Latest Real Estate News in UAE

Dubai gridlock part of the job as city considers low-cost homes

Mar 31 ,2015, city : Dubai

 Dubai: Walid Zahra has a 25-minute trip home from his office in Dubai — if you don’t count the two hours he spends waiting at a cafe for the traffic to clear.

“I decided it’s better to spend that time reading papers than getting stressed in my car,” the 27-year-old human resources worker ... more

International City, DSO or Discovery: Lowest rent?

Mar 31 ,2015, city : Dubai

Rents in Dubai remained stable in first quarter 2015, but prices have declined by two per cent, according to a new report.

“The first two months of 2015 saw continued stabilisation in Dubai’s residential sales and rental markets.

“Transactions slowed down 20 per cent in January and 17 per ce... more

Dubai buildings to have friendly 'green cement'

Mar 30 ,2015, city : Dubai

Landlords and contractors must now use green cement for the construction of new buildings in Dubai as part of a strategy to protect the environment and reduce gas emissions, an official was quoted on Monday as saying.

A new legislation forcing all landlords, contractors and consultancy companies to use this environment-frie... more

Damac pins hopes on suburban villas in Dubai

Mar 30 ,2015, city : Dubai

Damac Properties is hoping that a switch from super-luxury apartments to more affordable suburban villas will help it weather the emirate’s property slowdown.

The developer, which moved its listing from London to Dubai at the start of the year, said yesterday that customers had agreed to buy Dh2.8 billion of homes off... more

Landlords face Dh5,000 fine for renting out flats 'illegally' in Dubai

Mar 30 ,2015, city : Dubai

A fully-furnished one-bedroom apartment for lease on a monthly basis in Dubai’s Burj Khalifa: Rent Dh25,000.

That is how a listing on one of the UAE’s major classified websites reads. This isn’t the only one, the number of such listings run in thousands.

Unofficially, homeowners have been le... more

Dubai's Damac says Q1 sales boosted by foreign buyers

Mar 30 ,2015, city : Dubai

Dubai developer DAMAC Properties posted strong property sales in the first quarter thanks to robust demand from foreign buyers, its managing director told Reuters on Monday.

Sales hit 2.8 billion dirhams ($762 million) in the first three months, Ziad El Chaar said. He did not provide a comparative figure for the same period... more

Dubai property sales defy market predictions

Mar 30 ,2015, city : Dubai

 Dubai: All talk of demand for property in Dubai being in terminal decline is greatly exaggerated, industry insiders said on the first day of the International Property Show.

“In the first quarter of this year, Damac Properties is looking at somewhere north of Dh2.7 billion in off-plan sales — and that&rsqu... more

Dubai Property Prices Fell Slightly In Jan, Feb 2015 – Report

Mar 29 ,2015, city : Dubai

Property prices in Dubai dropped by an average of two per cent in January and February 2015 as compared to the last quarter of 2014, according to a new report released by real estate firm Tasweek.

Transactions also slowed by 20 per cent in January and 17 per cent in February compared to the same months in 2014, it found. more

Dubai house prices, rents dip by 2% in early 2015

Mar 29 ,2015, city : Dubai

Property leasing and selling prices in Dubai and Abu Dhabi remained relatively stable during the first quarter of 2015, according to a new report.

UAE-based Tasweek Real Estate Development and Marketing said in a study that sales prices and rental values dipped by about two percent in the first two months of the year.
... more

Rising Dubai office values pay off for Emirates Reit

Mar 29 ,2015, city : Dubai

Net asset values per share at the UAE’s first Sharia-compliant regulated real estate investment trust edged up at the start of the year as Emirates Reit benefited from rising office values in Dubai.

In a statement to Nasdaq Dubai yesterday, the real estate investment trust reported that net asset value per share incre... more

Bahrain, Dubai firms invest in Asteco franchise deals

Mar 28 ,2015, city : Dubai

Bahrain real estate company RightWay and Dubai-based Savana Real Estate are the latest to invest in the franchise of the Asteco brand in the Gulf region.

Asteco revealed that it has added its first GCC franchise outside of the UAE and the third Dubai franchise to its growing portfolio.

Bahrain-based RightWay ... more

UAE's Aldar says Al Merief project sells out in a week

Mar 28 ,2015, city : Dubai

Abu Dhabi-based developer Aldar Properties has said it has successfully completed the sale of all 281 land plots at its Al Merief project in just one week.

Aldar’s first development in 2015 was fully sold in an off-market sales process, generating over AED600 million ($163.3 million) of revenues in the coming quarters... more

All villas now sold at Dubai's $1.9bn Living Legends project

Mar 28 ,2015, city : Dubai

All villas are now sold at Living Legends, a $1.9 billion real estate project in Dubai, which was halted for years after the global financial crisis in 2008.

Tanmiyat Global said its landmark Dubai project is buoyant following the Dubai Property Show in London, where Living Legends confirmed that all villas in the developme... more

Saudi, Dubai firms set up fund for $272m mixed use project

Mar 28 ,2015, city : Dubai

Cayan Group, a Saudi-based developer, and investment firm Shuaa Capital have announced an agreement to set up a real estate fund to develop a $272 million Dubai project.

The fund will be used for the construction of the AED1 billion residential and hotel apartment project located on the strategic Umm Suqeim Road, a statemen... more

Tips to spot online property fraud; click here for Dubai Rera's check list...

