Latest Real Estate News in UAE

Leaky buildings: Residents see high energy prices living in UAE’s older flats and villas

Aug 30 ,2016, city : Dubai

People living in older villas and flats pay higher water and electricity bills because of energy leaks, and faulty plumbing and construction.

ABU DHABI // While the UAE pushes towards sustainability and conservation in its power supply and new building criteria, older buildings remain "leaky" and far from green. more

Desire for signature buildings in UAE causing energy leaks, say experts

Aug 30 ,2016, city : Dubai

Problems with leaky buildings and poor energy use in the UAE are partly caused by climate and a desire for signature buildings, but performance is gradually improving as building codes become more rigorous, experts say.

Paul Crayford, the mechanical, electrical and plumbing group director for building consultancy Buro Happo... more

Work to start on Aldar’s Reem Island mid-market housing project

Aug 29 ,2016, city : Abu Dhabi

Work on Aldar Properties’ first mid-market housing block in Abu Dhabi is set to start after the developer awarded the contractor Fibrex a Dh258 million contract to build it.

Construction work on the two 26-storey Meera Shams towers in the Shams area of Reem Island in the capital will start immediately, Aldar said.
more

Off hours: Mohammed bin Odah, chief executive of Dubai’s Tanmiyat Global

Aug 26 ,2016, city : Dubai

Mohammed bin Odah is the chief executive of Tanmiyat Global, an investment and real estate development firm in Dubai whose projects include the Living Legends Community in Dubailand and the Exchange Tower in Business Bay. Mr bin Odah, 58, also started his own construction film Delta Emirates in 1996. He has lived in the UAE with his wife ... more

London’s Television Centre to be pitched to Dubai property buyers

Aug 26 ,2016, city : Dubai

Stanhope promises that the AHMM-designed building will include many other facilities including a gym, residents’ lounge with private screening room, private courtyard, gardens and a rooftop restaurant. And the building is located opposite Westfield London, Eur­ope’s largest shopping mall.


Prices in t... more

Dubai tenant wants to reverse decision to move in after ‘things turn ugly’ with landlord

Aug 25 ,2016, city : Dubai

I have a dispute with a landlord. My wife recently moved to Dubai, signed a contract with a landlord and gave security deposit cheques and rental cheques. She did not move into the flat because of maintenance issues such as a water leak, AC duct cleaning and the lights and curtains not working. She informed the landlord in writing, who in... more

Low oil prices continue to bite into Abu Dhabi housing rents

Aug 25 ,2016, city : Abu Dhabi

Housing rents in Abu Dhabi fell 2 per cent in the three months to the end of July as the global fall in oil prices continued to bite.

According to new figures from the property data company Reidin, average rents fell 0.61 per cent in the month of July.

Rents in the capital now stand at the same levels they we... more

Brookfield and DIFC agree on arbitration over alleged Gate building defects

Aug 24 ,2016, city : Dubai

The Dubai International Financial Centre (DIFC) has agreed with the developer Brookfield Multiplex to go to arbitration in the DIFC Courts over alleged defects in the construction of the Gate building, the heart of Dubai’s financial centre.

The agreement, contained in a consent order granted by the DIFC Courts this mo... more

Dubai’s Damac awards Dh967m contract to build Aykon London One tower

Aug 24 ,2016, city : Dubai

Damac has awarded a £200 million (Dh968m) contract to Australia’s Lendlease to build its Aykon London One tower amid a frenzy of high rise construction in central London.

The building has been designed by the architect Kohn Pedersen Fox and the interiors have been created in partnership with Versace Home, with w... more

Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment

Aug 23 ,2016, city : Dubai

Nakheel has repaid a Dh4.4 billion Islamic bond as the developer emerges from a five-year financial restructuring.

The company behind Dubai’s palm-shaped islands said the final trade creditor sukuk payment this week marked the end of a process that began in August 2011.

It represents a major milestone f... more

Handover of Dubai projects delayed as authorities get tough on fire safety

Aug 23 ,2016, city : Dubai

About "270 or more" building projects across Dubai have witnessed delays to handover as authorities have become much stricter in ensuring that cladding systems meet building and fire-safety standards, according to experts.

New building codes which will demand higher-rated cladding panels are currently being circul... more

UAE cladding firms invest in upgrades to produce more fire-resistant panels

Aug 22 ,2016, city : Dubai

A race between two Indian tycoons in the UAE to open the country’s first factory capable of producing A2-standard fire-resistant panels looks to have been won by Danube Group’s Rizwan Sajan.

