Latest Real Estate News in UAE

Dubai’s Emaar Properties reports 8% rise in Q2 profit, now in ‘exciting phase of growth’

Jul 31 ,2016, city : Dubai

Emaar Properties shook off the Dubai real estate slowdown as it boosted profit from the sale of homes across a raft of developments including the new Opera District.

Second-quarter net profit rose 8 per cent to Dh1.2 billion compared to a year earlier as revenue rose 7 per cent to Dh3.7bn.

In the first half o... more

Abu Dhabi’s $1bn Reem Mall project set to be built by Al Futtaim Carillion

Jul 31 ,2016, city : Abu Dhabi

Abu Dhabi’s US$1 billion (Dh3.67bn) Reem Mall looks likely to be built by Al Futtaim Carillion after it was named as preferred bidder for the project.

The developer behind Reem Mall said that it will now enter into detailed contract negotiations with Al Futtaim Carillion "with the objective of finalising an agree... more

DIP-based companies reach 4,600 as investors take advantage of park’s proximity to Expo 2020 site

Jul 31 ,2016, city : Dubai

Dubai Investments has said that 100 new companies have either leased units or sublet space at Dubai Investments Park [DIP] last year, bringing the total number of firms on the 2,300-hectare development to 4,600.

Construction has also started on 48 new sites to build new facilities, mainly from manufacturing companies.
... more

Progress at Saadiyat Lagoons project as enabling works to get under way

Jul 31 ,2016, city : Dubai

Saadiyat Island is set for a fresh burst of construction activity as enabling works get under way on a district that will be home to 29,000 people.

Abu Dhabi’s Tourism Development & Investment Company (TDIC) awarded Mussafah-based Western Bainoona Group for General Contracting the enabling works package on the fir... more

SME profile: Building businesses in DNA of D-Town Enterprises founder

Jul 30 ,2016, city : Dubai

It is no surprise that Rowdha Al Sakit has become an entrepreneur. The Emirati founder and chief executive of the Dubai architectural and design services firm D-Town Enterprises comes from a long line of business figures. Her great-grandfather used to have his own dhow and would trade on the seas, while her grandfather is the founder of A... more

Sobha Hartland: Green-themed Dubai community starts to bloom

Jul 28 ,2016, city : Dubai

In the shadow of Dubai’s futuristic Meydan racecourse, thousands of villas and apartments are taking shape.

On a dusty road close to the Dubai Quarantine Centre, one of the first, Sobha Hartland, a planned gated community of 6,000 homes, comes as a shock of landscaped green.

The development by Dubai-bas... more

Emaar completes wind testing of The Tower

Jul 27 ,2016, city : Abu Dhabi

Abu Dhabi: Emaar Properties, the Dubai-listed developer, announced the successful completion of advanced wind tunnel tests to confirm the strength and durability of the planned new tower in Dubai Creek Harbour.

The completion of the tests marks another key step in the development of The Tower, which is set to be 100 metres ... more

Dubai tightens rules for selling overseas property

Jul 27 ,2016, city : Dubai

Dubai: Overseas developers keen to connect with potential buyers in Dubai had better follow the rules — otherwise a stiff fine will all that they be getting for their efforts. In a major push to safeguard buyer interests, an escrow scheme will also be put in place for overseas off-plan properties sold here.

The Real E... more

It’s the home stretch for UAE’s theme park industry

Jul 27 ,2016, city : Dubai

Dubai: Back before the economic crisis punched a hole in just about everything, some 10 theme parks were being planned in Dubai. The emirate already had the sparkling aviation and hospitality infrastructure in place.

The missing part was some mass market leisure attractions that would create a theme park hub in the Middle E... more

UAE’s property loans improving despite price slide, IMF says

Jul 27 ,2016, city : Dubai

The quality of real estate loans in the UAE has continued to improve despite sliding home prices, the IMF said, in a sign that the UAE is coping better with a real estate downturn than it did in the previous slump seven years ago.

