Latest Real Estate News in UAE

Nshama to deliver 2,000 homes next year

Nov 30 ,2016, city : Dubai

Dubai: There could be some respite in store for Dubai’s mid-tier residential rentals with more than 2,000 homes set to be delivered next year at Nshama’s Town Square development. The project — which currently has 5,000 units under construction — has been a favoured hot spot for end-user buyers.
Now, if of th... more

Developer Schon unveils $870m Dubai hospitality project

Nov 30 ,2016, city : Dubai

Schon Properties has announced the development of iSuites, a $870 million home-grown hospitality portfolio that will see the development of 2,700 hotel apartments at a single site within Dubai Investment Park, close to the World Expo 2020 site.

The complex includes 21 mid-rise buildings and will be delivered by 2020, the Du... more

Safety changes sought before fire-hit Tamweel Tower all-clear

Nov 30 ,2016, city : Dubai

The Dubai Civil Defence (DCD) has asked the Tamweel Tower owner association to incorporate new safety measures before it grants a completion certificate, according to a news report.

The 34-storey tower in Jumeirah Lakes Towers (JLT) was engulfed in flames in November 18, 2012, with rehabilitation process completing in June ... more

Trump election 'casts doubts on Gulf real estate recovery'

Nov 29 ,2016, city : Dubai

The recent election of Donald Trump as the 45th president of the US is set to cause further uncertainty for the Middle East’s real estate market, at least in the short term, according to property consultants Cluttons.

Its research note said an uptick in imported inflation as a result of a weaker dollar will put alread... more

Dubai rent index updated: Marina rents fall 22%, Arjan rises 33% for 2017

Nov 29 ,2016, city : Dubai

Rents for one-bedroom apartments in Dubai Marina have declined by the most among the freehold communities, while Arjan has registered the biggest increase, according to Dubai’s official rent index for 2017.

The Dubai Land Department, which now updates its rent index once a year instead of three times a year, completed... more

5 cheapest areas to rent in Dubai

Nov 29 ,2016, city : Dubai

Dubai: Dubai may be one of the best places in the world to live in, but housing affordability remains an issue for a lot of people.
Apartment costs are indeed one of the biggest expenses for residents in the country, constituting nearly about 50 per cent of the consumer basket. To minimize monthly outgoings, many expatriates end up... more

Arabtec appoints new chief executive

Nov 29 ,2016, city : Dubai

Arabtec has appointed the recently appointed Depa chief executive Hamish Tyrwhitt as its chief executive.

In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company’s acting chief executive Saeed Al Mehairbi, who will remain an Arabtec board member.

Arabt... more

Lower off-plan prices to stoke demand in Dubai

Nov 29 ,2016, city : Dubai

Property developers in Dubai are marketing cut-price off-plan properties to tempt buyers back into the market.

Villas at Damac’s latest off-plan development are being marketed at Dh200,000 less than they were a month ago.

At a marketing launch at the end of October, Dubai developer Damac announced that ... more

Northern Emirates rents stay flat after falling earlier this year

Nov 28 ,2016, city : Dubai

Housing rents in the UAE’s Northern Emirates remained largely flat during the third quarter after falling in the first part of the year in line with the performance of the Dubai market.

Sharjah and the other Northern Emirates, located within commuting distance to Dubai, have traditionally been seen by many cost-consci... more

Dubai planning new law to resolve rental disputes, says DLD official

Nov 28 ,2016, city : Dubai

Dubai Land Department (DLD) is working on a new law to reduce disputes between landlords and tenants, a senior government official told Arabian Business.

“We are working on a new law that will make things simpler for landlords and tenants,” said Mohammed Ahmed Yahya, deputy CEO Rental Affairs Sector, DLD.
... more

Dubai's Damac launches Italian-inspired villas at Akoya Oxygen project

Nov 26 ,2016, city : Dubai

Damac Properties on Thursday announced the launch of Akoya Manarola, a collection of colourful villas directly facing the international golf course in its Akoya Oxygen development project in Dubai.

