Latest Real Estate News in UAE

Shurooq, Emaar, Eagle Hills in new Sharjah real estate venture

Jan 31 ,2016, city : Dubai

Three UAE developers have agreed a deal to create a new real estate company in Sharjah.

The Sharjah Investment and Development Authority (Shurooq) on Saturday signed a joint venture agreement with Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, to set up a new body called Omran Properties.

U... more

Damac chief to “go naked on TV and resign” if Dubai’s gloomy property predictions realised

Jan 31 ,2016, city : Dubai

The head of Damac has threatened to “go on TV naked and resign” if the worst predictions about Dubai’s property market are realised this year.

Ziad El Chaar, the Dubai developer’s managing director, made the comment in an interview with the Sunday Times.

Damac is one of the emirate&rsq... more

First non-campus student homes launched in Dubai

Jan 30 ,2016, city : Dubai

Global Student Accommodation Group (GSA) has announced the launch of Uninest Student Residences in Dubai to meet the growing demand for dedicated student accommodation in one of the world’s fastest growing higher education hubs.

Offering the first non-campus, student residential building in the emirate, Uninest Reside... more

UAE's Aldar activates $816m real estate investment programme

Jan 30 ,2016, city : Dubai

Aldar Properties has announced the activation of a AED3 billion ($816.7 million) investment programme in a bid to drive growth within its recurring revenue business.

The Abu Dhabi developer said it has acquired Daman House, a commercial office building in Capital Centre Abu Dhabi which is fully leased on a long-term contrac... more

Residents evacuated in Dubai Marina blaze drama

Jan 28 ,2016, city : Dubai

Residents living in a residential building in Dubai Marina were evacuated on Thursday after a fire broke out, it has been reported.

According to a spokesperson from the Dubai Civil Defence, the blaze, which started at around 3pm local time, has been extinguished and caused by a faulty generator.

According to ... more

70% of planned UAE real estate 'will fail to materialise in 2016'

Jan 27 ,2016, city : Dubai

An estimated 70 percent of the UAE’s pipeline real estate schemes scheduled for completion in 2016 will fail to be delivered on time, according to consultancy JLL.

A combination of factors including contractual disputes, financing delays, licensing and approval delays and developers holding back plans as market condit... more

Top Dubai communities giving rental returns of up to 10%

Jan 26 ,2016, city : Dubai

A majority of affordable housing developments in Dubai are offering the best rental returns to investors.
 
# Discovery Gardens
 
Topping the list, released by property consultancy Land Sterling, is Discovery Gardens, a master community off Sheikh Zayed Road.

Gross rent... more

Dubai developer Deyaar says Q4 net profit rises 14%

Jan 26 ,2016, city : Dubai

Dubai's Deyaar Development reported a 14 percent rise in fourth-quarter net profit on Tuesday.

The company made a profit of 101.5 million dirhams ($27.63 million) in the three months to Dec. 31, Reuters calculated based on its annual financial statement in lieu of a quarterly breakdown.

This compares with... more

Indian star Anil Kapoor said to invest in Dubai property

Jan 26 ,2016, city : Dubai

Indian actor Anil Kapoor has bought a number of properties in Dubai, it was reported on Tuesday.

The 59-year-old, who has appeared in numerous Bollywood movies and western blockbusters such as ‘Slumdog Millionaire’ and ‘Mission: Impossible – Ghost Protocol’ with Tom Cruise, has reportedly bough... more

Nakheel showcases $4.6bn real estate portfolio at Hong Kong show

Jan 25 ,2016, city : Dubai

Dubai-based real estate developer Nakheel will showcase $4.6 billion worth of construction projects at this week’s Dubai Property Show in Hong Kong.

The exhibition, which opens on Thursday January 28 next at the Hong Kong Convention and Exhibition Centre, is being organised by Sumansa Exhibitions in association with t... more

Jumeirah inks deal to manage 508 Dubai Marina homes

Jan 25 ,2016, city : Dubai

Jumeirah Group has signed an agreement with Select Group to manage 508 properties within Marina Gate, their flagship residential development at the gateway to Dubai Marina.

Jumeirah will bring its luxury hospitality experience to the third and final tower within the Marina Gate development under its Jumeirah Living brand. more

Dubai property show in Hong Kong

Jan 25 ,2016, city : Dubai

Dubai-based real estate developer Nakheel is heading east to showcase new projects with construction values of over $4.6 billion at the Dubai Property Show in Hong Kong this week.

Nakheel, whose projects already span more than 15,000 hectares and provide homes for over 200,000 people, is the biggest developer at the show, w... more

Time to build: Upbeat Dubai developers going ahead with construction

Jan 25 ,2016, city : Dubai

Developers in Dubai are going ahead with their announced projects despite the real estate market showing signs of sluggishness.

