| Kippreport.com

Things are looking up

March 30, 2011 3:41 by Eva Fernandes

Property in Dubai-wait, are you waiting for some sorry testimony to just how awful the property scene in Dubai really is, what with rents dropping, debts increasing and construction stopping?

Well, because Kipp’s in a pretty good mood we bring you the flip side of the equation to prove to you that not everything is as bad as it seems.

Take for instance the case of Deyaar Development who reportedly sold more than Dh2.2 billion worth of property and land. Though, it probably does Kipp well to note that while Deyaar said it sold its property to an unnamed “related party”, which analysts speculate is Dubai Islamic Bank (DIB) – which would mean nothing, except that Dubai Islamic Bank is 40 percent-owned by none other than Deyaar.

Either way Deyaar is looking forward. Saeed al Qatami, the acting Deyaar chief executive told The National: “As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence, as well as with an enduring focus on customer care and service innovation.”

Ok, so maybe not as impressive as we promised, but hey give us a second chance, will you?

How about Al Manal Development? Just this week, it has become the first real estate developer to secure a two-year funding of Dh65 million from Mashreq for its Lakeside Residence in Jumeirah Lakes Towers.

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Tags: al manal financing, al manal funding, al manal mashreq, Deyaar, deyaar land sale, deyaar property, nakheel dubai, nakheel payment, nakheel property