Latest Real Estate News in UAE

Prime Dubai rents rise by 6% in Q1, says Knight Frank

Jun 30 ,2014, city : Dubai

Prime residential rental growth in Dubai continues to outpace that of the traditional financial centres of London and Hong Kong, according to a new report by Knight Frank.

Its Prime Global Rental Index revealed that prime rents in Dubai rose by six percent in the first quarter of 2014, the strongest growth in the world.
more

Nakheel appoints architects for new mall at Deira Islands in Dubai

Jun 30 ,2014, city : Dubai

Nakheel awarded a contract worth nearly Dh40 million to RSP Architects, Planners and Engineers to act as design and supervision consultant on the huge new shopping centre which it said will ultimately comprise more than 200,000 square meters of leasable space.

By comparison Dubai’s second largest shopping centre, Mall... more

Property agents must pass annual test to renew license: Rera

Jun 30 ,2014, city : Dubai

 Dubai: Dubai’s property industry watchdog, the Real Estate Regulatory Agency (Rera), has announced that property agents must pass a test annually to renew their license in a move aimed to professionalise the property sector.

Rera, which comes under the Dubai Land Department (DLD), has said real estate brokers in... more

Two new residential towers planned on Sharjah-Dubai border

Jun 28 ,2014, city : Sharjah

Developer Al Thuriah has announced that it has started the construction of two new residential towers on the border of Sharjah and Dubai.

Sahara 4 and 5 are the latest additions to the Sahara Complex which is being built by the developer, a statement said.

The company added that its Sahara 3 Tower will be com... more

Options aplenty for investors in Dubai’s commercial property

Jun 28 ,2014, city : Dubai

 Dubai:Investors, especially institutional, are realising that the Dubai realty prospects are not just built on residential exposures. While office spaces are not exactly the flavour of season as yet, other commercial property — industrial in particular — sure is.

Dubai Industrial City — where first q... more

UAE firm to invest Dh19.8bn in Belgrade project

Jun 28 ,2014, city : Dubai

A company based in the United Arab Emirates says it will invest up to 4 billion euros ($5.4 billion; Dh19.8 billion) to build a business, residential and commercial area in the river zone of the Serbian capital, Belgrade.

Eagle Hills unveiled on Friday the Belgrade Waterfront project designed to completely rebuild a run-dow... more

'Pearl of Dubai' world’s largest underwater tourism site

Jun 27 ,2014, city : Dubai

Reef Worlds, a Los Angeles-based reef developer, is designing the world’s largest sustainable underwater tourism site in Dubai, the company announced in a media statement today.

The underwater tourism design company has recently completed designing a completely revolutionary five acre tourism site that will allow sele... more

Abu Dhabi shop rents nearly quadruple after 5% cap removal

Jun 27 ,2014, city : Abu Dhabi

Abu Dhabi’s landlords appear to have run amok as they stampede to demand a sharp increase in shop rents, with the rent of some shops nearly quadrupling.

Mobile phone shops on Defence Road were the main victim as most of them have been asked to pay much higher rents or leave.

One shop, Al Sultan Mobiles,... more

Dubai to offer compensation over CBD expansion plans

Jun 27 ,2014, city : Dubai

Dubai's deputy ruler has issued an order to compensate landowners for the damage caused to their properties by expansion projects in Dubai's Central Business District.

Sheikh Hamdan bin Rashid Al Maktoum, also the UAE's Minister of Finance, said the order is in response to Dubai Municipality's construction p... more

Tajer Residences apartment comes with a view of Burj Khalifa

Jun 26 ,2014, city : Dubai

If I asked you whether a two-bedroom apartment in Dubai was worth Dh5.3 million you might ask, quite reasonably, why. Well, the reason is because of its location in the Tajer Residences on the Old Town Island in Downtown Dubai. This is a cause for celebration, as it may mean Dubai’s property market has started to become a more tradi... more

Arabtec shares resume decline

Jun 26 ,2014, city : Dubai

Arabtec’s decline resumed yesterday as the company’s shares dropped a further 5.4 per cent to close at Dh 3.10, wiping out signs from Wednesday that a recovery in the builder’s stock might be under way.