Reports from various global and local property point to slowing down of sales and price declines this year, but real estate developers have dismissed such claims and are confident of the success of... more

Dubai's famous skyline to get 2 new supertall towers in 2016

Jan 24 ,2016, city : Dubai

In 2016, Dubai will witness the completion of Marina 101 and The Address Residences The BVLD – allowing the emirate to continue to enjoy the distinction of being one of the cities in the world where the tallest and most iconic towers stand.

The above two towers are on a list of the global top 10 tallest towers to be c... more

UAE property website raises $20m for MidEast expansion plan

Jan 23 ,2016, city : Dubai

UAE-based real estate website Bayut.com has announced that it has closed a $20 million Series C venture round, four months after its Series B funding that added $9 million to its finances.

The funding comes from one of Bayut’s current investors, a fund which focuses on frontier and emerging markets with over $1 billio... more

Dubai property prices, rents forecast to soften further in 2016

Jan 23 ,2016, city : Dubai

Average residential property prices fell 10 percent during 2015 and and set to drop further this year, according to a new report by Deloitte.

Its annual Real Estate Predictions Report for Dubai also said that while published pipeline forecasts estimate that some 40,000 units will be delivered in 2016, Deloitte suggested tha... more

Emaar set to launch sales of luxury Dubai Creek homes

Jan 22 ,2016, city : Dubai

Emaar Properties has announced plans for the local and international sales launch of the luxury Harbour Views homes in The Island District in Dubai Creek Harbour, a 6 sq km development set by Dubai Creek.

The launch will be held in Dubai, New Delhi and Karachi on Saturday, and in Mumbai on Sunday, the company said in a stat... more

ICD, Brookfield ‘scrapped plans for distress fund’ to build DIFC project

Jan 21 ,2016, city : Dubai

A partnership between Dubai’s sovereign wealth fund and Brookfield Property Partners opted not to pursue 2012 plans to create a $500 million-plus fund to invest in distressed real estate assets because there were no viable opportunities, according to one of its chairmen.

Investment Corporation of Dubai (ICD) entered i... more

Dubai-powered Kochi Smart City to be inaugurated on February 20

Jan 21 ,2016, city : Dubai

The smart city project in Kochi in Kerala, India, will be inaugurated on February 20.

The announcement comes days after the Smart City board met in Dubai to decide the dates and the attendee list.

SmartCity Kochi is an initiative by Dubai-based Tecom, in association with the Government of Kerala. The project,... more

Dubai's newest icon: $1bn ICD Brookfield Place launched

Jan 20 ,2016, city : Dubai

Investment Corporation of Dubai (ICD), the investment arm of the Dubai government, and Canada’s Brookfield Property Partners broke ground on Dh3.67 billion ($1 billion) ICD Brookfield Place, an office and retail development in the Dubai International Financial Centre (DIFC) on Wednesday.

Mohammed Al Shaibani, Executiv... more

Aldar activates Dh3bn investment plan, buys commercial tower

Jan 19 ,2016, city : Abu Dhabi

Aldar Properties, Abu Dhabi-listed company, has acquired Daman House, a commercial office building, in Capital Centre Abu Dhabi under its Dh3 billion investment plan.

The tower comprises 23,000 square metres gross leasable area (GLA) of Grade A commercial space, fully leased on a long-term contract to a single government re... more

Revealed: the nationalities snapping up $36bn of Dubai real estate in 2015

Jan 19 ,2016, city : Dubai

Indians topped a list of non-GCC buyers of Dubai real estate last year with AED20 billion ($5 billion) of transactions, followed by Brits with $10 billion, according to new data from the Dubai Land Department (DLD).

However, GCC nationals were responsible for almost one-third of transactions (AED44 billion) and Emiratis acc... more

Dubai’s biggest landlord warns developers of “tough period ahead”

Jan 19 ,2016, city : Dubai

Dubai’s biggest landlord has a message for the city’s developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy- turvy market.

Companies need to be “more agile to sustain their businesses and survive the tough period ahead,” said Hesham Al Qassim,... more

Which nationalities investing Dh135bn in Dubai property market

Jan 19 ,2016, city : Dubai

Indians have topped the list of expatriate real estate buyers in Dubai with investments of Dh20 billion alone in 2015, Dubai Land Department (DLD) data reveals.
 
Data analysed by Emirates 24|7 reveals that total investment by Indians went up by over 10 per cent from Dh18.123 billion reported in 2014.
 
