Sunday, January 25, 2009
Freezing Of Rent Limit Will Stabilise Market’
Real estate experts say that limiting rent increases to maximum averages contained in an index will have little or no effect as the leasing market is already in decline. A decree from the office of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Monday, said that rents could not increase further than averages laid down in a rental index. It is good to freeze the rent limit as it will stabilise the market,” said Anil Gehani, CEO of Zabadani Real Estate. But since the rents are already going down it might be as significant now as it would have been if it was issued six months ago. In order to prevent a further loss of demand, real estate experts say the government should make it easier for people to stay in the country and look for work even after losing their jobs. Since people are leaving the country, the demand will decrease,” said Ramil Aryan, of Response Real Estate. “Demand and supply is the basic principle on which the market functions. Freezing rents doesn’t mean a lot as rents are already coming down,” said Ali Zaida, CEO of Centurion Real Estate. “The government should do something to retain people here. The existing situation is that if you lose your job you have to leave the country within 30 days. People should be given some kind of permit or green card, to stay on and look for another job. The economic crisis has affected the whole world but there are certain ways to control it. In the UAE scenario, retaining people should be the main focus of the government,
Dubai Rent 'Capped At 20% Maximum'
According to a decree regarding rental prices in Dubai, rents that are up to 25% less than the lowest band of the newly released Real Estate Regulatory Authority index average, and most new 2008 contracts, will remain frozen. Beyond this rents will go up by 5% for every ten percentile difference, up to a maximum of 20% to ensure that long term tenants are not hit with excessive increases.
Decree Leaves Residents Wondering Whether Rent Will Be Raised Or Lowered
The new decree issued to curb the soaring rent in Dubai has caused some confusion among residents. Some Gulf News readers expressed their concerns about the law, as many of them do not understand the intricacies. Sumanta K. Banerjee, an Indian expatriate, thinks that this new decree would only add to the confusion. He said, "Many of us do not wish to get into a debate with the landlord and pay the rent without asking any questions. However, the statements issued by Dubai's Real Estate Regulatory Authority (Rera) and the landlord are completely different. Banerjee stated that he had many doubts and questions about the new law, which remain unanswered. He said, Some of us had to pay the rent for 2009 before December 31, 2008. In that case, the new law would not apply to us and many landlords have increased [the] rent already. Mary W. Nganga, a Kenyan expatriate, waits in anticipation for rent to decrease. She said:
The new decree states that the rent would not increase. However, what happens if the rent is above the average market rate? If the rent is not lowered, it would not be beneficial to the tenants. We require adequate information to avoid any inconvenience. Harry Maltby, a British expatriate, commends the decision and hopes to see it being followed rigorously. He said, This is a step that needed to be taken much earlier. A lot of people are leaving Dubai, since they cannot afford to stay. Landlords are left with no choice but to reduce rent, in order to provide an incentive to potential tenants. Nilmereneaus Maratas, a Filipino expatriate, believes the new law would be beneficial for the economy. He said, This matter does not affect an individual alone, but in fact has an impact on the economy, too.
The new decree states that the rent would not increase. However, what happens if the rent is above the average market rate? If the rent is not lowered, it would not be beneficial to the tenants. We require adequate information to avoid any inconvenience. Harry Maltby, a British expatriate, commends the decision and hopes to see it being followed rigorously. He said, This is a step that needed to be taken much earlier. A lot of people are leaving Dubai, since they cannot afford to stay. Landlords are left with no choice but to reduce rent, in order to provide an incentive to potential tenants. Nilmereneaus Maratas, a Filipino expatriate, believes the new law would be beneficial for the economy. He said, This matter does not affect an individual alone, but in fact has an impact on the economy, too.
Dubai Moves To Rein In Rents
Tenants whose home or commercial property is less than a quarter below the average price for a similar premises will not have to pay any increase in rent, according to a decree issued on Monday by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, in his capacity as Ruler of Dubai. Mohammed Ibrahim Al Shaibani, director of the Dubai Ruler’s Court said the decree was aimed at curbing the increase in property prices within the emirate to maintain a balance between the interests of both landlords and tenants and to ensure stability of the real estate sector, according to state news agency, Wam. The decree, the Ruler’s first of 2009, provides for a freeze of rent prices in 2009 for tenants renewing contracts signed in 2008. It states that the rental value of those properties must be equal to or less than 25 per cent of a corresponding rent average established by the rental index.
The guideline for the rental index was issued on Wednesday last week by Dubai’s Real Estate Regulatory Authority and is expected to replace the rent cap. While the authority has issued a point system for evaluating the rental value of a property, the average rents for properties are yet to be ascertained. The evaluation process for all types of properties is based on giving each property points for various attributes such as building facilities, near-by retail outlets, age and condition of building, etc,” according to the Rera statement. These points are used as a statistical basis to set a minimum average and a maximum average rent price. The minimum average and maximum average rent price are yet to be declared and the status of the evaluation process has not been given by the authority. However, the decree issued on Monday states that the rate would be established when the tenancy contract is renewed. The ruling also defines a formula designed to generate lower rent values but allowing a proportional increase in 2009. Another decree outlined the relationship between the tenant and landlord. The law, which came into effect on December 1 last year, has been amended. It includes points on the basis of which a tenant can be evicted, such as non-payment of rent or if the tenant is found subletting the property.
The guideline for the rental index was issued on Wednesday last week by Dubai’s Real Estate Regulatory Authority and is expected to replace the rent cap. While the authority has issued a point system for evaluating the rental value of a property, the average rents for properties are yet to be ascertained. The evaluation process for all types of properties is based on giving each property points for various attributes such as building facilities, near-by retail outlets, age and condition of building, etc,” according to the Rera statement. These points are used as a statistical basis to set a minimum average and a maximum average rent price. The minimum average and maximum average rent price are yet to be declared and the status of the evaluation process has not been given by the authority. However, the decree issued on Monday states that the rate would be established when the tenancy contract is renewed. The ruling also defines a formula designed to generate lower rent values but allowing a proportional increase in 2009. Another decree outlined the relationship between the tenant and landlord. The law, which came into effect on December 1 last year, has been amended. It includes points on the basis of which a tenant can be evicted, such as non-payment of rent or if the tenant is found subletting the property.
Emaar To Raise Up To $2bn From Bond Sales
Emaar Properties, the UAE's largest real estate developer, plans to raise up to $2bn by selling Islamic bonds. A prospectus for setting up a US$2 billion trust certificate programme by a unit of Emaar was approved by the UK Listing Authority, the Dubai-based company said today in a Regulatory News Service statement. A unit of HSBC Holdings will serve as the principal paying agent for the programme, Emaar said.
