Latest Real Estate News in UAE

Key currency fluctuations 'linked to Dubai's H1 property price drop'

Aug 31 ,2015, city : Dubai

Fluctuations in Indian, British and Pakistani currencies during the first eight months of 2015 have impacted Dubai's real estate, according to a new report.

Phidar Advisory's latest residential research note showed that house prices in the third quarter of 2015 continued to decline, compared to the previous quarter.... more

Dubai rent index update now only once a year: DLD

Aug 31 ,2015, city : Dubai

The official Dubai rent index is no longer being updated every four months, as done since 2009 when it was launched,  Dubai Land Department (DLD) confirmed to Emirates 24|7.

“The rental index now is being updated once per year, starting from 2015,” the DLD said in an emailed statement sent to this website.<... more

Apartment on short-term lease in Dubai? Dh100,000 fine if not licenced

Aug 30 ,2015, city : Dubai

Are you leasing your apartment on a short-term basis in Dubai?

If so, then apply for a licence now, or you will face a fine that could go up to Dh100,000.

A regulation issued under Decree No. (41) of 2013, regulating the activity of leasing out holiday homes in Dubai, stipulates offenders can face fines of up... more

Dubai Properties Group revenue to rise in 2015, claims new CEO

Aug 30 ,2015, city : Dubai

Dubai Properties Group (DPG), a real estate developer owned by the emirate's ruler, will increase its revenue in 2015 and a rising population will help support residential prices, the company's chief executive said on Sunday.

After a rocky few years around the turn of the decade when the global financial crisis help... more

UAE investors expect market to grow over next 12mths – survey

Aug 30 ,2015, city : Dubai

The organisers behind next week’s Cityscape Global in Dubai have released a survey suggesting most investors expect the UAE’s real estate market to grow over the next year, contrary to analysts’ expectations.

More than half of home buyers (54 percent) are positive about the continuing growth of the Dubai r... more

Dubai's first Dukes branded hospitality project 80% sold

Aug 29 ,2015, city : Dubai

Dubai-based luxury property developer Seven Tides has said that its plans open its first property in the Middle East under its “quintessentially British” Dukes brand has been met with strong investor demand.

Dukes Oceana, located on Palm Jumeirah next to Oceana Beach Club, will comprise a five-star 273-room hote... more

Dubai property prices forecast to fall further in H2

Aug 29 ,2015, city : Dubai

Residential property prices in Dubai are down by 11 percent in the second quarter of this year compared to the year-earlier period, according to a new report.

Research intelligence firm ValuStrat said it has seen a steady decline in property values since the peak last year, adding that the rate of decline is easing and is e... more

Dh52bn in Dubai property: Developers to go to Mumbai to tap Indian buyers

Aug 28 ,2015, city : Dubai

Thirty-five property developers from Dubai are going to Mumbai, India, to tap the emerging investor category that is looking to buy properties aboard.

Indians alone have invested a whopping Dh51.8 billion in Dubai’s property market since 2012 to mid-2015, according to data collated by Emirates 24|7 from Dubai Land Dep... more

UAE's $47m plan to develop its UN base in New York

Aug 27 ,2015, city : Dubai

The UAE’s Permanent Mission of the UAE to the United Nations has acquired two properties either side of its base in New York’s Upper East Side.

New York’s Daily News reports that the UAE acquired the property for a combined to total of $47.25 million during the past year.

The properties are ... more

Dubai, Mumbai vie to build world's tallest commercial tower

Aug 27 ,2015, city : Dubai

The developer of Burj 2020, billed to be the world’s tallest commercial tower, has commenced the groundwork on its mega skyscraper in Dubai.

Though Dubai Multi Commodities Centre (DMCC) has laid claim to the title, yet not disclosing the tower height, or number of storeys, an Indian federal government ministry has unv... more

Hamdan endorses resolution on real estate appraiser profession

Aug 26 ,2015, city : Dubai

Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, endorsed on Wednesday the Resolution No. 37 of 2015 on the regulation of real estate appraiser profession.

