Latest Real Estate News in UAE

UAE 'unlikely' to see bad debt increase related to mortgages

Jun 30 ,2016, city : Dubai

An increase in bad debts related to mortgage exposures is “unlikely” in the UAE banking sector, reducing the odds of a repeat of the 2009 crisis, according to a new report.

Mortgage transactions in the UAE are rising “steadily” in 2016, when compared with the same period in 2015, according to GCP-Rei... more

Abu Dhabi landlord in a tight spot with mortgage as tenant can’t afford to pay rent

Jun 29 ,2016, city : Dubai

I have an apartment in Abu Dhabi, which my tenant pays in two cheques. The last cheque was supposed to be collected on March 1 but the tenant asked me not to deposit it, as she did not have enough money. She did a partial payment through a transfer, and since then has not cleared the remaining outstanding (60 per cent of the second cheque... more

Dubai’s property market needs quarterly rent calculator updates, says JLL

Jun 28 ,2016, city : Dubai

Dubai should revert to publishing quarterly updates in its rental calculator and introduce a citywide performance index to boost transparency in real estate markets, according to JLL’s Mena head of research, Craig Plumb.

The property consultancy has just produced its biennial Global Real Es... more

Dubai to support potential Six Flags theme park in Saudi Arabia

Jun 28 ,2016, city : Dubai

US theme parks operator Six Flags could still build a theme park in Saudi Arabia, after a directive issued by Dubai’s Ruler said Dubai Parks and Resorts would support any proposals to open a theme park in the kingdom.

The directive from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the company wo... more

Is your Dubai rent fair? Click this DLD app to find out

Jun 28 ,2016, city : Dubai

An app has been launched by Dubai Land Department (DLD), which will now allow you to check your rent contract details and rent increases on your smart phone.

The ‘Ejari’ smart application is aimed at reducing the number of routine visits to the department by property owners and tenants.

Mashreq appoints ACC to build new Downtown Dubai headquarters

Jun 27 ,2016, city : Dubai

The Dubai-based bank Mashreq has appointed Arabian Construction Company (ACC) to build its new headquarters building in Downtown Dubai.

Mashreq will relocate from its current base near the Al Ghurair Centre in Deira to the new site at the junction of Financial Centre Road and Mohammed Bin Rashid Boulevard once construction ... more

Dubai’s Damac awards Dh3bn of contracts in first half of 2016

Jun 26 ,2016, city : Dubai

The Dubai developer Damac Properties said yesterday it has awarded 25 construction and consultancy contracts worth Dh3 billion in the past six months.

Damac said the contracts awarded include the construction of 2,678 villas in its Akoya Oxygen development and three golf apartment buildings at Carson – The Drive, also... more

Dubai and Abu Dhabi rents still rising despite fall in demand, report says

Jun 22 ,2016, city : Dubai

Asking rents in Abu Dhabi and Dubai are rising despite a fall in demand caused by falls in the global oil price a new report claims.

According to the online property listings portal, which analyses property listings, asking rents in Dubai rose 1.57 per cent in May compared with the previous month and by 0.73 per c... more

Why are UAE property agency fees paid by tenant and not landlord?

Jun 22 ,2016, city : Dubai

I’d like to know why agency fees are paid by tenants and not landlords as in other countries. It seems unfair that agents are appointed by landlords and, make no mistake, are working for their interests to ensure the landlords contact them when the properties become vacant again. Is that right? Anonymous, UAE

In most ... more

GFH launches specialist property division

Jun 21 ,2016, city : Dubai

GFH Financial Group confirmed on Tuesday that it is planning to launch a specialist real estate division to develop a number of its projects in Dubai and its home base of Bahrain.

The Bahrain-listed investment group said that the division, GFH Real Estate, would have initial assets of US$40 million and would manage projects... more

Sales of prime villas on Dubai’s Palm Jumeirah fall 44 per cent

Jun 21 ,2016, city : Dubai

The number of the most expensive villas sold on Dubai’s prestigious Palm Jumeirah fell by nearly half in the first six months of this year compared with a year earlier as sellers shied away from marketing property in a falling market.

According to the property broker Core, an associate of Savills, transaction numbers ... more

Jumeirah Golf Estates awards mid-market homes contract to Dubai-based Sumer Contracting Company

Jun 20 ,2016, city : Dubai

Jumeirah Golf Estates (JGE) has awarded a contract to build 728 mid-market homes to Dubai’s Sumer Contracting Company as part of its strategy to build more “affordable" properties at its DP World Tour Championship golf course development.