Inspired by the charming village of Manarola on the Italian Riviera, the community features three-bedroom villas costing AED2.3... more

Dubai landlords feel the squeeze as tenants seek to downsize

Nov 26 ,2016, city : Dubai

Increasing pressure is being placed on landlords in Dubai as budget conscious tenants continue to place emphasis on downgrading to smaller units or relocating to cheaper communities to get better value for money, according to a new report.

The latest Dubai Property Review Q3 2016 report by real estate consultancy Asteco sho... more

Dubai, Abu Dhabi property markets 'striding towards recovery'

Nov 25 ,2016, city : Dubai

Both Dubai and Abu Dhabi real estate markets appear to be "making strides towards recovery", heading into the final quarter of 2016, according to a new report.

Real estate website Bayut said there was a noticeable slowdown in the rate of price drops and a visible uptick in average rental values in both emirates fo... more

Dubai Marina location without the stairs for Dh11.5m

Nov 24 ,2016, city : Dubai

Known as a city in which penthouse living is very much in vogue, Dubai’s urbanites have traditionally been drawn towards the tallest towers with the finest city views.

But high profile building fires such as a blaze which engulfed the Address Downtown Dubai tower on New Year’s Eve last year and a massive fire at... more

Dubai Expo to convert staff residential units into freehold apartments

Nov 24 ,2016, city : Dubai

The staff housing buildings developed at the Expo Village for participating countries will be converted into freehold residential apartments after Dubai Expo 2020.

Construction has already started on the residential development, which is slated for completion in 2018.

“These accommodations are built for... more

Developers can't force investors to pay for non-active projects, says DLD official

Nov 24 ,2016, city : Dubai

Investors should lodge a complaint with the Real Estate Regulatory Agency (Rera) if they are forced by developers to make any additional payment in cases where construction work has slowed down or is not progressing at all, a Dubai Land Department (DLD) official has said.

"If the project has not progressed, then the de... more

Can Dubai property owner terminate deal with real estate agency for not fulfilling duties?

Nov 23 ,2016, city : Dubai

We have a unit in the Greens which we’d like to sell or rent as we are considering an overseas job opportunity. As a courtesy to the agent who originally sold us the unit, we offered the opportunity exclusively to him (under Form A). Unfortunately, we feel he is dragging his feet and not being straightforward about his intentions. W... more

UAE's Azizi launches new serviced residences project in Dubai

Nov 23 ,2016, city : Dubai

UAE-based Azizi Developments has announced the launch of Azizi Farishta, the 15th project located in the ever-expanding Al Furjan district of Dubai.

The fully-serviced residence will encompass 137 studio apartments, 124 one-bedroom apartments, and 23 two-bedroom apartments, the developer said in a statement.

... more

Bahrain's Investcorp makes $250m investment in Boston, Denver

Nov 23 ,2016, city : Dubai

Investcorp said on Wednesday its US-based real estate division had bought a portfolio of properties in the Boston and Denver metropolitan areas for about $250 million.

The five investments included 20 buildings and 1.8 million square feet of office, industrial, flexible and laboratory space, the Bahrain-based alternative in... more

'Time to buy property in Dubai is right now', says JLL

Nov 23 ,2016, city : Dubai

Dubai’s residential property market is set to rebound next year with prices expected to increase by 4 to 5 percent, Craig Plumb, head of research, MENA, JLL, told Arabian Business.

The price recovery will mostly be seen in “affordable” housing communities such as Dubai Silicon Oasis, Motor City and Discove... more

Bahrain's Arcapita buys US senior citizen housing portfolio for $110m

Nov 22 ,2016, city : Dubai

Investment management firm Arcapita said on Tuesday it had acquired a privately-held portfolio of three housing schemes for senior citizens in the United States for around $110 million.

The "senior living communities", located in the metropolitan areas surrounding Washington DC and Atlanta, follow the Bahrain-base... more

China's celebrity developer builds ties with Dubai

Nov 22 ,2016, city : Dubai

China’s biggest real estate developer is working to broaden his country’s relationship with Dubai by leading groups of entrepreneurs to the emirate.

