London Dubai Overseas Property Investment

UAE-based Damac Properties has awarded the enabling works contract for its Lincoln Park project, based in Arjan in Dubailand, to International Foundation Group. The deal is valued at Dhs10.72m. In 2008 Damac has said that it will deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in the Executive Heights project at TECOM, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ.

Azizi Investments this week launches Almasa One, the second phase of its commercial offering Al Furjan in Dubai. The office tower has 162,452 sq ft of commercial space, in units of 1,250 sq ft and above. Azizi says it is targeting small and medium enterprises or branch locations for larger companies. It will include a 2,500 sq ft conference hall, parking and retail and restaurant facilities. In June, the company launched Almasa Two, claiming it sold out in one day.

Berlin City Centre, a Dhs1.2bn development in Majan, Dubailand, will be launched on 6 August. The project is made up of two buildings, a 22-storey residential tower and an office complex. The project is being developed by German Realty Asset Management.

A report by investment bank Morgan Stanley, quoted in the National newspaper, has warned that prices in Dubai are set to fall by as much as 10% by 2010 as new properties come online. The bank adds that the abrupt change in price growth could spill over into other major Middle Eastern economies.

Land transactions in Dubai has peaked on Sunday at Dhs330.11m with sales exceeding Dhs171.19m, Gulf News has reported. Dubai Land Department has recorded Dhs158.91m in mortgages and 17 sale transactions. Al Barsha First was sold for Dhs27.8m and was the biggest deal for the day.