Latest Real Estate News in UAE

Dubai Festival City launches second phase of expansion

Aug 31 ,2014, city : Dubai

 Dubai: The Al Futtaim Group owned Dubai Festival City has launched Phase Two of an expansion that will create space for retail and F&B outlets overlooking Dubai Creek.

There will be an enlarged Festival Square connecting with the dining locations set on the waterfront. Of Dubai’s existing malls, The Dubai Ma... more

Deyaar forays into DuBiotech with three-tower project

Aug 31 ,2014, city : Dubai

Deyaar Development on Sunday announced the launch of Montrose, a project comprising three towers (hotel apartment and two residential towers) in Tecom’s DuBiotech Life Sciences Cluster.

Deyaar’s latest development addresses the growing demand for residential and well-appointed serviced apartments in Dubai. The c... more

Omniyat, DSI launch residential project on Palm Jumeirah

Aug 31 ,2014, city : Dubai

Drake & Scull International, a publicly listed company on Dubai Financial Market, and Omniyat, a Dubai-based developer, have entered into a partnership to build a project located at the entrance of the Palm Jumeirah.

One at Palm Jumeirah, the project, which will debut at the forthcoming Cityscape Global, will be managed... more

Emaar to list at least 15% of malls business on DFM

Aug 31 ,2014, city : Dubai

Dubai-based real estate developer Emaar Properties today announced its intention to proceed with the sale of existing shares in Emaar Malls Group (EMG) via an initial public offering (IPO) on the Dubai Financial Market (DFM).

The property giant confirmed in a statement that it “expects to sell at least 15 per cent of ... more

Expo 2020 impact: Dubai developer plans 10 towers

Aug 31 ,2014, city : Dubai

Driven by the expected 25 million visitors to Dubai by 2020, Buroj Property Development, a real estate development company, plans to develop 10 serviced apartments across Dubai by next year, Emirates 24|7 can reveal.

“We are investing Dh700 million in four serviced apartment projects this year and we plan to add anoth... more

Investors fume and sweat in developer’s absence

Aug 28 ,2014, city : Dubai

Dubai: A developer’s association with a project does not end with the handover — as per the regulatory requirements, it has a 10-year liability for any major structural defect that may show up on the building.

But what are investors in the project — or tenants — to do when they find there is no devel... more

Eco-efficient home set to welcome first residents

Aug 29 ,2014, city : Dubai

 The Passivhaus at Barwa City will soon welcome its first residents - a typical family in Qatar who wants to live in an eco-efficient house with a number of eco-friendly features, Qatar Foundation's weekly publication Telegraph has reported.

The QF project - jointly implemented by Qatar Green Building Council (QGBC... more

Dubai ruler plans to build new 16-bed mansion on Scottish estate

Aug 29 ,2014, city : Dubai

Dubai's ruler Sheikh Mohammed Bin Rashid al-Maktoum is seeking to build a 16-bedroom mansion in the Highlands of Scotland, local media have reported.

Sheikh Mohammed, also vice-president and prime minister of the UAE, has asked planners for permission to build a lodge-style home on his 63,000-acre Inverinate Estate in W... more

Over 600,000 Saudis eligible for housing aid - ministry

Aug 28 ,2014, city : Dubai

More than 600,000 Saudi Arabian families have been found eligible for housing aid under a new scheme designed to ease a shortage of homes which has depressed living standards and is politically sensitive for the government.

Out of a total of 960,397 applications under the scheme, known as ESKAN, 620,889 were found eligible,... more

Build-to-lease strategy serves wasl well

Aug 27 ,2014, city : Dubai

 Dubai: There is one developer who goes about launching new projects, releasing units and filling the properties without any matching fanfare. It is a script that has served wasl — which oversees a substantial portfolio of properties available on lease in Dubai — quite well.

Look at the numbers — ther... more

Nakheel To Build 12-Storey Residential Tower For Lease In Palm Jumeirah

Aug 27 ,2014, city : Dubai

Dubai developer Nakheel announced that it building a new residential complex with 130 apartments for lease on Dubai’s Palm Jumeirah island.

The developer has awarded a contract worth almost Dhs75 million to UAE-based Trojan General Contracting to construct the 12-storey building, it said in a statement.

