Latest Real Estate News in UAE

Abu Dhabi property market 'at tipping point' after flat Q2

Jul 31 ,2015, city : Abu Dhabi

Property prices and rents in Abu Dhabi stabilised in the second quarter of 2015 following two years of significant rises, according to a new report by Jones Lang LaSalle (JLL).

Its Q2 Abu Dhabi Real Estate Overview report said the market was flat in the three months to the end of June with transactions falling due to a weak... more

Dubai property prices continue to fall – reports

Jul 30 ,2015, city : Dubai

Dubai property prices continued to fall during the second quarter, according to two new reports.

Residential apartment sales fell 1 percent, according to JLL, and 2 percent, according to Cavendish and Maxwell.

Villa prices declined between 2-2.4 percent, the reports said.

The downturn follows n... more

Abu Dhabi rental growth slows in Q2 to two-year low

Jul 29 ,2015, city : Abu Dhabi

Abu Dhabi rental growth slowed to its most sluggish pace in two years in the second quarter of 2015, according to real estate consultancy CBRE.

Rents in the UAE capital rose by just over one percent during the quarter but are still about 10 percent higher than in the year earlier period, said CBRE's Q2 2015 Abu Dhabi Ma... more

Real estate agency files for bankruptcy; 80 staffers lose jobs

Jul 28 ,2015, city : Dubai

One of Dubai’s well-known real estate agencies today released a statement regarding its recent bankruptcy.

In the statement, S&K Estate Agents (also known as Smith and Ken) said the agency “has been handed to liquidators in a process to pay back creditors, with all 80-plus employees having lost their positio... more

‘Saturated’ property market forces Dubai realtor to go bust

Jul 28 ,2015, city : Dubai

Dubai-based real estate agency S&K Estate Agents said a deteriorating property market in the emirate contributed to its decision to file for bankruptcy and be liquidated.

"Simply put, the revenue being generated by the business drastically reduced over the first half of 2015, without enough income to cover operatio... more

Dubai more affordable: Click for where rentals softened most

Jul 28 ,2015, city : Dubai

Residential rents and property prices in Dubai became more affordable with real estate consultancies reporting drop in rents and purchase rates in the second quarter of 2015.

According to a report by Abu Dhabi Islamic Bank (Adib) on Dubai’s real estate sector, rents in Dubai dropped three per cent on supply of new uni... more

Dubai property turns corner: Mortgages overtake cash deals

Jul 27 ,2015, city : Dubai

Dubai Land Department (DLD) has announced that the total amount of real estate transactions recorded in the emirate in the first six months of 2015 reached Dh129 billion ($35 billion).

This is over 15 per cent more than the Dh113bn in transactions recorded in the same half of last year.

A financial report iss... more

Dubai real estate deals total $35.1bn in H1

Jul 27 ,2015, city : Dubai

Dubai Land Department said on Monday that the total amount of real estate transactions in Dubai exceeded AED129 billion ($35.1 billion) in the first half of 2015.

The government department said it saw 23,000 transactions during the first six months of the year. The total value of transactions for the whole of 2014 was AED21... more

Dubai residential rents drop 3% during Q2 - report

Jul 26 ,2015, city : Dubai

Dubai residential rents declined by 3% during the second quarter of 2015, according to the latest ADIB/MPM Properties Real Estate report.

An increase of as 6,750 new residential units were delivered this quarter - taking the total Dubai residential stock to 479,000 units – was one of the main reasons for the decrease.... more

Tata Housing opens office in Dubai

Jul 26 ,2015, city : Dubai

Tata Housing, the real estate developer arm of Tata Group, has announced it will open an international office in Dubai to meet the growing demand from consumers in the region.

Non-resident Indians (NRIs) represent between 15% to 20% of Tata Housing’s total sales, with that figure expected to rise in the coming years a... more

Affordable housing shortage is key MidEast challenge - expert

Jul 24 ,2015, city : Dubai

The current shortage of middle income housing is one of the greatest challenges facing the real estate sector in the Middle East, according to an industry expert.