Dubai Property Prices May Fall 60pc From Peak: Shuaa
Dubai real estate prices could fall as much as 60 per cent in 2009 from their peaks in July last year, while Abu Dhabi may slide as much as 20 per cent, Shuaa Capital said on Sunday. Real estate prices have fallen by around 40 per cent in Dubai and by around 15 per cent in Abu Dhabi from their peaks last year, Roy Cherry, vice-president, research at the Dubai-based investment bank told reporters on Sunday, adding that rents in Dubai are likely to fall some 20 per cent in the next two years. Dubai is seeing a negative growth in demand for real estate,” Cherry said. At the same time it is seeing an increased output. We think the net result of that is lower occupancy rates, going down to the 80 per cent level which will mean a correction in the rents. Dubai’s population was likely to fall 5 per cent in 2009 on job losses, while the population of the UAE would ease 1 to 1.3 per cent, Shuaa said. Rental rates for apartments and villas have been levelling off throughout 2008, with an average growth rate of 4 per cent and 8 per cent respectively, property services firm Asteco said in a report last week.
DIB, Rera Host Escrow Forum
Dubai Islamic Bank in partnership with Real Estate Regulatory Agency hosted over 50 real estate developers at a recent escrow forum. The forum provided a platform for DIB's escrow account customers to communicate with RERA. As one of the largest escrow players in the market, DIB has been actively involved with consulting RERA on general issues related to the escrow regulations.
Online Tenancy?Registration?Upsets Brokers
The online registration of tenancy contracts, which was introduced late last year by the real estate management authorities in Dubai, has ruffled many feathers among the real estate agencies. The online registration was introduced in order to help the real estate management authorities develop a map of average rents across different areas of Dubai. Real estate authorities are being accused of “throwing brokers into the water” by implementing the regulation, which accompanies the new rental index. I don’t know why Real Estate Regulatory Authority (Rera) is doing this,” wondered Jahangir Ahmad, administration manager of Geometrics Real Estate, in Dubai. If they want to clean up the market, why don’t they just crack down on the unlicensed brokers? We only want to focus on brokerage rather than property management, so we only have a licence for brokerage. They are throwing brokers in the water. Ahmad said he doubted that many owners were registering the properties online directly. The rules for registration mean that owners have to pay Dh2,000 and attend a full day of training to be certified to register the contracts online. Many of the owners are based in America or Pakistan. They won’t want to fly in for a day just to do this. Even if they live here, I’m sure they wouldn’t want to get tied down with this. If they want to hire a property management company than they will have to pay sky-high fees, he insisted.
The rules for registration of the properties online mean that a large number of real estate companies have been cut out of the process. On Wednesday the first part of this index was released for commercial properties. In two weeks a separate index for residential properties will be released. Many companies only have a brokerage licence from Rera, but registration can only be done by owners, or companies which hold a property management licence. However, one property investor Rashid Ahmad, said that the scheme was a good idea. “I think it will be very popular with owners. We may see up to 90 per cent of owners registering the contracts themselves. It will cut down on their expenses. Despite that, Rashid Ahmad said that he didn’t have to go through the same process himself as he had sold all of his Dubai property two months ago when prices began sliding. No one from Rera was available for comment on the index. Officials’ phones were swicthed off. Meanwhile, the announcement that the residential index would be ready in two weeks has been met by surprise from some industry figures, given that in December Rera said that the index would not be ready until 60 per cent of properties were registered.
The rules for registration of the properties online mean that a large number of real estate companies have been cut out of the process. On Wednesday the first part of this index was released for commercial properties. In two weeks a separate index for residential properties will be released. Many companies only have a brokerage licence from Rera, but registration can only be done by owners, or companies which hold a property management licence. However, one property investor Rashid Ahmad, said that the scheme was a good idea. “I think it will be very popular with owners. We may see up to 90 per cent of owners registering the contracts themselves. It will cut down on their expenses. Despite that, Rashid Ahmad said that he didn’t have to go through the same process himself as he had sold all of his Dubai property two months ago when prices began sliding. No one from Rera was available for comment on the index. Officials’ phones were swicthed off. Meanwhile, the announcement that the residential index would be ready in two weeks has been met by surprise from some industry figures, given that in December Rera said that the index would not be ready until 60 per cent of properties were registered.
Sorouh To Build Affordable Housing Project In Abu Dhabi
Sorouh Real Estate, Abu Dhabi's second-biggest property developer by market value, is planning an 'affordable housing' project in the emirate to tap into the underserved market in the emirate. Gurjit Singh, Sorouh's chief property development officer, told Bloomberg said the plan 'is currently on the company's drawing board'. Sorouh has more than $13bn of projects under way in the emirate.
Rental Price Index Brings Transparency, Stability
The long-awaited rental index launched by Dubai’s Real Estate Regulatory Agency on Wednesday, is expected to help rationalise and stabilise emirate’s commercial and residential property market that has been witnessing a unbridled escalation in rental prices over the past four years, businessmen and tenants said. The index, the first of its kind for the region, has also been welcomed as a measure to help discourage the practice of indiscriminate rental hikes resorted to by some landlords while providing both tenants and landlords a parameter to judge the rental price band for a particular unit. Praising the RERA move which is part of a package of regulations it plans to unveil in the coming days to stabilise the real estate sector, commercial and residential property tenants said the index would bring more transparency and confidence to the rental market. Although it is primarily designed as a guideline to calculate rental prices for a range of properties across the city, the index will put an end to unjust pricing and help reduce the number of complaints lodged with the rent committee over rent hikes, they said. However, quite a few of the respondents from among a cross section of residents contacted by Khaleej Times were sceptical about the effectiveness of the whole exercise in regulating the rental market as the index was designed for guidance and will not be a regulation” in the words of Eng. Marwan bin Ghalita, CEO of RERA. Some even voiced concern that landlords might use the index to justify steep rent increases if the property in question was below the new rental band. As the index is not legally binding there will be room for negotiation beyond the parameters set by the index. “With a minimum and a maximum limit specified for each type of property, market forces will still apply,” analysts said. By enhancing transparency in the market, the index will help investors to have a solid idea of what rent their investment should be bringing in. The index will evaluate various types of properties based on a spate of yardsticks, giving each property points for various attributes such as building facilities, near-by retail outlets, age and condition of building.
Dubai House Prices Fell 8pc In Q4
A new report shows home prices in fast-growing Dubai tumbled 8 per cent in the last three months from the previous quarter, the strongest evidence yet that the city-state’s property boom has run out of steam. Colliers International, the real estate consultancy that issued the report on Tuesday, said the decline is the first it has seen in its two years of tracking prices. The firm’s regional director described the drop as likely the first the boomtown has witnessed since it began allowing foreigners to buy property in 2002. That decision is credited with helping turn this one-time sleepy desert village into a metropolis packed with new skyscrapers and fancy seaside mansions.