The Dubai Financial Market, on which Arabtec trades, was mostly flat over the course of the day, closing... more

Depa board votes to pay its members Dh10,000 for attending meetings

Jun 26 ,2014, city : Abu Dhabi

Members of the board of directors of Depa, which provides interiors to contractors including Arabtec, just voted to pay themselves Dh10,000 for turning up to their own board meetings.

At the company’s annual general meeting yesterday, shareholders approved a retrospective measure, proposed by the board of directors, t... more

Nakheel looking to add 2900 hotel rooms over 3 years

Jun 26 ,2014, city : Dubai

Dubai-based developer Nakheel is to put extra emphasis on its hospitality projects as it looks to move further away from a focus on property sales, with plans for an additional 2900 rooms over the next three years.

It revealed the target at a press conference on Wednesday (June 25) as it confirmed that it would pay back all... more

Tight cash management drives huge gains for Nakheel

Jun 25 ,2014, city : Dubai



A stringent cash management programme is at the heart of Nakheel’s turnaround, helping the developer effect savings of nearly Dh23 billion. This was attained through a combination of cash received from property handovers, sales proceeds from new projects that were not there in the original plan, as well as steady inc... more

Time to bring rent-to-own back from the cold

Jun 25 ,2014, city : Dubai

 People from various geographies have landed in the UAE to make a new beginning. The one thing that many of these new residents are looking at is either renting or buying a home. I am referring to genuine buyers, who are ready to spend a considerable amount of time in this country.

In addition, there are several expats... more

Dubai’s luxury property values feel contraction

Jun 25 ,2014, city : Dubai

 Dubai: Dubai’s upscale properties are not growing in value like they used to. In fact, the pace of growth may have dropped to an anaemic 1 per cent in the first three months of the year, compared with an average of 4 per cent quarterly growth in 2013, according to Knight Frank, the consultancy.

It didn’t g... more

Arabtec slide singes retail investors

Jun 24 ,2014, city : Dubai

 Dubai: The volatility of the Arabtec scrip, and more so after the CEO’s resignation late last week, has now engulfed sentiments — and share prices — on the Dubai Financial Market. But there could be other dynamics in play that could be stoking negative investor sentiments on the local bourses.

&ldquo... more

Arabtec stock with foreign funds in the spotlight

Jun 24 ,2014, city : Dubai

 Dubai: Even as retail investors sell off their Arabtec holdings, foreign funds are not taking the exit route. They still hold more than 11 per cent in the company.

But some stock brokers say not too much should be read into that exposure. They say that some of the existing funds may have come to Arabtec after the UAE ... more

Dubai's Damac launches sales of world's first Fendi villas

Jun 24 ,2014, city : Dubai

Dubai-based Damac Properties said on Tuesday it has launched sales of the world's first Fendi-styled villas.

The 34 properties are located in a private-gated community in the 42 million sq ft Akoya by Damac master development off Umm Suqeim Road in Dubai.

Each unit comes with interior designs and decor fr... more

Dubizzle launches website for Dubai rent and property legal advice

Jun 23 ,2014, city : Dubai

Dubizzle, the Dubai-based classifieds website, is launching knowyourrights.dubizzle.com on Tuesday. The site will allow the public to have their questions answered by a lawyer specialising in real estate.

The site will act as a centralised resource for people who are unclear of how the law affects them in rental or sale dis... more

Qatar's Al Jaber wins Lusail City infrastructure contract

Jun 23 ,2014, city : Dubai

The Lusail Real Estate Development Company (LREDC) has awarded Al Jaber Engineering a contract to construct the infrastructure of the Seef Lusail North and Waterfront Commercial districts of Lusail City.

The package involves the development of the entire infrastructure for that area which includes streets, pavements and lig... more

Shares in Arabtec sink to lowest since March as investors continue sell-off

Jun 22 ,2014, city : Dubai

Arabtec’s share price tumbled yesterday in a sign that the company has not yet restored investor confidence after the sudden departure of Hasan Ismaik as chief executive after just 15 months in the role.

Shares in the developer fell by 9 per cent to Dh3.84, their lowest level since March.