... more

Expo 2020 site starts to take shape in Dubai

Aug 27 ,2014, city : Dubai

You may not be able to see much from the road, but behind the vast huge wooden hoardings in Jebel Ali, workers are busy preparing to build Dubai’s 2020 Expo.

The 438-hectare site close to Dubai’s new Al Maktoum airport is in the final stages of site clearance as architects and designers put the finishing touches... more

Damac to sell second batch of Dubai villas at forest in the desert scheme

Aug 27 ,2014, city : Dubai

Damac has announced that it plans to start selling another tranche of villas in its vast Akoya golf course scheme on the outskirts of Dubai.

The London-listed developer sold 200 villas in one night at its Akoya Oxygen project earlier this month after revealing plans to plant a forest in the Dubailand desert to help sell the... more

Arabtec shares rise on speculation over Aabar upping stake

Aug 27 ,2014, city : Dubai

Arabtec jumped more than 8 per cent yesterday as investors bought up shares amid speculation that the Dubai contracting firm’s biggest shareholder Aabar Investments may increase its ownership.

Arabtec jumped 8.1 per cent during intraday trading, the highest one-day price jump since July 15, before shaving some its gai... more

Can new landlord give Abu Dhabi tenant 13% rent rise 6 weeks before lease ends?

Aug 27 ,2014, city : Abu Dhabi

We have been renting a villa in Abu Dhabi since October 1, 2012. In May this year we found out that our landlord intended to sell – we only found this out when agents came knocking on our door to show prospective buyers around. We had not been informed in writing by the landlord, or the agents involved, of his intention. Now, with j... more

Affordable housing in UAE: Townhouses for Dh650,000

Aug 24 ,2014, city : Dubai

Ever imagined buying a two-bedroom townhouse in Dubai or Abu Dhabi for Dh650,000?

Well, affordable housing could be a reality in the UAE soon, as Tasweek, an Abu Dhabi-based developer, plans to unveil details of its affordable housing complex project by the year-end, to coincide with its plan to launch a Dh1-billion initial... more

Aldar inks 607-apartment lease deal with UAE clinic operator

Aug 24 ,2014, city : Dubai

Aldar Properties said on Sunday it has secured a significant bulk deal to lease 607 apartments to Cleveland Clinic Abu Dhabi to provide accommodation for the hospital’s employees.

The leased units are at the Gate Towers development on Al Reem Island and the Al Rayyana development in Khalifa City.

Mohamm... more

Aldar signs bulk lease deal with Cleveland Clinic as Abu Dhabi housing shortage pushes rents higher

Aug 24 ,2014, city : Abu Dhabi

Cleveland Clinic Abu Dhabi has signed a deal with Aldar Properties to lease 607 apartments in the capital as an influx of new workers pushes housing rents even higher.

Aldar said that the agreement, which involves more than a quarter of the 2,120 homes the property developer has rented out through bulk leasing deals over th... more

Yas Island hotels benefit as Chinese tourist numbers soar

Aug 24 ,2014, city : Abu Dhabi

Yas Island’s hotels have had a bumper six months on the back of growing Chinese interest in the UAE as a tourist destination.

Average occupancy at Yas Island’s hotels rose in the first half of the year, hitting 84 per cent – up from around 70 per cent a year earlier, as a massive 14,000-person delegation f... more

Nakheel Appoints Consultant For New Mall At Jumeirah Village Triangle

Aug 24 ,2014, city : Dubai

Dubai developer Nakheel said that it has appointed international engineering consultancy Dar Al-Handasah to design its new two million square foot mall at Jumeirah Village Triangle (JVT).

The mall will be built alongside Dubai’s Al Khail Road, on the southern edge of JVT. It will feature one million sqft of leasable a... more

UK recovers $498,000 from sale of criminal's Dubai home

Aug 22 ,2014, city : Dubai

UK prosecutors have recovered more than £300,000 ($498,000) from the sale of a convicted drug trafficker’s home in Dubai in the first such confiscation involving the UAE.

The apartment in Dubai Marina was owned by Redwan El-Ghaidouni, who was convicted in March 2011 on drug importation and possession charges, th... more

UAE cities ranked 'below average' for living conditions

Aug 22 ,2014, city : Dubai

UAE cities have scored a below-average score in a global list ranking the cities with the best living conditions, it was announced on Tuesday.

