Latest Real Estate News in UAE

Dubai Fountain has paid for itself 10-fold, says Emaar chief

Feb 27 ,2015, city : Dubai

A premium added to the price of properties overlooking Dubai Fountain has paid for the popular Downtown Dubai attraction 10 times over, according to the chairman of Emaar Properties.

In an interview with Nigerian press, Mohamed Alabbar revealed that the $180 million cost of Dubai Fountain had been recouped by the developer ... more

Qatar's SWF to become sole owner of Milan's Porta Nuova

Feb 27 ,2015, city : Dubai

Qatar's sovereign fund will become sole owner of a prime real estate area in Milan, which has a market value of more than 2 billion euros ($2.25 billion) and is home to the new high-rise headquarters of Italy's UniCredit .

Under the agreement, Qatar Holding will buy the 60 percent of Porta Nuova it does not already ... more

Dubai property goes on show in London

Feb 27 ,2015, city : Dubai

ere is the chance for Londoners to get the first look and the first-hand information of billions of pounds worth of new and under-construction real estate projects in Dubai.

The first Dubai Property Show will open today (Friday) at London’s Olympia, with the biggest developers from here showcasing their projec... more

Dubai ripple effect felt in Northern Emirates real estate

Feb 27 ,2015, city : Dubai

The relocation of budget conscious tenants from Sharjah to Dubai has slowed down, following the softening of rents in Dubai, according to Asteco.

In its “UAE Property Review 2014 Highlights & 2015 Outlook” report, the consultancy said a “muted” year is on the cards in terms of market movement fol... more

Dubai Rainforest, a new wedding destination in making

Feb 26 ,2015, city : Dubai

A tropical rainforest is coming up in Dubai’s new 55 million square feet master development – Akoya Oxygen.

Damac Properties, the master developer, states it will recreate and complete “the tall, dense jungle environment” with many plants species before Dubai Expo 2020, as it aims to make the venue t... more

Sharjah allows UAE expats to buy apartments

Feb 26 ,2015, city : Sharjah

Non- Gulf Cooperation Council (GCC) expatriates with valid UAE resident visa can now buy apartments in Sharjah’s Al Rayyan development on leasehold basis.

“This is the first time that non-GCC expatriates, but with a residence visa, can own a property in our tower, which is located in Al Nadha district, on a leas... more

Revealed: New Dubai mega project to promote outdoor lifestyle

Feb 26 ,2015, city : Dubai

Nshama, a private developer led by a former Emaar senior executive, on Thursday unveiled plans to build the largest town square development in Dubai.

Town Square, centrally located in New Dubai near Al Barsha, will feature over 3,000 townhouses and 18,000 apartments in addition to substantial retail, hospitality and commerc... more

When tenants can demand rent refund

Feb 26 ,2015, city : Dubai

Dubai: There are a lot of situations where a tenant can be forced out of their homes and one of them is when a fire damages their apartment.

According to legal experts, UAE tenants who have been displaced by fire and are unable to access their homes have the right to demand a refund of their rent.

A number of... more

UP sells Auto Mall in Dubai's MotorCity for Dh525 million

Feb 25 ,2015, city : Dubai

Dubai’s Union Properties has agreed to sell its Auto Mall development in its MotorCity master development for Dh525 million to Texture Global Investments, according to a company official.

“We have signed the sale contract with Texture, which will now be responsible for conversion of Auto Mall into a community sh... more

Dubai Tenants: Right way to avoid rent hike this year

Feb 25 ,2015, city : Dubai

Property experts have forecast rents softening in Dubai’s residential market in 2015 and a significant decline next year. But ‘smart’ tenants, who know the law, can prevent landlords from seeking outrageous hike.

We know that if the landlord and tenant don’t mutually agree to a new rent prior to a co... more

Dubai landlord disappears with deposit - what can tenant do?

Feb 25 ,2015, city : Dubai

I signed a tenancy contract for an apartment in 2012. In addition to the rent, I paid the landlord a 5 per cent security deposit. Both were paid in cash as I didn’t have a bank account or any cheques at the time. The contract was extended for another year and in 2014 I moved to another location. I handed over the apartment with all ... more

Dubai's Damac reveals plan to create tropical rainforest

Feb 25 ,2015, city : Dubai

Dubai developer Damac Properties says it will build the first tropical rainforest in the Middle East within its planned master development Akoya Oxygen.

The Dubai Rainforest would replicate a “dense jungle environment” using numerous plant species, Damac said in a statement on Wednesday.

The compa... more

Dubai developers out to prove a point in London

Feb 25 ,2015, city : Dubai

 Dubai: A bunch of Dubai-based developers are not waiting around for overseas investors to come calling on them here. Instead, they are looking to pick up potential leads and, if they get lucky, actually sign on quite a few at a dedicated Dubai realty specific exhibition which opens in London on Friday.

