Latest Real Estate News in UAE

Abu Dhabi developer says Bloom Central project completed

Oct 29 ,2016, city : Abu Dhabi

Bloom Properties has announced the completion of its Bloom Central mixed-used project in Abu Dhabi.

Bloom Central is a 25-storey mixed-use project comprising 64 Marriott executive serviced apartments as well as 49 Bloom Residences and 7,000 sq m of office space spread across five storeys.

It is also home to B... more

UAE developer Eagle Hills launches fourth Jordan project

Oct 29 ,2016, city : Dubai

A unit of Eagle Hills, the Abu Dhabi-based real estate investment and development company, has revealed plans for its fourth project in Jordan.

Eagle Hills Jordan said in a statement that the project will feature W Amman and The Skyline Residences serviced by W Amman, in addition to office space and several retail outlets.<... more

Average Dubai apartment rents fall 2% to $34k in Q3

Oct 29 ,2016, city : Dubai

The average apartment rent in Dubai dropped to AED125,000 ($34,000) per annum in the third quarter of 2016, down 2 percent from the previous quarter, according to a new report.

The study by real estate website showed that although values increased in some localities, there was an overall downward movement of apart... more

Dubai’s Dh12.5bn tunnel project likely to start next year

Oct 28 ,2016, city : Dubai

Dubai is bucking the regional purse-tightening trend and pressing ahead with at least three big-ticket infrastructure schemes worth about Dh15 billion, in a push to modernise the emirate.

Speaking at the Dubai Investment Forum this week, the director general of Dubai Municipality, Hussain Lootah, said that a Dh12.5bn storm ... more

Tanmiyat set to be first to hand over Dubai Canal project in April 2017

Oct 28 ,2016, city : Dubai

Tanmiyat Global’s flagship project, The Court Tower, is set to be the first structure to be handed over on the brand-new Dubai Water Canal development.

The US$300million project is 80 per cent complete and is expected to be delivered to landlords in April 2017. The Court Tower will contain apartments, offices and reta... more

Riverland Dubai puts final touches on its multi-themed zones ahead of its opening

Oct 28 ,2016, city : Dubai

Riverland Dubai, the multi-themed dining and retail destination located at the heart of Dubai Parks and Resorts, today announced that the final touches are being added to its various retail, dining and entertainment outlets as it gears up for the official opening on 31st October.

Riverland Dubai will connect the three theme... more

Dubai set to finish rental star rating system by end-2017

Oct 28 ,2016, city : Dubai

Dubai Land Department is expecting to complete its star rating system by end-2017, which will determine rental rates for properties, according to news report.

The rating system will apply to all buildings completed before 2010 and applies to both residential and commercial properties, Gulf News reported.

Work... more

Union Properties planning new $109m residential project in Motor City

Oct 28 ,2016, city : Dubai

Union Properties, Dubai Financial Market-listed developer, is planning to launch a new $109 million (AED400 million) mixed-use project in Motor City, Dubailand.

“The project will have residential and retail components unlike the Oia Residence in Motor City, which is only residential. Currently, it is in the concept de... more

Star ratings for Dubai buildings by 2017 end

Oct 27 ,2016, city : Dubai

Dubai: Dubai will complete its “star rating system” appraisal by the end of 2017, now that all of the work related to plots and properties in Deira district are done, according to a top official at the Land Department.
The rating system will apply to all buildings completed before 2010, and will play a key role in deter... more

Dubai developer Omniyat sets up Harvard scholarship in name of Zaha Hadid

Oct 27 ,2016, city : Dubai

Omniyat, the property developer that brought "starchitect" Zaha Hadid to Dubai, has sponsored a Harvard scholarship in her honour.

Omniyat, whose Dh2.5 billion signature building, the Opus, was designed by the late Iraqi-born British architect, said that it had helped to set up a fellowship at Harvard Graduate Sch... more

Qatar's Barwa Real Estate says Q3 profit rises 136.2%

Oct 27 ,2016, city : Dubai

Qatar's Barwa Real Estate, one of the Gulf Arab state's largest listed developers, reported a 136.2 percent rise in third-quarter net profit on Tuesday, according to Reuters calculations.

Net profit of 297.4 million riyals ($81.6 million) in the three months ending Sept. 30 versus 125.9 million riyals a year earlier... more

Under-25s only need apply: Alabbar's plans for company of millennials

Oct 26 ,2016, city : Dubai

Dubai businesssman Mohammed Alabbar will launch a company for millennials only, as he tries to capture the next wave of new ideas and innovations.

