respective countries’ stock markets and economy considerably. However, the current international financial crisis is causing these property markets to dry up quickly and many, although not all, feel that there is no hope of recovery in the near future.

Just last week Morocco property company Addoha ADH saw its shares in the stock exchange suspended due to a massive downward spiral in value, despite the fact that the company’s net profits had risen by at least 40%. The halt in Addoha’s previous growth has confirmed fears for many within the industry that Morocco is seeing the end of its previously-enjoyed property boom.

Developers of property in Morocco are twice hit by the international financial crisis. Firstly, overseas investments in the property market are becoming fewer and fewer as funds become harder to obtain on international markets, and secondly, the usual types of people who buy accommodation in Morocco, those from the UK who want holiday accommodation in an enjoyable climate, are now too unsure about their own economy to be willing to lay out that type of expense, plus they are less likely to be able to obtain the credit required to purchase a property.

The situation with property in Morocco is similar in Egypt, with Cairo stock exchange investors being convinced that the property boom in Egypt has ended. The situation in Egypt is slightly different to the one in Morocco, albeit with the same devastating effects. Investors from Arabia and the Middle East, who contribute to most of Egypt’s property sector, are expected to continue investing for a time, unlike Europeans, but Egypt’s domestic capital has already run dry and the financial sector in Egypt is spiraling into a major crisis.

Dubai housing prices facing a possible fall

Fri, 10 Oct 2008 00:00:00 GMT

At this current moment in time the supply and demand situation for residential property in Dubai is pretty good, however, the price of residential accommodation in Dubai is expected to drop drastically following the surplus of new properties coming into the market within the next year and a half, according to experts within the property industry.

According to the regional direction of Colliers International, Ian Albert, the key factors driving the current market for property in Dubai are firstly that financing for property purchases is easily available, and secondly that the situation for supply and demand is good at the moment. However, the supply of new properties does not quite meet with the demand, and Albert says that this situation will probably remain a problem for the next year and a half.

Another thing that keeps the demand for property in Dubai reasonably healthy is that numerous investors have withdrawn their funds from the stock markets and put them into property markets instead, because of the decline in financial markets in the United Arab Emirates. Of course, the ongoing success of this is largely dependent on the liquidity available.

Developers of property in Dubai are lucky in that the Central Bank in the United Arab Emirates has formed a Dh50 billion pool that developers can loan from to make certain that their projects are able to go ahead and be completed according to schedule. Another factor playing a part in the stimulating for lending is that interest rates have dropped quite drastically, and Albert says that he estimates an abrupt surge in the number of products that are available within the next 18 months. Albert concludes, “When that happens, there may be a short-term fall in prices �" less than a year.”

Sorouh expands further to international markets

Fri, 10 Oct 2008 00:00:00 GMT

Sorouh Real Estate PJSC, a leading Abu Dhabi company for property development, announced recently that it has seen major progress with regards to the development of its property in Egypt and Morocco. One property in Egypt belonging to the company, situated 25 kilometres from the city centre in Cairo, is set to provide visitors seeking accommodation in Egypt an integrated neighborhood that is conveniently located very close to all core amenities.

CEO of Sorouh, Mounir Haider, says, “Sorouh is creating dynamic property developments in both existing and emerging markets, where we are in full control of our developments.” This property will allow people the convenience of living, working, and playing within a balanced environment that is completely community-orientated. For added convenience, the property is also situated a mere 20 minutes from the Cairo International Airport, giving residents an easy route to the GCC and other destinations around the world.

Sorouh’s new property in Egypt will have the capacity to house 40,000 people and will afford residents an amalgamation of residential, commercial, entertainment and retail amenities. Health and education are also provided for by means of hospitals and schools situated within the community, and at least 80% of the land in the region is destined for landscaping, to provide the perfect environment for leisure and relaxation.

Over and above its property in Egypt, Sorouh is making major headway on its new development in Morocco, the Atlas Garden Resort. The resort will include various accommodations to cater for almost every need, including 1,968 units for residents consisting of townhouses, villas and apartments, a 5-star hotel with 300 rooms, a 4-star hotel with 200 rooms, and an apartment complex consisting of 350 units, as well as a large amount of shop space and a club for sports lovers.

High-quality, affordable residences launched by Sherwoods

Thu, 9 Oct 2008 00:00:00 GMT

The launch of the new Santaville Apartments complex, which increases the amount of affordable accommodations in Dubai, has just recently been announced by Sherwoods Independent Property Consultants. The brand new Dubai property consists of completely affordable residential units, located in District 11 of Jumeirah Village, and will be showcased during Cityscape Dubai at the Dubai International Exhibition Centre on the 6th to 9th of October this year.

Sherwood foresees its new property in Dubai being one of the biggest attractions at Cityscape Dubai this year, because the development will offer guests a large variety of very affordable units that are perfect for anyone who wants to purchase a property themselves instead of continuing to rent to fill a landlord’s pocket. The development is fully compliant with the escrow account law, and includes brilliant packages for buyers, along with easy and flexible methods of payment, with prices as cheap as AED 650,000 for the cheapest unit.

Sherwood is intent on providing extremely attractive property in Dubai and other regions, specifically to celebrate its 20th anniversary, which will be done during Cityscape Dubai. The managing director of Sherwoods, Iseeb Rehman, says, “We are fulfilling our promise by offering a wide selection of offerings that suit the diverse preference of end buyers and real estate inventors.”

The Santaville Apartments is situated near other major projects, including the Emirates Hills and Jumeirah Islands Villa, and the Dubai property is easily accessible via the monorail as well as via the road network in Dubai, making it quick and easy to reach popular destinations such as Internet City, Mall of the Emirates, Dubai International Airport, Jebel Ali Free Zone, and Sharjah Airport, and even Abu Dhabi airport is less than an hour away from where the Santaville Apartments is located.

A new Dubai?

Thu, 9 Oct 2008 00:00:00 GMT

Morocco’s king, King Mohamed VI, is of the opinion that Morocco will most certainly continue to grow to the point that Dubai has grown, if not more. If he’s correct in his thoughts, then the amount of available accommodation in Morocco is set to increase even more in years to come. He anticipates a major need for more property in Morocco to be developed, in the line of hotels and other accommodations, due to the Vision 2010 concept that he’s implemented. The concept involves a monetary outlay of $61 billion and is anticipated to create well over 600,000 jobs.

Part of the king’s concept will include the development of property in Morocco such as six brand new major seaside holiday destinations. The one planned development will be situated at Meditterania-Saidia on the north coast, while the other five are planned for development will be located on the Atlantic coast.

The Mediterrania-Saidia property in Morocco will fill 1,800 acres of land and will comprise of lovely track for jogging along four miles of stunning beach, a sizeable marina, and at least three golf courses, a hospital, as well as huge sports and shopping facilities. Those involved in organisation have started a school to train hotel employees, and the construction of 3,000 affordable units to house the hotel staff is already underway.

The new resort property in Morocco will also include ten typical resorts that haven’t been allocated yet to any particular brand name. The balance of the 11 development slots are being developed by a Marbella-based company, Property Logic, and will be collectively branded as Le Jardin de Fleur. Le Jardin de Fleur is still currently a construction site for the most part, but basic amenities are already in working order, including electricity.

Warnings of overheating do not faze Dubai property developers

Wed, 8 Oct 2008 00:00:00 GMT

Despite the current worldwide economic crisis and dire predictions of an overheating market for property in Dubai, developers in the region remain positive regarding the continued growth in this market, which has enjoyed a massive boom in the last few years. While property prices in countries like the UK, USA and many other Western nations are falling, developers in Dubai are still going ahead with massive building projects.

According to some financial organisations, the price of property is due to fall when the vast numbers of new Dubai accommodations that are being built at the moment go up for sale, outstripping demand. In addition, analysts are saying that the price of property in Dubai has been exaggerated by speculation buying in the region.

The Dubai government owns two of the development firms that revealed major projects at the Cityscape Dubai property exhibition, apparently in an effort to boost investor confidence. Nakheel is one of them, which announced that it is constructing a trio of islands shaped like palm trees. It will cost $38billion to develop the desert region, and plans include a 1-kilomtre tall tower that will outstrip the currently under construction Burj Dubai, the highest building in the world.

On Monday, the newly created Meraas Development company announced a massive $95billion project that will be called Jumeirah Gardens. Sina al-Kazim, development CEO of Meraas, said, "There has been a steady growth in Dubai since 1999. We'll continue to go up in terms of ensuring that Dubai becomes a true international city. We are confident about achieving that model." At this point Kazim indicated a scale model of the scheme, which comprises several tall buildings anticipated to top 600 metres. Kazim shrugged off contentions that the price of Dubai property will fall, and maintained that the city-state will not cease to lure investors.

Exciting new Egypt property project: Hurghada Village

Wed, 8 Oct 2008 00:00:00 GMT

The fashionable holiday town of Hurghada is the site for a recent off-plan project called Hurghada Village Apartments. Hurghada is situated on the coast of the Red Sea, and is one of the foremost tourist attractions in the country. It has been expanding swiftly in the last few years, and this latest addition to the selection of high-end Egypt property is located some distance from the existing accommodations, which makes it ideal as a secluded getaway for those who crave privacy while they relax on the shores of the Red Sea.

Five storeys of apartments are planned on this Egypt property, comprising about 104 units ranging from studios to three bedroom luxury apartments. At the lower end of the price scale, unfurnished units are going for less than £20,000, a bargain-basement price in this much sought-after tourist destination property in Egypt. There is also a café, swimming pool, restaurant, gym, grocery shop and gardens in the complex, which is gated for security and privacy.

The luxury Egypt accommodations have views of the beach and the Red Sea on the eastern side or the mountains on the western side of the complex. The units on the top floor also boast terraces on the roof, which are as big as the apartment. For those who do not wish to supply furnishings, there are packages available on top of the cost of buying the apartment.

The construction of Hurghada Village Apartments is almost finished, and the complex is due to open its doors to its new residents toward the end of this year or early next year. The holiday complex is situated on Matar Road, within easy driving distance of the international airport and the rest of the Red Sea resort. This property in Egypt has balmy weather all year, and is the perfect spot for a holiday house in the sun.

Tallest property in the world planned for Dubai

Tue, 7 Oct 2008 00:00:00 GMT

The tallest property in the world is set to be built in Dubai in the foreseeable future. A top and well-respected developer for property in Dubai, Nakheel, has recently informed of its intent to develop and built the tallest property on the entire planet. The planned Dubai accommodation, already named Nakheel Harbour and Tower, will be an incredible height of over one kilometre, and will span an area of at least 270 hectares. The property will be constructed in between the Arabian Canal that covers 75 kilometres of Dubai, and the second phase of the Ibn Battuta shopping centre.

Nakheel’s chief executive, Chris O’ Donnell, says, “From our perspective, we’re building a tower over one-kilometre high. It’s the tallest by current comparisons.” O’ Donnell goes on to say that Nakheel’s latest project to increase the amount of available high-class property in Dubai is an additional enticement for visitors that will be added to the company’s other properties and attractions in the region that already cover over 1 000 kilometres of the Dubai coastline.

Nakheel’s total number of existing properties in Dubai is already vast, and the new property is set to be a major attraction that will draw both leisure and business travellers, as well as investors, to the region. The Nakheel Harbour and Tower will consist of more than 200 floors, and will require an estimated concrete amount of at least 500,000 cubic metres in order to construct. The new development is so large that the great amount of reinforced bars that will have to be utilised for the construction of the tower may very well be able to stretch all the way between Dubai and New York if they had to be laid out from one end to the other.

Brand new guide to buying property in Morocco

Tue, 7 Oct 2008 00:00:00 GMT

A well-known and trusted source of information, Home Overseas, a global property magazine, has released an article that anyone contemplating buying property in Morocco will find very informative. Anyone wishing to invest in accommodation in Morocco will find assistance in this article, which is divided into various helpful sections, each of which focuses on specific facets relating to the purchase of property in Morocco.

The property sector in Morocco has become rather diverse, and the article starts off by discussing this on an overall basis, including mention of how relevant the strategy for tourism is with regards to this, as well as factual conclusions based on research. Other points of focus are the fact that Morocco is an easily-reached destination from places such as the United Kingdom, and the article also provides realistic facts and reasons that make property investments in the region viable.

Over and above highlighting the viability of investing in property in Morocco, the article highlights the natural attractions in the region, such as the lovely beaches, and makes mention of other attractions too, such as the golf courses that are currently being built in the region.

All facts promoting the investment of property in Morocco are followed with solid factual information that includes detailed information on the rates of exchange (ROE), the currency, formalities for Visas, the climate, and the language spoken in the region, amongst other things. The article even discusses medical insurance in the region.

The article also goes into great detail on the process for purchasing property in Morocco, and provides the tax and fee structure for the purchase of property in the region, too. The article is further helpful to investors by providing a link to a similar article, just as detailed as the Home Overseas article, that gives information and advice that any investor will find useful.

Dubai property exhibition Cityscape about to get underway

Mon, 6 Oct 2008 00:00:00 GMT

Cityscape organisers are expecting a minimum of 60,000 people to attend the Dubai property expo this year. An Aldar sales advisor, Khalil Mohammed Edrahim, was flooded with questions in Abu Dhabi, at the expo there earlier in 2008. During this time of concerns regarding the state of the global economy and serious doubts about whether the price of property in Dubai can continue to increase, developers and analysts are viewing the yearly conference as a vital event from which to gauge the state of the area’s property market.

According to Rohan Marwaha, Cityscape’s managing director, a new trend is already making itself known in conjunction with the global financial problems, which is that many more Europeans and Americans will be attending the Dubai property conference this year. He said, “More people have pre-registered from the US than any other international destination.” The increase is in the region of 400% more than last year’s event, he added, and went on to say, “It’s a very strong indicator that they are looking at international investments more than their own domestic market.” His estimate of 60,000 people is conservative, he said, and there could be many more than that.