Colliers blamed the slide on tightening liquidity and investor sentiment that has grown increasingly negative in recent months. The firm expects prices will continue to decline at least through the first three months of this year. Nobody is expecting a recovery in the first quarter. Everybody is expecting a decline,” Regional Director Ian Albert said in an interview. It’s not all bad, at least for current homeowners: Average prices remain 59 per cent higher year-over-year. Still, Colliers said its price index has already slipped to levels not seen since about April 2008. The drop in prices is not a complete surprise. Real estate agents have been sharing stories since autumn of panicked property owners looking to sell. Many banks have tightened lending standards because of fear of defaults and a lack of cash.
Meanwhile, a number of property developers and construction companies, among the emirate’s biggest employers, have laid off thousands of workers in recent months. Reliable official real estate values are hard to come by, however. Property buyers first feared the good days might be over in November when HSBC PLC reported the value of homes on the secondary market dipped month-to-month. Colliers’ numbers, compiled with the help of five banks active in the market, appear to be the first quarterly figures available. Albert said the latest data suggest Dubai is moving beyond its reputation as a speculators’ market where buyers would snatch up high-end property with little money down and then flip it in a matter of days. The market here is changing. The speculative market has fallen away,” he said.”It’s the first time Dubai’s entered a mature property cycle ... Now you’ve got to take a longer term view.Source: Khaleej Time
Colliers blamed the slide on tightening liquidity and investor sentiment that has grown increasingly negative in recent months. The firm expects prices will continue to decline at least through the first three months of this year. Nobody is expecting a recovery in the first quarter. Everybody is expecting a decline,” Regional Director Ian Albert said in an interview. It’s not all bad, at least for current homeowners: Average prices remain 59 per cent higher year-over-year. Still, Colliers said its price index has already slipped to levels not seen since about April 2008. The drop in prices is not a complete surprise. Real estate agents have been sharing stories since autumn of panicked property owners looking to sell. Many banks have tightened lending standards because of fear of defaults and a lack of cash.
Meanwhile, a number of property developers and construction companies, among the emirate’s biggest employers, have laid off thousands of workers in recent months. Reliable official real estate values are hard to come by, however. Property buyers first feared the good days might be over in November when HSBC PLC reported the value of homes on the secondary market dipped month-to-month. Colliers’ numbers, compiled with the help of five banks active in the market, appear to be the first quarterly figures available. Albert said the latest data suggest Dubai is moving beyond its reputation as a speculators’ market where buyers would snatch up high-end property with little money down and then flip it in a matter of days. The market here is changing. The speculative market has fallen away,” he said.”It’s the first time Dubai’s entered a mature property cycle ... Now you’ve got to take a longer term view.Source: Khaleej Time
Residents Complain Of Abnormal Hikes
Even as speculation is running high that the economic slump will have a calming effect on property rents in Dubai, some residents were in for a surprise when they got their contract renewal notices for this year. Rents were increased by more than 100 per cent! Tenants said the exorbitant rent hike in the wake of the current economic crisis came as a shock to them. "Everyone is talking about rents coming down in Dubai and we have been slapped with a rent increase of about 100 per cent said a resident of Ghusais. According to him, the rent for his one-bedroom apartment in Al Twar had gone up from Dh25,000 to Dh45,000 this mont. We have been living in this apartment for 20 years and every year the real estate company used to increase the rents by 5-7 per cent. But this 100 per cent increase is an absolute violation of rent laws in Dubai," said the tenant who did not want to be named.
Another tenant of the same building said he was planning to take the issue to the rent committee. "We are not looking for a new place. We have no issues if the landlord increases the rent as per the regulations. But the proposed increase is against all logic, said the tenant. Mohammad Ishaq, a tenant of a building in Bur Dubai said his landlord had also proposed a Dh20,000 increase this year. My contract is due for renewal in February and the landlord has increased the rent from Dh50,000 to Dh70,000. His argument is that the five per cent rent cap was applicable only until last year," said Ishaq, an employee of a private company. Prasad and his family have also been slapped with an increase of more than 30 per cent for their two-bedroom apartment in Al Nahda. Everyone is talking about rents falling in Dubai. Companies are cutting down benefits and everyone is feeling financially insecure. I am not in a position to spend more on rents, complained Prasad, a sales manager working in Jebel Ali. Responding to complaints of rent increases in one of their buildings, Saif Ahmad, the property manager of Nasser Lootah Real Estate, said, they had increased rents in keeping with the current market rate. There is a disparity in rents among tenants who live in the same building. People who have been living there for the last 10 or 15 years are paying as little as Dh20,000 to 25,000, while the new tenants are paying Dh45,000 to 60,000," said Saif. Commenting on the five per cent rent cap in Dubai, Ahmad argued that the rent committee permitted an increase in rent so long as it is in keeping with existing market rates.
Another tenant of the same building said he was planning to take the issue to the rent committee. "We are not looking for a new place. We have no issues if the landlord increases the rent as per the regulations. But the proposed increase is against all logic, said the tenant. Mohammad Ishaq, a tenant of a building in Bur Dubai said his landlord had also proposed a Dh20,000 increase this year. My contract is due for renewal in February and the landlord has increased the rent from Dh50,000 to Dh70,000. His argument is that the five per cent rent cap was applicable only until last year," said Ishaq, an employee of a private company. Prasad and his family have also been slapped with an increase of more than 30 per cent for their two-bedroom apartment in Al Nahda. Everyone is talking about rents falling in Dubai. Companies are cutting down benefits and everyone is feeling financially insecure. I am not in a position to spend more on rents, complained Prasad, a sales manager working in Jebel Ali. Responding to complaints of rent increases in one of their buildings, Saif Ahmad, the property manager of Nasser Lootah Real Estate, said, they had increased rents in keeping with the current market rate. There is a disparity in rents among tenants who live in the same building. People who have been living there for the last 10 or 15 years are paying as little as Dh20,000 to 25,000, while the new tenants are paying Dh45,000 to 60,000," said Saif. Commenting on the five per cent rent cap in Dubai, Ahmad argued that the rent committee permitted an increase in rent so long as it is in keeping with existing market rates.
Deyaar Plans To Acquire Assets In India And Turkey
Deyaar Real Estate has set up a division to acquire distressed assets in countries such as Turkey and India with the aim of expanding its land bank, its chief executive said on Thursday. The new department will look at buying distressed assets across the globe with India and Turkey being likely markets,” Markus Giebel was quoted as saying in a report. We intend to add land bank to our portfolio through this acquisition drive. Giebel could not immediately be reached to confirm the remarks. Giebel told reporters on Wednesday the Dubai real estate company had put all of its unsold projects on hold due to global financial turmoil, but still expected to post record profits in the fourth quarter.
