Our own Wayne Arnold spent a couple weeks analysing "more than 24,000 property transactions registered in the past two years", using data from
[ Reidin.com ]
, which organises and distributes the information for the
Land Department
. He
[ found out all kinds of interesting things ]
, including the fact that average property prices have dropped by 33 per cent from the peak in September and declined 11 per cent since the start of the year. Even still, these prices were still 12 per cent higher than the same quarter last year. Other conclusions: developers are rushing to register all their units in compliance with a new law issued last year; Indians have become net sellers of property; Palm Jumeirah villas fall 44 per cent. Read it all
[ here ]
.
Dubai Property Ring
says it is
[ moving forward with its rotating tower ]
in a matter of weeks. The 55 Time Dubai will rotate 360 degrees each week by way of a crazy piece of technology that will actually lift the building up every hour and rotate it 50cm.
Ajman is
[ planning to launch a sales price index ]
for freehold areas by the end of the year, Emirates Business 24/7 reports. They are also planning a rental index. The paper also finds that expatriates from the Indian Subcontinent are "still upbeat about their property investments in the UAE and say they will continue to stay invested in the country despite the slowdown in the realty sector and the drop in prices". Hmmmm. I thought Wayne
[ found ]
that they were the net sellers of property ...
Arabtec
's chief executive
[ gives a highly technical, unrevealing interview ]
to Emirates Business 24/7. We have word that later today the company is signing a deal with
International Capital Trading
in Abu Dhabi to build several towers on the corniche.