Real Estate

Dubai / Emirates Business Emaar Properties recorded revenue for first half of 2018 of AED11.474 billion ($3.124 billion), 46 percent higher than H1 2017 revenue of AED7.866 billion ($2.142 billion), led by strong construction progress and growth in malls business. Emaar’s net profit grew by 18 percent to AED3.344 billion ($910 million), prior to considering the effect of IPO of ...

Dubai / Emirates Business Dubai Properties, a member of Dubai Holding, has completed the installment of energy-saving systems in its communities that will offset an estimated 1,450 tonnes of CO2 emissions annually. The master developer enlisted Honeywell, the Fortune 100 software-industrial company, and Signify (formerly known as Phillips Lighting), the world leader in lighting, to carry out energy efficiency upgrades ...

Abu Dhabi / Emirates Business Eshraq Properties, the Abu Dhabi based real estate company listed on Abu Dhabi Securities Exchange (ADX), reports a net profit of AED14.8 million for the first half of 2018 versus a net loss of AED0.32 million for the same period last year. The results are the best half-yearly results for the company since the first ...

Bloomberg UK house prices fell for a fifth month in a row in July, the longest stretch of declines since the financial crisis. Values fell 0.2 percent from June, bringing the average price for a home to $386,000, Acadata said in a report. London remains a “mixed picture,” with the number of sales in the second quarter falling by 7 ...

Abu Dhabi / WAM The Federal Tax Authority (FTA), has called on persons dealing with commercial real estate to apply the basic Value Added Tax, VAT, rate of five percent on all sales and rent of such properties, urging buyers to pay the due VAT before proceeding with the transfer of ownership. The Authority had organised an awareness tour for ...

DUBAI / WAM Dubai Land Department (DLD) announced that the real estate brokerage commissions reac-hed AED571 million during the first half of 2018, with a total of 5,181 active brokers, representing 2,113 offices, contributing to the sustainable growth achieved by the sector. The Department of Real Estate Studies and Research of the DLD also reported that the activities of the ...

Bloomberg UK house prices fell for the first time in seven months as sellers adapted to the reality of the weaker market. Asking prices slipped 0.1 percent in July from a month earlier, property website Rightmove said on Monday. In London, prices slipped 0.5 percent, with smaller apartments falling faster than bigger homes. The reduction in asking prices can “be ...

Dubai / Emirates Business Dubai Land Department (DLD) announced a strategic partnership with Dubai Properties (DP), a member of Dubai Holding, to promote Dubai’s real estate sector. The agreement was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Raed Al Nuaimi, Group Chief Executive Officer of Dubai Properties. Under the collaboration, Dubai Properties will support DLD’s ...

Bloomberg China’s top high-end developer Greentown China Holdings asked its staff to accelerate cash inflows “on all fronts” and speed up sales, according to memos seen by Bloomberg, amid escalating regulatory scrutiny of the sector. The Hangzhou-based builder urged faster sales, redoubled efforts to collect accounts receivable and called for strict control over payments, according to the memos. Moves to ...

Bloomberg Hong Kong will charge additional rates on unsold new apartments in a bid to limit hoarding by developers and cool a red-hot property market. Apartments left vacant for more than six months will be charged a 200 percent rate of the rental value, or equivalent to about 5 percent of the unit’s price, according to Chief Executive Carrie Lam, ...