*All units must be registered with Land Department* The Dubai Cassation Court's new rule states that signing a contract is not enough to prove ownership of a property
*Emirates Business 24/7* The Dubai Cassation Court has introduced a new legal ruling necessitating the registration of the property purchase contract with the Lands and Property Department as means of proving property ownership. The ruling was issued in line with the terms of Law No. 13 of 2008. The ruling sates that signing a contract is not enough to prove ownership of a property. The contract must be registered with the relevant department to be considered a valid document before the court. The same ruling says that off-plan units should not be registered in the final property register, but rather in the initial register. http://www.emirates247.com/property/real-estate/all-units-must-be-registered-with-land-department-2010-07-25-1.270438 * * *Rents in Dubai likely to fall further* Summer a good time to bargain for cheaper rents as oversupply likely to drive prices further down *Emirates Business 24/7* Rentals in Dubai are likely to fall further during the summer months, with prospective tenants getting the upper hand and being able to bargain much better with landlords, according to realty experts. “We expect rents for larger units such as two- and three-bedroom apartments to fall quicker than those for one-bedroom and studios,” Youcef Betraoui, Managing Director, Land Sterling - Mena, told Emirates 24/7. “The employment market in Dubai is still under ‘frustration’ and with the increase in school fees, families are looking for alternative ways to manage their finances by going back home or migrating to other countries,” he added. “The market has witnessed an average rental decrease of 20 to 25 per cent in the past one year and we assume this figure will increase. During summer we will also observe the holy month of Ramadan during which the working hours are relaxed and there is usually less activity in the real estate market,” he added. However, Better Homes says transactions do go up during the summer months. “Historically we've witnessed an increase in residential leasing transactions over the summer months, because new families tend to arrive before the summer holidays end in order to settle in,” http://www.emirates247.com/property/rentals/rents-in-dubai-likely-to-fall-further-2010-07-26-1.270925 * * *UAE's Ras Al Khaimah eyes FTZ expansion* *Arabian Business * The UAE emirate of Ras Al Khaimah, lacking the oil and gas of its neighbours, is planning projects worth $5 billion to 2020 with the help of foreign investors, officials said on Sunday. Its Free Trade Zone (RAK FTZ), home to around 4,000 companies, is trying to turn itself into a business hub for small and medium enterprises and lure more multinational investors for its infrastructure and airport expansion plans. Oussama el Omari, CEO, RAK FTZ, said: "We forecast 2,250 additional companies in 2010. In 2009, registrations and company revenue in the zone grew 10 and 11 percent respectively despite the global crisis, he added. Most new companies would come from Germany, France, Turkey, and India. While speaking to Reuters, Omari said: "Some of the largest investments are from Knauf group from Germany, Dole Group from the 'States, and Hyundai Group," without giving details. http://www.arabianbusiness.com/593432-uaes-ras-al-khaimah-eyes-free-trade-zone-expansion *Dubai's industrial rents down nearly 17% in Q2* *Arabian Business * Industrial rents in Dubai fell by more than 16 percent in Q2, according to CB Richard Ellis.Dubai industrial rental rates dropped by and average of 16.67 percent in the second quarter of the year and the emirate experienced the biggest drop in rates in Europe, the Middle East and Africa, according to the latest quarterly report by consultants CB Richard Ellis (CBRE). In terms of yields, Dubai also saw the biggest drop, falling one percent to twelve percent in the second quarter. This was the biggest drop in the report, with other cities seeing an average drop in yields of just 0.07 percent in the same period. The study found that while Dubai industrial yields have dropped two percent since the peak days of the boom, they are still some of the highest on the list, with only Kyiv (sixteen percent), Moscow (fourteen percent) and Serbia (thirteen) giving better returns. http://www.arabianbusiness.com/593438-dubais-industrial-rents-down-nearly-17-in-q2 *UAE in world’s top 10 for consumer confidence* *Emirates Business 24/7 * The UAE’s consumer confidence index has shown a slight drop of two points, bringing the index from 103 points in the first quarter of 2010 to 101 in the second quarter. However, the UAE still maintains last quarter’s inclusion amongst the top 10 most optimistic nations according to the latest edition of the Nielsen Global Consumer Confidence Index. Nielsen’s Global Consumer Confidence Index tracks consumer confidence, major concerns and spending intentions among approximately 27,000 internet users in 48 countries throughout Asia Pacific, Europe, Latin America, the Middle East and North America. India (129 index points), Indonesia and Vietnam (both 119 index points) were the most optimistic nations in the second quarter of 2010. http://www.emirates247.com/news/emirates/uae-in-world-s-top-10-for-consumer-confidence-2010-07-26-1.270916 *Hircon repossess 10 apartments in 23 Marina* Company will complete the Dh1.3bn project in Dubai Marina by September *Emirates Business 24/7* Hircon International, a Dubai-based real estate developer, has repossessed eight to 10 apartments in 23 Marina, a Dh1.3-billion project in Dubai Marina, and expects to complete the project by September, a top company executive said. The developer has repossessed eight to 10 units only of investors who were not inclined to meet their financial obligations or eager to talk and work out feasible solutions. “We had kept some units to rent, but those were sold and these [repossessed] units will now be rented out. We are not currently planning to sell them.” http://www.emirates247.com/property/real-estate/hircon-repossess-10-apartments-in-23-marina-2010-07-24-1.270011 [image: cid:3356737934_672033] DPRE Real Estate Brokers LLC Ayham Jbara Property Sales Consultant Office 1102, Al Moosa Tower 2 Sheikh Zayed Road Dubai PO Box 123704 United Arab Emirates +971 505910570 mobile +971 4331 6618 phone +971 4331 6619 fax ay...@dpreholdings.com <n...@dpreholdings.com> www.dpreholdings.com Confidentiality: This communication contains information which is confidential and may also be privileged. It is for the exclusive use of the addressee. 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