That means the... more

Muscat property demand rises in Q1 amid new jobs boost

Jun 22 ,2014, city : Dubai

Increased demand in both the residential sales and lettings markets across Muscat has been underpinned by an increased level of job creation, with both buyers and tenants focusing their attention on higher quality schemes, according to a new report by Cluttons.

According to its Muscat Spring 2014 Residential Market Outlook ... more

Dubai property is most 'transparent’ in region

Jun 22 ,2014, city : Dubai

 Dubai: Dubai retained its status as the most “transparent” regional property market for global investors, but the biggest improvement has been for Qatar, according to the ‘Global Real Estate Transparency Index’ for 2014 released by the consultancy JLL.

Dubai was ranked 49th in the JLL findings ... more

How to keep Dubai and its beaches clean this Ramadan

Jun 20 ,2014, city : Dubai

The waste management department at Dubai Municipality said it is all set to welcome the Holy month of Ramadan. It has prepared intensified supervision schedules, arranged for increased tools and equipment, scheduled free services and is already spreading awareness messages in order to maintain the highest level of cleanliness in the emira... more

Dubai fund inks deal for "giant" retail, residential projects

Jun 19 ,2014, city : Dubai

The Dubai Fund for Financial Support on Wednesday announced it had reached a deal with the Dubai Real Estate Corporation (DREC) to develop plots of land for retail, hotels and residential units ahead of Expo 2020.

Under the agreement, the first project will be set up along Sheikh Zayed Road and will include the construction... more

Shareholders at Arabtec wonder what next after Hasan Ismaik’s departure

Jun 19 ,2014, city : Dubai

Arabtec shareholders were left guessing yesterday how the abrupt departure of the company’s chief executive would affect the company’s expansion plans.

Company shares closed down 0.9 per cent at Dh4.26 each as investors tried to make sense of a dramatic week in the company’s history after Hasan Ismaik was ... more

Landlords giving UAE tenants short notice to remove pets or move

Jun 18 ,2014, city : Dubai

The law states that any changes to a tenancy contract have to be communicated by both parties (landlords/tenants), giving at least 90 days’ notice before the expiration of the tenancy agreement. Before accepting any potential tenant with pets, I would suggest that the landlord is responsible enough to check with the building managem... more

Arabtec CEO Hasan Ismaik’s exit takes investors by surprise

Jun 18 ,2014, city : Dubai

Investors were left stumped by the abrupt departure of the chief executive of Arabtec yesterday, just weeks after pledging to transform the company into one of the world’s biggest builders.

Hasan Ismaik resigned to concentrate on his other business interests, an Arabtec spokesman said yesterday ahead of an afternoon b... more

Dubai Investments Park transactions surge 50% in first 3 mths of 2014

Jun 18 ,2014, city : Dubai

Dubai Investments Park (DIP), the largest integrated commercial, industrial and residential community in the Middle East, has announced that the number of transactions for transfer and sub-leasing within the development have surged by over 50 percent in the first three months of 2014.

In March 2014, the number of transactio... more

Dubai examines crackdown on flipping of off-plan property

Jun 16 ,2014, city : Dubai

The emirate is weighing up the introduction of extra fees on off-plan sales and placing new restrictions on such sales, the government’s media office tweeted yesterday afternoon.

The long-anticipated news follows an influential report by the IMF published this month that highlighted the issue of flipping – or bu... more

Dubai’s Arabtec CEO Says No Rift With Major Shareholder Aabar

Jun 16 ,2014, city : Dubai

Dubai construction firm Arabtec maintains a good relationship with major shareholder Aabar Investments and expects to continue growing strongly, Arabtec’s chief executive said on Monday.

Shares in Arabtec, one of the most heavily traded stocks in Dubai, have plunged 48 per cent from their May peak to close at Dhs4.05 ... more

Nine new beaches for Dubai with Deira Islands project by Nakheel

Jun 16 ,2014, city : Dubai

Nakheel is seeking contractors to carry out coastal improvements at 21 kilometres of beaches including new breakwaters and quay walls and some land reclamation on its Deira Islands project. A part of the project was originally envisaged to be the largest of Nakheel’s three vast man-made palm-shaped islands.