The developer, which has been owned by the Dubai government since the... more

Lever steps down from Dubai-based Al Naboodah Construction after 30 years

Jun 20 ,2016, city : Dubai

Al Naboodah Construction Group has announced that its chief executive, Steve Lever, is set to retire next month after spending 30 years at the company.

Mr Lever, who oversaw the growth of Al Naboodah’s construction operation into a business with more than 13,000 employees, will be replaced as chief executive by Colin ... more

First phase of Dubai’s delayed Living Legends project handed over

Jun 19 ,2016, city : Dubai

Tanmiyat Group has said that it has handed over keys to 184 villas and one tower block at its delayed Living Legends project in Dubailand six years later than originally planned.

The Saudi Arabian property developer announced today that it had handed over the first phase of the 15 million square foot mega project comprising... more

Dhabi Contracting moves into property development

Jun 18 ,2016, city : Abu Dhabi

Dhabi Contracting is moving into the property development market in an attempt to diversify its revenue stream as contractors’ margins come under pressure in the capital.

The company, which has a turnover of Dh6 billion and a workforce of more than 6,500, is embarking on three major new development projects in which i... more

The Dubai villa sure to get everyone talking

Jun 16 ,2016, city : Dubai

Those that have lived in the UAE for a certain amount of time often develop an invisible meter that helps them assess the cost of living.

That meter calculates the cost of housing, both sales and rentals, and becomes part of their DNA. This is particularly relevant in Dubai where the price of property is a constantly evolvi... more

Dubai project to build tower 100 metres taller than Burj Khalifa now under way

Jun 15 ,2016, city : Dubai

The project to build the new super-tall tower set to be 100 metres higher than Burj Khalifa is now under way, with Aurecon appointed as engineer and archi­tect of record on the project.

Aurecon will support the tower’s creator, Santiago Calatravra, who is leading the design and engineering works.

Th... more

Does Abu Dhabi tenant made redundant have to pay up remainder of housing contract?

Jun 15 ,2016, city : Abu Dhabi

I was recently laid off and am looking to break my lease, though I still have five months left on it. A lawyer told me that perhaps the landlord could only charge me for two or three months, instead of all five. However, we searched for a legal statute on this and didn’t find one. Do you have any pointers? KF, Abu Dhabi


Saudi Arabian cabinet approves land tax, foreign investment rules

Jun 14 ,2016, city : Dubai

The Saudi Arabian cabinet has approved the fine print of a controversial new tax on undeveloped land aimed at making it more expensive for owners of urban land to keep it empty.

Under the new “White Land" tax that was approved yesterday, owners of empty plots of urban land designated for housing or offices in tow... more

Worst not over for Dubai property as rent declines continue, says Phidar

Jun 12 ,2016, city : Dubai

Experts who have been calling the bottom of Dubai’s residential property market may be doing so too soon, as further price declines are likely over the next few months, according to Dubai-based Phidar Advisory.

The company’s latest research note on the property market states that rent... more

Meydan Group inks AED1bn Islamic fundraising deal

Jun 12 ,2016, city : Dubai

Dubai real estate developer Meydan Group has raised AED1 billion ($270 million) in Islamic financing from UAE banks, it announced on Sunday.

The financing was raised on a dual tranche offering and comprised an AED700 million ($190 million) sukuk issue and AED300 million ($81.6 million) term facility, both maturing in 2024, ... more

Limitless awards Dh227.5 million contract for new Downtown Jebel Ali towers

Jun 12 ,2016, city : Dubai

Developer Limitless has awarded a Dh227.5 million contract to Sharjah-based contractor Eastern International to build two new residential towers at The Galleries at Downtown Jebel Ali.

The 27-storey towers are already 70 per cent complete and have a built-up area of 936,000 square feet containing 641 apartments and ground... more

Aldar says 75% of Mayan waterfront project sold out

Jun 11 ,2016, city : Dubai

Aldar Properties has announced that over 75 percent of its luxury golf and waterfront development, Mayan, has been sold.

The first phase of Mayan consists of five buildings with a gross development value of AED980 million and 512 units. Of the five buildings, inventory remains in only three, with two having sold out complet... more

UAE residents can find Brazilian property the real deal

Jun 10 ,2016, city : Dubai

With a struggling economy, tumultuous political situation, high unemployment and crime, a volatile currency plus mosquito-borne Zika and dengue viruses stifling tourism, you might expect investors to be put off buying into Brazil’s property market.

