Real Estate in United Arab Emirates

  • Abu Dhabi real estate continues to weather market downturn

    UNITED ARAB EMIRATES, 2017/04/16 The prolonged dip in oil prices and associated government spending cutbacks have continued to weigh on real estate markets, though Abu Dhabi has remained resilient entering 2017. Challenges remain, particularly in commercial and residential classes, the sectors most prone to effects of a slowdown in energy-related business. However, new real estate legislation implemented over the completed year, inclunding the reinstatement of rental caps, has the capacity to improve investor confidence in the long term.

  • In Dubai realty, Dh1m is the new price point to fight for

    UNITED ARAB EMIRATES, 2016/09/12 Properties in the Dh1-1.5 million range will be the new battleground as Dubai’s private developers take on the affordable homes’ initiative from master-developers. It will as well mean that developers will have to be quick to acquire plots in emerging locations to ensure they can get their costs right. “The market is starting to see a younger demographic of buyers, those in their 30’s who want the convenience of city locations rather than move all the way to the suburbs,” said Farhad Azizi, CEO of Azizi Developments. “These are the people who are relatively new to Dubai and want to have deeper roots in the city — lenders are getting additional comfortable with having loan exposures to this demographic.

  • Palazzo Versace luxury hotel and residence opens in Dubai

    ITALY, 2015/11/21 The luxury hotel built by the Enshaa Group - one of the leading developers in the Dubai real estate market - includes 215 rooms and 65 suites, with areas and furnishings designed under the artistic direction of Donatella Versace. The complex, located in Dubai's new Cultural Village, as well includes 169 private residences with one to six rooms ach, entirely decorated and furnished in Versace style. ''Versace is a fashion, luxury and lifestyle brand. Since the very beginning, Versace has understood different product categories - from clothes to accessories, from precious goods to the home collection - able to convey the brand's exclusive and iconic style,'' said Versace managing director Gian Giacomo Ferraris.

  • Dubai’s SKAI completes 30% of Viceroy Dubai Palm Jumeirah

    UNITED ARAB EMIRATES, 2014/11/20 Dubai developer SKAI Holdings on Wednesday announced it has completed just over 30 % of the construction of its $1 billion Viceroy Dubai Palm Jumeirah development, in time for 2016 opening. China National Construction Engineering Corporation (Middle East) (L.L.C) (CSCEC ME), the project’s major contractor and a key investor, has presently begun structural works on level 14 of the 16-storey building. Work has as well commenced on the fit out and mechanical electrical and plumbing (MEP) works.

  • Sharjah $544m mega project offers 100 year lease to foreign buyers

    UNITED ARAB EMIRATES, 2014/11/19 Sharjah this week launched a new AED2 billion ($544 million) master development, which will be the initial project in the emirate to allow foreign investors the right to own properties for up to 100 years. Tilal Properties, a joint venture between Sharjah Investment Management and Eskan Real Estate Development, was launched at a VIP event on Tuesday. Tilal City, a mixed-use community covering an area of 25 million square feet, will be Sharjah’s initial mixed use, master planned development and will include homes for 65,000 residents, 1,880 land plots and five separate zones. Freehold land plots will be offered to Gulf and Arab nationals, while 100 year leasehold will be on offer for the initial time to all other nationalities.

  • Looking to stabilize Dubai’s real estate market

    UNITED ARAB EMIRATES, 2014/01/04 As property prices in Dubai continue their rise, the Central Bank of the UAE (CBUAE) has issued new mortgage regulations designed to limit speculation and help ensure the long-term stability of the investment environment. However, it appears some rules may affect only a small portion of potential buyers. While the real estate market was hard hit by the world financial crisis of 2008 and 2009 – with some areas seeing property values drop as much as 65% – the sector has begun to recover over the completed two years, with sale prices for apartments and villas rising by double digits in 2012. The initial nine months of 2013 has brought similar increase, with prices up 18% year-on-year, according to a statement by Jones Lang LaSalle. Indeed, some industry watchers are worried that a bubble may be forming. However, according to a recent statement by Goldman Sachs, these concerns are unfounded, pointing to the fact that real estate prices are still well off their peak in 2008. The investment bank as well cited the new CBUAE regulations as a factor that could keep price increases in check.

  • Majid Al Futtaim rebrands with $5 billion investment plan

    UNITED ARAB EMIRATES, 2014/01/04 Dubai-based shopping mall, retail and leisure group Majid Al Futtaim has heralded a new era in the family-owned company by announcing a $5 billion investment plan as part of its new unified branding push. Under the new direction, a diverse group of companies will unify under one umbrella corporate brand - Majid Al Futtaim - with the symbol "M" to be displayed across its assets, inclunding City Centre Malls, VOX Cinemas, Carrefour, Magic Planet, Najm Credit Cards, Ski Dubai and Mall of the Emirates. Majid Al Futtaim Holding CEO Iyad Malas said despite 20 years of history, the rebranding would make clear that Majid Al Futtaim was behind brands and experiences provided to 250 million customers across the Middle East each year.

  • Laws and regulations that shaped Dubai real estate market in 2013

    UNITED ARAB EMIRATES, 2014/01/04 Year 2013 saw a broad-based price and rental recovery across Dubai's realty market. Though the total price of property transactions for the year will be known only early 2014, transaction price in the initial nine months of 2013 has by presently crossed Dh162 billion with the emirate presently donning the cap of the best property investment destination across the globe. UK-based Knight Frank and World Property Guide have stated property prices in Dubai jumping by additional than 20 % in the completed one year, the pace being the fastest part the cities that these organizations track. The concern, however, has been whether the price volatility was leading to an extra bubble - prices having fallen 60 % post 2008. But in August, Standard Chartered came out to national that Dubai's property market was not heading towards an extra crash and the market was additional sustainable, influenced by an improved economy rather than speculation.

  • Dubai real estate market sees growth in sales

    UNITED ARAB EMIRATES, 2013/08/28 Dubai’s real estate market is seeing increasing request from investors and end users, according to property analysts and brokers. Much of the increased request is towards large villas and apartments bought by investors to let, said Myles Bush, CEO of Powerhouse Properties. “Investors are being drawn towards areas such as Jumeirah Lake Towers, Dubai Marina and the Greens and the Views,”.

  • Dubai house prices soar 31% in H1

    UNITED ARAB EMIRATES, 2013/08/27 Residential prices in Dubai soared by almost a third (30.6 %) in the initial six months of 2013, a new statement found, on the back of an influx of refugee capital and as additional renters turning to buying. The analysis, by world real estate firm Cluttons, said that in Q2 of this year alone, villa prices in the emirate increased by 21 % on average, compared to a 24.4 % rise in the same period of last year. Apartment valuations recorded capital price increases of 25.1 %, up from a 13.4 % uptick in the year ago quarter.
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