The move aims to restrict the profession to qualified real estate appraiser and those listed in the database... more

UAE developers shrug off low oil prices, stocks crash

Aug 26 ,2015, city : Dubai

UAE developers are not in a mood to put the brakes on their development plans even though global stock markets have collapsed and oil prices are in a slump.

Oil prices dropped by more than seven per cent to close at $42 a barrel on Monday after a rout on global equity and commodity markets. Despite the global economic worri... more

Sharjah unveils Dh20 billion city of 200 towers, 1,100 villas...

Aug 25 ,2015, city : Sharjah

A new waterfront city is being built in Sharjah at the cost of between Dh18.5 billion and Dh20 billion that will accommodate 200,000 people upon completion of 10 natural islands, which will be connected by bridges and canals, Emirates 24|7 can reveal.

Comprising 10 islands, Sharjah Waterfront City will be spread across 36 k... more

Dubai property slowdown due to tighter rules, not oil slump

Aug 26 ,2015, city : Dubai

Dubai's tighter property rules aimed at preventing a housing bubble are the main cause of a slowdown in the emirate's real estate sector rather than a sustained drop in oil prices, industry experts said.

Dubai has a low reliance on oil despite hydrocarbons providing three-quarters of the United Arab Emirates' co... more

More Dubai real estate agents to close, merge, brokers warn

Aug 26 ,2015, city : Dubai

More Dubai real estate agencies are expected to merge or close down before the end of the year as intense competition puts pressure on margins, industry members have told Arabian Business.

The slowdown in sales volumes as the market stabilises has caused margins to decline by as much as half, as brokers fight to close the f... more

Sales slow in Dubai as property market cools

Aug 24 ,2015, city : Dubai

Dubai’s property market continued to dampen in the first half of 2015 as the strong dollar made purchases costlier, a new analysis shows.

Bayut.com’s UAE Market Report for July said residential sales activity slowed in anticipation of additional units expected to enter the market over the next few months, stabil... more

Dubai's costliest apartment: Dh181 million @ One on Palm Jumeirah

Aug 23 ,2015, city : Dubai

A Dubai developer is seeking Dh181 million for a penthouse in a Dh2-billion tower on the Palm Jumeirah, making it the most-costliest apartment up for sale in the emirate.

The unit is listed by Omniyat Properties in the One at Palm Jumeirah.

The listing on its website reveals the 42,477.58 square feet penthous... more

$190.5m Dubai affordable homes project sees strong demand

Aug 22 ,2015, city : Dubai

The first phase of a $190.5 million affordable housing project in Dubai has reported strong sales with 80 percent of properties snapped up.

MAG 5 Property Development, a company formed jointly by MAG Property Development and MBM Holding, said its MAG 5Boulevard project is scheduled for completion in the first quarter of 201... more

Abu Dhabi office rents forecast to rise on limited supply

Aug 22 ,2015, city : Abu Dhabi

Abu Dhabi has seen office space enquiries fall during the first half of 2015 as lower oil prices fuel uncertainty, according to a new report by Knight Frank.

Its Abu Dhabi Office Research Report said the main demand for offices during the first six months of the year was for between 200 sq m and 500 sq m (50 percent of tota... more

83% of Dubai residents complained of maintenance issues in H1

Aug 22 ,2015, city : Dubai

More than 80 percent of Dubai residents faced at least one maintenance problem with their property in the first half of 2015, according to a new survey.

MoveSouq.com, the online portal that connects residents to home service providers, said nearly 50 percent of respondents suffered problems with air conditioning units, maki... more

Bentley to design Dh40m villas on Dubai's Sweden island

Aug 21 ,2015, city : Dubai

The Armanis, Versaces and Bulgaris of the world have already entered Dubai’s luxury real estate market, now Bentley is steering in to design luxury villas on The World islands.

Kleindienst Group, developer of The Heart of Europe (THOE) on The World, has teamed up with Bentley Home for the 10 luxury villas on the Swede... more

$15m villas on Dubai's Sweden Island ready by end-2016

Aug 21 ,2015, city : Dubai

Villas on Sweden Island, a component of the Heart of Europe development which makes up part of Dubai's The World Islands project, will be completed by the end of 2016, it has been announced.

