UAE-based real estate developer Ajmal Makan has announced that 85% work has been completed on its flagship projects - Blue Pearls and Blue Waves - located within the expansive Ajmal Makan City – Sharjah Waterfront project. Giving a project update, Ajmal Makan stated that all residential units in ‘Blue Waves’ and the majority of units in ‘Blue Pearls’ have been sold out. With the work in its final stages, both projects are likely to be completed by the first quarter of 2025 as opposed to the original schedule, which aimed for project handover by the fourth quarter of next year. The Ajmal Makan – Sharjah Waterfront stands apart for its prime location, with seamless access to prominent tourist attractions and essential amenities within the…

Dubai is facing a shortage of villas and townhouses due to an influx of high-net-worth individuals in the post-pandemic period and the fact that many expatriates are now looking to settle down on a long-term basis. Industry executives suggest that foreign residents who plan to make the UAE their home on a long-term basis prefer bigger villas, townhouses and amenities that can cater to the entire family.   Meanwhile, property developers also focus on apartments due to astronomical costs linked to villa community developments and higher profit margins offered by high-rise apartment towers. Meanwhile, property developers also focus on apartments due to astronomical costs linked to villa community developments and higher profit margins offered by high-rise apartment towers. As…

Dubai Investments has announced that significant progress has been made on Violet Tower, its latest residential development in Jumeirah Village Circle (JVC). Strategically located in the heart of JVC, this AED300 million ($82 million) development is designed to cater to the rising demand for thoughtfully planned urban living spaces. It will feature 27 residential floors, comprising 287 units that range from studios to two-bedroom apartments, all designed to maximise space efficiency and modern living standards.   Giving a project update, Dubai Investments said its foundation phase is nearing completion, with 99.3% of the piling work already finished, marking a major milestone in the construction timeline.   Enabling works are expected to be concluded by the year-end and…

  UAE-based One Development, the international boutique real estate developer, has announced the appointment of AE7, the globally respected architectural and engineering group, as the consultant for its flagship AED2 billion ($544 million) project set to be launched in Dubai’s City of Arabia.   As per the deal, AE7 will manage all aspects of the development’s master planning and will be responsible for architecture, design (research and application), AI innovation integration, development management, engineering (mechanical and electrical), interior design, landscape architecture, project management, and built-in sustainability practices of this soon-to-be-unveiled project.   AE7 is a global top-50 multi-billion-dollar building, design and construction…

ABU DHABI - Abu Dhabi Global Market (ADGM) has announced enhancements to its Real Property Regulations, introduced new off-plan development regulations and launched a unified digital platform, AccessRP, following its strategic expansions to Al Reem Island. The new regulatory framework and the digital platform aim to support the growth and innovation in the real estate sector and reinforce ADGM's global position as a business-friendly real estate environment and a reliable and attractive destination for global and local investors. Both will drive digital transformation, and the platform will provide a full range of unified real estate services, including transaction services and other integrated services for developers and property owners, to enhance the customer experience and ease real…

Dubai developer Union Properties (UPP) has announced an AED 1.159 billion ($315 million) project starting at the end of the month, which it says will turn a profit of AED 200 million. The Takaya project overlooking Dubai Autodrome in Motor City, which is is scheduled for competition in October 2027, will include residential towers, villas and commercial space.  (Writing by Imogen Lillywhite; editing by Seban Scaria)

Abu Dhabi developer Aldar has announced an AED 1.75 billion ($476 million) joint venture with Expo City Dubai as part of Expo City’s recently announced development masterplan. The six-building project next to Dubai Exhibition Centre will be developed by the 50:50 JV and will include residential, office and retail space, a bourse filing said. Abu Dhabi Securities Exchange (ADX)-listed Aldar will be responsible for the asset management of the completed development. Last year, Aldar announced a JV with Dubai Holding to develop residential communities and has also announced developing a logistics park with Dubai ports and logistics company DP World, as well as an office project in Dubai International Finance Centre (DIFC).

Leading Dubai developer Binghatti Properties is embarking on a portfolio expansion that will almost double the size of its portfolio within the next 18 months to AED 100 billion, compared to the current AED 40 billion. This comes after Binghatti had recently displayed strong performance in the market in the first half of the year. Muhammad Binghatti, the Chairman of Binghatti Properties, commented recently to the media in Dubai, stating that his company which has recently partnered with global brands including automotive legends Bugatti and Mercedes-Benz, as well as horology and jewelry brand Jacob&Co. is planning to launch 12,000 units within the next three months. This is in tandem with the developer receiving cashflows from projects that will be handed over during the next three…

Binghatti, the leading Emirati real estate developer has signed a sponsorship agreement with Shabab Al Ahli Football Club, one of the UAE's top professional football teams. The sponsorship, will see Binghatti’s logo featured on the club’s team jerseys, with the company becoming the title sponsor for the UAE football club starting from the 2024-2025 season. This partnership highlights Binghatti’s commitment to supporting local youth and sports development. Through this sponsorship, Binghatti aims to empower young talent, providing Shabab Al Ahli with the resources necessary to achieve continued success on both national and international stages. Muhammad Binghatti, Chairman of Binghatti Holding, expressed his enthusiasm: “We are honored to sponsor Shabab Al Ahli,…

UAE-based MAG Lifestyle Development has announced the launch of MAG 777, a AED350 million ($95.2 million) cutting-edge residential tower located in a lakefront setting in Dubai Sports City, which is already 60% complete. MAG 777 combines the tranquility of a serene lakefront setting with the vibrancy of Dubai’s dynamic city life. The development offers easy access to some of the city’s most renowned shopping malls, dining outlets, entertainment venues, medical facilities, and schools, making it a prime choice for both families and professionals. Additionally, the project is in proximity to world-class sports facilities, such as stadiums and golf courses, enhancing its appeal for those seeking an active lifestyle. The 22-storey building offers 261 fully-fitted units,…

Reef Luxury Developments – a pioneering real estate developer based in Dubai – has officially launched, setting its sights on reshaping the emirate’s residential landscape through innovative concepts and community focused projects and introducing the first-of- its- kind ‘Sunken Balcony’ technology transitioning the real estate sector globally. The company has set an ambitious target to unveil 30 projects worth AED14 billion ($3.8 billion) by December 2025. All apartments in Reef properties will come with temperature-controlled sunken balconies, an innovation patented by the developer that allowsresidents to enjoy year-long outdoor living, it stated. Reef Luxury Developments said it has acquired a land bank that will bring 5,000 residential units to the…

Dubai's real estate market recorded total sales worth AED141.9 billion ($38.6 billion) in Q3 2024, setting an all-time high for a single quarter. This eclipsed the previous quarterly sales record of AED124.07 billion in Q2 this year, and represented a 30.1% year-on-year rise in value. A market update issued by fäm Properties reveals there were 50,423 overall sales transactions in Q3, a 37.9% year on year increase in volume and a 16.6% rise on Q2. 39,058 apartment sales The 39,058 apartment sales worth AED70.5 billion represented 77% of the total Q3 transactions, and showed a 43.9% increase in volume on the same period last year. Meanwhile, 8,156 villas sold for AED39.2 billion, a rise in volume of 16.6% over Q3 2023 and an increase of 18.4% on the previous quarter. Rising…