London-based Dynamic Group is, however, optimistic that the Dubai project will commence as and when the market conditions allow it.

“We will announce the start of the construction in London in due time. Most probably within the year,” the developer said in an emailed statement.

Whilst in an email sent to investors worldwide, it said: “We are now close to starting construction on the first building in motion in London, which will become a world landmark.

“This building will be a ‘Centre of Excellence’ and an icon of future lifestyles and sustainability.”

The company website lists the London Dynamic Project as of profound relevance to a city reclaiming its role of ‘Center of the World’.

“As the city prepares to host for the third time the Summer Olympics in 2012, it wishes to bring this icon of future life to London, receiving its own rotating tower to serve as the landmark for the event, and an inspiration for generations to come,” it adds

Asked about its Dubai plan, the company said: “As far as Dubai - we will love to know... and we hope as soon as the conditions will allow it.

In March 2011, Emirates 24|7 reported that the developers of Dubai's Dynamic Tower, where each of the 80 floors will be able to rotate independently, are keen to put the project back on track.

“The Dynamic Tower in Dubai is on hold due to the current situation. Of course, Dr David Fisher and our team would be delighted to have the tower in Dubai on track,” Simona Casati, Press Office & Communication Manager, Dynamic Architecture Group, had said

The latest market insight report from Kay and Co, a London-based property market research specialist, shows that Middle Eastern applicants are up 50 per cent compared to the same time last year, accounting for 30 per cent of all sales applicants in the first three months of 2011

The report adds that the number of buyers originating from the Middle East has significantly increased in the wake of the Egyptian crisis and the wider unrest in the region.
Buyers are predominantly interested in properties with asking prices of over £5 million (Dh29 million).

Interim owners associations will be able to open and operate bank accounts in the next few months with the Real Estate Regulatory Agency (Rera) set to ink memorandum of understandings (MoUs) with three local banks, ‘Emirates24|7’ can reveal.

“We will soon be signing MoUs with three local banks. Since it is an entirely new service that the banks will have to provide, we have to give them time to fine tune themselves with our regulations. Hence, it will take some months for us to issue letters to IOAs which will allow them to open bank accounts,” Mohammed Khalifa bin Hammad, Senior Director, Rera, said.

“After we announce our MoUs with the three banks, we hope more banks will approach us and will offer this new service to IOAs.”

According to bin Hammad, the delay in IOAs getting legal status has been primarily due to the associations failing to submit the common area site plan, which is mandatory along with a Jointly Owned Property Declaration, a copy of annual general meeting and code of conduct certificate for IOA members from the local police.

He revealed that the IOAs, as and when they get to open the bank accounts, will not be allowed to do any transaction by cash or cheques — it will be a bank to bank transfer.

“It will be the responsibility of the banks to check and ensure whether the invoice raised by the owners association is to an authorized service provider for the building.”

In order to help the existing IOAs get legal status, the agency will help/grant exemptions, which will allow them to operate bank accounts.

“We plan to help IOAs fulfill certain conditions following which we may issue them a letter to open a bank account. However, we haven’t yet decided on how and when the plan will be implemented,” bin Hammad stated.

Dubai-based developer, Deyaar has unveiled plans to deliver four major projects this year, including three towers in Business Bay, Gulf News has reported. The projects, which include Fifty One @ Business Bay, the Burlington, Oxford Tower, which are all commercial properties located in Business Ba, and Oakwood Residency, a residential property located in the International Media Production Zone. Fifty One @ Business Bay will be the first to come online in February, followed by Oakwood Residency in March. The last two commercial projects will be delivered in the second half of this year. The projects will deliver a total of 1,080 residential and commercial units, said Deyaar.

“The full impact of the investor visa is still to be felt and with some uncertainty remaining over the actual physical award of visas to home owners and a lack of clarity to specific conditions relating to the inclusion of family members,” Matthew Green. Head of Research & Consultancy, UAE, CB Richard Ellis, told Emirates 24|7.

Craig Plumb, Head of Research Mena, Jones Lang LaSalle (JLL) says there was increased interest when this announcement was made back in June, but the fact that no details have subsequently been released has proven to be a negative.

“We have seen no visas issued under this new regulation yet – so it's not really helping the market.”

