Latest Real Estate News

Dubai property brokers revise forecasts as house price slide deepens

Sep 30 ,2015, city : Dubai

House prices in Dubai fell by nearly 10 per cent on an annual basis in August, prompting brokers to revise their full year forecasts.

According to the property data company Reidin, this was split between apartment prices, which on average fell 10.4 per cent over the year, and villa prices which dipped 8 per cent over the sa... More..

Dubai’s JRD Group to move rent listings to Justproperty brand

Sep 29 ,2015, city : Dubai

The online property portal owner JRD Group is to move its rental listings from its Justrentals.com website to sister site Justproperty.com as part of a rebranding.

The company, which recently gained backing from UAE-based iMENA Group, has also launched Arabic language listings for its site as it plans to push beyond its UAE... More..

Gulf Related secures Dhs 2.3bn financing for Al Maryah Central

Sep 28 ,2015, city : Dubai

GCC real estate development company Gulf Related has signed a Dhs 2.3bn senior debt project financing deal with Abu Dhabi Commercial Bank for its Al Maryah Central project.

Under the deal, a portion of the mixed-use retail development, scheduled to open in March 2018, will be funded by ADCB.

Al Maryah Central... More..

Abu Dhabi Financial Group launches Montenegro project

Sep 27 ,2015, city : Abu Dhabi

The UAE’s Abu Dhabi Financial Group has partnered with Capital Investment to launch what is claimed to be Montenegro’s largest mixed-use real estate development.

The Capital Plaza, located in the country’s capital Podgorica, occupies over one million square feet of prime retail, business, hospitality and r... More..

Property brokers CBRE and JLL to market Dubai South project

Sep 27 ,2015, city : Dubai

Two of Dubai’s biggest real estate brokers are being brought on board a massive campaign to market the newly renamed Dubai South project.

CBRE and JLL said yesterday that they had signed an agreement to lease and sell office space at the business parks on the master planned city formerly known as Dubai World Central, ... More..

Dubai housing squeeze pushes middle-income expats out to the suburbs

Sep 27 ,2015, city : Dubai

While Dubai continues to pump out sumptuous new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf.

A shortage of affordable homes and a reduction in overseas allowances since the financial crisis are pushing foreign staff on middle inco... More..

Giant adverts on delayed Dubai tower to stay in place for another year

Sep 26 ,2015, city : Dubai

Dubai’s biggest improvised billboards look set to be around for at least another 12 months.

Al Wareed Advertising, which books the giant ads that hang off the site of the delayed Sky Spiral Towers project in Al Sufouh, has renewed its contract allowing it to hang ads from both sides of the building for at least anothe... More..

Renovation new name of UAE property game

Sep 25 ,2015, city : Dubai

When the British investment banker Sharaz Hussain moved to Dubai in 2010 with his wife and family, they decided it made financial sense to buy and renovate a property rather than rent.

They bought a six-bedroom, five-bathroom villa in the Meadows in Emaar’s Emirates Living community and spent six months refurbishing i... More..

Zaha Hadid, designer of Sheikh Zayed Bridge in Abu Dhabi, blazes trail for women with Riba gold medal

Sep 24 ,2015, city : Abu Dhabi

Zaha Hadid has become the first woman to be awarded a royal gold medal by the Royal Institute of British Architects (Riba).

The architect, who was born in Iraq and whose practice in London is involved in several projects across the Arabian Gulf, was awarded the prize in recognition of her lifetime body of work.

More..

British interest in Dubai property surges as house prices slow

Sep 24 ,2015, city : Dubai

A slowdown in house prices in Dubai coupled with high rents and low UK yields is prompting a spike of interest among British investors in cheaper property hot spots in the emirate.

According to figures from the property website Bayut.com, the more affordable area of Dubai Sports City has become the most-viewed real estate l... More..

Terms of Abu Dhabi rental contract have to be stated in writing

Sep 23 ,2015, city : Abu Dhabi

When I moved into my apartment in Abu Dhabi I knew I would only be there for six months. I paid a full year but was told by a woman representing my landlord if I gave one month’s notice (in the fifth month), then they will take an additional month as payment but refund me the other five months. In the fifth month I called them and w... More..

Damac raises $100m via sukuk

Sep 22 ,2015, city : Dubai

The Dubai developer Damac Properties has announced that its main property development arm, Damac Real Estate Development, has issued US$100 million of unsecured debt via a sukuk.

In a brief statement, the company’s chief financial officer Adil Taqi said that the proceeds would be used “for general corporate purp... More..