Some of these d... more

Broken alarms claims denied at Dubai's blaze-hit Torch

Feb 24 ,2015, city : Dubai

The company in charge of fire-ravaged Dubai tower The Torch has refuted claims that there had been ongoing problems with the fire alarm system when the blaze broke out on Saturday.

Several Torch residents were quoted in the media as saying there had been several false alarms in the months leading up to the fire, prompting t... more

Emaar launches Acacia at Park Heights apartments in Dubai

Feb 23 ,2015, city : Dubai

Emaar has announced the sale of a new phase of apartments in Mohammed bin Rashid City in Dubai.

Located at the crossroads of Al Qudra and Sheikh Mohammed Bin Zayed Road, Acacia at Park Heights in Dubai Hills Estate is being developed as a joint venture between Emaar and Meraas Holding.

The project will featur... more

More than 100 Torch apartments 'not accessible' after blaze

Feb 23 ,2015, city : Dubai

Nearly a sixth of apartment units in the blaze-hit Torch Tower in Dubai are still not accessible by residents, the building's insurer said on Monday.

Oman Insurance Company (OIC), the largest insurer in the UAE, said out of the 676 apartments units in the Dubai Marina tower, 101 are still not able to be live in and the ... more

Rich splurge on Downtown Dubai; Burj Khalifa favourite

Feb 23 ,2015, city : Dubai

Nearly 350 big tickets deals were registered in Dubai’s luxury housing market in 2014, with total transaction value exceeding Dh2.77 billion, according to a new study.

Over 40 per cent of total transactions were registered in Downtown Dubai, the study by Luxhabitat, a Dubai-based real estate brokerage firm, fo... more

Dubai rents: Which area really cheaper now

Feb 23 ,2015, city : Dubai

There was only one community in Dubai that saw rents declining in 2014 compared with 2013, a new report by Asteco reveals.

The report disclosed that Discovery Gardens, one of the most affordable communities on Sheikh Zayed Road, saw rents falling by 2 per cent last year compared to 2013, but rents remaining 36 per cent belo... more

Residents start to return home to blaze-hit Dubai tower

Feb 22 ,2015, city : Dubai

Select Group, the developer of The Torch in Dubai Marina which was evacuated on Saturday after a major blaze broke out, said its fire safety systems had worked "as planned" and residents have started to return to their homes.

The company also praised Dubai Authorities and Kingfield Owners Association for their &qu... more

Dubai’s Rents To Soften In 2015 Due To Increasing Supply

Feb 22 ,2015, city : Dubai

Dubai’s residential rents are poised to soften in 2015 due to additional supply entering the market, according to a new report by property consultant Asteco.

“A further 12,000 apartments will be added to the city’s existing inventory in 2015 as well as over 2,000 villas,” said John Stevens, managing ... more

Arabtec wins Saudi contracts worth Dh1 billion

Feb 22 ,2015, city : Dubai

Arabtec has won contracts worth nearly Dh1 billion in Saudi Arabia as the company tries to shrug off last year’s restructuring and strengthen its oil and gas construction business.

In its third major new business since a company restructuring last year, the UAE’s largest publicly traded builder said its oil and ... more

Where rents have fallen or gone up in Dubai

Feb 22 ,2015, city : Dubai

 We’ve been hearing for some time that Dubai rents are going to drop by about 5 per cent this year, but new data released by a property consultant on Sunday showed that a few locations have already started to see a slight decline in rates.

The bad news, however, is that the majority of the apartments are still of... more

Dubai developers to handover 500 new houses in Q2

Feb 20 ,2015, city : Dubai

Two Dubai-based developers will deliver nearly 500 new residential units in the second quarter 2015.

Lootah Real Estate Development said it would commence handover of Shamal Terraces phase 2 in Jumeirah Village Circle from May.

The second phase, comprising 45 villas and 300 apartments, was launched in April 2... more

90% of units leased in Abu Dhabi's tallest tower, says Aldar

Feb 20 ,2015, city : Dubai

Aldar Properties has announced that 90 percent of residential units have now been leased out at the Burj Mohammed Bin Rashid, Abu Dhabi's tallest tower.

Named after Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, the tower has "fast become the most sought ... more

London to host first Dubai Property Show amid rising demand

Feb 20 ,2015, city : Dubai

The first annual Dubai Property Show is to take place at London Olympia from February 27 to March 1, organisers have announced.

The free event will host over 120 exhibitors, offering private islands, beach resorts and luxury villas, as well as a selection of posh budget options, to suit every investor’s needs, accordi... more

Dubai’s Ruler Launches New Projects Featuring Snow Fountain, Vertical Gardens

Feb 19 ,2015, city : Dubai

UAE VP and PM and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has launched a series of new projects in Dubai, which will feature elements such as a snow fountain and vertical gardens.

Sheikh Mohammed inaugurated Creek Heights Residences, a two-tower development featuring a Hyatt Regency Hotel and luxury furnished a... more

Dh15m Dubai villa lets you live side by side with nature

Feb 19 ,2015, city : Dubai

Nature can be in short supply amid the desert surrounding Dubai. But for those with some serious cash to splash, that sumptuous greenery can be found.

