UAE - Asteco's Q3 2024 real estate report reveals a dynamic UAE property market characterised by sustained growth in Abu Dhabi, continued momentum in Dubai and increasing activity in the Northern Emirates. According to the report, the Abu Dhabi market is well-positioned for growth, driven by new developers entering the market and a significant pipeline of planned developments. The report also shows that the Dubai government's proactive approach to enhancing the Emirate's physical, social, technological and legal infrastructure, combined with robust underlying fundamentals, is expected to contribute to solid market conditions and resilience against external factors. Abu Dhabi residential and office market According to the report, approximately 950 residential units were completed and…

Dubai-based Al Habtoor Real Estate said it has achieved a major construction milestone at its luxurious residential project, The Residences, Al Habtoor Grand, with the launch of super structure works at the Jumeirah Beach facility in a record time. A 49-storey tower in the heart of Dubai Marina, it features 2 to 4-bedroom apartments, townhouses and penthouses, all with private beach access. Each residence boasts breathtaking views of Dubai Marina and the Gulf, ensuring an unparalleled waterfront experience, it stated. The proposed development provides a sanctuary for leisure and wellness, featuring a rooftop swimming pool, recreation facilities, a fully equipped gym, tennis courts, and jogging tracks, said Al Habtoor Real Estate in a statement. Residents enjoy abundant entertainment…

Dubai’s commercial office market is reaching new heights, with unprecedented demand driving occupancy rates and rental growth across prime business districts, according to a report by Savills, a global real estate services provider. Driven by a substantial rise in new business registrations and expansion activities by existing firms, including those in finance and technology sectors, the city’s real estate landscape is more competitive than ever, positioning Dubai as a top global business destination, stated Savills in its Q3 2024 Dubai Office Market report. According to the report, over 24,000 new businesses were registered in the first half of 2024, marking a 5% year-on-year growth. This surge underscores the strong economic momentum fuelled by the Dubai Economic Agenda…

Dubai, the Gulf region’s commercial hub, recorded a busy period in 2024 with the value of real estate deals surging far above $100 billion. Official data published by Alkhaleej newspaper on Friday showed sales of houses accounted for more than half the total real estate turnover in the first 10 months. The figures by Dubai’s Land Department showed overall real estate transactions totalled around 432 billion UAE dirhams ($118 billion) in the first 10 months. Deals involving the sale of apartments, villas and hotel apartments stood at nearly AED277 billion ($75.5 billion), according to the report. Apartment sales accounted for the bulk of those deals, standing at about AED222 billion ($60.5 billion) while villa sales stood at AED48.3 billion ($13.1 billion) and those of…

Driven Properties has forecast a significant surge in property values in Dubai’s Canal Front district within the next 12 months, anticipating prices to escalate by over 40%. Current averages of AED2,700 ($735.1) per square foot are expected to rise to over AED3,800 per square foot as property handovers commence and the community continues to flourish, said Driven announcing the completion of an AED259 million acquisition of two prime buildings in the Canal Front district along the Jumeirah Water Canal. This strategic investment solidifies the company's standing as the largest property owner in the district, positioning it to capitalise on the area's rapid growth potential. Total investment rises to AED9 billion This latest acquisition brings Driven Properties' total investment…

Master real estate developer Expo City Dubai has appointed Ginco General Contracting as the main construction contractor for its gated housing community Expo Valley, marking a major milestone in the city’s vision to create an exceptional residential experience defined by sustainability and world-class design. With most villas and townhouses already sold, the appointment of the contractor is an important next step as Expo Valley prepares to welcome its first residents in 2026. Based in Dubai since 1975, Ginco has successfully delivered residential projects for major developers across the UAE and will lead the construction of 484 units at Expo Valley, one of five districts in Expo City’s new masterplan. Ahmed Al Khatib, Chief Development and Delivery Officer, Expo City Dubai,…

AJMAN: The Department of Lands and Real Estate Regulation in Ajman announced that 511 real estate valuation transactions were recorded during the third quarter of this year, with a total value exceeding AED3.35 billion. Engineer Omar Al Muhairi, Director General of the Department, explained that the valuation transactions for real estate project units reached 179 transactions, totalling AED 113 million. Additionally, the department recorded 449 real estate valuation transactions related to golden visas for investors, amounting to AED1.21 billion. Al Muhairi added that the number of commercial property valuation transactions reached 97, with a total value exceeding AED2.56 billion, surpassing residential properties, which amounted to AED453.6 million. Industrial properties ranked third,…

The Dubai Real Estate Sector Strategy 2033 outlines a focused roadmap to elevate the sector’s economic impact on the emirate by significantly increasing transaction volumes and reinforcing its appeal as a premier destination for international investors. Demonstrating its robust strength and resilience, Dubai’s real estate market recorded over 163,000 transactions, amounting to more than AED544 billion in the first nine months of 2024. Real estate investments also saw substantial growth, crossing AED376 billion during this period, driven by advanced infrastructure and a strong regulatory framework. While the sector continues to achieve record growth, property speculation remains within desirable limits, not exceeding 20 percent, reflecting stability and sustainability in…

Sharjah developer Arada has announced the launch of W Residences at Dubai Harbour, a three-tower luxury seafront development with a world-class array of amenities located in the heart of one of Dubai’s most popular and in-demand districts. Set for completion in 2027 and with LEED Silver-certified design, the project features over 400 branded apartments within the AED5 billion ($1.36 billion) complex offering owners the chance to experience a positive, fulfilling and active lifestyle. According to Arada, the design of the 40-storey complex is inspired by its surroundings, connecting the promenade, harbour, and sky to reflect the unique seafront and urban landscape. Striking diagonal lines allow the three towers of the complex to seemingly merge at points where water and sky…

Domaine Properties, a leading investment advisor and service provider offering end-to-end real estate solutions, is set to launch two open house events in Dubai. The first open house will take place on October 27 at Damac, followed by the other on November 3 at Dugasta, said the company in a statement. Domaine Properties regularly conducts open house events, but these two stand out as key opportunities for potential buyers, investors, and real estate enthusiasts to explore some of Dubai's most sought-after properties, it stated. Attendees will have the unique chance to tour luxury apartments, experience state-of-the-art amenities and engage with the Domaine Properties team to gain valuable insights into Dubai's dynamic real estate market. "Domaine Properties is committed to offering…

Mered, a leading international real estate developer, has announced the appointment of Michael Belton as its new Chief Executive Officer (CEO). In his new role, Michael will focus on expanding the company’s portfolio in the UAE, including the development of the ICONIC Tower and Large-scale Abu Dhabi project on Al Reem Island. He is also tasked with growing the Mered team to support future growth across the UAE and GCC region, enhancing investor relations, increasing the company’s market visibility, and driving innovative projects that set new standards in the real estate sector. Prior to this, Belton served as the Head of Development for the Qiddiya Performing Arts Center in Saudi Arabia, a key part of the Kingdom’s Vision 2030 initiative.   In this role, he…

Dubai Holding Asset Management (DHAM) announced today that its residential leasing portfolio, formerly known as Dubai Asset Management, has been rebranded as Dubai Residential. This rebranding follows the integration of Nakheel and Meydan into Dubai Holding, resulting in the significant expansion of Dubai Residential’s portfolio. The new identity marks a key milestone in the company’s journey of shaping the city’s residential leasing landscape, spanning over two decades. The move reaffirms the group’s commitment to enhancing the quality of life for Dubai’s residents and supporting the emirate’s continued development. Unified under the Dubai Residential brand, the portfolio spans 40,000 homes, serving over 150,000 residents. From premium waterfront…