Excavation has commenced on Sweden Island and concrete work is about to begin, its developer said in a statement.

T... more

Iconic Dubai Opera set for completion in March 2016

Aug 20 ,2015, city : Dubai

Dubai’s grandest attractions among many under construction, Dubai Opera, which will be the centerpiece of the Opera District in Downtown Dubai årea, is set for completion in March 2016, according to its developer.

“The scheduled completion for Dubai Opera is March 2016 with concrete, steel structure, block... more

Weak rouble makes UAE property costlier for Russians

Aug 18 ,2015, city : Dubai

A weakening rouble against the US dollar has made Dubai property costlier for Russian investors by almost 60 per cent, according to a report.

In a report titled, ‘Dollar and Sense’, Unitas and Reidin.com said: “At the higher end of the market, which has been historically reliant on foreign inflows, the pri... more

UAE portal launches first off-plan property sales platform

Aug 17 ,2015, city : Dubai

Lookup.ae, a real estate information portal in the UAE, has formally launched its first property search service which gives potential buyers access to off plan properties.

The Off-Plan Properties Search allows buyers from all over the world to find under-construction properties for sale in Dubai directly from the developer ... more

Dubai's Sweden Island set to launch $15m luxury villas

Aug 17 ,2015, city : Dubai

Developers behind the Sweden Island, which forms part of Dubai's The World project, will launch sales of villas this week, with prices starting at ADE55 million ($15 million).

The pre-sale event for the new Sweden Villas, which are furnished by Bentley Home, the furnishing arm of the luxury car brand, will take place on... more

Developer chases UK investors for luxury Dubai project

Aug 16 ,2015, city : Dubai

Dubai-based developer Meydan Sobha has unveiled its multi-billion dirham Mohammed Bin Rashid Al Maktoum City – District One project to the UK market, hosting a reception at London’s prestigious Dorchester Hotel.

The invitation-only event, the first in a series of private events being hosted across the UK, Europe... more

26 new property projects approved in Abu Dhabi

Aug 16 ,2015, city : Abu Dhabi

The total floor area of developments given the green light more than tripled in the second quarter of 2015 compared with the first quarter 2015, according to figures released by the Abu Dhabi Urban Planning Council (UPC) on Sunday.

The UPC announced that 26 development projects spanning a total gross floor area (GFA) of 2.3... more

Rents for studio apartments in old Dubai rise by up to 18%

Aug 14 ,2015, city : Dubai

Rentals in old Dubai are rising, with studio units in Deira reporting an 18 per cent rental increase, in the second quarter 2015, according to a report by Dubizzle.

The rental price of studio apartments increasing by 18 per cent in Deira and those in Bur Dubai registered 8.3 per cent increase, jumping from Dh60,000 to Dh65,... more

What to do when: Landlord switches off AC in common areas

Aug 13 ,2015, city : Dubai

Cases of building landlords switching off air-conditioning to the common areas have escalated during peak summer, with residents complaining it’s an unbearably, sticky situation.

“It’s shocking how landlords are switching off air-conditioning to the corridors, escalators and reception hall,” said a r... more

Most popular among Dubai rich - Palm, Downtown or Marina?

Aug 13 ,2015, city : Dubai

Global high net worth individuals have favoured Palm Jumeirah over Downtown Dubai and Dubai Marina, according to a new report.

The man-made island registered 48 sales, worth Dh499 million, in the first half of 2015 for units priced at Dh5 million plus, followed by 46 sales in Downtown Dubai, valued at Dh342 million, Luxhabi... more

Palm favourite over Downtown, Marina for luxury property buyers in Dubai

Aug 13 ,2015, city : Dubai

Global high net worth individuals have favoured Palm Jumeirah over Downtown Dubai and Dubai Marina, according to a new report.