Chairman Wang Shi, the founder of Vanke – one of the world’s largest residential real estate developers – has been championing Shenzhen Entreprene... more

US President-elect Trump’s 'strong brand' to boost property sales, says Damac chairman

Nov 22 ,2016, city : Dubai

Damac Properties chairman Hussain Sajwani is expecting US President-elect Donald Trump’s “strong brand” value to have a positive impact on the developer's property sales.

It was widely reported in the media that Damac had removed Trump’s name from the entrance of $6 billion (AED22 billion) Akoya ... more

Bargains emerge in Dubai’s luxury properties

Nov 21 ,2016, city : Dubai

Dubai: For anyone searching for a deal on a luxury property in Dubai, now might be the time to seal one.
Latest official data suggest that at locations such as Downtown Dubai and Dubai Marina, “Units (are) being sold at a much lower price indicating sales from a small section of landlords who may be pushed to exit a bottoming... more

Dubai affordable homes: How big is the shortage?

Nov 21 ,2016, city : Dubai

Dubai: Every budget-conscious expatriate tries to find ways to lower the cost of housing, yet it remains the biggest expense for many people.  A new analysis calculates just how serious the affordable housing shortage in Dubai really is.
According to the latest research, the supply gap of cheaper flats or villas in the emirate... more

Dubai Properties unveils staff housing in Dubailand

Nov 21 ,2016, city : Dubai

Real estate developer Dubai Properties (DP) said on Sunday it had completed the first phase of the Rahaba Residences staff accommodation scheme in Dubailand, the first such project to use a Build-to-Suit (BTS) development model.

The scheme targets Dubai’s growing business and industry sectors, DP said, and create purp... more

Affordable housing 'accounts for 50% of Dubai property searches, sales'

Nov 21 ,2016, city : Dubai

Affordable housing in Dubai is outperforming a sluggish real estate market, with almost half of property search enquiries and sales transactions recorded in this sector, new research reveals.

UAE property search website claims more than half of UAE online viewings are for properties renting for less than A... more

Dubai residential values witness further decline in Q3 – Cluttons

Nov 21 ,2016, city : Dubai

Average residential values in Dubai slipped by a further 2.6 percent during the third quarter of 2016 but the rate of decline is expected to slow in 2017, according to new research.

The latest quarterly decline takes the annual rate of change to -7.4 percent, said real estate consultancy Cluttons, meaning that values are 26... more

Mortgage on granted land a win-win for Dubai realty

Nov 18 ,2016, city : Dubai

Dubai: It is a win-win situation for the property market with Dubai allowing mortgages on land given as grants. For the banking sector, it immediately means that the user base for its disbursals has expanded significantly. And, at the same time, it allows those granted plots — principally UAE nationals — to start developing on... more

Dubai expats group shows the way to managing a property portfolio

Nov 18 ,2016, city : Dubai

Chris Battle loves talking about property. But he knows he has taken it too far when his wife stops listening.

"She sort of glazes over," says Mr Battle, 46, from England.

The couple do, however, have a lot to talk about when it comes to real estate. They own seven investment properties and a family... more

Dubai Town Square launches new townhouse community Noor

Nov 17 ,2016, city : Dubai

Offering another opportunity for middle income professionals to shift from rental homes to ‘live at your price’ owned homes, Town Square has unveiled a new community of townhouses in a cosy green neighbourhood at a very attractive price range for the wide array of amenities and exceptional location in the heart of a trendy, in... more

Sheikh Mohammed issues Decree on mortgaging granted lands in Dubai

Nov 17 ,2016, city : Dubai

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Decree No (31) of 2016 on mortgaging granted lands in Dubai.

