Latest Real Estate News in UAE

Abu Dhabi firm wins green light for New Scotland Yard project

Feb 29 ,2016, city : Abu Dhabi

Abu Dhabi Financial Group (ADFG) has unveiled its plans for the redevelopment of New Scotland Yard, following approval from the planning committee of Westminster City Council in London.

Northacre PLC, a London-based developer of luxury residences, will manage and develop the one million square feet project, creating a conte... more

Dubai property values, rents to continue to fall over next 12 months

Feb 29 ,2016, city : Dubai

The downturn in Dubai’s property market will continue throughout the course of this year, pushed by worsening investor sentiment, a local property consultancy has warned.

Research from Core Savills said that falling oil prices, a strong pipeline of new homes, the dirham’s peg to the strong US dollar and regional... more

Dubai's latest landmark tower bridge to house apartments

Feb 29 ,2016, city : Dubai

Dubai’s latest landmark tower in Business Bay is nearing completion.

The bridge connecting the two 20-storey towers of The Opus in Business Bay is complete with Omniyat Middle East Real Estate Developments set to handover offices in the project in the coming months.

“The offices will be ready and ... more

Dubai eases access to services for property buyers

Feb 28 ,2016, city : Dubai

Dubai Land Department (DLD) has announced the launch of the first real estate services trustees’ centre.

The objective of the ‘Al Taboo Centre’ is to make the department’s services accessible to the public by facilitating communication with customers along with enhancing and upgrading the services pr... more

Dubai Land Dept chief warns landlords against arbitrary rent hikes

Feb 28 ,2016, city : Dubai

The director-general of the Dubai Land Department has urged tenants to challenge landlords over arbitrary rent increases, insisting they should only be in line with the Real Estate Regulatory Authority (RERA)’s annual rental index.

Tenants who feel aggrieved by “unjustified” rental hikes can take their cas... more

Dubai website launches campaign against one-cheque rents

Feb 28 ,2016, city : Dubai

An online community has been established with the aim of offering rental advice to mid-income residents and small businesses in Dubai.

In particular, the website is campaigning to scrap what it calls the “outdated” annual rents system that hampers resident’s cashflow.

British expat Lucy Brad... more

Dubailand affordable housing project sold out 'within hours'

Feb 28 ,2016, city : Dubai

The first phase of an affordable housing project in Dubailand announced last week sold out “within hours” on its launch day, the developer of the community has claimed.

Dubai Properties Group (DPG) said that “intense demand” from buyers resulted in clients and investors “queueing from the early... more

Dubai's Azizi launch $95m luxury Palm Jumeirah project

Feb 27 ,2016, city : Dubai

Dubai-based Azizi Developments has announced the launch of Royal Bay Residence, a collection of 90 fully serviced luxury residential apartments on the crescent of Palm Jumeirah, next to Anantara Hotel.

The new project is part of company’s AED4.5 billion development plan to build thousands of flats in Nakheel’s A... more

Dubai apartment rental growth seen as 'sluggish' during Q1

Feb 27 ,2016, city : Dubai

Most rents across Dubai's apartments remained stable during the fourth quarter of 2015, according to a new report by real estate firm Chestertons.

Its MENA Observer report said rentals in the majority prime areas in Dubai didn't witness any change during Q4 while saying the property market is expected to remain &quo... more

Azizi launches project on Palm, says Dubai market in a healthy phase

Feb 26 ,2016, city : Dubai

UAE-based Azizi Developments has launched Royal Bay Residence, a collection of 90 fully-serviced residential apartments, crescent of Palm Jumeirah, stating the property market in Dubai was “healthy.”

Construction of the Dh350-million upscale project has already commenced and is expected to be completed by March ... more

Dh1.23 trillion projects planned in Dubai, residential at Dh244 billion

Feb 26 ,2016, city : Dubai

Projects under planning in Dubai are valued at $337.2 billion (Dh1.23 trillion), with the total value of projects under construction at $53.6 billion, reveals a new report.

