August 2023 recorded transactions worth AED 33.7 billion, representing a 43% hike in value over the same month last year The month witnessed 11,818 transactions, marking a 25% increase in volume compared to 9,450 transactions in August 2022 Existing properties sales saw a 10% YoY rise in value at AED 17 billion The value of off-plan property transactions doubles YoY to AED 17...
Ministry of Interior urges homeowners to install detectors and subscribe to e-alert system before January 1 The deadline for homeowners to install smoke and fire detectors, and subscribe to the UAE e-alert system is January 1. Originally reported as September 1, the Ministry of Interior clarified that the initial cabinet order from September 2020 only took effect the following January when...
Q Properties announces construction contract win for Reem Hills in Abu Dhabi Abu Dhabi’s Q Properties has announced the award of AED1.755bn ($478m) construction contract for Reem Hills Phase 1 villas to Trojan General Contracting. Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from four to seven-bedrooms and developing 3million sq ft of built-up...
UAE property market braces for record-breaking year as investor interest for mid-market and top-end real estate surges The growth of Abu Dhabi and Dubai’s residential property markets have surpassed expectations during the first half of the year, a spokesperson from real estate consultancy CBRE told Arabian Business. “We expected demand to actually slightly adjust compared to what was a very...
Over the past three years, through a period of global uncertainty, the UAE’s real estate market has remained buoyant. Low interest rates, an ample supply of homes and policies that encouraged long-term residency in the UAE meant more people were considering buying a home in the country. While Dubai continues to lead the domestic real estate market, Abu Dhabi,...
As an industry insider, I believe young people are actively shaping and influencing every aspect of leadership as well as business transformation across industries, and property is no exception. Millennials and Gen Z are out there with more access to information than their parents ever had. Thanks to digital technologies, they have greater control over choices, which makes them...
Rent prices for budget apartments and villas in Abu Dhabi rose since January 2023, new Bayut report finds Abu Dhabi’s real estate market is at “one of its best stages ever,” Bayut’s CEO said, attributing the UAE capital’s market boom to an increase in investment activity by high net-worth individuals (HNWIs). “The much-discussed millionaire migration is a very real factor, with HNWIs...
Average prices remain 25% cheaper than the 2014 peak and values have remained relatively unchanged for three-and-a-half years now, Knight Frank said Residential values across Abu Dhabi's freehold areas experienced 1.6% growth in Q2, and rents in general continue to reduce, according to global real estate consultancy Knight Frank. The total value of transactions during Q2 across Abu Dhabi rose to AED...
Record development sales and recurring income portfolio delivers 21% increase in revenue to $870 million Driven by record sales and strong contributions from its recurring income portfolio, Aldar Properties reported a 52 percent increase in net profit to AED1.3 billion ($350 million) in the second quarter of 2023. Revenues increased nearly 21 percent on an annual basis to about AED3.2...
Dubai-based businessman Najam-us-Saqib bought a studio apartment in one of the affordable areas on the outskirts of Dubai. He has rented it out and now he is staying in the Al Qusais area in a rented apartment. He has opted for this choice because his children’s schools and his office are nearby. Najam is among thousands of residents who turned tenants into owners, saving not only thousands of...