Murray Strang of Cluttons adds the three year visas for any property purchased above Dh1 million has not encouraged the influx of buyers we had expected, but has brought more confidence to market.

“We welcome any movement by the government to stimulate the property sector.”

In June, the UAE federal government has extended visa for real estate investors from six months to three years. This website had reported then that a number of services - such as applying for a local driving licence, personal loans and getting admission to schools – will likely be opened to holders of these visas. So far, no details of the new visa have been issued yet.

A Department of Naturalization and Residency Dubai call centre employee told this website that they had not received any update on the new visa and were still issuing six-month visa to property investors.

''A year on from our successful return to the UAE’s home finance market, our positive financial results confirm that Tamweel is firmly back in business,” said Abdulla Ali Al Hamli, Chairman of Tamweel.

“2011 witnessed significant success for Tamweel as evidenced by resuming new business origination and the resumption of share trading. With our solid financial footing and proven business model, Tamweel will continue to play a key role in supporting the long-term recovery of the country’s real estate sector.”

Key to the company’s success in 2011 has been the launch of a range of new products, including 'Home Finance Plus', the UAE’s first integrated home finance programme, which provides homeowners with a wide range of essential services, such as free residential maintenance and free relocation services at no additional cost.

Varun Sood, Acting Chief Executive Officer of Tamweel, said: “Tamweel recognises that the needs of end users have changed in recent years and, accordingly, we have developed products with the right mix of value added services and the highest level of after-sales support.

"Against a backdrop of tough global economic conditions, our pioneering approach has enabled us to recapture market share without sacrificing our commitment to booking a high-quality portfolio of end users and properties. Our success in 2011 is a strong reflection of the positive market sentiment towards the Tamweel business model.”

''As the flight to quality continues in 2012, there will be an emphasis on better quality projects across all sectors," the report said. "There will also be a greater distinction between winners and losers as performance will vary greatly with preferred buildings outperforming others in an increasingly two-tiered market."

With real estate values having fallen more than 60% in Dubai since 2008, JLL believes that prices are near the bottom but will still take another year to achieve growth across all sectors. "2012 will be the year of recovery for certain projects, while 2013 will be the year of recovery for the market as a whole," said Craig Plumb, JLL's head of research for the Middle East and North Africa.

In terms of supply, JLL predicts that 23,000 units will enter the Dubai market this year as developers continue to consolidate projects and focus more on commercial viability. The new stock is expected to further boost competitiveness and force developers to target needs of occupiers more closely.

"Lower prices, more choice of higher quality product and its role as a regional safe haven will increase the attractiveness of the UAE market to both occupiers and investors in 2012," Plumb noted. "We can expect 'more' positive signals from this year, with some of the key words being affordable housing... new realism, tenant friendliness and sustainability across the UAE real estate market."

Commenting on the UAE real estate market as a whole, Alan Robertson, JLL's CEO for the Mena region, said the sector is evolving into a more mature marketplace where valuations and property and asset management will become increasingly important for occupiers, developers and investors.

However, he also warned that the market will continue to be impacted by regional and global events. "As we enter 2012, the real estate sector will inevitably be susceptible to any potential geo-political changes within the region, with the recent escalation of rhetoric between Iran and the West being the major cause of uncertainty.

Alan Robertson, CEO, Jones Lang LaSalle MENA said: “2011 was a difficult year for real estate investors with most sectors of the market moving in the favour of tenants, with lower prices and rentals. While these trends appear likely to continue into 2012, the main trend for this year is likely to be an increasing polarisation within each sector of the market. As the performance of the best quality projects will improve, average prices are expected to decline further in 2012 within this increasingly two tier market.

“Beyond investment valuations and rentals, we are continuing to see the evolution of a more mature marketplace in the UAE where valuations and property and asset management, will becoming increasingly important for occupiers, developers and investors.

“The local real estate market will continue be impacted by regional and global events during 2012 as, the UAE is not immune from the on-going impact of the Arab Spring and the economic troubles of the Eurozone. As we enter 2012, the real estate sector will inevitably be susceptible to any potential geo-political changes within the region, with the recent escalation of rhetoric between Iran and the West being the major cause of uncertainty. The worsening European debt crises and its impact on the global economy will be the other major external challenge to the UAE real estate market in 2012.”

