Dubai is all set to initiate a set of short-term visas for foreign investors in the real estate segment, a top official said. This would allow realty investors in Dubai to travel in and out of the UAE to follow up their investments in the property market.

Dubai property buying just got easier

Marwan Bin Galita, CEO of Dubai Real Estate Regulatory Agency (RERA) said: “We have submitted the proposals to this effect to the higher government authority. Once this law is approved, this might be implemented at a federal level as well. There is no direct link between Dubai property ownership and residence visas. Developers should not lure investors to property sector with a promise of residence visa.”

The comments reverse the government’s earlier stand on visas for realty owners in Dubai. In the absence of a proper real estate law since opening up property sector to foreign nationals in 2004, the three master developers - Emaar, Nakheel and Dubai Properties - promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.

Source: www.gowealthy.com

Arabiansands.com has learned that Nakheel, the power behind the majority of Dubai property developments is to sell a penthouse apartment in the Trump International Hotel and Tower for a massive $30Million (USD). This jaw-dropping transaction establishes a new record real estate in Dubai.

A star buy…and only $30 million dollars

Nakheel are the master developers for property in Dubai and are owned by the Government of Dubai. The penthouse in question is part of an upscale project on Dubai’s impressive Palm Jumeirah Island which is being developed by Nakheel in partnership with American property giant, Donald Trump. Nakheel’s CEO, Chris O’Donnell (presumably without grinning) is reported to have said that the first penthouse sold on the development will be for $30million.

The world record sum paid for this desirable Dubai property is by definition, hardly an everyday occurrence, but it does serve to underline the continuing property boom in Dubai. The strength of real estate in Dubai is also starting to arouse interest from overseas investors in projects in the UAE’s smaller Emirates; hardly a day goes by without press releases from developers announcing new developments somewhere in the Emirates.

In recent months, Arabiansands.com has witnessed the announcement of major property projects in Ajman, Sharjah and Abu Dhabi. A huge new Ras Al Khaimah property development particularly stands out; perhaps this is because the developers are taking a leaf out of the Dubai property book and are building La Hoya Bay Residence on a new made-made Island group named the Marjan Islands.

To many people, $30 million dollars must seem like an awful lot of money to pay for a single penthouse, but with Dubai property prices showing no sign of levelling out, these sorts of sky high figures could easily become the norm… and who knows, in a few years time when the smaller Emirates catch up with Dubai, we might see Ras Al Khaimah property or Ajman apartments hitting the headlines with record price tags.

Footnote: Arabian Sands has a very spacious 3 bedroom, luxury duplex apartment for sale on the on the 16th level of the aforementioned Trump International for the give-away price of just £2.5 Million (GBP).  At this ultra-low price, only cash buyers will be considered. For more information call 00 34 952 765 993 and ask for Mr. Tom Browning or e-mail: info@arabiansands.com

Property for sale in Ajman could rise in value by as much as 40 per cent during the next six months, market experts have predicted.

Ajman Property: Music to Investor’s Ears

The claim was made by several property professionals ahead of this week’s R&R Local Property Show in Ajman, reports GoWealthy.com.

Tessa Morris, marketing director for the event’s organiser DSL Exhibitions, said that confidence is high among property professionals in both the residential and commercial sectors in the emirate. “Over the last six months, we have seen some major announcements out of both Abu Dhabi and Northern Emirates, particularly Ajman,” she explained.

Ms Morris added that those developments include plans to build a new airport and the creation of a new bank intended to “support the real estate industry”.

Investors will be hoping the market in Ajman follows the same pattern as property for sale in Dubai, where the value of houses has increased by 78 per cent in the past year, according to a recent report by Colliers International. Breaking news provided by Real Estate TV, specialists in Ajman property for sale

Source: www.realestatetv.tv

The Government of Ajman which is one of the emirates that make up the UAE (United Arab Emirates), have just announced a series of new laws which will make buying property in Ajman more popular with overseas property investors.

 
New Ajman Property Laws: Helping Sales

Last week, member of the Supreme Council and ruler of Ajman, Shaikh Humaid Bin Rashid Al Nuaimi issued two new decrees that have been introduced to regulate the emirate’s embryonic property and land sectors.

The decrees are intended to give freehold status to land and property in Ajman for both UAE citizens and publically listed Ajman businesses. Buyers and developers from outside the UAE will be able to purchase and own land and property, but only in areas designated by the government.

A passage from the new law states that: “Apart from GCC nationals, other expatriates could obtain property on a freehold as well as 50-year leasehold basis which is renewable in areas designated by the ruler”.

Another of the new laws that will be of benefit to potential owners of property in Ajman is the legal framework being put in place regarding escrow accounts. Developers are now required to place five percent of buyer’s deposit into an escrow account which can only be released once the construction process has been completed.

Additionally, when development companies promote and advertise Ajman properties they are required to obtain clearance from the emirate’s land department who are entrusted to review all advertising material to ascertain that it doesn’t mislead potential buyers regarding forecasted capital price growth and over-ambitious completion date claims.

Arabian Sands predict that the enactment of these new legal decrees will further encourage investors to buy property in Ajman which in the last year or so has become a popular choice for overseas investors who are swayed by lower property prices than the rest of the UAE and the more low-key construction projects currently taking shape in the emirate.

A 4,000-year-old pyramid discovered 200 years ago by a German and later went missing has been unveiled by Egyptian archaeologists.

Ahhhh…So there it is!

The ‘missing pyramid’, as chief of Egypt’s Supreme Council of Antiquities Zahi Hawass says, appears to have been built by obscure pharaoh Menkauhor, who ruled for only eight years.