The Deloitte and Meed Project’s report, “The Dubai Construction Pulse”, which analyses the construction market across a range of secto... more

Dubai property prices forecast to rebound in 2017

Feb 26 ,2016, city : Dubai

Dubai's residential real estate market, which has seen price declines for the past year, is likely to witness a rebound in 2017, according to a new report.

KPMG's review of Dubai's property market predicted that while 2016 may be a "challenging year" due to a number of internal and external factors, th... more

Abu Dhabi SWF to build office tower in Paris – report

Feb 25 ,2016, city : Abu Dhabi

Unit of world’s second-largest sovereign wealth fund awards contract for 38-storey tower in La Defense

The Abu Dhabi Investment Authority (ADIA) is planning to build an office tower in Paris’ largest business district, according to Bloomberg.

The newswire reported that a unit of the Abu Dhabi sove... more

Nakheel plans new hotel at Dubai’s Ibn Battuta Mall

Feb 24 ,2016, city : Dubai

Dubai-based Nakheel on Wednesday announced the signing of a Letter of Intent for a management agreement with Thailand’s Minor Hotel Group for a 372-room hotel at Ibn Battuta Mall.

Under the proposed agreement, the hotel will be managed under the Avani Hotels & Resorts brand. The 14-storey hotel – one of two ... more

Dubai said to record $18.6bn of property deals so far in 2016

Feb 23 ,2016, city : Dubai

Dubai has so far recorded a total of AED68.48 billion ($18.6 billion) of real estate transactions in 2016, challenging claims that the market is declining, the director-general of Dubai Land Department has reportedly revealed.

Sultan Butti bin Merjen told Emirates247 that more than AED68 billion of deals had been struck in ... more

Low price, high rent yield: Best time to buy Dubai property?

Feb 23 ,2016, city : Dubai

The time may be best to buy property in Dubai as prices are falling, but rental yields remain high, according to a new report by Chestertons Mena.
"Property prices have corrected significantly over the last year with attractive bargains in some locations.

“With high rentals, this is an apt time to lock a p... more

Dubai property market ‘thriving’: Dh68 billion deals in 53 days of 2016

Feb 23 ,2016, city : Dubai

Contrary to the opinion of real estate experts of a decline in property transactions in Dubai in 2016, the emirate has registered transactions worth Dh68.48 billion in the first 53 days of 2016, showing signs of 'thriving' property market.

“Investors are buying into the property market and we can see that with... more

‘Serena’ in Dubailand: ‘Affordable’ Dubai property gets 8.2m sqft push

Feb 22 ,2016, city : Dubai

Dubai Properties Group (DPG), the real estate arm of Dubai Holding, on Sunday launched ‘Serena’ in Dubailand, targeting the 'affordable' townhouse segment.

Spanning an area of 8.2 million square feet, the residential community will be developed in five phases, with the first phase expected to be complete... more

Dubai Creek luxury residential project set for summer handover

Feb 21 ,2016, city : Dubai

Manazel Al Khor, the luxury residential project overlooking the historic Dubai Creek, is currently at 70 percent completion, according to its developer.

Dubai Properties said in a statement that the development is on schedule for handover during the summer of 2016.

Marwan Al Kindi, executive director, Sales a... more

Most of Northern Emirates see rent declines in 2015

Feb 20 ,2016, city : Dubai

Rents across most of the Northern Emirates declined marginally during 2015, according to a new report by Asteco.

Its UAE-wide Real Estate Report said that with the exception of Fujairah, rental rates across the Northern Emirates fell slightly, with Sharjah, and Ras Al Khaimah recording 2 percent falls while Ajman was flat.<... more

Al Habtoor names luxury residential towers after daughters

Feb 19 ,2016, city : Dubai

The luxury residential towers in the multi-billion dollar Al Habtoor City project will be named after the daughters of Dubai businessman Khalaf Ahmad Al Habtoor.

