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Latest Real Estate News

New arrival in Dubai Marina tops out in UAE’s 10 tallest residential towers

Nov 30 ,2015, city : Dubai

A look across the Dubai skyline and there’s no shortage of possibilities for a place in the UAE’s top 10 tallest residential towers.

But there’s set to be a new inclusion after the developer Damac confirmed that its 94-level Damac Heights tower in Dubai Marina has topped out.

Once completed,... More..

Developer secures new funding to complete world’s tallest building Kingdom Tower

Nov 29 ,2015, city : Dubai

The developer behind the Kingdom Tower, set to become the world’s tallest building, has secured new funding to complete its construction.

Kingdom Holding, the Saudi developer controlled by Prince Al Waleed bin Talal, said yesterday that a 8.4 billion Saudi Arabian riyal (US$2.23bn) fund has been established to pay for... More..

Damac Properties sweetens deals for buyers from China with a free flight to Dubai

Nov 29 ,2015, city : Dubai

The property developer Damac is seeking to entice Chinese buyers into the Dubai market by offering a free holiday to the emirate.

The company and its Shenzhen-based partner Qfang, with which it signed a deal this month, has offered Chinese investors between now and the end of January the chance to visit the city with a free... More..

Timing right for Scottish engineering group Weir to expand in the UAE

Nov 26 ,2015, city : Dubai

Weir Group’s expansion in this country is a good indicator of what is going on the oil business globally.

The Scottish engineering group has been among those hardest hit by the oil price crash, seeing its share price plummet by about 60 per cent since September last year to 1,114 pence on at the close in London on Tue... More..

Bollywood, Legoland and Motiongate theme parks in Dubai now half-complete

Nov 25 ,2015, city : Dubai

Three massive Florida-style theme parks being built on the Sheikh Zayed Road between Dubai and Abu Dhabi are now half-complete.

At a sneak preview tour yesterday, officials revealed that 11,000 construction workers currently building Dubai Parks and Resorts’ three linked theme parks near Jebel Ali had completed more t... More..

Decision on plans to transform New Scotland Yard due early next year

Nov 25 ,2015, city : Abu Dhabi

The developer aiming to convert Abu Dhabi-owned New Scotland Yard into luxury apartments is hoping to win planning approval for the project by early next year.

The UK-listed Northacre submitted plans for the conversion of the building, which is the headquarters of London’s Metropolitan Police, in August.

... More..

Tecom launches Dh60m incubator for media start-ups in Dubai

Nov 24 ,2015, city : Dubai

Tecom Business Parks has announced the launch of a new Dh60 million incubator building for media start-ups.

The facility, called in5 Media, will be housed in a purpose-built centre in Tecom’s International Media Production Zone. It will contain creative space for media start-ups as well as editing suites and productio... More..

Rising Abu Dhabi rents spur expatriate moves

Nov 24 ,2015, city : Dubai

Out in the desert 45 minutes’ drive from Abu Dhabi city centre and 25 minutes from Dubai, Aldar’s Alghadeer community stands as a testimony to the capital’s rising rents.

The new community of just over 2,000 newly built, identical white villas and apartments stand in rows surrounded by greenery and pools.<... More..

Dubai blueprint for a city with 9.5 million people

Nov 23 ,2015, city : Dubai

Dubai urban planners have completed a blueprint for the city to house 9.5 million people – more than four times its current population.

Dubai Municipality has completed a citywide urban design plan which sets out future density and population levels across the emirate, according to the organisation’s assistant d... More..

Damac signs deal with second Chinese brokerage

Nov 22 ,2015, city :

Damac Properties has signed a deal with a second Chinese brokerage to help it to sell more properties in the country.

Following its initial agreement with 5i5j, revealed by The National in June this year, Dubai-based Damac Properties signed a deal on Friday with Shenzhen-based Qfang, a property sales and rental firm.
... More..

Dip into Dubai penthouse with pool in the middle for a cool Dh55m

Nov 19 ,2015, city : Dubai

If you fancy an entire floor of a tower block to yourself, then this penthouse apartment could be for you.

Spread across the 91st floor, it sits right at the top of the Elite Residence in Dubai Marina – the fourth tallest residential building in the world, standing at 380.5 metres tall – with views of Dubai Mari... More..

Falling land values add to Business Bay’s bargain office space allure

Nov 18 ,2015, city : Dubai

Business Bay is becoming the new destination in Dubai for cut-price office space as falling land prices in the area contribute towards a glut of new supply, says a new report from Cluttons, the property consultancy.