Mar 27 ,2015, city : Dubai

The property listing almost looks too good to be true - it is in the perfect location, has beautiful photos and is well below your budget. You send off an enquiry and receive a quick response: the landlord is currently overseas and cannot show you the home. But if you can wire through a deposit as soon as possible, the property is yours.<... more

Live in the heart of old Dubai for Dh25m

Mar 26 ,2015, city : Dubai

If you want to live in the heart of old Dubai, this villa offers the perfect opportunity. The five-bedroom residence on a quiet street in Al Safa 2 is on the market for Dh25 million.

Yes, I know the canal is being built down that end of town and traffic is a nightmare as they dig up Safa Park, but it won’t always be l... more

On the market: a two-bedroom apartment in Al Sufouh, Dubai

Mar 26 ,2015, city : Dubai

Dh115,000

Annual rent for a two-bedroom apartment in Al Sufouh, Dubai

Features The unfurnished 1,230-square-foot apartment is in Cloud 9, a new 12-storey residential building featuring 60 one- and two-bedroom properties, near Knowledge Village.

Pros Living areas are spacious. Communal facilitie... more

UAE-backed Wessal Capital begins work on portion of €530m Casablanca revamp

Mar 25 ,2015, city : Dubai

A UAE-backed investment fund has started work on a €530 million (Dh2.13 billion) project to revamp the Moroccan city of Casablanca as the country taps billions of euros of funding from Gulf states.

Wessal Capital, a vehicle comprising Abu Dhabi’s Aabar, Qatar Holding, the Kuwaiti Investment Authority’s Al A... more

Can Dubai landlord evict tenant because he doesn’t like him?

Mar 25 ,2015, city : Dubai

I have an apartment in Ritaj, Dubai Investment Park. We rented it out via a real estate company last May. It then sublet the apartment to a tenant at a lesser rent than the market rate and charged the remaining amount to them as processing fees. The real estate company then closed down and the cheque issued to us bounced. We understand th... more

Saudi Real Estate Shares Tumble On Decision To Tax Undeveloped Land

Mar 24 ,2015, city : Dubai

Saudi Arabian real estate shares tumbled on Tuesday after the cabinet approved a proposal to tax undeveloped land in urban areas – a policy that could shake up investment incentives in the kingdom and help to resolve a housing shortage.

Much urban land in the kingdom is owned by wealthy individuals or companies who pr... more

Creating tallest in the world… How Dubai's Burj Khalifa inspires Shanghai Tower

Mar 24 ,2015, city : Dubai

“In the time that I spent working on the Burj Khalifa, it became the basis for the conceptual design of the Shanghai Tower.

“The lessons learned on the first project made the second project possible,” Marshall Strabala, Chief Architect of Shanghai Tower told.

“If I had not been the stu... more

Dubai's UP to break ground on Dh1.5bn MotorCity projects

Mar 24 ,2015, city : Dubai

Union Properties (UP), a Dubai-based developer, will commence construction of Dh1.1 billion The Vertex, a five high-rise towers, in MotorCity by early next year, a company spokesperson told Emirates 24|7.

“The enabling works contract will be awarded by November and we will break ground early next year,” the offi... more

Dubai in 2015: Planetarium, science museum, new souk, 13 parks

Mar 24 ,2015, city : Dubai

Dubai is set to get a planetarium, a science museum, a souk (market) for second-hand building materials and most importantly, 13 new parks in 2015, Emirates 24|7 reveals.

“We have many projects and the complete list will come out as soon as the [Municipality] budget comes out next month,” Abdulla Mohammed Rafia,... more

Aldar Sells 281 Land Plots In Abu Dhabi’s Khalifa City

Mar 23 ,2015, city : Dubai

Listed developer Aldar has announced that it sold out 281 plots of land in the Al Merief project in Abu Dhabi within a week.

The sale of the plots generated around Dhs600 million in revenues, the company said in a statement.

The plots, located in Abu Dhabi’s Khalifa City, were purchased by Emirati buyer... more

Major developer rules out 'big' Dubai property market correction

Mar 23 ,2015, city : Dubai

A 'significant' price correction in Dubai’s real estate market has been dismissed this year by a senior executive of Sobha Group, which is involved in building two mega developments worth Dh48 billion ($13.10 billion) in the emirate.

"Dubai is not going to see any significant price correction though the r... more

Aldar sells Dh600m of villa plots in Abu Dhabi’s Khalifa City

Mar 23 ,2015, city : Dubai

Aldar, Abu Dhabi’s largest listed property developer, has sold more than Dh600 million worth of land plots at its latest housing project.

Aldar sold 281 villa plots at its 690,000 square metre Al Merief master-planned community to be built in Khalifa City close to Masdar City and Al Raha Beach.

The deve... more

Dubai Investments Forms JV To Develop Projects In Saudi

Mar 22 ,2015, city : Dubai

Dubai Investments (DI), a listed investment firm, has formed a joint venture with Red House Sal, a Saudi Lebanese joint stock company to operate in the Kingdom.

The JV, in which both firm will have a 50 per cent share, will manage and operate mega mixed-use real estate projects across the Kingdom, the company said in a stat... more

Dubai to build affordable houses for people earning Dh3,000 to Dh10,000 per month

Mar 22 ,2015, city : Dubai

Dubai has allocated over 100 hectares of land for affordable housing, mostly to meet the demand for dwellings for people earning between Dh3,000 and Dh10,000 per month, a senior government official told Emirates 24|7 in an exclusive interview.

