Latest Real Estate News in UAE

Dubai apartment prices continue to fall in April, down 7.3% on year

May 31 ,2016, city : Dubai

Dubai apartment prices continued to fall marginally during April, bring values down by 7.3 percent annually, according to a new report.

ReidIn's Dubai Residential Property Sales Price Index decreased by 1.4 points last month, from 259.0 to 257.6, which represents a decrease of 0.53 percent.

The report sho... more

Saudi rents set to keep rising in 2016 after shift away from sales

May 31 ,2016, city : Dubai

Major Saudi Arabian cities have seen a shift in demand from sales to rentals during 2015, with rents expected to keep rising this year, according to a new report from Knight Frank.

Its Saudi Arabia Residential Market Report also said a 2.5 percent white land tax and revisions to mortgage law are expected to revive demand in... more

Al Habtoor Group says 'no relationship' with Habtoor Leighton Group

May 31 ,2016, city : Dubai

The Al Habtoor Group, a family-owned Dubai conglomerate, has announced that it has no connection with its  construction joint venture Habtoor Leighton Group.

In a brief media statement, Al Habtoor Group announced that it “has no relationship with the company Al Habtoor Leighton LLC, also known as Al Habtoor Leigh... more

Dubai Holding currently working on phase one design of Dh25bn project

May 31 ,2016, city : Dubai

The design work for phase one of the Dh25 billion Mall of the World is underway, a senior Dubai Holding executive has said.

“We are into the detail design of the mall and the focus is currently on the phase one,” Dubai Holding Chief Executive Officer Fadel Al Ali said during last week’s launch of Dh1 bil... more

Qatar First Bank says second London project completed

May 30 ,2016, city : Dubai

Qatar First Bank has announced the completion of 7-12 Leinster Square, a residential real estate development in London, its second project in the UK capital city.

The Sharia-compliant bank said in a statement that the project offers five three and four bedroom townhouses and six three bedroom apartments.

QFB ac... more

Dubai said to avoid 2008-style crash despite slowdown

May 30 ,2016, city : Dubai

Fears of a 2008-type crash in Dubai's economy and real estate market are unlikely to materialise, according to a new report by Reidin/Global Capital Partners.

The report, Dubai: This time it’s Different, analysed the factors at play during both crash scenarios, and concludes that the health of Dubai economy and ma... more

Ajman's Al Zorah's Phase 1 completion by year-end

May 30 ,2016, city : Dubai

Al Zorah Development Company, a joint partnership between the Government of Ajman and Solidere International, has reviewed all current projects valued at over Dh1.7 billion at a board meeting to discuss the development of Al Zorah project in Ajman.

The project wil... more

Hotels form vital plank in Aldar plans to diversify revenue

May 30 ,2016, city : Dubai

Aldar plans to open more hotels as part of its ongoing efforts to diversify revenues beyond those earned from property sales.

“There is definitely a need for serviced apartments in Abu Dhabi, there is demand for four- and three-star level hotels in the city of Abu Dhabi," says Mohammed Al Mubarak, Aldar’s c... more

Region’s first high-rise medical mall coming up in Abu Dhabi

May 29 ,2016, city : Abu Dhabi

The Abu Dhabi company Al Falah Holding has started work on a Dh500 million medical mall in Khalifa City A.

The company, with interests in construction, transport, health care, education and property, said that the nine-storey building is the first vertical medical mall project to be built in the region and includes space ... more

No Dubai property price crash in sight, says consultancy

May 29 ,2016, city : Dubai

Fears about another potential collapse in Dubai property prices to rival the fallout from the 2008 financial crisis are unfounded, according to a new report. The Reidin/Global Capital Partners report, Dubai: This time it’s Different, says the fundamentals of the Dubai economy are much stronger than af... more

Property prices in Ajman, Sharjah slump by 7% in Q1

May 27 ,2016, city : Dubai

Sales prices for one-bed apartments in Sharjah and Ajman slumped by 7 percent in the first quarter of 2016 compared to the year-earlier period, according to classifieds website dubizzle.

Its first property report for the UAE’s Northern Emirates also revealed that rents in Sharjah fell by nearly four percent while valu... more

Prime office rents in Dubai remain firm during Q1

May 27 ,2016, city : Dubai

Office rents in Dubai's prime freezones held firm during the first quarter of 2016 as occupancy levels remained high, according to real estate consultancy Cluttons.

Its Dubai Spring 2016 Commercial Market Outlook report showed that inquiries for space from international corporates also remained strong in core areas such... more

Dubai developer targets Millennials, UAE residents with smaller flats

May 26 ,2016, city : Dubai

Myra Properties, a real estate developer, on Wednesday unveiled its new residential project in Jumeirah Village Circle, targeting first-time buyers in Dubai with smaller-sized apartments.

