Dive into our Real Estate Economic News for expert insights into housing markets, commercial developments, and evolving real estate economics.
Work on the multi-billion dollar Wynn Al Marjan Island project in Ras Al Khaimah is advancing swiftly, according to Wynn Resorts CEO Craig Billings. The ambitious development, slated to open in 2027, received a significant boost with Wynn Resorts announcing a $356.5 million (Dh1.31 billion) investment into the project. This brings the company’s total contribution …
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A total of 4,500 homes damaged by record rainfall in April have been repaired for free by Emaar Properties. The Dubai-based developer stepped in to offer these repairs after the UAE experienced the heaviest rains in 75 years, leading to significant damage in various communities across Dubai, Sharjah, and the Northern Emirates. Emaar Properties, responsible …
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Dubai International Financial Centre (DIFC) has commenced construction on DIFC Square, a landmark commercial project featuring three interconnected buildings. This development aims to significantly enhance the Centre’s real estate offerings by providing Grade A office spaces and retail units, addressing the growing demand in Dubai’s financial district. Kazim, Governor of DIFC, highlighted the importance of …
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Mortgage transaction volumes in Dubai have surged to a 14-month high, reflecting the sustained strong demand for property despite relatively high interest rates in the UAE. According to Property Monitor, May witnessed a significant 57.9 percent increase in mortgage transactions, totaling 3,359 loans. This marks the second-highest level on record, trailing only March 2023. Data …
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In a landmark deal, Omniyat, a renowned private luxury property developer, has announced the sale of a penthouse for Dh139 million ($37.8 million) in the prestigious Burj Khalifa district. This sale sets a new record for the most expensive property transaction in the area. The lavish four-bedroom penthouse is located at The Lana Residences, part …
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The Dubai Land Department (DLD) has launched an ambitious initiative aimed at transforming the city into a leading global hub for real estate technology. Dubbed the Real Estate Evolution Space Initiative (REES), this groundbreaking endeavor is set to revolutionize the urban landscape, aligning closely with Dubai’s Economic Agenda D33. The initiative was announced as part …
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As Dubai continues to cement its status as a premier business hub, the demand for high-quality Grade A office space is significantly outpacing supply, driven by a slew of business-friendly reforms and a strong influx of foreign investors. According to a recent report by Savills for the first quarter of 2024, rental growth for these …
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Abu Dhabi’s real estate market has shown remarkable strength in the first quarter of the year, with transactions totaling nearly AED16 billion ($4 billion). This surge in activity reflects the emirate’s growing appeal as a prime location for real estate investment. According to data from the Department of Municipalities and Transport, over 5,000 sales and …
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In Dubai’s ever-evolving real estate landscape, a significant trend is taking shape in 2024: a growing demand for larger villas. A recent report by Property Finder indicates that 40 percent of property sales this year in Dubai are for villas, with a staggering 85 percent of these buyers opting for three-bedroom homes or larger. This …
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In a groundbreaking move, Dubai’s real estate landscape is set to transform, thanks to the Dubai Land Department’s (DLD) latest initiative. On Sunday, the DLD announced a significant agreement with nine leading developers, both private and government-backed. The deal aims to allocate a quota ranging from 10 to 15 percent of their property projects to …
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Abu Dhabi, the capital of the United Arab Emirates, has always been a hub of architectural innovation and urban development. In a recent landmark decision, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has endorsed the initiation of the Yas Canal residential project in Al Raha Beach. This ambitious …
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In the dynamic real estate market of Dubai, the value of highly sought-after villas has more than doubled in the past three years, outpacing the growth of apartment prices, according to recent data. The ValuStrat Price Index (VPI) for February registered at 164.1 points, marking a 23.1 percent annual increase, with villas reaching 206.1 points …
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Dubai’s luxury real estate market has witnessed a remarkable achievement with AHS Properties successfully selling 80% of its Dh3.1 billion Casa Canal Interiors by Fendi Casa project within just a few days of its launch. This extraordinary accomplishment underscores the high demand and prestige associated with luxury developments in Dubai. Casa Canal, a premium tower …
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Union Properties, a renowned developer in Dubai, has confirmed its strong comeback with impressive financial results, indicating a significant turnaround in its business operations. The company’s commitment to enhancing corporate governance and transparency has been pivotal in achieving a substantial increase in its net profit for 2023. The developer’s financial results for the year are …
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In a landmark move, ADQ, an Abu Dhabi-based investment and holding company, announced on Friday its plans to invest a staggering $35 billion (Dh128.5 billion) in Egypt, marking a new era of development and economic growth in the country. This substantial investment will be pivotal in transforming Ras El-Hekma, a coastal region in Egypt, into …
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