“In just three areas — Muhaisnah 4, Al Qouz 3 and 4 — we alloca... more

Profits for Burj Khalifa builder Arabtec drop 48% from 2013

Mar 22 ,2015, city : Dubai

Arabtec full year profit almost halved after expenses ballooned at the UAE’s biggest publicly traded builder.

Net profit for the year fell 48 per cent to Dh241.6m from Dh468.3m in 2013.

The company, in which the Abu Dhabi state fund Aabar Investments has a 36.11 per cent stake, said total revenue surged... more

Dubai Holding unit says 2014 net profit up 42% to $1.3bn

Mar 22 ,2015, city : Dubai

Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate's ruler, reported a net profit of AED4.7 billion ($1.27 billion) for 2014, up 42 percent on the previous year.

DHCOG, part of Dubai Holding which runs multiple businesses including hotel group Jumeirah, business park TECOM Inv... more

Investment from Arab real estate companies expected to accelerate Egyptian economy

Mar 21 ,2015, city : Dubai

New investments in real estate megaprojects could help the Egyptian economy to achieve escape velocity, analysts say.

But project execution is seen as a key test after past disappointments.

A plan to build a new administrative capital to the east of Cairo, which it is said will be the size of Singapore, and n... more

Right place at the right time

Mar 21 ,2015, city : Dubai

Mohammed Akif, the managing director and founder of the interior design company Hammer & Nail, says he literally stumbled into the real estate business.

After a night out at a party in Dubai about 10 years ago, the former bank salesman came across a queue of people waiting outside of a sales centre of the property devel... more

Luxury home sales set to drive 'buoyant' Abu Dhabi in 2015

Mar 21 ,2015, city : Abu Dhabi

Abu Dhabi's real estate market will remain buoyant throughout 2015 on the back of rising demand for luxury properties in the UAE capital, Chestertons has said.

The property agency said luxury homes accounted for more than a quarter (27 percent) of total sales transactions amounting to AED8 billion ($2.17 billion) in 201... more

Top UAE tycoon says 'ready to jump' on new Egypt investments

Mar 20 ,2015, city : Dubai

The chairman of the UAE-based Al Habtoor Group, Khalaf Ahmad Al Habtoor, has said he is ready to "jump on" investment opportunities in Egypt.

The high-profile tycoon said his company is currently conducting feasibility studies into possible projects covering the real estate, hospitality and automobile sectors in t... more

DIFC's Central Park to start home handovers on March 31

Mar 20 ,2015, city : Dubai

Arady Developments, a joint venture between Dubai Properties Group and Deyaar Development, has announced the handover date for the residential units of the 48 storey tower at its Central Park mixed-use project in Dubai International Financial Centre (DIFC).

Customers were invited to book an appointment to complete the snagg... more

Dubai's Torch tower fire cools demand; rents fall by up to 9%

Mar 19 ,2015, city : Dubai

Asking rents in The Torch in Dubai Marina have fallen between seven and nine per cent in less than a month after a fire ripped through one of the world’s tallest residential towers on February 21, reveals an analysis of listing done by Emirates 24|7.

Currently, rentals for one-bed apartments have come down to Dh100,00... more

Dubai’s Emaar denies rumours that chairman intends to leave

Mar 19 ,2015, city : Dubai

Emaar Properties, Dubai’s largest listed real estate developer, said on Thursday it categorically denied rumours that its chairman Mohamed Alabbar intended to leave the company.

Mr Alabbar is managing the company’s business on a daily basis and is fully committed to it, Emaar said in a statement.

... more

Arabtec directors await developments on Egyptian project

Mar 19 ,2015, city : Dubai

Arabtec directors were due to meet on Thursday after a tough week for the company’s stock that traded down on five consecutive sessions.

The stock fell 0.76 per cent on Thursday to close at Dh2.62 as investors continued to await news of progress on a project to build a million low-cost houses across Egypt.

more

All about location at Abu Dhabi’s latest beachside community

Mar 19 ,2015, city : Dubai

Located on a thin strip of land at the far end of Saadiyat Island, the Hidd Al Saadiyat development is Abu Dhabi’s latest luxury beachside community.

Suprisingly for a city built on a collection of islands, few existing housing schemes in the capital are built with beach access.

“At Hidd Al Saadiy... more

Dubai's Emaar denies rumours Alabbar is quitting

Mar 19 ,2015, city : Dubai

Emaar Properties, Dubai's largest listed real estate developer, said on Thursday it categorically denied rumours that its chairman Mohamed Alabbar intended to leave the company.

Alabbar is managing the company's business on a daily basis and is fully committed to it, Emaar said in a statement.

There w... more

Dubai Developer Arady To Handover Units At DIFC Tower From March-End

Mar 18 ,2015, city : Dubai

Dubai-based Arady Developments, a joint venture between Dubai Properties Group and Deyaar, announced that the handover of residential units in its Central Park project in DIFC will begin this month.