Dubai’s average residential real estate price plunged 11 per cent in 2015 and in neighbo... more

Dubai’s Emaar Malls second-quarter profit up 11.2%

Jul 27 ,2016, city : Dubai

Emaar Malls, the shopping malls and retail business majority owned by Emaar Properties, said on Wednesday its second-quarter net profit rose 11.2 per cent, missing analysts’ predictions.

Net profits at Emaar Malls for the three months ending June 30 rose to Dh458 million, up from Dh412m during the same period a year e... more

Nakheel reports flat quarterly profit

Jul 27 ,2016, city : Dubai

The Dubai developer Nakheel said on Wednesday its second quarter net profit was flat as the Dubai property market remained in the doldrums.

Net profit for the three months ending June 30 stood at Dh1.4 billion, the same figure for the same period a year earlier, according to figures published by government-owned Nakheel on ... more

The Tower at Dubai Creek Harbour: Wind tests completed on UAE’s future tallest building

Jul 27 ,2016, city : Dubai

Anyone who has stood atop a skyscraper, be it New York’s Empire State Building or Dubai’s Burj Khalifa, can attest to the power of nature at such heights.

Not only is the wind strong, it also behaves in complex ways when coming into contact with tall buildings, meaning there is more to building megastructures th... more

Abu Dhabi rents down for first time in 3 years

Jul 27 ,2016, city : Abu Dhabi

Abu Dhabi: Abu Dhabi’s real estate market is starting to show early signs of decline after 18 months of relatively stable conditions, with rents in the second quarter of 2016 declining for the first time in three years.

According to the latest Real Estate Overview report issued by JLL, the property advisory firm, Abu ... more

Dubai landlord with history of illegal procedures plays up again

Jul 27 ,2016, city : Dubai

Our tenancy contract will expires soon. We were supposed to renew (and advised the landlord that we would renew back in April) but he has failed to provide us with the new tenancy contract since then. He did not want to use a real estate agent and has been drafting a contract on a word document, which Ejari advised that they will not acce... more

Experts forecast that Dubai house prices will drop for another 18 months

Jul 25 ,2016, city : Dubai

Apartment prices in Dubai will continue to drop further in the next 12 to 18 months because of weak demand from institutional buyers and occupiers, the research firm Phidar Advisory said.

Apartment prices in Dubai declined a further 3.7 per cent in the second quarter of this year, and villa prices fell by 1.1 per cent compa... more

Average Abu Dhabi housing rents fall for first time in three years

Jul 25 ,2016, city : Abu Dhabi

Average housing rents in Abu Dhabi have fallen for the first time in three years, driven by thousands of job cuts and an increase in the cost of living.

The first signs of long expected falls in housing rents in Abu Dhabi started to appear in the second quarter, according to new reports from property brokers JLL and CBRE. more

Al Jaber lands Dh370m contract to build Jawaher Saadiyat villa complex in Abu Dhabi

Jul 25 ,2016, city : Abu Dhabi

Al Jaber Building, the house building division of Abu Dhabi-based Al Jaber Group, has been awarded a Dh370m contract to build the Jawaher Saadiyat villa complex.

Jawaher Saadiyat will be a gated complex within the Saadiyat Beach District featuring 4-bedroom town houses and 4-6 bedroom villas, as well as a community centre w... more

Abu Dhabi office rents fall but supply keeps retail rents steady

Jul 25 ,2016, city : Abu Dhabi

Office rents in Abu Dhabi are coming under pressure as low oil prices force companies to cut back.

Rents for average top-class offices in Abu Dhabi fell 3 per cent in the second quarter of this year to Dh1,795 per square ­metre compared with the previous quarter, according to property broker JLL.

JLL foun... more

Damac to launch phase two of Akoya Imagine, Jumeirah Golf Estates puts new villas on market

Jul 25 ,2016, city : Dubai

Damac Properties has said that phase one of its Akoya Imagine villa scheme in Dubai has sold out, while the launch of the second phase will be on July 30.

The villas were designed and priced to attract professionals in the under 35 age group, according to Damac. They have been purchased by buyers of 26 different nationaliti... more

Has the Dubai property market turned? House prices in the emirate edge up

Jul 24 ,2016, city : Dubai

After two years of house price declines in Dubai, the UAE’s largest property data company recorded a slight uptick in prices last month.