The Decree defines the granted lands as the lands owned by the government and granted to the beneficiary f... more

Dubai Land Department makes it official with new awards

Nov 17 ,2016, city : Dubai

The best real estate projects — luxury as well as affordable, hotels and offices — in the Gulf and even the “happiest community” are to be identified as the Dubai Land Department launches annual awards dedicated to the industry. In all there will be 21 categories under consideration for the first &ldqu... more

Economic uncertainty sees Abu Dhabi rents continue to decline in Q3 - Asteco

Nov 17 ,2016, city : Dubai

Apartment rental rates across Abu Dhabi in Q3 2016 continued to decline, following the same trend set in the first half, according to real estate consultancy Asteco.

Declining demand for large apartments and villas in Abu Dhabi, against a backdrop of macroeconomic uncertainty, is putting rental rates under increasing pressu... more

Stronger dollar could hold back Dubai property recovery

Nov 16 ,2016, city : Dubai

The rally in the US dollar since Donald Trump’s election last week risks delaying Dubai’s property market recovery, according to experts.

The strength of the dollar has been cited as a contributing factor to the decline in Dubai’s property market since mid-2014 as the UAE dirham’s peg to the currency... more

Shurooq breaks ground for Dh45m Al Badayer desert camp development in Sharjah

Nov 16 ,2016, city : Sharjah

The Sharjah Investment and development Authority (Shurooq) has commenced the implementation of Al Badayer Desert Camp project, valued at Dh45 million, which is expected to become one of its premium leisure and adventure destinations in Sharjah.

The project will feature a unique set of experiences for desert adventurers with... more

Arabtec on right track back to profitability

Nov 15 ,2016, city : Dubai

The head of Arabtec’s construction unit said the company is "on the right track" to profit­ability despite posting its eighth successive quarterly loss yesterday.

Arabtec Construction chief executive Raja Ghanma told The National: "We had a lot of excess fat, for want of a better word. We are trying... more

Dubai’s Drake & Scull posts narrower Q3 net loss amid cost-cutting

Nov 15 ,2016, city : Dubai

Drake & Scull International (DSI) may sell non-core assets after its loss narrowed in the third quarter as the Dubai-listed contractor continued to cut costs and focused on high-margin business.

The company, which is suffering from a slowing construction market and payment delays, especially in Saudi Arabia, is currentl... more

Aldar awards Dh30m early works contract for Mayan

Nov 15 ,2016, city : Abu Dhabi

Aldar Properties PJSC (‘Aldar’), Abu Dhabi's leading listed property development, investment and management company, has awarded the early works contract for the first phase of Mayan, a luxury residential development located on Yas Island, to Dutch Foundation & Concrete Rehabilitation Company WLL.

The Dh... more

Palm Jumeirah penthouse in Dubai mixes home comforts with hotel luxury

Nov 11 ,2016, city : Dubai

This penthouse has only recently been completed on Palm Jumeirah and it joins a stable of Viceroy Residences that sit in some of the most sought-after global destinations such as Snowmass in Aspen Colorado and Bocas del Toro in the Caribbean.

It is for people who hanker to live in hotel conditions as the 221 private residen... more

Revealed: Dubai communities with biggest rental declines in Q3

Nov 10 ,2016, city : Dubai

Dubai rentals declined in the third quarter 2016 after remaining steady in the second quarter with the lease market remaining tenant favourable, according to Chestertons.

Rents fell between one and two percent in both apartment and villa segment, with two-bedroom units in Downtown Dubai, Jumeirah Lakes Towers and the Greens... more

UAE's Eshraq Properties said to invest $204m on new projects

Nov 10 ,2016, city : Dubai

Real estate developer Eshraq Properties has announced an AED750 million ($204 million) expansion with three new projects in Dubai and Abu Dhabi.

At a press conference at Emirates Palace on Tuesday, Jassim Mohamed Al Seddiqi, chairman of the Abu Dhabi Stock Exchange-listed Eshraq Properties, unveiled one of the projects &nda... more

Land prices are firming up again in Dubai

Nov 9 ,2016, city : Dubai

Dubai: Dubai’s property values seem to be stabilising or inching up slightly ... but the same cannot be said of its rising land prices. Private developers are now scrambling to get some plots before prices shoot up too high, according to the head of Danube Group. “For five months since June, I’ve been searching for plots... more

Higher occupancy rates boost net profit for Aldar Properties

Nov 9 ,2016, city : Dubai

Aldar Properties, Abu Dhabi’s biggest publicly traded real estate company, said its net profit in the third quarter increased by about 16 per cent amid high occupancy rates at Yas Mall and across its office and residential properties.

