Real Estate Apartment prices rise on news of Dubai Creek Tower revamp The price of Dubai apartments with a view of what is intended to be the world’s tallest building have risen by nearly 10 percent since the project’s redesign was announced in August. Property developer Emaar hopes to start work on the revamped $1 billion Dubai Creek Tower next year. Sidharth Kumar, a real estate agent […] October 31, 2023
Real Estate Aldar plans European moves after unveiling record sales Aldar Properties is planning to expand into Europe after posting record sales for the year so far, its chairman said on Monday. Sales at the Abu Dhabi-based real estate developer reached nearly AED8 billion ($2.2 billion) in the third quarter, driving a 48 percent increase in net profit. For the year to September 30, sales […] October 30, 2023
Construction Durar launches $191m luxury project on Al Marjan island The Dubai-based developer Durar has launched a new AED700 million ($190.58 million) branded residential tower on Al Marjan Island, Ras Al Khaimah, as the emirate sees heightened development activity in the luxury segment. Work on the residential project, called Masa Residences, will start by January 2024 and is scheduled to be completed by the last […] October 30, 2023
Construction Aldar to break ground on first Dubai project next year Aldar Properties, Abu Dhabi’s largest developer, has launched its first Dubai residential project, Haven, with construction of the first phase starting in the second quarter of 2024. The project will be developed with its joint venture partner Dubai Holding on the land opposite Al Habtoor Polo Resort in Dubailand. Aldar’s Haven will be built in […] October 27, 2023
Construction Aldar says occupancy in its prime office space at 97% Aldar Properties, the largest developer in Abu Dhabi, said occupancy levels in prime grade A commercial properties have reached 97 percent on rising demand and limited supply. The properties include four buildings at Abu Dhabi Global Market (ADGM), Aldar HQ, and International Tower in the Capital Gate district. Occupancy rates at the towers at ADGM, […] October 24, 2023
Construction Damac to start work on De Grisogono project in Dubai Damac Properties has awarded the main works package for its Safa One de Grisogono project on Dubai’s Sheikh Zayed Road, with completion expected in 2026. The contract, valued at over AED500 million ($136.13 million), was awarded to UAE-based United Engineering Construction Company. Safa One was launched last year, with excavation and enabling works completed earlier […] October 18, 2023
Agriculture Dubai’s Expo City to open ‘urban farm’ at Cop28 Expo City Dubai plans to open an urban farm at Cop28, demonstrating agricultural technologies being adopted in the UAE. The farm – more details of which will be unveiled in the coming weeks – is one of several decarbonisation initiatives planned for the climate change summit and beyond, Matt Brown, Expo City’s sustainability chief, told […] October 17, 2023
Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Real Estate Super-rich choosing Dubai for second homes Dubai has become a second-home paradise for the super-rich as the number of wealthy residents in the emirate continues to soar. The city boasts more than 500 centi-millionaire second-home owners. It features ahead of locations such as Palm Beach and West Palm Beach in the US, Sydney, Nice and Napa, according to the latest wealth […] October 11, 2023
Real Estate UK commercial property bargains lure Gulf buyers Gulf backers have contributed over 80 percent towards a British investment fund targeting distressed commercial property sales in the UK. Greenridge Investment Management Ltd has just closed the first round of its $190 million Greenridge Opportunities fund and has surpassed its first capital raise target by 46 percent. Strong participation from Saudi Arabia and Kuwait […] October 11, 2023
Real Estate Dubai’s unfinished Falconcity plots sell at steep discount Hundreds of plots of land from the long-delayed Dubai real estate master project Falconcity have been auctioned off, at a discount of more than a billion dirhams on the initial asking price. Falconcity of Wonders, an AED5.5 billion ($1.5 billion) master development launched in 2005 during Dubai’s property boom, had promised buyers views of replica […] October 10, 2023
Real Estate Beachfront villa in Abu Dhabi listed for record $27m The most expensive villa in Abu Dhabi has been listed for sale as the off-plan property market in the UAE capital continues to witness strong growth. The AED98 million ($26.7 million) villa, located in the Ohana by the Sea coastal development between Abu Dhabi and Dubai, is scheduled to be handed over in the fourth […] October 9, 2023
Construction Arada awards $191m contract for its first Dubai project UAE real estate developer Arada has awarded two contracts worth AED700 million ($190 million) to build all 294 upscale houses at its first Dubai project in Jumeirah Golf Estates. Jouri Hills covers an area of more than 40 million square feet of Jumeirah Golf Estates, which houses two international golf courses. Intermass, a UAE-based contractor […] October 6, 2023
Construction New PIF unit to transform Jeddah’s Al Balad district Saudi Arabia’s Public Investment Fund has launched the Al Balad Development Company to develop Jeddah’s historic Al Balad district as the kingdom targets 150 million visitors by 2030. The transformation will lead to the creation of Jeddah as an economic hub and a global cultural and heritage destination. BDC will focus on improving the district’s […] October 4, 2023
Opinion Real Estate Commercial property shortage looms over Dubai More needs to be built – and quickly – if the emirate is not to become a victim of its own success October 3, 2023
Opinion Real Estate Could Dubai property meet its nemesis in 2024? Global macro forces suggest an overheated real estate sector, reminiscent of 2008's tipping points October 2, 2023
Construction Damac awards $160m contracts for two projects Damac Properties has awarded two contracts worth AED588 million ($160 million) for Damac Hills, the Dubai developer’s flagship master development. The first contract, valued at AED341 million, is for the main works of the Gems Estates cluster – a luxurious collection of high-end mansions branded by Swiss jeweller de Grisogono, with home interiors branded by […] September 29, 2023
Opinion Construction UAE construction becoming sustainable and inclusive Builders are creating homes that adapt over time to residents' changing needs September 27, 2023
Tech Property tech makes its mark in Dubai Off-plan property buyers in Dubai can now inspect their potential purchase in real time and lifesize thanks to walkthrough technology. Lifesize Plans, a tech business founded in Australia, has opened its first Middle East franchise in the Al Quoz district. At its facility, plans for residential, commercial and industrial properties are enlarged to 1:1 scale […] September 26, 2023
Real Estate China’s unsold homes raise concerns over debt defaults Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market. China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China […] September 25, 2023
