Only UAE and GCC nationals will be allowed to hold a license for real estate offices in the UAE Emirate of Ras Al Khaimah, according to a new law enacted by Sheikh Saud bin Saqr Al Qasimi, crown prince and deputy ruler of the Emirate. Citing resolution number 32 for 2008 on executive regulations of real estate agencies, Al Qasimi said: “The license holder should run the business by himself or by a kin or a partner. He is not allowed to lease the license to any other person.” A banking guarantee worth AED300,000 (€60,000) will be required if the … Continue reading UAE EMIRATE BANS FOREIGN ESTATE AGENTS FROM RUNNING AN AGENCY

Market DataLeave a comment

DEMAND GROWS FOR REMORTGAGING SERVICES

September 23, 2008December 2, 2008 Admin

As the strength of the Pound falls against the Euro and economic conditions worsen in the UK and Ireland, more products are being released to facilitate the repatriation of funds from an overseas property back to the respective countries. Zero per cent introductory margins, the first 100% LTV mortgage products, improved interest only terms and Euro mortgages that track the traditionally lower Libor CHF index, are just some of the examples of the new products available. “We are seeing a significant increase in the number of clients who are looking at the refinancing options available in many overseas markets so … Continue reading DEMAND GROWS FOR REMORTGAGING SERVICES

Market Data4 Comments

GREEN PROJECTS GAIN MOMENTUM IN EUROPE

September 23, 2008December 2, 2008 Admin

A spate of eco-friendly developments have been scheduled for construction as the international second homes industry reacts to changing buying patterns across the world. The latest company to do so is developer Willbrook Management International which has announced its intentions to develop Diamond Residences, a 144-apartment eco-resort in Varna, Bulgaria, featuring a spa, health club, restaurants and energy saving air and lighting services at a cost of €40million. Daiana Voicu, Willbrook’s executive director, said that the company has several other green projects scheduled and plans to build a further 3,000,000 sqm of residential development at a cost of €6billion over … Continue reading GREEN PROJECTS GAIN MOMENTUM IN EUROPE

Market Data1 Comment

DEMAND CONTINUES TO OUTSTRIP SUPPLY IN BUCHAREST

September 23, 2008December 2, 2008 Admin

Despite forward progress in the Romanian property industry, supply problems still persist in Bucharest, however the gap is closing according to CEE analyst REAS, which examined over 220 residential projects in July to compile its report. Releasing its findings earlier this month, it found that just over 2,500 apartments and houses were delivered in the Romanian capital in 2007, in contrast to Warsaw, for example, which recorded 15,700 new apartments coming on the market during the same period. REAS added that a further 6,000 -8,000 apartments should hit the market by 2010 as off-plan projects come to completion but, despite … Continue reading DEMAND CONTINUES TO OUTSTRIP SUPPLY IN BUCHAREST

Market DataLeave a comment

GOLF GENERATES €53BN FOR EMEA ECONOMIES

September 23, 2008December 2, 2008 Admin

The game of golf is an enterprise now worth more than €50billion a year in Europe, the Middle East and Africa (EMEA), according to a study from KPMG Golf Advisory Practice, launched at The Ryder Cup yesterday. Although golf in the EMEA region is about one-third the size of the US industry, it is growing fast, especially in golf tourism and real estate. According to KPMG’s research, these key sectors now account for almost half of the game’s total revenue. Real estate is the number-one money earner, bringing in almost €19billion, which outstrips the total cash generated on-course from green … Continue reading GOLF GENERATES €53BN FOR EMEA ECONOMIES

Events, Market DataLeave a comment

NEW RUSSIAN TRADE/CONSUMER EXHIBITION SET FOR 2009

September 23, 2008December 2, 2008 Admin

Homebuyer Events Ltd and parent company Expomedia Group plc have agreed a formal partnership with PFI Events Ltd to organise and promote a major combined B2B and B2C property event in the summer of 2009. The four day event – due to take place from 28th-31st May 2009 at Moscow’s leading venue, Expocentre – will be open to both the public and professionals. Educational content such as seminars, workshops and debates will be trade focused for the first two days and investor-centric on days three and four. “Many of our clients have wanted to penetrate the Russian market which has … Continue reading NEW RUSSIAN TRADE/CONSUMER EXHIBITION SET FOR 2009