This is the fifth year that Jones Lang LaSalle has published its keynote research anticipating the major trends affecting and shaping the UAE real estate sector.

In publishing its 2012 report, Jones Lang LaSalle believes the following will be the key trends for the UAE’s real estate sector over the next twelve months:

More Realism: The UAE real estate sector will generally see more realism in 2012. With consolidation and rationalisation of projects, there will be more focus towards customer requirements and long-term commercial viability. In 2012, affordability will be to housing what budget hotels will be to the hospitality market. Banks are also expected to continue their more selective approach towards lending criteria.

More Choice: There will be more choice for occupiers and tenants in 2012. With significant levels of supply inflow in many sectors, the market is expected to increase in competitiveness which will lead to a wider spectrum of choices for tenants and occupiers this year.

More Sustainability: Globally, there is increased evidence that green buildings have a superior financial performance to others. Despite an increased awareness of the importance of sustainability within the UAE there remain few LEED certified projects. There is likely to be further green measures introduced but sustainability is not likely to be a real game changer in 2012 as the market will remain concerned with more pressing short-term issues.

More Management: The quality of estate management will be one of the factors determining winners and losers as it will be a critical factor in attracting tenants. There is likely to be a shift in emphasis from the management of individual assets to the management of the public areas within master planned projects in 2012

More Quality: As the flight to quality continues in 2012, there will be an emphasis on better quality projects across all sectors. There will also be a greater distinction between winners and losers as performance will vary greatly with preferred buildings outperforming others in an increasingly two-tiered market.

More Transactions: With increasing investor interest in the UAE market, a higher volume of transactions are expected in 2012, with this growth being driven by private investors and high net worth individuals rather than investment institutions. The majority of whole building sales will be in the residential sector, with a preferred asset price of Dh30-Dh70 million. There will remain few sales to institutional investors as this sector remains constrained by the shortage of investment grade stock and unrealistic asking prices.

These key trends are likely to have varied implications on different sectors of the UAE real estate market:

Office: The Abu Dhabi and Dubai office market will become more tenant friendly in 2012 as average effective rents continue to fall in both cities. Increasing realism among Abu Dhabi landlords will result in more leasing incentives offered to tenants with effective office rents falling more than in Dubai during 2012. There will also be portfolio optimisation due to improved space utilisation which will lead to reduced levels of required space and increased levels of sub lease space becoming available to the market.

Residential: In 2012, the UAE residential market will be characterised by variations in performance. These conditions will result in rent and price increases in some locations while remaining stable elsewhere but depressed in some places. This varied performance will apply between buildings of the same project and also between different units within the same buildings. In Dubai, villa projects are generally expected to outperform apartments this year.

Hospitality: The UAE hospitality market will benefit from continued investments in tourism related infrastructure like airports and airline fleet expansion in 2012. The Dubai hotel market will see improved performance while the Abu Dhabi market, which is currently some way behind the Dubai market in its cycle, will see performance stabilise after a period of decline in 2010 / 2011. The UAE’s safe haven status will continue to be a beneficial factor for the sector during 2012.

Retail: There may be repositioning and/or redevelopment of struggling retail centres as increasing competition continues to polarise centres into winners and losers in 2012. Poorer performing malls will need to be repositioned to remain competitive. Some mall owners may also need to consider converting shopping centers into non retail uses.

These key trends will also have a set of implications for the UAE’s major markets:

Abu Dhabi: There is ongoing rationalisation among real estate related government agencies like Aldar and Mubadala as the government rethinks its real estate agenda. Government financial support is being cut back as there is an increased emphasis on financial viability of projects across the board. This is resulting in delaying or scaling down of projects like Saadiyat Island and Capital District.

Dubai: In 2012, the impact of the Dubai master plan and increased infrastructure spending will have a direct impact on the real estate market. The introduction and evolution of business friendly government initiatives, such as the merger of free zone authorities and amendment of foreign ownership laws will also have a direct influence on sentiment.

Craig Plumb, Head of Research, Jones Lang LaSalle MENA concluded: “As the UAE real estate market continues to grow and evolve we will continue to see a shift in focus, with government and private sector players absorbing the new realities and characteristics of the market and rethinking their ‘big picture’ strategies.

