Yet another law suit in the offing as yet another UAE developer decides the small print means “no deal” on a “guaranteed” offer. It appears that the larger developers really do think small investors are good for one thing only. I have long been of the opinion that the shoddy treatment of smaller investors will backfire on the UAE as and when there is a turn around in the market.An investor in Ajman-based BSEL Infrastructure Realty’s Pearl Tower is seeking 12 per cent interest on his principal amount as assured by the developer under his buyback offer.
Dubai’s property prices are falling like the proverbial rock and the government of Abu Dhabi has stepped in, in an effort to prevent a complete meltdown in Dubai’s property market. Dubai’s two largest mortgage lenders, Tamweel and Amlak Finance have reached the point where they are unteneble and Abu Dhabi’s state owned “Real Estate Bank,” will take over both lenders.
More on Abu Dhabi steps in to prevent complete meltdown in Dubai and The Atlantis is Empty
The housing situation in Dubai and neighboring emirates is in for a nasty surprise. Following the recent introduction of new laws aimed at curbing speculation in the Dubai property market and preventing immigrant workers from being taken advantage of by dubious landlords, Dubai Municipality announced a 30-day deadline from Sunday for residents sharing villas to vacate them, giving the thousands of tenants a rude shock.
Omar bin Abdul Rahman, Head of the Building Inspection Section at the Dubai Municipality, said on Sunday that landlords must ensure that only one family lives in their villas. If they failed to comply with the new rules within the deadline, the municipality would slap fines up to Dh50,000 on them, the official said. The civic body had already said it would not take the responsibility of making the landlords refund the rents collected in advance. The deadline announced on Sunday is all set to land many tenants in deep trouble. “There cannot be any bachelors, labourers or more than one family in the villas. Though the campaign in this connection has been on for quite a while, the landlords will now have to ensure that regulations are complied within a month, that is 30 days,” Abdul Rahman said.
The new regulations for green buildings in Abu Dhabi are in the final stages and expected to be implemented in January 2009, a senior official announced on Tuesday., which is about time as far as I am concerned. Too many developers are claiming to be building “eco-friendly property developments” with no details to back up their claims, and this will hopefully curb this practice.
Abu Dhabi’s Urban Planning Council (UPC) announced last year the initiative aimed at developing new standards for sustainable development in Abu Dhabi.
Shaikh Saud bin Rashid Al Mualla, Crown Prince of Umm Al Quwain, yesterday issued an order, banning renting out of residential buildings and warehouses as labour accommodations, especially in areas occupied by families. In case the landlords fail to comply with the order, fines will be levied on them.