The announcement came as the Al Habtoor Group signed a deal with Christie’s International Real Estate UAE to be the sole sales agent for its Al Habtoor City ... more

Dubai office rents stable in Q1 amid strong demand

Feb 19 ,2016, city : Dubai

Stability in office rents in Dubai’s main markets persisted throughout the first quarter of 2016 as a result of continued high demand from both international and domestic occupiers, according to real estate consultancy Cluttons.

Cluttons’ first office market bulletin highlighted that 13 submarkets witnessed no c... more

Damac Properties says acquires land in Dubai worth $343m

Feb 18 ,2016, city : Dubai

Dubai-based developer Damac Properties has purchased land in Dubai for 1.26 billion dirhams ($343.1 million), it said in a statement on Thursday.

The plots, located on the eastern and western sides of Sheikh Zayed Road close to the emirate's Dubai Canal project, will add around 4 million square feet to the company's... more

Why buy property in Dubai: Capital guaranteed, money back scheme...

Feb 18 ,2016, city : Dubai

After some developers in Dubai waived off four per cent registration fee and offered monthly payment schemes to entice buyers, new schemes such as “capital guarantee” and “money back” have been rolled out.

Dubai-bourse listed Damac Properties has announced guaranteed annual return on advance payments... more

Dubai's Damac offers guaranteed returns for off-plan investors

Feb 17 ,2016, city : Dubai

Dubai developer Damac Properties said on Wednesday it is offering a guaranteed annual return to investors on advance payments during the construction of its projects.

The three percent return is equivalent to twice the interest on fixed deposits and customers will receive the payments twice a year until completion of the un... more

Emirates REIT posts 26% rise in 2015 net profit

Feb 17 ,2016, city : Dubai

Emirates REIT, the first Shari'a compliant real estate investment trust listed on NASDAQ Dubai, has reported that its 2015 net profit rose by more than 26 percent to $61.5 million.

Total assets for the Dubai-based real estate investment trust increased by 24.8 percent to $741.3 million, a statement said, adding that the... more

Revealed: average annual Dubai apartment rent rises to $37,500

Feb 17 ,2016, city : Dubai

The average annual apartment rent in Dubai across all bedroom categories rose to just under AED138,000 ($37,572) in January, according to a new report.

The rental value was 3 percent higher than the average apartment rent of AED134,000 at the end of December 2015, real estate website Bayut.com said.

In Abu Dh... more

Rents in Dubai's Springs up 71% from 2010-11

Feb 17 ,2016, city : Dubai

Rents of three-bed villas and townhouses in The Meadows and The Springs communities are still 29 per cent lower than their peak rentals in 2008, a report by Asteco, a real estate consultancy, reveals.

However, aaverage rentals for The Meadows are up 29.44 per cent to Dh233,000 per annum (pa) in 2015 from the lows of Dh180,0... more

Aldar Properties net profit up 13% to Dh2.56bn

Feb 16 ,2016, city : Abu Dhabi

Aldar Properties, the Abu Dhabi's real estate developer, on Monday announced net profit of Dh2.56 billion for 2015, a 13 per cent increase over the Dh2.27bn reported in 2014.

The results put net profit for the fourth quarter of 2015 alone at Dh750 million up 4.4 per cent from the Dh718m reported over the same period in ... more

One-bedroom unit for Dh26,000 pa in Sharjah: Will rents fall further?

Feb 16 ,2016, city : Sharjah

New supply of housing units in Sharjah coupled with a lower inflow of residents from Dubai will put downward rental pressure on lower quality apartment towers, according to Asteco.

“Rental demand is expected to be stagnant in Sharjah as a reduction in prices in neighbouring Dubai will lead to a lower than usual inflow... more

Abu Dhabi's Aldar to manage stock release as market slows

Feb 15 ,2016, city : Abu Dhabi

Abu Dhabi's Aldar Properties is monitoring the amount of real estate it puts up for sale as it tries to manage the impact of a slowdown in the sector, a company executive said on Monday.