Nakheel sc... more

Italian developer buys Dubai Star Tower in JLT

Jun 15 ,2014, city : Dubai

Italian property developer Ernesto Preatoni has made his first move into Dubai's property market after buying the 191m-tall Dubai Star Tower within the Jumeirah Lakes Towers development.

Preatoni, who is best known for developing the Sharm El-Sheikh resort in Egypt, has bought 100 percent of the company developing the 4... more

Eight plots released for more mid-range Dubai hotels

Jun 15 ,2014, city : Dubai

Al Ruwad Real Estate Consultants have announced the launch of eight plots in the Al Jaddaf area for investors in the hospitality industry.

The 250,000ft plots of land are allocated for 3 and 4 star hotel projects, with over 2,200 hotel rooms.

Preliminary approvals from the concerned authorities have been alre... more

Azizi says to resume construction of Dubai residential towers

Jun 15 ,2014, city : Dubai

Azizi Developments said on Sunday it has relaunched two residential projects in Dubai which were halted due to the global financial crisis six years ago.

Construction has resumed on Yasamine and Feirouz Residence in Al Furjan, a residential property development by Nakheel near the Palm in Jebel Ali, the company said in a st... more

UAE To Cut Fiscal Spending, Faces Risks In Property Sector – IMF

Jun 13 ,2014, city : Dubai

The United Arab Emirates is likely to cut its fiscal spending further in 2014 as the oil and real estate-powered economy is growing strongly and private credit growth is recovering, the IMF said on Wednesday.

“The combined federal and emirate budgets imply further fiscal consolidation this year,” the Internation... more

Flurry of Dubai property launches is 'point of concern', says CBRE

Jun 13 ,2014, city : Dubai

The number of new real estate launches in Dubai is a "point of concern" amid fears that the emirate could see another property price bubble, an industry expert has said.

Mat Green, head of research and consultancy UAE, CBRE Middle East, said the flurry of new project announcements could result in the market overhe... more

Dubai's Danube turns developer with $136m project

Jun 12 ,2014, city : Dubai

Dubai-based building materials giant Danube Group has taken its first foray into the property development market with the launch of a $136mn residential project.

The Dreamz By Danube project will contain 175 three- and four-bed townhouses within the Al Furjan community.

The company said the townhouses will be... more

Saudi economic city launches $1bn in investment opportunities

Jun 12 ,2014, city :

King Abdullah Economic City (KAEC) has launched more than 300 new investment opportunities worth an estimated SR4 billion ($1.07bn) in real estate, hospitality and tourism, it was reported.

CEO and Managing Director Fahd Al-Rasheed said the city, which is currently being developed over 28 million square metres, has already ... more

Dubai's Nakheel pays $59.9m to trade creditor sukuk

Jun 13 ,2014, city : Dubai

Dubai-based master developer Nakheel has confirmed a profit payment of AED220 million ($59.9 million) on its trade creditor sukuk.

The company, which overstretched itself during the emirate’s 2008 property crisis after building ambitious manmade island projects, said instructions have been sent to Deutsche Bank, the r... more

Dubai launches new offices at World Expo 2020 site

Jun 11 ,2014, city : Dubai

Dubai World Central (DWC), the world’s first purpose-built aerotropolis, has announced new offers of added office spaces at its Business Park that can cater to new companies setting up business in the UAE, particularly those coming from the growing small and medium enterprises (SME) sector.

The new offices are availab... more

Dubai Lagoon project secures Dh339m investment

Jun 11 ,2014, city : Dubai

Schön Properties has secured an investment of Dh339 million for the completion of Dubai Lagoon project.

The investment agreement was signed with Xanadu Real Estate Development LLC at the Lands Department on Monday June 2.

Simultaneously, an agreement between the developer and PGS Gulf Contracting Company... more

Work begins on Nimr Automotive’s new plant

Jun 11 ,2014, city : Abu Dhabi

Tawazun Holding’s vehicle manufacturer Nimr Automotive held a groundbreaking ceremony for its new integrated facility for production of Nimr vehicles at the Tawazun Industrial Park in Abu Dhabi.

Work has already started on the state-of-the-art facility, the design of which meets all requirements of lean production met... more

Palm Tower on Palm Jumeirah to have Dubai’s highest swimming pool

Jun 10 ,2014, city : Dubai

Nakheel said yesterday that it has signed a letter of intent for Shangri-La Hotels and Resorts to manage The Palm Tower, a 52-storey hotel and residence that the developer plans to build on Dubai’s Palm Jumeirah.

