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…

DUBAI - Dubai South Properties has announced the appointment of Al Turath Al Aseel Contracting for an AED150 million contract towards the construction of South Living Tower, a luxury apartment development at The Residential District in Dubai South. The project was launched in June this year with an attractive post-handover payment plan, following the huge demand for spacious apartments in Dubai South. The project is expected to be completed by Q1 2027 and will feature 209 units, including studios, 1-, 2-, and 3-bedroom apartments. Nabil Al Kindi, CEO of Dubai South Properties, said, "The demand for residential apartments at Dubai South has been steadily growing over the past few years. Following the announcement of the new passenger terminals at Al Maktoum International Airport in…

Dubai South Properties has appointed Al Turath Al Aseel Contracting for an AED150 million ($40.84 million) contract for the construction of South Living Tower, a luxury apartment development at the Residential District in Dubai South. The project was launched in June this year, with an attractive post-handover payment plan, following huge demand for spacious apartments at Dubai South, said the company. Expected to be completed by Q1 2027, the project will feature 209 spacious units, including studios, one-, two-, and three-bedroom apartments, as well as special-terraced units, offering a mix of indoor and outdoor living experiences. Project amenities include a swimming pool and deck area, state-of-the-art gymnasium, sauna, a versatile multi-purpose room, a kids’ library, a yoga…

The UAE has made significant strides in global real estate market transparency, with Dubai and Abu Dhabi securing a place among the top 5 improvers in the transparency score globally, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI). Dubai earned the third spot, and Abu Dhabi secured the fifth position for improvements made from 2022-24 and have been recognised among the top global improvers for scaling digital capabilities, implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations, and increasing the availability of market data for established and start-up market providers, said the report. Dubai climbed one spot to reach the 28th position on the index in the 2024 edition, where it has retained its position as the only property…

UAE - Azizi Developments, a leading private developer in the UAE, has announced its partnership with Danfoss, an internationally renowned manufacturer of heating, cooling, drives, and hydraulic systems, for the supply of top-tier BTU meters across its various projects in Dubai.   The developer’s projects in Dubai South, MBR City, Dubai Studio City, Al Furjan, Dubai Sports City, and Dubai Healthcare City, include Azizi Venice, Riviera, Azizi Vista, Azizi Central, Azizi Grand, and Creek Views III. Tizian H G Raab, Head of PR & Communications at Azizi Developments, said: “We are thrilled to be partnering with Danfoss, a true pioneer in energy-efficient technology, for the supply of advanced BTU meters across several of our Dubai projects. “This strategic…

Talaat Moustafa Group (TMG), one of the largest integrated institutions in Egypt and the Middle East, announced that it has begun legal and technical procedures to establish projects and investments in Iraq.   The group stated that further details about these projects will be announced when the related execution procedures begin. The company is committed to adhering to the rules of disclosure and listing in this regard, according to TMG’s statement to the Egyptian Exchange (EGX). In July, Iraqi Prime Minister Mohammed Shia’ Al-Sudani received a delegation of Egyptian and Saudi businessmen, including Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group. During the meeting, the Iraqi Prime Minister invited Egyptian and Saudi companies, due to their…

In alignment with Dubai’s commitment to expand and diversify endowment investments, and to support the social and economic objectives of the Dubai Plan 2033, the Endowments and Minors’ Trust Foundation in Dubai (AWQAF Dubai) has announced the development of 21 endowment real estate projects valued at over AED202 million. These projects include malls, residential buildings, shops, and mosques, which are currently at various stages of design and implementation.       The endowment real estate projects encompass a range of purposes, including educational and humanitarian buildings, general charitable contributions, and mosque endowments. These projects are funded via contributions and donations from endowment backers, in addition to the reconstruction…