He was speaking after the developer reported a 5.6 percent rise in fourth-quarter net attributable profit, helped by higher recurring ... more

Damac chief stays bullish on future of Dubai real estate

Feb 15 ,2016, city : Dubai

Damac Properties’ managing director has defended bold comments he made last week about the state of the Dubai property market, and forecast that levels of supply and demand will remain stable throughout 2016.

In an interview with the Sunday Times, Ziad El Chaar had pledged to “go on TV naked and resign” if... more

UAE's Aldar Properties Q4 profit up 9.1%

Feb 15 ,2016, city : Abu Dhabi

Abu Dhabi's Aldar Properties reported on Monday a 9.1 percent rise in fourth-quarter net attributable profit, according to Reuters calculations.

The state-linked builder of Abu Dhabi's Formula One circuit made a profit attributable to equity holders of 760 million dirhams ($206.9 million) in the three months to Dec.... more

30% rent hikes in Sharjah: Can landlord increase rent yearly?

Feb 15 ,2016, city : Sharjah

A 30 per cent rent hike demand from his landlord in 2016 has left KR (name withheld on request), an Indian, renting a one-bed apartment in Sharjah, shocked.

“My landlord has hiked my rent again. This is for the second consecutive year and now he is asking me to pay Dh26,000 per annum (pa) from Dh20,000 pa,” he t... more

5 reasons Dubai property prices aren't falling this time around

Feb 15 ,2016, city : Dubai

Residential property prices in Dubai are holding up much better this time despite the price of a barrel of oil down by more than 70 per cent since June 2014.

It’s market fundamentals coupled with a prudent regulatory environment that have managed to support the property sector this time, say analysts and market expert... more

Industrial rents stay firm in Dubai

Feb 14 ,2016, city : Dubai

Demand for industrial property in Dubai has held up over the past year despite falling oil prices and uncertain economic conditions, according to new research.

Consultancy Core Savills’ first-quarter 2016 industrial market update shows industrial rents “were broadly stable” across many established industri... more

Chinese buyers accounted for 7% of January sales, says Damac

Feb 14 ,2016, city : Dubai

Between 5 and 7 percent of Damac Properties’ total sales in January were to the Chinese following an aggressive marketing push into the country last year, according to the company’s managing director, Ziad El Chaar.

Damac signed deals with two Chinese property brokers last year in a bid to target investors from ... more

Fire hits Aldar, Arabtec building site in Kazakhstan

Feb 13 ,2016, city : Abu Dhabi

A fire broke out on Saturday at a construction site where Central Asia's tallest tower is being built in the Kazakh capital Astana, the Kazakh interior ministry said.

The blaze at the Abu Dhabi Plaza, being built by United Arab Emirates developer Aldar Properties and contractor Arabtec, started early in the morning and ... more

Dubai can handle more megaprojects

Feb 12 ,2016, city : Dubai

Dubai’s real estate market has the capacity to accommodate additional megaprojects, according to David Godchaux, CEO of Core UAE, an associate of UK-based Savills.

However, Godchaux warns that it will be important for the Emirate to strike the right balance between legacy developments and ‘livable’ project... more

Dubai's Damac Properties Q4 net profit falls 12%

Feb 11 ,2016, city : Dubai

Dubai's Damac Properties reported a 12 percent fall in fourth-quarter net profit on Thursday.

The developer reported a net profit of 844 million dirhams ($229.8 million) for the three months to Dec 31, Reuters calculated in the absence of a quarterly breakdown. This was up from 959.3 million dirhams a year earlier.
more

Dubai considering building more Smart Cities in India

Feb 11 ,2016, city : Dubai

Dubai Holding could expand its smart city initiatives in India to add more cities beyond Kochi.

Ahmed bin Byat, Chairman Dubai Holdings, told Emirates 24|7 that it is actively in talks with authorities in India about expanding its smart city projects in two more cities, but refused to provide specific details.

... more

Rents for 1-bed units in Dubai’s Bur Dubai, Deira up 70% to 86%

Feb 11 ,2016, city : Dubai

Rents of one-bed apartments in Bur Dubai have risen by 70 per cent between 2011 and 2015, while rentals in Deira jumped by 86 per cent during the same period, reveals data released by Asteco, a real estate consultancy.