On its rooftop, the complex includes a 50th floor, 360-degree infinity swimming pool – the highest i... more

No Chance For Speculations As Fundamentals Govern The Property Market

Jun 10 ,2014, city : Dubai

In response to the recent warnings of the overheating of property market, Dubai Land Department has emphasised that the growth in real estate demand in the emirate is due to the improvement in the economy and not speculations.

Dubai Land Department Director General Sultan Butti Bin Mejren said that the doubling of fee on pr... more

Dubai’s Property Boom Is Quite Resistant This Time Around!

Jun 10 ,2014, city : Dubai

Haider Ali Khan, CEO of Bayut.com has expressed his opinion about the future of the real estate sector of Dubai. Mr Khan is of the view that the current property boom of Dubai will prevail for a time longer than one expects.

He says that in comparison to the Dubai of 2008, the present Dubai is much more mature and hardly ha... more

Nakheel Brings Shangri-La to Dubai

Jun 10 ,2014, city : Dubai

Nakheel, a Dubai based property developer, is poised on adding another renowned hospitality brand to its first man-made island in Dubai.

Nakheel Properties has publicised the signing of a letter of intent with the Hong Kong based Shangri-La Hotels and Resorts. Both the companies have signed deals to manage a luxury hotel in... more

More should be done to keep lending in check and protect the realty market from overheating

Jun 10 ,2014, city : Dubai

Dubai’s boom years will long be a time of conflict for most of us who remember them. The economy was booming, but rental and property prices soared to unprecedented and unsustainable levels. The prices at the time were an indicator of a growing problem, which is often over-simplified, as over-lending would come to fruition just a fe... more

UAE Central Bank Raises The First Official Warning

Jun 9 ,2014, city : Dubai

The first official warning about soaring property prices is delivered by United Arab Emirates central bank reasoning that the low residential yields in the two major UAE emirates may depict overheating in the property sector.

The speedy recovery of the property sector of Dubai in the previous year, where the property prices... more

Dubai To Get Its First Mandarin Oriental Hotel

Jun 9 ,2014, city : Dubai

Wasl Properties has recently revealed that it is all prepared to construct the first Mandarin Oriental Hotel in Dubai.

Also worth mentioning here is the announcement of Mandarin Oriental of one hotel on Saadiyat Island in Abu Dhabi, it was put on hold in 2012.

This time, with the revitalisation of the propert... more

Dubai’s Real Estate Regulatory Agency (Rera) - put list of cancled project on website

Jun 9 ,2014, city :

Last date of submitting applications is August 31: Dubai Courts

Dubai Courts has put out a list of developers and their cancelled projects.

To date, Dubai’s Real Estate Regulatory Agency (Rera) has never officially published the list of cancelled projects.

Eighteen develo... more

Popularity of off-plan projects rebounds

Jun 8 ,2014, city : Dubai

The vast majority of blame for the fallout after the property crash in 2009 could be put upon off-plan projects. Speculation buying and property flipping led to the massive price increase of the bubble back in 2008 and left the market unstable and vulnerable when it all came tumbling down the following year. Since then, the UAE property m... more

Dubai realty still packs punch for GCC investors

Jun 8 ,2014, city : Dubai

Dubai: The pace of transactional activity in Dubai’s realty space may have slackened in the last five months, but there is still enough going around to keep Gulf-based investors interested. A significant plus is the fact that Dubai has the ready properties — cutting across all categories — for investors to pile in.
... more

Deira building residents claim to be ‘bullied’ by real estate firm

Jun 8 ,2014, city : Dubai

It has been a year since the air-conditioner functioned properly in a building located in Port Saeed, Deira, its residents maintain. In the lobby, the thermometer reads 30° C. Unable to cope with the heat, several residents have vacated their apartments. “A little warmer and we will be roasted,” jokes Waddah Abdullah, a 31... more

DP Records Strong Response In Mudon Community

Jun 6 ,2014, city : Dubai

Dubai Properties (DP) has publicised that the launch of its latest premium villas at Mudon in Dubailand has received a strong response from the investors.