According to new figures from the property data company Reid -in, house prices in Dubai increased by 1 per cent during the three months to the end of June, compared with the previous... more

Dubai to add hotel with tropical rainforest and artificial beach in the sky in pictures

Jul 24 ,2016, city :

Dubai is set to add a hotel complete with an artificial beach and rainforest within the two-tower property.

Located in the Tecom area off Sheikh Zayed Road and owned by the Saudi Arabia-based Royal International, the Dh1.1 billion Rosemont Hotel and Residences is expected to open in 2018 and is currently under construction.... more

Dubai home sales on a rebound

Jul 23 ,2016, city : Dubai

The value and number of homes changing hands in Dubai’s most established neighbourhoods doubled in the second quarter compared to the final three months of last year, which was the worst period of activity for the emirate’s property market since its last peak two years ago.

The data from Reidin, which has been a... more

Dubai property is hot investment

Jul 23 ,2016, city : Dubai

Dubai’s real estate market is becoming an attractive proposition to a multitude of international investors.

According to data from the Dubai Land Department (DLD), released by its Real Estate Research and Studies Department, total investment transactions for the first half of the year reached Dh57 billion from 26,000 ... more

Dh14 million Cayan Tower penthouse in Dubai comes with a twist in pictures

Jul 21 ,2016, city : Dubai

If you want to live somewhere that few others can match, then this penthouse in Dubai’s Cayan Tower is truly unique.

Because when the building was completed in June 2013, this apartment did not exist. It is actually five separate apartments, which the owner was given permission to fuse into one.

Hence w... more

Action Group upgrades Dubai Healthcare City hotel

Jul 21 ,2016, city : Dubai

Kuwait-based Action Group has upgraded its latest Dubai hotel project to a four-star property on expected demand from medical tourists to the emirate.

It plans to invest US$56 million in the Dubai Healthcare City site.

The company’s subsidiary, Action Hotels, will own the property, which will now be ope... more

Where you can rent a unit for Dh18,000 a year in Sharjah

Jul 20 ,2016, city : Sharjah

The average rent for studio units in Sharjah have gone up by 4.2 per cent in the second quarter compared to the first quarter of 2016 despite the average minimum rent being Dh18,000 a year, according to property consultancy Land Sterling.

Al Muwaileh is the cheapest locality to rent in the emirate, with average rents rangin... more

Logistics spurs Dubai industrial realty to new heights

Jul 20 ,2016, city : Dubai

Dubai: Industrial and commercial property continues to be the best performing within Dubai’s real estate space, helped by a marked demand build-up for logistics facilities.

“Key areas such as Jafza [Jebel Ali Free Zone Authority] and onshore locations such as DIP [Dubai Investments Park] continue to command a gr... more

Buy into his project and get a ‘golden’ passport

Jul 19 ,2016, city : Dubai

Issues of citizenship and nationality have come to the fore in a big way in the post-Brexit world, with many commentators focusing on the negative repercussions for the British, European and global economies.

On the other hand, Munaf Ali, chief executive of the hotels group Range Developments, sees this as a unique business... more

More Dubai property deals over first six months – but total value lower

Jul 19 ,2016, city : Dubai

The value of property deals transacted in Dubai in the first six months of the year fell despite a rise in the number of transactions.

According to figures from the Dubai Land Department published yesterday, the total value of real estate transactions in Dubai fell 12.4 per cent to Dh113 billion in the first half of 2016 fr... more

Real estate agent claims 'definite shift' in Dubai property market

Jul 18 ,2016, city : Dubai

The flurry of contradictory reports about the health of the Dubai property sector is continuing, with one local realtor claiming that there has been a “definite shift” in the market.

Lewis Allsopp, the chief executive of Allsopp & Allsopp said that the firm had recorded an 11 percent increase in sales over t... more

Dubai drafts new laws for property rentals, auctions

Jul 18 ,2016, city : Dubai

The Dubai government plans to enact a new law to regulate the rental of different types of property for the first time, from residential to commercial to retail.