Alabbar, chairman of Dubai's largest listed property developer Emaar Properties, has been moving into new areas of business, in particular technology.

Earlier ... more

RAK Properties to start handover of townhouses in $2.7bn Flamingo development

Oct 26 ,2016, city : Abu Dhabi

RAK Properties, Abu Dhabi Stock Exchange-listed developer, will start the handover of the second phase of Flamingo townhouses in its $2.72 billion (AED10 billion) Mina Al Arab development this month.

The 57 townhouses have been completed two months ahead of schedule.

“The completion of second phase foll... more

Saudi austerity steps seen complicating home ownership drive

Oct 26 ,2016, city : Dubai

Saudi Arabia's austerity drive will pressure people's ability to buy their own homes and could push housing prices in some segments down by nearly a third, the local director of real estate services firm JLL said on Tuesday.

As low oil prices strain state finances, the government is being forced to cut spending and ... more

Dubai building survey 40% complete, says DLD

Oct 26 ,2016, city : Dubai

The Dubai Land Department (DLD) said on Tuesday it was almost halfway through a two-year building survey to compile a database of information for every unit in the emirate.

The new Building Classification System (BCS) has surveyed 55,601 plots of land out of a targeted 139,306, representing 40 percent of the work, the DLD s... more

Emaar Properties says will cut 2017 costs by 20%

Oct 26 ,2016, city : Dubai

Dubai's largest listed developer Emaar Properties expects a 20 percent reduction in costs in 2017, Chairman Mohamed Alabbar said on Tuesday, citing its latest budget.

"My business has so much cost, from construction, to staffing, to transport, to chairman expenses. We have a lot of lines," Alabbar told reporte... more

Abu Dhabi one-stop shop to speed up issuance of construction permits

Oct 24 ,2016, city : Abu Dhabi

Property developers in Abu Dhabi have welcomed the news that the emirate’s Executive Council is planning to set up a one-stop shop for construction permits.

Abu Dhabi Executive Council announced on Saturday that it had approved plans to issue construction permits at the Municipal Affairs and Transport Authority.
... more

Investors push to revive $750m beachfront project in Bahrain

Oct 24 ,2016, city : Dubai

A group of Saudi investors in Bahrain will launch a petition in November urging the kingdom’s leaders to help revive a stalled multi-million dollar beachfront residential on Janabiya Highway.

The petition will be the third of its kind to be set up for the $750m Marina West project which was scheduled for completion in... more

Return of 'serious' buyers to Dubai is sign of recovery, says Nakheel chairman

Oct 24 ,2016, city : Dubai

Nakheel chairman Ali Rashid Lootah has signalled the return of 'serious' investors to Dubai’s property market as signs of recovery.

Property sales have declined by almost 30 percent by value in the first seven months of 2016, according to data from the Dubai Land Department.

Real estate analysts... more

First Avenue mall and hotel on track to open in Dubai

Oct 22 ,2016, city : Dubai

A new shopping mall and hotel are set to open in Motor City early next year as part of an investment worth Dh500m that will drive development in one of Dubai’s most sought-after suburban quarters.

First Avenue, based at the edge of the Dubai Autodrome, will have 70 high-street retailers and 15 casual dining restaurant... more

Some DIFC offices commanding rents 20% higher than Dubai average

Oct 22 ,2016, city : Dubai

Smaller offices in Dubai International Financial Centre (DIFC) are commanding a 15-20 percent higher rent than the market average due to a lack of availability of similar unit sizes, according to a new report.

The latest Dubai Office Report from Core Savills revealed average rentals remained flat across most submarkets thro... more

Dubai's Nakheel targets Singapore as it seeks new investors

Oct 21 ,2016, city : Dubai

Developer Nakheel has announced it is targeting new investors from Singapore as investment returns from rental income in Dubai continues to dwarf many major cities around the world.

Dubai’s real estate investment opportunities will be set out in Singapore this week at an exclusive investor roadshow hosted by Nakheel a... more

Dubai property app to offer buying, renting advice

Oct 20 ,2016, city : Dubai

Dubai Land Department (DLD) has updated its Investment Map app to allow investors and renters get details of properties and amenities such as schools and malls in close proximity.