Customers have been asked to book an appointment to complete the snagging of their units from March 15, 2015, a statement said... more

Emaar shares slump to lowest in three months

Mar 18 ,2015, city : Dubai

Shares in Emaar Properties sank to their lowest level since December yesterday amid investor concerns that the chairman Mohamed Alabbar may scale back his role in the company as he spearheads massive infrastructure projects in Egypt.

Emaar stock fell 5.3 per cent to close at Dh6.25 in trading yesterday, their lowest level s... more

Dubai tenant without valid residency visa can be evicted by landlord

Mar 18 ,2015, city : Dubai

I have rented out my property in JLT since late March 2014. Since the tenant did not have a UAE residence visa at the time of leasing, he asked me to prepare a tenancy contract in his friend’s name. We made a written agreement that once his visa process was completed after three months, we would transfer the tenancy contract, with t... more

Palm Jebel Ali investors say still backing Nakheel to finish project

Mar 18 ,2015, city : Dubai

A group of investors in the stalled Palm Jebel Ali island on Wednesday called on Nakheel to publicly confirm that prices, plot sizes and locations will be honoured when the Dubai-based developer eventually relaunches the project.

The Palm Jebel Ali Home Owners Group, in an open letter to Nakheel chairman Ali Rashid Lootah, ... more

Good alliances can lift Dubai’s hotel premiums

Mar 18 ,2015, city : Dubai

 Dubai: As one of the most rapidly developing hospitality markets in the Middle East, Dubai’s landscape has seen an influx of global hotel brands in recent years.

The impact that a well-recognised brand has on operational performance is well documented, with competitive advantage achieved through a combination of... more

It could be one big welcome for hotel deals this year

Mar 18 ,2015, city : Dubai

 Dubai: While investment levels on existing hotels in the Europe, Middle East and Africa (EMEA) will remain strong in 2015, the figure masks a large disparity across countries. EMEA will continue its stride with more than $24 billion (Dh88 billion) in hotel trades.

However, the bulk of the volume will be driven by larg... more

Shaken off-plan property investors head for the exit door

Mar 18 ,2015, city : Dubai

 Dubai: There has been a sharp increase in the number of off-plan properties being put up for sale in Dubai’s secondary market, indicating again the tightness in investor sentiment that has crept in over recent weeks.

Owners of these units apparently believe trying to sell now will better protect their exposure r... more

Dubai's Union Properties mulls share buyback

Mar 17 ,2015, city : Dubai

Union Properties (UP), Dubai-based real estate developer, will consider buying back shares if the price falls below face value, according to company chairman.

“We will have to think about it [buyback] when the share price comes below the face value.

“Before we took over the share value was below t... more

Dubai's next property boom: Affordable housing for Dh10k earners

Mar 17 ,2015, city : Dubai

The chief of Dubai Investments (DI), one of the largest land bank holders in the UAE, expects the property market to gain momentum in 2016 with “affordable” housing category outshining the “luxury” segment.

“I don’t expect a correction in the market. I expect a slowdown for 2015 because o... more

Arabtec closer to deal over stalled contract for million homes in Egypt

Mar 17 ,2015, city : Dubai

Arabtec’s stalled plans to build a million low-cost houses in Egypt may have moved a step closer after the company reportedly reached some terms with the Egyptian housing ministry.

After weeks of haggling over a land deal for the ambitious US$40 billion project, ministry officials have said that some terms have been r... more

Candy brothers to 'resurrect Dubai masterplan'

Mar 17 ,2015, city : Dubai

Billionaire property developer brothers Nick and Christian Candy are believed to be in the process of resurrecting plans for a huge development in Dubai.

It was reported last February that the Candys – who made their name developing London’s luxury One Hyde Park apartments among other projects – were conte... more

Marketplace suffers a liquidity issue, UP chief says

Mar 17 ,2015, city : Dubai

 Dubai: If share prices of listed property companies on Dubai Financial Market (DFM) are suffering, it has to do with all of the liquidity getting sucked up in a short span by a series of initial public offerings (IPOs).

“There’s no fundamental issue with any of the big developers, but their share prices &m... more

Exclusive: Palm Jebel Ali Will Not Be Cancelled – Nakheel Chairman

Mar 16 ,2015, city : Dubai

Nakheel’s ambitious Palm Jebel Ali project will not be cancelled and will be developed in the “long-term”, its chairman has confirmed.

In an exclusive interview with Gulf Business, Ali Rashid Lootah said that the launch of the project would depend on the market.

“It’s a long-term... more

Dubai to get region's first Yotel property

Mar 16 ,2015, city : Dubai

Yotel, an affiliate company of Kuwait-listed IFA Hotels & Resorts, has signed a long-term agreement with Dubai Investment Properties (DIP) to operate a new hotel in Dubai, marking the hospitality brand's first property in the Middle East.

The hotel is part of a major new development located on Sheikh Zayed Road, dir... more

Abu Dhabi clears African Safari project in Al Ain

Mar 16 ,2015, city : Abu Dhabi

The Abu Dhabi Urban Planning Council (UPC) has approved plans for new tourist attractions in Al Ain including an African safari, botanical garden and new waterfront developments.

World Desert Oasis is among 76 new projects and master plans approved by the council in 2014 and will enhance Al Ain’s appeal as a tourist d... more

Expo 2020 impact: Dubai moves to turn Aladdin City into reality

Mar 16 ,2015, city : Dubai

Dubai Municipality (DM) is in the process of finalising a design consultant for Aladdin City, an iconic project inspired by the tales of Aladdin and Sindbad, a senior government official told Emirates 24|7.
 
