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Dubai house prices seen declining another 20 per cent
Investment bank Rasmala reckons a 20 per cent downside potential to property prices in Dubai, estimating that an additional 35,000 homes will be delivered in the emirate between 2011 and 2013 – boosting the existing housing stock of an estimated 330,000 units by about 10 per cent.
Handover of Al Zeina homes begins
Aldar Properties said on Monday that hand-over to homeowners has commenced at the beachfront Al Zeina residential development in its Al Raha Beach project. “Delivery of the first phase of the development which consists of three precincts… began last week, with the remaining homes scheduled for delivery this September,” Aldar said in a statement.
Abu Dhabi rents continue to fall
Two bedroom apartments in a quality development on the Corniche are now renting for between Dh140,000 and Dh170,000 a year, the company reported. One of the few exceptions to the trend is Al Bandar on Raha Beach, where two bedroom apartments are attracting between Dh140,000 and Dh180,000.
Gardens Plaza opens on June 4
Gardens Plaza, a new shopping and community centre in Al Raha Gardens, has been completed by Aldar Properties and will open to customers on June 4. The latest addition to Aldar’s growing retail portfolio, Gardens Plaza will offer a range of retail and leisure opportunities to residents of Al Raha Gardens and surrounding communities in Khalifa City and Al Raha Beach.
Aldar rules out government aid
Abu Dhabi’s biggest developer Aldar Properties does not need financial support from the government of Abu Dhabi, a top official said. “We are in a stable condition, I don’t think there will be a need,” Chief Executive Officer Sami Asad told reporters
UAE car retailers begin preparing for Aldar’s Motor World opening
The first phase of Motor World, Aldar’s custom-designed destination for new and used car showrooms and servicing facilities in Abu Dhabi, is now being handed over to retailers. All 100 shops, which are all leased, have been completed on schedule and car retailers will now begin the process of fitting out their showrooms as Motor World progresses to its official opening at the end of the year.
Abu Dhabi Tourism Embarks On GCC Roadshow
Abu Dhabi Tourism Authority (ADTA) will later this month launch a six-city road show around the GCC as it looks to build on rising inbound regional momentum and entice families from throughout the region to its fourth ‘Summer in Abu Dhabi’ festival which kicks off next month (June).
Abu Dhabi Film Festival announces first round of selections of Sanad grants for Arab filmmakers
The Abu Dhabi Film Festival (ADFF) announced today eleven projects selected to receive development and post-production funding from Sanad, the festival’s fund for filmmakers from the Arab world. Established by ADFF in 2010, Sanad provides support for feature-length narrative and documentary projects.