“Financial viability will play an increasingly important role as the UAE real estate market becomes generally more realistic during 2012. Lower prices, more choice of higher quality product and its role as a regional safe haven will increase the attractiveness of the UAE market to both occupiers and investors in 2012.

“We can expect ‘more’ positive signals from this year, with some of the key words being affordable housing, budget hotels, infrastructure spending, estate management, selective stability, financial viability, new realism, tenant friendliness and sustainability across the UAE real estate market.”

In Abu Dhabi, prices are expected to fall further by around 15 per cent through 2012 while rents are also projected to dip by about 10 per cent, Global Investment House (GIH) said in a study.

“Digging into 2012, Dubai selling prices of residential units should bottom out by the first half of 2012 but is still off from a general price appreciation as the market will remain overflowed with excess supply and significant new inorganic demand is not expected in 2012,” it said.

“We expect the same for the office market as new supply equivalent to 20 per cent of existing capacity is expected to enter the market in 2012 and 2013.”

For the Dubai hospitality segment, GIH said it does not expect the improvements that took place during 2011 as a result of Arab political unrest to be extended further in 2012 but saw a more negative spell on leisure tourism and business travel from the overall negative global sentiment.

For the retail segment, it expected further stability as the absence of new future supply, adding that the firmness of rental rates and moderate vacancy rates during 2011 act as positive indicators in the near future.

In Abu Dhabi, 2012 is expected to see a further 15 per cent drop in selling prices of residential units and 10 per cent drop in rents as new supply continues to enter the market, the report said.

“We also expect further deterioration in the office market in Abu Dhabi as considerable new supply is currently in the pipeline pressuring both property prices and rental rates downwards.”

Its outlook for Abu Dhabi’s hospitality segment was also negative for 2012 given the new supply entering the market coupled with low demand for tourism and an already feeble performance in 2011.

GIH said the emirate’s retail segment was able to maintain stable performance in terms of rental rates in the absence of new quality supply but is expected to see further downward pressures going forward as several deliveries are scheduled in 2012 and 2013.

The report noted that despite several project cancellations and delays that took place in the UAE, 2011 proved yet another tough year for the Dubai and Abu Dhabi property markets as expected earlier on the year.

It showed average prices for residential units dropped by around 12 and 17 per cent in both markets respectively while apartment rents followed a similar pattern, moving down by nine and 12 per cent.

“The quarterly rate of decline, however, is starting to signal early signs of stabilization, with Dubai villa rents increasing slightly in the third quarter of 2011 while the pace of decline in apartment rents has decelerated significantly compared to the 2009 – 2010 period.”

Office rents also followed suit down 10 per cent on average in Dubai and 20 per cent in Abu Dhabi, reflecting the slowdown in business activity coupled with relentless new supply entering the two markets, leaving them with an estimated vacancy rate of 45 per cent in Dubai and 20 per cent in Abu Dhabi up from 40 per cent and 10 per cent at the end of 2010.

According to the website of a Dubai-based business magazine, the Palm’s security staff received a 22-page document, which held the names of 1,386 owners on the Shoreline development that have not paid their service charges in full.

“I cannot make everybody happy,” is what the Nakheel Chairman had to say last month when Emirates 24/7 asked him about the beach access fee to be imposed on residents of Nakheel’s Shoreline apartments on the Palm Jumeirah.

“Read your contracts. We checked legally ... went to Rera. We abide by the law and respect the law,” Nakheel Chairman Ali Lootah told this website.

“Owners or tenants living in these properties have now been denied access to any facilities, and were warned they could be arrested if they attempted to enter the pool and gym areas,” said a report on Arabian Business website today.

With a number of people staying in each of those apartments, the actual number of affected residents is likely to be around 3,000.

According to a resident-owner of a Shoreline apartment, from December 1 onwards, all residents have to produce a “new” photo access card to use the Shoreline facilities, while the guests will be charged on a “per day basis”. This includes beach access from the apartments.

Some residents have claimed that Nakheel plans to charge Dh5,000 a year to access facilities and plan to open up membership to non-tenants at Dh12,000 per year.

“We are using our old cards to access the gym, swimming pool and the beach, but from December 1, we will need to get our new access cards. The security will also have a log book and the names of the residents,” FS, an Iranian, who wished not to give his full name, told Emirates 24|7before the deadline.