UAE Property 24|7

Dubai Canal Project – Dubai Creek Linked with Arabian Gulf

In an attempt to give fresh boost to the tourism and economy, Dubai recently launched its Dubai Canal Project costing AED 3.7 billion. The mega project took almost three years of construction work to complete. Dubai canal project is basically an extension of Dubai creek which has been now linked with Arabian Gulf. On the occasion of Dubai Canal Project launching, Dubai’s Ruler Sheikh Mohammed bin…

Dubai Real Estate Affordable Housing Demand & Price on Rise

Taking a look at the latest sales transactions in Dubai real estate market, the affordable housing communities are seeing better recovery as compared to high-end locations. As compared to Q2, 2016, 10 locations are showing a price appreciation in Q3, 2016. The highest appreciation was observed in International City at 4% on quarter to quarter basis. The increase in motor city stood at 3.4…

More Mortgage Deals in Dubai Real Estate Market

In Dubai real estate market, the way transactions have been happening during last four years, the trends have changed a lot. Historically speaking, most of Dubai real estate market transactions would happen on sales. Mortgage transactions would usually account for 25 percent of all the transactions throughout the year. Looking at the market reports and analysis, this situation has completely…

Dubai Real Estate Tycoon Spends US$9 million on #5 License Plate

Mr. Balwinder Sahni who is an Indian business man and a well known developer in Dubai, recently spend AED 33 million or US$9 million to buy No 5 license plate for one his six Rolls Royce. Sahni owns six Rolls Royce cars and according to CNN money, he has ordered two more Rolls Royce. It seems the developer has a lot of love for Rolls Royce and acquiring single digit license plates as well. In…

Dubai Canal The Mega Project of 2016 Near to Completion

November, 2016 will mark the time when Dubai Canal will become operational completely. The work on Dh2 billion project is moving as per schedule. Currently, as a process of testing, the water has been released in Dubai Canal. It is the first time that during last 3 years construction phase, water has been released in the canal. The initial proposed depth of the canal was six meters however it…

Frankfurt Sports Tower 1 – Luxurious living life style open its door for the residents.

Shaikhani Group one of renowned UAE real estate developer, Handed over their project Frankfurt Sports Tower 1 located in Dubai Sports City with an aim to handover their two more projects in Dubai Sports City later this year, Shaikhani Group hold strong presence in UAE Real Estate Industry through their ongoing projects in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis.     A…

Dubai First Investment Option For HNWI GCC Nationals

Gulf individuals with wealth are pouring their investments in Dubai, Sharjah and Abu Dhabi as these destinations remain the hottest property shopping places for these investors. Cluttons, a research organization, held a poll among high net worth individuals in the GCC region and Dubai came out as the top destination for their property investments. 27 percent of GCC investors claimed that they…

Royal Atlantis – The Palm Jumeirah’s upcoming remarkable Venture

(Photo credit http://www.protenders.com) The Palm Jumeirah, a stunning palm-shaped lavishly constructed island in Dubai, is set to get another landmark. With an estimated budget of $ 1.4 B, Royal Atlantis a 46 Story project will have approx 800 rooms. The project will have 03 Residential towers, retail and beach club development aiming to complete by 2018, that is, in only 24 months time. The…

RAK Properties : Net profit increased 2.7% to Dh160 million in 2015

Net profit at RAK Properties, the developer backed by the Ras Al Khaimah government, increased by 2.7 per cent last year. RAK Properties, With proven excellence in a wide range of projects including mixed-use community developments, strategically placed retail shops, health spas and hotels, RAK Properties Public Joint Stock Company (PJSC) plays a central role in shaping the lifestyle of residents…

Dubai Holding Reports 25% Rise in Profit Reaching To Dh5.83 Billion In 2015

In a statement issued on Saturday by Dubai Holding Commercial Operations Group, the company announced that its profit for the year 2015 grew by 25 percent reaching to Dh5.83 billion. The revenue of the company, as compared with the review of 2014 went up by 15 percent reaching to Dh14.53 billion from Dh12.63 billion. Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, said, “Dubai Holding…

Rents In Dubai To Fall Further In 2016

According to an international property agency Chestertons, amid to the gap between demand and supply ratio, rents are expected to drop further in Dubai during 2016. The firm also emphasized on developers to focus more on affordable projects as compared to luxury ones. A right balance needs to be maintained between demand and supply for a mature and strong market. Since 2011, residents in Dubai…

Russian Investors Prefer Dubai Over Other Real Estate Markets

In a recent report issued by Russian Real Estate Agency Tranio Show, Dubai is the number one market for Russian real estate investors. It must be kept in mind that as compared to old and mature markets like London, New York, Los Angelas, Hong Kong and Singapore, Dubai has ranked at number one position for Russian Investors. The major reason is the economical price of Dubai property in comparison…

Dubai Real Estate Arbitration Cases May Increase In Number

Due to the current slowdown and price drop in Dubai’s real estate market, there will be more cases filed with Emirates Arbitration Center. During the property crash of 2008, the number of cases being filed soared. A total of 871 cases were filed during 2010 to 2011 for claims of more than Dh14 billion. However in 2014, the number of cases filed fell to six years low in 2014 as the market had…

Damac Posts 30% Rise In Its Annual Profits Surpassing Emaar

After Emaar and Nakheel, the financial results for Damac are also out now. A 30% rise in profits by Damac has been posted for year 2015. The revenue for Damac Properties reached to US$2.32 billion and the growth of its assets was recorded at 25% i.e. US$6.38 billion. The gross profit announced by the developer is US$1.38 billion and net profit is US$1.23 billion. That makes it a 30% year on year…

Optimisitc and Visionary Dubai To Move Forward With Mall Of The World Project

Despite and economic slow down in the gulf, Dubai is not going to stop its plan of building the largest shopping mall. The project named Mall of the World will continue as planned. The project is going to be covering more than 8 million square feet area. In this mall, there will be thousands of shops which will be connected to the theme park, apartment buildings with 20,000 rooms and 100 hotels.…

Property Developer Emaar Reports 11% Profit Rise in 2015

In a recent update from Emaar, the developer has announced that the profit for the company fell by 1% in Q4, 2015 but the overall profit for the year 2015 went up by 11%. During the last quarter of 2015, the net profit for the developer dropped by only one percent from US$284.7 million to US$281.7 million. However, the annual profit for the year 2015 reached to US$1.11 billion from US$999.2…

RERA : Dubai Rental law for landlords and tenants

Rental-agreement (Photo credit – http://www.kendal.ae) Real Estate Regulatory Agency  – RERA is very transparent on regulating the association between landlords and tenants in Dubai. Knowing your rights and duties being either a tenants or landlord is an essential while living and working in Dubai. Below is RERA’s Law 26 (and amendments from Law 33) with regards to the relationship between…