The perfect example of this is at Al Barari, located on the edge of Dubailand, where a property in its Dahlia, The Residences villas has come on the market at Dh15 million. more

Dubai Project ‘Living Legends’ On Track For 2015 Opening

Feb 18 ,2015, city : Dubai

Living Legends, a much-delayed luxury residential project in Dubai, will begin delivering its first units this year, its developer, Tanmiyat Global, confirmed.

The first 150 villas will be handed over in the second half of 2015, with the overall project also “on track” for completion in 2016, a statement said. more

Rich Indians buy Armani residences in world’s tallest towers

Feb 18 ,2015, city : Dubai

Wealthy Indians from the UAE have bought Armani-designed residences in Mumbai’s World One, billed to be the
world’s tallest residential tower on completion in 2016, where apartment prices start from Dh7.9 million.
Wealthy Indians from the UAE have bought Armani-designed residences in Mumbai’s World ... more

Buy penthouse and get studio apartment free… in India

Feb 18 ,2015, city : Dubai

You have heard of property developers offering buyers in Dubai everything from furniture vouchers to luxury sedans. Now that trend has started in India as well.

To get buyers, Indian developers have unleashed marketing campaigns offering lower home loan rates to free furniture and from cars to free studio apartments.
... more

Dubai landlord refuses to pay tenant’s Dh8,000 water bill after leak

Feb 18 ,2015, city : Dubai

We moved into a villa in Abu Dhabi at the beginning of November last year and received our first utility bill early in January. We were charged for a massive water usage which was due to a leak outside the villa. We were not aware of it as it was on the street side and not visible to us. There were numerous other water leaks that we repor... more

Dubai's ruler backs four major real estate projects

Feb 18 ,2015, city : Dubai

Four major real estate projects being built by Wasl Asset Management Group in Dubai have won the backing of Sheikh Mohammed bin Rashid Al Maktoum, the UAE's Vice President and Prime Minister of the UAE and Ruler of Dubai.

The projects viewed by Sheikh Mohammed included the mixed-use Creek Heights Residences, a developme... more

Abu Dhabi-backed firm eyes $820m London student housing deal

Feb 18 ,2015, city : Abu Dhabi

The Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, is close to selling a student housing portfolio in London to three Russian billionaires for a reported $820 million.

It is understood that investment vehicle LetterOne – which was co-founded ... more

Palm projects buck the trend in off-plan demand

Feb 18 ,2015, city : Dubai

 Dubai: It’s always spring at the Palm. Whatever be the demand dynamics in the rest of the market, projects on the Palm do not seem to have much of a problem attracting the seriously wealthy investor.

Muraba Properties, which is developing a decidedly premium apartment block there, has confirmed that more than 25... more

Dubai targets foreign talent with new ‘Tafdeel’ initiative

Feb 18 ,2015, city : Dubai

 Dubai: Dubai is putting out the red carpet for skilled professionals — the “innovators” so to speak — in select industries with the granting of immediate residency via the purchase of property in the emirate. It is part of a wider government level initiative to attract top-notch talent and which would work to... more

A staggered approach to reviving cancelled projects

Feb 18 ,2015, city : Dubai

 Dubai: Amidst the flurry of announcements by Rera (Real Estate Regulatory Agency) updating the list of cancelled projects, the question on every vested party’s mind was: When will the monies be finally recovered?

Ever since the freehold bust in 2008, a number of projects have stalled, and Rera and the Dubai Land... more

Dubai’s Damac Awards Contracts Worth Dhs1.2bn In 2015

Feb 17 ,2015, city : Dubai

Dubai-based real estate firm Damac announced that it has awarded five major construction contracts worth Dhs1.2 billion this year.

The developer said that it appointed five contractors for extra work on its mega projects Akoya by Damac and Akoya Oxygen along with three of its serviced hotel apartment projects.

... more

Best time to buy? Dubai property prices 'softening'

Feb 17 ,2015, city : Dubai

Property prices in Dubai’s secondary market are expected to soften this year though the market correction isn’t likely to be as drastic as 2009, according to Standard and Poor’s Ratings Services.

“We project a softening in residential real estate prices this year, particularly in the secondary market... more

Burj Mohammed bin Rashid tower in Abu Dhabi 90 per cent leased

Feb 17 ,2015, city : Dubai

Aldar has announced that leasing in the tallest tower in Abu Dhabi has already reached 90 per cent as demand for prime residential property in the capital remains strong.

The units at the 382m tall Burj Mohammed bin Rashid were launched in November, and the skyscraper now houses 852 residents, according to the developer. more

Abu Dhabi apartment prices still 26% below peak despite 2014 rise

Feb 17 ,2015, city : Abu Dhabi

Investors in Abu Dhabi’s real estate sector can expect sustained rental growth and relatively stable capital values in 2015, on the back of a strong performance in 2014, according to a new report by Asteco.