The 2014 edition of The Economist Intelligence Unit’s Global Liveability Index ranked Dubai 78th out of 140 cities around the world, scoring 74 points out of a possible 100. more

Damac says first Akoya Oxygen homes sell out 'in record time'

Aug 21 ,2014, city : Dubai

Dubai-based Damac Properties has revealed that the first release of homes at its newest development in Dubai sold out in record time.

The developer, who announced the launch of Akoya Oxygen earlier this week, said all sales centres in Dubai dedicated to the project witnessed "huge numbers of clients and investors inter... more

Nakheel hands Dh146m contract for 84 town houses and 8 retail blocks at Jumeirah Islands

Aug 21 ,2014, city : Dubai

Nakheel has awarded a Dh146 million contract to build more houses and shops at its Jumeirah Islands development in Dubai.

New houses and a recreational centre at Jumeirah Islands are scheduled to be ready by 2016.

It awarded the contract to Abu Dhabi-based Metac General Contracting to build 84 town houses and... more

Azizi launches new project in Al Furjan

Aug 21 ,2014, city : Dubai

Azizi Developments, a Dubai-based developer, has launched Dh135 million Azizi.Iris Residence in Al Furjan master development.

“Construction work on the tower has been started and expected to be completed in December 2015,” Mohsen Kamel, Chief Executive Officer, Azizi Developments, said in a state... more

Dubai Water Canal: Safa Park partition complete

Aug 21 ,2014, city : Dubai

The partition of Safa Park has been completed, paving the way for further progress to the ongoing work of the Dh7.34-billion Dubai Water Canal project.

“The work started about a week back and is almost complete,” an official at Al Safa Park said, asking not to be named.

“A major portion of t... more

A turnaround comes too fast for stalled projects

Aug 20 ,2014, city : Dubai

 Dubai: The turnaround in Dubai’s property market had lifted sales values, rentals and investor sentiments. It did not just end there — over the last 12 months, the upturn had also managed to revive the fortunes of those stalled projects that were caught out by the downturn.

The moment an improvement in mar... more

Nakheel Repays All Dhs7.9bn Bank Debt Four Years Early

Aug 20 ,2014, city : Dubai

Dubai property developer Nakheel is repaying all of its Dhs7.9 billion ($2.15 billion) of bank debt as much as four years ahead of schedule, the company said in a statement on Wednesday.

The final instalment of the debt was to have come due in March 2018. Nakheel originally announced in June that it would repay its outstand... more

Can Dubai landlord set new rent rate after buying property?

Aug 20 ,2014, city : Dubai

I am the new owner of an apartment that had been rented out to a tenant by the previous landlord. The previous landlord gave him the “vacating notice” 12 months ago. Now that I am the new owner, the tenant wishes to continue staying there. Could you please advise: 1. If I can set a new rent rate (as per current market value)? ... more

Aldar receives wave of demand from corporate clients for Abu Dhabi property

Aug 20 ,2014, city : Abu Dhabi

Abu Dhabi developer Aldar Properties said it has received a strong wave of demand for long-term bulk lease deals from corporate clients.

The lease agreements signed with corporate clients currently include 2,120 units, the developer said.

Local and international companies have signed bulk leases at Al Rayyana... more

Azizi continues to bloom with new Dh135m Iris apartment block

Aug 20 ,2014, city : Dubai

In one more sign of the surge in Dubai property, Azizi Developments yesterday announced the launch of an apartment project valued at Dh135 million.

Named the Azizi.Iris Residence, the 99-unit project is to be located in Al Furjan near Discovery Gardens, the company said. It said that construction had begun and completion wa... more

Tasweek to expand into SE Asia after IPO

Aug 19 ,2014, city : Abu Dhabi

Tasweek, the Abu Dhabi real estate firm, expects to start projects in Thailand and Indonesia in the first half of 2015 shortly after it launches its initial public offering later this year.

Masood Al Awar, chief executive, said on Tuesday the company is wrapping up discussions with partners in each of the two Asian countrie... more

Aldar leases 2,120 units to corporate clients

Aug 19 ,2014, city : Dubai

Abu Dhabi: Real estate developer Aldar Properties, has seen a strong wave of demand for long-term, bulk lease deals from corporate clients, with 2,120 units signed for lease for a period ranging from two to 30 years.