Dubai’s real estate rental laws at present fail to differentiate between different sectors, despite, for example, varying levels of demand and average lease ... more

Brexit to delay Dubai housing market recovery, property broker JLL says

Jul 18 ,2016, city : Dubai

Property broker JLL has said the UK’s vote to leave the European Union will delay the Dubai housing market’s recovery by six months.

After two years of falling house prices, JLL had previously forecast, the residential market in the emirate would start to recover either towards the middle of this year or later.<... more

Drake & Scull secures Iraq’s Zubair oilfield contract

Jul 18 ,2016, city : Dubai

Drake & Scull International (DSI) said it won a Dh226 million engineering contract to help develop Iraq’s supergiant Zubair oilfield in the south of the country.

The Dubai-listed company’s deal follows last week’s announcement that the Iraq government had agreed to clear the US$3.6 billion arrears owed... more

Dubai speeds up collection of arrears from tenants who lose rental disputes

Jul 17 ,2016, city : Dubai

Tenants in arrears could have their bank accounts frozen within two days of losing a legal dispute, after Dubai’s Land Department (DLD) struck a deal with the Central Bank.

The DLD announced over the weekend that it was setting up an electronic system linking its Rental Disputes Centre (RDC) with the country’s C... more

Dubai South tenders for Expo 2020 sites to spur sales of affordable homes

Jul 17 ,2016, city : Dubai

Thousands of affordable homes next to the Dubai Expo 2020 site are likely to go on sale in October, after the government-owned master planner Dubai South awarded Dh1 billion worth of design and infrastructure contracts for the high-profile Residential District.

Atkins Global, Studio International Architects and RNL Design h... more

UAE residents prefer to rent than buy homes, turned off by high prices – Propertyfinder survey

Jul 17 ,2016, city : Dubai

High house prices and deposit requirements mean that more than two thirds of people living in the UAE rent their homes rather than buy them according to new survey.

According to a poll of around 11,000 UAE residents carried out by property website Propertyfinder, 70 per cent said of respondents that they rented their homes ... more

Opportunities abound despite region’s construction complications

Jul 16 ,2016, city : Dubai

When asked what the problems are with the region’s construction industry, the people with perhaps the best experience to judge – the international contracting giants – can often reel off a long list.

Take performance bonds, for instance. The head of a British contracting business recently bemoaned the fact... more

Dubai property market showing signs of recovery

Jul 15 ,2016, city : Dubai



With a clear 12 month trend of relatively stable sales prices, the general sentiment has been cautiously optimistic towards a recovery commencing in the second half of this year, according to consulting firm ValuStrat.

“Evidence from the market place also indicates that both investors and end-users are... more

Huge rise in UAE mortgage enquiries from AED8,000 salary bracket

Jul 14 ,2016, city : Dubai

Mortgage enquiries from mid-level earners in the UAE rocketed from January 2015 to April 2016, according to a leading finance comparison site.

Enquiries from those earning from AED8,000 to AED11,999 tripled in March and April, when compared with average monthly figures over the previous 22 months, said a statement from comp... more

UAE residents with Dh8,000 salary look to buy property in Dubai

Jul 14 ,2016, city : Dubai

The launch of affordable housing projects in Dubai is making UAE residents, with salaries of even Dh8,000 a month, consider the option of becoming home owners.

A new report by compareit4me.com, a finance comparison website, points to the “renter to owner” movement with home mortgage enquiries going up substantia... more

Dubai office rents dragged down amid glut of new supply

Jul 14 ,2016, city : Dubai

Office rents in some of Dubai’s most established business locations fell in the three months to the end of June as a glut of new office stock drove markets south.

Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter, compared with the same period last year, because o... more

Why more expats plan to buy a flat in Dubai

Jul 14 ,2016, city : Dubai

Given the transient nature of the majority of its population, Dubai has always been a predominantly tenant market. Most people share the view that, since they won’t be staying in the emirate for good,  renting a flat or a bed space is a more practical and budget-friendly option.

However, times are changing. Accor... more

Dubai villa fit for an episode of Footballers’ Wives

Jul 14 ,2016, city : Dubai

Whoever buys this secluded mansion, surrounded by lush gardens on the outskirts of the city, can have all of the trappings needed for a Dubai magnate.