Its report said that Abu Dhabi market had strengthened over the last two years and is set to continue in 2015 wi... more

Abu Dhabi residential market to see sustained rental growth

Feb 17 ,2015, city : Abu Dhabi

 Abu Dhabi: Abu Dhabi’s residential market is expected to see sustained rental growth in 2015, and relatively stable capital values on the back of strong performance in 2014, according to Asteco, a property management company.

In its latest report released on Tuesday, Asteco said the Abu Dhabi market had strength... more

Dubai rent relief: Prices expected to fall... now, says survey

Feb 16 ,2015, city : Dubai

A number of global real estate consultancies have predicted rents to fall in 2015, but the Reidin Housing Market Sentiment Index Survey expects the decline in the first quarter itself.

The index result shows that sentiment of rental price is ‘moderately negative’, but for the rental volume is ‘moderately p... more

Nasdaq Dubai listing for Orascom Construction Industries spin-off

Feb 16 ,2015, city : Dubai

Orascom Construction Industries said yesterday that it would spin off its construction unit in a public offering on the Nasdaq Dubai.

The separation of the engineering and construction business from the fertilizers and chemical operations will take effect on March 7, the company said. Shares will also be listed in Cairo. more

UAE investors targeted for $1.5bn luxury London project

Feb 16 ,2015, city : Dubai

Chestertons, the international property agency, has announced that it will be unveiling a AED5.5 billion ($1.49 billion) London project in Dubai for UAE-based investors later this week.

The 250 City Road project by Berkley Homes has been designed by Foster + Partners and prices start from AED3.2 million for a studio apartme... more

Dubai's Meraas eyes $234m loan for Ferris wheel scheme

Feb 16 ,2015, city : Dubai

Meraas Holding, a Dubai state-owned property firm, is seeking a AED860 million ($234 million) loan to fund the development of retail space around what will be the world's largest Ferris wheel, two banking sources aware of the matter said.

The firm, owned by Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, is dev... more

Dh57bn in Dubai real estate: Developers go big to lure British investors

Feb 15 ,2015, city : Dubai

Dubai developers are going to London this month, hoping to sell their existing and off plan projects to British nationals, who have invested Dh57 billion in the emirate’s property market.

Thirty-five companies, comprising Emaar Properties, Deyaar Development, Union Properties, Dubai Properties Group, etc, will take pa... more

Dubai's mega-developer offers schools rent-free construction time

Feb 15 ,2015, city : Dubai

Emaar Properties, Dubai largest developer, is leasing two plots in Mira and Mira Oasis community being built in its Reem master development.

The developer will be offering 18 months of rent-free construction period to these school operators.

The leasing rate for the school plots is set at Dh12 per square feet... more

Bluewaters project in Dubai has name challenged by UK shopping centre

Feb 15 ,2015, city : Dubai

Land Securities Group, the owner of the UK’s Bluewater shopping centre in Kent, is seeking to block a Dubai company from naming one of its developments Bluewaters, according to a person with knowledge of the matter.

The UK’s largest real estate investment trust filed a challenge to stop Meraas Holding using the ... more

Dubai's Emaar posts 14% rise in Q4 net profit

Feb 15 ,2015, city : Dubai

Dubai's Emaar Properties, builder of the world's tallest tower, reported a 14 percent rise in fourth-quarter net profit on Sunday.

The developer, in which Dubai's government owns a minority stake, made a net profit of 861 million dirhams ($234.5 million) in the three months to December 31, Emaar said in a statem... more

Abu Dhabi's Aldar promotes senior exec to drive new projects

Feb 15 ,2015, city : Dubai

Abu Dhabi's Aldar Properties announced on Sunday that it has appointed a new chief development officer to replace Gurjit Singh who has stepped down "to pursue other interests".

The state-run builder of Abu Dhabi's Formula One circuit said it a statement that it has promoted Talal Al Dhiyebi, currently exec... more

Dubai Frame aims to be among the top global attractions

Feb 13 ,2015, city : Dubai

Dubai Municipality is aiming to make Dubai Frame the number one tourist attraction globally, the municipality chief told ‘Emirates24|7’.

“Dubai Frame will be completed this year and we are aiming to make it the number one attraction in the ... more

Can a Dubai homeowner sell without going through a broker?

Feb 13 ,2015, city : Dubai

I want to sell my apartment in Dubai but I feel anxious about using an agent to market the property as I have heard too many horror stories about real estate companies here. Is there a way I can bypass the agent, and the accompanying fees, and sell the property myself? PK, Dubai

The expert advice:

Ben Crompto... more

Crowdfunding concept offers Emaar's Old Town Island to investors

Feb 13 ,2015, city : Dubai

A crowdfunding concept launched recently in the Gulf region has said it is seeking investors in one of the emirate's most prestigious buildings - Old Town Island at the Souq al Bahar.