Momentous announcements are in the pipeline, and fantastic stalls will be the order of the day, all intended to impress the multitudes of agents for pension funds, wealthy people and similar groups that have cash to inject into the market for property in Dubai. A new developer in Dubai, Meraas Development, has set up a VIP lounge and a sushi bar, and plans to announce something major, according to Mr Marwaha. This is all going on in spite of the less favourable mortgage rates, global credit crisis, delays in construction and the Dubai government’s arrest of some of the Dubai accommodation industry’s top executives.

Mortgage step forward in Egypt

Mon, 6 Oct 2008 00:00:00 GMT

Although Egypt did not join the mortgage brouhaha until recently, its favourable policies, burgeoning population and the USA’s injection of money are invigorating the market for property in Egypt. The increasing prices, more structured policies and economic expansion have combined to make the Egyptian mortgage business become active. This is likely to lead to flourishing mortgage lenders and an expansion of the Egypt property market to incorporate poorer people.

The number of bond financing firms has increased from two last year to seven, and this has spurred new development. The current mortgage policies came into effect in 2001, and in 2004 the rules for Egypt property registration were also eased, which was an important development, because a structure has to be registered officially before a bond on it can be granted. The fees were also reduced and restricted to no more than LE 2,000, plus the cataloguing time for a structure was cut to 3 months from 18.

Although it has been slow to take off, the rapidly increasing price of property in Egypt, which has helped to get the mortgage sector going, will also most probably keep driving its growth for several years to come. The traditional short-term mortgages, however, are not a feasible choice for most people any more, with the runaway prices of accommodation in Egypt.

Recent foreclosures have aided the new sector by reassuring industry observers who were concerned that the new policies would fail when put to the test in court, because these default cases have been successfully prosecuted.

Mahmoud Mohieldin, Egypt’s minister of investment, said, "Those who are interested in the sector are not only interested in seeing the entry rules apply, but they also want to make sure the exit rules work. After having the legal framework, it is also important to ensure the application of the law."

Addoha sees up to 40% increased profit

Fri, 3 Oct 2008 00:00:00 GMT

Morocco property company Addoha ADH.CS has stated that it has seen a rise in net profits of 40% during the company’s first-half, despite the fact that the company’s shares did not trade due to analysts stating that the figure is far below what was expected. Addoha stated that its net profit increased up to 319.3 million dirhams and its operational profit has doubled to an incredible 483.9 million dirhams.

One analyst from Casablanca who prefers to not be mentioned by name, states about the Morocco property company, “Addoha was a big disappointment - to now people have been expecting something around 2 billion dirhams profit in the full year.” Another disappointment was the drop recently in the benchmark index that very nearly rendered earlier gains during the year null and void, which came amidst dropping world stock indexes.

Firms dealing in property in Morocco and other real estate companies pushed for the largest Maghreb stock market to gain new heights in the first half of this year, while those investors wanting to invest in Morocco accommodation did their best to benefit from the building boom in the region, which in turn greatly accelerated the rate of investment within the private sector.

Analysts have still, however, expressed their worries with regards to the outlook in the Morocco property sector in the last few weeks, because the international credit crisis could very well cause much of the investment currently coming into the country to grind to a halt. Addoha doesn’t seem at all concerned with its prospects to continue to earn well, and with regards to the expected increase of new homes being ready, an Addoha spokesperson says, “Sales and the net result in the second half of 2008 should register a clear increase compared to the previous half.”

Top-class inn prepares to dominate UAE hotel sector

Fri, 3 Oct 2008 00:00:00 GMT

The most successful and biggest hotel brand in the UK, Premier Inn, has declared that it’s obtained sites in Umm Al Qawain and Ras Al Khaimah, which adds further credence to the hotel chain being dominant in the budget hotel section for the region. These two properties are in addition to the four properties in Dubai that the company has already obtained in Dubai Silicon Oasis, Dubai Al Jadaf, Dubai Investment Park, and Dubai International Airport.

These properties in Dubai and other areas prove that Premier Inn is quite serious when it comes to obtaining its aim, which at this point in time is to operate over 6000 hotel rooms throughout the GCC before the year 2012. The managing director for the Middle East’s Premier Inn, Darroch Crawford, says, “It is our aim to provide high-quality, low-cost accommodation throughout the region, offering customers value for money which is unprecedented in the region.” Crawford goes on to say that the company has plans to hopefully announce even more sites in other regions, such as Muscat, Abu Dhabi, and Doha, amongst others.

Premier Inn Hotels’ venture already boasts 500 hotels with 38,000 hotel rooms across the United Arab Emirates alone. Senior vice president of Emirates Corporate Development, Derek Swan, says, “Following the successful opening of the first Premier Inn property in Dubai Investments Park, it’s clear that there is a big market for low-cost accommodation in the hospitality sector.” Swan says that this makes the hotel chain eager to go ahead with its plans and add more sites to its already impressive portfolio of accommodations in Dubai and other UAE regions.

The Premier Inn hotel already existing in Dubai Investments Park affords guests a cheaper room rate in the wintertime, and although the rates for rooms at the new hotels in Dubai and across the UAE aren’t public knowledge yet, its expected that guests will receive the same affordable rates.

Egypt kidnapping unlikely to affect tourism

Thu, 2 Oct 2008 00:00:00 GMT

Tourists visiting with the intention of purchasing property in Egypt may be having second thoughts this week. The kidnapping of tourists by a gang of masked men while on safari in the Gilf Kebir region has hit Egyptian tourism hard. Egyptian officials welcomed the five Germans, one Romanian and five Italians with flowers at the airport and took them to a military hospital for check ups before they flew home to their respective countries.

Thankfully a peaceful end to the tourist hostage crises was reached, and the booming industry was quick to point out that the kidnappers were in no way Islamic militants. 'The kidnapping is not connected to terrorist attacks that have happened in Egypt in the past years,' said Simon Kitchen. Tourism companies reported that the effect of the kidnappings so far seems mild. Indicating that soon accommodation in Egypt will be brimming with enthusiastic tourists again.

As long as you're not planning on buying remote desert property in Egypt, we are led to believe that you will be fine inside its borders. As an armed kidnapping attack in the primitive Sahara desert, a remote, lightly policed area, it is unlikely to have a broad impact on the hotel industry, Egypt property, or commercial locations such as the Red Sea resorts in the Sinai Peninsula. “I don't see the kidnapping of tourists near the Sudanese border having much impact on tourism arrivals on the Red Sea,” Kitchen said. Security Affairs expert Guido Steinberg referred to the kidnappings as a 'Saharan' phenomenon that takes place in huge open desert spaces along smuggling routes, and targets people, weapons, and drugs.

A last word of encouragement for anyone intent on purchasing Egypt property comes from one of the freed Italian tourists, who said, “This was my first visit to Egypt and I am planning to visit Egypt in the future. What has happened (the kidnapping) could happen in any other country.”

Dubai property price increase is squeezing 70% out

Thu, 2 Oct 2008 00:00:00 GMT

The market for property in Dubai is becoming so expensive that eventually a lot of luxury properties will be impossible to sell because no one will be able to afford them. An inequality between supply and demand could exacerbate the correction in the Dubai property market, because most of the current demand is for cheaper properties, which are not the ones that are becoming available.

Shuaa Capital, a real estate analyst for Roy Cherry said, “Currently the supply is geared more towards the high end segment in an environment where prices have appreciated rapidly, so it’s like a double whammy. Seventy percent of Dubai’s population has been priced out and there are very few products that do target the low and mid income segment, which is effectively where the bulk of demand is. Not everyone in Dubai can afford a four million dirham property.”

There will continue to be opportunities in the city for developers who aim for the lower income group. Shuaa Capital has predicted that Dubai property prices will be corrected, starting in 2009 and carrying on until 2010 and possibly beyond. Cherry claims that the Dubai market is ‘more complicated’ than the one in Abu Dhabi, because of the disparity between supply and demand, plus the delay of projects that has made the problem worse.

Prices in Abu Dhabi are more foreseeable at the moment, since demand has increased and it is highly likely that it will surpass supply during the next 3 or 4 years, although the bad vibes currently being generated by the high price of property in Dubai might contaminate the Abu Dhabi market too. These two markets have been subject to a great deal of speculation buying in the last few years, and with the dearth of affordable accommodation in Dubai coming on the market, the affect of the foreseen price correction will be less severe in Abu Dhabi.

Estate agents selling property in Morocco are smiling

Wed, 1 Oct 2008 00:00:00 GMT

In Marrakech, Morocco properties have renovation projects underway that range from a five-bedroom property for £157,000, to a newly converted 17th century treasure of a riad with a generous nine bedrooms, in close proximity to Djemaa El Fna Square, for an astounding £1.77 million.

Therefore it is no surprise, considering the fortunes spent on property in Morocco, that real estate agents are smiling. However, find a good, reputable lawyer to oversee the purchase of your property. This is because French law applies in Morocco, and purchasing an old property usually involves locating multiple owners and modern title deeds may be required if only Arabic papers are available.

Purchasing accommodation in Morocco can involve contract builders to resurrect your new home, and this involves the nightmarish prospect of taxes and fees that amount to ± 6% of the property's sale price. Add to that the agent’s fee, which is 3 to 5% of the purchase price.

However, the joy of a newly renovated property in Morocco may include some shoddy plumbing, which can sometimes result in cold showers and hot flushing toilets. It is recommended that the new owners oversee everything and remain on site at all times. Renovation stories are rife with mistakes that range from painting over stunning original tiles to domestic pets.

Kate, a retired art teacher from London who owns a house near the Bab Tagazhoute gate, 20 minutes' walk from the city's Djemaa el Fna Square, said, "If we had known how hard the renovation was going to be, we would never have taken it on." She warned potential Morocco property owners who want to renovate that leaving a riad unoccupied is an invitation to others to get up to all sorts, as Kate discovered. "Riads are very private buildings and you must have live-in staff. Otherwise you can return to find your house being used as a brothel, as we did once," she says.

Symbolic projects at Cityscape Dubai 2008

Wed, 1 Oct 2008 00:00:00 GMT

DAMAC properties shall be showcasing its vast array of iconic developments at the 2008 Cityscape Dubai, which is the world's largest business to business real estate development and investment event that shall be held at the prestigious Dubai International Exhibition centre from the date of October 6th until October 9th. Luxury lifestyle provider DAMAC shall be using this opportunity to also showcase its amazing property in Egypt, Jordan, Saudi Arabia, Qatar and Lebanon.

DAMAC Properties shall be featuring special daily promotional offers during the course of the Cityscape Dubai show, including its specials in other regions such as its property in Egypt and Qatar at stand Nº RN/10 inside the Sheikh Rashid Hall. CEO of DAMAC Properties, Mr Peter Riddoch, pointed out that, "We will display luxurious, elegantly designed, high quality properties spread across the Middle East and the Mediterranean region. As of today we have sold our properties to customers from over 110 countries across the globe and we are looking forward to further growing our global family through this show." This is encouraging news for anyone looking to purchase accommodation in Egypt, or property anywhere else in the featured regions.

Adding more encouragement to his statement, Mr Riddoch mentioned that even though there has been a sharp slowing down of the market globally, the UAE real estate market remained firm. Mortgage lending by the UAE Central Bank had increased by 55% in the past year, revealing that investment in property in Egypt, and the other Middle Eastern regions developed in by DAMAC, are a sound financial investment at this time.

2008 has been a year of construction for DAMAC Properties, delivering business and aggressively focused construction and contract delivery to a number of its developments around Dubai, such as the Tera Del Sol in Discovery Gardens, but not excluding their development of property in Egypt and its other portfolio regions. Approximately 7 100 units are planned for 2009/10 across the GCC region.

Dubai property crash averted by evictions

Tue, 30 Sep 2008 00:00:00 GMT

According to revised reports, analysts no longer predict a drastic fall in the price of property in Dubai. In fact, the recent increase in property prices, together with the sudden glut of people seeking rental properties due to the villa evictions currently underway, will postpone the drop in prices. Cecilia Rabess, a senior analyst at Investment Boutique, said, “Demand will rise, and prices will follow as a result.”

A new Morgan Stanley report said that the price of Dubai property was heading for a 10% correction by 2010, after the increase of almost 80% seen in the market since the start of 2007. Analysts were sceptical about whether Dubai would be able to avoid becoming another casualty of the falling global property market, but the eviction notices that the Dubai Municipality distributed last week to families sharing villas have caused some analysts to change their gloomy predictions. Many now believe that the foreseen downturn in Dubai property prices might not happen as soon as they thought previously.

According to analysts, in July the rental for a one-bedroom apartment in the Dubai Marina was around $32,600 per annum, but last week one could not be found for less than $38,000. In 2008, the price of villas and other property in Dubai has leapt by 76%, and the price of apartments has increased by 63% according to The National’s survey last week.

Last week, Sean Gardiner, head of Morgan Stanley’s MENA research, said, “The good news for Dubai is that you have underlying economic strength and, as a result, our base case reflects a soft landing for the emirate.”

Ms Rabess maintains that the government’s reason for the villa evictions could have been to force people to seek accommodations in Dubai’s Discovery Gardens or International City, since they preferred to share a villa, but that this could eventually chase people right out of the city.

Enhanced transparency of Egypt property market

Tue, 30 Sep 2008 00:00:00 GMT

The Jones Lang LaSalle’s latest Global Real Estate Transparency Index now ranks Egypt as 59th among the 82 countries that the property consultants analysed this year, which is a significant improvement in the rankings for Egypt. As an essential component of getting a good deal when purchasing a property in Egypt or any other emerging market, the increased transparency in the Egypt property market signifies an important improvement and should encourage potential buyers to invest there.

Stephen Smith, from Egyptian development, West Side Village, said, “Finishing 59th may not be a very elevated position but it shows a substantial and welcome improvement. The Egyptian government is doing everything it can to offer transparency for foreign buyers and is actively encouraging buyers from the UK to invest in the country’s real estate.”

