Morning round-up: 72% of projects moving forward

Almost three quarters of property developments in Dubai have made construction progress despite the economic slowdown, according to preliminary data from the Dubai-based Real Estate Regulatory Agency (RERA), The National's Bradley Hope reports. Of 552 projects, more than 72 per cent showed some construction progress, while 17 per cent were "stalled" and 11 per cent were "delayed".

The cost of mortgages in the UAE must come down closer to the international norms in order for the property sector to get back on its feet, reports The National's Sarmad Khan. Despite falling interbank borrowing rates, mortgage rates remain stubbornly high.

Tiger Woods may get to tee off from his new course in Dubai sooner than expected after one of the main construction contracts for the delayed project was awarded this week, reports The National's Angela Giuffrida. Dutco Balfour Beatty, a joint venture between Dubai's Dutco Construction and Balfour Beatty from the UK, will resume work at the Tiger Woods Dubai golf development after being awarded a US$40.8 million (Dh150m) contract to complete construction of the Al Ruwaya Golf Club.

Emaar MGF is working around the clock to ensure that its US$300 million (Dh1.1 billion) Commonwealth Games Village project in Delhi is finished on time, reports The National's Richard Orange. More than 7,000 labourers are crammed around the 34 towers on the 11-hectare site, living in a makeshift village on its fringes and toiling day and night to complete the project by the deadline of March next year.

Property in the UAE showed further signs of recovery after transaction volumes in June and July reached levels of the third quarter last year, a Landmark Advisory report found, according to Arabian Business.  In Abu Dhabi, which has weathered the property downturn better than neighbouring Dubai, apartment prices have fallen 10 percent to 15 percent in the last four months, the report said. But villa prices in the UAE capital are stabilising, after dropping 45 percent since the third quarter last year.

The last of the cranes atop the Burj Dubai will be taken down in a few weeks, an Emaar Properties spokesperson told Emirates Business. The cranes were originally supposed to come down by the end of August.

And more property auctions are on the way, reports the Khaleej Times. Dubai-based Harbor Real Estate expects property auctions to gather pace as "more and more sellers compete for a sale and struggle to find buyers." So far, there have been three property auctions since June of this year, but none of them registered any sale. Madania Real Estate, the first brokerage to hold property auctions, has so far held two auctions and another property company called Sherwoods ?has hosted one.