A simulation system will provide answers, responses and comments on some of the questions asked, with the app displaying locations matching their... more

Dubai’s mid-market realty gets into overdrive

Oct 20 ,2016, city : Dubai

Dubai: Dubai real estate’s mid-tier is where the action is starting to hot up ... and it is happening on prices, locations, and in buyer support.
Based on the year-to-September transaction data in Dubai, properties that can be classified as mid-market accounted for more than 70 pert cent of the deals, and the rest made up of ... more

Dubai holiday homes give hotels serious competition

Oct 20 ,2016, city : Dubai

Holiday homes in Dubai are giving hotels a run for their money following the introduction of new regulations.

The Dubai Government started regulating holiday homes market in 2013, and since then there has been an increase in their numbers. In the first half of the year alone, there has been a 100 per cent growth in the numb... more

Bloom eager to start work in Abu Dhabi’s Madinat Zayed business district

Oct 20 ,2016, city : Abu Dhabi

Bloom Holding hopes to be the first developer to start work in Abu Dhabi’s long-awaited new central business district after the Executive Council awarded a Dh1 billion infrastructure package for the project.

The Abu Dhabi private developer said on Wednesday that it plans to build 2,000 flats renting out for as little ... more

Dubai's Nakheel says Q3 net profit jumps 22% to $260m

Oct 20 ,2016, city : Dubai

Nakheel on Wednesday announced a net profit of AED3.91 billion ($1.06 billion) for the first nine months of 2016, an increase of 8.3 percent over the same period last year.

The Dubai-based developer also said in a statement that it recorded a net profit of AED955 million ($260 million) for third quarter of 2016, 22 per cent... more

Dubai's Motor City to add shopping mall, hotel in $136m deal

Oct 20 ,2016, city : Dubai

A new shopping mall and hotel are set to open in Dubai's Motor City early next year as part of an investment worth AED500 million ($136 million).

First Avenue, based at the edge of the Dubai Autodrome, will have 70 high-street retailers and 15 casual dining restaurants. The four-star 150-room hotel, which adjoins the ma... more

Gov't, energy job cuts hit Abu Dhabi property demand in Q3

Oct 20 ,2016, city : Abu Dhabi

Abu Dhabi's residential market continued to face downward pressure during the third quarter of 2016 as rents and sale prices fell, according to a new report.

JLL's Q3 Abu Dhabi Real Estate Market Overview said that average prime rents for 2-bedroom apartments witnessed a decline of 2 percent compared to the previo... more

Dubai’s Nakheel reports 22 per cent rise in profit for third quarter

Oct 19 ,2016, city : Dubai

The Dubai-based property developer Nakheel said that its profit rose 22 per cent during the third quarter, reflecting what it described as "stable market conditions."

Net income for the three months to the end of September hit Dh955m, compared with Dh781m in the same period last year, but down from Dh1.4 billion i... more

Abu Dhabi landlord refuses to pay for villa repairs

Oct 19 ,2016, city : Abu Dhabi

My family and I live in a villa development in Khalifa City A in Abu Dhabi. There have been numerous issues over the years with the glass panels in the showers shattering. This recently happened to our housemaid, who was seriously cut on her hand and required stitches. The landlord has refused to pay to replace the glass panel. He has als... more

Emaar Economic City reports loss from lower margins

Oct 19 ,2016, city : Dubai

The Saudi developer Emaar the Economic City (EEC) reported a third quarter loss of 81 million riyals, attributable to lower profit margins and rising expenses and depreciation costs.

EEC, the developer behind King Abdullah Economic City, said its bottom line, which fell from an 8m riyal profit in the same period last year, ... more

Aldar awards Yas Acres early works contract

Oct 19 ,2016, city : Abu Dhabi

Aldar Properties PJSC (Aldar), Abu Dhabi’s leading listed property development, investment and Management Company, announces that it has awarded the early works package, valued at Dh155 million, for its flagship golf and waterfront development, Yas Acres, to Bauer Geotechnical Specialized Foundation LLC.

Commenting, T... more

Rents in Dubai Marina slump by as much as 10%, says Land Sterling

Oct 19 ,2016, city : Dubai

Apartments in Dubai Marina have become cheaper to rent following a three to 10 percent decline in the third quarter of 2016, according to property consultancy Land Sterling.

There was a 10 percent decline the one-bedroom apartment rental prices – the highest amongst the freehold communities among the 14 tracked by the... more

Office rents in Dubai continue to fall

Oct 18 ,2016, city : Dubai

Office rents in Dubai continued to come under pressure in the third quarter of the year as companies retrenched staff and considered future strategy.