The completely rebuilt six-bedroom, 11-bathroom villa in Al Barari, a private housing complex aimed at the super wealthy, is on the market for a cool Dh50 million.
more

World’s largest observation wheel in Dubai takes shape

Jul 11 ,2016, city : Dubai

Construction of what will be the world’s highest observation wheel, located in Dubai, has reached a significant milestone according to its developer, Meraas.

Ain Dubai, which is taking shape on Bluewaters Island in front of the Jumeirah Beach Residence coastline, has had its hub and spindle lifted into place, creating... more

Abu Dhabi, Dubai home prices and rents continue falling

Jul 10 ,2016, city : Abu Dhabi

Villa and apartment prices in Dubai and Abu Dhabi fell between 4 per cent and 6 per cent during the second quarter compared to the same period last year as the economy slows amid softening oil prices, according to the property consultants Cavendish Maxwell.

Home prices, however, are expected to remain stable in the third qu... more

Al Naboodah’s construction arm on track to hit turnover of Dh3.5bn this year

Jul 9 ,2016, city : Dubai

Al Naboodah Construction Group is targeting a 75 per cent increase in turnover to Dh3.5 billion this year, despite a tough start to the year for the region’s property sector.

The Dubai company’s chief executive, Colin Timmons, said he was planning to grow the buildings division of a company best known for civil ... more

The perfect Brexit property purchase, if you have Dh58m

Jul 7 ,2016, city : Dubai

Much has already been written on Britain’s decision to disentangle itself from Europe and the effect it will have on the UK’s property market.

Within two days of the vote to leave the European Union, about £6.9 billion (Dh32bn) had been wiped off the value of the 10 biggest house builders on the London Sto... more

Dubai tenant converts storeroom to bathroom, then complains about leaks

Jul 6 ,2016, city : Dubai

Without informing me, my tenant has converted a storeroom into a bathroom. Then the tenant sent me messages saying that there’s a seepage problem in some of the walls and paint is coming off. Upon sending the building maintenance engineer to have a look, to my surprise, he told me that seepage/leakage is because of an unauthorised c... more

Rents at Abu Dhabi’s Reem Island may drop once ‘dust settles’ after summer

Jul 5 ,2016, city : Abu Dhabi

Housing rents for existing tenants on Abu Dhabi’s Reem Island could fall by as much as 10 per cent by the end of the year, estate agents say.

The effect of job cuts across the oil and gas and construction industries and the fall in global oil prices could finally persuade landlords on Reem – the part of the city... more

Dubai’s Emaar launches Il Primo Opera District apartments at Harrods

Jul 5 ,2016, city : Dubai

Emaar Properties has begun selling new “lateral" apartments taking up either half or a whole floor of a new 77-storey tower at the Opera District in Downtown Dubai.

The Il Primo apartments have gone on sale at a marketing suite within the famous Harrods Department store in London, with the smallest units of aroun... more

Emaar awards Dh500 million contract for Opera Grand Tower in Downtown Dubai

Jul 4 ,2016, city : Dubai

Emaar Properties has awarded a Dh500 million contract to build the Opera Grand Tower in Downtown Dubai to Athens-based Consolidated Contractors Company, according to Meed.

Meed said the tower would be 65 to 70 storeys high and that 56 of these would be residential floors. The tower will form part of the new Opera District, ... more

Dubai Canal project offers new pathways of prosperity

Jul 2 ,2016, city : Dubai

The completion of the Dubai Canal project over the next few months could help to transform the city by opening a waterway, currently stranded in Business Bay, for leisure use and by creating swathes of valuable new real estate.

The 3.2-kilometre extension of Dubai Canal from Business Bay to the Arabian Gulf is progressing a... more

Expo 2020 projects set to provide timely relief for Dubai’s contractors

Jul 1 ,2016, city : Dubai

The award of the Dubai Metro extension contract is expected to be followed by a flurry of Expo 2020 contracts, providing much-needed relief for battered builders.

The award of the Dh10.6 billion order comes as other major projects related to the expo also move forward.

Reem Al Hashimy, the Minister of State f... more