But that hasn’t deterred British expat Andrew Smith from taking ... more

New Emirati-inspired Floating Seahorse villas off Dubai coast unveiled

Jun 8 ,2016, city : Dubai

Kleindienst, the developer of The Floating Seahorse villas off the coast of Dubai, has launched a new version of the homes - this time inspired by Emirati culture.

The Signature Edition has been developed especially for families with guests, groups and children of all ages, Kleindienst said.

It offers four flex... more

Prime Dubai property prices rise 2% in Q1, outperform rest of market

Jun 9 ,2016, city : Dubai

Top-end properties in Dubai are outperforming the market average with prices rising during the first three months of 2016, Knight Frank has said in a new report.

The consultancy's UAE Real Estate Mid-Market Review said prices in the prime segment increased 2 percent on a quarterly basis between the fourth quarter of 201... more

AED1 million deposit for Emaar’s Il Primo in Dubai Opera apartments

Jun 9 ,2016, city : Dubai

Would-be investors in Emaar Properties’ latest project, Il Primo in Dubai Opera District near the Burj Khalifa, have been asked to pay deposits of as much as AED1 million ($272,000) to secure an apartment, it was revealed on Thursday.

Real estate agents reportedly told Emirates247 that the hefty deposit was non-refund... more

Greece revises $1bn Abu Dhabi-backed property deal for former airport

Jun 8 ,2016, city : Abu Dhabi

Greece on Tuesday revised terms for the sale and long-term lease of the old Athens airport of Hellenikon, meeting the demands of international lenders who are now expected to unlock long-withheld bailout funds.

Privatisations have been a central condition of Greece's succession of international bailouts since 2010, but ... more

Dubai's Damac set to launch $462k Aykon City homes

Jun 7 ,2016, city : Dubai

Damac Properties has announced the launch of the residential tower within its Aykon City project, with prices starting at nearly AED1.7 million ($462,800).

The 60-storey tower will house the luxury apartment units and be part of the Aykon City development to be centrally located on Sheikh Zayed Road in Dubai’s Golden ... more

Work progressing at Dubai’s Culture Village project

Jun 4 ,2016, city : Dubai

Dubai Properties’ (DP) long-running Culture Village project is picking up pace, with the construction of Manazel Al Khor set for completion this year.

The 557,000-square-foot mixed-use building, containing ground-floor retail and 98 apartments, is 82 per cent complete, and the one- to four-bedroom apartments are set f... more

India Property Show opens in Dubai, over 150 developers participate

Jun 3 ,2016, city : Dubai

The establishment of the Real Estate Regulatory Authority (Rera) in India will ensure on time delivery of projects and result in efficient and transparent dealings with developers, according to JLL, property consultancy.

“The setting up of the Rera will ensu... more

Abu Dhabi rents see small Q1 growth as sales prices stabilise

Jun 3 ,2016, city : Abu Dhabi

Residential rents for apartments in Abu Dhabi have seen a moderate rental growth during the first quarter of 2016 as supply and demand move towards equilibrium, according to a new report.

The research by Abu Dhabi Islamic Bank and its real estate advisory subsidiary MPM Properties said capital values for completed apartment... more

Qatar's SWF said to be close to $3.5bn Singapore tower deal

Jun 2 ,2016, city : Dubai

Qatar Investment Authority (QIA) is reportedly close to completing a $3.5 billion deal to buy a 43-storey tower in Singapore.

According to Asia One Business website, QIA is set to acquire Asia Square Tower 1 from BlackRock and will set a new record for an investment sale of a piece of Singapore real estate.

A... more

Reem Island tenants’ rents still on the march up

Jun 1 ,2016, city : Abu Dhabi

ABU DHABI // People are paying higher rents on Reem Island, despite reports from property agencies that prices are falling.

Two agencies reported drops of up to 6 per cent in the Shams development – including the Gate and Sun & Sky towers – on Reem as new housing came online and e... more

Two deals help Aldar sell majority of off-plan properties on Yas development

Jun 1 ,2016, city : Dubai

Two bulk property deals helped Abu Dhabi’s largest listed developer Aldar Properties to sell three-quarters of the off-plan flats in the first phase of its Mayan development on Yas Island, the developer said.

Aldar sold some 75 per cent of the 512 flats in the first phase of the development... more

Arabtec to use Dh1 billion reserves to wipe out losses

Jun 1 ,2016, city : Dubai

A meeting of shareholders in Dubai-listed construction firm Arabtec Holding approved on Wednesday a plan to use Dh1 billion of the company’s statutory reserves to wipe out some of its accumulated losses.

The company has been struggling with a difficult industry environment as Arabian Gulf e... more