Smith goes on to say that West Side Village has raised the clarity of the process of purchasing accommodation in Egypt to a standard of accessibility comparable to that which is the norm in first-world countries such as the UK. Knowing that emerging property markets are, more often than not, hindered by an excess of red tape, and that this causes confusion and delays for foreign investors wishing to purchase property overseas, they have successfully converted the purchase of an Egypt property to a transparent, easy process that will make buying a house or apartment there a painless experience.

West Side Village is a new development that comprises 687 apartment and studio properties in Egypt, situated in the town of Hurghada. The prices of these luxury properties start at about £24,950 and go as high as £76,000. The development’s pre-launch sale of its apartments sold out successfully, and just 67 apartment and studio units from the first phase remain available to buyers. The project will be completed in 2010.

New resort property in Morocco announced by Fairmont Hotels & Resorts

Mon, 29 Sep 2008 00:00:00 GMT

A new property in Morocco, Fairmont Marrakech, will open its doors to the public in 2011, according to an announcement from Fairmont Hotels & Resorts. The resort will increase the brand’s burgeoning presence in the Middle East, Europe and Africa, which include Fairmont Towers Heliopolis in Cairo, Fairmont Mara Safari Club in Kenya, Fairmont Zanzibar in Tanzania and the Savoy in London, which will be re-launched next year after comprehensive renovations.

The new Morocco property, which will comprise 190 rooms, will give its guests an authentic Marrakech experience, since it is steeped in the region’s culture and ambiance. The architecture is a tasteful mingling of modern and traditional Moroccan styles, and will boast facilities and particulars unique to the historic culture of this vivacious country. This new Morocco property will include 5 top class eateries and beverage vendors, a surfeit of meeting and banqueting facilities and the brand’s own particular way of pleasing its guests with personal service and warm welcome in their Fairmont Gold offering.

As a North African destination, Marrakech is swiftly climbing to the top of the charts in the high-end market, and has a growing reputation as a top quality destination for golfing enthusiasts. The new resort property in Morocco will also offer a health club and spa with fourteen treatment rooms, an ice fountain, showers, steam room and lounges to relax in. In addition, the resort will also boast 32 Fairmont style luxury villas.

Marrakech is Morocco's second biggest city, and is situated in scenic desert surrounds with the snow-capped Atlas Mountains as a stunning backdrop. The city offers a wealth of tourist attractions, ranging from musicians and dancers in the Jemaa l-Fna town square during the day, to a selection of traditional markets and food stalls at night, not to mention the excellent Morocco accommodations.

The truth hits home for property markets in Dubai

Mon, 29 Sep 2008 00:00:00 GMT

The previously thriving Dubai property market is suffering the effects of the worldwide financial crisis, and the region’s financiers are growing leery of investing since the Central Bank of the United Arab Emirates’ $13.6billion cash input did nothing to allay the growing concerns about a decrease in housing expenditure.

According to analysts, the booming market for property in Dubai is finally feeling the pinch. Last week Richard Rodriguez, the former chief executive of Emaar Properties, said, “Either the pace will drop or the prices will. Both cannot be sustained in these market conditions.” The consensus among analysts is that the slacking off of the pace for the property market will be slow. The tumult in the global markets is going to negatively affect the call for property in Dubai as well as in its neighbour Abu Dhabi, according to Credit Suisse, and Morgan Stanley predicts a 10% correction by 2010.

The emirate’s leadership tried to correct the lack of cash via the central bank, and used it to push a chunk of emergency funding to the tune of $13.6billion into the local financial markets in September. There are bankers who feel that even this cash injection will be insufficient to prevent the coming slowdown in the Dubai property market, however. Domestic financiers are apparently still cutting back on credit as well as being choosier about who and what they decide to finance.

Jason Goff, head of treasury sales for Emirates NBD, said, “The market is feeling its way around in the dark at the moment. The government is seeking to avoid an Asian-style crisis that saw a 50-80 per cent property slump. Instead, we're talking about 10-20 per cent.” Cityscape, the largest property exhibition in the world, will test the health of the market for accommodation in Dubai next week.

UAE attempt to prevent crash in property

Fri, 26 Sep 2008 00:00:00 GMT

The fast growing fears that the property market in the United Arab Emirates, particularly property in Dubai, could be badly damaged by the recent credit crunch has driven the UAE central bank to set up an emergency loan provision of £7.34bn, following the example set by the US Federal Reserve.

There is a significant drop in the amount of speculative funds going into the United Arab Emirates from other countries, and this has had the ripple effect of far less money being available to banks in the United Arab Emirates to use as loans to each other, which in turn is causing a cry for liquidity, much like that seen currently occurring in the United Kingdom.

The currently large market for property in Dubai, which already seems to be diminishing, will most definitely experience a fall if the mortgage-lending statistics in Dubai drop further. If this happens then those seeking accommodation in Dubai and in the various other Emirates may suddenly be hard-pressed to find a suitable and affordable rental or investment property in Dubai and the rest of the Emirates to fit their budget.

Despite the fact that prices of property in Dubai have not dropped too badly at this point in time, the property market is definitely slowing down. Al Mal Capital’s head of equity research, Robert McKinnon, says, “Dubai is not an island. Global liquidity is as important to this market as it is elsewhere.”

McKinnon also says that the “cost of capital” is growing rapidly and that the drop or correction of prices of property in Dubai and across the Emirates is going to take place no matter what, at this stage. He then goes on to say, “The margins are still healthy, but it is getting harder.”

Maintained buoyancy for Egyptian property market

Fri, 26 Sep 2008 00:00:00 GMT

An international property investment firm, New Smart Homes, has declared that property in Egypt is still an extremely attractive holiday destination, offering not only good property rates but also a beautiful holiday or business destination, and is still perfect for investors wanting to invest in any accommodation in Egypt, despite the recent inflation problems.

The chief executive officer for Homes Go Fast, Nick Marr, says that opportunities for investing in property in Egypt are still very good, because of the extreme low level of entry prices for property in the region. Marr says, “Property in Egypt can be acquired with little or no financing.” He then went on to say that Egypt has passed the worst part of its inflation crisis and that the inflation issues were mostly due to the high food prices.

Marr also said that there are quite a large number of things influencing Egypt’s currently increased popularity as a business and leisure destination. One of the main things influencing Egypt as an excellent travel destination is the fact that places such as Luxor, Hurghada and Alexandria are incredibly easy to gain access to, along with the fact that these areas are accessible with airlines that charge much cheaper rates than most.

Another major factor playing a part in the country’s popularity as a travel destination is the fact that the current infrastructure of the country is already excellent as Egypt has been a tourism destination for so long that the country has had plenty of time to put the required infrastructure in place, and this does not still need to be accomplished. The World Travel and Tourism Council stated that tourists wanting to spend time staying on Egypt properties should increase by 5.4% within the next ten years.

Short supply continues to boost property markets in Dubai

Thu, 25 Sep 2008 00:00:00 GMT

Analysts say that the price of property in Dubai will continue its upward trend in 2009, although not at such a rapid rate as in the previous year. Current surveys reveal that commercial and residential property prices still persist in going against international tendencies. A survey that consultants, property companies and banks conducted found that villa prices have shot up by 76 percent in the last twelve months, offices came in a close second place at 74 percent and apartment prices have risen 63 percent.

Sajeer Babu, property analyst for the National Bank of Abu Dhabi, said, “We are expecting a maximum 35 percent increase next year, although you may find a higher increase in some areas.” A correction in the price of Dubai property is predicted for next year, however. Vincent Easton, head of sales at Sherwood’s property agency, said, “Increases over 70 percent in a year are not sustainable, but there is currently a strong demand for villas because there are not many coming into the market. You are entering in a supply and demand situation.”

According to Billy Rautenbach, head of sales at Better Homes, the lack of supply of new Dubai property is becoming a serious problem, and villas in Dubai Marina are not being sold, but instead the owners are choosing to live in them. The survey revealed that even once a project was completed, the price continued to rise, just not as quickly. Arabian Ranches’ villas, for instance, increased 3 percent in value, and apartment and villa properties in Dubai Marina rose 2 percent.

The value of offices has risen more quickly than apartment accommodation in Dubai in the last twelve months, with Tecom and Downtown Burj Dubai recording top prices, which, according to Mr Easton, is due to the severe scarcity of office space.

First Premier hotel in Middle East to be built in Morocco

Thu, 25 Sep 2008 00:00:00 GMT

Two new holiday resorts will soon be built on Morocco property. Hivernage Resort & Spa Saïdia, which will be completed in 2010, and the Best Western Premier Le Jardin de Fleur, due to open its doors to the public in 2009, both of which will be located in Le Jardin de Fleur Saïdia and are being built by Property Logic, the foremost tourism developer of Mediterrania-Saïdia Morocco.

Mediterrania-Saïdia, which boasts a marina for leisure boats, conference venues, a trio of excellent 18-hole golf courses and a wide selection of world class shops and restaurants, is situated in an area called the ‘blue pearl of Morocco, just a 35 minute drive from Oujda International Airport. Best Western Premier is Best Western International’s new first-class service brand, and the company has decided to make the Saïdia seaside resort property in Morocco the location for the first Premier hotel to be built in the Middle Eastern and North African area.

The new resort property in Morocco is set to offer its visitors a wealth of leisure facilities, including first class restaurants, a clubhouse, swimming pool, entertainment for the family and spa all an easy stroll away from Saïdia’s golf courses and beaches. Property Logic has signed a management agreement with Hivernage, a hotel operator and member of the Great Hotels of the World Consortium, to build the Hivernage Resort and Spa on this Morocco property, and plans include 76 luxury villas with private swimming pools and Moroccan spas.

According to David Woodward, director of hotel and commercial operations for Property Logic, which is developing Le Jardin de Fleur resorts in Morocco, they plan to build 11 exclusive Morocco accommodation resorts with full service hotels, and are finalising contracts to manage more global and Moroccan hotel brands, thereby making Saïdia a top tourist destination.

Credit qualms cause property stocks in Morocco to fall

Wed, 24 Sep 2008 00:00:00 GMT

The shares for property in Morocco dropped to the extent of 6% recently. The sizable drop in percentage is due to qualms regarding the international credit crisis, and could result in a drop in the number of foreign investors in Morocco, the United Arab Emirates’ most quickly growing sector for property.

Various analysts say that the stock market in Morocco has been declining for a few months now, because investors feel that the price of the shares was too much when taking expectations for earnings into account, especially where the stocks for Morocco property are concerned. One analyst from Casablanca who prefers to remain anonymous says, “It’s been a long while that analysts have said the market is overvalued and a correction would be healthy.”

The analyst went on to say that the stocks for property in Morocco are seen as being more overvalued than any other property market, and are causing even more concerns to arise now due to the recent international credit crisis. He says further, “Morocco is not at all exposed to the same products such as subprime."

The same analyst also says, “People see there is a morose climate in real estate and they know these stocks are exposed to international markets that increasingly lack liquidity.” Real estate companies have empowered the stock market in Casablanca in a big way in the last few years, made easy by the fact that so many investors wanted to gain from the building boom for property in Morocco.

A portion of the future profits for companies buying and selling accommodation in Morocco and other property in Morocco is dependent on the demand for large new coastal properties that are geared towards European buyers looking for second homes in a good holiday destination.

Emaar Properties to home US Outlet in Dubai Mall

Wed, 24 Sep 2008 00:00:00 GMT

The most well-known and most spoken about property in Dubai and across the entire United Arab Emirates, the Dubai Mall, which is a part of Emaar Properties, will soon be home to the very first outlet of Bloomingdale’s ever to be housed in the United Arab Emirates. Bloomingdale’s, a United States supermarket, will be operated and managed by Al Tayer Insignia. Al Tayer Insignia is part of the United Arab Emirates Al Tayer Group.

The new Bloomingdale’s supermarket based at the Dubai Mall property in Dubai will be offering its customers some of the very best “Bloomie’s” products that the whole family will be able to take advantage of and enjoy. The chief executive officer of the Emaar Malls Group, Mr Jim Badour, says, “The opening of Bloomingdale’s in the Dubai Malls marks the beginning of a new retail culture for the region, and positions Dubai as the ultimate retail destination in the region offering the very best of global brands.”

Badour goes on to say that the Bloomingdale’s supermarket has built up a reputation that can be trusted the world over and that has been around for almost 150 years already. Bloomingdale’s hard-earned reputation is a huge advantage to the Dubai Mall, and the US supermarket outlet is expected to draw even more shoppers to the Dubai Mall, which is already one of the largest preferred destinations for shopping in the region. The Dubai Mall forms part of Downtown Buri Dubai, which forms a part of the Emaar properties projects for property in Dubai. The tallest property in the entire world, Burj Dubai, can also be found in the centre of the Dubai Mall, adding further attraction to the mall and the surrounding Dubai accommodations in the near vicinity.

Mortgages in Egypt to be scrutinised by CBE

Tue, 23 Sep 2008 00:00:00 GMT

Last week, the Central Bank of Egypt stipulated that all mortgage companies and banks must submit more detailed reports pertaining to their financing and business methods quarterly from now on. This is in an effort to increase the level of monitoring being conducted at banks and improve risk management for financing property in Egypt.

From the end of September, banks are required to submit detailed quarterly reports to the CBE, the details of which have not been revealed. The luxury section of the Egypt property market will be under particularly close scrutiny, since sizeable loans from banking institutions often fund these kinds of units.

“It appears the CBE is concerned about the real estate market and is keeping a tight eye on developments, especially with regard to falling prices or slowing demand,” EFG-Hermes said, adding, “We believe these demands by the CBE are in line with a cautious approach to mortgage financing, which is new in Egypt and accounts for only a small portion of real estate transactions.”