Builder pulls out of Dh980m Meena Plaza project in Abu Dhabi ‘after not being paid’

Sep 21 ,2015, city : Abu Dhabi

A Malaysian construction company that was supposed to be building a Dh980 million mixed-use project in Abu Dhabi has said it is pulling out because it has not been paid.

Zelan Holdings issued a notice last Thursday to Meena Holdings, the developer building the project in the Port Zayed area of the capital, detailing its pla... More..

Reworked plans for Dubai’s Mall of the World a journey into retail evolution

Sep 19 ,2015, city : Dubai

Morgan Parker, the new chief operating officer of Dubai Holding’s Dh25 billion Mall of the World project, was keen to stress during this month’s Cityscape that redeveloped plans for the site represent “an evolution”, not a revolution.

“Basically, the plan that was announced last year had in it ... More..

More Chinese buyers seek homes in Dubai

Sep 17 ,2015, city : Dubai

The firm, which specialises in overseas property searches for Chinese nationals, said that investor interest in Dubai increased by 1,200 per cent year-on-year in August.

The company said the increase in its Purchasing Intent Index compares extremely favourably with other world markets. For instance, in the five territories ... More..

Saudi Binladin suspension may clear path for other major contractors’ entry into kingdom

Sep 16 ,2015, city : Dubai

The suspension of Saudi Arabia’s biggest construction name from bidding for new projects has triggered speculation over where Saudi Binladin Group (SBG) will look for new work.

Terry Smith, chief executive of the Riyadh-based consultancy firm Bluewater Global Advisors, told The National that the kingdom’s constr... More..

Is Dubai property agent entitled to commission after leaving before transaction was concluded?

Sep 16 ,2015, city : Dubai

I worked as an agent in a real estate company for five months and, just before resigning in April, I struck a deal of Dh2.65 million for which I’d worked since November 2014. I had carried out 16 property viewings, I was also part of a MOU signed by my client but was not involved in the transaction procedure which took place in May ... More..

Nakheel signs Dh2.4bn construction contracts for Nad Al Sheba villas in Dubai

Sep 14 ,2015, city : Dubai

The Dubai developer Nakheel has signed three contracts worth a combined Dh2.4 billion to build 1,500 new homes within the Nad Al Sheba district.

The company said that the homes will be a mix of villas for lease and for serviced accommodation, which have been split into three packages.

The biggest contract, wo... More..

Kuwait’s KIPCO plans $5bn real estate project

Sep 13 ,2015, city : Dubai

Kuwait Projects Co (KIPCO), the country’s largest private sector investment firm, is planning a $5bn real estate scheme on the outskirts of Kuwait City, the company’s vice chairman told a local newspaper on Sunday.

The 380,000-square-metre project is planned for the al-Daiya area where several foreign embassies ... More..

Falconcity’s Dubai pyramids still years away from being built

Sep 12 ,2015, city : Dubai

The pharaohs may not have needed planning consent for theirs, but a developer hoping to recreate the pyramids on the outskirts of Dubai is still awaiting approval from municipal authorities.

A decade after Falconcity of Wonders was launched to investors, the developer is still waiting to recreate such attractions as The Pyr... More..

What next for property in Dubai, Abu Dhabi and beyond?

Sep 11 ,2015, city : Dubai

Property has been one of the most dazzling investments since the financial crisis as global hotspots attract wealthy investors from all over the world.

Cities as diverse as London, Hong Kong, Jakarta, Dublin, Vancouver, Miami, Sydney and Istanbul have all posted double-digit annual growth figures in recent times.
More..

Abu Dhabi property investor faces long wait to raise a deposit

Sep 10 ,2015, city : Abu Dhabi

I have begun thinking seriously about buying a home rather than renting and have started saving for a deposit. If I can allocate Dh10,000 per month and need a property in Abu Dhabi of at least three bedrooms, how should I structure my plan to save a reasonable amount in the quickest time? BB, Abu Dhabi

Expert one
More..

Dubai’s Union Properties seeks $123m loan to fund new project

Sep 10 ,2015, city : Dubai

Dubai developer Union Properties is in talks to obtain a loan of up to about $123m to fund a 271-unit project in the emirate, a senior executive said on Thursday.

The company, Dubai’s fourth-largest listed real estate firm by market value, will also launch a tender for the construction contract of its Oia residential ... More..

Palazzo Versace hotel in Dubai to open in December

Sep 10 ,2015, city : Dubai

The Palazzo Versace hotel in Dubai will finally open its doors before Christmas – almost a decade after work on the project began.

Raza Jafar, the chief executive of the hotel’s developer, Enshaa, said that the property in the Culture Village district would open “within the next 90 days”.