The company also said that it sold Dh1 billion of property off plan, meaning that bu... more

Eshraq Properties set growth plan with new project

Nov 9 ,2016, city : Dubai

The real estate developer Eshraq Properties said it is investing Dh750 million in projects in Abu Dhabi and Dubai set to be complete by 2021 as new leadership at the company tries to turn the corner following a series of quarterly losses.

Jassim Al Seddiqi, who was appointed company chairman in July, said on Tuesday one of ... more

Emaar Properties Q3 net profit up 36%

Nov 9 ,2016, city : Dubai

Dubai's Emaar Properties, builder of the world's tallest tower, reported a 36 percent increase in third-quarter net profit on Tuesday as revenue rose.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to Sept. 30, it s... more

Abu Dhabi's Aldar Properties Q3 net profit gains 17.9%

Nov 8 ,2016, city : Abu Dhabi

Abu Dhabi's Aldar Properties reported a 17.9 percent increase in third-quarter attributable net profit on Tuesday, according to a bourse filing.

Net profit attributable to the owners was 747.8 million dirhams ($203.6 million) for the three months to Sept. 30, compared with a profit of 634.3 million dirhams in the year-a... more

Dubai property market remains 'challenging', says Damac chairman

Nov 8 ,2016, city : Dubai

Damac Properties chairman Hussain Sajwani has described Dubai’s property market conditions as “challenging”, after the company's net profit fell 11.7 percent for the third quarter 2016.

The Dubai developer reported a net profit of $245.6 million (AED902 million) for the three months ended September 30,... more

Dubai to build biggest arena in the region

Nov 7 ,2016, city : Dubai

Committed to creating and delivering unique experiences, Meraas, a Dubai-based holding company, has announced the ‘Dubai Arena’, a new state-of-the-art multi-purpose arena.

Spanning an area of half a million square feet and with an approximate capacity of 20,000, the arena is set to enhance Dubai’s leisure... more

Dubai's Damac Properties Q3 profit slips 11.7%

Nov 7 ,2016, city : Dubai

Dubai's DAMAC Properties reported a 11.7 percent fall in third-quarter net profit on Monday as revenue slipped.

The developer reported a net profit of 902.0 million dirhams ($245.6 million) for the three months ended Sept. 30, according to a statement to Dubai's bourse. This is down from 1.02 billion dirhams a year ... more

Abu Dhabi rents slide on slow economic growth

Nov 7 ,2016, city : Abu Dhabi

Average residential rents in Abu Dhabi dropped 2 percent quarter-on-quarter at the end of September as job losses and a softening economy took their toll on the market, according to new research.

CBRE’s Abu Dhabi Market View for the third quarter of 2016 found that average housing rentals continued to decline amid eco... more

Emaar Malls reports higher profit on rental income

Nov 7 ,2016, city : Dubai

Emaar Malls reported a 16 per cent increase in third-quarter net profit to Dh435 million as rental income increased.

The shopping malls and retail business majority-owned by global property developer Emaar Properties said rental income for the three months to the end of September increased by 8 per cent compared with a year... more

Price recovery begins in Dubai’s mid-market communities

Nov 7 ,2016, city : Dubai

Mid-market freehold communities in Dubai are showing marginal price recovery compared to high-end areas, according to a new report.

The latest Reidin-GCP data shows property values registered slight gains in mid-market communities such as Discovery Gardens and International City, while price stability was reported in high-e... more

Dubai Properties releases more homes in Casa Dora project

Nov 4 ,2016, city : Dubai

Dubai Properties has announced the launch of more two- and three-bedroom homes in its Casa Dora at Serena project following the success of the first release earlier this year.