The pyramid lies inside the well-known Saqqara Serapium, a tunnel of underground tombs, discovered by French archeologist August Mariette in 1850, that has been closed to the public for repairs for the last ten years at Saqqara, south of Cairo, Egypt.

Unveiled on Thursday, June 5, Hawass announced the discovery of a part of a ceremonial procession road, dating back to the Ptolemaic period, which ran for about 300 years before 30 B.C.

It runs along from the recently discovered ‘missing pyramid’ of King Menkauhor and leads from a mummification chamber toward the Saqqara Serapium, where sacred bulls were interred, AP said.

German archaeologist Karl Richard Lepsius in 1842 mentioned it among his finds at Saqqara, referring to it as number 29 and calling it the ‘Headless Pyramid’ because only its base remains.

But the desert sands covered the discovery and no archaeologist since has been able to find Menkauhor’s resting place.

“We have filled the gap of the missing pyramid,” Hawass told reporters on a tour of the discoveries at Saqqara, the necropolis and burial site of the rulers of ancient Memphis, the capital of Egypt’s Old Kingdom, about 12 miles south of Cairo

Source: http://www.presstv.ir/

Comment: Arabian Sands has recently “found” the perfect Egyptian property investment. The West Side Village Apartments are not quite as old as the pyramids….actually they are brand new, off-plan apartments in Hurghada on the Red Sea Riviera. However, with prices starting below £40,000 (GBP) it wont be long before everyone’s found these fantastic Egyptian properties.

Egypt Property News:

According to a recent report by the Word Bank, the Egyptian economy is growing at an impressive pace. Direct foreign investment is reported to be at record levels and this year Egypt scored highly with the World Bank for its reforms aimed at promoting business.

Egypt Property: A Window of Opportunity

The picture isn’t all good, the World Bank noted the unacceptable levels of poverty in the country need to be addressed and recommended Egypt take steps to curb inflation which has risen to 12% partly as a result of higher global food prices and partly due to strong economic growth.

“We are not claiming that everybody has managed to have an adequate share of the outcome of growth in the country. But we can’t ignore the improvement in the standard of living for those exposed positively to investments in Egypt,” Mahmoud Mohieldin, Egypt’s minister of investment is quoted as saying.

Mr. Mohieldin was addressing investors prior to a ceremony to receive an award from the World Bank for the nation that has reformed its business regulations the most in 2007. Mr. Mohieldin also commented: “Egypt’s economy has grown by more than 7% so far this year, investment has increased by 40% per year, and unemployment has fallen to 8.8%”

Egypt has improved its overall place in the World Bank’s aggregate rankings to 126 from the previous position of 152. This was achieved by reducing the minimum capital outlay required to start a business from EGP50,000 to EGP1,000, whilst halving the start-up time and cost involved in launching a business, according to the World Bank

In further welcoming news for Egypt property buyers, the country has announced a substantial lowering the cost of registering properties from the current 3% of the purchase value, to a low fixed fee which works out at approximately €260 (Euro) per property.

The World Bank’s report also said that foreign direct investment rose to $11.3 billion in the past nine months which surpassed the previous financial year’s record of $11.1 billion.

Since the launch of a major raft of fiscal reforms in mid 2004, Egypt’s economic fortunes have significantly improved, but Mr. Mohieldin claims that the country’s populace should have more access to finance, education and training facilities. He also said that the Egyptian economy needs to expand by over 6% per annum to offset the increase in female participation in the labour market.

Colin Timms of Arabian Sands commented: “Overall, the World Bank’s report should be regarded as good news for purchasers of Egyptian properties”. “However, investors should factor in possible future inflation curbing interest rate rises”. He continued: “With a low entry level of around £25,000, and many of the ongoing reforms tailored to ease the path for Egypt property buyers which will encourage further inward investment from prospective investors in Egyptian real estate, the country continues to offer great prospects for anyone looking for bargain priced properties”.

Hollywood actor Brad Pitt is to fulfil his long-held dream of becoming an architect by designing a five-star hotel complex in Dubai. The project will be “socially conscious” and a world leader in environmental sustainability, according to the Dubai property company behind it.

Brad Pitt: Does he have designs on Dubai property?

The resort will comprise an 800-room luxury hotel and adjoining leisure complex, and will play host to star-studded events and awards ceremonies. Its precise location is yet to be announced. Pitt, 44, will be among a team of design consultants and said the project underpinned his belief in “environmentally-friendly architecture”.

“Whilst acting is my career, architecture is my passion. Selecting this development as my first major construction project has been a simple decision,” he said. “We will be unveiling precise plans in the next few months, but you can expect something that is not only stunning to look at, but will also be an incredible attraction to visit or stay at.”

The Oscar-nominated star has a long-standing interest in architecture and is currently helping to build 150 homes in the Lower Ninth Ward of New Orleans, an area devastated by Hurricane Katrina. He has said previously: “I’m really into architecture, structure and design. Give me anything and I’ll design it. I’m a bit nutty with it.”

The Dubai property project was announced by developers Zabeel Properties, who have appointed LA-based architecture firm Graft to oversee it.

Zabeel chief executive Robert Norton said: “Our master plan and design concept will be world-eadling and we’re delighted to be collaborating with Brad Pitt and the team at Graft, which is recognsied for its innovative building design. This project will display our uncompromising focus and commitment for developing high quality and environmentally sustainable real estate in this region.”

Pitt and partner Angelina Jolie are currently awaiting the birth of their twins. It was reported that Jolie, 32, gave birth last week in a hospital in France, but a spokesman for the couple has insisted the story was not true.

Source: http://www.telegraph.co.uk