Kevin Brass | January 9, 2012
The top executive of Aedas says architecture firms have only themselves to blame for problems working in Abu Dhabi. Practices don’t understand the pace and scale of working in the emirate, Keith Griffiths, global chairman of Aedas, told BD Magazine. “A few western architects have been hit very badly by an over-optimistic view of the pace of growth,” he said. His comments came a few weeks after Austin-Smith Lord, a 62-year-old UK firm, went into insolvency in the wake of a dispute over £11.3 million of fees with the Abu Dhabi Authority for Culture & Heritage. “[The Emirates] will continue [...]
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Kevin Brass | December 18, 2011
Another year of price declines earned Ireland the title of worst property market in the world from UK investment firm Colordarcy. “It seems that ‘the luck of the Irish’ has finally deserted them,” the company said in a report on the five worst markets. Prices in Ireland are down 60 per cent from the peak, after a 15 per cent fall in 2011, the firm notes. The second worst market was Cyprus, where “even the biggest advocates are losing interest,” the firm said. Cyprus’ “stagnant economy and its vulnerability to the Greek crisis with two of its largest banks [...]
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Kevin Brass | December 12, 2011
Asteco’s latest report on the Dubai property market received almost no coverage, which is not surprising. “Nothing has changed!” the data screamed. That doesn’t make for dramatic headlines. But it’s still news in Dubai, where any sign of stabilisation is a sharp contrast to the steep price declines of recent years. Asteco’s research showed zero changes in sale prices or rental rates from the previous quarter in any of the major Dubai neighbourhoods, except for a 2 per cent drop in rental rates from the third quarter in International City. Although no specific data was available, Asteco concluded transaction [...]
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Kevin Brass | December 4, 2011
Two of the UAE’s largest property companies are apparently unhappy with their media coverage. Both Dubai Properties Group and Al Maabar have issued requests for proposals from public relations companies in recent weeks, according to industry sources. And that means I’m a popular guy. Five different public relations agencies have called to ask me a set list of questions about the companies, hoping to glean some insight. Most of the interest was in Dubai Properties Group (DPG), the developer behind Dubailand and other iconic projects in the emirate. Three agencies assigned account executives to ask such questions as, “What is [...]
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Kevin Brass | November 29, 2011
The civil trial of a former Nakheel executive charged with defrauding an Australian developer is underway in Australia. Matthew Joyce was the managing director of Nakheel’s Dubai Waterfront project, billed as the largest waterfront master planned development in the world. He is accused of duping Sunland Group into paying a $14 million (Dh51.4mn) consulting fee to a company run by a friend to help buy land he didn’t control. Mr Joyce and another former Nakheel executive from Australia, Marcus Lee, were arrested in Dubai in 2009 and charged with corruption, abuse of public funds, fraud, breach of trust and [...]
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Kevin Brass | November 27, 2011
Italy wants to sell billions of euros worth of unused property to help pay off its massive debt. No, the Colosseum is not for sale. Nor are there any plans to auction off riverside estates in Florence. But hundreds of sites around the country could soon hit the market, including military bases, an old mine and a block of old buildings in Milan, The New York Times reports. The government hopes to raise 25 billion to 30 billion euros (Dh121.5bn to Dh243bn) from the sales. Greece has also discussed selling property to pay off debt, prompting endless headlines proclaiming the [...]
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Kevin Brass | November 16, 2011
There is apparently no end in sight to the prices international buyers are willing to pay for a chunk of prime London real estate. The price of top homes in the best neighbourhoods will likely hit a record £10,000 (US$15,700) per square foot by 2016, Knight Frank predicts. To put that in perspective, as recently as 2006 £3,000 (Dh17,300) was the benchmark for top property–and that was considered outlandish. Knight Frank studied the purchases at One Hyde Park, the Knightsbridge development developed by a company controlled by the Candy brothers and an arm of the Qatar royal family. One Hyde [...]
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Kevin Brass | November 6, 2011
Owners in the long-delayed Marina Heights project on Reem Island have been told the power has been hooked up to Marina Heights I and should be connected to the second tower soon. More information on handovers will be sent “shortly,” project owner Profile Group Properties told owners in an Eid Mubarak message. “We wish you a delightful Eid,” the notice said, with the emphasis on “light.” The notice is certainly good news for owners who have been waiting to receive keys to their apartments. Primary construction was completed months ago on Marina Heights, which consists of two 43-storey towers with [...]
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Kevin Brass | November 1, 2011
The world’s seemingly endless gluttony for luxury property might be waning. Prime property prices rose an average of 4.3 per cent in the year ended September 11, the smallest increase in the last two years, according to the Knight Frank Prime Global Cities Index. That may sound like healthy growth, especially considering the economic woes still impacting so many of the world’s economies. But there are several cracks visible in the bull market that gripped the luxury property business. Only eight of the 21 cities tracked by the luxury home index reported a gain in the last three months. And [...]
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Kevin Brass | October 26, 2011
A bill working its way through the US Senate would offer a residence visa to foreigners who spend at least $500,000 (Dh1.8mn) on property. Backers hope the bill will stimulate sales to overseas buyers, who are playing an increasingly important role in the US property market. Foreign citizens spent $82 billion on property in the US in the year ended March 31, compared to $66 billion the previous year, according to the National Association of Realtors Despite the recent crash, US property is still seen as a haven for international investors, who are taking advantage of depressed prices. In some [...]
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