Although the US economic crisis has sent the global financial industry into turmoil, last week industry analysts and insiders were optimistic about the mortgage segment of Egypt’s financial markets, and said that the more stringent attitude of Egyptian mortgage financers was to their advantage. As it stands, Egyptian banks will finance 75 to 90% of the value of a property in Egypt, and the interest rate ranges from 13 to 15%, on average, with a maximum time span of 10 to 20 years.

It is predicted that the Egypt property market will increase by 15% per year, since over a million apartments are currently unoccupied, due in part to a lack of lending schemes. Further interest rate increases by CBE, however, will force financers to raise their interest rates too, thereby making it difficult for some buyers to afford accommodation in Egypt.

Property in Dubai still a top investment option

Tue, 23 Sep 2008 00:00:00 GMT

With the biggest property exhibition in the world, the Cityscape Dubai exhibition, just around the corner, the scandals that affect the Dubai property market and the financial institutions that service it may change the way in which investors buy property there. It is likely that these scandals will in fact increase the price of finished buildings by dissuading potential buyers of off-plan properties from making such an investment, and instead make them more likely to enter into the market for completed property in Dubai.

With the Dubai economy booming this year, and particularly towards the end of it, plus the many foreigners who are flocking there and need to find Dubai accommodation, the market has shown no signs of slowing down. Many expatriates are also looking to buy property rather than pay the exorbitant rentals demanded in the city, and while some may not take the plunge right away, many will certainly be interested in investing in an off-plan property.

So far the demand for property in Dubai has been assuaged by the apparently boundless ability of Dubai developers to offer off-plan projects that suit the budgets and requirements of a multitude of buyers. Any whose criteria were not immediately catered to were satisfied with developers’ promises to come up with an ideal project for future investment.

With the market for off-plan properties under investigation and some senior executives arrested as a result of allegations of irregularities and misconduct in the property market, buyers have become a little disenchanted with off-plan purchases. The majority of investors who own completed Dubai property, however, did so while it was in the off-plan stage and have been quite satisfied with their experience, even when their property was not handed over on the promised date or was not exactly what they had expected.

Despite global credit squeeze, Egypt property market thrives

Mon, 22 Sep 2008 00:00:00 GMT

Even though the global credit crisis is taking its toll on many markets, investors are still cashing in on high property resale returns in countries like Egypt, Dubai and Morocco. Some buyers are in the market for quick resale profits, many buy a holiday or luxury accommodation to rent, while others want a long-term investment for greater profit down the line. Hurghada is a good investment property in Egypt for investors who are seeking a property for any one of these strategies.

There is an expected increase in tourism in Egypt, and particularly in this area, which shows a high potential for capital growth. According to the World Travel & Tourism Council, tourism in Egypt increased by 7.9 percent last year, and a steady growth rate is predicted up until at least 2017. Other analysts estimate that tourist numbers in Egypt will double in the next several years. This means that investing in an Egypt property like Hurghada has the potential to yield good returns.

Hurghada has grown from a quiet fishing hamlet to a bustling, popular tourist spot. It is situated on the tropical Red Sea Coast, and boasts a balmy climate, naturally beauty and a growing modern infrastructure. Investors from around the globe are flocking there on holiday, thereby making this formerly unknown destination a hot investment opportunity for those seeking to buy a property in Egypt.

Due to infancy of the market here, Egypt property prices in this area are still very reasonable. The influx of tourists and investors has caused a lot of changes in Hurghada, which is well known as an aquatic sports destination. Currently, however, the region is becoming famous for its dynamic nightlife and the number of restaurants, casinos, clubs and pubs available, as well as the excellent selection of Egypt accommodations.

Rising house prices in Dubai fuelled by new property delays

Mon, 22 Sep 2008 00:00:00 GMT

According to a report by EFG Hermes Holding, builders that are constructing homes in Dubai have experienced a host of setbacks due to a paucity of building materials and rising costs. These problems are causing delays and even postponements of vital projects, which in turn are fuelling the rising price of property there. The price of residential property in Dubai has risen 14.4 percent this year alone, EFG Hermes’ analysts say, as opposed to the predicted increase of only 5 to 10 percent. Last year the price of Dubai property increased 18.9 percent instead of the 10 to 15 percent rise that was forecast.

EFG Hermes is Egypt's largest publicly-traded investment bank, and Sana Kapadia, one of its analysts, said in his emailed report that the delivery of new Dubai properties “came short of our expectations for a fourth year”, and “the supply of new units remains a key determinant of the timing of a potential correction”.

The shortages of building materials and rising costs have forced some development projects to shut down, while others have been unable to get off the ground at all. This has made EFG Hermes’ prediction of constructing 64,000 new houses on property in Dubai this year something that is not likely to happen now, according to the report. The bank does still expect to build 70,000 new homes in the first six months of next year, however, which will help to alleviate the current shortfall.

The report also warned that the rerouting of cash funds from Abu Dhabi and Dubai, plus the diminishing worldwide financial conditions for emerging markets and the rising price of accommodation in Dubai are all contributing factors that might very well bring about a more drastic price adjustment in the near future.

Sorouh certain that bad UAE markets won’t damage its portfolio

Fri, 19 Sep 2008 00:00:00 GMT

According to the CEO of Sorouh Real Estate based in Abu Dhabi, the company has a portfolio that is valued at over Dh50 billion at this moment in time, part of which includes Lulu Island, according to Mounir D. Haidar. Haidar said that he is convinced that the Morocco property market, as well as all the other United Arab Emirates markets, will bounce back from the recent downfall of the Lehman Brothers banking company.

Haidar says, “The health of financial markets in the world is tied to the United Arab Emirates as well. It will have an impact. But, we are confident we will not only be affected and hopefully, it will be over soon.” It would seem as if Sorouh has some reason to be confident, as its Abu Dhabi Securities Exchange stock was up on Wednesday, a mere three days after the collapse, sitting at Dh5.60, and Haidar says that Sorouh will be following through on its plans for expansion that will include developments for property in Morocco and Egypt.

Haidar also said that the company will be making provision for over 7,000 �" 10,000 units for residential use during the coming three to five years, and went on to say, “Our prices are based on the cost of construction materials,” and that the company will sell its residential property for as little as Dh700,000 as well as villas for as much as Dh3 million.

Property in Morocco, Dubai and the rest of the United Arab Emirates is expected to continue to sell well, and Haidar said that Sorouh will be launching phase three of Gate Towers, a residential property development that will consist of three towers, on Reem Island in Abu Dhabi, and the upcoming show in Dubai hosted by Cityscape Realty.

Dubai’s new mortgage and property laws

Fri, 19 Sep 2008 00:00:00 GMT

The average price in the market for property in Dubai has been reported to have risen by 79% since the beginning of last year. This rise in price is over and above the gains seen within the market since the government made public its intended new laws that would give foreigners the legal right to purchase freehold property titles. In 2006, when the law was officially approved, property prices escalated so fast that some analysts have suggested that the property market was overheating in a dangerous way.

The government in Dubai took notice of the warnings, and has now introduced new laws for mortgage and property in Dubai, in an attempt to slow certain investors who are interpreted as being responsible for the major wars on pricing due to their “buy and flip” approach with regards to real estate units in Dubai.

Dubai’s new mortgage law came into effect first, and was introduced in an attempt to regulate the Dubai property market in order to protect anyone wishing to purchase accommodation in Dubai. The new law dictates that a mortgage can only be obtained from a registered financial organisation, that it has to be completely insured, and that the property and owner details must be registered by the Land Department.

The new Dubai property law came into effect only a week after the new mortgage law, and its sole purpose is to slow down the rate of speculation. The new property law states that any off-plan properties being sold have to be completely registered by the Land Department preceding the reselling of the property. This new law will naturally slow down the speed at which investors can buy and resell property. The sale of any property in the region that has not been registered will be void by law.

Credit concerns cause Moroccan property stocks to fall

Thu, 18 Sep 2008 00:00:00 GMT

On Wednesday, the value of Morocco property shares dropped by as much as 6%, due to concerns that the worldwide credit crunch could have a negative impact on overseas investors in the North African kingdom’s burgeoning real estate sector. According to analysts, the stock market in Morocco has been growing stagnant for a while now because investors have been under the impression that the price of property in Morocco has increased beyond a reasonable rate for good returns on investment.

One analyst said, "It's been a long while that analysts have said the market is overvalued and a correction would be healthy." He added that Morocco property stocks have long been perceived as being overpriced, and are therefore one of the main sources of concern in the current international credit crunch. "People see there is a morose climate in real estate and they know these stocks are exposed to international markets that increasingly lack liquidity,” he remarked.

Property companies have been causing the inflated prices of property in Morocco, due to the foreign investors who have been seeking to benefit from the building boom currently going on there. The increasing demand has caused the rapid growth as lending rates have dropped, which has, in turn, fuelled the investments, and money has been pouring into the kingdom from tourism, overseas investors and Moroccans who live abroad.

A large proportion of the profit of real estate companies depends on the demand for major new Morocco accommodation developments on the coast, which target Europeans who want a second home or holiday house in a sunny country. The analyst, however, did not feel that there would be a credit crisis like the one going on in the U.S.A. He claimed, “Morocco is not at all exposed to the same products such as subprime.”

Dubai property prices affected by Lehman bankruptcy

Thu, 18 Sep 2008 00:00:00 GMT

Yesterday, Lehman Brothers, a global investment bank that services the financial requirements of international institutions, corporations, rich investors and governments, declared that it was bankrupt. Following this announcement, property analysts reported that this could cause a reduction in Dubai property prices, especially in the premium and off-plan market for properties in Dubai. They also said, however, that the market had enough liquidity to protect the sector from any grave effects in the aftermath of the shocking announcement.

Robert McKinnon, managing director of equity research for Al Mal Capital, said, "There is decreased liquidity globally and that is bound to have some effect in this region. Pricing on off-plan properties will be most vulnerable to negative sentiments in Dubai." He added that the reduction would not be too drastic, since the Dubai property market still had a great deal of liquidity.

According to Sundar Parthasarthy, senior vice-president and head of retail assets for Abu Dhabi Commercial Bank, although the cost of buying property in Dubai had risen and lending rates have increased by 50 basis points, property in the country is still more reasonably priced than many other countries in the global markets. He added, "Interest rates will be touching 7 to 7.5 %, yet we are attractive to international investors."

Marios Maratheftis, regional head of research at Standard Chartered, remarked, "We stand apart from the global downturn in that we are enjoying a budget surplus." Analysts will, however, be keeping a close eye on the region in the wake of this momentous event, and the possibility that the price of accommodations in Dubai will decrease in the near future, following this announcement, remains. The collapse of such a large international financial institution is bound to have some affect on the market, but how much of one remains to be seen.

Dubai visitor attempts to buy property with fake money

Wed, 17 Sep 2008 00:00:00 GMT

A visitor to Dubai has denied allegations that he was in possession of counterfeit money to the value of 2.5 million Indian rupees and denied that he attempted to purchase some property in Dubai with this counterfeit money. The public prosecution in Dubai charged the visitor, a 28-year-old man from Pakistan, with the possession of counterfeit money of a currency foreign to Dubai, with the intent of selling the money in Dubai.

A 32-year-old man in Dubai, working in the real estate business, told the police that the suspect told him he wanted to buy property in Dubai for investment reasons, but the accused insisted that he was innocent of the charges, telling the presiding judge, Abdul Majid Al Nezamy, “I am innocent.”

The Dubai businessman stated that he showed the suspect a number of different accommodations in Dubai, and that he said he wanted to buy a few of the properties in Dubai on behalf of “some businessmen who assigned him to buy them properties in the Emirate”.The businessman went on to say, “I only agreed to collect from him foreign currency after having the amounts checked at a money exchange house or a bank. I asked him for Dh500,000 as a down payment but he agreed to pay the equivalent of Dh250,000 in Indian rupees.”

The businessman informed the police that he had agreed to sell the property in Dubai to the suspect, and conveyed the Indian rupees to a money exchange house in the Naif region, where he was told that the money was not real. A police sergeant working in the Economic Crimes Section of the Dubai police force said in a statement that the businessman had reported the unpleasant incident, and that he had helped the police in the arrest of the suspect.

Dubai berths in high demand

Wed, 17 Sep 2008 00:00:00 GMT

The slowing down of the economy worldwide has caused problems for many, but one developer for luxury marine properties in Dubai is determined to make a difference. The developer has decided to create an auction online whereby luxury accommodations in Dubai, such as the Anchor Marina berths on Palm Jumeriah, will be auctioned off to the highest bidder.

Island Global Yachting is confident that it can convince many of the largest spenders in the world to fork out amounts of up to Dh600,000 (the equivalent of $163,000) for a marina property in Dubai, and the company’s chief executive, Michael Horrigan, is hopeful that the auction will draw the same amount of attention and telephonic bids that ensured that a number plate sold for $15 million earlier in 2008 in Abu Dhabi.

Horrigan says that the company is aware that there will be a high demand for the Dubai properties in Anchor Marina, and further says, “We decided to explore new ways of leasing its berths to ensure a level playing field for interested parties �" and the idea of an online auction site developed. We are anticipating a huge demand for the berths and this has been considered the most transparent and fair way of launching the first tier of leases.”

Island Global Yachting would not disclose whether or not it had a reserved berth price, nor would it reveal how much money was anticipated to be made from the online auction. However, the starting prices for each berth property in Dubai will depend largely on the size of the property. The prices are anticipated to be more pricy than properties in the Dubai Marina, however, because there are no more available berths there and the waiting period for a berth to become available is over a year.

Beach Resort for Sharm El Sheikh Egypt

Tue, 16 Sep 2008 00:00:00 GMT

CHI Hotels & Resorts recently announced that they have signed a management contract with the Egyptian Cyrene Tourism Investment Corporation. The contract is for the managing of two new upper class properties in Egypt, in the ever-popular Sharm El Sheikh resort. The two new hotels, the Corinthia Hotel and the Tiran Hotel, will be forming a vibrant resort to be enjoyed by anyone seeking stylish accommodation in Egypt, and will be called the Corinthia Beach Resort.

