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Latest Real Estate News

Dubai contractors welcome initiative promoting labour welfare and standards

Oct 31 ,2015, city : Dubai

Contractors in Dubai have welcomed the initiative recently announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, aimed at improving workers’ welfare.

The Taqdeer initiative was launched on October 10 by Sheikh Hamdan, who said that the system would be the world’s first points-based awards programme tha... More..

Dubai landlord sends security guard to fix tenant’s maintenance problems

Oct 28 ,2015, city : Dubai

The past few months we’ve been having problems with the water flow in our villa. We’ve lived in this house for around eight to nine years and have renewed our lease for another three years. We’ve complained to the owner multiple times about the water issue (namely that when one person is showering, the water flow basical... More..

Union Properties finalises plans for Saudi joint venture

Oct 27 ,2015, city : Dubai

Union Properties is finalising plans for its entry into Saudi Arabia. It represents the first international foray for the Dubai-based developer behind projects such as Motor City and The Green Community.

It aims to nail down plans to establish a joint venture with Naif Al Rajhi Investment Company in the first quarter of nex... More..

Depa chief executive Nadim Akhras quits Dubai fit-out contractor

Oct 26 ,2015, city : Dubai

The Dubai-based fit-out contractor Depa said that its chief executive, Nadim Akhras, has stepped down from his role for “personal reasons”.

Mr Akhras was made the interim chief executive in October 2013 following the departure of its co-founder, Mohannad Sweid. He remained as the interim chief executive until Ap... More..

Up to 78% of Filipinos in the UAE plan Philippines property buy

Oct 25 ,2015, city : Dubai

Up to 78 per cent of the Filipinos living in the United Arab Emirates intend to buy property in the Philippines within the next two years, according to a new survey by New Perspective Media.

That figure is much higher compared to NPM’s 2014 survey, which showed that only 43 per cent of the respondents planned to inves... More..

Does landlord or tenant pay to repair leak in Dubai and Abu Dhabi property?

Oct 21 ,2015, city : Dubai

The ceiling in the foyer of my apartment has a leak. It has stained the ceiling brown and a patch of black mould has appeared over one of the water marks. My landlord told me to contact maintenance, which I did, but they require payment from me. This is a problem with his apartment, and which was not created by me, so I don’t believ... More..

Jumeirah Golf Estates awards contract for Alandalus housing project in Dubai

Oct 21 ,2015, city : Dubai

Dubai government-owned developer Jumeirah Golf Estates is pressing ahead with plans to build 674 mid-market flats and 54 town houses after it awarded a contact for the work to Al Habtoor STFA Soil Group.

Construction work on the project, to be known as Alandalus, is scheduled to begin before the end of October and be comple... More..

Dubai to introduce energy efficiency rankings for buildings

Oct 20 ,2015, city : Dubai

Dubai Municipality is planning to introduce a new ranking system for rating a building’s energy efficiency and a new law setting minimum standards for retrofitting properties.

Speaking at the Emirates Green Building Council’s annual congress in Dubai on Monday, Nabil Siyam, the principal building studies special... More..

Dubai property ‘too expensive’ to get Iran sanctions bounce

Oct 20 ,2015, city : Dubai

Dubai homes are 4.4 times more expensive for Iranians using local currency than they were five years ago, meaning a lifting of sanctions against the nation would have little short-term effect on the emirate’s slumping real estate market, according to Phidar Advisory.

“This is simply a matter of economics,”... More..

Damac chief hits out at Dubai brokerages over property market reports

Oct 19 ,2015, city : Dubai

Damac Properties has accused some of the real estate sector’s biggest brokerages of “professional malpractice” by publishing Dubai market reports forecasting excess supply.

Ziad El Chaar, managing director of the developer, slammed data put out by property brokers as inaccurate and damaging to market senti... More..

Drake & Scull unit wins mall extension contract in Dubai

Oct 19 ,2015, city : Dubai

A Drake & Scull International unit has won a Dh224 million contract to install mechanical, electrical and plumbing works for a new mall extension in Dubai.

Drake & Scull Engineering said yesterday that it had already started work on a 192,000 square metre mall extension, which will include a high rise hotel and a lo... More..

TDIC starts handover of villas at third phase of Saadiyat Beach Villas project

Oct 18 ,2015, city : Abu Dhabi

The Tourism Development and Investment Company (TDIC), the master developer behind Saadiyat Island, on Sunday said it had started to hand over 77 villas at the third phase of its Saadiyat Beach Villas project.

The four-bedroom and five-bedroom villas, which range between 449 and 542 square metres in size, were first put up ... More..

Nakheel awards Dh2.3 billion worth of contracts for three new shopping centres in Dubai

Oct 17 ,2015, city : Dubai

Dubai’s Nakheel has awarded nearly Dh2.3 billion worth of contracts to build three new shopping centres in the emirate as the developer attempts to become the biggest mall operator in the country.