Property firm DURISE said investors are able to invest in the real estate asset via the crowdfunding concept for as little as $5,000.
more

Abu Dhabi’s Aldar Says Mega-Mall Revenue Will Help Cut Debt In 2015

Feb 12 ,2015, city : Abu Dhabi

Abu Dhabi’s Aldar Properties will further slash its debt this year as it nets higher-margin recurring revenue from a newly opened mega mall, a senior executive said on Thursday after it reported a 61 per cent jump in quarterly profit.

The state-linked builder’s net debt was Dhs9.2 billion ($2.50 billion) at the ... more

Aldar shrugs off outlook concerns amid lower oil prices and presses on with 7,300 homes for Abu Dhabi

Feb 12 ,2015, city : Dubai

Aldar Properties plans to press ahead with the construction of 7,300 homes in the capital over the next five years, confident that the fundamentals for growth in Abu Dhabi will not be severely hampered by lower oil prices.

The Abu Dhabi-listed company said yesterday that it was pressing ahead with its existing strategy to d... more

Villa Lantana homes are what people in Dubai want

Feb 12 ,2015, city : Dubai

At a time when many of Dubai’s lavish property marketing suites are eerily quiet, it is a surprise to find so many investors at the second-phase launch of Tecom Investment’s villa project, Villa Lantana.

Perhaps it is the prices, of between Dh3.2 million and Dh3.3m for a three-bedroom detached villa and Dh3.05m ... more

Yas Mall boosts revenues for Abu Dhabi’s Aldar in fourth quarter

Feb 12 ,2015, city : Dubai

Full-year profits at Abu Dhabi’s largest listed property developer, Aldar Properties, fell slightly last year even as the company handed over more than 7,000 new homes, launched new projects and opened Yas Mall.

Aldar reported today that profits for 2014 attributable to owners of the company slipped by 0.4 per cent to... more

Dubai underwater villas project 'yet to be approved'

Feb 12 ,2015, city : Dubai

Plans to build underwater villas as part of Dubai's The World islands project are still to win approval from master developer Nakheel, it has been reported.

Although the sale of the partially submerged villas on the artificial islands off Dubai’s coast was announced last week, approval has yet to be granted, accor... more

Abu Dhabi's Aldar Q4 net profit surges 61%

Feb 12 ,2015, city : Abu Dhabi

Abu Dhabi's Aldar Properties reported a 61 percent rise in fourth-quarter net profit on Thursday, beating an analyst forecast as recurring revenue increased and the developer made fair value gains on investment properties.

The state-run builder of Abu Dhabi's Formula One circuit made a profit attributable to shareho... more

Aldar to stick to schedule on new developments

Feb 12 ,2015, city : Dubai

 Dubai: Aldar Properties is planning to stick to its earlier schedule for new developments, with the upcoming Cityscape Abu Dhabi in April likely to see new project launches.

“We have not changed the development plan, though, obviously, we are monitoring the situation on the ground closely,” Greg Fewer, com... more

Dubai's 'Aladdin City' to soon become reality; work to start next year

Feb 11 ,2015, city : Dubai

Construction work on 'Aladdin City', a project inspired by the tales of Aladdin and Sindbad, will start next year, Dubai Municipality chief told Emirates 24|7.

“We plan to start work on the project next year. We have our own funds to finance the project,” Director-General Hussain Nasser Lootah told thi... more

Drab offices puts off UAE workers

Feb 11 ,2015, city : Dubai

 Dubai: Blame it on the all that grey furniture — UAE’s office workers are losing out on productivity by being stuck in drab office environments. This is despite the fact that more of them are spending putting in even longer hours at their work terminals than they used to five years ago.

More alarmingly sti... more

Creating enough options in Dubai’s office space

Feb 11 ,2015, city : Dubai

 ‘For sustainable capital formation to take place, there has to be a nurturing of the SME [small- and medium-sized enterprises] sector. And that can only happen when commercial real estate is made affordable …’ Hernando de Soto.

In the UAE, there has been considerable discussion about the affordabili... more

Dubai’s cancelled projects seek a second chance

Feb 11 ,2015, city : Dubai

 Dubai: Some of the 180 odd projects that the Dubai Courts have now formally adjudged as being ‘cancelled’ could still have their uses.

Investors are sounding out the possibility of acquiring those cancelled projects, which stand a better chance of being revived by virtue of being in a desirable location or... more

A fact check on Dubai realty’s yields

Feb 11 ,2015, city : Dubai

 Dubai: Investor sentiment may be cautioned by low oil prices, but the strong dollar has had the most immediate and measurable impact on Dubai property. Many foreign investors are simply priced out of Dubai, especially speculators.

The remaining investors are purchasing based on sustainable, dividend-driven investment ... more

Subletting in Dubai not allowed without landlord’s consent

Feb 11 ,2015, city : Dubai

I am on the board of an owners’ association and we are trying to stop illegal subletting and illegal room sharing in our residential tower in Dubai Marina. Our questions are:

1. Is subletting legal or illegal in Dubai?

2. Is subletting legal with the owner’s permission?

3 If... more

Dubai's Danube breaks ground on first real estate projects

Feb 11 ,2015, city : Dubai

The real estate arm of Dubai-based building materials group Danube has broken ground on its first two property projects, Dreamz By Danube and Glitz By Danube.