Damac Properties has announced the launch of 'XL Tower', a modern, elegant commercial tower, located at Dubai's Business Bay.The tower, which has reached Podium level 3, has been in records for utilizing maximum concrete pour ever, in the company's history, when about 5,500 cubic meters of concrete was poured in less than 25 hours.Covering 153,000 square feet of space and with 8,700 square feet of retail space at the ground level, including shopping arcade, and covered walkway and parking for staff and customers, the modern, the XL Tower is an apt business location.The XL Tower is equipped with all modern amenities such as hi-speed internet, 24-hour security cameras, swipe access, parking on 7 levels and 3 basements, swimming pool, gymnasium, aerobics room, outdoor jogging track, cafeteria, and health club.Speaking about the progress of the tower, CEO of Damac Properties, Peter Riddoch said that being an emerging and most sought-after district for freehold residential and commercial properties, all the 13 properties by Damac at Business Bay, have received commendable response.He revealed that CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Limited have been appointed as contractors for XL Tower.So far, about 120 nationalities have purchased properties from Damac Properties, and the property developer has provided good support services. The company offers solutions through its vast regional network with offices location in UAE, Saudi Arabia, Kuwait, Qatar, Iraq, Jordan, Egypt, UK and Lebanon.
A strong growth, backed by huge demand, a growing population and liberalization of the real estate sector, is likely to keep prices strong in the Abu Dhabi real estate sector for the next seven years, reports EFG-Hermes, a regional investment bank.The report states that the longevity and strength of the real estate phase in Abu Dhabi, is supported by shortages of all types of real estate, controlled by delivery of supply to avoid a surplus, coupled with greater economic liberalization, and creation of a unique identity.According to the Author of the report, Sana Kapadia, "A strong government presence supports and caps on the amount of real estate that can be built on any given year to mitigate the risk of an oversupply of property."No major additions of residential units are likely in Abu Dhabi until late 2009, and with the ever-growing demand, the residential market will remain under-supplied until the end of 2009.It has been estimated that the average price of residential properties will increase by 20 to 25 percent, during the rest of this year, and by 15 to 20 percent in 2009.Demand for office space, too, will remain strong, with current vacancy rates at 1 percent, and with newer businesses seeking to make their presence in Middle East, it has been predicted.However, considerable supplies that are likely to come in during 2009, will help cool the rising rents and prices, it is said.Meanwhile, in a survey conducted by DSL Exhibitions, an international firm, specializing in organizing conferences and exhibitions, real estate investors expect that prices of properties in Abu Dhabi are likely to appreciate more than that in Dubai and other northern emirates.The survey was done to find out if there exist any differences in the perceptions and attitudes of real estate buyers, between choosing Dubai, Abu Dhabi or one of the Northern Emirates and to underline any apparent trends.The survey has revealed considerable differences in the attitudes and perception of investors, who choose between the three regions - Abu Dhabi, Dubai and Northern Emirates.Two universities likely to be chartered
KARACHI: The Sindh government is expected to grant a charter to two new private universities in the next few months, while the process for regularizing another two universities has been initiated.
“The provincial government has completed the process of granting a charter to two institutions and a draft regarding the matter is in the final stages of approval,” said a Government of Sindh Charter Inspection and Evaluation Committee official. He revealed that the committee had inspected the facilities and infrastructure of the private institutes. “In its inspection, the committee evaluated the administration standards, availability of facilities, academic programs offered, enrolment criteria, examination standards, fee structure, syllabus, faculty criteria and research programs of the universities before deciding to grant them the charter,” he added.
The universities expected to get a charter are the Institute of Business Administration (IBA) and the National Law University. However, two more institutes are being considered for the degree-awarding status, namely the DHA University and the Abdullah Haroon University. With the addition of the two new private universities that are expected to get a charter, the total number of private universities in the province will rise to 29, and if all four of the universities are given a charter, the total number will rise to 31.
The universities that are already chartered include the Institute of Business Management, Iqra University, Hamdard University, Aga Khan University, Institute of Technology, Dadabhoy Institute of Higher Education, Greenwich University, Indus Institute of Higher Education, Newport Institute of Communication, Ziauddin Medical University, Baqai Medical University, SZABIST Karachi, Khadim Ali Shah Bukhari Institue of Technology, Sir Syed University of Engineering and Technology, Isra University Hyderabad, Muhammad Ali Jinnah University, Indus Valley Institute of Arts and Architecture, Jinnah University for Women, Textile Institute of Pakistan, Karachi Institute of Commerce and Technology, Princeton Institute of Management Sciences and Technology and Princeton University, University of East Hyderabad, DHA Suffa University and Nazir Hussain University.
“The provincial government has completed the process of granting a charter to two institutions and a draft regarding the matter is in the final stages of approval,” said a Government of Sindh Charter Inspection and Evaluation Committee official. He revealed that the committee had inspected the facilities and infrastructure of the private institutes. “In its inspection, the committee evaluated the administration standards, availability of facilities, academic programs offered, enrolment criteria, examination standards, fee structure, syllabus, faculty criteria and research programs of the universities before deciding to grant them the charter,” he added.
The universities expected to get a charter are the Institute of Business Administration (IBA) and the National Law University. However, two more institutes are being considered for the degree-awarding status, namely the DHA University and the Abdullah Haroon University. With the addition of the two new private universities that are expected to get a charter, the total number of private universities in the province will rise to 29, and if all four of the universities are given a charter, the total number will rise to 31.
The universities that are already chartered include the Institute of Business Management, Iqra University, Hamdard University, Aga Khan University, Institute of Technology, Dadabhoy Institute of Higher Education, Greenwich University, Indus Institute of Higher Education, Newport Institute of Communication, Ziauddin Medical University, Baqai Medical University, SZABIST Karachi, Khadim Ali Shah Bukhari Institue of Technology, Sir Syed University of Engineering and Technology, Isra University Hyderabad, Muhammad Ali Jinnah University, Indus Valley Institute of Arts and Architecture, Jinnah University for Women, Textile Institute of Pakistan, Karachi Institute of Commerce and Technology, Princeton Institute of Management Sciences and Technology and Princeton University, University of East Hyderabad, DHA Suffa University and Nazir Hussain University.
Superior development in glorious Turkey
Nirvana International, specialists in selling homes in Turkey, are proud to announce the marketing of a luxury development of style and sophistication set on a stunning verdant green hillside yet within easy reach of popular Kalkan resort.
“These properties are simply exceptional as is the whole complex”, says Robert Nixon, Director at Nirvana International. “We have front line villas available with private pools and for anyone interested in the sea and sailing it offers a wide choice of islands to sail to and berths at the nearby marina in Kalkan.