The Dubai Government owned company said yesterday that it had awarded contracts to build a total of nearly 2.3 million squ... More..

Dubai’s rental market seeks rent-to-own cure

Oct 16 ,2015, city : Dubai

Dubai: Dubai’s landlords may soon have cause to regret making unjustifiable rental demands on their tenants, who could soon be given the options they never had in the past. And it’s up to the tenants to decide whether the status quo needs changing.

Some master-developers are reviving ‘rent-to-own’ sc... More..

Dubai South set to become one of world’s property hot spots

Oct 15 ,2015, city : Dubai

Land around Dubai’s new Al Maktoum airport is set to become one of the world’s biggest real estate hot spots, experts say.

The property broker Knight Frank listed the newly named 145 square kilometres Dubai South hub as one of its top five global infrastructure projects set to create real estate opportunities ov... More..

Improving property yields make Dubai attractive again for investors

Oct 15 ,2015, city : Dubai

Tumbling Dubai house prices are producing rental yields as much as three times better than central London.

While sales remain sluggish, initial yields of up to 10 per cent in parts of Dubai are three times those that are being achieved for prime residential property in London.

The spike in overall London prop... More..

Dubai villa boasts awe-inspiring backdrop

Oct 15 ,2015, city : Dubai

The Dubai property market, it seems, has lost some of its fizz. While metaphors about warm tins of flat Coke may not reflect the current mood – because that at least is still sweet for everyone – it is definitely a buyer’s market. But turning interest into a sale can be a tough job right now.

One such prop... More..

Developer Al Mazaya’s quarterly revenue nearly triples

Oct 14 ,2015, city : Dubai

Takings from its long-delayed 13 million square feet Queue Point residential complex in Dubailand have boosted the third-quarter revenue of Al Mazaya, the developer and investment company.

The company, which is listed in Dubai and Kuwait, yesterday said its quarterly revenue nearly tripled to 17.1 million Kuwaiti dinars (Dh... More..

Amlak Finance to provide mortgages for Serenia Residences in Dubai’s Palm Jumeirah

Oct 14 ,2015, city : Dubai

Amlak Finance has struck a deal with Palma Development to offer financing at a Dh1.5 billion housing project on the Palm Jumeirah.

The Islamic home finance company yesterday said it would provide 25-year mortgages to buyers of the Serenia Residences, which has 250 apartments, on the Palm Jumeirah Crescent.

Am... More..

New Abu Dhabi home owner ‘to lose everything’ if tenant doesn’t move out

Oct 14 ,2015, city : Abu Dhabi

We recently bought a property in Abu Dhabi which has an existing lease agreement. We were told by the developer that the lease was due to terminate in 2016, however, the tenant (a large company) is contesting this stating they have a clause for a further lease. We have tried to negotiate but they are being very aggressive. We wish to live... More..

Abu Dhabi rents rise as experts call for more affordable housing

Oct 13 ,2015, city : Abu Dhabi

Average residential rents in Abu Dhabi remained flat quarter-on-quarter in the third quarter of 2015 although they recorded year-on-year increases, the latest report from consultancy JLL showed.

Apartment rents rose about 7 per cent year-on-year in Q3 while villa rentals were up 3 per cent, the report found.

... More..

Abu Dhabi to introduce policy on affordable housing targets for developers

Oct 12 ,2015, city : Abu Dhabi

A new policy that sets affordable housing targets for developers in Abu Dhabi could be introduced before the year-end, says the Abu Dhabi Urban Planning Council.

Abu Dhabi’s government was studying the policy and the council was waiting for approval, said Falah Al Ahbabi, the council’s director general, on the s... More..

Dubai warehouse rents grow on increasing trade with Africa and Iran

Oct 11 ,2015, city : Dubai

Warehouse rents continue to rise in Dubai, driven by a lack of quality space and increasing trade with Africa and Iran.

Industrial rents, viewed as an indicator of a city’s economic health, grew by an average of 4 per cent during the six months to the end of September, the property broker Knight Frank said yesterday.<... More..

Dubai developer to build Dh17bn tourist resort in Bosnia

Oct 11 ,2015, city : Dubai

Dubai-based developer Buroj Property Development said on Saturday that it plans to invest €4.3 billion (Dh17.9bn) to build a luxury tourist resort near Sarajevo, in what could be the biggest foreign investment of its kind in the Balkan country.

Bosnia, where Muslim Bosniaks are the largest of its three ethnic groups, h... More..

Dubai shopping centre rents to fall further on strong US dollar

Oct 10 ,2015, city : Dubai

Dubai shopping centre rents are set to fall further as the strong dollar and a glut of new space force landlords to work harder to keep tenants.