Chairman Rizwan Sajan attended groundbreaking ceremonies on both sites. At the $136m (AED500m) Dreamz by Danube site in Al Furjan, he was joined by design consultant ... more

Rent serviced Dubai Marina studio, get free return air ticket

Feb 11 ,2015, city : Dubai

Nevertheless, it is tough for those out in the market looking to rent a pad to call home, as affordability and availability are two very different things – and to find them in one Dubai apartment or villa isn’t always the easiest of tasks.

Analysts, however, insist that residential prices may have peaked and are... more

UAE firms review rental allowances; did you get hike?

Feb 10 ,2015, city : Dubai

In the wake of rising rents in 2014, most companies in the UAE reviewed the housing rent allowance given to employees to help them shield from an increase in their yearly spend on accommodation.

According to a new study by SEI Investments titled ‘Employment Trends and Managing End of Service Benefits in the Middle Eas... more

Dubai’s Damac Properties Proposes 10% Bonus Share Issue

Feb 9 ,2015, city : Dubai

Dubai’s Damac Properties has proposed a 10 per cent bonus share issue equivalent to Dhs500 million ($136.1 million), the developer said in a bourse statement on Monday.

Earlier this month, Damac reported a fourth-quarter net profit of $249.8 million, up 11 per cent from the year-ago period.

DAMAC’... more

Saadiyat Island developer to sell off last block at beach residences

Feb 9 ,2015, city : Dubai

Tourism Development and Investment Company (TDIC), the master developer of Saadiyat Island, is marketing a block of 70 apartments to potential investors in the latest of a series of sell-offs.

The government-owned development company is hoping to sell the final building of its six-block Saadiyat Beach Residences housing com... more

Abu Dhabi office market resilient despite oil price drop

Feb 9 ,2015, city : Dubai

Abu Dhabi’s commercial real estate market isn’t likely to feel the heat of the declining oil prices, which has come down to $50 a barrel in January 2015 from $108 a barrel in June 2014, but may see rents of quality office space going up due to lack of supply, according to a new report.

“The lower oil price... more

Dubai's Damac plunges after offering no cash dividend

Feb 9 ,2015, city : Dubai

Shares in Dubai property developer Damac fell close to their daily 10 per cent limit to Dh2.79 (down 9.7 per cent) after the real estate company announced its results sans a cash dividend.

The Dubai-based master developer nevertheless proposed a share dividend of Dh0.10 per share, representing 500 million bonus shares (on a... more

Emaar seeks minimum Dh279m for Dubai Marina commercial plot

Feb 9 ,2015, city : Dubai

Emaar Properties, Dubai largest developer, is inviting developers to bid for a commercial plot in Dubai Marina, setting a minimum purchase price at Dh279 million.

This is the first open invite for developers this year after it put for sale a commercial plot in Downtown Dubai with a minimum bid price of Dh303 million in Octo... more

UAE's Tasweek plans $55m mixed-use project in Morocco

Feb 9 ,2015, city : Dubai

UAE-based Tasweek Real Estate Development and Marketing on Monday announced plans for a new $55 million mixed-use project in Morocco.

The project, which will include health, residential, retail and tourism components in the city of Agadir, is the second project for the company in the North African nation. It was also behind... more

GGICO to launch budget flats at Dubai Sports City

Feb 9 ,2015, city : Dubai

GGICO's Properties arms has announced the launch of a new, budget property development in Dubai Sports City.

The firm said that the freehold complex, Grand Horizon Apartments, is due to complete in April. Units will range in size from 825-1,150 square feet, and the building offers a range of amenities including a pool, ... more

Developer says first Palm project on track for 2016 handover

Feb 8 ,2015, city : Dubai

Ibrahim Al Ghurair, the founder of real estate developer Muraba, said on Sunday it is on track with his first development on Palm Jumeirah in Dubai.

Al Ghurair said the first phase of Muraba Residences Palm Jumeirah has now been completed and the project is on schedule for handover in April 2016.

"It is ... more

Qatar rents ranked third most expensive in the world

Feb 8 ,2015, city : Dubai

Property rents in Qatar are the third most expensive in the world, according to the Numbeo’s Cost of Living Index 2015.

The UAE is reported to be the fourth highest for rents, according to the index, while Kuwait and Bahrain are ranked at number 10 and 13, respectively.

The most expensive countries/regi... more

Dubai’s underwater villas go on sale for Dh5m

Feb 8 ,2015, city : Dubai

 If you fancy waking up to a living room submerged several feet underwater, an ongoing project on Dubai’s The World islands may just be the perfect choice.