Danube Group, which produces the Alucopanel cladding range under licence in the Middle East from its factory in Dubai Tech... more

‘Imminent’ rise in Dubai house prices as conditions improve, new report says

Aug 22 ,2016, city : Dubai

Dubai’s residential market is on the verge of an "imminent" increase in prices as a result of improving economic conditions and a relatively stable supply, according to a new Reidin/Global Capital Partners report.

The study, A Tale in Three Markets, says that recent trends in equity and oil markets and the l... more

Dubai office rents remain flat as companies opt to stay put

Aug 16 ,2016, city : Dubai

Demand for office space in Dubai has fallen over the past six months in the wake of the oil price rout and the economic slowdown elsewhere in the Arabian Gulf that dampened the need for commercial space, Cluttons said in a report.

The consultancy’s bi-annual Office Market Bulletin found that rents for commercial prope... more

Emirates Reit rising rent income defies slow commercial market

Aug 16 ,2016, city : Dubai

Rental income from the ­Dubai offices, shops and schools owned by Emirates Reit jumped by more than 25 per cent in the second quarter of the year as occupancy levels rose despite a slowing commercial property market.

The UAE’s only quoted real estate investment trust reported that the income it received from its p... more

Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer

Aug 16 ,2016, city : Abu Dhabi

Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate.

For the six months of 2016, profits at the developer which built Abu Dhabi’s mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier.

I... more

DIFC, Tecom buck declining office rentals trend

Aug 16 ,2016, city : Dubai

Dubai: Landlords in Dubai with office properties on their books had better come up with something out of the ordinary if they want to lease. In a tightening market, a tower or commercial location that offers extra is still showing good demand and occupancy, according to the latest update from Cluttons, the property consultancy.
more

Dubai’s Drake & Scull blames cancelled contracts and tough Saudi market for second quarter loss

Aug 15 ,2016, city : Dubai

The contractor posted a Dh207.6 million loss attributable to its parent company for the second quarter of this year, citing "project cancellations and one-off additional provisions", most of which related to work in Saudi Arabia. Revenue for the quarter also dropped by 37 per cent year-on-year to Dh805m.

A note fr... more

Abu Dhabi rents and house prices set for further falls but yields still strong for investors

Aug 15 ,2016, city : Abu Dhabi

The prices of homes in the capital are expected to drop further this year, after values dipped by 1 per cent in the second quarter.

Rents fell by about 2 per cent in the same period, according to property broker Chestertons.

The company said an average two-bedroom apartment in Al Reef Downtown now costs Dh108... more

Arabtec still in the red but losses reduced by 74 per cent

Aug 14 ,2016, city : Dubai

Arabtec Construction pledged to reduce costs after its losses narrowed during the second quarter of this year, the Dubai-listed company said.

Although the company posted its seventh successive quarterly loss in the three months to June 30, the net loss shrank by 74 per cent year-on-year to Dh186.4 million – down from ... more

Profits at Dubai developer Damac fall by more than a third

Aug 14 ,2016, city : Dubai

Profit at Damac fell by more than a third in the second quarter of 2016 as the Dubai developer blamed a slow Ramadan for a fall in property sales.

The glitzy developer, known for offering buyers luxury cars and boats as inducements to purchase flats, said that profit for the three months to the end of June 2016 fell to Dh88... more

Emaar launches homes in Dubai Creek Harbour

Aug 14 ,2016, city : Dubai

Dubai: Emaar Properties said on Sunday it has launched residences and villa town houses in Dubai Creek Harbour.

The sales event will be on a first-come, first-served basis from August 18, at all participating Emaar Sales Centres in Dubai, Emaar said in a statement.

Dubai Creek Harbour will feature commercial ... more

Dubai Parks and Resorts financial loss widens

Aug 11 ,2016, city : Dubai

Dubai Parks and Resorts reported a widening second-quarter loss as spending rose in the run-up to the park’s partial opening on October 31.

The company said it expects to generate about Dh297 million in income this year, when it anticipates 900,000 visitors within the two months it will operate.

Dubai P... more

Dh114m historic German villa comes with the Berlin Wall in the garden – in pictures

Aug 11 ,2016, city : Dubai

Hipsters may be drawn to Berlin’s east side for the afford­able rents and high standards of living, but the world’s super- wealthy are heading to the German capital’s south-west.

Just 24 kilometres from Berlin’s city centre, the affluent suburb of Potsdam, the former residence of the Prussian kin... more

Eshraq Properties reports Dh3.5m in Q2 losses

Aug 11 ,2016, city : Abu Dhabi

Abu Dhabi: Eshraq Properties, the Abu Dhabi-listed company, reported on Thursday Dh3.5 million in losses in the second quarter of 2016, marking a significant plunge from the Dh916,840 in net profit recorded in the same quarter of 2015.

