Real estate related economic and financial news covering the MENA region.
Abu Dhabi developers perform mixed, as real estate prices decline in UAE capital
Jul 04, 2012
The ADX General Index gained 0.30% to close at 2,473.62 points Wednesday. Telecom firm Etisalat added slightly, ending at Dhs9.21. Earlier in the day, Etisalat said in a statement to the ADX that the Bombay High Court has named Indian law firm Solomon & Co. to take over temporarily Etisalat's Indian unit Etisalat DB Telecom Pvt Ltd. Since 2010, Etisalat DB has been in a legal dispute with India's telecom regulator for allegedly violating 2G licensing procedures in the country. Etisalat terminated its operations in India on March 31 2012. Shares of merger candidates Aldar Properties and Sorouh Real Estate closed 0.88% higher and 0.96% lower, respectively. Earlier in the day, Dubai-based real estate service provider Asteco said that in the first half of 2012, "areas such as Shams Abu Dhabi, Al Raha Beach and Marina Square experienced an overall decline of around 4% averaging Dhs10,600 per square metre.
Meanwhile four-bedroom villas at Al Raha Gardens dipped by 7% to Dhs3.2m (Q1 versus Q2) while Al Reef bucked the trend, increasing in value by 2%, fetching Dhs1.3 to Dhs2m for three and five-bedroom units respectively."