In a statement released on Tuesday, Aldar confirmed that local and international companies have signed bulk ... more

Dubai's Damac expands Akoya brand with 'green' mega project

Aug 19 ,2014, city : Dubai

Dubai-based Damac Properties on Tuesday revealed plans to build a new project in Dubailand featuring what it called the "greenest living spaces" in the emirate.

Following last year's launch of Akoya by Damac, the developer has announced a second master development called Akoya Oxygen.

Spread ove... more

Dubai Investments Park leases nearly 1m sqft in first 6mths

Aug 18 ,2014, city : Dubai

Dubai Investments Park leases nearly 1m sqft in first 6mths

Dubai Investments Park [DIP] has leased over 950,000 square feet of warehousing facilities in the first six months of 2014.

This represents a 10.5 percent increase in warehousing leases between January and June 2014, compared to the same period last ... more

Nakheel Awards Dhs59m Infrastructure Contract For Al Furjan

Aug 18 ,2014, city : Dubai

Property developer Nakheel has awarded a contract worth almost Dhs59 million to Dubai-based Ghantoot Road Contracting for infrastructure work at its Al Furjan master community.

The contract includes the construction of a new road, modifications to existing roads and utilities network connection for more than 30 mixed-use pl... more

Nine-month deferred payment offer for Anantara Residences Palm Jumeirah

Aug 18 ,2014, city : Dubai

The Dubai developer Seven Tides is offering a deferred payment plan for investors at its luxury Anantara Residences Palm Jumeirah as residential property market in Dubai shows signs of a slowdown.

According to the nine-month plan, investors need to pay at least 20 per cent of the total unit price with the balance due after ... more

Indians splurge Dh10bn on Dubai property market

Aug 17 ,2014, city : Dubai

Indians, Britons and Pakistanis continued to remain the top three expatriate property investors in Dubai, according to Dubai Land Department (DLD).

Indians invested Dh4.523 billion in the second quarter of 2014, with a total of Dh10.523 billion for the first half of the year.

Britons were second on the list, ... more

Dubai tenant can be evicted for only 3 reasons: Legal expert

Aug 19 ,2014, city : Dubai

“This is a non-renewable contract and you will have to vacate the apartment on expiry of the contract.” A number of landlords in Dubai are putting this clause in the rent contract addendum.

Emirates 24|7 has reported that such clauses stand invalid legally and a tenant can file a complaint with the Rental Disput... more

Dubai’s Emaar says no decision yet on timing of malls unit IPO

Aug 15 ,2014, city : Dubai

Dubai’s Emaar Properties said on Thursday it had not yet taken a decision on the timing of an initial public offering of its malls business, which was expected later this year.

In a statement released on the Dubai stock exchange, the firm said details of the proposed listing would be announced in “due course&rdq... more

European developer launches UAE sales unit amid property boom

Aug 15 ,2014, city : Dubai

Preatoni, the European property developer which recently opened Preatoni Real Estate in Dubai, has said it has launched a dedicated sales division to handle the UAE realty market.

The Milan-based company, which has built tourism and residential complexes, hotels and leisure centres worth 2.5 billion euros in the MENA region... more

No annual rent hikes allowed in Sharjah

Aug 14 ,2014, city : Sharjah

 Dubai: Sharjah residents have been advised to report to the municipality any unnecessary rent increases imposed by their landlords.

An official from the Sharjah Municipality told Gulf News on Wednesday that landlords are prohibited by law to adjust housing rents every year.

New tenants are exempted from... more

How many millions do rich pay for villas on Dubai’s Palm Jumeirah?

Aug 15 ,2014, city : Dubai

Palm Jumeirah has notched the biggest villa deals in Dubai for the second consecutive quarter in 2014, with investors spending nearly Dh219 million on the six deals, data shared exclusively by with Emirates 24|7 reveals.

The costliest of the top 10 deals was completed for a Palm villa, which sold ... more

Your future office in UAE: Frictionless, locationless, flat?

Aug 15 ,2014, city : Dubai

Our working lives are at a point of inexorable change. Technologies are disrupting our traditional work patterns to such a degree that soon the term ‘office’ will become obsolete. In its place will be a new model for work – a flexible and collaborative environment where the mobile device is the tool around which everythi... more

Rich spend millions to buy villas on Dubai’s Palm Jumeirah

Aug 13 ,2014, city : Dubai

Palm Jumeirah has notched the biggest villa deals in Dubai for the second consecutive quarter in 2014, with investors spending nearly Dh219 million on the six deals, data shared exclusively by with Emirates 24|7 reveals.