“There are many things that we have to look into before we start the project and so we are in talks with o... more

Show homes unveiled for luxury Hidd Al Saadiyat villas

Mar 16 ,2015, city : Dubai

Luxury beachside villas at Hidd Al Saadiyat in Abu Dhabi are now 40 per cent complete, according to Saadiyat Development and Investment Company (SDIC).

The development company today unveiled its model villas at the project for clients and potential investors to come and view.

The project is built on nearly 1.... more

Dubai house prices slump 6.2% in second half of 2014

Mar 16 ,2015, city : Dubai

House prices in Dubai have slumped by more than six percent in the past six months, according to a new report by Knight Frank.

Its Global House Price Index showed that between the end of June and end of December 2014, prices fell by 6.2 percent, making it the worst performing real estate market of 55 tracked by Knight Frank... more

Ajman home owners get right to manage their buildings

Mar 15 ,2015, city : Ajman

Property owners in Ajman will be able to manage their own buildings as the Ajman Real Estate Regulatory Agency (Arra) will start registration and activation of owners’ association.

According to the agency, it is in the process to select a specialised company to monitor the work of all owners’ associations (OAs).... more

Drake & Scull and Habtoor Leighton win Dh395m contract for Dubai’s Jewel of the Creek

Mar 15 ,2015, city : Dubai

Drake & Scull and Habtoor Leighton have been jointly awarded a Dh395 million contract to provide mechanical, electrical and plumbing works for the latest part of one of Dubai’s largest construction projects.

Dubai International Real Estate (Dire), a private developer, awarded the contract for the next phase of the... more

'Our right' to raise villa extension fees by up to 233%, says Nakheel chief

Mar 15 ,2015, city : Dubai

The chairman of Nakheel has defended the developer’s “right” to increase its application fees last year for villa extension by up to 233 percent, claiming it did not breach any contractual agreements and the surge in fees was introduced to stop residents abusing the system for commercial gain.

Under the te... more

Dubai apartments now up to Dh400,000 cheaper

Mar 15 ,2015, city : Dubai

 Dubai: Did you know that if you buy a one-bedroom apartment in Dubai today, you would spend nearly Dh400,000 less than you would about six or seven years ago?

Analysts said that if you’re planning to buy an apartment or villa, Dubai’s relatively low property prices, coupled with a slight decline in home lo... more

Remember the time: Rent studio in Dubai for Dh9,500 a year

Mar 13 ,2015, city : Dubai

Rents for apartments in Deira, the old Dubai, have risen by nearly five times in last three decades, a report by Asteco reveals.

The property consultancy said annual rents for studio and three-bed units stood at Dh9,500 and Dh25,000, respectively, in 1986, which in 2014 rose to Dh45,000 and Dh135,000, respectively.
<... more

How oil price drop is affecting property in emerging markets

Mar 13 ,2015, city : Dubai

Global oil prices have fallen sharply in recent months, putting pressure on energy-exporting countries that count on the commodity as their primary source of income. Between June and January, the price of crude oil dropped a staggering 60 per cent.
With industry experts, including Exxon Mobil Chairman Rex W Tillerson, are now predi... more

Will UAE developers go for it? 57-floor tower built in 19 days

Mar 12 ,2015, city : Dubai

Broad Sustainable Building (BSB), the developer of the proposed 838-metre pre-fabricated ‘Sky City’ in Changsha, China, calls its “country’s new normal.”

It has built a 57-storey tower (J57) in 19 days time, building three floors in a day, reveals a time-lapse video released by company architec... more

Dubai palace priced at Dh110 million awaits a VVIP

Mar 12 ,2015, city : Dubai

This is the biggest house that has come on the market to date in the UAE. So says Knight Frank, the real estate agent marketing the property. There certainly aren’t many occasions you have the chance to buy a palace – after all, they don’t come on the market that often.

But this 10-bedroom, 13-bathroom vil... more

Nshama launches new Dubai homes in Town Square mega project

Mar 12 ,2015, city : Dubai

Developer Nshama, the company behind the new Town Square mega project in Dubai, has announced the launch of its second phase of residential properties.

Hayat Townhouses will be part of the 750-acre development anchored by a central square that is the size of 16 footfall fields, and featuring a range of lifestyle choices inc... more

Saudi replaces housing minister after king vows to address shortage

Mar 12 ,2015, city : Dubai

Saudi Arabia's King Salman replaced the housing minister late on Wednesday, a day after pledging to speed efforts to end a shortage of homes in his first address to the nation since becoming monarch in late January.

"Relieve Housing Minister Shuwaish al-Duwaihi of his position and appoint Essam bin Saeed as ministe... more

Nshama Launches Second Batch Of Townhouses In Town Square Project

Mar 11 ,2015, city : Dubai

Private developer Nshama has launched Hayat, the second phase of residential townhouses in its 750-acre Town Square development.

Hayat consists of 730 townhouses in a mix of three and four bedroom units and will be centrally located within the development.

The recent launch comes after strong investor interes... more

Can Dubai landlord send eviction notice midway through tenancy agreement?

