According to Arabian business, Dubai, the Gulf business hub where property prices continue to decline, cancelled 217 property projects in the past two years. The Real Estate Regulatory Authority reviewed more than 450 projects and expects 237 of them to be completed "in due course," according to information contained in the Dubai government's bond prospectus. The total value of property sale transactions plunged to US$ 32.6 billion at the end of last year from US$ 41.7 billion a year earlier. Residential property prices in Dubai, the worst-performing market in the Middle East for the past three years, haven't yet benefited from political turmoil in other parts of the region, Deutsche Bank AG said last week. Home values declined 1.2 percent in May from the previous month and rents fell by 1 percent, according to the bank. Apartment prices dropped 1.3 percent and villas lost 1 percent. "Despite talks of renewed interest in real estate following regional unrest, there is no visible sign of an improvement," the analysts wrote. "Even if we believe the worst of the downtrend is now behind, new supply, lack of homebuyers' appetite and anemic transaction activity point to further weakness."

Realty Capital has completed construction work on its i-Rise business tower project in Dubai. I-Rise tower is strategically located on a premium corner plot in Dubai's Tecom Site-C and offers a total built-up-area of more than 150 thousand square meters, making it among the region's largest office tower developments. Realty Capital has revealed that a number of high-profile tenants have already started fit-out works in their respective offices with the intention to move into the luxurious, 36-storey executive and corporate tower. But Dubai's latest eye-catching real estate project has sold only half of its units. Realty Capital worked with the main contractor AI Naboodah in order to complete the project on schedule. Realty Capital Middle East has also partnered with several of the world's top service providers for the design, development, execution and sales of the project, including, Khatib & Alami Consolidated Engineering Company, a leading architectural and engineering consultancy firm in the MENA region; Projacs International, one of the largest Pan-Arab project and construction management firms and so on. 36 storey tower offers prime commercial space with a gross area of 3 thousand square meters per floor. Offices at i-Rise are characterised as both modern and flexible ranging from 50 to 330 square meters. Individual offices come in two modules, executive and corporate. Executive offices have their own toilets, pantry and store rooms. i-Rise has also been designed to deliver generous daylight in all office spaces, creating substantial energy savings and enhancing the tower's environmental benefits. In addition to its location, convenient access from Sheikh Zayed Road and optimum visibility, i-Rise also offers panoramic views of the Arabian Gulf and the New Dubai skyline. Moreover, it is just a short distance away from the Dubai Metro Station.

Fashion TV signs agreement with the Al Habtoor Group to build in Dubai the world's first Fashion Hotel. Fashion TV, this week at the Cannes Film Festival, announced plans, in collaboration with the Al Habtoor Group, to launch the world's first ever Fashion Hotel, in Dubai. The hotel, to be located in the heart of Dubai, will be owned and operated by the Al Habtoor Group. No specific details on location or opening dates were given. It will be 30-storey high and the exterior will display a projection using a 100 meter LED screen, broadcasting the latest Fashion TV highlights, around the clock. Its 200 rooms will be equipped with the latest lighting and audio-video technologies and will make extensive use of the latest 3D equipment. They will also have access to Fashion TV's 30 channels, as well as the biggest Fashion DVD library in the world, offering 50,000 DVDs on the history of fashion. The hotel will also have a wide variety of restaurants, bars, lounges, nightclubs, spas and cinemas, as well as fashion-themed rooms. Mohammed Al Habtoor said, "It's an exceptional project and one which is likely to have a massive impact on Dubai, making it the future fashion capital of the world. The city will certainly never be the same again." This won't be the only Fashion Hotel. Al Habtoor Group and Fashion TV said in an interview that plans are to open other Fashion Hotels in high-style locations around the world. We have our bets on Paris, Shanghai, New York, and Milan. The Al Habtoor Group has grown with the UAE, and while best known for construction, it is globally recognised through its involvement in the hotel, automotive, real estate, education, insurance and publishing sectors. It constructed Dubai International Airport, Dubai Hospital. Al Habtoor Group also built 321 meter high 7 star hotel Burj Al Arab and 600 room, 26 storey high Jumeirah Beach hotel.

Invest in property in Dubai was pretty profitable a few years ago, and some real estate companies, even today, do not cease to advertise the desirability of investment in UAE real estate market, but ... A property boom in Dubai collapsed at the end of 2008 when it was hit by the global financial crisis. According to a poll by Reuters, Dubai house prices, already nearly 60% off their peak, are set to drop another 10% over the next two years, as new units are released onto a market awash with supply. Prices in Dubai and Abu Dhabi are to fall 5% and 10% respectively in 2011, according to the poll, which was taken over the past week. The decline will continue in 2012 with prices falling in both cities about by 4%. Even the most optimistic analysts do not see Dubai's residential market bottoming out until the second half of this year at the earliest. Debts of some development companies have already crossed over billions of dollars. In the latest sign the property market is struggling, the Abu Dhabi government has stepped in with a $5.2bn aid package to the state's largest developer Aldar Properties to help the company meet looming debt obligations. Some of the major UAE developers have already switched to the fast growing eastern markets, towards India and China. The fate of the oversupplied real estate market of UAE remains still unclear. Who knows, maybe those 2 years will be best for property acquisition for the people who really need it? The situation on the real estate market in Armenia is partly similar to the Emirates, but there are some differences. Since 2009, there was not slump in real estate prices, but gradual decline. Falling prices naturally led to inappropriate investments in real estate as a means of raising capital, and positive growth trends are not observed. Supply of housing in older buildings and in new ones has increased, the number in need of housing is rather high, but the financial situation of the population and the high interest mortgage loans do not yet allow the real estate market stirring up.

Dubai wants to beat all records for high-rise construction. At the beginning of the year, the tallest building of the world, wonderful Burj Khalifa with 823 m height, opened its doors for public. At the end of the next year Dubai is going to set the new world record, now for the highest all-residential skyscraper. As reported by Tameer developing company, the 414-metre tall Princess Tower in Dubai's high-profile Dubai Marina will be ready for delivery by fourth quarter of 2011. The 107-storey building with 723 apartment units will hold residential height leadership only for two years, because in 2013 in the same area of Dubai will complete 516 m tall and 120 storey luxury Pentominium Tower construction, the design of which already won several professional awards. By definition of Council on Tall Buildings and Urban Habitat, current World Number One all-residential building is the Australian Q 1(Queensland Number One; Surfers Paradise, Gold Coast), standing 323-metre high with 78 floors.