The costliest of the top 10 deals was completed for a Palm villa, which sold ... more

Gulf Investors Pour Dhs19bn Into Dubai’s Property Market In H1 2014

Aug 13 ,2014, city : Dubai

GCC nationals invested upto Dhs19 billion in Dubai’s property market during the first half of 2014, according to figures from Dubai Land Department (DLD).

Emiratis accounted for the lion’s share of this figure with investments totalling Dhs12.5 billion – almost double the Dhs6.5 billion invested by other G... more

Former Arabtec chief Ismaik nets nearly $50m from share sales

Aug 13 ,2014, city : Dubai

The former Arabtec chief executive Hasan Ismaik has earned US$48 million from the sale of shares in the company over the past month.

Mr Ismaik has sold 41.8 million shares, at several different prices, and at an uneven pace over the eight trading days since July 23, data compiled from the Dubai Financial Market and Bloomber... more

Dubai landlord ‘forcing Discovery Gardens tenants to sign non-renewable contract’

Aug 13 ,2014, city : Dubai

Our building in Discovery Gardens, Dubai, is owned by a company and they force all tenants to sign an undertaking to vacate the apartment after completion of the one-year contract period. Upon renewal they then ask for the rent of their choice (ie the market rent) and they don’t follow the Rera index for rental increases. The landlo... more

Gulf investors splash out $5.1bn on Dubai property in H1

Aug 12 ,2014, city : Dubai

Gulf investors spent a total of more than AED19 billion ($5.17 billion) on Dubai's real estate market during the first half of 2014, according to figures released by the Dubai Land Department (DLD).

Emirati investment formed the lion's share of this figure, totalling AED12.5 billion, representing almost double the A... more

Dubai’s Damac Q2 Profit Up 18% As Property Sales Rise

Aug 12 ,2014, city : Dubai

Dubai luxury property developer Damac posted an 18 per cent increase in second-quarter profit and said demand for high-end property would remain strong, despite signs of a slowdown in the emirate’s wider real estate sector.

Damac made a profit of $253 million in the three months to June 30, while revenue rose 37 per c... more

Damac puts up strong numbers ahead of Dubai Financial Market listing

Aug 12 ,2014, city : Dubai

Damac recorded a strong second quarter ahead of its listing on the Dubai Financial Market, and predicted it would deliver more than 4,000 properties by the year’s end.

The company recorded US$819 million in off-plan sales, up 32 per cent year-on-year.

This comes as a resurgence in enthusiasm for real es... more

No rent hike for two years post first rent increase in Sharjah

Aug 12 ,2014, city : Sharjah

Landlords in Sharjah are not allowed to raise rents for two years post the first increase, according to Sharjah Municipality.

“The lessor shall not increase the rent again until after the expiration of two years from the date of the first increase, the municipality, @shjmun, said in a tweet.

The first i... more

Which GCC nationality most active in Dubai property market?

Aug 12 ,2014, city : Dubai

Investment by UAE nationals in Dubai’s real estate market touched Dh12.5 billion in the first half of 2014, making them the top Gulf Cooperation Council (GCC) investors, according Dubai Land Department data.

Investors from other GCC countries — Bahrain, Kuwait, Qatar, Oman and Saudi Arabia — pushed in anot... more

Rentals likely to go up 10 percent annually until 2022

Aug 11 ,2014, city : Dubai

Rents of commercial space and residential units are expected to witness a phenomenal growth in the coming few months.

Rentals, which saw a slight pull back ahead of the summer vacation, are expected to recover in the coming months.

The market dynamics in Qatar's real estate sector is fast changing. Rents ... more

Work under way at first residential project on Abu Dhabi’s Al Maryah Island

Aug 11 ,2014, city : Dubai

The Taiwanese developer Farglory, which is working on a luxury residential project on Al Maryah Island, is bullish on prospects in the capital, a top executive from the company said yesterday.

The lack of quality real estate and the fact that “Abu Dhabi is in the infancy of the development cycle” also make the m... more

‘Palm Jumeirah’ to be built in England

Aug 11 ,2014, city : Dubai

 England will soon have its own version of Dubai’s Palm Jumeirah if plans are given the go-ahead.