Mar 11 ,2015, city : Dubai

We are renting a villa in Jumeirah Park in Dubai. Our contract is due for renewal in April this year. However, last year, the landlord gave us a tenancy contract that stated “one year only-not renewable”. We have signed the “non-renewable” tenancy contract knowing that it cannot be enforced by the landlord. A bit l... more

Lago Vista: Bustling Dubai community far from the madding crowd

Mar 11 ,2015, city : Dubai

 Dubai:  Residents of a three-tower development in International Media Production Zone (IMPZ) say the community is now more self-contained as a number of retail outlets have opened here.

Lago Vista is a three-tower residential development designed around a crescent shaped portico. Each tower has over 300 apartment... more

Living life king size at Al Bandar in Abu Dhabi

Mar 11 ,2015, city : Abu Dhabi

 Abu Dhabi: If you want a room with a view, it cannot get better than Al Bandar - Al Dar’s flagship residential and marina development beyond the shores of Al Raha Beach in Abu Dhabi.

Sounds of soft waves lapping on the shore, cool sea breezes wafting into your bedroom and sights of catamarans lazing in the azure... more

World's Top 5 residential hotspots: Why Dubai's Business Bay on list

Mar 10 ,2015, city : Dubai

Business Bay, a mixed-use master community in Dubai similar to New York's Manhattan, has been rated among the top five residential hotspots in the world by the Knight Frank Wealth Report 2015.

The master development finds a place among the elite locations following work starting on the Dh7.34 billion Dubai Water Canal.<... more

UAE residents dilemma: Rents or long commutes every day

Mar 10 ,2015, city : Dubai

Though you may have taken a conscious decision to rent an apartment in Northern Emirates and endure long commute to Dubai every day, the chief of Dubai Municipality suggests that residents should try and live close to their work place.

“We always want to encourage people to live close to their offices instead of trave... more

Arabtec pushing hard in Egypt as mega project stalls

Mar 10 ,2015, city : Dubai

Cairo // As local and international delegates prepare for the much-anticipated Egypt Economic Development Conference (EEDC) in Sharm El Sheikh this weekend, executives from the UAE’s biggest publicly traded builder and the Egyptian government have been locked in discussions over one of the North African country’s most ambitiou... more

Union Properties bucks the trend with first cash dividend in 13 years

Mar 10 ,2015, city : Dubai

Union Properties became the first listed UAE developer this year to offer dividend cheer to investors.

The developer behind Dubai’s Motor City reported yesterday that it was proposing to pay a 3 per cent cash dividend and 5 per cent bonus shares for 2014, its first cash dividend for 13 years.

UPP opted ... more

Construction workers returning to India as UAE living costs soar and wages rise back home

Mar 9 ,2015, city : Abu Dhabi

Just thinking about his rent makes Karunakaran Gopalan want to leave his job as a mechanical engineer in Abu Dhabi and return to his newly built house in Kerala.

“I want to finish paying off my loans and then run away,” says Mr Gopalan, who works for Al Ryum General Contracting. “Accommodation and school c... more

Orascom rises 2.8% in first day of trade at Nasdaq Dubai

Mar 9 ,2015, city : Dubai

Orascom Construction, the contractor spun out of the Egyptian conglomerate, turned in a respectable first day’s trade on the Nasdaq Dubai stock exchange, with a 2.8 per cent rise to US$14.69.

Listing on Nasdaq Dubai marks the split of the construction and engineering businesses away from Orascom’s chemicals and ... more

Abu Dhabi luxury housing rises fifth-fastest in the world

Mar 9 ,2015, city : Abu Dhabi

Prime house prices in Abu Dhabi rose by the fifth-fastest rate in the world last year, according to a new report.

According to Knight Frank’s Global Wealth report, luxury house prices in the capital rose 14.7 per cent last year on average, placing them just behind those of New York, Aspen, Bali and Istanbul in a world... more

The Torch blaze reignites cladding concerns used for Dubai towers

Mar 9 ,2015, city : Dubai

Once the world’s tallest residential building, The Torch, lived up to its name and again made headlines around the world last month when a huge fire set the 1,105 foot tall building ablaze.

Despite dramatic videos of the inferno being beamed across the internet, fortunately no-one was harmed in the incident and Kingfi... more

Trump Mansions launched in Dubai - complete with personalised golf cart

Mar 9 ,2015, city : Dubai

Starting at Dh6.5 million, the Dubai property developer Damac has started marketing what it claims will be the poshest villas in its Akoya golf development.

Today, Damac said it was bringing to the market Trump PRVT Mansions – a small estate of villas within a private, gated island community located on its 42 million ... more

Damac launches luxury $1.76m Trump-branded Dubai homes

Mar 9 ,2015, city : Dubai

Real estate developer Damac Properties on Monday launched what it called its "Jewel in the Crown" luxury villas and mansions at its Akoya by Damac master development in Dubai.

Trump PRVT, a limited collection of exclusive homes set within the Trump Estates, a private, gated island community, have been brought to t... more

Qatar's Barwa Real Estate Q4 net profit more than doubles

Mar 9 ,2015, city : Dubai

Barwa Real Estate, Qatar's largest listed developer, reported a more than doubling of its fourth-quarter net profit on Monday, as well as an improved dividend payout for the full year.

