Work to Commence in Dubai’s World Islands

A property developer has started work on a large resort complex, the first big project to start in the man-made archipelago off Dubai’s coast.

Kleindienst, a Dubai-based international developer, will begin work on the “Heart of Europe” project, a complex of luxury hotels and villas encompassing six small islands. The project is scheduled for completion at the end of 2016, Reuters reports.

Located in the Gulf, approximately five kilometers (3.1 miles) off mainland Dubai, the 60-square-kilometer World Islands is an archipelago made up of more than 200 islands in the shape of a world map. It was completed in 2008 but remained undeveloped since the financial crisis until recently.
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Euro Zone Home Prices Increase

Residential property prices in the euro zone are recovering from the previous property crash but some areas still have more ground to cover. Home prices in the euro zone increased by 0.6 percent during the third quarter of 2013 compared to the previous quarter, marking the second consecutive quarterly increase, according to data released today by the EU’s statistics office EurostatContinue reading

CDA chief orders extension of sanitation services to new sectors

ISLAMABAD: The chairman of the Capital Development Authority (CDA), Maroof Afzal, has directed extension of the sanitation services to the newly-established sectors of D-12, G-13 and G-14.

The direction was issued by the CDA chief to Member Engineering and Environment Sanaullah Aman on the demand of the residents of these sectors.

He directed the engineering and environment chief to make necessary arrangements for the collection and disposal of garbage from these sectors along with provision of other sanitation facilities to the residents.
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Computerised land record system launched in Taxila

TAXILA: The first-ever computerised Land Record Management and Information System (LRMIS) centre in Taxila became operational on Wednesday and started issuing digital land data to owners of three different areas in the tehsil.

The LRMIS centre is a project undertaken by the Punjab government through the assistance of World Bank for the computerisation of land records. The project aims at facilitating easy access to land records with lower transaction cost for citizens.

The computerisation of land records also aims at curtailing the widespread tampering of land records and ensuring transparency in deals.

The centre has started issuing certificates in three of the 50 revenue circles in the region namely Bull, Kolian and Mohra Maradu.

Assistant Commissioner Shahid Imran, while talking to newsmen said all land records of the entire tehsil would be digitized which would help people get rid of the ‘corrupt land mafia’. It would also ensure convenience in transferring properties and getting revenue documents, he added. Continue reading

Home Price Growth Slows in Dubai

Luxury home prices in Dubai increased by the slowest pace in more than a year in the last quarter of 2013, amid a “flurry” of cooling measures introduced in the final months of 2013, according to a new report.

In the last quarter, both prime apartment and villa prices increased 15 percent year-over-year, seen as a slowdown when compared to the average growth rate of 21 percent recorded in the previous four quarters, property consulting firm Knight Frank said in a report.

After home prices in Dubai increased at a rapid pace last year, cooling measures were introduced due to fears of a reemerging housing market bubble.
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LOS dual carriageway to be completed by May

The Punjab government has given task to the Lahore Development Authority (LDA) to complete the construction of four lane dual carriageway from LOS Ferozepur Road to Multan Road along Sumnabad Nullah by May 30, 2014.

LDA, Water and Sanitation Agency (WASA) Traffic Engineering and Transport Planning Agency (TEPA), SNGPL and Telecommunication departments have been given timeframe to complete their work within the stipulated period for the timely completion of Rs 3.2 billion project.
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Singapore Home Prices Fall, First Time in Two Years

Home prices in Singapore dropped for the first time since the first quarter of 2012, following government measures introduced last year to cool the property market. Prices fell 0.9 percent in the fourth quarter of 2013, according to the Urban Redevelopment Authority. The new data revises the estimate of an 0.8 percent drop released earlier this month.

The drop in the final quarter, helped drive prices lower for the full year. Home prices increased 1.1 percent in all of 2013, lower than the 2.9 percent increase in 2012. The country’s government started a campaign in 2009 to curb rapidly increasingly home prices. New measures were introduced last summer as prices continued to climb. Figures released earlier this month showed home sales in Singapore dropped more than 80 percent. Similarly, today’s data shows developers sold 14,948 units in 2013, compared to 22,197 homes sold in 2012.
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16 firms interested in surveying Zulfikarabad land

The Zulfikarabad Development Authority (ZDA) has received an Expression of Interest (EOI) from sixteen firms for a topographic survey to be conducted as part of the first phase of the new city’s development.

