New property law may lead to a fresh boom

A new property law introduced in Abu Dhabi, may be set to boost the local property market.

The new law may should create a huge demand for property in Abu Dhabi and pave the way for a raft of opportunities in different sectors, property developers and analysts told Gulf News yesterday.

Expatriates, both businessmen and residents, said they were eagerly awaiting the law and would now invest in residential and commercial property.

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan issued the law on Friday regulating the right to own and transfer property for citizens and expatriates.

"Going by the demand for property in Dubai, it is expected that Abu Dhabi too will see a huge demand from nationals and expatriates due to the new regulations.

"Eventually, there might be a federal law for the country so that there will be no contradictions," said Abdullah Sharafi, economist and director, Gerab National Enterprises.

"With the high demand for property, it will be good for banks to finance property purchases, it would be good for property developers in view of the high premium they can gain."

However, he added the property boom could lead to inflation and the influx of people into Abu Dhabi, may create capacity constraints.

$4bn Cairo Heights

The construction of the seven communities that will make up a new district in downtown Cairo, that is expected to reshape the face and lifestyle of the historic Egyptian capital, is set to begin shortly.

The 4 million square metres Cairo Heights, which is being developed by Emaar Misr, will consist of both residential and commercial units, and set out to recreate the luxury and style that are features of Emaar's world-class Dubai developments.

Mohamed Ali Alabbar, chairman of Emaar Properties, said: "Cairo has been described as the Jewel of the Orient, the City of the Thousand Minarets, and the melting pot of ancient and modern Egyptian civilizations. It is undoubtedly one of the greatest cities in the world and it is a rare privilege to be able to be able to contribute to its evolution.

"Cairo Heights has to reflect the spirit that helped to build this great city over millennia. The development has to be special if it is to seamlessly meld with Cairo's rich heritage. These are the objectives we have set our sights on and we are confident of achieving."

The new district will include a vibrant central town centre, an owner's private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and mosques.
The highest and most visible point of the site will be developed as a town centre to create a visual connection with Greater Cairo. It will add a new feature to the skyline that will draw visitors to the area.

Construction will begin later this year and is scheduled to be completed in 2010.

Foreign demand for Spanish property down

Inmueble magazine reports that foreign demand for Spanish property has fallen by 9%. However prices in coastal areas, which are most popular with foreign buyers have continued to rise by between 13% and 15%, and are forecasted to rise by between 7% and 9% in 2006.