The company, a unit of the sovereign wealth fund's real estate arm, earned a net profit of around QAR2.13 billion ($585 million) for... more

Dafza leases land in Al Ghusais, in talks with Dubai government

Mar 9 ,2015, city : Dubai

Dubai Airport Freezone (Dafza) is in negotiations with the Dubai government to expand after earlier gaining approval to lease a 17,000 square metre block in Al Ghusais required for expansion.

In an interview at Dafza headquarters in Dubai on Monday, Director General Mohammad Al Zarouni told Gulf News the Al Ghusais block wi... more

10 Dubai property buzzwords: What they say and what they mean

Mar 8 ,2015, city : Dubai

Real estate agents can make even the most unattractive properties sound tempting, by using buzzwords which often hide the real meaning. So how can you decode classifieds to find out what a property is actually like?

Here are 10 of the most overused buzzwords in the real estate industry, to help house-hunters to recognise wh... more

Hottest destinations for expats: Where does UAE rank... and why

Mar 8 ,2015, city : Dubai

Rising cost of accommodation and children’s education are among primary reasons that seem to have kept the UAE from rising in position in this year’s HSBC rankings of hottest expat destinations.

The UAE has been ranked No. 15 overall in the Expat Explorer 2015 survey conducted by HSBC (same as last year), but be... more

What factors will drive Dubai's property market for the next 5 years?

Mar 8 ,2015, city : Dubai

The slowdown in Dubai’s real estate market shouldn’t be a worry for long-term investors, says a top global ratings agency.

In its new report, Moody’s Investors Service states the slowdown in the market is “positive in the long run” and alleviates the “potential overheating”, though ... more

Main contract for $1 billion Al Maryah shopping complex to be awarded in May

Mar 8 ,2015, city : Dubai

The main building contract for a US$1 billion shopping centre on Al Maryah Island in Abu Dhabi is set to be awarded in May, the property developer Gulf Related said yesterday.

Gulf Related, a joint venture between the Abu Dhabi-based Gulf Capital and US-based retail developer Related Companies, said work on the 214,000 squa... more

Falcon Island development in Ras Al Khaimah to move step closer

Mar 8 ,2015, city : Dubai

China Harbour Engineering Company has won a Dh150 million contract for marine and infrastructure works at Al Hamra Real Estate’s Dh1 billion Falcon Island development in Ras Al Khaimah.

The natural island in the Arabian Gulf which forms part of Al Hamra’s 77 million square feet Al Hamra Village development, will... more

Making affordable housing a possibility in Dubai

Mar 8 ,2015, city : Dubai

 Dubai: Any regulation to create mandatory affordable housing for “all new residential developments in Dubai” would have to push property values to around, or even below, the Dh600 per square foot (psf) level. Currently, around Dh700psf is rated as the most accessible pricing to put a foot into Dubai’s property mark... more

How much space will $1m buy you in Dubai or New York?

Mar 6 ,2015, city : Dubai

A million US dollars (Dh3.67 million) can buy an apartment in Dubai that is four and seven times bigger than Singapore and London, reveals Knight Frank’s Wealth Report 2015.

Dubai, which has been ranked among the top 40 cities for UNWI in 2015, remains an “affordable” property investment destination compar... more

10 Dubai property buzzwords: What they say and what they mean

Mar 6 ,2015, city : Dubai

Real estate agents can make even the most unattractive properties sound tempting, by using buzzwords which often hide the real meaning. So how can you decode classifieds to find out what a property is actually like?

Here are 10 of the most overused buzzwords in the real estate industry, to help house-hunters to recognise wh... more

Sharjah’s version of Dubai’s Arabian Ranches

Mar 6 ,2015, city : Dubai

Developers in Sharjah are attempting to build the emirate’s answer to Dubai’s Arabian Ranches.

Located somewhere between the unprepossessing Industrial Area 13 and the Falah Military Camp, Al Zahia, Sharjah’s first gated community, will span 1.3 million square metres. And once complete in 10 years’ t... more

Bahrain gov't to oversee completion of stalled projects

Mar 6 ,2015, city : Dubai

A decision by the Bahrain government to oversee the completion of stalled real estate residential projects is likely to "significantly bolster investor confidence" in the Gulf kingdom, according to Cluttons.

The move comes on the back of the decision last month to formalise the rights of tenants and landlords thro... more

Nakheel starts handover of Jumeirah Village Circle villas

Mar 6 ,2015, city : Dubai

Developer Nakheel has announced the delivery of 90 new villas at Jumeirah Village Circle (JVC) in Dubai, with construction complete and the first residents expected to move in next month.

 

The sell-out Jumeirah Village Circle Villas project - launched in December 2013 and sold for a combined value of AE... more

Where the onus lies after a building fire in UAE

Mar 6 ,2015, city : Dubai

 Dubai: Who should be fronting up to take on responsibility to get a fire-ravaged high-rise in Dubai back on its feet is still shrouded in grey areas. Should it be the homeowners’ association in charge of the particular property or does the right vest with the developer? A clear-cut answer is yet to emerge despite the repeated ... more

Dubai’s Deyaar Awards Construction Contract For Atria Project

Mar 5 ,2015, city : Dubai

Dubai-based developer Deyaar has announced that it has awarded the construction contract for its recently launched Atria project to Al Rostamani Pegel (ARP).

The company did not reveal the value of the contract.