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Emaar, Damac launch first residential projects of 2016

Jan 18 ,2016, city : Dubai

Two of Dubai’s biggest developers - Emaar Properties and Damac Properties - have unveiled their first projects for 2016.
 
Emaar will kick off the sales for its first 2016 project - Harbour Views- residences in The Island District of Dubai Creek Harbour on January 23.

The launch will be held in Duba... more

Kleindienst’s first ‘Floating Seahorse’ nears completion in Dubai

Jan 17 ,2016, city : Dubai

Austrian developer Kleindienst Group is close to completing the first of its signature floating villas, to be incorporated in its planned ‘Heart of Europe’ resort at Dubai’s The World islands.

On Thursday, the company sent an email inviting prospective investors and other interested parties to view the fir... more

Dubai property prices said to drop nearly 14% in 2015

Jan 16 ,2016, city : Dubai

Residential property prices in Dubai continued to fall during the fourth quarter of 2015, according to a new report.

Phidar Advisory's Q4 Dubai residential research note said apartment sales prices declined by 12.7 percent during 2015, while lease rates decreased by 1.9 percent.

Lease rates for villas dec... more

Dubai real estate deals total $72.7bn in 2015, up 22%

Jan 15 ,2016, city : Dubai

Dubai Land Department has announced that the total value of real estate transactions in Dubai exceeded AED267 billion ($72.7 billion) during 2015, a 22 percent jump on the previous year.

Its annual report showed that the deal value rose by AED49 billion and that there were a total of 63,719 transactions registered last year... more

Six road projects that will put brakes on Dubai traffic congestion

Jan 14 ,2016, city : Dubai

The opening of the new Sheikh Zayed Road flyover and an announcement of a federal road that will link the emirate with Abu Dhabi and the northern emirates spells relief for the rush hour commuter.

Emirates 24|7 steers through the mega projects that will put the brakes on traffic in the upcoming years:

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Dubai office space tops 8m sq m in 2015 amid subdued activity

Jan 13 ,2016, city : Dubai

Dubai's commercial property market saw the delivery of 700,000 sq m of new office space in 2015, increasing the total stock to 8.3 million sq m, according to a new report.

JLL's annual review of the UAE Real Estate Market for 2015 said 26 percent of new offices was delivered in Business Bay, followed by the new Duba... more

Dubai's first mega realty project of 2016: $1bn tower in DIFC

Jan 13 ,2016, city : Dubai

The Investment Corporation of Dubai (ICD) and Canada’s Brookfield will formally launch their first project in Dubai on January 20, 2016, which will also be the first mega project to be launched in 2016.

The 50-storey office and hotel tower will come up on Al Sa’ada Street behind Ritz Carlton Dubai International ... more

$1bn Reem Mall project approved by Abu Dhabi UPC

Jan 12 ,2016, city : Abu Dhabi

Developers for Reem Mall in Abu Dhabi today announced that the $1 billion project has been granted detailed planning approval by the Abu Dhabi Urban Planning Council (UPC).

The UPC’s granting of detailed planning approval comes only six months after the mall’s concept plans were approved.

Shane El... more

Rents in some Sharjah areas edging up

Jan 12 ,2016, city : Sharjah

Residents of some apartment blocks in Sharjah are facing rent increases upon renewal of their contracts.

Some who have renewed their rent contracts this month have reported hikes of up to 17 per cent.

“My rent has been increased by 16.7 per cent for this year.

“Now, I will have to p... more

UAE plans fire safety risk review after NYE hotel blaze drama

Jan 12 ,2016, city : Dubai

Dubai Civil Defence (DCD) is to conduct a major review of all buildings in the UAE to establish the fire safety risk each poses, its director of preventive safety has announced.

Building owners across the emirates are to be notified in the coming days of the substantial project to be undertaken by DCD.

Proper... more

UAE homes supply slows dramatically as sales slump in 2015

Jan 12 ,2016, city : Dubai

Just 8,000 residential units were completed in Dubai and Abu Dhabi in 2015, less than half the number in the previous year as developers responded to more subdued market conditions, a new report has said.

JLL's annual review of the UAE Real Estate Market for 2015 said developers in the UAE have also been hit by tightene... more

Dubai developers to go to Hong Kong to attract Chinese investors

Jan 11 ,2016, city : Dubai

Dubai Property Show, an international real estate event from the UAE, will embark on the silk route to attract Chinese investors to one of the world’s most lucrative markets in the Middle East.

The property show, which has met with resounding success in London and Mumbai, will be held in Hong Kong Convention and Exhib... more

Revealed: Dubai rental rates based on price per square foot

Jan 11 ,2016, city : Dubai

Average rents in upmarket neighbourhoods in Dubai plummeted by up to 12 percent last year, according to a new analysis of rental figures based on price per square foot.