Prices will start at Dh382,000 for a 406 square feet studio apartment in Cry... more

Mohammad Bin Rashid opens Burj Al Arab Terrace

May 26 ,2016, city : Dubai

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, today opened the Burj Al Arab Terrace.

A world-first in marine and off-site construction, the Burj Al Arab Terrace is an outdoor luxury leisure facility that offers a one-of-a-kind hospitality experi... more

Gulf contractors face tough market conditions amid cashflow constraints

May 25 ,2016, city : Dubai

Contractors across the Gulf are facing a tough set of market conditions, with cash flow constraints and greater competition for fewer contracts placing a squeeze on margins, according to Deloitte.

The accountancy firm’s 2016 Powers of Construction report states that contract awards are likely to drop to $140 billion... more

Water homes and floating restaurants: Dubai Properties launches Dh1bn Marasi Business Bay

May 24 ,2016, city : Dubai

Dubai Properties Group has launched a Dh1 billion project along the banks of the Dubai Canal in Business Bay.

The scheme will include five new marinas, up to 200 "water homes" and more than 100 shops, beach clubs and floating restaurants.

Work on Marasi Business Bay has already started, with a contrac... more

Dubai office rents face summer of decline

May 24 ,2016, city : Dubai

Dubai’s office market faces a “challenging" outlook, with further rental declines likely to come over the summer months after a period of relative stability, says the property consultant Cluttons.

The company said that although rents held in some of Dubai’s prime free zones, such as DIFC and Dubai M... more

Rents fall in Abu Dhabi as confidence remains shaky

May 23 ,2016, city : Abu Dhabi

Renters in Abu Dhabi are continuing to downsize to more affordable apartments as lower oil prices cast a shadow over the emirate’s economy, according to the property consultancy Asteco.

Julia Knibbs, the company’s UAE associate director of research and consultancy, said that renters are not only seeking moves ... more

Chelsea loses glamour for wealthy tenants as Fitzrovia and Mayfair soar

May 23 ,2016, city : Dubai

There are winners and losers in London’s prime central location (PCL) rental market, according to a new report today from LCP, a UK prime residential investment adviser, with once-uber trendy Chelsea losing its allure while ultra-high end Mayfair has soared.

But landlords may have to work harder to retain the top-en... more

Buyer interest in Dubai homes rises in Q2 to break rental stranglehold

May 21 ,2016, city : Dubai

Buyer interest for Dubai properties was at its highest level since 2014, according to new figures released by real estate website propertyfinder.ae.

The property firm said in a statement that the last three months has seen a spike in buyer enquiries, as opposed to those seeking homes to rent in the emirate.

P... more

Sharjah gov't JV awards contract to build huge homes project

May 21 ,2016, city : Dubai

Sharjah Holding, a partnership between the government of Sharjah and Majid Al Futtaim Properties, has awarded the first stage of the construction contract for the new Al Narjis neighbourhood in Al Zahia to Al Qabdah Building Contracting.

Construction of the first residential gated community in Sharjah will take place in sev... more

Dubai rents likely to drop up to 5% in Q2, says CBRE

May 20 ,2016, city : Dubai

Dubai rents are expected to further decline up to five percent in the second quarter of the year, from the two percent drop in Q1, as residents tend to relocate and families go back home in the summer, an industry expert has said.

“Q2 2016 will still be challenging,” Erik Volkers, associate director at CBRE Midd... more

Dubai's Limitless says to make early $653m debt deal payment

May 19 ,2016, city : Dubai

Dubai-based real estate developer Limitless announced on Thursday that it will make an early payment of AED2.07 billion ($563.6 million) to banks and trade creditors this month.

The payment follows the successful conclusion of its restructuring agreement with lenders, the company said in a statement.

Under th... more

UAE rises up global list of property investment hotspots

May 19 ,2016, city : Dubai

The UAE has risen up a global list ranking the world's most popular residence-by-investment programs, it has been announced.

Henley & Partners has launched the Global Residence and Citizenship Programs (GRCP) 2016 report which shows the UAE moved up two places to 13th compared to last year.

According ... more

Qatar's Barwa Real Estate says signs $1.13bn financing agreement with local bank

May 19 ,2016, city : Dubai

Qatar's Barwa Real Estate has signed financing agreements worth $1.13 billion with a local bank, the property developer said on Thursday.

The nine-year facility means Barwa has refinanced all its financing liabilities, according to a statement to Doha's bourse.