More..

Tanmiyat to deliver all 500 villas at delayed Living Legends project in Dubailand

Sep 10 ,2015, city : Dubai

The developer Tanmiyat is set to deliver all 500 of the villas at its delayed Living Legends project in Dubailand by the second quarter of next year, according to the company’s property management agency Delta International Real Estate.

The company has just announced the completion of the project’s first phase o... More..

Nakheel boss dismisses talk of Dubai hotel oversupply

Sep 10 ,2015, city : Dubai

The Nakheel chief executive Sanjay Manchanda dismissed concerns about a potential oversupply of hotel rooms in Dubai as the company announced an agreement with the UK budget hotel chain Premier Inn for a new 250-room hotel at its Dragon City project.

The new hotel is set to open in 2018 and is on... More..

Fairmont North Residence penthouse brings a touch of Ralph Lauren on Palm Jumeirah

Sep 10 ,2015, city : Dubai

The Royal Penthouse in the Fairmont North Residence on Palm Jumeirah has all the fine trimmings expected from such a regally named abode.

There are five bedrooms – all en suite – an outdoor swimming pool, staff quarters, four parking spaces and a private lift direct from the car park.

And with a t... More..

Dubai South unveils plans for Dhs 25bn village concept

Sep 9 ,2015, city : Dubai

Dubai South, the recently rebranded Dubai World Central, has launched a new residential project called The Villages.

Spread across one square kilometre, The Villages will comprise of a cluster of residential buildings centred around a community core of a K-12 school, civic center, health and wellness complex and high street... More..

Can Dubai landlord raise rent in fire-damaged property?

Sep 9 ,2015, city : Dubai

I’ve been a tenant in my building for more than four years and each year I have willingly accepted any rental increase as per the regulations. This year, however, there was a large fire in my building which rendered the pool, spa and terrace area unusable, and the facade of my building is in disrepair. The affected areas will remain... More..

Tanmiyat Global to build Dubailand’s tallest towers

Sep 8 ,2015, city : Dubai

Riyadh-based Tanmiyat Global has unveiled plans to build Dubailand’s tallest towers as part of its long-delayed Living Legends project on the outskirts of Dubai.

The Saudi investment company and property developer said that it planned to complete the 34-storey Skyline twin towers in 2018.

The 1 million ... More..

Al Zorah launches two luxury projects in Ajman

Sep 8 ,2015, city : Ajman

Hundreds of homes at Ajman’s most high profile property scheme are being marketed as property developer Al Zorah presses ahead with long held plans to build out 5.4 million square metres next to the emirate’s creek.

Al Zorah Development, a joint venture between Lebanese developer Solidere and the government of A... More..

Dubai’s Palm Jumeirah to get new beach with latest Nakheel project

Sep 8 ,2015, city : Dubai

Dubai’s Palm Jumeirah is set to get a brand new beach, park and retail complex stretching a mile along the trunk of the vast man-made island.

The Palm Promenade is the latest addition to the developer’s flagship project and will connect the area’s 30 apartment buildings with Al Ittihad Park and the other r... More..

UAE ranked as second-best market for property investors

Sep 7 ,2015, city : Dubai

The UAE has the best property investment prospects outside the United States, according to a new report from Savills.

The findings came after a raft of other data showing further weakening in the housing market.

The study was released ahead of the annual Cityscape Global real estate convention, which opens in... More..

Dubai to rank property brokers based on performance

Sep 7 ,2015, city : Dubai

The Dubai Land Department is set to introduce a new system to rank the emirate’s property brokers based on their performance.

Ali Abdulla Al Ali, the director of real estate licensing at the department, told the Cityscape Global conference yesterday that the new system would be introduced in January.

Br... More..

Bloom Properties to build 302 homes next to NYU’s Saadiyat campus

Sep 7 ,2015, city : Dubai

Bloom Properties has unveiled plans to build 302 homes next to New York University’s Saadiyat campus.

The Abu Dhabi-based developer, which is owned by the Abu Dhabi conglomerate National Holding, said that the project, which it had branded Soho Square, would comprise 10 storeys of homes ranging from studios to three-b... More..

JLL calls for government action on middle-income housing

Sep 7 ,2015, city : Dubai

The governments of Abu Dhabi and Dubai must urgently act to stop middle-income workers being priced out of the housing market, a new report has found.

According to the property broker JLL, middle-income workers who perform vital jobs for the economy are being squeezed by high housing rents and prices.

The rep... More..