Rents in Arabian Ranches and Jumeirah Beach Residence (JBR) dropped by 12 percent over the past year, while rents in areas such as Dubai Marina and the Palm... more

Dubai property prices set to fall further in 2016, say agents

Jan 11 ,2016, city : Dubai

Real estate agents in Dubai have indicated a subdued end to 2015 for the Dubai property market, with nearly half expecting a further fall in values during this year.

A majority of respondents to the Emirates NBD Real Estate Tracker noted declines in new buyer enquiries and transaction numbers over the three months to Decemb... more

UAE's Propertyfinder raises $20m in growth capital

Jan 11 ,2016, city : Dubai

UAE-based Propertyfinder Group has raised $20 million in growth capital from the Sweden-listed investment company, Vostok New Ventures Ltd, a transaction that values the company at $200 million.

The funding represents one of the largest investments in the region's emerging technology sector, the company said in a statem... more

Arabtec shares surge on news of $545m Aldar contract win

Jan 11 ,2016, city : Abu Dhabi

Abu Dhabi's Aldar Properties has awarded a AED2 billion ($544.5 million) contract to Dubai's Arabtec to build 1,017 luxury villas in the United Arab Emirates capital, Aldar said on Monday.

The villas are expected to be handed over to owners at the end of 2017, Aldar said in a statement to Abu Dhabi's bourse.
more

Dubai realty remains strong, 2015 deals hit Dh267 billion

Jan 10 ,2016, city : Dubai

The total value of real estate transactions in Dubai jumped 22.5 per cent to Dh267 billion in 2015 compared to Dh218 billion in 2014, with the industry becoming more 'innovative and mature', according to the Dubai Land Department (DLD).

“The reports issued by our experts assure that the Dubai market has reache... more

Dubai developer launches new project to regenerate Karama

Jan 8 ,2016, city : Dubai

Dubai developer wasl properties has announced the launch of wasl Duet in Karama, part of the company's plan to regenerate older districts of the city.

The first building in the two-building mixed-use project was launched this week, with the second due to be released onto the market imminently, the company said.
<... more

No significant change in Dubai residential market values

Jan 7 ,2016, city : Dubai

The 15th December ValuStrat Price Index (VPI) for Dubai's residential market has shown that, on average, there was no significant monthly change in values across the 26 areas it monitors for apartments and villas.

The December VPI registered 97.9 index points, with no significant change in values when compared to the pr... more

Dubai, Doha remain low construction cost locations

Jan 7 ,2016, city : Dubai

The major cities of the Middle East – Doha and Dubai – remain some of the least expensive
cities in the world in which to build, according to the International Construction Costs Index published by Arcadis, the leading global Design & Consultancy firm for natural and built assets.

Regionally, Doha is ... more

Dubai developer snaps up London's High Holborn Estate for $198m

Jan 7 ,2016, city : Dubai

A Dubai-based developer has purchased the High Holborn Estate in London for £136 million ($198 million), it has emerged.

SRG Holding, a subsidiary of Abdulsalam Al Rafi Group, acquired the property from US private equity firm Blackstone on December 22, SRG Holding’s chairman said.

The nine-buildin... more

Abu Dhabi, Qatar funds invest in Milan properties

Jan 6 ,2016, city : Abu Dhabi

Government investment funds in Abu Dhabi and Qatar, as well as in Azerbaijan, have invested a combined $380 million in three different properties in Milan.

Wall Street Journal reported that Abu Dhabi Investment Authority has agreed to buy a 1960s building in the north Italian city, which the newspaper said will be demolishe... more

Dubai property prices said to hold steady in December

Jan 6 ,2016, city : Dubai

Average property prices in Dubai held steady in December for the second month running since the start of a market correction in mid-2014, according to a new report.

The December ValuStrat Price Index (VPI) for Dubai's residential market showed that, on average, there was no monthly change in values across the 26 areas i... more

Address Hotel incident has OAs lit up on balcony rules: No shisha, BBQ please

Jan 5 ,2016, city : Dubai

Owners Associations (OAs) in Dubai are informing residents not to smoke shisha or have BBQ in their balconies, post The Address Hotel Downtown fire incident.
 
An OA of a tower in Tecom issued a notice on Tuesday stating: “Following the fire at The Address Hotel on December 31, 2015, we write on behalf of the owne... more

Revealed: Rents drop up to 11% in Dubai in 2015, says RERA

Jan 5 ,2016, city : Dubai

The official rental index for Dubai has been updated for 2016, with one- and two-bedroom apartments showing a decrease in prices across much of the emirate.