Barwa did not identify the lending bank fo... more

Dubai landlord in limbo after tenant with bad debt flees the UAE

May 18 ,2016, city : Dubai

I am a landlord with a commercial office (in Business Bay) that is rented until June 30. I have been trying to contact my tenant (a limited liability company with a licence issued from DED) and so far have been unable to reach him. His mobile has been cut, no one picks up the office p... more

No rent rise for nearly 40% of Abu Dhabi residents in Q1, new report shows

May 17 ,2016, city : Abu Dhabi

Nearly four in 10 Abu Dhabi tenants whose leases were renewed in the first three months of the year had no increase in rent.

Just over 60 per cent of rents increased by a small amount, 38 per cent stayed the same and 1 per cent were actually cut, according to a report by MPM Properties, Abu Dhabi... more

Sharjah rents slump 5.7% in Q1, set to fall further this year

May 16 ,2016, city :

Rents in Sharjah’s residential property market are set to continue to decline throughout 2016, following an average fall of 5.7 percent during the first quarter of the year, according to Cluttons.

Its Spring 2016 Property Market Outlook report said the Q1 slump has dragged the annualised rate of change in rents down... more

Hidd Al Saadiyat marina construction begins in Abu Dhabi

May 16 ,2016, city : Abu Dhabi

Construction of a marina at Abu Dhabi’s Hidd A Saadiyat development has commenced, and is expected to be completed next year.

The private marina is set to feature a pedestrian walk, 110 berths for boats of different sizes and will be directly linked to the beach.

"Our continued collaboration with lea... more

UAE residents go house hunting: Buyer interest at two-year high, says propertyfinder.ae

May 15 ,2016, city : Dubai

The property portal propertyfinder.ae has said that buyer interest in new homes in the UAE is running at its highest level in two years, having increased by 28 per cent since January.

The company said that pro­perty prices had fallen by 20 to 40 per cent in most parts of the country over the ... more

Jeddah sees real estate slowdown during Q1, says JLL

May 13 ,2016, city : Dubai

Jeddah witnessed a general slowdown across its real estate sectors during the first quarter of 2016 due to demand-supply mismatch and the country’s overall macroeconomic scenario, according to a new report.

JLL's Q1 2016 Jeddah Real Estate Market Overview report said the gap between supply and demand is expected t... more

Saudi Binladin to lay off another 14,000 staff, bringing total departures to 69,000

May 12 ,2016, city : Dubai

Saudi Binladin Group has confirmed that it is working on processing final payments for about 14,000 workers that will allow them to leave the company within the next month, following on from the recent departure of about 55,000 staff.

The company, which had employed more than 200,000 staff before... more

Dubai Marina’s take on European-style living with the ‘wow-effect’ – in pictures

May 12 ,2016, city : Dubai

Loft living has moved far from its roots in the 1970s and ‘80s, when artists reoccupied and converted space within cheaper, industrial buildings to create amazing living spaces in the heart of cities like New York and London.

Yet despite most residential units in Dubai Marina and "new Dubai" not existing u... more

Nakheel Mall rises on Dubai’s Palm Jumeirah

May 11 ,2016, city : Dubai

Construction of Nakheel Mall on Palm Jumeirah is approaching 50 per cent complete, according to the Dubai developer.

Nakheel said that the mall’s three underground parking levels, containing 4,000 spaces, are “nearly complete", with the overall superstructure due to be finished i... more

Sharjah rents fall 8% and decline set to continue in line with Dubai

May 11 ,2016, city : Dubai

Rents in Sharjah as set to continue dropping in 2016 after experiencing an 8.3 per cent year-on-year fall in the first quarter of 2016, according to Cluttons.

The property consultancy said rents over the three-month period dropped by 5.7 per cent, fuelled mainly by rapidly-declining villa rents. ... more

Dubai Marina tenant suspicious of landlord ‘making threats via WhatsApp’

May 11 ,2016, city : Dubai

We rented a master bedroom in Dubai Marina for six months for Dh6,000 a month. The landlord claimed to be the owner of the apartment, hence subletting was legal. However, he said everything will be communicated via WhatsApp. Every month, on receiving the rent, he would message us sayi... more

UAE developer Aldar announces $1.4bn investment plan

May 10 ,2016, city : Abu Dhabi

Abu Dhabi’s Aldar Properties has earmarked 5.2 billion dirhams ($1.4 billion) for capital spending over the next two years, its chief financial officer said on Tuesday.

Greg Fewer was speaking after the emirate’s largest listed real estate developer reported a 14.1 percent rise in first-quarter net profit, mai... more

Aldar planning more mid-income schemes in Abu Dhabi

May 10 ,2016, city : Abu Dhabi

Aldar Properties plans to add mid-income housing to developments such as Shams Abu Dhabi and Al Raha Beach following the success of its Meera Shams scheme launched in June last year.

The Abu Dhabi developer on Tuesday reported a 15 per cent year-on-year increase in first quarter profits to Dh654 million.