The man-made island registered 48 sales, worth Dh499 million, in the first half of 2015 for units priced at Dh5 million plus, followed by 46 sales in Downtown Dubai, valued at Dh342 million, Luxhabi... more

Affordable housing aids Dubai real estate growth: report

Aug 12 ,2015, city : Dubai

Dubai’s property market has witnessed a 2.5 per cent growth in the first half of 2015, compared with the international analyst expectations of a 20 per cent decline in the beginning of the year, says a local real estate consultancy.

“The real estate sector in Dubai showed notable success much against the number ... more

Dubai Marina sees prices drop up to 18%, but retains top spot

Aug 11 ,2015, city : Dubai

While Dubai Marina remains popular with buyers and tenants, it saw prices decline by up to 18 percent in the second quarter of 2015, according to the latest trend analysis by the Dubizzle classified website.

The Dubizzle report revealed that nearly five million searches were made for one-bedroom apartments in the Dubai Mari... more

120 new Dubai property projects launched in two years

Aug 11 ,2015, city : Dubai

A total of 120 new projects were launched in Dubai in the past 24 months, with investors being drawn to the off-plan market due to attractive prices and payment plans, according to a local real estate portal.

“The Dubai market witnessed 120 new project launches in the last 24 months," said Eric Hodges, Head of re... more

AlMulla named Group CEO of Dubai Properties Group

Aug 10 ,2015, city : Dubai

Dubai Holding, the global investment holding company, on Monday named Abdullatif AlMulla as Group Chief Executive officer for Dubai Properties Group.
 
AlMulla brings with him over two decades of experience in strategic leadership. He has held a number of senior leadership roles as Group CEO at Tecom Investments, part o... more

Buy or rent property in Dubai? New calculation helps you decide

Aug 10 ,2015, city : Dubai

A mathematical calculation is now making it easier for you to take the call on whether to buy or rent a property in Dubai.

In its latest report, the International Monetary Fund (IMF) states that price-to-rent ratios have declined in the UAE since mid-2014, indicating a healthy correction in the likely overpriced housing mar... more

Dh52m compensation for land owners in Al Nakheel area

Aug 9 ,2015, city : Dubai

In line with the directives of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council, the Department of Financial Affairs (DoFA), has started payment of compensations totalling Dh52 million to property ... more

Dubai luxury house prices fall in Q2 as European investors stay away

Aug 8 ,2015, city : Dubai

Dubai's prime property prices have dipped by 4.5 percent in the second quarter of 2015 compared to the year-earlier period as currency fluctuations have deterred wealthy Europeans from investing, a new report has said.

Knight Frank’s Prime Global Cities Index revealed that prices of luxury real estate in the emira... more

Dubai real estate market correction 'normal and inevitable'

Aug 7 ,2015, city : Dubai

The recent price declines in Dubai's property market are part of a "normal correction which was always inevitable", according to the organiser of Cityscape Global that takes place in the emirate next month.

Wouter Molman, director of Cityscape Group, said conditions in Dubai are being shaped naturally, and tha... more

RERA claims bankrupt Dubai realtor operated after being shut down

Aug 6 ,2015, city : Dubai

Bankrupt Dubai-based real estate agency S&K Estate Agents has reportedly been fined for continuing to operate after regulators ordered it to close.

Dubai’s Real Estate Regulatory Agency (RERA) issued a series of warnings to S&K, also known as Smith & Ken, before finally revoking its licence and shutting do... more

Abu Dhabi-based Emiratis receive $1.8bn in housing loans

Aug 6 ,2015, city : Abu Dhabi

Abu Dhabi Housing Authority (ADHA) has awarded $1.8 billion in housing loans and grants to Emiratis since it was established in late 2012.

Saif Al Qubaissi, director general of the ADHA, told Arabic daily Al Ittihad that somewhere in the region of 3,400 Emiratis have benefited from financial assistance from the scheme.
more

Dubai to deliver new wave of affordable housing options

Aug 6 ,2015, city : Dubai

End-users are set to capitalise on stabilisation within the Dubai real estate market as more affordable housing options enter the market ahead of Expo 2020, and price adjustments improve affordability of existing stock.