The development company of Dubai Properties Group (DPG) further said that the fiery sale of the residential units at Mudon has set it as the most popular investment choic... more

Aldar Muses On 20 New Developments In Abu Dhabi

Jun 6 ,2014, city : Abu Dhabi

Aldar Properties, the largest listed developer of Abu Dhabi, is considering 20 new developments in Abu Dhabi.

The master developer has recently repaid $1.25 billion bond and is paving its way through a strategy to reduce its borrowing to develop more financially independent projects in the future.

The company... more

Arab-German Joint Venture Eyes Dubai Real Estate

Jun 5 ,2014, city : Dubai

Dubai based property developer Nakheel Properties has publicised the signing of a Letter of Intent with Engel and Völkers, a Germany based real estate brokerage, to organise a separate real estate brokerage in Dubai.

The new company will trade under the brand of Engel & Völkers. The joint venture expects to in... more

Landmark Group to open 50 new stores by end-2015 in UAE

Jun 5 ,2014, city : Dubai

Landmark Group has planned to open 50 new stores in the next 18 months in the UAE and more than half of the stores will be opened before the end of 2014, announced group chief executive officer Vipen Sethi on Wednesday at a news conference.

Declining to disclose the total investment on the new stores, Selthi said it’s... more

Dubai Gets A Makeover Through Ten Projects Worth $240 Billion

Jun 4 ,2014, city : Dubai

Ten massive projects worth $240 billion that promise a vivid remodelling of Dubai’s landscape are set for completion in the next 6 to 16 years.

Of the biggest projects, Meraas Holdings’ Jumeirah Gardens, set for completion in 2021, is being developed at a cost of $89.5 billion. A project of this magnitude posses... more

Ansam to Develop 540 Apartments On Yas Island

Jun 4 ,2014, city : Abu Dhabi

Aldar Properties, the largest listed property developer of Abu Dhabi is poised on constructing the first residential apartments in Yas Island.

The developer is eyeing Saturday as the perfect date to initiate the marketing of its Ansam project that will add 540 apartments in residential sector Abu Dhabi.

The p... more

RERA Fines 3 Companies For Cold Calling

Jun 3 ,2014, city : Dubai

Real Estate Regulatory Agency, after repeated warnings, has fined three real estate companies for excessive cold calling. The fines stood at a minimum of Dh 50,000.

Apart from fining three companies the regulatory arm of Dubai Land Department (RERA) has also issued warning letters to 20 real estate companies.

... more

Emaar Eyes 7th June For The Online Registration Of Its Latest Development

Jun 2 ,2014, city : Dubai

Dubai based property developer Emaar Properties has publicised the date for the online registration of the second phase of its BLVD Crescent project in Downtown Dubai.

The second phase of BLVD Crescent project will see the development of a second tower featuring 70 one to three bedroom apartments. The tower is planned to ha... more

RTA Awards Dh802m Contract To Boost Tourism iIn Dubai

Jun 2 ,2014, city : Dubai

Dubai Water Canal project is nearing its completion as RTA has finally awarded the eagerly awaited Dh802 million contract for the third phase of the construction process.

The Phase III of Dubai Water Canal Project will see the completion of the water canal that will link Dubai Creek with Arabian Gulf. The work is expected t... more

Damac reveals plan for Rodeo Drive style retail strip in Dubai

Jun 1 ,2014, city :

Dubai-based real estate developer Damac Properties has announced the development of Akoya Drive, one of the longest shopping strip experiences in the emirate.

Similar in length to ‘The Walk’ at Jumeirah Beach Residences (JBR) and inspired by Rodeo Drive in Beverly Hills and Champs Elysees in Paris, Akoya Drive w... more

Dubai's Al-Futtaim inks deal to build $1.6bn Saudi mall

Jun 1 ,2014, city : Dubai

Dubai-based Al-Futtaim Group said on Sunday it has signed a memorandum of understanding to create Saudi Arabia’s biggest shopping mall.

The deal with Riyadh-based Kayannat Real Estate Company will lead to the establishment of Al Diriyah Festival City, which will have 250,000 square metres of gross leasable area and be... more