Retail rent has dropped by 11 per cent in Dubai and 3.5 per cent in Abu Dhabi
,
CB Richard Ellis
found in a new report. The fall is the first in a decade and "reflected the decrease in retail sales caused by the global economic downturn", Armina Ligaya reports in The National. Meanwhile,
serviced apartment rent dropped by 30 per cent in Dubai
, Anjana Kumar reports in Emirates Business 24/7.
Sorouh Real Estate
, Abu Dhabi's second largest property developer,
is offering average price cuts of 20 per cent and easier payment plans
to buyers of property at the
Gates Towers
on Reem Island, The National reports.
Zack Shahin
, the former chief executive of
Deyaar Development
,
is still in custody despite being granted bail by the court
because of delays from the police, Mohammed Elsidafy reports in Emirates Business 24/7.
Work has begun on the old-school Deerfields Town Square development
on the outskirts of Abu Dhabi, Angela Giuffrida reports in The National. The original model showed a horse-drawn carriage route in the large courtyard - a.k.a. retro public transportation.
Ajman is
setting up a committee to speed up the resolution of property disputes
, Nathalie Gillet reports in The National.
