Property round-up: Dubai’s off-plan blues, Abu Dhabi’s affordable dilemma
While there is good news for off-plan developments in Dubai, it appears Abu Dhabi developers aren’t providing enough reasonable accommodation. Eva Fernandes gives you the lowdown.
September 20, 2011 3:07 by Eva Fernandes
A few interesting stories in the realm of real estate today, and since we haven’t done a property round up for a while here goes:
Developers and investors are surely going to be thrilled with the latest initiative launched by the Dubai Land Department and Wasl Asset Management Group earlier this week, which allows the duo to select those on-hold projects in Dubai and offer them for sale or lease to interested investors. And though there have been numerous applications, the program called Tanmia will cover 100 projects in 2012, and will span the next three to four years.
Emirates 24|7 ran an interesting piece on the failure of Abu Dhabi developers to comply with a previous directive from the Abu Dhabi Urban Planning Council (UPC) which stated that at least 20 per cent of new residential property needs to cater to lower-end buyers. As per July 2010, the UPC set the standard for affordable accommodation of a studio to start from Dh25,200. Despite major developers announcing plans on affordable complex, little has been done to meet the targets set out by the UPC.
Earlier this week Nakheel said it will start handing over of 1,663 apartments in International City. In total, the developer says it will handover more than 26 buildings in Emarati Cluster of the International City. The announcement comes shortly after Nakheel announced that the Central Park at the heart of the Palm Jumeirah will open to residents and public shortly, last month. Speaking of Nakheel, yesterday Nakheel’s Islamic bonds fell in their first week of trading.