Following the enabling works, ARP will appoint the principal contractor for the project, Deyaar sa... more

Dubai still favoured by ultra-rich as city to be in

Mar 5 ,2015, city : Dubai

 Dubai: Those luxury properties may not be getting snapped up at the pace they were accustomed to, but Dubai ranks among the Top 10 “important cities” this year for “ultra-high-net-worth individuals” (UHNI). Topping the list, just issued by Knight Frank in its latest Wealth Report, are London, New York and Hon... more

Arabtec to hold talks with Egypt on stalled $40bn housing plan

Mar 4 ,2015, city : Dubai

Top Arabtec executives flew to Egypt yesterday in a last-ditch attempt to salvage a US$40 billion deal to build a million low-cost homes in Egypt.

The chairman Khadem Al Qubaisi was among those making the trip to Cairo for a series of last-minute negotiations with the Egyptian housing ministry surrounding stalled plans to b... more

Third phase of Saadiyat Beach Villas set for June completion

Mar 4 ,2015, city : Dubai

Abu Dhabi’s Tourism Development and Investment Company (TDIC) has said that construction of the third phase of Saadiyat Beach Villas is on track for completion in June.

The third phase consists of 77 four and five-bedroom villas, covering 4,833 sq ft and 5,834 sq ft respectively.

“Once completed, ... more

Can Abu Dhabi tenant terminate lease due to mould?

Mar 4 ,2015, city : Abu Dhabi

We have a serious mould issue in our apartment and it is affecting my wife’s health. We’ve been in contact with property management but so far they have just been cleaning the visible areas and not removing the mould that is behind and possibly in the porous kitchen wood cabinetry. Every time they clean, it comes back. Do we h... more

Abu Dhabi’s London penthouse project ‘overlooks Queen’s balcony’

Mar 4 ,2015, city : Abu Dhabi

A penthouse “overlooking the Queen’s balcony” will cap a London luxury apartment project planned near Buckingham Palace, according to its Abu Dhabi-based owner.

The 10,000 square-foot apartment at No 1 Palace Street across the street from the royal residence will probably fetch about £60 million (Dh3... more

Nshama looks to fire up Dubai market with sub-Dh1m offer

Mar 4 ,2015, city : Dubai

 Dubai: Nshama Development is looking to fire up dormant buying activity in Dubai’s residential marketplace by offering a “limited” number of three-bedroom units at its newly launched Town Square community at prices just below Dh1 million. In all, 300 ‘Zahra’ town houses are being released by the newly f... more

Carving up value from staff accommodation in Dubai

Mar 4 ,2015, city : Dubai

 People do talk about growth and the other scenarios related to the property sector, but seldom focus on the staff accommodation market. This, particularly in Dubai, has recorded significant increase in demand as construction activity across the emirate soars.

In fact, the construction sector has been the main demand d... more

Dubai house prices 'drop more than 3% in 2015'

Mar 3 ,2015, city : Dubai

Residential prices in Dubai dipped by more than 3 percent in the first six weeks of 2015, according to new research.

The research shows that Dubai is at a five-year low point for residential investment potential, warned Phidar Advisory’s mid-quarter research note.

Prices for apartment and single family ... more

Emaar's Vida hotel brand joins Dubai's Town Sq mega project

Mar 3 ,2015, city : Dubai

Nshama said on Tuesday it has teamed up with Vida Hotels and Resorts, the new hotel brand of Emaar Hospitality Group, to operate a boutique hotel and serviced residences in Town Square, its flagship project that was launched last week.

Vida Town Square Dubai will feature 180 hotel rooms and serviced residences, and will ove... more

Expert forecast wrong for January 2015: Dubai rents rise

Mar 3 ,2015, city : Dubai

At least for the month of January 2015, predictions of local and global property consultancies on rent softening have not come true.

The Reidin.com rent index for January shows rentals rose marginally 0.67 per cent, reflecting a year-on-year (y-o-y) increase of 11.8 per cent.

As for apartments, prices went up... more

Dubai real estate investors switch to low cost UK property

Mar 2 ,2015, city : Dubai

A new property survey shows investors from the UAE, particularly Dubai, are one of the largest groups of overseas nationals buying low-cost investment property in the UK outside London.

The Find UK Property survey shows that buyers from UAE now account for over 18% of such property sales to overseas investors.

... more

Qatar's Barwa Real Estate appoints new group CEO

Mar 2 ,2015, city : Dubai

Qatar's Barwa Real Estate has appointed Salman Mohamad Al Muhannadi group chief executive as of March 1, it said in a statement on Monday.

Muhannadi was previously chief executive of QNB Capital, the investment arm of Qatar National Bank, a bourse statement said.

In May last year, Barwa had appointed Ahma... more

Money talks at London’s Dubai Property Show

Mar 2 ,2015, city : Dubai

LONDON // Dubai may be known for its colourful and occasionally wacky property developments, but investors at a UK real estate show had something much more sensible on their minds – rental yields.

Property developers in Dubai have resorted to a range of tactics to lure buyers, from Porsches to promising outlandish fea... more

Dubai’s RTA pushing forward with metro station towers project

Mar 1 ,2015, city : Dubai

Plans to build hundreds of flats and offices above Dubai’s busiest metro station took a step forward on Sunday as Dubai’s Roads and Transport Authority (RTA) said it planned to issue tenders in May.

The RTA issued detailed guidelines to potential developers to build Union Oasis, a tower project above the two-lev... more