The location of the city, which is being developed along the coastal belt of the Thatta and Sujawal districts, was approved by former President Asif Ali Zardari in 2009. The city, which is being developed in the memory of Shaheed Zulfikar Ali Bhutto, will not only be an example of success of the ‘First Plan, Then Develop’ principle but will also have a positive impact on the socio-economic conditions of the province and the country.
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Owners of 5-marla houses served notices to pay revised property tax

The owners of five-marla houses have been served notices by the Excise and Taxation Department, Rawalpindi, to clear their revised taxes otherwise their houses would be locked.

Talking to ‘The News,’ the owners of five-marla houses and commercial properties said that they have cleared their taxes but they were still getting notices from the Excise and Taxation Office with increased amount of tax.

On the other hand, sources in the Excise and Taxation Office claimed that the Punjab government has increased property taxes on residential and commercial houses with different ratios. The provincial government is charging Rs1.20 against 20 paisas per square yard on houses, they claimed.
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First UK real estate data for 2014 suggests a record start to the year

English: The Parliament Square in London, on t...

English: The Parliament Square in London, on the left side the building of the Royal Institution of Chartered Surveyors; London, UK Deutsch: Der Parliament Square in London, auf der linken Seite das Gebäude der Royal Institution of Chartered Surveyors; London, Vereinigtes Königreich (Photo credit: Wikipedia)

Well if ever there was confirmation of the recovery in the UK’s residential property market it is the first data covering 2014 which suggest this year will be a strong one. The first index of the year from Rightmove shows asking prices increased by 1% this month.
This might not immediately sound too impressive, but when you realise that they increased just 0.2% in January 2013 and have fallen 0.2% on average in the month of January over the last decade, then it is indeed pretty impressive.

The good news goes further as the number of properties coming to market and activity across Rightmove’s websites is also up as both agents and sellers seem confident going into a new year.
And year on year asking prices are up 6.3%, the highest annual rate of increase since November 2007, which was before the credit crunch started to bite. Put together it all points To a very strong start in both the price of property coming to market and the number of people looking at what’s on the market.

It must be remembered that price expectations, from both sellers and agents, are a lead indicator of optimism, and should see actual sale prices ticking upwards in the coming months.

As Rightmove points out, the sums have to stack up for most property owners before they will consider a sale. Some will have to achieve a higher sales price to fund a move while others will have a figure in their heads that they’re not prepared to go below. With buyer demand on the up and price levels having hardened, the likelihood of finding a buyer at an acceptable price will be a potential boost to new seller numbers, especially for those trading up and needing a decent deposit to access more competitive mortgage rates.

Alongside this we have the second phase of the government’s flagship Help to Buy scheme which was launched three months early after initially due to have been launched this month.
It is proving hugely popular and more lenders are joining meaning there are more choices for buyers.

Also, activity on Rightmove is a dependable barometer of demand with intending buyers and sellers sussing out their local market. As well as a significant increase in activity on the Rightmove website, the growth of home hunting from mobile devices is increasing. There has been a 40% rise in leads to agents from phones and tablets. People seem to have an increased urgency for information about property, and are using whatever device is closest to hand, according to Rightmove.

Then when you realise that the current stock of property for sale is at a seven year low at a time when there is more mortgage choice, you can see that the impetus in the market looks well grounded.
The latest survey from the Intermediary Mortgage Lenders Association shows that 69% of brokers see current growth as just the beginning of a fuller recovery while another 12% feel this could be on the cards. Lenders are slightly more cautious as 43% expect a fuller recovery while 50% feel this may occur.

The report explains that confidence has been transformed among mortgage brokers in the last year. Some 90% feel market conditions are currently improving, compared with just 37% in January 2013. Just 2% saw improvements as significant 12 months ago, yet 36% now take this view.

Lenders remain unanimous that the market is improving, as was the case in July. A growing number, 67%, see current improvements as significant, compared with 63% in July 2013.
Indeed the Council of Mortgage Lenders expects mortgage growth to continue in 2014.

At the same time sales are strong. Just last week the latest report from the Royal Institution of Chartered Surveyors showed that house sales in the UK have hit their highest point in almost six years. And figures from the Office of National Statistics show that price growth is across the UK, not just in London and the south of the country. Prices have increased year on year by 5.6% in England, by 5.4% in Wales, by 2.5% in Scotland and by 3.3% in Northern Ireland.

While home owners have been unable or unwilling to come to market during the economic downturn, there are very early signs of greater supply of existing homes being a feature of 2014. The Rightmove figures shows that both the first week of 2014 and the most recent month saw increases in property coming to market compared to the same periods a year ago, up by 4% and 6% respectively. However, the number of new properties to market this month remains 31% down on the same month in 2008.

But it is not necessarily plane sailing ahead. This upturn in new sellers coming to market needs to continue, so that each rung of the property ladder is busy and better balanced, with those trading up swapping places with those trading down or not buying again.


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