A UK-based real estate tycoon has looked to Dubai for inspiration to further develop a small peninsula on the south coast of England and save it from rising sea levels.

Eddie Mitchell, 59, a resident i... more

Tenants' right to reject rent contract

Aug 11 ,2014, city : Dubai

Existing and new tenants have the right to reject a rent contract if the landlord has added conditions through an addendum that contravene the law, according to Dubai Land Department (DLD).

“The supplements or additional conditions added to rental contract should be only in case of issuing of a new contract to a tenan... more

UAE-Based ACC Wins Construction Contract For Emaar Square In Jeddah

Aug 10 ,2014, city : Dubai

UAE-based Arabian Construction Company (ACC) announced that it has won the construction contract to develop Emaar Square, a major commercial project in Jeddah.

The value of the contract, awarded by developer Emaar Middle East – a subsidiary of Emaar Properties – was not disclosed.

Under the agreem... more

Arabian Construction wins Dh147 million Emaar Square project in Jeddah

Aug 10 ,2014, city : Abu Dhabi

The Abu Dhabi-based Arabian Construction Company has won a 150 million riyal (Dh146.9m) contract to develop the commercial district Emaar Square in Jeddah.

Emaar Middle East, a subsidiary of Dubai’s Emaar Properties, awarded the contract for the development in its Jeddah Gate community project. Arabian Construction Co... more

Dubai-owned developer Meraas may launch IPO

Aug 10 ,2014, city : Dubai

Dubai’s Meraas Holding is considering launching an initial public offering, sources close to the company have claimed.

Three sources told the Wall Street Journal the Dubai government-backed real estate firm has sent requests for proposals to several banks looking for advice on how to boost the company’s capital,... more

High-end ‘micro-flats’ latest trend for Hong Kong home buyers

Aug 10 ,2014, city : Dubai

 Hong Kong: At a glitzy show stall for a new residential development in Hong Kong, property agents with loudspeakers are promoting the latest trend in the overcrowded city — high-end “micro-flats” which still come with an eye-watering price tag.

Hong Kong’s poorest residents are used to making t... more

Dubai's Danube launches new real estate arm

Aug 8 ,2014, city : Dubai

Dubai-based conglomerate Danube Group has announced its first foray into the UAE's real estate sector with the launch of Danube Properties, a wholly-owned subsidiary of the country's biggest building materials supplier.

Danube Properties also declared legendary Indian cricketer Sunil Gavaskar as its brand ambassador... more

UAE's Tiger Properties launches new $55m project in Dubai

Aug 8 ,2014, city : Dubai

UAE developer Tiger Properties has announced the launch of its latest construction project in Dubai, called Al Manara Tower, which is being built in Jumeirah Village Circle.

The total cost of the project is expected to exceed AED200 million ($55.4 million) by the time of its completion in 24 months, Tiger said in a statemen... more

Tenants in Abu Dhabi facing rent rises of up to 40%

Aug 7 ,2014, city : Abu Dhabi

 Some of the tenants said the increase will force them into finding alternative accommodation.

Indian expat Anwar Karam, a resident of Khalidiya, said that he and other tenants in his building received a letter from the real estate firm managing their building notifying them that rent for their three-bedroom apartments... more

Shah Rukh Khan in talks to revive RAK project

Aug 7 ,2014, city : Dubai

Bollywood star Shah Rukh Khan has revealed he is actively trying to revive a multi-billion dollar development bearing his name in Ras Al Khaimah, which was axed during the financial crisis.

Shah Rukh Khan Boulevard, at the time a $2.2 billion residential development on Dana Island, was to be the actor’s first endorsem... more

Tiger Properties launches Dh200m Al Manara Tower in Jumeirah Village

Aug 7 ,2014, city : Dubai

Tiger Properties, a property developer in the UAE, has announced the launch of Al Manara Tower in Jumeirah Village Circle at a cost of over Dh200 million.

The project is expected to complete in 24 months.

Construction work on Al Manara Tower has already reached 20 per cent and once finished, the premium lifes... more

Dh200m mixed-use tower launched in Jumeirah Village

Aug 7 ,2014, city : Dubai

A UAE-based property developer has announced the launch of Al Manara Tower in Jumeirah Village Circle at a cost of over Dh200 million.

The project, launched by Tiger Properties, is expected to complete in 24 months, the developer said in a statement.