The Corinthia Hotel is set to be a five-star high-class property in Egypt and will be situated on the beautiful beach of Montazah in Sharm El Sheikh. The hotel will be open to the public in the last part of 2009 and will be home to 220 stylish suites, a club house, a full service beach, independent restaurants, and an outside swimming pool. The Tiran Hotel is going to be a four-star hotel boasting 600 rooms, including some self-catering rooms, and is set to open in the first three months of 2009. The Tiran will incorporate restaurants, outside swimming pools, entertainment, a Spa, bars, and meeting and conference facilities.

The Corinthia Beach Resort property in Egypt will offer guests a large variety of options and pricing, including bed and breakfast, room only, full board, half board, as well as rates that are fully inclusive.

The vice president of development for CHI, Paul Pisani, and the CEO of Cyrene Tourism Investment Corporation, H. Mansouri, signed the management agreement for the new properties in Egypt. Mansouri says, “CHI Hotels & Resorts' worldwide experience and excellent reputation as a multi-brand hotel operator has long preceded it in this part of the world, giving us the necessary confidence to entrust our multi-million dollar project to a very safe pair of hands, with a proven international track record. With the completion of these two hotels, Cyrene Group hotel capacity will reach some 2,200 guestrooms and suites.”

Dubai developer claims property sales are rising

Tue, 16 Sep 2008 00:00:00 GMT

The government sponsored property developer, Nakheel, which is responsible for the development of many of Dubai’s more prestigious coastal hospitality projects, claims that their sales haven risen threefold in 2008, and that they have sold more than 6,100 units since the beginning of this year. More buyers have entered the market from Iran, Russia, Pakistan and India, and there has also been an increase in local investors, all of which has boosted the sales of property in Dubai. This is according to Nakheel’s director of sales and marketing, Manal Shaheen.

Although there are grave concerns that the Dubai property market is being driven by investors, new limitations on buyers are aiding in the bid to cut down on speculators and off-plan buyers who buy and sell within a short time period to make a quick profit, Shaheen claims. A lot of Nakheel’s development projects are now enforcing limitations on how many units can be purchased by a single investor, and insist that those who do buy land in order to develop it to in fact build Dubai accommodation on it before they sell it again.

According to Shaheen, Nakheel is taking steps to ensure that only serious investors who want a permanent property in Dubai are encouraged to make a purchase, and 80% of the people who own units in Palm Jumeirah since they went on sale in 2002 still retain their property. Shaheen commented that 25% of those who bought property in Palm Jumeirah are from the UAE, 25% are residents of neighbouring Gulf states and 25% originate in the UK. The rest of the investors in this iconic Dubai property are a mixture of people from over 70 countries around the world, which include investors from the USA and China, and Nakheel expects demand to exceed supply until 2020.

Construction boom in Morocco outstripping inflation

Mon, 15 Sep 2008 00:00:00 GMT

Not even the skyrocketing cost of building materials such as cement, bricks and steel are able to overtake the building boom going on in Morocco. The current investments in the tourism industry, infrastructure improvement and property in Morocco is vital to the kingdom’s future prospects. It will encourage sustainable growth in the economy, promote an improved international perception and help to bring foreign investors to the country. The current rising cost of building commodities, however, is causing concern that the swift development of Morocco property could become unsustainable when the supply of these products can no longer keep up with the demand.

The construction of new Morocco properties has become a booming industry since the country started building more tourist accommodations to cater to the increasing number of visitors, as well as luxury villas, low cost housing and improvements to infrastructure in many areas. Morocco has emerged as a property investment destination in recent years, and its government has taken the initiative to finance major developments in many sectors. These will improve the infrastructure to international levels and attract more tourists and overseas investors, in addition to helping to alleviate the lack of low-cost property in Morocco.

Plan Azur is part of a government development called Vision 2010, which is intended to grow the tourist market to a potential 10 million visitors annually over the next two years. The Plan Azur project consists of developing major luxury Morocco accommodation resorts in six coastal areas, and includes partnership agreements with large developers from the UAE and several other countries around the world. According to government figures, the resorts that are under construction now will increase the kingdom’s ability to accommodate the growing numbers of tourists by adding 111,000 beds, and will also generate 200,000 jobs.

Iraqis not happy in Egypt

Mon, 15 Sep 2008 00:00:00 GMT

Of the more than 120,000 Iraqis currently residing on various properties in Egypt, many say that they are not happy in Egypt and do not feel that the locals want them in the country. Most of these Iraqis fled from their own country over three years ago, but although a large number are incredibly unhappy in Egypt, they are not all that keen on returning to their own country.

A few thousand Iraqis have chosen accommodation in Egypt’s “New Baghdad” as their new home, which is located 20 kilometres from Cairo. One family currently renting a low-budget property in Egypt in the region has been in Egypt since 2006, having fled their home when the issues between Shias and Sunni became more violent than it already was. The father, Abdel Khedr Abdullah Jawad, says, “I wish I could go back home, but the security situation is still not good; electricity and water are not available all the time, and prices are very high.”

Despite the complaints of being unhappy in Egypt, the amount of Iraqis permanently living on properties in Egypt has increased from around 800 in 2003 to 120,000 registered with the Iraqi Embassy in Egypt, plus 10,600 that the United Nations has registered as refugees, in 2008. This is surprising considering the complaints Iraqis make, however, 56-year-old Mr Jawad, otherwise known as Abu Mohammed, says, “I chose Egypt because I’d never visited it and had heard it’s cheap and that they like Iraqis. But I discovered that Egyptians don’t like us to come work here; they consider us taking away work from them.”

The government is trying to encourage Iraqis currently living on property in Egypt to come home, to the extent that the government recently arranged two airplanes to transport Iraqis who want to come home but can not afford to purchase a plane ticket. However, due to the uncertain situation with their home country, too many Iraqis are afraid to accept the offer to return home.

Berggruen Hotels plans to build hotels in Morocco

Fri, 12 Sep 2008 00:00:00 GMT

Operator of Keys budget hotel chain in India, Berggruen Hotels, has entered into a new hotel development joint venture with Filacom Pvt Ltd in Morocco, and plans to build 3 and 4-star hotels on properties in Morocco. This will be Berggruen’s first overseas agreement with another company to build mid-range and high-end hotels in an emerging market such as Morocco.

Managing director of Berggruen Hotels, Sanjay Sethi, said, “I believe this partnership will add momentum to our expansion plans in this region. Morocco is a strong market and its strategic proximity to Europe gives the business long-term sustenance power.”

Atul Lall, the chief operating officer of Berggruen Hotels international division, said, “The company is also looking to develop budget hotels in Casablanca, Rabat, Fez, Agadir, Mekens and Mohammedia.”

Lall went on to say that the company plans to make an investment of $50 million in Morocco property over the next couple of years. During phase two, a further $25 million will be invested to augment the company’s presence in other emerging holiday destinations and cities around the world. According to Lall, these will be mostly green-field developments; however, the company is also looking to purchase hotels that have already been established on property in Morocco and other countries, as well as signing more management contracts.

Two companies, one of them a Morocco property company that Berggruen Hotels will have a 51% share in, and the other an operating business that they will have a 75% share in, will operate this venture to develop more accommodation in Morocco. As a newly-recognised emerging market in the tourism sector, Morocco is an attractive investment destination for hotel development companies like Berggruen Hotels, and that they will enter into this dynamic market at an early stage, will no doubt be to their benefit.

Falling Dubai property shares blamed on investor pullout

Fri, 12 Sep 2008 00:00:00 GMT

On Wednesday, the top Dubai property shares fell to even lower levels, and analysts are unable to predict how much lower shares could ultimately to drop. Corruption investigations, increasingly tight regulations that are intended to curb speculation buying, and rumours of a prospective overabundance of Dubai property coming onto the market have caused investors to flee the emirate’s property sector in the last few weeks.

Emaar Properties’ shares fell 3% and closed at 7.85 dirhams on Wednesday, lower than they have been for 41 months, which makes it the hardest-hit stock in the market.

Rami Sidani, head of MENA investment at Schroders Investment Management, said, "We are definitely going through tough times. It's a combination of bad news coming at the same time with investigations, concerns over the real estate market and extra supply coming to the market. It's hard to assess the market going forward. We need more insight into the real estate sector, either from the government or from the large developers."

Tamweel, a mortgage company that finances property in Dubai, attempted to instil some confidence in its investors on Wednesday by issuing a statement in which it claimed that the Dubai police’s arrest of its deputy chief executive would not adversely affect its functioning or performance in the financial markets.

An increasingly negative attitude towards UAE property markets makes it more difficult to predict how low stocks will fall in the end. The main Dubai index has declined over 25% in 2008, after rising more than 43% last year. Shares of property in Dubai are now so low that a few experts have called them ‘a bargain’, and according to Bikash Rout, Global Investment House’ senior financial analyst, now would be a good time to invest in accommodation in Dubai, which now relies upon opinion instead of valuations.

New Fairmont Hotels & Resorts resort for Morocco

Thu, 11 Sep 2008 00:00:00 GMT

Fairmont Hotels & Resorts has recently publicised a new property in Morocco, the Fairmont Marrakech, intended to open to the public during the course of 2011. Fairmont Hotels & Resorts is expanding its presence in the Middle East, and also in Africa and Europe, and is set to increase the amount of available room accommodation in Morocco by 190 rooms.

The Fairmont Marrakech will be an amalgamation of traditional and contemporary architecture, true Moroccan culture, and unique facilities, including banquet and meeting space covering 13,000 square feet, five outlets serving food and drinks, a ballroom covering 4,300 square feet. The resort property in Morocco will also include Fairmont Gold, offering guests an individual service with facilities like a cozy guest lounge and a private reception desk.

The Fairmont Marrakech resort property in Morocco will also include the Willow Stream Spa, covering 14,000 square feet of space, a health club with a hammam, 14 rooms for treatments, a steam room, special showers, a number of chill out lounges, and an ice fountain, as well as a total of 32 residential villas with the Fairmont brand name.

A newly-developed golf course will be situated right next to the new resort property in Morocco, and the Marrakech Royal Golf Club is only a short distance away, giving those who enjoy the game a choice in courses. Fairmont Marrakech is also located a short distance from some of the region’s most famous landmarks in the older part of the city, Medina.

Simon-Xavier Guerrand Hermes, the president of Ste l'Eden de Marrakech, the company in partnership with Fairmont in the development of this property in Morocco, says, “Fairmont Marrakech is positioned to be a unique luxury destination resort in the region offering a true Moroccan ambiance together with the service excellence for which the brand is recognised”.

Guaranteed paradise in Egypt

Thu, 11 Sep 2008 00:00:00 GMT

The latest resort property in Egypt, the Paradise Gardens Golf and Beach resort, situated in Sahl Hasheesh in between the fairways of a brand new golf course and the largest Sahl Hasheesh beach, is set to raise the standards for the property market in Egypt.

The new Paradise Gardens Golf and Beach resort property in Egypt has been developed by one of the biggest chains of hotels in Egypt, and is set to have a large selection of 350 stunning new units. Those seeking accommodation in Egypt will have a variety to choose from, including studio apartments, townhouses with either three or four bedrooms, and standard apartments with either one bedroom, two bedrooms, or three bedrooms.

Planned for location directly next door to the new five-star resort is a new golf course with 18 holes, with another three planned for the near future, perfect for any lover of the sport. Those who invest in property in Egypt and other choice regions around the globe know that the location of any given property is of the utmost importance, and the Paradise Gardens Gold and Beach resort is said to be situated in one of the best locations in the region.

The location of this attractive property in Egypt is perfect. The resort is situated in a high class area of the region, and is accessed easily and quickly, with the Hurghada airport a mere 30 minutes or less away, to which direct flights are available from most major airports in the United Kingdom. These two things on their own make this resort an excellent investment for any investor, and an equally excellent holiday destination. Over and above this, a number of the resort apartments have amazing views of the ocean, and a mere 80 metres away is access to the biggest beach in the resort.

Property market in Dubai on the boil?

Wed, 10 Sep 2008 00:00:00 GMT

The booming market for property in Dubai may face a drastic adjustment if it continues to hot up at its current rate. Soaring oil prices and expanding financial factors are fuelling the continued growth, causing a possible radical imbalance that may lead to a slump over the next two years when additional properties are put on the market, as scheduled.

According to Samba Financial Group’s September Economic Monitor report, the participation of banks in the Dubai property market seems to be manageable at the moment, and the practices of the Gulf property markets are not the same as the ones that have caused problems for banks in the US. Despite this, close monitoring of the property markets remains vital, especially since banks intend to assertively pursue the financing of mortgages in Dubai.

Howard Handy, chief economist and general manager of Samba Financial Group, said, "We expect Dubai's property sector will show signs of cyclical weakness in 2009-10. Such projections suffer more than usual from a lack of data and imperfect information about future demand and supply. The soaring property prices over the last five years have attracted increasing supply which will eventually exceed demand."

The Dubai Lands Department has reported that the value of all property in Dubai sold in the first half of 2008 has outstripped that which was sold last year already, although the actual value of the properties has only increased by 3% as opposed to 60% in 2007. The rapid growth of the local population and its increasing buying power, combined with an optimistic view of the expanding economy that will continued to lure foreign labour, will maintain the growing demand for Dubai accommodation. The influence of speculation buying, however, especially in off-plan properties, is the cause of growing concern.

Egypt: CHI Hotels & Resorts to manage Corinthia Beach Resort

Wed, 10 Sep 2008 00:00:00 GMT

Cyrene Tourism Investment Corporation of Egypt and CHI Hotels & Resorts have announced that they have signed a management agreement to manage two recently launched high-end Egypt properties in the fashionable Sharm el Sheikh resort. The hotels are to become part of a new holiday resort that will be called the Corinthia Beach Resort. This luxury Egypt property, situated on a lovely beachfront in Montazah, Sharm El Sheikh, will boast 5 stars.