Developers are lining up to unveil a wave of attractive new housing options during the 14th edition of Ci... more

Emaar said to plan 2017 start to Golf District project in Dubai

Aug 5 ,2015, city : Dubai

Emaar will reportedly begin work on the Dubai World Central Golf District project, an integrated urban centre and golf destination, in 2017.

The Dubai developer is said to have signed an agreement with DWC in December 2013 to build the project within the world’s first purpose-built aerotropolis, Construction Week Onli... more

Damac shares surge as Q2 profits rise 207%

Aug 5 ,2015, city : Dubai

(Updated 12:14pm) Dubai real estate developer Damac Properties saw its shares surge by over 9 percent to a record high of AED3.49 ($0.95) and is currently Dubai's most traded stock, after it reported a 207 percent increase in second-quarter net profit.

On Wednesday, Damac said its second-quarter profit more than tripled... more

Indians, Brits, Pakistanis top expat investors in Dubai property

Aug 5 ,2015, city : Dubai

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

The total sum of investments in Dubai’s real estate market for the first half of 2015 exceeded Dh53 billion, with 19,848 investors from 142 nations making property transac... more

Emaar Misr says Alabbar no longer chairman, managing director

Aug 4 ,2015, city : Dubai

Egyptian property developer Emaar Misr said in a bourse filing on Tuesday that Mohammed Alabbar was now non-executive chairman, after previously being chairman and managing director.

The statement also named Mohamed El Dahan as managing director.

Emaar Misr said in April the board would vote whether to amend ... more

Dubai's DIP attracts 436 new firms in first 5 months of 2015

Aug 4 ,2015, city : Dubai

Dubai Investments Park (DIP) has attracted 436 new companies in the first five months of 2015, taking the total number of companies within the 2,300-hectare development to nearly 4,500.

During the period, the new companies leased warehouses, distribution centres, office spaces and light industrial units across a total area ... more

Indian investors top Dubai's $14.4bn real estate deals in H1

Aug 4 ,2015, city : Dubai

Almost 20,000 investors spent more than AED53 billion ($14.4 billion) in Dubai real estate during the first half of 2015, the Dubai Land Department (DLD) said on Tuesday.

It said in a statement that 19,848 investors from 142 nations had been behind property transactions in the emirate during the first six months of the year... more

Dubai's Meydan launches world's tallest residential tower, world's longest indoor ski slope

Aug 4 ,2015, city : Dubai

Dubai has announced plans to build a new 3,671,000 square metre leisure, residential and hospitality destination which will include the world’s tallest residential tower, an indoor ski slope three times the length of Ski Dubai and the world’s largest dancing water fountain.

Sheikh Mohammed bin Rashid Al Maktoum,... more

Mohammed launches Meydan One in heart of Dubai

Aug 4 ,2015, city : Dubai

The Meydan City Corporation has announced the development of a new 3,671,000 sqm leisure, residential and hospitality destination within the heart of Dubai, at a VIP launch event at The Meydan Hotel.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, official... more

Abu Dhabi rents rise 3% in Q2 on limited supply

Aug 3 ,2015, city : Abu Dhabi

Abu Dhabi residential rents rose on average by 3 percent during the second quarter of 2015, and are expected to rise further this year as limited new supply enters the UAE capital, according to a new report.

The latest ADIB/MPM Real Estate report, collated from transactions within its portfolio of over 23,500 units under MP... more

Egypt's Emaar Misr says two senior executives quit the property developer

Aug 2 ,2015, city : Dubai

Two senior executives at Egypt's Emaar Misr have resigned, the property developer said on Sunday, several weeks after its disappointing flotation on Cairo's bourse.

Chief Development Officer Walid El-Hindi and Chief Investment Officer Ahmed Fathallah are leaving "to pursue new opportunities", Emaar Misr sa... more

Dubai's Emaar Properties Q2 net profit rises 16%

Aug 2 ,2015, city : Dubai

Dubai's Emaar Properties, builder of the world's tallest tower, reported a 16 percent rise in second-quarter net profit on Sunday as other income increased and it received more money in income tax credits.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.18 billion dirhams... more