Craig Plumb, head of research at JLL MENA, said the region has to tackle challenges that have resulted in a lack of affordable housing.

"With ... more

Dubai's Emaar says committed to projects in India

Jul 23 ,2015, city : Dubai

Dubai's Emaar Properties said on Thursday it was committed to its projects in India through its joint venture Emaar MGF Land, and that India was a key market for Emaar.

Its statement followed a report in India's Economic Times which quoted unnamed sources as saying Emaar was close to ending its decade-old joint vent... more

Reverse relocation to Dubai making Sharjah more affordable for tenants

Jul 23 ,2015, city : Dubai

Rents in Sharjah, Ajman and other Northern Emirates are declining following the decline in Dubai rentals, which is prompting many tenants to move back to Dubai.

According to the latest Asteco Northern Emirates Q2 2015 real estate report, rents in Sharjah and Ajman declined by 3 per cent quarter-on-quarter during the April-J... more

Dubai's Union says to develop new projects worth $544m

Jul 22 ,2015, city : Dubai

Dubai's Union Properties plans to develop three new projects worth two billion dirhams ($544.5 million), it said in a bourse filing on Wednesday.

The developer provided no other details. Shares of Union Properties declined 1.6 per cent to 1.23 dirhams at the close on Wednesday, prior to the release of the filing.
... more

Dubai to Sharjah exodus reverses as affordable projects launch

Jul 22 ,2015, city : Dubai

The launch of affordable housing projects in Dubai is driving a reverse relocation trend from Sharjah to its more affluent neighbour, a new report said on Wednesday.

Asteco said in its Northern Emirates Q2 2015 real estate report that few properties have been sold in Sharjah due to high asking prices.

"S... more

Emaar said to mull split from Indian JV partner

Jul 21 ,2015, city : Dubai

Dubai's Emaar Properties is likely to split with its Indian partner, MGF Development, after spending 10 years as a joint venture in the country.

Both parties are reportedly working on a deal to separate assets, Indian publication Economic Times reported.

The joint venture was set up in February 2005 with ... more

Studios, 1-bed apartments in which Dubai areas offer better yields?

Jul 20 ,2015, city : Dubai

Apartment sales in Dubai during the second quarter of 2015 were marked by a shift towards more affordable properties, says a new report by Asteco.
 
Locations such as IMPZ, Dubai Silicon Oasis, International City, and the recently handed over Queue Point and Sky Courts developments in Dubailand witnessed sustained deman... more

From mechanic to owner of 22 Burj Khalifa units in Dubai

Jul 20 ,2015, city : Dubai

“How can a short man like you even see the Burj Khalifa fully, let alone enter the world’s tallest  tower? Can you enter this building?” a friend of George joked.

Since then George decided to buy a flat in the world’s tallest tower and within a short period, he is the owner of 22 apartments, on ... more

Dubai property market 'to return to growth by 2016'

Jul 18 ,2015, city : Dubai

Dubai's real estate market, which has seen prices fall during the first half of this year, will return to growth by 2016, according to a new report by real estate website Bayut.com.

Its report said that concerns voiced about the Dubai property slowdown have been "exaggerated and inflated", adding that the mark... more

Dubai's Palazzo Versace starts handover of luxury homes

Jul 17 ,2015, city : Dubai

The developer of the much-delayed Dubai resort Palazzo Versace has announced that handover of the project's ultra-luxurious residences has started.

The 169 Residences at Palazzo Versace in Dubai Creek are currently being handed over to their owners, according to real estate company ENSHAA.

Ranging in size... more

New areas emerging for affordable housing in Dubai

Jul 15 ,2015, city : Dubai

Meydan, Jebel Ali, Dubailand, and Umm Suqeim Road are emerging as new growth corridors for affordable housing, according to property website Bayut.com.

Approximately 20,000 to 25,000 residential units are expected to enter Dubai’s realty sector over the course of 2015, and areas bordering the city centre, such as Inte... more

Which of Dubai's high-end areas more affordable to rent in Q2?