It added that construction work on the tower has already re... more

Shah Rukh Khan provides input for luxury homes aimed at UAE expats

Aug 6 ,2014, city : Dubai

DUBAI // Affordable luxury homes with the kitchen central to the design structure is the creative input from Bollywood movie star Shah Rukh Khan to a new gated community of villas and apartments in Dubai.

“My contribution was the wish that it should be affordable townhouses,” Khan said at the launch of the Dh2.3... more

World Islands off Dubai coast show signs of progress as seaplane deal is struck

Aug 6 ,2014, city : Dubai

The Dubai developer behind the Heart of Europe project in The World Islands has tied up with a seaplane tour operator in a sign that the project is inching towards a stage where it can attract tourists, albeit from 500 metres up.

Announced in 2009, construction at the Heart of Europe restarted late last year after legal wra... more

SKAI secures $252m sales for luxury Dubai hotel, suites project

Aug 6 ,2014, city : Dubai

SKAI Holdings, the Dubai-based real estate investment company, said on Wednesday it has secured AED927m ($252.4m) worth of sales for its new hotel project in Jumeirah Village Circle.

SKAI Holdings officially launched the AED1.2bn project in June and has already sold all available hotel rooms and serviced apartments in the 6... more

TDIC seeks contractors for nine Saadiyat blocks

Aug 6 ,2014, city : Abu Dhabi

Abu Dhabi's governmnent-owned Tourism Development & Investment Co (TDIC) has called for contractors interested in building a major residential project at Saadiyat Island to pre-qualify for the work.

TDIC, which is the master developer of Saadiyat Island, is looking for a main contractor to build nine new multi-store... more

Office demand in Abu Dhabi coming along nicely

Aug 6 ,2014, city : Abu Dhabi

 Dubai: Concerns about a persistent oversupply in Abu Dhabi’s prime office realty seem to have been grossly misplaced. Latest data from Knight Frank indicates that vacancy rates have dipped to 30 per cent in the first-half of the year — from 35 per cent in the previous six months — within the emirate’s commerc... more

Britons get to buy Dubai property at their doorstep

Aug 6 ,2014, city : Dubai

Londoners will get the chance to meet Dubai developers when Sumansa Exhibitions, the organiser of Indian Property Show, will host their first “Dubai Property Show” in London early next year.

"We believe London is the best place to showcase Dubai properties as they have interest in buying homes in the emirat... more

Dubai tenants reprieve: No eviction even if you have signed a non-renewable contract

Aug 6 ,2014, city : Dubai

There is good news for tenants in Dubai. You can’t be evicted that easily on the pretext that you have signed a non-renewable contract with your landlord.

Tenancy contracts issued with non-renewable clause are invalid, according to a tenant who got a decision in his favour from the Dubai rent dispute s... more

Regulations Make Dubai Property Sector “Stable” For Foreign Investors

Aug 5 ,2014, city : Dubai

Government regulations such as increased property transfer fees and reduced loan-to-value ratios have made Dubai’s real estate sector a “stable place” for foreign investors, an industry expert said.

“I think (the property) market is becoming more stabIe and I believe that authorities have effectively... more

Damac buys Dubailand plot for $513m

Aug 5 ,2014, city : Dubai

Dubai real estate developer Damac has bought 55 million square feet of land in Dubailand for $513 million, the company said in a statement to the London Stock Exchange.

The acquisition would be financed with some of the $650 million raised in a sukuk during the second quarter this year.

Dubailand was a major ... more

Nine new multi-storey residential properties in the pipeline for Saadiyat Island

Aug 5 ,2014, city : Dubai

The skyline at Abu Dhabi’s Saadiyat Island is set to become more crowded as its master developer, Tourism Development and Investment Company, looks to add new multi-storey residential properties to the island.

TDIC is seeking pre-qualification bids ahead of a tender for construction work on nine buildings on three plo... more

Property developers look to Indian celebrities to sell homes to UAE expats

Aug 5 ,2014, city : Dubai

DUBAI Property developers are turning to sports stars and Bollywood celebrities to persuade wealthy Indian expatriates to invest in their projects.

The former cricketer Sunil Gavaskar and movie star Shah Rukh Khan are the latest to sign up as “ambassadors” for housing developments in Dubai.

Khan a... more

Which community registered the costliest apartment deals in Dubai?

