Deyaar's chief executive, Markus Giebel, expects Dubai's property market to bottom out in the second half of this year, he told Arabian Business at the World Economic Forum this weekend. But just to be safe, the developer will shift its focus from the UAE to emerging markets next year, and is considering a MENA-wide property fund.
The Real Estate Regulatory Agency will replace the Dubai Land Department as the escrow signing authority, Emirates Business 24/7 reports. Khalid Al Mutaiwai, the Trust Account Administration director for RERA, told the paper that all new agreements dealing with the management of guarantee accounts will not be signed between RERA and account trustees, or RERA-approved banks.
The paper also reports that the Bahraini developer, Manara Developments, announced has obtained the requisite environmental approvals for the development of the Nurana project, in the Kingdom of Bahrain.
And Gulf News reports that Dubai Properties has announced that several leading financial institutions will offer exclusive funding options to prospective buyers and investors in its project. The move will cover residential or commercial units in its projects worth nearly Dh11.75 billion - a move expected to help buyers re-enter the market.