The Corinthia Hotel, which is due to be launched towards the end of 2009, will have 220 luxury suites, independently managed restaurants, an outdoor pool, beach service and clubhouse. The Tiran Island Hotel is going to have 600 rooms, and will be a 4-star establishment with a variety of luxurious residential suites, guest rooms and self-catering apartments that will provide ideal family holiday accommodation in Egypt. This hotel is due to open its doors to the public at the beginning of 2009, and will have a selection of top-class restaurants, a spa, outdoor pools, bars and entertainment, as well as conference rooms.

The Corinthia Beach Resort property in Egypt will also offer a selection of pricing options to suit every pocket, which include fully inclusive board, half board, bed and breakfast and even room only.

H Mansouri, chairman and CEO of Cyrene Tourism Investment Corporation of Egypt, the company that owns the resort, signed the management agreement for these two properties in Egypt with Paul Pisani, vice president development of CHI. Mansouri expressed his pleasure at joining forces with CHI on this venture, thereby enjoying the benefits of a management company with an excellent track record in the running of 5-star hotels internationally. He said that he was confident that he had entrusted the multi-million dollar project to safe hands.

Marsa Alam resort in Egypt for First Choice

Tue, 9 Sep 2008 00:00:00 GMT

Marsa Alam resort properties in Egypt are unknown to most visitors to the region, but have now been given some exposure due to the operator First Choice introducing this charming accommodation in Egypt for the coming summer season. In the first edition of its brochure for Egypt 2009, First Choice described Marsa Alam as an “upcoming exclusive destination”, at the same time introducing Makadi, which is 35 kilometres from Hurghada.

Other than the four-sun Dreams Beach resort in Marsa Alam being featured by First Choice for the coming summer, the premier resort Iberotel Makadi Saraya Resort in Makadi, a four-plus sun resort, will also be featured. Rates for a seven-night stay, from June 2009, at the Marsa Alam resort property in Egypt start at only £549 for each adult staying, and £299 for each child staying at the resort.

Rebecca Hamshaw, a product manager from Egypt, says that First Choice has a brochure devoted entirely to holiday property in Egypt, which draws attention to Egypt as a tourist destination, and that this is the first time that the Marsa Alam resort has been highlighted in the brochure. Hamshaw goes on to say that: “The brochure also features the ever popular resorts of Luxor, Sharm-el-Sheikh, Taba, Hurghada and El Gouna and offers a range of twin and multi-centre options to really make the most of guests’ time in Egypt.”

Hamshaw also says that in addition, First Choice flies to Egypt from numerous airports in the United Kingdom, which makes holiday properties in Egypt incredibly easy to gain access to. First Choice has also published a second edition brochure, Tropical 2009, where well over 190 properties in various locations are brought to light, including the safari lodge Taita Hills Retreat in Kenya.

Possible Global Steel Shortage to Affect Property Markets

Tue, 9 Sep 2008 00:00:00 GMT

Lakshmi Mittal, the CEO of ArcelorMittal, says that there could very possibly be a global shortage of steel in the near future. Mittal said in June of this year that the supply of steel is already short, and that steel companies are already functioning at full capability. The steel shortage would not only become a major problem for industrialists, but also to anyone looking to invest in a home or other property, as the higher the price of steel becomes, the more expensive property will become. Properties in Dubai and Abu Dhabi, for example, will be hit hardest due to the rapid growth in these regions, which will no doubt see a decline in the purchase of accommodation in Dubai and Abu Dhabi in particular.

Balli Steel says that in the last year alone the price of steel has increased by 100% per tonne, and while the Middle East countries are not the largest consumers of steel globally, they are the consumer that’s growing the fastest, which means that they will be affected the most. During the first six months of this year alone Balli provided close on one million tones of steel to the Middle East alone, mainly for use in Dubai properties.

The CEO of Balli Steel, Nasser Alaghband, says: “I would say that since 2004 we’ve seen a gradual shortage in steel, and that’s been driven by growth in consumption in China and emerging markets.” Alaghband goes on to say that: “Abu Dhabi and Dubai are pretty similar markets in terms of types of material they use �" the main difference is that Abu Dhabi has a growing steel industry of its own.”. Oliver hickey, a representative of the Profile Group, a Dubai developer, says that even scrap meal is now more expensive, and that this will negatively affect the prices of property in Dubai and other countries around the world.

The future of Dubai property investment

Mon, 8 Sep 2008 00:00:00 GMT

One of the most successful foreign property markets in recent times is the one in Dubai. This market saw a growth in 2007 of 18.7% in luxury accommodations such as high-end apartments and villas. This rate has continued for an appreciable length of time, and thereby shown itself to be stable, which has led to a percentage of buyers willing to invest without even seeing the property that they are purchasing. Whether or not the market will sustain its steady increase, however, is a topic of much debate among analysts, although it is anticipated that the Dubai property market will provide 35% of Dubai’s GDP in the next five or six years.

The shortage of accommodation in Dubai to house the growing number of residents and workers flocking to the city, all of whom require a place to stay, has helped to boost the demand for Dubai property. This, plus delays in ongoing development projects, has led to the rapid growth of this market and the increase in property prices. According to the investment bank EFG-Hermes, there will be a huge shortage of accommodations in the latter part of 2008, and that will cause the price of property in Dubai to reach a peak this year. Thereafter, the report predicts an easing of the price hikes.

There are those who, it seems, would like to see the buying spree of property in Dubai end, but the city continues to encourage investors with its tax-efficiency and lack of pitfalls for potential buyers. This has led to Dubai becoming a competitive, contemporary business hub with much to offer its investors in the way of excellence, pleasure attractions and groundbreaking projects designed to further enhance the city’s reputation. In addition, the 7% rental cap is due to be removed at the end of 2008, which will push many locals to buy property.

Lethal rockslide in Egypt blamed on government

Mon, 8 Sep 2008 00:00:00 GMT

The Egyptian opposition party has laid the blame for the rockslide that crushed 23 or more people and reduced around 35 homes to rubble on the government. Massive boulders, some of which weighed 70 tonnes or more, broke off the Al-Muqattam hill and crashed into the shantytown of Manshat Na’sr on Cairo’s outskirts. This has led to hundreds being reported missing, over and above the number already known to be dead. Members of the opposition and independent parliamentarians claim that the disaster could have been avoided if this property in Egypt, which is located in a dangerous area, had been evacuated beforehand.

According to Dr. Osama Harb, an Egyptian Shoura Council member and editor of the political magazine A-Siyssa A-Dawliyya, the disaster was due to government incompetence. He said, “There’s apathy and negligence and I believe these are symptoms of the regime’s disability. These sorts of threats aren’t new. The government knew this place was dangerous but didn’t deal with the problem seriously.”

MP Abu Al-‘Izz Al-Hariri, from the A-Tagammu’ party, claims that as much as a third of Egypt property is in a state of disrepair, and in danger of crushing its occupants. He went on to add that up to 20,000 residences in Alexandra and Cairo should be evacuated before they collapse. The government states that evacuation notices have been issued, but residents keep rejecting them, to which Al-Hariri replied that the reason for this is that there is no other housing offered, and these people cannot afford to even rent another Egypt property, let alone buy one.

The affected neighbourhood is used as accommodation in Egypt for people who come to Cairo in search of employment and are forced to live in this impoverished area because of the high cost of renting or buying a property in Egypt.

Real Estate in Africa – a good market despite the bad reputation

Fri, 5 Sep 2008 00:00:00 GMT

A state-owned United Arab Emirates Property Company called Dubai World has set up an investment branch in Cape Town, South Africa, to focus on acquiring, developing and managing real estate throughout the African continent. So far Dubai World's investments span nine African countries including South Africa, Rwanda, Djibouti, Tanzania, Mozambique, Comoros, Morocco, Benin and Senegal. Connecting with property through such a company makes acquiring property in Morocco to Cape Town a very easy process.

Many of the countries that Dubai World is currently investing in within Africa also offer fabulous wildlife investment opportunities. Countries such as Namibia, South Africa, Zambia, Botswana and Mozambique all have property on offer that offers wildlife resources, offering property investors a unique opportunity to purchase property in Morocco and other African countries with conservation potential. Purchasing accommodation in Morocco to Namibia is suddenly encapsulated within one company offering all of these property investment opportunities to investors worldwide.

Investing in property in African countries is also very affordable for overseas prospectors earning Dollars or Euro's. Purchasing property in Morocco to Cape Town is highly appealing considering the continents recent economic growth. There are 53 countries in Africa with 47 of those within Sub-Saharan Africa. Even though Africa generally gets negative press coverage, according to the World Bank, the rate of economic growth has begun to catch up with those of other developing regions. Sub-Saharan Africa recorded a GDP expansion of 6.7% in 2007. This is due to a raise in oil exports, domestic investment, rising commodities demand, increased productivity and a rise in direct foreign investment as recorded by the IMF (International Monetary Fund).

Doing business in Africa is no longer a daunting prospect and as the previous statistics reveal, investing in property in Morocco, Kenya, Namibia and the rest of Africa has become a lucrative prospect for investors with an eye for real growth potential. Countries inside Africa like Madagascar and Lesotho already have favourable trade agreements with their thriving textile industries. And countries such as Morocco and Zanzibar have excellent spice trade. African countries are stabilising and worth considering for property investment.

Dubai Markets’ Reflected Risks Exaggerated

Fri, 5 Sep 2008 00:00:00 GMT

Economists are suddenly becoming cautious about property in Dubai. Analysts and economists are raising concerns that Dubai's sizzling economic growth could be slowing and the enticing Dubai property market entering a lull. Some say that the financial risks reflected in markets for Dubai, with its very stable government-backed companies are seriously exaggerated.

A dip in oil prices coupled with the global credit crunch are having an impact on Dubai's recent rapid profit growth of the country's banks. Merging these concerns with the gradual withdrawal of foreign investors from emerging markets pulls the Dubai Financial Market down more than twenty percent, making it the second worst performing market in the GCC. Coming first is the Tadawul exchange of Saudi Arabia. Investing in property in Dubai has become less lucrative as property companies, such as Emaar, have had their shares falling more than four percent in one day, and banks have led the declines.

The purchasing of accommodation in Dubai can only be negatively impacted by the perception that Dubai debt is even riskier than countries such as the Baltic states or the Balkans, which unlike Dubai are hugely indebted in comparison to the size of their economies and run large current account deficits (according to the Merrill Lynch investment bank report). In some cases insurance, which comes in the form of a financial transaction known as a "credit default swap", has escalated this issue.

The report says that: "As global growth has dipped and funding has become scarce, US$320 billion (Dh1.17 trillion) worth of planned construction projects are likely to be shaved off." Merrill concluded that the economy may well slow down with as many as one third of the projects in the pipeline being delayed or even curtailed in the worst case scenarios. However investor's in Dubai property and certain other Arab countries, need not be too concerned as the Merrill report also stated that Abu Dhabi, which has virtually zero debt, and has the wealth of nearly eight percent of the world's oil reserves, would more than likely lend a financial hand in a true financial crisis.

Will property in Egypt continue to be a good investment?

Thu, 4 Sep 2008 00:00:00 GMT

Due to the fact that the Egypt property market has managed to avoid the hype that has been inflating property prices in places like Bulgaria or Dubai, it may be the only place where investors can enjoy a good return on their investment. In addition, foreign retirement home or holiday apartment buyers are still able to find property in Egypt for a far more reasonable price, a bargain when compared to other countries. Only since 2005 has Egypt even been considered as an investment destination for overseas buyers, and this has contributed to its avoiding the drastic downturns seen in some other property markets.

Egypt has many factors in its favour, and although it is not the first place that springs to mind when investors start looking for a good buy overseas, it is within a reasonable flying time from UK and Europe, and boasts many natural attractions, not least of which are the pyramids. A property in Egypt has much to offer, and the country is far more diverse in its landscapes than Dubai, which has nothing beyond its city limits except sand. In Egypt, there are the Mediterranean holiday resorts like El Alamein and Alexandria and the lovely Red Sea venues such as Mangroovy Beach and El Gourna.

When compared to the property markets in several other countries, the price of accommodation in Egypt has remained stable and affordable, and investments there are expected to see an annual capital growth in the region of 20%. There is also no tax or stamp duty on an Egypt property, which increases its appeal to investors and potential return on investment considerably. It is one of the few places left in the world where a beachfront property can still be bought for a little more than £30,000.

Long-term investment in Dubai improved by new laws

Thu, 4 Sep 2008 00:00:00 GMT

The much talked-about labours on the part of Dubai to fix the problem of skyrocketing property prices has caused shares in Dubai property to go into sharp decline, but will, in all likelihood, improve investor confidence in the long-term. Recently introduced regulations on the sale of buildings before they have even left the planning stage have followed increasingly tight mortgage policies and new controls on developers who give residence visas to property purchasers, all of which have been put in place to cut down on speculation.

Sana Kapadia, an equity research associate at EFG-Hermes, said, "In the short-term, they seem to be having a negative impact for people who are exposed in the market as they might think that these are the end of the good times. But in the medium to longer-term, people will realise that these initiatives will provide transparency and confidence to the market.”

Dubai property stocks plummeted in August, and the market leader Emaar’s stocks took a dive of over 13% as investors ran for cover in case regulators went after them next. The price of property in Dubai shot up to unforeseen heights after the emirate allowed foreign investors to buy there in 2002. Buyers were seduced by Dubai’s charms, security and tax haven status, and snapped up property in Dubai whenever they could find it. The emirate’s apparent glamour and many attractions glosses over a harsher side, however, in which investors can suffer when developments are annulled or postponed and tenants can be evicted so that their landlords can demand higher rentals.

