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Written by Administrator
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Saturday, 11 July 2009 19:14 |
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Dubai's Real Estate Regulatory Agency (Rera) has suspended the trade licence of a property broker and warned other such companies registered with the Department of Economic Development (DED) to also register with the agency or face a similar fate, a senior government official told Emirates Business.
"Rera has encouraged all brokers to formally register with the agency and those who have not registered should do so as soon as possible in order to avoid having their DED-issued licence suspended," said Rera Brokers Licensing Department Director Yousif Al Hashimi.
As of July 7, 2009, the number of brokerage companies is 2,087 and the number of brokers is 7,761, Rera statistics say.
Rera cracks down on unregistered property brokers |
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Written by Administrator
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Saturday, 11 July 2009 16:23 |
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Investors in Emirates City, a project in Ajman UAE, have laid complaints with police against one of the developers, Lake View Real Estate, which they allege took their deposits but has failed to begin construction work. |
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Read more... [LakeView investors open police case against developer]
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Written by Administrator
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Thursday, 09 July 2009 15:27 |
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Property sales in Dubai fell by almost half during the first six months of this year compared to the same period in 2008, and the value of transaction dropped by a similar amount, a new study has found. REIDIN.com, a research company that monitors property transactions using data from the Dubai Land Department, says 1,724 sales took place in the in the first half of 2009, a 42.6 per cent fall over the same six months last year. Dubai property sales fall by almost half - The National Newspaper |
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Written by Administrator
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Thursday, 09 July 2009 04:54 |
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The chief executive of a property development company, who had been on the run for seven months amid accusations of writing bad cheques, has surrendered to the police.
IK, the head of Al Barakah, the developer behind what would have been the tallest tower in Ajman, surrendered to Dubai Police last Thursday and was officially arrested on Sunday, according to the public prosecutor’s office at Muraqqabat police station. First Sgt Khaled Barakat said IK had told the police his business had worsened and he wanted to solve everything in the courts.
“He had one bounced cheque of nearly Dh10 million (US$2.7m), and the case has been sent to the court,” Sgt Barakat said, adding that further charges relating to other cheques may be forthcoming.
According to the cheques department of the Rashidiya police station in Dubai, 16 cases were filed against IK by February this year, the fraudulent cheques amounting to more than Dh40m. Fugitive Al Barakah chief turns himself in to police - The National Newspaper |
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Written by Administrator
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Wednesday, 27 May 2009 17:18 |
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Work on the Trump International Hotel and Tower project has been suspended indefinitely.
Nakheel, which was developing the project, first called a halt at the end of last year. The Al Habtoor Leighton Group has spent the past few months making the site safe and preparing it for a possible resumption of work, according to David Savage, the managing director, but it is not known when the project will resume.
“Initially they thought it would be six to 12 months, but the honest answer’s going to depend on what happens in the market,” Mr Savage said Wednesday. “It’s a high-end product, so it’s got quite an unusual market.”
Al Habtoor Leighton, a joint venture between Dubai’s Al Habtoor Engineering and Leighton International of Australia, had been working on the Dh2.9 billion (US$790 million) construction package in partnership with Murray & Roberts, a South African firm. |
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