Emaar launches Creekside 18 residences at Dubai Creek Harbour

Sep 6 ,2015, city : Dubai

Dubai developer Emaar Properties has announced the launch of Creekside 18 residences, a two-tower apartment complex that is situated in the Island district of the Dubai Creek Harbour project.

Creekside 18 consists of 480 residential units with one, two and three bedroom apartments in two 37-storey towers.

Res... More..

Creator of Dubai South brand extols the values of people power

Sep 6 ,2015, city : Dubai

The agency behind the Centre of Now and Hello Tomorrow branding slogans decided to leave the hyperbole at home when it won the instruction to rebrand Dubai World Central.

The head of the agency behind the newly coined Dubai South development has said that the rebrand of the 145-square-kilometre site, formerly known as Dubai... More..

Dubai’s most expensive apartment: Dh181m home for rich and famous

Sep 6 ,2015, city : Dubai

It has the views, the location and the snazzy interior, though anyone lost in a dream world after seeing One at Palm Jumeirah will soon be woken up by the price tag.

The developer Omniyat has put the project’s penthouse on the market for a bank-busting Dh181 million, making it Dubai’s most expensive apartment. A... More..

UAE real estate market feels pinch of low oil prices – Cluttons

Sep 4 ,2015, city : Dubai

The real estate market in the United Arab Emirates is beginning to feel the effect of low oil prices with property values falling across Abu Dhabi, Dubai and Sharjah, according to the latest report from Cluttons.

Oil prices have fallen by over 50 per cent since June 2014 and are currently hovering at around $50 per barrel. ... More..

Dubai will not face housing supply glut, says Deyaar chief

Sep 3 ,2015, city : Dubai

The chief executive of Deyaar Development has dismissed concerns over the strength of the Dubai property market.

He made his remarks just days before the real estate industry gathers in Dubai for the annual Cityscape exhibition, which is being held against a backdrop of steep declines in property transactions.

... More..

Rupee’s slide may discourage Indians from Dubai property market

Sep 3 ,2015, city : Dubai

Mumbai // The slide in the Indian rupee over the past month is threatening to dampen a recent surge in demand from India for buying homes in Dubai, analysts say.

The Indian rupee has fallen sharply against the US dollar, and consequently the dirham, to trade at 18 rupees against the dirham compared to 17.3 rupees a month ag... More..

Jumeirah Group plans five-star hotel at Business Bay in Dubai

Sep 2 ,2015, city : Dubai

Jumeirah Group plans to open a 200-room, five-star hotel as part of a US$1 billion project in Dubai’s Business Bay.

It will operate the hotel at the mixed-use tower owned by the Dubai-based real estate investment company RP Global.

Expected to open in time for the Dubai Expo in 2020, the Jumeirah Busine... More..

First homes to be delivered at Dubai South within six months, says Damac

Sep 2 ,2015, city : Dubai

Damac Properties said that it will deliver the first homes in the recently rebranded Dubai South district within the next six months.

The 10-storey, 270 unit NAIA Tenora tower is one of two serviced-apartment blocks the company is building in the 145 square kilometre area, which was previously branded as Dubai World Central... More..

Al Nuaimi to build phase two of Flamingo Villas project in Ras Al Khaimah

Sep 2 ,2015, city : Dubai

RAK Properties has awarded a contract to build the second phase of its Flamingo Villas project in the Mina Al Arab waterfront development to the Al Nuaimi Group.

The contract covers the delivery of 68 new villas ranging in size from about 186 square metres to 217 sq metres.

Al Nuaimi Group has also been respo... More..

Can Abu Dhabi tenant move out halfway through contract and be refunded Dh85,000?

Sep 2 ,2015, city : Abu Dhabi

I am a few months into my yearly rental agreement for an apartment in Abu Dhabi. I have been offered a new opportunity which means moving to Dubai. I plan to give about two months’ notice to the landlord but can I legally quit and ask for a refund of any monthly rent for the months after I move out, or have I lost that rent (it will... More..

Iran deal to inject momentum into Dubai property market, says Cluttons

Sep 1 ,2015, city : Dubai

The removal of sanctions on Iran could provide a timely lift for the property market in Dubai after it “flattened out” in recent months, according to the property consultancy Cluttons.

The company has published its 2015 UAE property report, which points out that Iranian nationals accounted for 12 per cent of all... More..

Dubai property market lowest performer in the world in Q2

Sep 1 ,2015, city : Dubai

House prices in Dubai were some of the fastest falling in the world in the second quarter of 2015, performing worse than those of the hard hit economies of Greece, China, Cyprus and Ukraine, new research has shown.

According to Knight Frank’s Global House Prices Index, mainstream residential prices fell by 12.2 per ce... More..