Although the new restrictions may seem counterproductive to some, to potential long-term investors they spell an end to rampant speculation buying and rising prices and bring the market into a semblance of stability, making the idea of purchasing accommodation in Dubai more attractive.

Tycoon charged with murder

Wed, 3 Sep 2008 00:00:00 GMT

On Tuesday, Hisham Talaat Mustafa, a tycoon from Egypt, was charged for paying a large sum of money, allegedly to a retired policeman, to arrange the murder of Suzanne Tamim, a pop singer from Lebanon. Tamim was allegedly Mustafa’s lover over a period of three years. Tamim was murdered at her upmarket property in Dubai in July of this year; she was stabbed a number of times and her throat was cut.

Mustafa has a membership with the Shura Council, which is a higher house of parliament in Egypt, and rumour has it that Mustafa is also a good friend of president Hosni Mubarak’s son, Gamal. Mustafa also manages the Talaat Mustafa Group real estate group, which is worth billions of dollars. The company deals with various construction projects, property in Dubai and other regions, and high-class tourist developments, and also has dealings in agriculture and land reclamation.

According to a legal source, Mustafa has been placed under arrest and will be held until the trial. The prosecutor said that the retired policeman, Mohsen al-Sukkari, has also been arrested and has been charged with the actual murder itself. The local media liaison stated that Sukkari had been contracted by a number of companies in Egypt to deal with security. If convicted, both Sukkari and Mustafa could very well be facing the death penalty for their crimes.

The amount allegedly paid by Mustafa to Sukkari was two million dollars, and it is strongly suspected that Sukkari was to watch Tamim’s place of accommodation in Dubai for a period of time before murdering her. Sukkari purchased a knife and went to Tamim’s property in Dubai, telling her that he worked for the owner of the building. He then allegedly stabbed her until she died after she opened the front door.

Too many units for Egyptian housing proposal?

Wed, 3 Sep 2008 00:00:00 GMT

A proposed development for residential property in Egypt has come up against opposition from residents in the neighbouring Mason Valley, which is a little to the north of the proposed housing development in Mason Road. Residents say that the town is benefitting the housing developer, a Brighton company called Pride Mark Homes Inc., by spot zoning. The company intends on building a new nursing home with 60 units and separate living amenities, including over 100 homes, on the 40 acres of land that surrounds the fire station in Egypt.

Mike and Kim Colton are distributing a petition that opposes the development of this new project for property in Egypt, because the couple feel that the amount of units proposed for the development will be too many for the size of the land it’s due to be built on. The couple are of the opinion that the land would be better used for homes for single families, and are worried that more than 100 families moving into the area will cause major problems with traffic, both pedestrian and vehicles, and that there will be issues with the amount of noise from the new development, that will end up decreasing the value of their current homes.

Jim Brasley, the Planning Board chairman, says that it’s in the hands of the Town Board whether or not Pride Mark will be allowed to go ahead with the designing of the proposed development of this new property in Egypt. Bradley says that the development proposal follows the town’s plans with regards to housing variety and that if the development for the new accommodation in Egypt goes ahead, it would not be the first occasion that such a development had been constructed. Bradley also said that no such development in the past has had a negative impact on the value of the neighbouring properties.

Burj Dubai reaches new heights

Tue, 2 Sep 2008 00:00:00 GMT

The builders of Emaar Properties' iconic and much discussed tower, built on a property in Dubai, claim that it is now a world-record 688 metres in height. Currently comprising 160 floors, Dubai’s most famous landmark is situated on Shaikh Zayed Road, and when it is completed it will be classified as the world’s tallest building according to the standards required by the Council on Tall Buildings and Urban Habitat (CTBUH), the organisation responsible for classifying the world’s tallest constructions. CTBUH’s standard of measurement when assessing the height of tall buildings is the topmost part of the building, whether that is the highest floor that is used, the apex of the roof and the point of whatever antenna, spire, mast or flagpole surmounts it.

Skidmore, Owings & Merrill (SOM), based in Chicago, designed the tower, and skyscraper experts from South Korea’s Samsung Corporation are responsible for its construction. An important Dubai property in Emaar’s super development project, the Dh73 billion Burj Dubai, will be an excellent multi-purpose property in Dubai.

The tower’s final height remains a mystery, since the developers will not reveal their plans, but it is possible that the Burj Dubai will top 800 metres. In April 2008, the Burj Dubai outstripped the 628.8 metre North Dakotan KVLY-TV tower, which, although it is only a guy rope-supported lattice tower, nevertheless retains its place as the world's tallest completed structure. It has taken the builders four years to construct the massive Burj Dubai tower, which will offer new accommodation in Dubai when it is completed in September of 2009.

According to the Burj Dubai’s developers, the outer shell of this Dubai property is now nearing completion, and soon work will start on the interior. For now, Taipei 101, which stands 508 metres heigh and has officially been the world's tallest structure since 2004, retains its title as the world’s tallest occupied building.

Affordable houses available in Egypt

Tue, 2 Sep 2008 00:00:00 GMT

For foreign investors who may be looking for a good overseas investment, considering a property in Egypt could be a very profitable idea to contemplate. According to analysts from Amberlamb, Egypt offers lower property prices than most emerging markets, and is therefore better value for money. Overseas property investors can purchase a house in Sharm el-Sheikh for a very reasonable price, even as low as £120,000. Analysts have touted the Egypt market, relatively untapped by foreign investors, as a “highly affordable” market.

According to Andrew Williamson, Amberlamb’s spokesperson, this is in part due to the lack of publicity in the media that property in Egypt has received, compared to alternative investment markets such as Dubai, Abu Dhabi or other UAE countries. More media attention could spark a wave of interest in Egypt property and push up house prices there, however. Mr Williamson said, "Egypt has significant advantages for many would-be property owners. Properties are highly affordable [and] the flight time is a very respectable five hours."

In recent times, Egypt property has been attracting growing interest from those investors seeking to buy a second home, a holiday home or holiday rental accommodation in Egypt. More people buying houses and land there will affect the price of houses in Egypt and fuel growth in this as yet little-known market.

This makes it an even more attractive option for foreign investors looking for a quick profit on property, who, if they buy now at the reasonable prices on offer, may very well sell within a few months at a substantial profit, due to the increase of property prices once the market becomes better known. This is leading to a growing interest in Egypt as an investment destination, with its potential for a major property boom in the near future.

New residential properties launched in Egypt

Mon, 1 Sep 2008 00:00:00 GMT

Emaar Properties PJSC, based in Dubai, together in partnership with Armani, are set to launch a series of elite new residential property in Egypt. The new properties in the region will form part of the Armani Residences development in Marassi, which is Emaar Properties’ very first resort type development for property in Egypt.

The new Armani Residences development will form an important part of Marassi, another major development for properties on Egypt. Marassi is a Dh6.39 billion development community, set in motion by Emaar Misr, a completely owned country subsidiary of a major real estate developer in Dubai.

The chairman of Emaar Properties, Mohamed Ali Alabbar, said that the Armani Residences development in Marassi merges the advantages of the awesome location of the resort along with the most refined and elegant home designs in the entire world. The chairman goes on to say, “Sidi Abdel Rahman Bay is a historic Mediterranean beach destination where Emaar Misr, through Marassi, is bringing in a new lifestyle.”

It would seem as if the new resort development in Egypt, Armani Residences, is therefore perfect for those seeking attractive, stylish and upper-class accommodation in Egypt, especially considering that the development will cover 1,544 acres and can be enjoyed during any season due to the weather being perfect all year round on the North Coast. The new property in Egypt will be gated and have fantastic leisure facilities such as a town centre, beach resort, golf course, marina and a number of hotels, lagoons and vegetation.

These new residential properties in Egypt will be situated on the Sidj Abdel Rahman Bay and will boast a combo of three-bedroom villas, four-bedroom villas and stacked villas, all of which will offer an incredible sea view as they will face onto the Mediterranean Sea.

Property in Dubai to increase in price next year

Mon, 1 Sep 2008 00:00:00 GMT

According to a number of research companies and banks, the prices of property in Dubai is set to go up next year by around 35%, and is only expected to drop again in the year 2009, to between 8 to 10%. One company says that already, the price to purchase both commercial and residential accommodation in Dubai has gone up by the substantial amount of 40%.

The Dubai property market has been doing well so far this year, according to the Al Mal Capital Dubai real estate price index, although the market is expected to slack off a little by the end of 2008. One of the reasons for this expected drop in the market is the rise of the US dollar, which could remove some foreign investors from the market as they would then be unable to make a quick profit when purchasing property in the region. So while it will slow the property market down, some experts think that it will be a good thing for the property market in Dubai, in the long run.

Al Mal is reasonably positive on the subject, but investment bank Morgan Stanley is not quite as optimistic and a short time ago released a statement saying that the market for property in Dubai would decline by 10% before the end of 2010. The bank says that this is due to the property supply being far more than the demand for property in the region.

The price index released by Morgan Stanley states that the prices of property in Dubai has risen by 25% in the first six months of 2008, and are 79% higher than prices were at the start of 2007. The index also says: “Prices have been driven by a combination of genuine demand, speculation and, most recently, escalating construction costs. For 2009, we expect prices to start coming under pressure as oversupply becomes evident. We forecast a 10-percent decline between 2008 and 2010 in our base case.”

Egypt Property a Good Investment

Fri, 29 Aug 2008 00:00:00 GMT

As the value of the euro increases against the weakening pound sterling, investors are looking outside the Euro-zone for property investments. UK investors have found that property in the Euro-zone is becoming too expensive with the weakening pound. In addition, UK holidaymakers are less inclined to travel to countries inside the Euro-zone, due to the hefty expenses they now incur there. Therefore, potential investors who wish to buy property to be used as holiday accommodations are considering property in Egypt, as well as real estate in countries like the UAE, for future purchases at lower prices and that will be more popular with tourists seeking better value for their pounds.

Egypt is one of several destinations that are serviced by regular, inexpensive flights, and is within five hours of London, making it an increasingly popular destination for cash-strapped Brits. This makes property in Egypt an excellent investment. Sales and marketing director of Egyptian property developer West Side Village, Stephen Smith, said, "Investors would be wise to seek destinations outside the zone, where they will be more likely to afford quality investment properties in good locations, maximising their rental opportunities.”

According to Smith, the fact that UK property prices are falling makes this an ideal time to break into new markets overseas that are offering potential capital increases and large profits, such as property in Egypt. He recommends that potential investors should do their research thoroughly when it comes to currency exchange fluctuations, tourist numbers, tax laws and possible growth rates. He also feels that it’s a wise choice to find suitable Egypt property when looking for a good investment that will bring in a maximum rental return.

An Egypt accommodation investment comes highly recommended, since it fits so many excellent criteria for a top-class return, such as year-round sunny weather and 0% inheritance and capital gains taxes.

New Prestigious Property Available in Dubai

Fri, 29 Aug 2008 00:00:00 GMT

Pining for prestigious property in Dubai? Then this is the good news you've been waiting for. The Dubai based Select Group and the UK based property developer "Select Property" have jointly launched a thirty-two story luxury Manhattan style complex named West Avenue, on one of the last remaining plots available for development on the Dubai Marina. West Avenue, an over AED 678 million joint residential development, is the seventh tower to be launched by these two companies. Six of which have already sold out completely off plan on the prestigious Dubai Marina.

West Avenue offers luxury accommodation in Dubai that is contemporary in style as it gives the property connoisseur a choice of luxury penthouses, two-bedroom City Suites and two-bedroom Marina Suites. There are 273 units to choose from in the exclusive West Avenue development, which have been purposefully designed for modern spacious and open plan living.

The CEO of Select Group, for property in Dubai, Mr Rahail Aslam, said, "Dubai Marina is undeniably one of the most desirable locations for residential property in the Emirate. Located off the Sheikh Zayed Road and Jumeirah Beach, and in close proximity to the commercial areas of Dubai Media City and Internet City, Dubai Marina appeals to both the business and leisure resident. It is perfect for investors looking to benefit from the ongoing Dubai property boom."

Dubai Marina is the largest man-made marina in the world. Situated in the central section of the marina, West Avenue offers Dubai property with prices from AED 1.77 million for a studio at their pre-launch, available with a 15-year non-status payment plan. Dubai property investors and purchasers also benefit from the security of an Escrow account, which protects their funds during the building phase.

Property prices in Dubai have soared in the recent past, escalating up to AED 800 per square foot in 2005 up to AED 2000 in 2008, revealing that purchasing property in Dubai is a sound capital investment due to Dubai's excellent growth and the Marina's fabulous location.

Egypt Added to Address Portfolio

Thu, 28 Aug 2008 00:00:00 GMT

As its first development outside the UAE, Emaar Hospitality Group plans to open its next new hotel on a property in Egypt. The Address, which will be located in Uptown Cairo, is scheduled to open in 2011 and looks to be a flagship hotel in Uptown Cairo’s US $2.1 billion development. Emaar Hospitality Group is building the 200 room Egypt property, which also has a further 300 hundred serviced apartments, for Development SAE. According to Marc Dardenne, Emaar Hospitality’s chief executive, The Address Hotels and Resorts will be a ‘global brand’, and he went on to say that Emaar would be demonstrating its ability to offer top-class hotel services to the international market.

Patrick Heuze, the Emaar group’s senior corporate director of development and operations, said, “The management contract for opening an Address property in Uptown Cairo is part of our ongoing strategy of international expansion. This also reflects our corporate philosophy of growing in tandem with Emaar Properties internationally, as it fits with Emaar's vision to develop integrated lifestyle communities.”

The Address hotel brand’s first three accommodation establishments are due to be opened in Dubai towards the end of 2008. The new Address hotels will also showcase Emaar Hospitality’s new set of procedures and standards that make up the ‘Passion Plus’ brand of service excellence, which is designed to heighten the experience of the guests that stay at this Egypt accommodation, and which was designed with the aid of Guest Best consultants.