According to the latest Dubai Office Report from Core Savills, average office rents in nearly half (six) of the submarkets the broker analyses fell during the three months to ... more

Damac shares confirmed as sharia-compliant for Islamic investors

Oct 18 ,2016, city : Dubai

Shares of Dubai-based Damac Properties are Sharia-compliant for the purposes of investment and trading, according to Dar Al Sharia Islamic Finance Consultancy.

The developer said the move woud help it attract a wider range of potential investors that seek Sharia-compliant financial instruments.

The decision f... more

Dubai’s prime office locations are running hot

Oct 18 ,2016, city : Dubai

The clusters in Tecom (now known as Barsha Heights) and the funky Dubai Design District continue to be the top performing office clusters in Dubai, while there is a turnaround in the fortunes of JLT (Jumeirah Lake Towers) during the third quarter.
“After a sharp annual drop of more than 20 per cent, rents seem t... more

Sobha launches 'Vaastu' homes in $4bn Hartland project

Oct 18 ,2016, city : Dubai

Dubai-based Sobha Group has unveiled a ‘Vaastu’ homes, inspired by the traditional Indian system of architecture, in its Sobha Hartland development on the Dubai Water Canal.

The developer said ‘The Vaastu’ villas will be part of the Hartland Estates and phase one will be completed by December 2018. &... more

Setting sail alongside the Dubai Water Canal

Oct 17 ,2016, city : Dubai

Dubai: The first of Dubai’s real estate attractions along the winding Water Canal is all set to open in November itself — the 12-kilometre long Marasi Business Bay Promenade from Dubai Properties. The opening, which coincides with that of the Canal itself, of the Promenade will feature a cluster of high-end retail and entertai... more

High-quality standards help ensure our safety

Oct 17 ,2016, city : Dubai

Last year, people around the world paused their New Year’s Eve celebrations when they saw images of the multistorey fire at The Address hotel in Dubai. Thankfully, fewer than 20 people suffered injuries, most of them minor.

In the days and weeks that followed, this newspaper published stories that brought to light the... more

It’s no longer about just locations in Dubai realty

Oct 14 ,2016, city : Dubai

Dubai: The chase for yields in Dubai is no longer about opting for one location over the other. These days, it is fast turning into sub-markets within a freehold cluster or even particular plots.

For the launch of the new Kempinski Residences skyscraper on Wednesday, the brokerage firm handling the sales kept emphasising th... more

Two Dubai villas with 13 bedrooms between them – yours for Dh60m

Oct 14 ,2016, city : Dubai

Question: what could possibly be better than owning a huge villa in Dubai?

Answer: Owning two huge villas, of course.

In a peculiarly Dubai twist to the "buy one get one free" promotion, this 24,000 square feet property in Dubai’s lush Al Barari neighbourhood is being sold with an additional 1... more

Ras Al Khaimah clears Equitativa to invest in onshore property in emirate

Oct 13 ,2016, city : Dubai

The company behind the UAE’s first real estate investment trust (Reit) is finalising plans for a series of new funds after the Government of Ras Al Khaimah allowed it to invest in onshore property in the emirate.

According to Equitativa Real Estate, the umbrella company that owns the Reit manager for Nasdaq Dubai-list... more

Dubai Design District phase two and three to be ready by 2019 and 2021

Oct 13 ,2016, city : Dubai

Dubai’s new design district expects 10,000 people to be working in the creative hub by the end of the year as tenant demand rises.

Since its 2015 opening, Dubai Design District (d3) has attracted more than 6,000 people to work there with 85 per cent of the space occupied, it said in a statement.

The bra... more

How Dubai’s new rules on property adverts will affect home sellers

Oct 13 ,2016, city : Dubai

I am a seller of a two-bedroom apartment in JBR and I have just been informed that there is a new legislation coming into force by Rera regarding the advertising of property. Can you please enlighten me as to what the details are so that I can be assured of being on the right side of the law? SG, Dubai

The ever-changing fac... more

Aldar construction update: projects at Yas, Nareel and Reem islands coming along

Oct 12 ,2016, city : Abu Dhabi

Aldar has said that it had completed all of the internal block work on its first housing project on Abu Dhabi’s high-profile leisure destination Yas Island.

In a construction update issued on Wednesday, Abu Dhabi’s largest listed property developer said that external block work was now progressing at the 546 apa... more

Decline in Abu Dhabi rents and house prices to continue

Oct 12 ,2016, city : Abu Dhabi

Rents and house prices in Abu Dhabi continue to fall as the low price of oil dampens demand in the capital.

