Are a sizable portion of newly arrived residents in Dubai choosing to rent co-living spaces? particularly if they are in their 20s or early 30s and are still gaining experience in new roles or endeavors they have undertaken.   According to market sources, co-living rental spaces are becoming more prevalent in listings, and the actual lease rates also appear to be stabilizing.   “When I search across Dubai, the last one came back with 3,500 (co-living) rooms (listed),” said Danielle Hall, founder of Co-Living Legends, which works closely with developers and landlords to lease and manage such rentals.   “If one goes online to search for a room to rent in say, the Dubai Marina, you will find hundreds of options. These range from individuals offering a…

British architectural firm Foster + Partners has unveiled the designs of two new residential towers - Vela and Vela Viento (Latin for sails and wind) - being set up by Dubai developer Omaniyat as part of its Marasi Bay project.   The development employs the same architectural language as The Lana, Dorchester Collection, Dubai, which is also designed by the practice for Omniyat and located on the waterfront nearby.   These towers offer its residents ultra-luxury waterfront living with direct access to the waterfront promenade and marina.   On the Vela project, Foster + Partners said rising to 150m, it provides a floor area of 272,860 sq. ft. over 30 floors. The 38 residences range in size from 4,253 sq. ft. to 11,727 sq. ft. (internal area) and encompass penthouses and…

Saudi-based Thakher Development Company has announced that steady progress is being made on its SAR26 billion ($7 billion) premium development, Thakher Makkah, located in the Saudi city, featuring a mix of residential, retail and hospitality elements, said the project developer. Spanning an area of 320,000 sq m on a site located 1 km from the Grand Mosque (Haram), the massive project will, upon completion, include about 100 land plots for the development for hotels and residential, commercial, and service-related facilities. Giving a project update, Thakher said as part of this initiative, work has been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators. These facilities boast over 2,276 rooms and 7,000 beds,…

Doha, Qatar: The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from March 24 to 28, 2024, reached QR237,067,641. Total sales contracts for residential units in the Real Estate Bulletin for the period from March 24 to 28, 2024, is QR,24,005,831. The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale has included vacant lands, houses, Apartment Complex, Shops, Residential Units. Sales were concentrated in, Al Rayyan, Al Daayen, Doha, Al Wakrah, Al Khor, Al Dakhira , Al Shamal, Umm Slal, and Al Sheehaniya municipalities, and in the Pearl Island Zone.

Saudi Real Estate Construction Company (Tamear) has announced that it has secured a SAR160 million ($42.6 million) contract for implementation of architectural and external works for the Tilal Al Riyadh, a key mixed-use project coming up in a major neighbourhood north of capital Riyadh. Located in the Al Malqa District, the Tilal Al Riyadh is characterised by a contemporary aesthetic with its dynamic curved shape and the engaging facade design enhancing transparency and connectivity with the surroundings. It has a built-up area of 54,769 sq m. A major subsidiary of Saudi Real Estate Company (Al Akaria), Tamear said the project scope includes implementation of civil, structural, architectural, electromechanical and external works. The entire contract work will be completed within a…

Demand for ready properties grew in the UAE in the first quarter of 2024 as tenants are increasingly opting for ownership to beat rising rentals. According to the data released by Property Finder, the first quarter of 2024 opened up to strong demand for existing projects across both Dubai and Abu Dhabi unlike the first quarter of 2023 where off-plan transactions soared high. Rents have been consistently on the rise over the past three years after the pandemic. It is expected that this upward rental trend will continue in 2024 also due to unprecedented demand from the rising population. Rising rentals have prompted residents in the UAE to resort to buying properties in Dubai and Abu Dhabi, which will help residents save on rentals and also see their property value…

UAE -  In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report. Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024. Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023 Existing/ready transaction By reaching…

In the first quarter of 2024, demand for ready properties increased in the United Arab Emirates as more tenants chose ownership over increasing rentals.   In contrast to the first quarter of 2023, when off-plan transactions skyrocketed, the first quarter of 2024 saw strong demand for existing projects in both Dubai and Abu Dhabi, according to data released by Property Finder.   Following the pandemic, rents have steadily increased over the last three years. Due to the extraordinary demand from the growing population, it is anticipated that this upward rental trend will continue in 2024 as well. Due to rising rental costs, UAE citizens are turning to purchasing real estate in Dubai and Abu Dhabi, which will lower their monthly payments and increase the value of their…

In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report.   Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024.   Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023   Existing/ready…

The sale of an AED 148 million villa in Emirates Hills has set a new record for a real estate deal in Dubai. The 19-bedroom estate sold for the fourth-highest price ever for an Emirates Hills home.   This luxurious villa was sold by Dubai Sotheby’s International Realty, and it is currently the third most expensive villa sold in Dubai this year.   Located in the gated community of Emirates Hills, this magnificent villa boasts one of the largest living spaces in Dubai, spanning 80,000 square feet of land and 55,700 square feet of living space.   “This sale underscores the luxury real estate market’s vitality in Dubai and highlights the unparalleled luxury and exclusivity that Emirates Hills offers to its residents,” said a spokesman for Dubai…

As an emerging real estate agent in Dubai, Jeff Kuruvilla recalls standing in a queue, waiting for the launch of the Mudon project in 2016 for a staggering 36 hours. "I got lucky that day because my client bought four properties, but the wait for that project was absolutely agonising," said Kuruvilla. Even though things have changed a lot since 2016, some property developers keep agents queuing up for several hours outside their offices for prestigious launches. The latest one for the launch of the Dubai Island project villas saw extremely long queues that lasted for hours. Videos shared on social media show how agents rush into the offices once the gates open, resulting in chaos and many failing to secure units. Now, many experts are calling on developers to do away with long queues…

A significant 40 per cent of property sales in Dubai this year have gone to home seekers are looking to buy villas, a new report showed.   Property Finder’s recent 2024 data has unveiled that out of this 40 per cent, 85 per cent are looking for three bedroom and above villas. Leading the demand in early 2024 are areas like Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah and Mohammed Bin Rashid City, data showed.     According to Property Finder, four key factors are driving this surge:   Young blood, big dreams: A wave of youthful enthusiasm is sweeping the villa ownership scene, with 39 per cent of buyers under 40 years old in Q1 2024 compared to just 31 per cent during Q1 2023. Influenced by the upward trajectory of rental prices, savvy…