Dardenne also commented that the most important factor in managing and owning hospitality property in Egypt, or anywhere else in the world, is delivering the best quality service to its guests. He believes that ‘Passion Plus’ will turn out to be a major contributor in assuring that service standards at the new Egypt property will be of the best international quality.

Dubai’s new property credit law

Thu, 28 Aug 2008 00:00:00 GMT

The government of Dubai has recently announced a new credit law for mortgages. This new law was introduced in order to assist in regulating the market for property in Dubai and assist those seeking affordable accommodation in Dubai, and was issued by the prime minister and vice president of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, who is also Dubai’s ruler.

The Overseas Property Professional (OPP) company says that the new mortgage law in Dubai will be effective exactly 60 days after its publication in the official Dubai gazette, and that the law states that mortgage contracts have to be registered with the Dubai Land Department (DLD). The new mortgage law also states that the exact loan size should be made clear, and that the period of repayment as well as the property value to be mortgaged should be specified. Over and above this, all mortgages taken out for any property in Dubai will now have to be guaranteed by insurance.

Overseas Property Professional says that the new mortgage law for property in Dubai is also due to the region working to strengthen its ever-rising market for property. The Dubai Land Department stated that the value of land transactions in the region in just the first three months of 2008 had increased by 10, 000 per cent if compared to the same time period in 2007 �" from Dh 38 million to Dh 3.7 billion.

The efforts made by various entities in Dubai to normalise the market for property in Dubai has had an incredibly good outcome and has resulted in the region’s property now coming out on top of the Global Real Estate Transparency Index list from Jones Lang LaSalle.

Dubai may lose Foreign Property Investors

Wed, 27 Aug 2008 00:00:00 GMT

According to the officials who represent property developers in Dubai, if master developers like Emaar Properties discontinue the practice of giving residence visas to people who invest in property in Dubai, the emirate will lose its bargaining power in the property market. Currently most foreign investors are reassured by the fact that there are no restrictions on them travelling to and from the emirate. Since the same investors who buy a Dubai accommodation also invest in other sectors of the economy, and by doing so inject a considerable amount of money into the system, Dubai’s financial system will suffer.

Director of sales and marketing at Al Dua’a Holding, Noreen Khan, said, “If the residence visa is taken away or not offered, investors will look for other safe havens, and Dubai will lose its winning edge.”

Emaar, which is the largest Middle Eastern property developer, has notified its sub-developers to discontinue approving the residency visas for investors until further notice. According to a company spokesperson, the Dubai Naturalisation and Residency Department (DNRD) has instructed Emaar to discontinue their acceptance of sub-developers’ residence visa applications.

Union Properties, a Dubai property developer that is constructing F1-themed parks, has said that the DNRD is responsible for granting residence visas, and it therefore cannot guarantee these to potential investors. Muzaffar A Soofi, general manager of Dubai-based Pride International Real Estate, predicted a temporary reduction in the number of investors purchasing property in Dubai, due to the lack of certainty regarding a residence visa, but feels that this will change when investors realised that rules can and do change from time to time.

Investment in Dubai property has burgeoned since 2002, when the emirate began allowing foreigners to purchase properties in certain areas, and prices have increased by around 800% since then.

Property Boom in Morocco Causes Record Consumer Credit

Wed, 27 Aug 2008 00:00:00 GMT

The demand for consumer credit and mortgage loans to service the growing market for property in Morocco has caused competing banks to offer interest rates as low as 4.5% in order to cash in on the property boom, and mortgage maturities have also increased, even to as much as thirty years.

Investors and developers are flocking to Morocco to snap up prime real estate and develop it into high-class holiday accommodation or plush homes for the rich and famous. The amount of mortgage loans outstanding increased by a whopping 47% through June, to 125.9 billion dirhams ($16.3 billion), and consumer credit rose a little less by comparison, only 28% to 22.7 billion dirhams, according to a recent report from Morocco’s Central Bank.

The amount of loans outstanding in the Moroccan financial system grew 29% overall to a staggering 479.3 billion dirhams. In accordance with the encouragement offered by banks with the lower interest rates, which has enabled more buyers to enter the market and take advantage of the low rates, the price of property in Morocco has increased out of all recognition. The price hike is taking place despite the new houses that developers are building to satisfy the growing demand, which continues to outstrip supply.

Aided by the apparently limitless need for new accommodation in Morocco, the economy grew an annual 7% in the first quarter of this year, more than double the 3% growth experienced in the same time period last year. The demand for Morocco property shows no sign of slackening any time soon, as investors rush to take advantage of the financial incentives that Moroccan banks are offering, and prices seem set to continue their upward spiral. Those considering an investment in a Morocco property would be well advised to make their purchase before prices rise to new heights.

Hidden costs when buying international properties

Tue, 26 Aug 2008 00:00:00 GMT

Investors who wish to purchase property in Morocco and various other countries are aware of the additional costs involved in “buying abroad”, but are often caught out by the “hidden” costs involved. Just some things that could catch an investor by surprise are the legal charges, bank charges, and taxes involved; for example, the VAT on Moroccan property just recently increased from 14% to 20% and if not informed of this timeously by the sales agent, then this could cause major problems for investors.

Moneycorp, a specialist in foreign exchange, recently conducted a survey with results showing that 45% of those purchasing property in Morocco and other countries abroad budget in the region of £9,000 to cover unexpected costs �" costs that often reach as high as £19,000 �" and 24% of the survey participants said that they had incurred costs that could have been avoided if they had been supplied with the relevant information at the time.

Investors wishing to purchase accommodation in Morocco and other countries abroad are strongly advised to do their homework before making the purchase. A good place to start is to ascertain which institution is best able to handle their money at the cheapest rates. For example, Stuart Rogers from Moneycorp says, “Most people haven’t sent money abroad before and aren’t aware that brokers offer far better rates than banks.” Recent figures show that Moneycorp fees are as much as £3,600 lower than banks when buying a property in the region of £78,400. Overseas banks also often charge high amounts to receive money into your bank account, which most banks in the UK don’t do.

Specifically when buying a newly built property in Morocco or elsewhere overseas, investors should be sure to check if the VAT is already included into the property price, as many don’t include this when advertising the property. Regular maintenance fees of the properties in Morocco and abroad should also be taken into account.

Flagship Address Hotel for Egypt

Tue, 26 Aug 2008 00:00:00 GMT

The Address hotels have thus far been limited to the United Arab Emirates, but Emaar Hospitality Group recently announced that Uptown Cairo would be boasting an Address hotel in Egypt, adding to the existing property in Egypt, by the year 2011. This new accommodation in Egypt will have 300 apartments and 200 rooms, and will be constructed by Emaar Misr on behalf of Development SAE.

The chief executive of Emaar Hospitality Group, Marc Dardenne, says that the Address Hotels and Resorts are a global brand, and goes on to say that because the company is managing the first global property in Egypt for Address hotels, it is highlighting its ability to provide world-class services in the international hospitality markets. Patrick Heuze, the senior corporate director of development and operations for the company, says, “The management contract for opening an Address property in Uptown Cairo is part of our ongoing strategy of international expansion.”

The first three Address properties are planned to open their doors during late 2008 in Dubai, and the Emaar Hospitality Group has also stated that it will be introducing certain procedures and standards in order to “enhance the guest experience” at the company’s properties in Egypt and around the world. These procedures and standards, dubbed “Passion Plus” were developed together with the Guest Best consultancy company.

Dardene says that obtaining concrete service and quality levels is vital to companies that own and manage properties, in Egypt and other places, that are focused on benefits. He goes on to say that this is one of the distinctive selling plans that Emaar Hospitality Group practices. Dardenne then says, “Passion Plus will be one of our key drivers in accrediting all our properties to the highest international standards in quality certification.”

Supporting the Growth of the Property Market in Dubai

Mon, 25 Aug 2008 00:00:00 GMT

Banning the speculation buying of property in Dubai will help to stabilise the market and contribute to its growth, according to boutique developer, Abyaar. The Dubai Land and Property Department (DLP) and the Real Estate Regulatory Authority (RERA) have introduced the new regulation to help bring the increasing property prices under control.

Remarking further on the new ban, Marzooq Al-Rashdan, vice chairman and managing director of Abyaar, added, “The new regulations list a number of provisions that need to be met by property buyers who plan to re-sell their properties. Being one of the leading boutique property developers, Abyaar believes that speculative buying may harm the real estate market, by pushing prices up to unrealistic highs.”

According to Al-Rashdan, this may bring about a ‘real estate recession’, and therefore the new regulation is in the best interests of all concerned. Abyaar holds the belief that this decision’s most important purpose will be to police everything to do with buying, investing in, and selling of Dubai property, thereby also helping to control an unrestrained increase in prices. Al-Rashdan feels that investing in a property in Dubai should be a long-term undertaking, and to this end, RERA is reforming the market with the new regulation. Another measure is the real estate development trust accounts law, which ensures that developers deposit the sums buyers receive from the sale of off-plan units into trusts, and these amounts are not used until the development is completed.

Al Rashdan went on to emphasise that the new law, once it has been approved, will boost the growth of the market, since it will improve the conditions surrounding the buying and selling of Dubai property, which is now much in demand with the increasing need for Dubai accommodations to service the burgeoning tourism industry’s needs.

Urbanisation Challenge for Bedouin in Egypt

Mon, 25 Aug 2008 00:00:00 GMT

With property in Egypt booming, urban sprawl is spreading up the North Coast and encroaching on traditional Bedouin land. Urban expansion is taking place so rapidly now that some Bedouin tribes, such as the Arab Gharb, who are descended from the Awlad Ali and El Jeimii tribes, originally from the Arabian Peninsula, are finding their culture under threat of being swallowed up by modernisation.

Today’s Bedouin youth, who follow their traditions and have no Western education to ease them into modern life, are facing the harsh reality that the land of their forefathers, which they rely upon for their livelihood, is being sold off to wealthy investors by the government, which claims that it is public property. Demand is on the rise, and developers are snapping up property in Egypt on which to build beach resorts, factories and housing that the poorer Bedouin families can’t afford to buy.

Wealthy Bedouin, some of whom have the dubious reputation of having amassed their wealth through drug-trafficking and selling land, are cashing in on the rising price of Egypt property to line their pockets, while the government pays no heed to the claims of Bedouin who hold deeds that are hand-written and not officially registered. The increasing need for accommodation in Egypt seems set to ensure that the once-common site of Bedouin tents and palm orchards will soon become a rarity, as modern housing replaces these picturesque areas with rows of low cost houses.

The spread of urbanisation is forcing the former tent-dwellers into the modern age against their will, and most are reluctant to face the fact that the desert no longer belongs to them. Only a few realised the true worth of their Egypt property in time to make a profit out of selling it, while for most the loss of their land has only added to their squalor.

UNICAJA spreads its wings to Morocco

Fri, 22 Aug 2008 00:00:00 GMT

Purchasing property in Morocco just got a whole lot easier. This is due to the fact that Unicaja is spreading its wings to fly further than ever before. Unicaja, the Andalusian Banking Entity, and the main banking institution in Morocco, the Banque Centrale Populaire (BSP), have reached an agreement. These two bodies shall be working hand in hand on the financing of imports and exports, including financing the selling and buying of property in Spain, but ensuring that money transfers between the two countries become far easier, especially with regards to with in investment banking and training.

Investment banking includes the purchase of property in Morocco and Spain, and this new agreement will allow Unicaja to open a branch in Casablanca, the headquarters of Banque Centrale Populaire and also Madrid’s BCP, which enables an exchange of delegates, and making the opening of common accounts simpler. The president of Unicaja, Braulio Medel, and the General Director of BCP Mohammed Benchaaboun, reached the agreement which will offer financial assistance to individuals and companies with investor interests in Morocco, as well as vice versa. They embody the good example of a great relationship between two financial entities.

In commercial transactions, both bodies will contribute to their financial services in both Morocco and Spain, giving customers the service they have come to expect in their respective countries, and this includes anyone investing in property in Morocco. Non-customers, who are interesting in growing their business interests to either Spain or Morocco, shall find both of these financial institutions willing and able to assist.

Anyone interested in purchasing property or accommodation in Morocco or Spain at this time, will enjoy the full potential of the collaboration of BCP and the Andalusian Banking institution "Unijaca", and their partnership in the financing of imports and exports, growing the cooperative service to open common accounts with distinctive conditions for all companies and persons wishing to invest in property in Morocco or Spain respectively.

31-Storey new Dubai tower block

Fri, 22 Aug 2008 00:00:00 GMT

Select Property, an international developer, plans on developing West Avenue, being some of the last available land at Dubai Marina, and thereby increasing the amount of available accommodation in Dubai considerably. Mark Stott, the chief executive of Select Property, says that property in Dubai is without a doubt some of the most wanted in the world, specifically when it comes to residential property, and is perfect for the investors wanting to benefit from the current property boom of property in Dubai. Select Property, together with the Select Group, a property company in Dubai, intends to construct a 100m apartment design.

The Select Group and Select Property have worked together for the previous four years, and have already developed many properties in Dubai together, West Avenue being their 7th development collaborated on. All six towers already built by these two entities are sold out, with the Botanica 90% sold before a month had passed after the launch. They are positive that they will make their 800m pound sales target set for this year. Construction is planned to begin in late 2008, and is expected to be completed during the course of 2011.

West Avenue is set to have 251 new studio apartments as well as one and two-bedroom flats, and the development will include shops and restaurants. Stott says that a high demand for the flats on West Avenue will most likely come from those with a large quantity of money who would like to purchase a holiday home, as well as from investors who are interested in purchasing property in Dubai.

Movie stars such as Brad Pitt and Angelina Jolie are amongst those in property in the region, and already own the Ethiopia island. Select Property is the proud owner of the France and Spain islands, and is directly involved in the Pacific, having a 368m development on Al Marjan Island in Ras Al Khaimah. Stott worked as a florist, florist and bar owner before starting the company, and holds an 80% share in the business.