Jul 15 ,2015, city : Dubai

Rents in some of Dubai’s high-end areas declined during the second quarter even as certain mid-market locations saw rentals increase while rental levels remained unchanged in old Dubai areas, according to two research reports published on Tuesday.

According to real estate consultancy Asteco’s Q2 2015 report, the... more

Downtown Dubai tops chart for biggest office deals in Q2

Jul 14 ,2015, city : Dubai

Dubai’s commercial space continued to register big ticket deals in the second quarter of 2015, with Downtown Dubai recording six of the top 10 office deals.

The biggest transaction registered with Dubai Land Department (DLD) was worth Dh19.19 million in Control Tower in Business Park Motor City, reveals data shared ex... more

Six deals cross Dh195 million on Dubai's Palm Jumeirah

Jul 13 ,2015, city : Dubai

A Dh60-million deal in the plush Emirates Hills, a master development by Emaar Properties, has topped the list of the top 10 villa deals for the second quarter 2015 in Dubai, reveals data shared exclusively by Reidin.com with Emirates 24|7.

The deal, closed in May 2015, saw the buyer paying Dh2,325 per square foot (psf) for... more

'Twist' in Dubai tower gets investor to shell out Dh25 million

Jul 12 ,2015, city : Dubai

Cayan Tower, the world's tallest tower featuring a 90-degree twist, in Dubai Marina has registered the biggest apartment deal in the second quarter 2015, reveals data shared exclusively by Reidin.com with Emirates 24|7.?

The 10,970-square foot apartment was sold for Dh25 million, with the buyer paying Dh2,279 per square... more

Dubai tenants can expect 'slight' fall in rents over next 3 months

Jul 10 ,2015, city : Dubai

Real estate agents in Dubai are expecting a ‘moderate’ decline in average rental prices in the third quarter 2015 though the period over the three months to June reported a ‘robust and accelerated upturn’ in rental demand, according to Emirates NBD Dubai Real Estate Tracker.

“More than half of ... more

How much can Dubai developers charge for issuing NoC: Dh500 or Dh5,000?

Jul 9 ,2015, city : Dubai

A group of unit owners are up in arms against a Dubai developer who is seeking Dh5000 for issuing of no-objection certificate (NoC) for a project that has been delayed by almost seven years.

The investor group, comprising 25 unit owners, have written to Emirates 24|7 claiming the charges are “exorbitant” and for... more

10 most expensive cities to rent property: Where does Dubai rank?

Jul 8 ,2015, city : Dubai

The pace of increase in rentals in Dubai has slowed down substantially over the last one year, making it far cheaper to rent a luxury property here compared with global cities such as London, New York and Hong Kong.

Rents for luxury properties in the emirate fell 0.6 per cent in the first three months of 2015, according to ... more

Teacher-turned-agent cracks Dh70m Palm villa deal

Jul 7 ,2015, city : Dubai

A teacher-turned-real estate agent has become an overnight millionaire in Dubai by closing a Dh70 million deal for a villa on Palm Jumeirah, the world’s largest man-made island.

“I still remember how my hands were going cold when I was writing an email to my directors declaring that finally, after almost three m... more

No drastic fall in Dubai property prices: London Business School

Jul 6 ,2015, city : Dubai

Weeks after a Standard & Poor’s, a global ratings agency, predicted 10 to 20 per cent decline in Dubai property prices, a survey by London Business School, ranked among the top 10 global programmes and research institutions, has ruled out the chances of any drastic property market correction for the next 12 months.

... more

Dh1 billion project launched in Dubai's MBR City

Jul 6 ,2015, city : Dubai

The summer lull in Dubai’s real estate market isn’t stopping developers from launching new projects and starting work on their developments .

Among the latest projects to be unveiled during Ramadan is the Dh1 billion ‘Jade at The Fields’ in Mohammed Bin Rashid Al Maktoum (MBR) City - District 11 by G... more

Sharjah 1BR rents 43% cheaper than Dubai's most affordable?