Modelled on the traditional vernacular, the homes reflect the unique character of the area with varying roof heights and charming architecture creating an authentic façade. They provide owners with the best of both worlds, a traditional exterior with a 21st century contemporary interior with spectacular and spacious open plan living.”
There is an attractive piazza which will help to bring together the new community with its welcoming bars and restaurants plus pleasant seating in shady corners. There are tempting swimming pools available for all residents plus spa therapies. In addition, and one of the reasons why this is such a special development, is its prime location. Set on a gently sloping hillside with unspoilt views of the shimmering blue sea it offers a restful haven yet is within easy reach of the vibrant resort of Kalkan. In fact, perfect for anyone who loves the sea or sailing around the many nearby islands which offer a wide choice of welcoming sandy coves with glorious pure clear water for swimming or snorkelling.
With free babysitting services and free transport to and from town as well as to the sandy, Patara beach this sounds like Utopia. Add to this the restaurants, bars and shopping facilities on the complex and you will see why this is a very special place.
The area is unspoilt and without a doubt this is a highly prestigious development. Properties can be bought off plan with staged payments to suit individual circumstances and should you choose to, you can re sell with no capital gains liability (after four years ownership). There is full property and rental management services via the internet.
The development company is well respected for its wide range of prestigious developments and leisure facilities including Turkey’s leading Golf and Country Club so when you buy a property at this location you are investing into a company of high standards. As an owner you can also enjoy the privilege of being an international affiliate member of the prestigious Kerner Golf and County Club of Istanbul. You also have access to the on site spa which is fully equipped. A 15 room boutique hotel offers luxurious accommodation facilities for your guests if required and there are open spaces, tennis courts, play areas and communal swimming pool.
Because this is such an exceptional development Nirvana International can also arrange inspection trips which are fully refunded upon purchase. Those visiting will stay at a beautiful hotel on the fabulous marina at Kalkan.
It is therefore a perfect investment opportunity particularly as it is close to the much loved resort of Kalkan. “Second home owning is increasing in Turkey” adds Robert, “and homes such as these, built with style and quality with potential for renting are attracting those with an eye to a good investment”.
Kalkan is largely untouched by mass tourism and has become the destination of choice for those seeking a taste of authentic Turkey. This is a most attractive town with its stone built houses dripping with bougainvillea.
Narrow lanes lead down to the seafront packed with shops and sophisticated bars and restaurants, with some excellent seafood restaurants on the harbour front. The town comes to life at night as people take their seats to dine under the stars in one of the many rooftop restaurants or enjoy a drink in one of the relaxing bars in the harbour. Because of its unique atmosphere many of those holidaying in Kalkan choose to return giving rise to a strong rental market.
Concluded Robert, “This is a high end complex, in a key location, situated close to the country, beach and the popular resort of Kalkan. This gives buyers peace of mind knowing that they are purchasing a well built, cleverly designed development which can offer fabulous holidays year round and also provide rental income. Despite current difficulties in the world economies properties along the coastal areas of Turkey rose in 2008 by around 8% which is a decidedly better return than in the UK”.
There is a choice of single storey and duplex apartments, two storey town houses and two and three storey villas.
Prices From 104,000 euros for a one bedroom apartment From 151,000 euros for a two bedroom apartment From 238,000 euros for a three bedroom villa From 440,000 euros for a four bedroom villa From 615,000 euros for a five bedroom
“These properties are simply exceptional as is the whole complex”, says Robert Nixon, Director at Nirvana International. “We have front line villas available with private pools and for anyone interested in the sea and sailing it offers a wide choice of islands to sail to and berths at the nearby marina in Kalkan.
Modelled on the traditional vernacular, the homes reflect the unique character of the area with varying roof heights and charming architecture creating an authentic façade. They provide owners with the best of both worlds, a traditional exterior with a 21st century contemporary interior with spectacular and spacious open plan living.”
There is an attractive piazza which will help to bring together the new community with its welcoming bars and restaurants plus pleasant seating in shady corners. There are tempting swimming pools available for all residents plus spa therapies. In addition, and one of the reasons why this is such a special development, is its prime location. Set on a gently sloping hillside with unspoilt views of the shimmering blue sea it offers a restful haven yet is within easy reach of the vibrant resort of Kalkan. In fact, perfect for anyone who loves the sea or sailing around the many nearby islands which offer a wide choice of welcoming sandy coves with glorious pure clear water for swimming or snorkelling.
With free babysitting services and free transport to and from town as well as to the sandy, Patara beach this sounds like Utopia. Add to this the restaurants, bars and shopping facilities on the complex and you will see why this is a very special place.
The area is unspoilt and without a doubt this is a highly prestigious development. Properties can be bought off plan with staged payments to suit individual circumstances and should you choose to, you can re sell with no capital gains liability (after four years ownership). There is full property and rental management services via the internet.
The development company is well respected for its wide range of prestigious developments and leisure facilities including Turkey’s leading Golf and Country Club so when you buy a property at this location you are investing into a company of high standards. As an owner you can also enjoy the privilege of being an international affiliate member of the prestigious Kerner Golf and County Club of Istanbul. You also have access to the on site spa which is fully equipped. A 15 room boutique hotel offers luxurious accommodation facilities for your guests if required and there are open spaces, tennis courts, play areas and communal swimming pool.
Because this is such an exceptional development Nirvana International can also arrange inspection trips which are fully refunded upon purchase. Those visiting will stay at a beautiful hotel on the fabulous marina at Kalkan.
It is therefore a perfect investment opportunity particularly as it is close to the much loved resort of Kalkan. “Second home owning is increasing in Turkey” adds Robert, “and homes such as these, built with style and quality with potential for renting are attracting those with an eye to a good investment”.
Kalkan is largely untouched by mass tourism and has become the destination of choice for those seeking a taste of authentic Turkey. This is a most attractive town with its stone built houses dripping with bougainvillea.
Narrow lanes lead down to the seafront packed with shops and sophisticated bars and restaurants, with some excellent seafood restaurants on the harbour front. The town comes to life at night as people take their seats to dine under the stars in one of the many rooftop restaurants or enjoy a drink in one of the relaxing bars in the harbour. Because of its unique atmosphere many of those holidaying in Kalkan choose to return giving rise to a strong rental market.
Concluded Robert, “This is a high end complex, in a key location, situated close to the country, beach and the popular resort of Kalkan. This gives buyers peace of mind knowing that they are purchasing a well built, cleverly designed development which can offer fabulous holidays year round and also provide rental income. Despite current difficulties in the world economies properties along the coastal areas of Turkey rose in 2008 by around 8% which is a decidedly better return than in the UK”.
There is a choice of single storey and duplex apartments, two storey town houses and two and three storey villas.