Aug 4 ,2014, city : Dubai

Downtown Dubai, home to the world’s tallest tower, Burj Khalifa, and one of the largest malls in the world, Dubai Mall, registered the biggest property deals in the second quarter 2014.

An apartment in The Address Downtown Hotel (Lake Hotel), Downtown Dubai, sold for Dh35 million, topping the list of 10 costliest apar... more

Dubai's Emaar Q2 profits up 29%, despite property sales dropping

Aug 4 ,2014, city : Dubai

Dubai's largest developer Emaar Properties reported a 28.6 percent rise in second-quarter net profit on Monday, marginally beating forecasts, but revenue from property sales in the emirate dropped.

The builder of the world's tallest tower Burj Khalifa made a net profit of AED868 million ($236.3 million) in the three... more

Dubai real estate market will peak in 2015, says property boss

Aug 4 ,2014, city : Dubai

The rise of Dubai's fast-growing residential real estate market is likely to peak in 2015, but will not suffer the same dramatic pitfall seen in 2008 and 2009, a leading Dubai real estate boss has forecast.

“We do a lot of analytics and we do a lot of market research. We know that every eight or seven years there ... more

Abu Dhabi’s Aldar Properties Q2 Net Profit Up 168%

Aug 3 ,2014, city : Abu Dhabi

Aldar Properties, Abu Dhabi’s largest real estate developer, reported a jump in its second-quarter net profit on Sunday, after excluding one-time merger gains in the corresponding period last year.

The builder of Abu Dhabi’s Formula One race circuit made a quarterly profit of Dhs506 million ($138 million), up 16... more

Handovers at Abu Dhabi’s Gate Towers drive Aldar Q2 profit jump

Aug 3 ,2014, city : Abu Dhabi

The Abu Dhabi developer’s net profit rose 12 per cent to Dh506 million compared with the first quarter this year. Compared with a year earlier, profit was 168 per cent higher when excluding one-time merger gains. Year-on-year revenue rose 74 per cent to Dh2.19 billion compared with a year earlier.

Aldar’s shares... more

Aldar Q2 profit surges 168% to Dh506m

Aug 3 ,2014, city : Dubai

Aldar Properties today announced a net profit of Dh506 million for the second quarter of 2014, an increase of 168 per cent from Q2 2013 after adjusting for one time effects booked at the time of the merger with Sorouh.

Revenues for Q2 2014 totalled Dh2.194 billion, up 74 per cent from Q2 2013.

The net profit ... more

RAK Properties H1 profit inches up to Dh52m

Aug 3 ,2014, city : Dubai

RAK Properties, listed on the Abu Dhabi Stock Exchange, net profit for the first half of 2014 inched up to Dh52 million, the company said in a statement today.

The reported figures showed a slight increase from the Dh51m posted over the same period in 2013.

The property developer reported revenues of Dh149m w... more

Revealed: average Abu Dhabi apartment, villa price tags

Aug 1 ,2014, city : Dubai

The average price of a studio apartment in Abu Dhabi stands at AED689,000 ($187,580), according to new research by the UAE's property search website,

The website also revealed that an average one-bedroom apartment in the UAE's capital city costs AED1.3 million and a two-bedroom apartment carries a... more

Dubai’s Luxury Property Price Growth Slows Sharply In Q2

Aug 31 ,2014, city : Dubai

Growth in prices of residential luxury properties in Dubai fell to 6.3 per cent year-on-year in the second quarter of 2014 from 11.7 per cent in the previous quarter, according to the prime global cities index released by property consultancy Knight Frank.

“The mortgage cap and doubling of transfer fees at the end of ... more

Busy end of year for UAE stock markets

Aug 31 ,2014, city : Dubai

With developer Damac preparing a Dubai listing and a massive IPO by Emaar’s retail unit which operates the Dubai Mall expected – the fourth quarter of this year is shaping up to be a busy period for local markets.

However, bearish sentiment is building as investors raise concerns over the high valuations current... more

Interior packs a punch at this apartment at Dubai’s World Trade Centre Residence

Aug 31 ,2014, city : Dubai

Dubai apartments often have views, which is hardly surprising given that it’s a city that prides itself on its ability to scale new heights.

If you are selling or buying an apartment the view becomes integral to the overall value, and this apartment in Dubai’s World Trade Centre Residence is at the heart of the ... more