Faisal Durrani, Cluttons’ global head of research, yesterday said a lack of new stock or greenfield lan... More..

Dubai tenant in a bind over puzzle of eviction notice

Nov 18 ,2015, city : Dubai

My contract expired this month and my landlord is refusing to renew it. He claims he sent us an eviction letter and even sent me a receipt stating that the courier came to our house, knocked on the door a couple times with no answer, so they stuck the paper on the door. There was no receiver signature. We don’t recall seeing any pap... More..

Palm Jumeirah joint venture puts 104 homes on the Dubai market

Nov 16 ,2015, city : Dubai

A Saudi-Qatari joint venture plans to start selling homes at a Dh2 billion project on Dubai’s Palm-Jumeirah.

Qatar-based Saleh Al Hamad Al Mana Co (Al Mana) and Saudi Arabia’s Al Sharq Investment ill begin sales of 104 homes as part of a hotel and serviced apartment development.

The Alef Residence... More..

Reem Mall looks to appoint main contractor by March

Nov 15 ,2015, city : Dubai

The main contract to build the US$1 billion Reem Mall project is likely to be awarded by the end of next March, giving National Real Estate Company, a Kuwaiti developer, two-and-a-half years to build the 2 million square feet retail hub.

Shane Eldstrom, Reem Mall’s chief operating officer, said it had already sought b... More..

Would you buy a UAE house that had been built by robots?

Nov 14 ,2015, city : Dubai

Etienne Mouton, the head of technology for the Middle East at WSP Parsons Brinckerhoff, a construction consultancy, is not surprised that the first “printed” office is being built in the UAE.

The UAE’s National Innovation Committee was one of the first organisations in the world to announce plans to create... More..

Al Futtaim Carillion secures contract for Dubai World Trade Centre phase two

Nov 5 ,2015, city : Dubai

Work on one of Dubai’s biggest office and hotel projects is set to continue after Al Futtaim Carillion was awarded a Dh721 million contract to build a second phase of the Dubai Trade Centre District.

The developer, Dubai World Trade Centre, said yesterday that it had awarded AFC “the main construction contract&r... More..

Adjudication a critical factor in implementing Dubai PPP law

Nov 5 ,2015, city : Dubai

The Government of Dubai has recently introduced a new public private partnership (“PPP”) law (Law No. 22 of 2015) which indicates a desire to use private sector finance to deliver strategic infrastructure projects. But what will this new PPP law mean for construction dispute resolution in Dubai?

We should see a ... More..

Dubai Silicon Oasis reports 16% increase in revenue

Nov 4 ,2015, city : Dubai

Dubai Silicon Oasis Authority (DSOA) yesterday announced a 16 per cent increase in revenue for the first half of 2015 to Dh245.4 million.

It also said net profit for the period stood at Dh93.8m, although a comparative figure for 2014 was not provided.

The authority, which is owned by the Government of Dubai a... More..

Third-quarter profit at Amlak Finance jumps to Dh55.1 million

Nov 3 ,2015, city : Dubai

Amlak Finance, the Dubai mortgage lender whose shares were frozen for six years after the 2008 financial crisis, reported a huge increase in third-quarter profit yesterday.

Net profit for the three months to the end of September increased to Dh55.5 million from Dh6.1m it made during the same period a year earlier, the Shari... More..

No increase in Dubai property fees but new penalties regime introduced

Nov 2 ,2015, city : Dubai

Dubai Land Department on Monday reiterated that it is not planning to increase transfer fees for registering new properties, which currently stand at 4 per cent.

The Land Department had initially set a deadline for registering properties of June 30 this year. As that deadline approached, the department moved to quash rumour... More..

Dubai’s Emaar Properties Q3 net profit rises 31 per cent

Nov 1 ,2015, city : Dubai

Emaar Properties reported a 31 per cent jump in third-quarter profit on Sunday as rising property sales overcame the wider real estate market malaise.

But some analysts were expecting more and point to the weakening hotel and residential property markets.

EFG Hermes had predicted profit of just over Dh1 billi... More..

New Dubai property projects ‘at saturation point’ after ‘torrent’ of announcements

Nov 1 ,2015, city : Dubai

Sale prices for apartments and villas continued to decline in the third quarter of 2015 amid a “torrent” of newly announced projects, according to a new report.

The research firm Phidar Advisory said that announced residential projects had reached “saturation point”, with the supply currently growing... More..