Prices From 104,000 euros for a one bedroom apartment From 151,000 euros for a two bedroom apartment From 238,000 euros for a three bedroom villa From 440,000 euros for a four bedroom villa From 615,000 euros for a five bedroom
DIP Unveils Luxury Sunset Mall
Dubai Investment Properties (DIP), the leading real estate developers in UAE, has launched its exclusive multi-million ‘Sunset’ mixed-use development project in Dubai. Speaking to Khaleej Times Ani Vladi, Marketing Manager of Dubai Investment Properties, said: The Sunset mixed-use development is scheduled for completion in the first quarter of 2009, however, the residential quarters might take a few months more. With the launch of Sunset, DIP will set a new parameter in luxury retail experience for customers looking to buy high-end international brands in Dubai,” she said. While launching the project, Francois Faure, Executive Director, DIP observed: “Sunset will be a unique development combining the best in architecture and the latest ‘green’ technology initiatives. With exclusive facilities and services, Sunset will set new standards shopping and will become the preferred venue for customers, who appreciate discretion, exclusive service and an ambience of elegance and class. Covering an area (sqft): 1,000,000, the two-level shopping mall boasts 97 retail units, restaurants, 49 office units and 119 residence units. DIP has engaged Arkiteknik International to develop this project with combination of water, glass and steel. The interior of the Mall will feature the latest innovations in LCD and LED technology, offering visual effects not seen anywhere else in the city.
LDA razes encroachments in Gulberg
THE staff of the Lahore Development Authority (LDA) demolished as many as 15 illegally built shops on Sunday.
These had been constructed in the unlawfully dug up basement in the front house line of Khan Arcade, Firdous Market and Gulberg.
According to a press statement, these shops had been constructed in contravention of building regulations of LDA and building plan were not approved from the LDA.
Staff of the Town Planning Wing as well as the LDA Estate Management Directorate jointly carried out the operation against illegal constructions.
Later, the Director Estate Management and Senior Estate Officer LDA also visited Main Market Gulberg and warned the owners of temporary encroachments for voluntarily removing their encroachments; otherwise, LDA’s staff would take action against such infringements.
These had been constructed in the unlawfully dug up basement in the front house line of Khan Arcade, Firdous Market and Gulberg.
According to a press statement, these shops had been constructed in contravention of building regulations of LDA and building plan were not approved from the LDA.
Staff of the Town Planning Wing as well as the LDA Estate Management Directorate jointly carried out the operation against illegal constructions.
Later, the Director Estate Management and Senior Estate Officer LDA also visited Main Market Gulberg and warned the owners of temporary encroachments for voluntarily removing their encroachments; otherwise, LDA’s staff would take action against such infringements.
Rawalpindi: CM approves development of five healthcare facilities
Rawalpindi: Approval of at least five mega projects in health sector for Rawalpindi might resolve a number of problems being faced by residents of the city.
“Punjab Chief Minister Mian Shahbaz Sharif in a meeting with MNAs and MPAs of Rawalpindi Tuesday has approved construction of a campus for Rawalpindi Medical College, a separate Cardiac Institute and a separate Urology Institute along with establishment of a burn centre at Holy Family Hospital and a children ward at District Headquarters Hospital,” said PML-N MNA Muhammad Hanif Abbasi while talking to ‘The News’ Wednesday adding the projects could be termed the biggest initiative of the provincial government in health sector.
MNAs Hanif Abbasi and Haji Pervez along with MPAs Shehryar Riaz, Ziaullah Shah and Sarfraz Afzal attended the meeting. Provincial Health Secretary Dr Anwar Ahmed Khan was also present in the meting.
“The CM has approved construction of a campus for RMC on a piece of land measuring nearly 500 acres along Adyala Road,” said Hanif Abbasi adding construction of a 250 bedded separate Cardiac Institute on a piece of land measuring 44 kanals along Rawal Road has also been approved.
“PC-I of the planned cardiac institute has already been prepared,” said Abbasi adding the establishment of cardiac institute would cost Rs280 crore.
He added that the approved burn unit having capacity of 30 beds would be established at Holy Family Hospital. “However PC-I of the burn unit has not been prepared as yet,” he said.
The Urology Institute would be established in Dhoke Elahi Buksh on a place presently acquired by a veterinary hospital. “The CM has directed to submit PC-I of the urology institute within 10 days,” said Hanif Abbasi adding the approved children ward would be established at District Headquarters Hospital that has been facing problem of shortage of space for decades.
To a query, Hanif Abbasi said the CM has also directed the concerned departments to take necessary steps to hand over a piece of land presently acquired by the Rose Cinema to DHQ Hospital for establishment of children ward there. It is important that the matter of handing over Rose Cinema land to the hospital is pending in the court at present.
The DHQ Hospital chief Dr Khalid Iqbal Malik, when contacted by ‘The News’ Wednesday, said the gynaecology ward of the DHQ Hospital has also been facing acute shortage of space for long and the hospital has no other option but to keep two to three women patients both with antenatal (before giving birth to babies) and postnatal complications on a single bed and chances of infection from one patient to others cannot be ruled out there. He said the hospital that was established in 1981 has no paediatrics, orthopaedic and urology wards. “If the Rose Cinema land is given to us, we will establish an orthopaedic ward, urology ward and extension of existing gynaecology ward there.
“Punjab Chief Minister Mian Shahbaz Sharif in a meeting with MNAs and MPAs of Rawalpindi Tuesday has approved construction of a campus for Rawalpindi Medical College, a separate Cardiac Institute and a separate Urology Institute along with establishment of a burn centre at Holy Family Hospital and a children ward at District Headquarters Hospital,” said PML-N MNA Muhammad Hanif Abbasi while talking to ‘The News’ Wednesday adding the projects could be termed the biggest initiative of the provincial government in health sector.
MNAs Hanif Abbasi and Haji Pervez along with MPAs Shehryar Riaz, Ziaullah Shah and Sarfraz Afzal attended the meeting. Provincial Health Secretary Dr Anwar Ahmed Khan was also present in the meting.
“The CM has approved construction of a campus for RMC on a piece of land measuring nearly 500 acres along Adyala Road,” said Hanif Abbasi adding construction of a 250 bedded separate Cardiac Institute on a piece of land measuring 44 kanals along Rawal Road has also been approved.
“PC-I of the planned cardiac institute has already been prepared,” said Abbasi adding the establishment of cardiac institute would cost Rs280 crore.
He added that the approved burn unit having capacity of 30 beds would be established at Holy Family Hospital. “However PC-I of the burn unit has not been prepared as yet,” he said.
The Urology Institute would be established in Dhoke Elahi Buksh on a place presently acquired by a veterinary hospital. “The CM has directed to submit PC-I of the urology institute within 10 days,” said Hanif Abbasi adding the approved children ward would be established at District Headquarters Hospital that has been facing problem of shortage of space for decades.