According to the new price brackets suggested by the Real Estate Regulatory Authority (RERA), rents for one-bedroom flats have dropped by between 4.55 percent and 11 pe... more

Dubai 2016 rent index: Two-bedroom units for Dh45,000 pa… Click for where

Jan 4 ,2016, city : Dubai

Rents of two-bedroom apartments in International City have declined by 7.69 per cent to 10 per cent for 2016 compared with 2015, an Emirates 24|7 analysis of the latest update of Dubai’s official rent index shows.

Leases for two-bedroom apartments range between Dh45,000 and Dh60,000 per annum (pa) as ... more

Saudi firm launches first UAE real estate project in Downtown Dubai

Jan 4 ,2016, city : Dubai

A Saudi Arabian-based conglomerate has announced the launch of its first luxury residential real estate project in the UAE.

ARTAR Real Estate Development, the property development arm of Abdul Rahman Saad Al-Rashid & Sons Co, has unveiled plans to build Mada Residences in Downtown Dubai.

It said in a stat... more

Emaar Properties weighs on Dubai stock market

Jan 4 ,2016, city : Dubai

Middle East stock markets were mixed in quiet trade on Sunday with Dubai falling as Emaar Properties was sold after a fire at one of its luxury hotels. The Saudi Arabian and Egyptian markets gained, supported by large-cap bank stocks.

Emaar shares slid in heavy, early trade after its Address Downtown hotel in Dubai was engu... more

Dubai 2016 rent index: One-bed units cheaper... Click for where, how much

Jan 4 ,2016, city : Dubai

The official rent index of Dubai has been updated for 2016 and a data comparison done by Emirates 24|7 for one-bedroom apartments across the emirate’s freehold communities reveals rents are down by up to 11 per cent.

The new rent index, which this website reported will be updated only once a year, puts decline of 4.55... more

Dubai's costliest property deal in 2015

Jan 3 ,2016, city : Dubai

All of the top 10 costliest villa transactions in Dubai took place in Emirates Hills, with the biggest deal being worth Dh93 million, data shared by Reidin.com with 'Emirates24|7' reveals.

Done in July 2015, the buyer paid Dh93 million for a 22,792 square feet property. The average price square foot being Dh4,080. more

Damac offers Lamborghinis, BMWs as part of shopping festival promo

Jan 3 ,2016, city : Dubai

Luxury real estate developer Damac Properties is offering new buyers a 2016 Lamborghini or BMW when they purchase a from a select range of villas or apartments in Dubai, part of its promotions to mark the start of the month-long Dubai Shopping Festival (DSF).

With property prices starting from $188,000 (AED692,000), Damac P... more

Emaar plans to reopen blaze-hit Dubai hotel ‘in record time’

Jan 3 ,2016, city : Dubai

Emaar Properties has appointed a contractor to carry out the restoration work on the blaze-hit The Address Downtown and reopen the hotel in “in record time”.

Dutco Group, which is currently working on the adjacent expansion of The Dubai Mall, is already on site at The Address Downtown with a team of internationa... more

Emaar says sees "no material impact" from hotel fire, as shares fall in opening trading

Jan 3 ,2016, city : Dubai

Shares in Emaar Properties tumbled on Sunday after a large fire at one of its hotels, but the stock came off its lows as Dubai's leading real estate developer said it expected the disaster to have no material impact on its finances.

Emaar's shares were down 2.5 percent at AED5.55 after 45 minutes of unusually heavy ... more

First families move into Dubai's $299m Sustainable City project

Jan 2 ,2016, city : Dubai

Diamond Developers, the company behind Dubai's AED1.1 billion ($299 million) Sustainable City, has said it has welcomed its first set of tenants to the ecological and environmentally-friendly project.

Several families have made their home at The Sustainable City to date, with more expected to move in by the end of the y... more

UAE developer reveals details of Bahrain mega project

Jan 2 ,2016, city : Dubai

UAE-based Eagle Hills, in partnership with local developer Diyar Al Muharraq, has revealed details of its flagship urban centre Marassi Galleria, a residential, hospitality and lifestyle shopping and entertainment destination in Bahrain.

Anchored on the beach front, Marassi Galleria is located within Marassi Al Bahrain and ... more

Dubai residents open doors to those hit by huge NYE fire

Jan 1 ,2016, city : Dubai

Dubai residents have reached out to those affected by the New Year’s Eve fire in the Downtown area of the city using Twitter.

The hashtag #NeedAnAddress was trending in the country shortly after the Address Downtown hotel caught fire, with Twitter users offering spare beds and sofas to those evacuated from the area. more