Setting the bar higher for luxury living, a developer has just unveiled a community of floating villas to a select group of property investors in Dubai. The v... more

Abu Dhabi goes global with new free zone

Feb 8 ,2015, city : Dubai

With its towering glass and steel office blocks and striking architecture, walking around Abu Dhabi’s newly named financial district Abu Dhabi Global Market Square on Al Maryah Island, it is easy to draw grandiose comparisons with the early days of London’s Canary Wharf and Paris’s La Defense.

Crossing the... more

Affordable housing in Dubai: Priced at Dh400 to D600 psf

Feb 8 ,2015, city : Dubai

Lower down payment and innovative financing schemes can help attract buyers to the “affordable” housing segment in Dubai’s property market, believes a real estate consultancy.

“Property markets across the world are driven by ‘end-users’ or ‘middle class’. Low down payment requ... more

Dubai resident? You live in World's Top 20 dynamic city

Feb 8 ,2015, city : Dubai

Dubai continues to be ranked among the top 20 most dynamic cities in the world, according to JLL.

The emirate is ranked 13th on the new list.

“Dubai remains in the Top 20, although its rank has dropped as growth in commercial real estate prices moderates to more sustainable levels. Momentum is... more

Time for Dubai developers to do their bit

Feb 7 ,2015, city : Dubai

 Dubai: Developers with upcoming off-plan launches have to take it upon themselves to ease the entry of potential buyers into the property market. And such incentives should not be limited to the price alone.

“New launches stand a better chance of finding committed buyers if developers limit the upfront payments ... more

Dubai realty remains ‘firmly positive’

Feb 7 ,2015, city : Dubai

 Dubai: Some property buyers in Dubai may have been spooked by the soft market conditions prompting them to look for a quick exit despite “firmly positive” market conditions, analysts and brokers say. Such instances are not just happening on those sold as off-plan in the last 12 to 18 months, but even on older properties ... more

Dubai's top 15 future projects... at cost of a whopping $66.89 billion

Feb 5 ,2015, city : Dubai

In the past two years, Dubai developers have announced a number of mega developments apart besides the government institutions announcing major infrastructure projects.

A recent report by Meed puts contracts worth $27 billion being awarded in Dubai alone over a span of 10 years, while the UAE has seen $56.45 billion worth o... more

Underwater villas to go on sale at The World

Feb 5 ,2015, city : Dubai

Underwater villas are set to be the first residences for sale at The World islands off the coast of Dubai, with developer Kleindienst Group announcing a VIP pre-launch for Saturday, February 7.

The three levels of villas, with the lowest under water, are being built on Monaco island, part of Kleindienst’s The Heart of... more

A head for heights with Dh19 million three-bedroom penthouse next to Burj Khalifa

Feb 5 ,2015, city : Dubai

Property investors around the world will always talk of “location, location, location”. But in Dubai you can add “elevation, elevation, elevation” in to the mix.

And I don’t mean the sky high price of this Dh19 million three-bedroom penthouse in Downtown Dubai.

Such is the ubiqui... more

Sobha Developers spreads the net with overseas offices

Feb 4 ,2015, city : Dubai

Dubai property developers are seeking to attract overseas buyers amid slowing sales at home.

Sobha Developers said yesterday that it plans to open five sales offices in overseas locations to market its Dubai homes.

Sobha, which is currently promoting a US$4 billion project of 282 off-plan villas and 1,800 apa... more

Dubai landlord’s 10% penalty for bounced cheque seems unfair

Feb 4 ,2015, city : Dubai

One of the rental cheques for Dh25,000 I gave to my landlord bounced due to a mistake on my side. I had the amount in a different account number (in the same bank) than the one I gave to him. I called the landlord on the same day explaining the issue and then gave him the same amount in cash the same week. However, he is demanding a 10 pe... more

New Sharjah project opens up large plots for Arab buyers

Feb 4 ,2015, city : Dubai

 Dubai: The first phase of a project in Sharjah offering large-sized plots — of between 18,442 and 32,297 square feet — for investors to build their own villas has just been launched. The Dh400 million development — Shoumous Residential Complex — represents a joint venture between MAG Group and Albatha Real Es... more

Dubai’s hospitality sector gets a dose of stability

Feb 4 ,2015, city : Dubai

 The new year has started with increased uncertainty facing the Dubai hospitality sector. The real estate market ended the year on a quiet note as nearly all segments witnessed stable rents and prices during the fourth quarter of 2014.

While much of the focus has been on the strong growth of the residential sector over... more

Dubai developer goes all out to tap overseas investor

Feb 4 ,2015, city : Dubai

 Dubai: Sobha LLC, which has multiple projects in Meydan City, Mohammad Bin Rashid City (MBR City) and Business Bay, is opening five overseas sales and marketing offices to keep pulling in wealthy investors’ interest in Dubai realty. The new offices will be in London, Singapore, as well as in Kuwait City, Doha and Riyadh. (Ther... more

Abu Dhabi Residential Rents Up 17% In Q4 2014

Feb 3 ,2015, city : Dubai

Abu Dhabi’s residential rents grew 17 per cent year-on-year in the fourth quarter of 2014, according to the latest report from property consultant CBRE.