To a query, Hanif Abbasi said the CM has also directed the concerned departments to take necessary steps to hand over a piece of land presently acquired by the Rose Cinema to DHQ Hospital for establishment of children ward there. It is important that the matter of handing over Rose Cinema land to the hospital is pending in the court at present.
The DHQ Hospital chief Dr Khalid Iqbal Malik, when contacted by ‘The News’ Wednesday, said the gynaecology ward of the DHQ Hospital has also been facing acute shortage of space for long and the hospital has no other option but to keep two to three women patients both with antenatal (before giving birth to babies) and postnatal complications on a single bed and chances of infection from one patient to others cannot be ruled out there. He said the hospital that was established in 1981 has no paediatrics, orthopaedic and urology wards. “If the Rose Cinema land is given to us, we will establish an orthopaedic ward, urology ward and extension of existing gynaecology ward there.
Islamabad: New building code for seismic resistance in offing
Islamabad: The new building code approved by the previous cabinet is in the offing and will be effective forthwith throughout the country including AJK to ensure that future structures are seismic resistant.
All the new buildings, including residential, commercial, industrial and particularly high-rise, would have to follow the specification, spelt out in the new building code, Joint Engineering Advisor Ministry of Housing & Works Muzaffar Hussain Munjai told APP here Tuesday.
He said although a code regarding the construction of buildings was also formulated in 1986, it was not enforced practically, adding that soon after the earthquake of October 8, 2005, it became obvious that geologically, Pakistan lies in the high seismic zone and a code for the construction of future structures is imperative.
It was realised that the design and construction of buildings should be appropriate to resist the level of any expected hazard by using knowledge and technology available worldwide, he added.
To a question, he said the input of all the relevant agencies and bodies, both in pubic and private sector, was sought and incorporated while formulating the ‘Building Code of Pakistan: Seismic Provisions-2007.’
He said the Ministry of Housing & Works assigned Nespak the task of detailed seismic hazard evaluation, which in close collaboration with the International Code Council, USA formulated a quake-resistant design for buildings.
Muzaffar Hussain Munjai said as far as the intensity of any expected hazard is concerned, different areas of the country have been categorised into four zones. He said the new code would help realise the objective of making future structures in accordance with the technical specification of each category of the seismic survey.
“Islamabad and Rawalpindi are on the border of the red zone, that is why the residents have been instructed to construct new buildings according to the new code,” he added.
To a question, he said under the new code, people could build high-rise buildings after following the certain criteria, adding that all the executing agencies and provincial governments have been authorised to treat violators sternly and cancel their contracts.
About the high cost of buildings constructed under the new code, he said there might be a significant increase in the construction cost but our priority should be quality of work and the set standard.
He said the Ministry of Housing & Works with the cooperation of provincial governments held seminars to create awareness among society members and engineering and construction sectors about the implementation of the new code.
All the new buildings, including residential, commercial, industrial and particularly high-rise, would have to follow the specification, spelt out in the new building code, Joint Engineering Advisor Ministry of Housing & Works Muzaffar Hussain Munjai told APP here Tuesday.
He said although a code regarding the construction of buildings was also formulated in 1986, it was not enforced practically, adding that soon after the earthquake of October 8, 2005, it became obvious that geologically, Pakistan lies in the high seismic zone and a code for the construction of future structures is imperative.
It was realised that the design and construction of buildings should be appropriate to resist the level of any expected hazard by using knowledge and technology available worldwide, he added.
To a question, he said the input of all the relevant agencies and bodies, both in pubic and private sector, was sought and incorporated while formulating the ‘Building Code of Pakistan: Seismic Provisions-2007.’
He said the Ministry of Housing & Works assigned Nespak the task of detailed seismic hazard evaluation, which in close collaboration with the International Code Council, USA formulated a quake-resistant design for buildings.
Muzaffar Hussain Munjai said as far as the intensity of any expected hazard is concerned, different areas of the country have been categorised into four zones. He said the new code would help realise the objective of making future structures in accordance with the technical specification of each category of the seismic survey.
“Islamabad and Rawalpindi are on the border of the red zone, that is why the residents have been instructed to construct new buildings according to the new code,” he added.
To a question, he said under the new code, people could build high-rise buildings after following the certain criteria, adding that all the executing agencies and provincial governments have been authorised to treat violators sternly and cancel their contracts.
About the high cost of buildings constructed under the new code, he said there might be a significant increase in the construction cost but our priority should be quality of work and the set standard.
He said the Ministry of Housing & Works with the cooperation of provincial governments held seminars to create awareness among society members and engineering and construction sectors about the implementation of the new code.
Armstrong Joins Avison Young as Managing Director, Toronto Leasing Group
Avison Young Inc. announced the appointment of one of Canada's top leasing brokers, Robert Armstrong, as managing director of Avison Young (Canada) Toronto Leasing Group. Effective immediately, Armstrong will represent the company's Toronto office on Avison Young's national tenant representation team, helping to develop and service major corporate real estate clients across Canada. He will be based in Avison Young's downtown Toronto office. Armstrong joins Avison Young from Jones Lang LaSalle, where he was most recently managing director of its Canadian operations, based in Toronto.
LDA acts to recover state lands in Gulberg,
THE Lahore Development Authority (LDA) foiled an attempt to grab a precious 57-kanal piece of land earmarked for setting up new Haji camp in the Tajpura area here on Wednesday.
LDA Estate Management Directorate staff demolished the boundary walls and other structures which were being constructed on this land. Besides, the LDA issued warning notices to the squatters to leave this land within 24 hours.
During another operation, the staff of the Town Planning Wing of LDA sealed six properties at K block, Gulberg III, near Firdous Market. These properties were being illegally used for commercial purpose. Guesthouses and offices were constructed in the residences.
As party of its driver against violation of building bye-laws, the LDA demolished toilets and servant quarters that had been constructed in the backyard of houses in the Punjab Government Employees Housing Society, College Road, Township.
Meanwhile, the work on widening and improvement of Sabazar Main Boulevard from Multan Road to Band Road has been stared. The staff of the engineering wing of the LDA launched operation against encroachments on the Main Boulevard, Sabazar, and demolished more than 75 structures.
LDA Estate Management Directorate staff demolished the boundary walls and other structures which were being constructed on this land. Besides, the LDA issued warning notices to the squatters to leave this land within 24 hours.
During another operation, the staff of the Town Planning Wing of LDA sealed six properties at K block, Gulberg III, near Firdous Market. These properties were being illegally used for commercial purpose. Guesthouses and offices were constructed in the residences.
As party of its driver against violation of building bye-laws, the LDA demolished toilets and servant quarters that had been constructed in the backyard of houses in the Punjab Government Employees Housing Society, College Road, Township.