The figures bring net loss for the first six months of this year to Dh4.5 million from Dh... more

Spaceship-style floating homes coming to Dubai

Aug 10 ,2016, city : Dubai

Dutch developer New Living on Water (NLW) is planning to unveil its futuristic-looking floating homes concept at Cityscape Global in Dubai next month.

The company has created a striking water home concept based on an "organic" circular design. It said that it is confident of selling US$50 million worth of homes wi... more

Duke of Westminster dies aged 64: Britain’s third richest man had strong UAE ties

Aug 10 ,2016, city : Dubai

Britain’s wealthiest landowner, the Duke of Westminster, has died aged 64.

Gerald Cavendish Grosvenor, Britain’s third richest man, died late on Tuesday in Lancashire after being taken ill suddenly on his Abbeystead Estate near Lancaster.

The sixth Duke, who was ranked 68th richest billionaire in ... more

Should Abu Dhabi landlord use property agent to find new tenant, sort maintenance?

Aug 10 ,2016, city : Abu Dhabi

We own and live in an apartment in Abu Dhabi. When the time comes to leave the UAE we intend to rent out the flat long term, preferably, handling the leasing ourselves and therefore saving the fee we would have to pay to an estate agent. We obviously need to do everything in line with the law and I am wondering what the necessary steps ar... more

Rental decline spreads to Dubai’s non-freehold areas

Aug 10 ,2016, city : Dubai

Dubai: Once confined to Dubai’s prime freehold communities, rental declines are now starting to show up elsewhere in the city, according to the latest update from the real estate consultancy CBRE. In particular, high-density rental locations such as Al Barsha, Oud Metha and Bur Dubai have witnessed some partial easing in the latest ... more

Dubai holds top 10 spot in world’s most expensive cities to live and work

Aug 9 ,2016, city : Dubai

Dubai is still in the top 10 most expensive cities in the world to live and work, according to a new study.

The Savills Live/Work Index placed Dubai in eighth, despite a fall in property and office rents in the past year amid weakened oil prices, which has affected occupier demand.

"We attribute this to ... more

Nakheel adds 252-room hotel to its Al Khail Avenue project in Dubai

Aug 9 ,2016, city : Dubai

Master developer Nakheel has added a 252-room hotel to its Al Khail Avenue project as it appointed UAE-based Dhabi Contracting for the construction work.

With the Dh1.5 billion deal, construction of the retail, dining and entertainment development is expected to start in October. Construction of the 2 million square foot Al... more

Arabtec chief says situation with unpaid Filipino workers in Saudi ‘blown out of proportion’

Aug 8 ,2016, city : Dubai

The chief executive of Arabtec Construction pledged to pay all Filipino workers employed by a Saudi joint venture contractor in full.

Raja Hani Ghanma, the head of the UAE contractor Arabtec Construction, has said the plight of the workers had "been blown out of proportion".

The National reported la... more

Mamsha Al Saadiyat residential district in Abu Dhabi starts to rise

Aug 8 ,2016, city : Abu Dhabi

The Tourism Development & Investment Company (TDIC) has confirmed that the construction of Mamsha Al Saadiyat, the first residential development within the Saadiyat Cultural District in Abu Dhabi, is well under way.

The project was awarded in April of this year to a joint venture between San Jose Contracting and Pivot E... more

Dubai Industrial Park offers 70 warehouses and storage spaces for lease

Aug 8 ,2016, city : Dubai

Dubai: Dubai Industrial Park, an industrial hub within Dubai Wholesale City, is offering 70 pre-built storage and light industrial unit warehouses for lease, it said in a statement on Monday.

The warehouses and storage spaces are available for short-term and long-term lease. Ranging in size from 5,000 square feet to 10,000 ... more

Dh12.1b worth Sharjah real estate transactions registered in H1 2016

Aug 8 ,2016, city : Sharjah

SHARJAH: The total value of real estate investments implemented in the first six months of 2016 amounted to Dh12.1 billion, while the total number of real estate transactions carried out by the department during the same period last year reached 25,474, Abdul Aziz Ahmad Al Shamsi, General Director of the Sharjah Real Estate Registration D... more

Dubizzle says Dubai property market has bottomed out, but Abu Dhabi sales and rents under pressure

Aug 8 ,2016, city : Dubai

Online classifieds site dubizzle has added its voice to the weight of opinion suggesting Dubai’s property market is showing signs of bottoming out.

The company’s second-quarter property report showed that prices per square foot in Dubai were generally flat quarter-on-quarter, although there were variations withi... more

Proportion of commuters into Dubai is on the wane

Aug 7 ,2016, city : Dubai

It may seem unlikely if you are stuck in rush hour traffic out of Sharjah, but a report suggests the proportion of Dubai’s population commuting into the city is actually falling.