Average rentals in the above two communities stood at Dh73,000 per annum (pa) and Dh65,000 pa in 2015. In ... more

Emaar Properties Q4 profit near-flat after Address hotel fire write-down

Feb 10 ,2016, city : Dubai

Dubai's Emaar Properties, builder of the world's tallest tower, reported near-flat quarterly net profit on Wednesday after taking a write-down related to a fire at one of its hotels on New Year's Eve.

The 301 million dirham ($82 million) write-down stalled an earnings boom at the government-linked developer, whi... more

Dubai's ailing Falcon City of Wonders to get $2bn kick-start

Feb 9 ,2016, city : Dubai

The main developer of one of Dubai's most outlandish real estate projects, the Falcon City of Wonders, says the long-delayed project will gain new life this year with around $2 billion in new developments.

The falcon-shaped project has seen only about a tenth of the 5,500 planned homes built since its launch in 2005 and... more

Revealed: most searched-for property locations in the UAE

Feb 9 ,2016, city : Dubai

Dubai Marina and Abu Dhabi’s Khalifa City A neighbourhoods were the most desirable locations in the UAE last year based on searches on classifieds website Dubizzle.com.

Dubai Marina received 91 million searches overall for rent and sale properties, with more than 68 million searches solely for rental properties, Dubiz... more

Dubai house prices plummet 11% in 2015, rents hold up, says Asteco

Feb 8 ,2016, city : Dubai

Average Dubai property prices fell by 11 percent last year while average rental rates saw only a slight dip of 1 percent, according to a new analysis.

Real estate consultancy Asteco’s latest market report for the emirate said residential sales registered across-the-board declines, with villa prices down 11 percent yea... more

Dubai rent alert: Why residential rents will fall this year… and 2017

Feb 8 ,2016, city : Dubai

Residential rents will fall in Dubai in 2016 and 2017 if “all housing units are delivered on time,” according to Asteco, real estate consultancy.
 
“Rental performance in 2016 will be highly dependent on the timely delivery of supply.

“Assuming the anticipated supply is handed over... more

Architectural wonder as great as Burj Khalifa and Eiffel Tower: Mohammed

Feb 7 ,2016, city : Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday reviewed the designs proposed by international consultancy houses for a new tower to be built by Emaar in the Dubai Creek area.

This came during Sheikh Mohammed's visit to a show held at Burj ... more

Interest in home insurance surges 123% in January, says Souqamal.com

Feb 7 ,2016, city : Dubai

Interest in home insurance policies among UAE residents rose 123 percent last month following the fire at The Address Downtown in Dubai, it has been claimed.

Ambareen Musa, founder and CEO of Souqamal.com, which offers information to consumers on a range of financial products, said the website registered an increase of 123 ... more

“Comparable to Burj Khalifa”: Emaar unveils latest iconic tower

Feb 7 ,2016, city : Dubai

A new tower that will become the centrepiece of Emaar’s Dubai Creek Harbour project has been approved by Dubai Ruler Sheikh Mohammed Bin Rashid Al Maktoum.

The tower’s height and name has not yet been revealed, but the developer said it would “comparable in greatness and in height” to the Burj Khalif... more

50% of Dubai property projects 'fail to hit 2015 handover'

Feb 6 ,2016, city : Dubai

Around half of Dubai residential projects originally scheduled for completion in 2015 have been delayed and rescheduled for handover during 2016 and 2017, according to a new report.

Real estate consultants ValuStrat said it estimates the total completed residential supply during 2015 at 14,000 apartments and 3,400 villas. more

Dubai residential rents fall 10%... 17,400 new units delivered

Feb 5 ,2016, city : Dubai

A total of 17,400 units were delivered in Dubai in 2015, as rentals fell 10.4 per cent, according to a report by ValuStrat, a real estate consultancy.