Meanwhile, the work on widening and improvement of Sabazar Main Boulevard from Multan Road to Band Road has been stared. The staff of the engineering wing of the LDA launched operation against encroachments on the Main Boulevard, Sabazar, and demolished more than 75 structures.
Karachi: Funds approved for reconstruction of 20 km portion of Super Highway
Karachi: Federal Communications Minister Arbab Alamgir Khan has approved a Rs300 million project for the reconstruction of a 20-kilometre-long portion of the Super Highway. He has directed the National Highway Authority (NHA) to carry out the project on the specifications of M-9 (Karachi-Hyderabad) Motorway.
During a visit to the Karachi-Hyderabad Super Highway, the minister expressed annoyance and dissatisfaction over the performance of the NHA for poor maintenance of the Super Highway and termed the NHA’s performance as “pathetic.”
The minister observed that instead of carrying out ordinary repair of the highway by the NHA authorities, the north-bound 20-kilometre-long patch of the road should be reconstructed on M-9 specifications.
“When the construction of M-9 motorway commences, there would be no need to reconstruct this patch and spend extra money on it if the specified portion is constructed on the specifications of the future motorway,” he said.
Khan directed NHA authorities to float international tenders for the construction of the M-9 Motorway and to prefer an international firm for the construction of the Karachi-Hyderabad motorway.
He was informed that the firm M/s Standard Company, which was awarded the contract for the construction of the M-9 Motorway, not only submitted fake bank surety with the NHA but also managed to get a stay order from the court when action was initiated against it. Khan said the court would hopefully vacate the stay order in the next hearing and directed the NHA to expedite the pre-qualification and tender-awarding procedure.
The M-9 motorway would be 136 kilometres long and it would reduce the duration of travel between Karachi and Hyderabad by one hour. The project is estimated to be completed within two years from its commencement.
Khan also expressed dissatisfaction over the pace of development work on the Phuleli Bridge near Jamshoro and directed NHA officials to expedite work.
During a visit to the Karachi-Hyderabad Super Highway, the minister expressed annoyance and dissatisfaction over the performance of the NHA for poor maintenance of the Super Highway and termed the NHA’s performance as “pathetic.”
The minister observed that instead of carrying out ordinary repair of the highway by the NHA authorities, the north-bound 20-kilometre-long patch of the road should be reconstructed on M-9 specifications.
“When the construction of M-9 motorway commences, there would be no need to reconstruct this patch and spend extra money on it if the specified portion is constructed on the specifications of the future motorway,” he said.
Khan directed NHA authorities to float international tenders for the construction of the M-9 Motorway and to prefer an international firm for the construction of the Karachi-Hyderabad motorway.
He was informed that the firm M/s Standard Company, which was awarded the contract for the construction of the M-9 Motorway, not only submitted fake bank surety with the NHA but also managed to get a stay order from the court when action was initiated against it. Khan said the court would hopefully vacate the stay order in the next hearing and directed the NHA to expedite the pre-qualification and tender-awarding procedure.
The M-9 motorway would be 136 kilometres long and it would reduce the duration of travel between Karachi and Hyderabad by one hour. The project is estimated to be completed within two years from its commencement.
Khan also expressed dissatisfaction over the pace of development work on the Phuleli Bridge near Jamshoro and directed NHA officials to expedite work.
1 more Chinese property added to World Heritage List
One more Chinese property was inscribed on the UNESCO's World Heritage List Sunday (July 6) during the 32nd session of the World Heritage Committee that is taking place in this eastern Canadian city.The 21 members of the committee agreed to add Tulou, the unique residential architecture of Fujian Province in southeastern China, on the World Heritage List as a cultural site, bringing the
total number of Chinese properties on the list to 36.
Tulou, the unique residential architecture of Fujian Province in southeastern China is inscribed on the UNESCO's World Heritage List Sunday during the 32nd session of the World Heritage Committee that is taking place in this eastern Canadian city Quebec.
total number of Chinese properties on the list to 36.
Tulou, the unique residential architecture of Fujian Province in southeastern China is inscribed on the UNESCO's World Heritage List Sunday during the 32nd session of the World Heritage Committee that is taking place in this eastern Canadian city Quebec.
Real estate in Jamaica
These are only some of the common questions people ask when interested in buying or selling real estate in Jamaica. We have collected information which may be helpful when dealing with Jamaican real estate. Please note that all amounts or percentages are only approximations, using past experience and other references as a basis. Some percentages, rates and time involved will vary depending on the particular institution, attorneys, parties involved and other factors. However, our intention is to provide material to be used as an estimated guideline only.
What do I need to do?There are some factors to consider to help speed the process and ensure a smooth transaction: Verify ahead of time exactly where and in which institution the funds are located. Make sure funds to be used for the transaction are available AND accessible (e.g. not in a fixed deposit etc.). You should contact an attorney to arrange handling the legal aspects of the sale. When both seller and buyer are present in Jamaica, the progression is much more expeditious. The process of transferring all documents to and from countries abroad slows the total time for completion tremendously. Make sure that premises are vacated, if tenants occupy. Make sure monthly tenants are properly served at least 30 days notice (required) from the final date. The buyer's attorney must do a title search prior to deposits and signing the sale agreement. At times the Stamp Office will require a new valuation of the property. If so, this can sometimes slow the process down but has to be done if so directed. A deposit of 15% - 20% of the sale price is required for the transaction to begin
What do I need to do?There are some factors to consider to help speed the process and ensure a smooth transaction: Verify ahead of time exactly where and in which institution the funds are located. Make sure funds to be used for the transaction are available AND accessible (e.g. not in a fixed deposit etc.). You should contact an attorney to arrange handling the legal aspects of the sale. When both seller and buyer are present in Jamaica, the progression is much more expeditious. The process of transferring all documents to and from countries abroad slows the total time for completion tremendously. Make sure that premises are vacated, if tenants occupy. Make sure monthly tenants are properly served at least 30 days notice (required) from the final date. The buyer's attorney must do a title search prior to deposits and signing the sale agreement. At times the Stamp Office will require a new valuation of the property. If so, this can sometimes slow the process down but has to be done if so directed. A deposit of 15% - 20% of the sale price is required for the transaction to begin
Grenada information
Christopher Columbus discovered Grenada in 1498. The island was already inhabited by the Carib Indians, who had migrated from the South American mainland, killing or enslaving the peaceful Arawaks who where already inhabiting the island. The Amerindians called their island Camerhogue, but Columbus renamed the island Concepcion. However,passing Spanish sailors found its lush green hills so evocative of Andalusia that they rejected this name in favor of Granada.The French then called it La Grenade, and the British followed suit, changing Grenade to Grenada (pronounced Gre-nay-da).
Subscribe to:
Posts (Atom)