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'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…

Property Finder, a leading real estate portal in the Mena region, has announced the successful divestment of its CRM business, PropSpace, as part of its strategic refocus on delivering enhanced value to its core customer base. This move reinforces Property Finder's commitment to streamlining its operations and doubling down on its core mission: empowering consumers to make informed real estate decisions. PropSpace, will now operate as an independent entity, offering unparalleled solutions to real estate professionals in the UAE. The newly created company will be led by Patrick Caulfield, who joins as Chief Executive Officer. Caulfield was previously Managing Director of Arthur Online, one of the UK’s leading property management CRMs which was acquired by Aareon, Europe’s…

UAE’s real estate market, which is predicted to reach a value of AED2.5 trillion ($680 billion) by 2024 end, continues to garner strong demand from investors from all over the world. The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65% of overall sales transactions for the month of August 2024, a 54% volume increase from what was recorded during the same period last year, said QUBE Development, a renowned international real estate developer. This sector’s growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs), who have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of…

The demand for premium office spaces across the UAE has risen thanks to an increasing number of companies in the UAE returning to face-to-face work and a number of overseas companies wanting to set up operations in the country.   As businesses are also increasingly seeking high-quality, well-located office spaces to meet their evolving needs, Bayti Real Estate, a specialist in premium real estate services focusing on providing high-quality commercial and residential spaces across the region, have revealed that they have recently closed a deal for a record-breaking price per square foot of office space in Dubai.   The sale transaction involved a 2,879-sq ft premium office space located at The Opus, Business Bay, which they have sold for AED7,040 ($1,917) per sq ft. This…

Episode 123 of the popular show O! Millionaire captivated audiences with its grandeur and meaningful message. This special episode featured a grand prize draw of 100 million dirhams, accompanied by additional exciting rewards, making it one of the most anticipated episodes of the season. Oasis Park Initiative: Planting 60 Million Trees for a Sustainable Future The highlight of the episode was not just the extraordinary prize pool, but also a powerful segment on the importance of tree planting and its impact on our planet. This segment was closely tied to the goals of Oasis Park, an ambitious environmental initiative committed to planting 60 million trees over the next few decades. The program aims to plant 1.4 million trees annually, contributing significantly to combatting climate…

The Dubai-based developer behind the $204 million Bugatti-branded penthouse is looking into tokenising real estate purchases to allow investors with as little as AED 500 to access the market.   Muhammad BinGhatti, chairman of developer BinGhatti, said at the Sharjah Investment Forum that the company had started accepting cryptocurrency payments in 2021, and took AED 500 million ($136 million) in payments in digital currencies within the first nine months.   He said the organisation is now “toying with” tokenising real estate, to allow anyone, regardless of their wealth, to access the real estate market. “We are working on as organisation, tokenising real estate to be able to trade it in a similar fashion as the stock market,” he said.   He…

Reno, the all-in-one interior design and renovation platform for residential and commercial projects, has launched in the UAE.   Reno is the first solution of its kind in the region, offering a flexible financing option for renovation projects, it said.   The platform is accessed through the Reno app, which combines technological innovation with human expertise. It connects end users – whether that be businesses or consumers – to a network of leading interior designers, seasoned project managers and trusted contractors, for a seamless and straightforward end-to-end renovation experience, it said. From initial design to project delivery, every step of the renovation process can be tracked and managed via the Reno app. Ultimately, Reno ensures quality craftsmanship…

Dubai’s real estate sector sees a positive outlook in the 2024/2025 business season, with strong sales figures, increasing property values, and the rapid absorption of new inventory expected to drive continued expansion. Analysts at Elite Merit Real Estate also project sustained growth in the overall UAE real estate market, underpinned by robust demand across multiple sectors, a significant influx of new property developments, and the integration of advanced technologies. This growth is expected to be supported by both domestic and international investors, reflecting the market's resilience and strategic importance in the region. Market performance and trends Dubai's real estate market is on track for another strong year in 2024, with record sales volumes and values. In July…