Jul 5 ,2015, city : Dubai

Average rent for one-bed apartments in Sharjah is Dh40,000 per annum (pa), which is almost 23 per cent cheaper than International City and 43 per cent than Discovery Gardens, two of the most-affordable residential communities in Dubai, reveals a comparison of data released by Land Sterling.

The real estate consultancy&rsquo... more

Affordable Home Show to debut in Dubai as demand grows

Jul 4 ,2015, city : Dubai

The Affordable Home Show will make its debut in Dubai later this year as the emirate looks to diversify its real estate offering away from the luxury sector.

Organisers said the show will be the "first and only exhibition focused on affordable housing in Dubai, showcasing the best offers and packaged discounts in affor... more

1-bed in Abu Dhabi for Dh45,000: MBZ City drops

Jul 3 ,2015, city : Abu Dhabi

Rents for one-bed apartments in Mohammed Bin Zayed City in Abu Dhabi declined 10 per cent in the second quarter 2015 compared with first quarter 2015, with average rentals at Dh45,000 per annum (pa), according to a report.

The second cheapest area to lease is Al Ghadeer, where average rents for one-bed units is Dh52,500 pa,... more

Where to rent 1BR apartment in Abu Dhabi for Dh45,000 pa

Jul 3 ,2015, city : Abu Dhabi

Rents for one-bed apartments in Mohammed Bin Zayed City in Abu Dhabi declined 10 per cent in the second quarter 2015 compared with first quarter 2015, with average rentals at Dh45,000 per annum (pa), according to a report.

The second cheapest area to lease is Al Ghadeer, where average rents for one-bed units is Dh52,500 pa,... more

Dubai's skyline named sixth best in the world

Jul 3 ,2015, city : Dubai

Dubai has been named as having the world's sixth best skyline in a new global list released by real estate data management firm Emporis.

According to the list, Hong Kong, with 7,794 buildings and 133,531 points, has the world's best skyline, followed by New York City, Singapore, Moscow, and Seoul.

Dub... more

Revealed: Abu Dhabi’s biggest listed companies

Jul 2 ,2015, city : Abu Dhabi

UAE government-backed telecoms provider Etisalat has topped the annual rankings for the 50 biggest listed companies in Abu Dhabi.

With Abu Dhabi's top 50 companies listed on the Abu Dhabi Securities Exchange (ADX) having a collective market value of $126.4 billion, Etisalat topped the list with a market cap of $30.1 bil... more

Emaar chief launches not-for-profit real estate educational Institute

Jul 2 ,2015, city : Dubai

Mohamed Alabbar, Chairman of Emaar Properties, today unveiled plans for the region’s first not-for-profit “real estate” educational Institute to provide training for developing a talented pool of senior managers and professionals in the real estate sector.

The centre of excellence, fully funded by Alabbar,... more

Which Dubai communities registered 11%, 8% decline in rents?

Jul 2 ,2015, city : Dubai

International Media Production Zone (IMPZ), a media production free zone and an upcoming residential community in Dubai, registered the biggest decline in rentals followed by Discovery Gardens and Dubai Silicon Oasis in the second quarter 2015, reveals a new report.

In its Q2 Dubai Property Watch report, Land Sterling, a ch... more

For sale: Luxury villa designed by Leonardo Da Vinci

Jul 1 ,2015, city : Dubai

One of the most distinctive properties in the world has gone on the market – a fortress turned luxury villa, designed by Leonardo Da Vinci (pictured below), the famous Italian artist and inventor who painted Mona Lisa.

The building, in Livorno, Italy, is currently on the books of property firm Lionard Luxury Real Esta... more

Dubai residential rents cheaper, continue to decline in May

Jul 1 ,2015, city : Dubai

Residential rents in Dubai continued to fall, but the pace of decline slowed down in May 2015 compared with April 2015, according to Reidin.com report.

Rentals declined marginally by 0.37 per cent compared to 0.67 per cent in April 2015. On year-on-year (y-o-y) basis, rents rose one per cent, the company said.

... more