According to property broker Cavendish Maxwell, apartment rents in Abu Dhabi’s five key investment areas all fell by between 0.8 and 2.5 per cent in the 12 weeks to the end of September.

At Al Ree... more

Dubai’s developers squeeze prices and apartment sizes to stoke investor demand

Oct 10 ,2016, city : Dubai

The average ticket price for properties in Dubai may be coming down, but so is the space on offer inside many of them.

Executives at Dubai South feted the launch of phase one of The Pulse on October 1, whose cheapest units were advertised at Dh280,000 – considerably lower than prices in other parts of the city.
... more

Dubai Properties launches first Dubailand 'cluster homes'

Oct 8 ,2016, city : Dubai

Dubai Properties has announced the launch of Villanova in Dubailand, offering Dubai’s first unit type known as "cluster homes" along with a range of standalone villas.

Having already established Mudon, Arabella Townhouses and Serena in Dubailand, the developer said Villanova would target the flourishing affo... more

Hamptons hired to sell Dubai's Address branded beachfront resort

Oct 8 ,2016, city : Dubai

Hamptons International has announced that it has been appointed as the exclusive sales and marketing agent of The Address Residences Jumeirah Resort + Spa, the new development planned at the end of the Jumeirah Beach Residences (JBR) in Dubai Marina.

The agent will be responsible for the freehold sale of the residences and ... more

Dubai property prices said to slump 12% from 2014 peaks

Oct 8 ,2016, city : Dubai

Apartment prices in Dubai declined up to 1.3 percent during the third quarter of 2016, taking average annual falls to three percent, according to a new report.

Cavendish Maxwell's report also said prices in the emirate have slumped by nearly 12 percent since peaking in the second quarter of 2014.

Sofia Un... more

New property ad regulations will force a rethink

Oct 7 ,2016, city : Dubai

Dubai: Property related advertising — especially those marketing overseas properties — is in for a period of readjustment brought on by Dubai’s strict new licensing requirements on all such ads. For media buying houses and the many media platforms this could mean a further loss of income from property-driven ad campaigns... more

UK property is good for yield, but UAE is better

Oct 5 ,2016, city : Dubai

I have lived in Abu Dhabi for 10 years and want to invest in property either in the UAE or the United Kingdom. Do UK properties yield a good return? Is there a big impact from tax on such properties? Would mortgage borrowing be beneficial in the UK to enhance the yield? Alternatively, is investment in Dubai more beneficial than the UK wit... more

Call to loosen UAE mortgage cap, boosting first-time buyers’ prospects

Oct 5 ,2016, city : Dubai

The UAE Central Bank should consider cutting the mortgage cap for first-time buyers to encourage more residents to become homeowners, according to Kensington Exclusive Properties’ head of sales, Mario Volpi.

Speaking as part of a panel at an industry breakfast briefing event held on Tuesday by property consultancy Cav... more

Thai developer in UAE roadshow for Four Seasons Residences project

Oct 5 ,2016, city : Dubai

BANGKOK // The Thai developer behind a Four Seasons hotel complex in the South East Asian country is hoping to tap UAE investor demand for higher returns as the Dubai property sector shows signs of slowing down.

Country Group Development will go on a roadshow in Dubai and the wider Arabian Gulf in January to market its Four... more

Arabtec to build hotel in Dubai Internet City

Oct 5 ,2016, city : Dubai

The UAE’s largest listed builder, Arabtec, confirmed that it has been awarded a contract to build a hotel in Dubai Internet City.

In a statement to the Dubai Financial Market on Monday morning, Arabtec said that it had won the contract for the Dh340 million five-star hotel project earlier this year.

The... more

Select Group sells 65 per cent of new Marina project ahead of launch

Oct 4 ,2016, city : Dubai

The Dubai developer Select Group has pre-sold about 65 per cent of its latest Dubai Marina project ahead of its launch.

Select Group announced the launch of Studio One – a Dh450 million, 31-storey tower in Dubai Marina – on Monday, but Rahail Aslam, the company’s founder and chief executive, said that most... more

Dubai property market recovery may already be under way

Oct 3 ,2016, city : Dubai

The head of Dubai broker Core Savills believes that the recovery of the emirate’s property market may have already begun.

In response to a commentary article in The National by veteran Dubai markets commentator Peter Cooper, which suggested that now is the best time to buy property in Dubai, Core Savills’ chief ... more