real estate

April 18, 2019

In his capacity as Ruler of Abu Dhabi, the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a law amending provisions of Law No. 19 of 2005 concerning real estate sector in Abu Dhabi.

The new law stipulates amendments to Articles 3 and 4 of the 'Real Property Law'.

Article 3 (i) stipulates the rights to own property are limited to three categories the first being Emirati citizens, natural or legal persons, the second includes public holding companies with ownership not exceeding 49 per cent non-nationals, or the third as any person to"...

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April 17, 2019

ABU DHABI, 16th April, 2019 (WAM) -- H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, opened on Tuesday, Cityscape Abu Dhabi, the emirate’s leading property investment and development event, at Abu Dhabi National Exhibition Centre. The three-day property event is being staged under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In its 13th edition which runs until 18th April, the international platform for construction and building industry attracts more than 60 national, regional and international developers"...

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April 17, 2019

Real estate across Dubai is becoming more attractive for buyers, as sales volumes for both off-plan and ready-home properties picked up in the past six months, possibly due to downward price corrections in the market, a report has found.

The latest ValuStrat report on Dubai's real estate market showed that off-plan sales recorded a strong 21.1 per cent year-on-year sales volume growth in the past six months, while ready-home sales volumes rose 8.5 per cent, as better deals were available on attractive payment plans.

'As capital values softened by an average"...

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April 16, 2019

International construction and real estate consultancy Drees & Sommer has announced the launch of a Dubai-based innovation hub, as it looks to expand its research and development (R&D) efforts across the Middle East.

The new regional innovation hub provides a collaboration platform to support the company’s 3,200 employees and external start-ups by identifying market gaps and devise tangible solutions to everyday challenges faced by the industry in verticals including planning, construction and operations. The idea behind the hub is to bring simplification"...

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April 16, 2019

Asking prices for Abu Dhabi sales and rental homes are between 10 and 20 per cent lower than the value of the property as a buyers’ market persists amid rising supply and competition, real estate consultancy ValuStrat said.

“Buyers as well as tenants have an upper hand in this current market, and we estimate a 10 per cent to 20 per cent gap between an asking price and actual market value,” Haider Tuaima, head of real estate research at ValuStrat, told The National.

The UAE property market has slowed in recent years on the back of a three-year oil"...

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April 16, 2019

A 9,000sqft villa in Palm Jumeirah was the most expensive unit sold in Dubai in the first-quarter of 2019, fetching Dh51 million.

According to high-end property brokerage firm Luxhabitat, the second costliest villas was sold for Dh50 million in Umm Suqeim with built-up area of 9,000 sqft.

After two villas, three Primo Apartment apartments of 11,407 sqft in Downtown Dubai were sold for Dh43.5 million, Dh42.9 million and Dh42.8 million, respectively. The firm revealed that the average price per square foot also went up, although by only 2.5 per cent.

Global"...

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April 14, 2019

Sharjah and Ras Al Khaimah governments will jointly set up the regional unit of Arab Academy for Science, Technology and Maritime Transport in Khor Fakkan, a city located on the east coast of the UAE, facing the Gulf of Oman.

The foundation stone for the Arab Academy was jointly laid yesterday (April 13) evening by HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah and HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, reported state news agency Wam.

The new branch of the Academy will grant students a bachelor's degree in applied and theoretical sciences.

Dr Sheikh Sultan later inaugurated the Khor Fakkan"...

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April 14, 2019

Invitalia, on behalf of the Commissioner General's Office for Italy, is seeking partners to help create the country's pavilion at Dubai Expo 2020.

It has published a request for proposal (RFP) aimed at selecting technical partners from private, public and research bodies.

According to the Italian News Agency ANSA, the RFP will result in the development of the Italy Pavilion in Dubai.

The deadline for applications from operators interested in becoming technical partners is May 6.

"...

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April 14, 2019

Abu Dhabi and Dubai offer one of the best rental returns as both the emirates are ranked among the world's top-10 cities where investments in property can get handsome gains.

According to real estate consultancy CBRE, properties in Abu Dhabi can get investors higher average returns than Hong Kong, London, Singapore, Los Angeles, Jeddah, Dublin and other cities.

Latest data disclosed that New York offers"...

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April 13, 2019

Sharjah government on Saturday (April 13) will inaugurate several major projects in the Khor Fakkan region, thus marking a new phase in the development of the infrastructure and tourist facilities in this East Coast city.

The most important is the 89-km-long Sharjah – Khor Fakkan Road Project, built at a cost of Dh5.5 billion ($1.5 billion). Passing through the Hajar Mountains, the road is expected to reduce travel time between the two cities to 45 minutes, reported state news agency Wam.

These projects have been undertaken on the directives of HH Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah.

The first part of the road, with a total"...

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