The report, however, noted that the rate of increase has dropped, with rents rising just three per cent quarter-on-quarter in Q4 2014.

“The deliv... more

Abu Dhabi rent rises to slow ‘significantly’ with 35,000 new homes

Feb 3 ,2015, city : Abu Dhabi

Housing rent increases in Abu Dhabi are set to slow this year as the emirate feels the effects of declining oil prices and a slowing global economy.

A report by the property broker CBRE predicts that rents which had rocketed by an average of 17 per cent last year will slow “significantly” as thousands of new hom... more

Arabtec to build thousands of new villas at Dubai’s Al Mira Residences and Arabian Ranches

Feb 3 ,2015, city : Dubai

Arabtec has been awarded two contracts worth a total of Dh375 million from Emaar Properties in its second major new business win since its managing director, Hasan Ismaik, left the company last year.

Arabtec said that its Arabtec Construction subsidiary had won a Dh209m contract to build town houses at Emaar’s Al Mira... more

Billionaire Indians spending millions for Burj Khalifa address

Feb 3 ,2015, city : Dubai

Indians are among top buyers in Burj Khalifa, the world’s tallest residential tower and have invested Dh18 billion in Dubai’s real estate market last year.

Among those we know is BR Shetty, a UAE-based industrialist, who paid Dh45 million in 2005, to buy the entire 100th floor. Singapore-based Indian-origin busi... more

Residential rents continue to rise in Abu Dhabi in Q4

Feb 3 ,2015, city : Abu Dhabi

 Abu Dhabi: Average residential rents continued to rise in Abu Dhabi during the fourth quarter of 2014, with an estimated three per cent growth quarter-on-quarter, and nearly 17 per cent increase from the same time last year, according to latest report by CBRE.

Despite the figures, the rise was at a slower pace that at... more

Dubai’s DAMAC Sees Property Price Pause In 2015, Gains After

Feb 2 ,2015, city : Dubai

Dubai developer DAMAC expects the emirate’s property sector to steady in 2015 before supply shortages boost prices in 2016-17, its chief executive said on Monday, after the company reported an 11 per cent rise in fourth-quarter profit.

Dubai house prices fell 49 per cent from a peak in the third quarter of 2008 to the... more

6 tips for choosing a real estate agent in Dubai

Feb 2 ,2015, city : Dubai

Overestimating the selling price for a property is one of the oldest tricks in the real estate agent’s book. The idea is that the seller will be so impressed by the inflated figure, that they will chose this agent over other competitors.

The over-priced property is likely to sit on the market for months, while the sel... more

Dubai house prices to resume rise in 2016-17, says Damac chief

Feb 2 ,2015, city : Dubai

Dubai developer Damac expects the emirate's property sector to steady in 2015 before supply shortages boost prices in 2016-17, its chief executive said on Monday, after the company reported an 11 percent rise in fourth-quarter profit.

Dubai house prices fell 49 percent from a peak in the third quarter of 2008 to the mar... more

Damac posts 46% gain in 2014 net profits to $937m

Feb 2 ,2015, city : Dubai

 Dubai; A sizeable land bank on tap, which can deliver an additional 1,500 upscale residential units as and when needed, bodes well for Damac Real Estate Development Ltd.’ s prospects this year. For 2014, the developer recorded a set of robust numbers including a net profit gain of 46 per cent to $937 million ($641.5 million in... more

Buyer beware: Full list of cancelled projects in Dubai

Feb 1 ,2015, city : Dubai

 Buyers seeking to invest in Dubai’s real estate have been advised to be wary about projects that have been cancelled or potentially may be cancelled.

More than 160 developments have been included in the latest list of cancelled projects posted on the Dubai Courts website. The list specifies which projects have b... more

ICD takes controlling stake in ailing South Korean construction company

Feb 1 ,2015, city : Dubai

Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports.

The Seoul-based JoongAng Ilbo newspaper and Yonhap News Agency reported last week that the Dubai sovereign wealth fund behind Emirates Ai... more

Will this gem of a hotel come to Dubai?

Feb 1 ,2015, city : Dubai

Dutch architects behind a China hotel that would look like a giant sliced block of amethyst have eyes on Dubai for its own gem of a hotel.

Amsterdam-based NL Architects is designing a luxury hotel on the Ocean Flower project, an artificial island under development in the sea north of Hainan Province in southwestern China. T... more

Abu Dhabi Financial Group head has shrewd eye for a good buy

Feb 1 ,2015, city : Dubai

Jassim Alseddiqi says he is not a risk-taker even after closing two of the biggest central London property deals of the past year at what could be the peak of the market.

Is he worried he paid too much for the trophy assets of No 1 Palace Street and New Scotland Yard?

“I’ll tell you in two years,&... more