Abu Dhabi unveils 12-point financial plan

Further training and a development of IT resources are among a 12-point financial plan released by the government of Abu Dhabi on Monday. The Department of Finance (DoF) said the five-year scheme was designed to fit in with the economic aims of the Emirate’s overall policy agenda.

The new strategy was unveiled at the Emirates Palace by His Excellency Hamad Al Hurr Al Suwaidi, the department’s undersecretary, and His Excellency Mohammed Sultan Al Hameli. HE Hamad Hurr Al Suwaidi said the objectives were

“to provide the community with the highest standards of living and economic prosperity.”

The document is likely to draw the attention of real estate investment professionals with interests in Abu Dhabi, which is expected to hit a GDP of $300 billion ( by 2025 ) by development of non-oil sectors.

HE Hamad Hurr Al Suwaidi added:

“The DoF Strategic Plan supports the Abu Dhabi government’s policy agenda to achieving economic growth by providing financial best practices.

“It signals the proactive participation of the DoF in the overall developmental goals of Abu Dhabi, which will be marked by the three key pillars of competitiveness, excellence and pioneering initiatives.”

The 12 priorities call for implementing the latest technologies, further boosting the skills of DoF employees, adopting world-class financial and accounting systems, providing policy advice to government, and aligning strategy with financial planning and budgeting.

Rock-bottom starting bids at US foreclosure auction

Huge discounts on houses were up for grabs over the weekend at a US foreclosed homes auction featuring more than 300 lots. KWGN reports thousands of people attended the Colorado event, held in Denver and organised by Real Estate Disposition Corporation (REDC).

Starting bids were reportedly as low as $1,000 (£511) on houses valued at more than $100,000 (£51,140), allowing some first-time buyers to pick up a property investment bargain. Quoted by KWGN, REDC Vice President Mary Quella said:

“It’s no secret that foreclosures have increased year over year, it is definitely a problem and there is a lot of inventory out there.”

Last Thursday the Colorado Division of Housing said new foreclosure filings in Colorado were 23 per cent higher during the first quarter of 2008 than during the same period last year. The division said:

“Statewide, there was one foreclosure filing for every 159 households, with the highest foreclosure rates found in the Denver metro area and in Weld County.”

Officials added foreclosure sales rates were actually falling because of a recent change to the foreclosure process which took effect on January 1. The change meant no foreclosure filed after January 1 could proceed to sale before April 30, creating a dip in sales during March and April.

Historic land turned into unique riverside homes development

A UK property developer is using land once owned by an abbey and later by a football club to create a unique housing site. Barratt Homes has released details of its latest batch of new homes for sale at Severn Meadow, Shrewsbury.

Residents of the unique site have the added luxury of being able to stroll along the banks of the river Severn, just beyond their own private landscaped gardens. Barratt said:

“Occupying land once used as gardens by Shrewsbury Abbey, and later occupied by Shrewsbury Town Football Club, Severn Meadow is surrounded by well-established trees supporting a wide range of wildlife.”

A mixture of three-storey townhouses and apartment blocks, the site is designed to fit in with the 18th century trends of some of the town’s older homes. The firm added the development is being built well above the Severn’s highest recorded flood levels after talks with the Environment Agency and council planners.

The site and its layout were designed by local architect Andrew Arrol, who included a series of open-ended rectangular ’squares’ similar to those in Brighton, Bath and Bristol. Off-plan reservations have now been made available, with current market prices at around £464,950 for a four-bedroom townhouse with a balcony.

English new build figures fall as mortgage market tightens

English developers began building around 32,000 new homes in the first quarter of 2008, government figures have revealed. The Department for Communities and Local Government puts the January to March new build figure at 32,100 new home starts. This is almost 25 per cent less than the number of new build starts recorded for the same period in 2007.

Government target in question

It is thought the impact of the credit crunch and a tightening of the UK mortgage market could be to blame for the slump, which poses questions for the government’s target of 240,000 new homes a year by 2016. Housing minister Caroline Flint said:

“It’s important to remember this is a long-term target, and the fundamentals for a healthy housing market over the long term are in place.”

Ms Flint added the 2016 target is

“challenging but remains achievable.”

Figures showed the number of housing starts was highest in the South East and lowest in the North East, with the pattern of housing completions across the regions very similar to the trends in starts.
Latest figures for 2006 to 20007 show the current new housing additions figure reached 199,200.

The biggest new build falls were experienced in the North West, Yorkshire and the Humber, the East Midlands and London.

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