While super-prime shopping centres such as The Dubai Mall and Mall of the Emirates can still command the highest rents, smaller centres face a tough time.

Al Khaleej... More..

RTA in Dubai progresses Union Oasis project above metro station

Oct 8 ,2015, city : Dubai

Dubai’s Roads and Transport Authority (RTA) has issued pre-qualification documents to companies looking to develop the five-tower Union Oasis project above the Union Square metro station.

The call for bidders to register for the project kick-starts what will be the first scheme to be completed under Dubai’s new ... More..

Dubai prime office rents likely to stay flat as major new developments add to supply glut

Oct 8 ,2015, city : Dubai

An additional 1 million square metres of office space is soon to hit the Dubai market over the next 15 months as the economy shows signs of slowing.

According to the property broker Knight Frank, the amount of office space in the emirate is set to rise from 9.5 million sq metres to about 10.5 million sq metres by 2017 as th... More..

Dubai must overhaul business parks to attract global technology companies, Savills says

Oct 7 ,2015, city : Dubai

Dubai’s string of glass-fronted, out-of-town business parks is becoming too outdated for the digital age, a new report from the property broker Savills warns.

If it wants to attract the next big global economic driving force – a new generation of global technology companies – the city needs to change the w... More..

Dubai set for its first residential reit amid falling prices

Oct 7 ,2015, city : Dubai

Emirates Reit plans to start Dubai’s first residential real estate investment trust as falling property prices boost potential returns from rental income.

The new trust is expected to start operating later this year or early in 2016 depending on regulatory approval, Sylvain Vieujot, executive deputy chairman of Emirat... More..

Welcome to ‘Dubai-on-Thames’

Oct 6 ,2015, city : Dubai

Battersea Power Station represents an opportunity for regional buyers to be a part of the last great development opportunity in the British capital.

Experience has taught Simon Murphy that when it comes to telling the Battersea story, it pays to take nothing for granted.

“I did a presentation a year or ... More..

Dubai rents follow prices into decline, some property projects ‘delayed until next year’

Oct 6 ,2015, city : Dubai

Thousands of homes under construction in Dubai are being put on hold as property prices in the emirate continue to fall and rents start to sink.

Between 4,000 and 5,000 homes that were initially scheduled for handover in the second half of this year have been delayed for at least another year to 18 months as the Dubai prope... More..

Dubai to introduce new public-private partnership law next month

Oct 5 ,2015, city : Dubai

Dubai is set to introduce legislation next month that could draw more private investment into infrastructure projects including the extension of the city’s Metro.

The law covering public-private partnerships is due to be introduced on November 19, and will allow the emirate to tap private sector funding for key projec... More..

Eagle Hills begins work on $3bn mega-project in Belgrade

Oct 4 ,2015, city : Abu Dhabi

Eagle Hills, an Abu Dhabi-based property company in which the Emaar chairman Mohamed Alabbar is a board member, has started developing a vast site in the Serbian capital of Belgrade that will be home to the biggest mall in the Balkans.

Off-plan apartments in the first housing blocks to be developed at the Belgrade Waterfron... More..

Expo 2020 to spur boom in UAE hotels refurbishment, contractors say

Oct 4 ,2015, city : Dubai

Opportunities for Dubai’s fit-out contractors are growing as owners launch projects to refurbish hotels in the run-up to Expo 2020.

Emaar Properties is understood to be working on refurbishments of three of its Downtown Dubai properties, including The Palace and The Address Downtown Dubai following the recent rebrand ... More..

Dubai Holding’s main trading arm posts 24% rise in first-half net profit

Oct 3 ,2015, city : Dubai

Dubai Holding’s main trading arm has posted a 24 per cent rise in net profit for the first half of the year to Dh2.6 billion from the same period last year.

The global investment holding company, which has interests in 24 countries, said Dubai Holding Commercial Operations Group’s (DHCOG) full-year net profit wo... More..

Abu Dhabi’s tallest tower named one of world’s best new skyscrapers

Oct 1 ,2015, city : Abu Dhabi

Poking out above the Abu Dhabi skyline like a giant stick of Blackpool rock, Burj Mohammed Bin Rashid in the capital’s World Trade Centre complex has quickly become a local landmark.

The 88-storey, 381-metre tower, the tallest in Abu Dhabi, has been named one of the world’s best new skyscrapers.

L... More..

A Hollywood mansion in the Dubai desert

Oct 1 ,2015, city : Dubai

Want to rub shoulders with the elite and live in the Beverly Hills of Dubai? Then this five bedroom mansion in the upmarket Emirates Hills gated community could be for you.

The imposing natural stone residence with its swimming pool and large balconies would certainly not look out of place among the leafy streets and manicu... More..