For thousands of low or moderately paid workers flocking to shops and offices across Dubai, commuting into the city from the northern emirat... more

DIFC in dispute with developer over alleged defects in The Gate building

Aug 7 ,2016, city : Dubai

The Dubai International Financial Centre is involved in a legal confrontation with Brookfield, the Canadian developer, over alleged defects in the construction of The Gate building 13 years ago.

Part of the open space beneath The Gate – used for ceremonial and social events and as a public thoroughfare – has bee... more

Emaar unveils Act One, Act Two apartment project in Dubai Opera District

Aug 7 ,2016, city : Dubai

Dubai’s Emaar Properties has unveiled another two-tower project in the Opera District in Downtown Dubai.

The company said that the towers will be 52 storeys and 46 storeys high, and called Act One and Act Two respectively. The towers will contain a combined 718 new residential units as well as ground floor retail unit... more

Affordable housing squeezes UAE developers, says former Arabtec executive

Aug 6 ,2016, city : Dubai

The former group chief financial officer of Arabtec has said contractors in the region are finding their already tight margins squeezed even further by developers driving the growth of the UAE’s afford­able housing sector.

Iyad Abdulrahim, who left the firm in May 2015 and previously held senior posts at Depa and ... more

Drones and data point the way forward for better returns in UAE construction

Aug 6 ,2016, city : Dubai

A couple of the giants of the management consulting industry produced weighty documents over the past few weeks that made for slightly depressing reading for the region’s construction industry.

The one that grabbed attention locally, for understandable reasons, was from AT Kearney. It predicted "a perfect storm&q... more

Weak pound creates bargain London property deals for Gulf buyers

Aug 4 ,2016, city : Dubai

Arabian Gulf property investors have begun bargain hunting among London’s most exclusive addresses as prices tumble.

House prices in some of the parts of London most popular with GCC investors have suffered their biggest annual falls in nearly seven years.

Average prices in the London district of Knight... more

Refurbished Dh7.5m Emirates Hills town house well above par

Aug 4 ,2016, city : Dubai

There aren’t many homes on sale in the Emirates Hills community for under Dh7.5 million, and fewer still that are as attractive as this recently upgraded three-bedroom town house on the doorstep of the district’s Colin Montgomerie-designed golf course.

This is the first townhouse in Dubai to benefit from the att... more

Many a way to get funding for Dubai’s projects

Aug 3 ,2016, city : Dubai

Despite having a vibrant freehold property market, Dubai has seen very little activity on the capital markets for the retail investor to participate in the ongoing infrastructure and real estate opportunities. With the exception of Emirates REIT (available only for qualified investors at the IPO stage), the expected move to capitalise rea... more

Qatar’s Barwa Real Estate makes $175.8m land purchase in Saudi Arabia

Aug 3 ,2016, city : Dubai

Dubai: Qatar’s Barwa Real Estate, one of the Gulf Arab state’s largest listed developers, said on Monday it had bought a vacant plot of land in Riyadh, Saudi Arabia, for 659.28 million riyals ($175.8 million). It did not give the name of the seller of the 2.22 million square metre plot. It said the deal was part of Barwa&rsquo... more

British expat stuck living in hotel apartment after UAE property purchase

Aug 3 ,2016, city : Dubai

I recently moved from the UK and purchased a property with existing tenants. Their contract expires on January 31, 2017. I am currently staying at a hotel apartment and want to move into my property as soon as possible. Legally do I need to serve a one-year notice and will that be applicable from the day I send the notice or from January ... more

Aldar Properties Q2 net profit up 9.7% despite property slowdown in Abu Dhabi

Aug 2 ,2016, city : Abu Dhabi

Aldar Properties said on Tuesday its second-quarter net profit rose by about 10 per cent despite a slowdown in the Abu Dhabi property market.

The capital’s largest listed developer said net profit for the three months ending June 30 rose by 9.7 per cent, when compared with the same period a year ago, to Dh657.3 millio... more

Dubai developers rush to offer attractive deals to buyers

Aug 1 ,2016, city : Dubai

Dubai: Gone are the days when property buyers were being lured with fancy giveaways like a luxury yacht or holiday trips abroad. Today, developers are increasingly offering real value for money to entice both expatriates and GCC nationals to buy a flat or villa in the country.

With the softening demand in the realty sector,... more

Dubai lost property start-up puts purpose before money-making

Aug 1 ,2016, city : Dubai

We all know that money talks – but for one Dubai-based entrepreneur, the conversation is about much more than that.

Kavit Handa is the chief executive of ReturnHound, an online service that aims to transform "lost and found" globally. It allows staff at hotels and other public places to log lost property, wh... more