&ldq... more

Final warning to Dubai brokers: Stop cold calls or face Dh50,000 fine

May 9 ,2016, city : Dubai

The Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department, has issued final warning to real estate agents from making ‘cold calls’ in Dubai, with those not heeding facing fines up to Dh50,000, while individual agents face a month’s suspension, a senior government official told Emirates 2... more

Damac Properties reports 15% drop in Q1 profit on lower revenues

May 9 ,2016, city : Dubai

Dubai's Damac Properties reported a 15 percent fall in first-quarter net profit on Monday as revenue dropped.

The developer reported a net profit of 1.05 billion dirhams ($285.9 million) for the three months to Mar. 31, according to a statement to Dubai's bourse. This was up from 1.23 billion dirhams a year earlier.... more

Ritz-Carlton DIFC review: Prime Dubai location with more to offer than just business expertise

May 8 ,2016, city : Dubai

It is location, more than brand loyalty or star rating that matters when picking a hotel for a business trip. Being close to the conference, exhibition hall or office to attend meetings often takes precedence, especially for a short work trip.

For a prime business location, the Ritz-Carlton in the Dubai International Fina... more

UAE Cabinet approves Sharia authority launch

May 8 ,2016, city : Dubai

The UAE Cabinet on Sunday approved the launch of a new Sharia Authority, a national regulator to set standards for Islamic finance products, according to the state news agency Wam.

The board will oversee the Islamic financial sector, approve financial products and set rules and principles for ban... more

Demand for Qatar homes, offices sees slowdown in Q1

May 6 ,2016, city : Dubai

Demand for residential and commercial property in Qatar has seen a significant slowdown in the first quarter of 2016 due to cuts in government spending, according to a new report.

DTZ Qatar's latest report said most commercial real estate lettings during Q1 are for small office spaces, which are in demand from the priva... more

Saudi's Sidra inks $93m deal to buy first US real estate assets

May 6 ,2016, city : Dubai

Saudi-based Sidra Capital has announced its first foray in the US real estate market with acquisition of an office building in a deal worth SR350 million ($93.3 million).

The investment firm said in a statement that the building in Fort Mill, South Carolina is leased to a subsidiary of Amerisource Bergen Corporation, a Fort... more

UAE's Bloom says 90% of new FAYA project sold out

May 5 ,2016, city : Abu Dhabi

Abu Dhabi developer Bloom Properties has said it has sold 90 percent of FAYA, the fourth phase of its Bloom Gardens project, within one week of its launch.

FAYA was launched as part of Bloom's participation in Cityscape Abu Dhabi earlier this month, and is scheduled for completion in the fourth quarter of 2017.
<... more

Work begins on luxury residential project in MBR City in Dubai

May 5 ,2016, city : Dubai

Dubai-based Gemini Property Developers has commenced construction of Gemini Splendor, a luxury residential project, in Mohammed Bin Rashid (MBR) City.

The project with a built-up area of over 320,000 square feet is expected to be completed in early 2018.

... more

Dubai’s Drake & Scull bags Dh343m Doha Metro contract

May 4 ,2016, city : Dubai

Dubai’s Drake & Scull has been awarded a 340 million Qatari riyal (Dh342.9m) contract for Qatar Rail’s Doha Metro project relating to its depots.

The contract was awarded by Japan’s Fujita Corporation, whose consor... more

Dubai landlord unable to remove divorcing tenant abandoned by husband

May 4 ,2016, city : Dubai

I own an apartment in Dubai and have been renting it out to the same tenant for almost five years. At the end of the latest tenancy agreement, which expired on November 30, I expressed my desire to personally move in to the apartment. As I wasn’t sure more

Lack of prime space leads to rent growth in Dubai office market

May 3 ,2016, city : Dubai

Dubai is continuing to experience strong demand for prime office space, which is encouraging a wave of new developments in prime areas as demand outstrips supply, according to the property broker CBRE.

The agency’s first quarter report argued that the performance of the local economy meant that vacancy rates had decli... more

Danube launches sixth affordable housing project in Dubai

May 3 ,2016, city : Dubai

Danube Properties is confident of selling the Glamz project within a month and expects to launch two more schemes in Dubai before the end of the year, the chairman said on Tuesday.

“Rather than only Glamz I, I should have also launched II, III, and IV. I know this will be sold. Before Ramad... more

Union Properties hires China State to build Dh450m Motor City scheme

May 1 ,2016, city : Dubai

Union Properties has appointed China State Construction Engineering’s (CSCEC) Middle East arm to build its Dh450 million Oia Residences project in Dubai’s Motor City.

Union Properties’ chairman, Khalid bin Kalban, said yesterday at a ceremony to mark the start of construction th... more