In its fourth quarter 2015 report, the company said 14,000 apartments and 3,400 villas were delivered while seven off-plan residential projects were launched in during the qu... more

Meydan to build luxury hotel to replace defunct Dubai beach club

Feb 4 ,2016, city : Dubai

Meydan Group has started building a five-star hotel on Dubai’s Jumeirah Beach Residence (JBR), to replace a beach club the developer shut down in 2014.

The Meydan Beach Hotel is to comprise 260 rooms, including hotel and serviced apartments, according to Meghnad Warrier, vice-president of finance at Meydan Group.
more

Danube Properties says 85% of $82m Ritz Dubai sold

Feb 3 ,2016, city : Dubai

Dubai's Danube Properties announced it has sold off 85 percent of the 452 units at its recently-launched Ritz project.

Danube Properties is a part of Danube Group, a building materials supplier in the GCC.

The $81.6m (AED300m) Ritz project is located in the city's Al Furjan area.

Remark... more

'Smart people will buy smart schemes, even if market is flat', says top UAE developer

Feb 3 ,2016, city : Dubai

Low property prices and flat demand will not affect sales of high quality housing in Dubai, the chairman and CEO of Dubai developer Meydan Group insisted this week.

Saeed Al Tayer sought to allay concerns over Dubai’s softening real estate market, which has been hit by the strong dollar and weakening demand from inves... more

Dubai wins bid to host 20th World Land Registration Congress

Feb 3 ,2016, city : Dubai

Dubai beat several countries to win a bid to host the 20th World Land Registration Congress in February this year. Dubbed ‘Cinder Dubai 2016’, the Congress will be organised from February 22 to 24 by the International Property Registries Association (IPRA-CINDER) in association with the Dubai Land Department (DLD).

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Nakheel awards Dh1.4 billion The Palm Gateway contract

Feb 3 ,2016, city : Dubai

Dubai developer Nakheel has awarded a construction contract worth nearly Dh1.4 billion for The Palm Gateway, a new, three-tower residential, retail and beach club complex at the foot of its flagship master development, Palm Jumeirah.
 
Nakheel has appointed Ssangyong Engineering and Construction Co Ltd (Dubai Branch) an... more

Revealed: Three most 'searched' Dubai communities

Feb 3 ,2016, city : Dubai

Upscale freehold communities of Dubai are finding interest from international buyers, a real estate consultancy claims.
 
PropertyTrader.ae reveals that the majority of clicks from visitors in January 2016 were for properties in Dubai Marina, Downtown Dubai and Palm Jumeirah.
 
Dubai Marina registered... more

Dubai developer says in talks with banks to borrow $202m

Feb 2 ,2016, city : Dubai

Dubai's Union Properties is in talks with banks to borrow about 740 million dirhams ($202 million) to help fund some of its projects, the developer said in a bourse statement on Tuesday.

The company hopes to borrow 300 million dirhams for a residential building, 70 million dirhams for staff accommodation, 50 million dir... more

Dh100 million mansions sold in Dubai's MBR District One

Feb 2 ,2016, city : Dubai

Meydan Sobha, the developer of the Dh21-billion mega Mohammed Bin Rashid Al Maktoum City – District One, has sold mansions costing up to Dh100 million.
 
“Yes, there is demand for these eight-bedroom mansions and we have sold quite a number of them,” PNC Menon told Emirates 24|7, post launch of the thi... more

Dubai's $10bn MBR City District One project launches new phase

Feb 1 ,2016, city : Dubai

Meydan Sobha on Monday officially launched the latest phase of its $10 billion Mohammed Bin Rashid Al Maktoum City – District One project.

Phase 3 offers a fresh wave of 4 and 5 bedroom freehold villas built on larger plots, the developer said in a statement.

A joint venture project between Meydan Group... more

Why buy a property in Dubai: Save 6% instantly, get 10% return every year

Feb 1 ,2016, city : Dubai

Here is the best part of buying a property in Dubai today: you don’t pay the four per cent registration fee and the two per cent agent commission, thus saving six per cent in the deal.

And that’s not all. The unit’s offered for sales are ready to move in.

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