The developer said in a statement that the new release of properties are available for sale in the Portuguese-inspired community in Dubailand.
... more

ADFG commences development of 'The Broadway'

Nov 4 ,2016, city : Abu Dhabi

Following the official handover ceremony of the former New Scotland Yard site from London’s Mayor’s Office for Policing and Crime (MOPAC) to Abu Dhabi Financial Group (ADFG), Northacre, London’s leading property development arm and a subsidiary of ADFG, has been appointed to commence the construction and development of t... more

Dubai’s coolest destination to work has other plans too

Nov 3 ,2016, city : Dubai

Dubai: Dubai’s coolest location to work could yet be the place to live as well. And all that with a canal by its side.
The developer of Dubai Design District confirmed that a decision on the residential components will be taken once the infrastructure works at the 21 million square feet destination are done with, most likely ... more

ADFG’s Scotland Yard deal sweetened by Brexit vote’s effect on pound

Nov 3 ,2016, city : Abu Dhabi

Abu Dhabi Financial Group (ADFG) has saved more than US$100 million on its purchase of the Metropolitan Police headquarters in London thanks to the fall in value of the British pound since Brexit.

ADFG said that it completed a £370 million deal to buy the New Scotland Yard office block from London’s Metropolitan... more

CSCEC to build part of Damac hotel project

Nov 3 ,2016, city : Dubai

Damac Properties has awarded the China State Construction Engineering Corporation (CSCEC) a Dh554 million contract to build part of its second Paramount Hotel project in Dubai.

CSCEC, the world’s third-largest construction company, said it had been awarded the main work contract to build 27 floors of serviced flats of... more

Property agent demands 20 per cent commission on Dubai Marina apartment

Nov 3 ,2016, city : Dubai

We have a sea view apartment in Dubai Marina which is being handled by a Dubai rental agent who now wishes to increase their rental commission from 15 per cent to 20 per cent. The apartment is let out on a short-term basis to business professionals at Dh14,000 per month – ranging from one month to several months. One tenant rented i... more

Emaar appoints Veresh Sita as chief digital officer

Nov 2 ,2016, city : Dubai

Global developer Emaar Properties PJSC today announced the appointment of Veresh Sita, an international technology professional with deep expertise in developing customer-oriented solutions and experiences, as its Chief Digital Officer (CDO).

Veresh joins Emaar from Alaska Airlines, where he was CIO, responsible for oversee... more

Laing O’Rourke gets nod for Expo 2020 mall and hotels complex in Dubai

Nov 2 ,2016, city : Dubai

Laing O’Rourke has been named as the preferred bidder to build a new retail and hospitality project, on a site that forms part of the Expo2020 master plan.

The contractor, based in the UK, has been appointed to build a 216,340 square metre shopping mall, associated car park and two hotels for a development company tha... more

Iraq said to ask oil majors to downsize costly Dubai offices

Nov 2 ,2016, city : Dubai

Iraq has asked international oil companies (IOCs) to shut down prestige offices among the glittering towers of Dubai, through which they used to run their oil operations in Iraq, as a way to rein in their budgets, three industry sources said.

The move, which has been taken by some oil majors developing Iraq's vast south... more

Emirates REIT rental income up 19.7% in Q3

Nov 2 ,2016, city : Dubai

Nasdaq Dubai-listed Emirates REIT said rental income rose by 19.7 percent to $11.4 million (AED41.84 million) in the third quarter of 2016 compared with $9.5 million (AED34.86 million) in the same period last year.

The unaudited results, released on Monday, said total property income for nine months of 2016 increased by 22 ... more

Nakheel adds rooftop recreation club to Circle Mall at Jumeirah Village

Nov 2 ,2016, city : Dubai

Nakheel is creating a new community club at Dubai’s Jumeirah Village Circle by adding a pool, sports and restaurant complex to the roof    of The Circle Mall.

The JVC Club will feature a 300-seater restaurant, a swimming pool and sundeck, two tennis courts, a gymnasium and landscaped gardens, all with v... more